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* * * * * * * * SATURDAY/SUNDAY, DECEMBER 18 - 19, 2021 ~ VOL. CCLXXVIII NO. 144 WSJ.com HHHH $6.00

Rise in Covid Cases Spurs Lines for Testing in New York States
What’s
News Bolster
World-Wide
Capacity
O fficials worked to
shore up testing and
As Virus
healthcare capacity, as new
Covid-19 infections hit a daily
record in New York state and
the Omicron variant added
Spreads
new risks to the pandemic National Guard called
response across the U.S. A1
 A federal appeals court to alleviate shortages
reinstated Biden administra- of hospital workers;
tion rules that require many
employers to ensure that their testing sites are added
workers are vaccinated or
tested weekly for Covid-19. A6 BY JULIE WERNAU
 Pfizer and partner Bi- AND AAISHA DADI PATEL
oNTech have pushed back
plans to request authoriza- Officials worked to shore up
tion of their Covid-19 vaccine testing and healthcare capac-
in children ages 2 to 5. A6 ity, as new Covid-19 infections
hit a daily record in New York
 The Biden administration
state and the Omicron variant
is considering redirecting
YUKI IWAMURA/ASSOCIATED PRESS

added new risks to the pan-

helicopters and other equip-
demic response across the U.S.
ment once allocated for the
New York Gov. Kathy
Afghan military to Ukraine
Hochul said Friday that the
amid a buildup of Russian
state recorded 21,027 new
troops near its border. A1
Covid-19 cases, surpassing the
 Despite global efforts previous record of 19,942 set
to slash carbon emissions, in January. Of roughly 263,500
global coal-fired power gen- Please turn to page A6
eration is expected to rise CROSSROADS OF CAUTION: People wait to get tested for the coronavirus at a mobile site in New York’s Times Square on
9% and hit a record by the Friday. City officials said they were adding testing locations and doubling capacity at existing sites amid increased demand.  Appeals court reinstates rule
end of 2021, the IEA said. A10 on company vaccinations... A6
 Early-admission appli-
cations to some of the na-
tion’s most selective col-
leges remained near
historic highs this year. A3
U.S. Weighs Sending How TikTok Inundates Teens
Business & Finance More Arms to Ukraine With Eating-Disorder Videos
 U.S. stocks ended the WASHINGTON—The Biden istration seeks a diplomatic so-
week on a downbeat note, administration is considering lution to get Moscow to back
with all three major in- a plan to redirect helicopters off its military pressure cam-
dexes dropping as investors and other military equipment paign, the U.S. officials said.
App’s algorithm can send users down rabbit holes into extreme content
worried about rising inter- once allocated for the now-de- The military kit previously
est rates and a surge in funct Afghan military to earmarked for the Afghan Na- TikTok is flooding teen users with videos of gested taking laxatives after overeating.
Covid-19 cases that is slow- Ukraine to help quickly rein- tional Security Forces includes rapid-weight-loss competitions and ways to Other videos showed emaciated girls with
ing the economic recovery force its defenses amid a Russian-made Mi-17 helicopters, purge food that health professionals say con- protruding bones, a “corpse bride diet,” an in-
in the U.S. and Europe. A1 U.S. officials said. The helicop- tribute to a wave of eating-disorder cases vitation to a private “Christmas-themed com-
By Vivian Salama, ters would provide more mobil- spreading across the country. petition” to lose as much weight as possible
 Central banks across
Michael R. Gordon ity for Ukrainian forces, which before the holiday and a shaming for those
swaths of the globe are con-
and Gordon Lubold have a large front to defend and By Tawnell D. Hobbs, who give up on getting thin: “You do realise
tinuing to raise rates in an
lost aircraft in clashes in 2014 Rob Barry and Yoree Koh giving up after a week isn’t going to get you
effort to tame inflation,
buildup of Russian troops near when Russia annexed Crimea anywhere, right?…You’re disgusting, it’s really
largely dismissing for now
its border, U.S. and Ukrainian and pro-Moscow separatists re- A Wall Street Journal investigation involving embarrassing.”
the threat to economic
officials said. belled in Ukraine’s east. the creation of a dozen automated accounts on On Thursday, several days after the Journal
growth posed by the spread
The equipment is being Ukrainian officials have also TikTok, registered as 13-year-olds, found that sought comment for the findings detailed in
of the Omicron variant. A2
sought by Ukraine, which dis- been lobbying the administra- the popular video-sharing app’s algorithm this article, TikTok said it would adjust its rec-
 The jury was instructed to cussed it with Pentagon offi- tion for air-defense systems, served them tens of thousands of weight-loss ommendation algorithm to avoid showing us-
begin deliberating in the cials, who generally support including Stinger surface-to-air videos within a few weeks of joining the plat- ers too much of the same content, part of a
trial of Theranos founder providing more arms to missiles, that would help them form. broad re-evaluation of social-media platforms
Elizabeth Holmes, whose Ukraine. The National Security defend their country against Some included tips about taking in less than and the potential harm they pose to younger
alleged fraud has under- Council has yet to approve the Russian aircraft, a Ukrainian 300 calories a day, several recommended con- users. The company said it is testing ways to
pinned one of the biggest arms delivery while the admin- Please turn to page A8 suming only water some days, another sug- Please turn to page A15
white-collar criminal cases
in Silicon Valley history. B1
 Blackstone is in ad-
vanced talks to acquire a
Working EXCHANGE Stocks Log
49% stake in a new Man-
hattan office tower in a
From Work Losing Week
deal that values the sky-
scraper at $2.85 billion. B1 Can Be Hard On Concerns
 Microsoft’s Bing said it i i i
suspended the autofill sug-
gestion feature in China to Office employees Over Rates,
comply with Chinese laws,
while some users in the coun-
try said the search engine
try to keep Case Count
had become inaccessible. B3 distractions at bay BY HARDIKA SINGH
AND WILL HORNER
BY KATHERINE BINDLEY
NOONAN U.S. stocks ended the week UNR IVALED
When Cara Dimitropolis on a downbeat note, with all
‘West Side Story’ started working from home three major indexes dropping SPACE AT SEA ™

And the Decline nearly two years ago, she was as investors worried about ris- WITH EVERY LUXURY INCLUDED
Of the Bijou A19 constantly distracted by her ing interest rates and a surge
chatty husband and the dog. in Covid-19 cases that is slow-
These days, working from ing the economic recovery in
CONTENTS Opinion.............. A17-19
Books..................... C7-12 Sports........................ A16 home is a welcome respite the U.S. and Europe. VISIT RSSC.COM
Business News...... B3 Style & Fashion.. D2-3 from the place she seems to The benchmark S&P 500 OR CALL 1.844.47.468
Gear & Gadgets... D8 Travel....................... D4,6 have a hard time getting any- posted its largest weekly per-
Heard on Street...B16 U.S. News............ A2-6
Markets News.... B15 Weather................... A16
thing done: the office. centage decline in three weeks.
Obituaries............... A12 World News... A8,10,12 “Most people now want to The Dow Jones Industrial Aver-
sit and just chitchat with me age has fallen in five of the past
for an hour,” said Ms. Dim- AMC GOES APE six weeks. Oil prices and bond
> itropolis, 30, who works in Inside the chain’s yields fell. Markets lost ground
marketing for a real-estate wild year of unruly after a brief rally Wednesday,
company in East Longmeadow, investors and when Fed officials said they
Mass. “I’ll try and come in Please turn to page A2
early and I won’t ever actually runaway memes.
s 2021 Dow Jones & Company, Inc.
All Rights Reserved be alone. Somebody will come B1  Central banks across globe
Please turn to page A4 move to tame inflation........ A2
 A2 | Saturday/Sunday, December 18 - 19, 2021 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Price Increases Have Varied Widely
U.S. inflation climbed to a 39-year high in No- all goods and services. A surge in prices for gaso- Central Banks Seek
To Temper Inflation
vember, as strong consumer demand collided with line and other energy sources, along with prices
supply constraints. Overall, the level of consumer for cars, have been the primary drivers of this
prices leapt 6.8% last month from a year earlier, year’s inflation burst.
the Labor Department said. Meanwhile, prices for services such as educa-
But prices didn’t change at the same rate for tion and medical care rose just slightly.

Overall consumer-price index BY PAUL HANNON

The core index, which excludes the more-volatile food and energy categories, rose by 4.9%
in November from a year earlier, nearly two points lower than the overall reading. Prices for Central banks across
energy and transportation made the biggest jumps among these broad categories. swaths of the globe are con-
tinuing to raise interest rates
Consumer-price index, 12-month change SCALE RANGE: –19% +33% NOV. in an effort to tame inflation,
Each box represents a month largely dismissing for now the
threat to economic growth

DMITRI LOVETSKY/ASSOCIATED PRESS

Energy 33.3% posed by the spread of the
highly infectious Omicron
Transportation 21.1
variant.
Total CPI 6.8 A rate rise announced by
Food 6.1 Russia’s central bank Friday
Apparel 5.0 was its seventh this year and
brought the increase in its key
Core CPI 4.9 interest rate to 4.25 percent-
Housing 4.8 age points since March. That
Recreation 3.2 is a reminder of how quickly Russia’s central bank, pictured above, on Friday announced its
1.7
and aggressively many poorer seventh rate increase this year. A number of central banks in
Education
countries have responded to Eastern Europe and Latin America also have raised their key rates.
Medical care WHO DECLARES COVID-19 A PANDEMIC 1.7 the acceleration in consumer
2019 ’20 ’21 prices, taking steps that are rate rises will come next year. authorities in many develop-
only now being contemplated The Russian central bank ing economies aren’t sure
or enacted in large rich coun- said it was worried that initial that they have that credibil-
Energy and transportation Food tries. This is despite the new price rises driven by turbu- ity. Secondly, households in
Prices for vehicles have risen sharply, and those Price gains for beef and pork are at the top Covid-19 variant raising fresh lence in global energy and poorer countries spend a
for gasoline are nearly 60% higher than a year ago. of the items shown here. questions about the pace of food markets, as well as larger share of their incomes
–38% +110% NOV. –17% +25% NOV.
the global economic recovery. blockages in supply chains, on essentials such as food
“Omicron presents a fur- may be leading to a second and energy that have seen the
Home fuel oil 59.3% Beef and veal 20.9% ther sizable uncertainty,” said round of price moves. largest price rises, so policy
Freya Beamish, an economist “The impact of one-off sup- makers are quicker to tamp
Gasoline 58.1 Pork 16.8
at TS Lombard. “We think the ply-side drivers of inflation is down on inflation.
Car/truck rental 37.2 Poultry 8.4 inflationary impact at this translating into growing Even among developing
Energy 33.3 Fish and seafood 8.0 stage of supply-side adapta- prices for a wider range of countries there are differ-
Used cars/trucks 31.4 Eggs 8.0 tion is likely to be much less goods and services as infla- ences. In meetings this week,
significant than in previous tion expectations of house- the central banks of Indone-
Gas service 25.1 Coffee 7.5 Covid waves. For now, central holds and businesses remain sia, the Philippines, Egypt,
Transportation 21.1 Total CPI 6.8 banks appear to be looking high and unanchored,” it said. Mauritius and Taiwan left
New cars/trucks 11.1 Baby food 6.7 through the threat to their policy rates unchanged.
Total CPI 6.8 Food 6.1
growth.” Policy makers in parts of
While a lengthening list of Asia are less worried that in-
Electricity 6.5 Fresh fruits 5.8 central banks have or are
Across the globe, flation will surge, partly be-
Auto insurance 5.7 Core CPI 4.9 poised to raise interest rates, many are raising cause they have seen fewer in-
central-bank meetings this terruptions to supply chains,
Core CPI 4.9 Milk 4.6
past week underscored big
rates despite Covid’s and don’t have as much cause
Airline fares −3.7 Bread 4.0
differences in the perceived threat to growth. to fret that a shortage of
2019 ’20 ’21 2019 ’20 ’21 threat that inflation poses workers will push wages
Source: Bureau of Labor Statistics when set against the need to sharply higher.
support fragile economic re- Many are nursing recover-
Much of these differences are Years since 12-month This broadening of price coveries. A number of central Those concerns are shared ies that have proven fragile
the result, in one way or another, inflation was as high Largest pressures could signal that in- banks in Eastern Europe and by central banks in rich coun- amid a recent surge in
of the Covid-19 pandemic. This as last month's jump in flation will remain elevated into Latin America raised their key tries, which also worry about Covid-19 infections. For them,
year’s explosive growth in auto Nov. (years) 2022 and beyond—even after interest rates, but their coun- what policy makers call “sec- the Omicron variant is a fresh
prices is due largely to a semi- New cars +10.9% 46 Covid-related disruptions abate. terparts in Southeast Asia left ond-round effects,” or the threat to an already weakened
conductor shortage, which was Meat, poultry and fish +13.1 42 Economists generally expect theirs unchanged. threat that higher inflation will recovery.
caused in part by the pandemic Gasoline, all types +58.1 41 price pressure caused by supply That may change in 2022, prove to be self-reinforcing. Some economists expect
but also by trade policy. Much of Consumer-price index +6.8 39 constraints to ease next year since developing economies Those worries were at the the majority of Asian central
the rise in food and energy Core CPI +4.9 30 as sidelined workers return to usually find it difficult to forefront when the Bank of banks—with the exceptions of
prices comes down to pandemic- Housing +4.8 20 the labor force, consumer de- avoid following the Federal England raised its key interest the Bank of Japan and the
related production problems, Food +6.1 13 mand for goods calms down Reserve, which has signaled it rate Thursday, becoming the People’s Bank of China—to
though also to weather and geo- Source: Labor Department and production ramps up. How- will likely raise its key rate first major central bank to do raise their interest rates in
political factors. Prices for airline ever, those sources of price three times next year. Central so since the pandemic, and 2022, for fear of seeing capi-
fares and hotels have tended to pressures are broadening beyond pressures may be replaced by banks that leave their policy when the Fed set the stage for tal flow to the U.S. as the Fed
swing with Covid-19 infection the goods and services directly af- more persistent ones. For in- rates unchanged when the Fed a series of interest-rate in- raises its rates. The recent ex-
rates, as consumers adjust travel fected by Covid and related sup- stance, many economists are is tightening policy run the creases beginning in the perience of Turkey, which has
plans to their risk of getting sick. ply-chain bottlenecks. For exam- closely watching the rise in risk of big falls in their cur- spring. chosen to repeatedly cut in-
Still, inflation in prices of ple, apparel prices began picking rent, since it makes up nearly rencies, which stokes inflation The major central banks terest rates, serves as a warn-
many goods and services hit up early in the pandemic, after a one-third of the consumer-price by raising import prices. have moved later than their ing. The Turkish lira has col-
multidecade highs in November, long deflationary stint. Housing index and tends to influence in- Before Russia’s decision, counterparts in developing lapsed in value against the
regardless of the differing under- costs are also climbing, driven by flation’s future path. rate rises were announced countries for two reasons. U.S. dollar, and inflation is
lying factors. a leap in prices for home energy, —Peter Santilli this past week by Mexico, First, they counted on house- surging.
The highs signal that price furniture and, increasingly, rent. and Gwynn Guilford Chile, Costa Rica, Pakistan, holds showing faith in their
Hungary and Armenia. Many track records of keeping in-  Inflation woes sink Turkish
of those indicated that further flation low, while monetary stocks, lira................................... A8

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Stocks End StockCharts.com.
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right now,” Mr. Keller said.
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costs tied to a labor shortage.
Stay-at-home stocks rallied.
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Stocks remain near record cord for new cases. Centers for several others have raised the Fed did is the old saying: rencies fell. Bitcoin recently Letters to the Editor:
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of the Omicron variant, how- Director Rochelle Walensky ad- Fast-growing tech names to first acknowledge there is 2.5% from its level at 5 p.m. ET email: [email protected]
ever, has raised fears of fur- vised people to take Covid-19 have been pressured by the one. It’s a wise move but just a Thursday. Need assistance with your subscription?
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 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A3

U.S. NEWS
ELIZABETH FINDELL/THE WALL STREET JOURNAL (2)

Members of Patriots for America Militia outside the Kinney County Courthouse this past week.

In a Texas Border County,

Armed Groups Seek Migrants
BY ELIZABETH FINDELL grants and smugglers the De-
partment of Public Safety has
BRACKETTVILLE, Texas—As made there in recent days.
this South Texas border county The county has sought to
has seen a jump in illegal bor- bring in additional private
der crossings, Sheriff Brad Coe funding for border efforts. At a
is cooperating with groups of county commissioners meeting
armed private citizens to help this past week, Patriots for
patrol the border and arrest America’s Mr. Hall thanked
migrants for trespassing. them for their support.
The Kinney County sheriff After the meeting, County
has been in regular contact for Judge Tully Shahan told Mr.
months with a group of men Hall, “Don’t come here and use
donning body armor and rifles us as a photo op.” Mr. Shahan,
while patrolling to look for mi- outside the meeting, said Mr. The Last Holiday Gift
grants. Another armed group Hall’s group was uninvited in
offered use of a high-tech county efforts. He declined to You Need
drone and went on a patrol comment further.
along with the sheriff. It has Kinney County Sheriff Brad Coe said he is looking for any help he Another commissioner, Mark
also pursued potential partner- can get in trying to drive migrant traffic elsewhere. Frerich, stopped Mr. Hall out-
ships with private security side the meeting to express a
firms. state troopers to arrest and jail Mr. Coe and has called his of- different view, that he supports
A new Texas law allows mi- migrants on misdemeanor tres- fice whenever the group has having the group there. “Don’t
grants to be arrested for tres- passing charges. encountered immigrants. take it to heart, you’re doing
passing and has attracted such Of some 2,000 arrests by good,” Mr. Frerich said.
groups, and local officials are state troopers under the pro- The county has sought out
either offering tacit support or gram, the majority have oc- State Pushback other private, armed groups to
openly welcoming them. The curred in Kinney County. The When Patriots for America do patrols. In July, officials ap-
groups say they aim to stop the volume has overwhelmed arrived in October, the sheriff proved a letter of intent to hire
migrants they find and pass courts in the small community, welcomed the group and con- operatives from Garrison Trad-
them off to law enforcement. which has had just one jury sidered deputizing some of its ing Associates, a private secu-
Mr. Coe, a former Border Pa- trial in the past seven years, members to his department, he rity contractor that cited work
trol agent, said he is looking leaving migrants in jail for said. But the plan received in Iraq and Afghanistan. The
for any help he can get in try- months before seeing a judge. pushback from the Texas De- deal fell through.
ing to drive migrant traffic The arrests have resulted in partment of Public Safety, he A North Texas man, who a
elsewhere. few convictions. said. That made some county spokesman said was in Kinney
“The whole premise is if Kinney County, a ranching officials worry that the state County patrolling for migrants
[migrants] know they’ll be ar- county of 3,569 people along 13 would pull resources if the on a private ranch, was ar-
rested, they’ll go somewhere miles of Rio Grande frontage, county partnered with private rested there this week on
else,” he said. sits midway along Texas’ 1,254- militias, some officials said. charges of participating in the
State authorities have re- mile border with Mexico and Travis Considine, a spokes- Jan. 6 attack on the U.S. Capi- 14k gold, diamond and gemstone stud earrings
sisted these private operations, was once one of its quietest re- man for Texas Department of tol. Federal authorities said he
Now available in all 12 birthstones
saying they are concerned gions for illegal border cross- Public Safety, said the agency was a member of the Patriot
about armed civilians trying to ings. Shifting immigration pat- doesn’t support partnering Boys Militia. Starting at $150 | Sold individually
act as law enforcement. On terns, combined with an with militia-type groups. He
Wednesday, the ACLU and nine upswing in illegal crossings in said the agency had never
other organizations filed a the wake of the Covid-19 pan- threatened to pull resources Concern Over Rights Call or Email to Purchase
(805) 390 6326 | [email protected]
complaint to the U.S. Justice demic, changed that. from the county. “We do not Kate Huddleston, a staff at-
Department, requesting that it Samuel Hall, leader of a want to work with [militias], torney with the ACLU, said the Shop the Collection at MISAHARA.COM
investigate Texas state agencies North Texas group called Patri- but we do not control the sher- organization is concerned
and local governments involved ots for America Militia, said his iffs,” he said. about both the actions of pri- Handcrafted in New York City
in the effort to arrest immi- volunteers conduct patrols on This year, the county began vate organizations and the
grants. Among their concerns, public property, looking for mi- seeing high-speed chases and movement of the county to-
they said, is the support, tacit grants who may have crossed reports of migrants breaking ward potentially partnering
or open, Kinney County has illegally, administering humani- into homes looking for food with one of them. A group in-
given such private groups. tarian aid and calling authori- and water, Mr. Coe said. Ranch- terfering with anyone’s free
It isn’t clear how many mi- ties when needed. ers have been rattled by strang- travel based on a suspicion that
grants the private groups have Mr. Hall said he doesn’t forc- ers walking across their prop- they might be migrants is an
stopped or arrested. ibly detain anyone, which erty and frustrated by damage interference in others’ rights,

Jingle
would be illegal. He said he re- to fences that caused livestock Ms. Huddleston said.
alizes that foreigners encoun- to escape. At least 16 migrants “Kinney County has not just
Disaster Declaration tering heavily armed people have died in the brush there sought to partner with militias,

All The
Over the summer, county may not understand that. since April, Mr. Coe said. No vi- but also war contractors,” she
leaders and Gov. Greg Abbott Mr. Coe meets with Mr. Hall olent crimes have been re- said. “That indicates a level of
declared the border situation a periodically, Mr. Coe said, but ported. militarization that is particu-
disaster, a classification typi-
cally used for events such as
hurricanes. Mr. Abbott, a Re-
hasn’t worked with him offi-
cially. “I don’t know if they’ve
caught anything or not,” Mr.
Mr. Coe has pressed tres-
passing charges on behalf of
some property owners. Driving
larly concerning.”
Mr. Hall said objections
won’t dissuade him. “We’re
Way
publican, began an experimen- Coe said of the group’s efforts west toward the border here because God called us, and M E D I TAT I O N
tal state effort to enforce fed- to intercept migrants. Mr. Hall through ranch land, he rattles we’re going to keep operating,” BELLS
eral immigration law by using said he has worked closely with off the number of arrests of mi- he said.

Colleges Field Early-Admissions Push

BY MELISSA KORN spots from the coming class. action program edged slightly cants, a slightly higher admit
This fall, early-decision ap- lower from last year but rate and lower applicant count
Early-admission applica- plications declined at the Uni- topped 2019 figures. The than last year. The school said
tions to some of the nation’s versity of Pennsylvania, Dart- school doesn’t let candidates it would extend its test-op-
most selective colleges re- mouth College and Columbia submit applications to other tional policy for at least the
mained near historic highs this University from fall 2020, but private colleges in the early- next four years, because the
year, as the admissions process remained far higher than the admission round, but does al- pandemic continues to make it
for those institutions contin- volume reported in other re- difficult for some students to
ues to shift into high gear ear- cent years. find testing sites.

11%
lier and grow more uncertain Columbia received 6,305 Hundreds of other colleges
for applicants and schools. early-decision applications have already said they would
Applications for binding this year, a 2% drop from 2020 remain test-optional for at least
early decision or more flexible but a figure that still tops the another year or two, with some
early-action programs jumped prior record by more than Increase in early applications permanently ditching testing
last year at schools including 40%. Applications to Dart- at Brown University requirements altogether. About
Harvard University and Brown mouth were off by 1%, and at 80% of undergraduate pro-
University as anxious high- Penn they declined by 2%. grams aren’t requiring SAT or
school seniors embarked on a Brown reported an 11% in- ACT scores for the current crop
chaotic admissions cycle. crease in early-decision appli- low them to apply elsewhere of high-school seniors, accord-
Schools ditched testing re- cations, citing the expansion in the regular application cy- ing to FairTest, a nonprofit that PAU L MO R E L L I . C O M
quirements, placed campus of its financial-aid program as cle and doesn’t require them urges more limited use of stan-
visits on hold because of the a likely factor in the height- to commit until the spring. dardized tests. Harvard’s an- N YC : 8 95 M A D I S O N ( 72 N D & M A D I S O N )
pandemic and are still sorting ened interest. Yale admitted 11% of the 7,288 nouncement could set off a PH L : 1118 WA LN U T S T R E E T
through whether students who At Yale University, the num- students who applied early. wave of similar statements
deferred enrollment from the ber of applicants who sought Harvard admitted 7.9% of from peer schools who compete 212. 5 8 5 . 42 0 0
prior year would take away entry under a restrictive early- its 9,406 early-action appli- for the same candidates.
A4 | Saturday/Sunday, December 18 - 19, 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

Companies Aid Afghan Evacuees Regulators

Starbucks, CVS are try. Close to 30,000 of them re- major companies. The list of and evacuees, including Af- freezing in recent days. His
Press for
among businesses
joining resettlement
main on domestic bases, and
there are still 3,000 housed at
military bases overseas, includ-
hundreds of requests for help
from resettlement groups in
local communities and at U.S.
ghans and their families, a
spokeswoman said, and its
foundation has donated
baby had just recovered from
bronchitis, he said, and other
illnesses were reported among
Stablecoin
efforts in the U.S.
ing in Kosovo and Qatar, ac-
cording to the White House.
After completing screening
military bases includes every-
thing from mattresses and
strollers to heaters and mo-
$450,000 in grants to nonprof-
its helping them resettle.
CVS said it has donated
residents at the site.
Some U.S. companies have
launched their own initiatives
Oversight
BY JESSICA DONATI and immigration procedures, bile-phone plans. $500,000 to the nonprofit to help fill gaps with the help BY AMARA OMEOKWE
many Afghans have elected to The companies responding Welcome.US and $300,000 in of local volunteers and aid
WASHINGTON—Starbucks leave military bases to stay to the outreach include Star- goods to the exchange. Serta agencies. Airbnb.org, a non- Top U.S. financial regula-
Corp., CVS Health Corp. and with friends and family while bucks, which has donated tea; didn’t respond to a request to profit group established by the tors said they are prepared to
Airbnb Inc.’s nonprofit arm waiting for lodging and other CVS, which is providing dia- comment. home-sharing company, said take action to address risks to
are among the organizations assistance. pers; and Serta Simmons Bed- The Afghans remaining on this week that it has provided the financial system posed by
joining the effort to help thou- Resettlement efforts have ding, which is part of the pri- U.S. bases are facing difficult temporary lodging for 10,000 stablecoins, but first are push-
sands of Afghan evacuees been slow because of Afghani- vate-equity group Advent conditions and a dearth of in- Afghan refugees, mostly in the ing Congress to enact compre-
move off U.S. military bases stan’s sudden collapse and be- International and has provided formation relating to their U.S. The organization said it is hensive legislation providing
and into local communities, cause domestic resettlement mattresses. cases. allocating beds in coordination oversight of the form of digital
though their needs still out- agencies shrank during the “There’s an imbalance of One man, who asked to use with all nine U.S. resettlement currency.
strip supplies, charitable offi- Trump administration, when needs to offers. That’s just the only his first name, Moham- agencies and has pledged to The rapid growth of digital
cials said. the refugee arrivals fell to a re- nature of where we are right mad, to protect his extended make 20,000 beds available assets, including stablecoins—
A total of 74,000 Afghans cord low. A shortage of afford- now in the resettlement pro- family still in Afghanistan, said globally. digital currencies pegged to na-
were brought to the U.S. after able housing is further ham- cess,” said Amanda Levinson, he has been living at Fort Mc- More than 60,000 Afghan tional currencies like the U.S.
the evacuation effort that fol- pering efforts, U.S. officials say. the co-founder of NeedsList, Coy in Wisconsin for over interpreters and others who dollar—is “an important poten-
lowed Kabul’s fall to the Tali- Welcome.US, a charity that which developed the software three months with his wife have applied for shelter in the tial emerging vulnerability,”
ban this summer. aims to help Afghans coming behind the Welcome.US ex- and baby. He complained of U.S. after working alongside regulators on the Financial Sta-
More than 40,000 Afghans into the U.S., has set up an on- change. the cold and spreading disease American forces still remain in bility Oversight Council, or
have been released from U.S. line exchange that connects Starbucks has also commit- at the base, where area tem- Afghanistan, a State Depart- FSOC, said in their annual re-
military bases across the coun- refugee resettlement groups to ted to hiring 10,000 refugees peratures have hovered around ment official said Thursday. port released Friday. The report
noted highly volatile prices and

U.S. WATCH
the potential for fraud as possi-
ble risks in the space.
“If stablecoins are marketed
with the claim that they will
NEW YORK maintain a stable value, they
may be subject to widespread
Cuomo Book Funds redemptions and asset liquida-
Can’t Be Seized Yet tions if investors doubt the
credibility of that claim,” the
New York Attorney General report said.
Letitia James’s office said it can- Highlighting stablecoins in
not seize millions of dollars paid the report is the latest sign
to former Gov. Andrew Cuomo that more stringent risk-man-
as part of a book deal without a agement standards could lie
further investigation. ahead for companies that is-
In a letter dated Thursday, Ms. sue the digital asset. The an-
James’s general counsel told the nual report is a wide-ranging
New York Joint Commission on
Public Ethics it had to take addi-
tional procedural steps before any
of the funds could be disgorged.
The FSOC report
JCOPE on Tuesday approved signals potentially
a resolution saying Mr. Cuomo
had 30 days to relinquish all
stricter standards of
compensation he received for risk management.
the book “American Crisis: Lead-
ership Lessons from the
Covid-19 Pandemic.” That resolu-
tion tasked Ms. James’s office assessment of risk in the fi-
with enforcing the resolution. nancial system from a panel of
BRANDON BELL/GETTY IMAGES

The former governor’s attor- regulators established follow-

ney, Jim McGuire, said JCOPE ing the 2007-09 recession. Fri-
had “flagrantly exceeded its day’s report was the first re-
statutory authority in ordering leased during the Biden
the disgorgement.” administration and under
A report by a state Assembly Treasury Secretary Janet Yel-
committee found Mr. Cuomo re- len, who leads the council.
quired government aides to help While the report said ad-
produce his memoir during work TORNADO VICTIMS: Flowers and pictures of victims were displayed Friday in front of the Graves County Courthouse in Mayfield, Ky. dressing potential financial-
hours and recorded its audio The state’s death toll in the Dec. 10 disaster rose to 77. More than 40 tornadoes hit several states, killing at least 90. system risks related to climate
version during weekday sessions change, nonbank financial in-
at the state Executive Mansion. cial-media site TikTok—threats threats seriously,” the Federal CAPITOL RIOT tion Friday that “I did my civic stitutions—such as money-
Previously, a spokesman for that law enforcement in many Bureau of Investigation said. “We duty and I responded as required market funds and open-end
Mr. Cuomo said state aides vol- places deemed weren’t credible. regularly work with our law en- Roger Stone Refuses by law” but that he invoked his mutual funds—and Treasury
unteered their time to work on Anonymous TikTok posts, forcement partners to determine To Testify to Panel Fifth Amendment rights to ev- market disruptions are the
the book and any use of state school officials say, threatened the credibility of any threats.” ery question. group’s top priorities, it out-
resources was incidental. shootings at U.S. schools on Fri- TikTok said Friday that it has Longtime Donald Trump con- The committee subpoenaed lined several potential risks
—Jimmy Vielkind day, which prompted districts “exhaustively searched for content fidant Roger Stone says he has Mr. Stone last month, noting from digital assets and stable-
coast-to-coast to weigh whether that promotes violence at schools asserted his Fifth Amendment that he spoke at rallies on the coins in particular.
EDUCATION to close their doors, beef up se- today, but have still found noth- right against self-incrimination in day before the insurrection and A Treasury official said the
curity or alert parents of threats. ing.” It added that it has found an interview with the House used members of a far-right ex- council is hoping Congress will
Threat on TikTok Baltimore County Public videos discussing the rumor and panel investigating the Jan. 6 tremist group, the Oath Keepers, pass legislation providing an
Prompts Closures Schools said law-enforcement warning others to stay safe. Capitol riot. as personal security guards oversight framework for sta-
agencies had investigated a The threats follow a school Mr. Stone—who was con- while he was in Washington. blecoins, but that the regula-
Several schools across the U.S. threat, which they determined to shooting in Michigan late last victed in 2019 of lying to Con- A spokesman for the panel tors would be prepared to con-
closed Friday and others issued have originated in Arizona, and month that killed four and in- gress, but subsequently par- didn’t have an immediate com- sider steps available to them in
warnings after they said threats found it wasn’t credible. jured seven. doned by Mr. Trump—told ment on Mr. Stone. the future if lawmakers don’t
of violence circulated across so- “The FBI takes all potential —Omar Abdel-Baqui reporters as he left the deposi- —Associated Press act. The regulators haven’t set
a timeline for when they might
take their own steps absent
FROM PAGE ONE congressional action, the offi-
cial said.
Stablecoins are issued by

Working way. A few months ago, she

started posting a sign on her
door for when she really must
“I kind of crawled into my
little crab shell working from
home,” she said. “My social
companies such as Tether Op-
erations Ltd. and Circle Inter-
net Financial Ltd. and are de-

From Work focus. It says: “Processing

Checks—Please Come Back
Later.” Trouble is, there is a
skills have remained in that
little shell.”
Dan Malouff, a city planner
signed to combine the ability to
trade quickly online like bitcoin
with the stability of national

Isn’t Easy window right next to her door

so co-workers can still peer in.
“People tend to just make
who lives in Washington, D.C.,
finds distractions of different
stripes at home and in the of-
currencies like the dollar. The
council’s report noted that digi-
tal assets may “be subject to
fun of me for it rather than fice. At the peak of the pan- the risk of operational failures,
Continued from Page One listen to it,” she said. “They’ll demic when schools weren’t fraud, and market manipula-
in and think I’m in here early just stick their face in the win- open, his 5-year-old was home tion“ and that prices are some-
just to talk and shoot the dow and wait for me to look at while he tried to work. Now, times highly volatile because of
breeze for an extra hour.” them.” he is back at the office several speculative activity.
Many people returning to Office signs that attempt to days a week. One day last Tether and Circle didn’t re-
offices are starting to wonder manage distractions have res- month, there was soft Chris- spond to a request to com-
how they ever managed to be onated with people on Twitter: tian rock wafting from across ment.
productive in a place with so One Ph.D. candidate in Oslo the room. The council’s signal that it is
CARA DIMITROPOLIS

many distractions. On top of implemented a door policy “in “You figure this will last 10 willing to take a more active
standard interruptions to the order to protect my concentra- or 15 minutes and then they role in providing oversight of
workday that have long ex- tion and my sanity.” The sign will get a phone call or they’ll stablecoins follows a November
isted—say, small talk while instructed people not to knock get up and leave,” said Mr. report on the digital asset from
making a fresh cup of coffee— on the door unless there was Malouff. “An hour goes by and a Treasury-led panel. That re-
there are now new tempta- urgent business—defined as Cara Dimitropolis, who works for a real-estate company, puts this it’s starting to bug me a little port recommended that Con-
tions and annoyances (de- the building being on fire, an sign on her office door when she needs to focus. bit more.” gress impose a new regulatory
pending on whom you ask) offer of coffee, revolution or a Mr. Malouff and another framework around stablecoins.
spawned by staggered sched- dog. Her noise-canceling Air- meeting on full volume,” she colleague finally went in the It also urged the FSOC to con-
ules, hybrid work, and the Valerie Warshaw, 40, an in- Pods can help but have a said, adding some walk about direction of the music to in- sider steps to address potential
pandemic-induced realization terior designer with an archi- downside: she gets startled the office with their phones on vestigate the situation only to risks from stablecoins, includ-
that socializing can be ex- tecture firm in Richmond, Va., when people come up behind speaker, while others are be- find a closed laptop at the ing possibly designating activi-
hausting. also has trouble focusing with her desk without warning. Ms. hind closed doors that aren’t desk of their co-worker, who ties associated with the digital
Small talk can easily stretch people chatting near her desk, Warshaw has learned the best really soundproof. “I hear the was working from home that asset as or likely to become
into a half-hour or more when but for different reasons. way to get anything done is to same thing being said at dif- day. They tried calling and systemically important.
you’re covering weeks or “I get distracted just from barricade herself in a confer- ferent volumes through differ- emailing the person, but got Climate change is also high
months of gossip since your hearing other people’s conver- ence room. ent closed doors five different no response. on the regulators’ agenda.
last run-in. Some colleagues sation and then I’m like, ‘Ooh! “People don’t disturb you times.” “I can’t open the laptop and During their meeting Friday,
are taking Zoom meetings on I want to chime in on that,’ ” because they think you’re on a Because Ms. Hoffman has to turn it off, that would be an the panel also approved a res-
speaker at full volume. Head- she said. “The group that I’m call,” she said. answer the phones and listen invasion,” Mr. Malouff said he olution to establish a new
phones are no defense against in is very social.” Hannah Hoffman, 28, an ad- for the doorbell, she can’t put recalled thinking. committee that will coordinate
shoulder-tapping deskmates Ms. Warshaw doesn’t get ministrative assistant who headphones on herself so The pair debated whether climate-related efforts across
with questions, and for the the same enjoyment from lives in Farmington Hills, she’ll often just sit through 25 they could unplug her com- the regulatory agencies.
love of God what is that inces- Zoom meetings her in-office Mich., works in an office for a minutes of someone else’s puter and eventually tried it. The regulators said they are
sant ringing? Ah yes, it’s a colleagues have with people nonprofit with some people meeting. Having to interact The music stopped. It has also continuing to assess poten-
landline that you can’t silence! who are still remote. who don’t appear to believe in with her co-workers or with been five weeks and Mr. tial risks posed by nonbank fi-
Ms. Dimitropolis tried clos- “People have their head- plugging headphones into the nonprofit’s steady stream Malouff has yet to overlap nancial institutions and periods
ing her office door to avoid phones on but I’m hearing ev- their computers. of visitors didn’t tend to with the laptop’s owner. of Treasury market disruptions.
disruptions, but co-workers eryone talking to their com- “Oftentimes there’s five bother her before the pan- “I’ve still never seen her,” —Paul Kiernan
would knock and come in any- puters.” people all on the same Zoom demic. he said. contributed to this article.
 THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, December 18 - 19, 2021 | A5

U.S. NEWS
COURT TV/PRESS POOL

Former Brooklyn Center Police Officer Kim Potter became emotional as she testified Friday.

Ex-Officer Recounts
Traffic-Stop Killing
BY JOE BARRETT The prosecution has pre- Mr. Wright, a 20-year-old
sented testimony from experts whose mother is white and fa-
Kimberly Potter, the former arguing that using even a stun ther is Black, attempted to
Brooklyn Center, Minn., police gun wasn’t justified in part be- drive away. She said, “I shot
officer who shot and killed cause others might be hit, and him. I grabbed the wrong f—
Daunte Wright during a traffic that Ms. Potter had failed in ing gun,” according to the com-
stop in April, fought back tears basic expectations of police of- plaint.
and eventually broke down ficers. During her testimony, she
while testifying in her own de- The April 11 killing in the said she didn’t recall saying
fense Friday during her trial Minneapolis suburb took place that or saying that she was go-
for manslaughter. during the trial of former Min- ing to go to prison for the
Ms. Potter recalled in detail neapolis officer Derek Chauvin, shooting.
the decision by an officer she who was later found guilty of Officers told Mr. Wright he
was training to pull over Mr. second-degree unintentional was being pulled over for hav-
Wright for minor infractions. murder in the killing of George ing an air freshener hanging
Her testimony became more Floyd. Following the shooting, from his rearview mirror and
fragmented as she described Brooklyn Center was rocked by expired tabs on his license
the moments after officers plate, according to the com-
tried to arrest Mr. Wright for plaint. Officers on the scene
an outstanding warrant and he later learned he had an out-
broke free and attempted to
‘We were trying to standing warrant for a gross
drive away. keep him from misdemeanor weapons viola-
Ms. Potter recalled a look of tion.
fear on another veteran offi-
driving away,’ she Ms. Potter testified that she
cer’s face as he leaned inside testified. likely wouldn’t have pulled
the car from the passenger side over Mr. Wright if she hadn’t
and tried to stop Mr. Wright been with a trainee, since the
from putting the car in gear. air freshener was such a minor
“It’s nothing I’ve seen before,” several nights of protest and infraction and many people
she said. unrest. Ms. Potter, known as were unable to get new tabs
“We were trying to keep Kim, and the Brooklyn Center during the height of Covid-19-
him from driving away,” she police chief resigned two days related restrictions.
said. “It’s just, it’s just one cha- after the killing. Ms. Potter, a “I’m sorry it happened,” Ms.
otic….Then I remember yelling 26-year veteran officer, faces Potter said through sobs. “I’m
‘Taser, Taser, Taser,’ and noth- charges of first- and second- so sorry.”
ing happened and he said I degree manslaughter. Ms. Potter said she had
shot him.” Ms. Potter, who is white, never before fired her gun or
Ms. Potter’s attorneys have pulled her 9mm handgun dur- deployed her stun gun during
argued that she had to fire ing the struggle to arrest Mr. her career in law enforcement.
what she thought was her stun Wright and said, “I’ll tase ya,” After Ms. Potter completed
gun to save the life of a fellow according to the criminal com- her testimony, the defense
officer, and that she fired her plaint and video of the inci- rested. Closing arguments are
9mm handgun by accident. dent. She fired the weapon as set for Monday.
JANE ROSENBERG/REUTERS

Ghislaine Maxwell, who declined to testify, speaking with her attorneys in the courtroom on Friday.

Defense Rests in Maxwell Trial

BY JAMES FANELLI friends and would spend vaca- laying his connections to pow-
tions together, she said. erful and wealthy individuals,
The defense wrapped up its Her three children, who are including Mr. Dubin, the co-
case in British socialite Ghis- now grown adults, called Ep- founder of Highbridge Capital
laine Maxwell’s sex-trafficking stein “Uncle F,” which was short Management LLC.
trial Friday, setting the stage for Jeff, she said. Dr. Andersson- One accuser, who testified
for closing arguments and jury Dubin, 60 years old, also identi- under the pseudonym Jane,
deliberations next week. fied pictures that showed Ep- said starting when she was 14
Before the defense rested, stein with some of her children. she had group sexualized mas-
Ms. Maxwell said she wouldn’t Federal prosecutors have ac- sages with Epstein and other
testify, after U.S. district Judge cused Ms. Maxwell, 59, of re- females, including sometimes
Alison Nathan instructed her cruiting and grooming underage with Ms. Maxwell. Jane testi-
that she had the right to do so. teenagers for sex with Epstein fied during cross-examination
“Your honor, the govern- between 1994 and 2004. Four that she had told the federal
ment has not proven its case women have testified on behalf investigators that women
beyond a reasonable doubt, so of the government to say that named Eva and Michelle were
there is no reason for me to Ms. Maxwell helped Epstein sex- sometimes involved as well.
testify,” she said. ually abuse them as teenagers. Dr. Andersson-Dubin testi-
Friday marked the end of Ms. Maxwell dated Epstein in fied that she had never met
the trial’s third week. The de- the 1990s but remained close af- Jane and was never involved
fense called eight witnesses ter the relationship ended, and in any group sexualized mas-
over two days, wrapping up continued to work for him as sages with Jane or Epstein.
earlier than expected. the manager of his properties. Another defense witness,
Earlier Friday, the wife of Ms. Maxwell faces six crimi- Michelle Healy, who worked for
hedge-fund billionaire Glenn nal counts at trial, including Epstein between 1996 and 1999,
Dubin testified that she and her conspiracy to commit sex traf- testified that she was never in-
family traveled with disgraced ficking of minors. She has volved in such massages.
financier Jeffrey Epstein on his pleaded not guilty and said she During cross-examinations,
private jet in the 1990s and she hasn’t committed any wrongdo- both Dr. Andersson-Dubin and
was comfortable having her ing. Her lawyers have said she Ms. Healy said they didn’t
young children around him. is a scapegoat who wasn’t in- know if Epstein knew other
Eva Andersson-Dubin, a dicted until nearly a year after women who had the first
Swedish physician and former Epstein died in a federal jail in names Eva or Michelle. Dr. An-
model, said in a federal court in August 2018 while awaiting his dersson-Dubin also said during
New York City that she and Ep- own sex-trafficking trial. The cross-examination that she
stein had dated on and off for New York City medical exam- suffered from a medical condi-
about eight years. Even after iner ruled his death a suicide. tion that affected her memory.
she married Mr. Dubin in 1994, Epstein amassed a fortune —Corinne Ramey
she and Epstein remained of a half-billion dollars by par- contributed to this article.
A6 | Saturday/Sunday, December 18 - 19, 2021 * ******* THE WALL STREET JOURNAL.

U.S. NEWS

Pfizer Delays Moderna Drops

Pursuit of Patent

Plans for Young Moderna Inc. has aban-

doned its application for a

Children’s Shot
U.S. patent covering its
Covid-19 vaccine that has
been the subject of a heated
dispute with the National In-
BY JARED S. HOPKINS health regulators demanded stitutes of Health over the in-
that more children be enrolled vention of a key component
Pfizer Inc. and partner Bi- in the studies than originally of the shot.
oNTech SE have pushed back planned, and enrolling chil- The company said Friday it
plans to request authorization dren takes much longer than dropped the patent application
of their Covid-19 vaccine in adults because it requires par- “to allow more time for dis-
children ages 2 to 5, after the ents’ consent. Some young cussions with the NIH” aimed
shot generated a weaker-than- volunteers don’t work out be- at an amicable resolution.
expected immune response in cause they recoil at needles. At issue was credit for a

ROSS D. FRANKLIN/ASSOCIATED PRESS

a key study. The FDA has cleared use of key component of Moderna’s
The companies said Friday the two-dose vaccine in people Covid-19 vaccine. Patent hold-
they would begin testing the as young as 5 years old, under ers could seek a cut of the
addition of a third dose in the an emergency use authoriza- shot’s billions of dollars in
children, and if successful, tion, and of a third, booster sales, though NIH hasn’t said
would ask U.S. health regula- dose in those 16 years and whether it is interested in
tors to authorize use some- older. This week, Pfizer asked royalties.
time during the first half of the FDA to approve the vac- NIH didn’t immediately
2022. cine’s use in children 12 to 15 have a comment.
Many parents of young chil- years old. —Peter Loftus
dren, who don’t have any Under the companies’ plans, Many parents of young children are eager for the vaccine. An older brother got his shot in Phoenix.
Covid-19 vaccines available for young children take 3 micro-
use, have been looking for- grams of the vaccine, which is see that kind of response in shouldn’t cause a delay in the virus. adults, and laboratory tests
ward to clearance of the shots. one-tenth of the dose people children between 2 and 5 seeking authorization during Pfizer and BioNTech also suggest boosters are effective
In September, Pfizer said it 12 years and older receive. years, the companies said. the first half of 2022. No seri- said they would begin study- against Omicron and Delta
expected to get study data in In testing, researchers saw The companies didn’t give a ous safety concerns were ob- ing booster shots in 5- to 11- variants, Kathrin Jansen,
the young children in the fol- the desired immune response reason for the unexpected per- served in the youngsters, ac- year-olds, who receive a dose Pfizer’s head of vaccine re-
lowing weeks, and would ap- in a study of children 6 months formance, but said they cording to the companies. one-third the size as adults. search, said on a conference
ply to the Food and Drug Ad- to 2 years, the companies said. wanted to test the additional Children are at lower risk of The companies have begun call with investors.
ministration soon after. That response, a measure of dose because it could provide Covid-19 infection than adults, evaluating third doses in chil- “If successful with the strat-
Testing in young children antibody levels following vacci- more protection that might be health experts said. When chil- dren 12 to 17 years old. egy and following consultation
has been taking longer than nation, was comparable to that helpful with Delta and Omi- dren are infected, they tend to Pfizer decided to study with regulatory authorities, we
researchers expected because of people aged 16 to 25 years, cron variants circulating. experience milder symptoms. booster shots in the various would have a consistent three-
of the work required to pre- the companies said. Pfizer and BioNTech said Yet some can become seri- populations because existing dose vaccine approach for all
pare doses. Also, federal However, researchers didn’t the additional testing ously ill and some can spread data showed their benefit to ages,” she added.

Hospitals, Covid-19 hospital admissions

increased 4% this past week to
7,800 a day. Deaths increased
U.S. cases of Covid-19
have surged in December
as the Omicron variant
250,000 about the travel recovery. He
tested negative multiple times
before the hearing and tested
Jeremy Cauwels, chief phy-
sician at Sanford Health, the
largest healthcare system in

Test Sites to a seven-day average of

1,200 a day, up 8% versus the
prior week.
gains a foothold in the
country during the
holiday season.
200,000
positive after returning home,
a company spokeswoman
said, adding that he is fully
the Dakotas, said several of its
hospitals were over capacity.
Some patients hospitalized

Fortified CDC Director Rochelle

Walensky said people should
take precautions including a
Daily reported
Covid-19 cases 150,000
vaccinated, received a booster
earlier this year and is experi-
encing mild symptoms.
with Covid-19 remain skeptical
they have the disease, he said.
“We treated a grandfather,
Covid-19 test before gathering in the U.S., Omicron continued its rapid grandmother, son and a grand-
Continued from Page One with those from other house- 7-day-moving spread in the U.K. with cases son in the same week, all un-
people tested, 7.98% were pos- holds over the holidays. average in parts of the country esti- vaccinated and with Covid and
100,000
itive for the virus. “We really do want people mated to be doubling every 1.5 none were willing to admit
States including Ohio, to be able to gather and days. Health officials in South that’s what they had,” Dr. Cau-
Maine and New York have ac- gather safely. We have the Africa reported significantly wels said.
tivated the National Guard in tools now to do it,” Dr. Walen- 50,000 lower Covid-19 hospital admis- In South Africa, which first
recent days to help alleviate sky said. sion rates than earlier in the identified the Omicron variant
labor shortages at hospitals The CDC endorsed a strat- pandemic despite a surge of in November and where it has
and healthcare facilities, as egy known as test-to-stay to infections. been the dominant variant
the Delta variant has contin- keep students in class after ex- 0 Data from the CDC show since later that month, offi-
ued to drive infections higher posure to someone with Feb. 2020 Jan. 21’ Dec. Omicron being responsible for cials said 1.7% of Covid-19
in much of the country. Covid-19 through frequent Note: For all 50 states and D.C., U.S. territories and cruises. As of Dec. 16, 2021.
2.9% of Covid-19 cases across cases are being hospitalized in
New York City officials said testing. More schools have Source: Johns Hopkins University the country in the week to the current wave of infections,
they were adding testing sites embraced the strategy this fall Dec. 11, with the highest con- compared with 19% at the
and doubling capacity at exist- to keep students in class and through Covid-19 cases in the alone, three games were post- centration of 13.1% in the re- same point in the third wave
ing locations after long lines avoid at-home quarantines. production. A number of poned and shifted to Monday gion dominated by New York that was largely caused by the
formed at some places. Health Anthony Fauci, President Bi- Broadway shows canceled per- and Tuesday. Those marked and New Jersey. Delta variant.
officials said the Covid-19 pos- den’s chief medical adviser, formances in recent days be- the first schedule changes of The Biden administration Hospitalizations have risen
itivity rate in the city doubled urged people to get vaccinated cause of Covid-19 cases among this season. The Los Angeles on Thursday asked the Su- by 70% over the past week,
over a three-day period against Covid-19 and urged cast members. Organizers of Rams, Cleveland Browns and preme Court for an emergency compared with a week earlier,
through Sunday. those eligible to get boosters to New Year’s Eve festivities in Washington Football Team had order reinstating a Health and but from a low base with
Omicron will likely be the protect against an Omicron Times Square said they would at least 20 players test posi- Human Services Department many positive cases in people
dominant variant in the U.S. surge that he called inevitable. go ahead with an outdoor cel- tive, gutting their rosters and directive that healthcare who were admitted with an-
within a week, said William Dr. Fauci said officials are con- ebration among fully vacci- forcing the league’s hand to workers serving Medicare and other complaint, said Health
Lee, vice president of science sidering whether people should nated revelers. rewrite its calendar. Medicaid patients obtain coro- Minister Joe Phaahla. People
at Helix, a population-genom- get a booster sooner than six The National Football Southwest Airlines Co. said navirus vaccinations. who are being admitted are
ics company that performs months after their last shot to League had hoped that wide- Chief Executive Gary Kelly, Federal courts in several suffering less severe disease,
Covid-19 testing and surveil- strengthen their immunity. spread vaccinations—more who attended a Senate hearing Southern states have blocked with oxygen-ventilator use
lance. “It’s growing so much “We are looking over our than 94% of players have re- earlier this past week, tested the directive after Republican lower than in previous waves
faster as a proportion of cases shoulder at an oncoming Omi- ceived the shot—would help it positive for Covid-19. Mr. Kelly attorneys general in Missouri, and a lower proportion of ad-
than any of the previous vari- cron surge,” he said. eliminate the disruptions that was at a Senate Commerce Louisiana and Texas filed law- missions to high- and inten-
ants of concern did,” he said. In New York, the Christmas plagued last season. But after Committee hearing on suits contesting the HHS di- sive-care units.
The Centers for Disease Spectacular Starring the Radio a surge in cases, in which Wednesday with executives rective. Some hospitals have —Jess Bravin, Jimmy
Control and Prevention said City Rockettes canceled four more than 100 players have from other major airlines, an- since dropped vaccination re- Vielkind and Stephen Fidler
the seven-day average for shows on Friday due to break- tested positive this week swering lawmakers’ questions quirements for staff. contributed to this article.

CDC Backs ‘Test-to-Stay’ for Schools Court Reinstates Rule

BY SABRINA SIDDIQUI
AND BRIANNA ABBOTT
On Company Vaccines
BY BRENT KENDALL been challenged in courts
Schools can use frequent around the country. One set of
testing to keep students in A federal appeals court Fri- rules, applying to many
class after exposure to some- day reinstated Biden adminis- healthcare workers, is already
one with Covid-19, federal offi- tration rules that require pending at the high court after
cials said, embracing a strategy many employers to ensure that the Biden administration on
some educators and parents their workers are vaccinated Thursday asked the justices to
have adopted to keep children or tested weekly for Covid-19. reinstate the requirements as
out of home quarantines. A divided panel of the Sixth lower courts put them on hold
ALYSSA POINTER FOR THE WALL STREET JOURNAL

The Centers for Disease U.S. Circuit Court of Appeals in parts of the country.
Control and Prevention on Fri- dissolved a stay issued by an- Other vaccine rules that ap-
day updated its guidance for other court that had blocked ply to federal-government
K-12 schools to include the the rules. The majority, in a 2- contractors could land at the
strategy, known as test-to- to-1 ruling, said legal chal- Supreme Court.
stay. The CDC said testing stu- lenges to the administration’s The Biden administration
dents frequently after expo- vaccination-and-testing re- has argued its rules are legally
sure to someone with Covid-19 quirements were likely to fail. sound and urgently needed in
can limit transmission of the The ruling is a near-term light of the ongoing health
virus while sustaining in-per- boost to the White House but threats posed by the pan-
son learning. was immediately appealed on demic, including the new Omi-
“Test-to-stay is an encour- an emergency basis to the Su- cron variant of Covid-19 that
aging public-health practice to preme Court by some employ- has led to a spike in infections.
keep our children in school,” A rapid Covid-19 test was conducted on a student in Marietta, Ga., last month. ers who oppose the mandate. Republican officials and
CDC Director Rochelle Walen- The requirements, issued by business owners are among
sky said. ness of test-to-stay when im- who were exposed to a schools participated. the Occupational Safety and the litigants who have sued
She added that the policy plemented alongside other Covid-19 case in school partici- Under most test-to-stay Health Administration and the administration, arguing
should be implemented along- prevention measures. Officials pated. Out of about 1,000 close plans, children are tested for scheduled to take effect in the rules exceed the powers of
side other prevention mea- said vaccination remains the contacts who participated, Covid-19 daily or every other January, apply to businesses the executive branch.
sures, such as regular testing, primary defense against only 16 students ended up test- day after contact with a posi- with 100 or more employees In Friday’s decision rein-
wearing a mask, monitoring Covid-19 for everyone who is ing positive, the CDC said. tive case. Students are sent and cover roughly 84 million stating the OSHA rules for pri-
close contacts of a positive eligible. The CDC reiterated None appeared to transmit home only if they develop workers. vate employers, the Sixth Cir-
case for symptoms and staying that all children ages 5 years to other in-school contacts but symptoms or a test comes Employers who don’t com- cuit majority cited the
home if a student became ill. and older should get vacci- some did transmit the virus to back positive, rather than hav- ply with the requirements continued Covid-19 public-
More schools have adopted nated and that adolescents members of their household, ing to quarantine for lengthy could face penalties of up to health crisis and said the fed-
the strategy in the past sev- ages 16 years and older should resulting in nine additional periods. around $13,600 a violation. eral government had broad au-
eral months, before the CDC get a booster shot at least six cases. Researchers estimated Although the CDC said test- The requirements don’t apply thority to ensure workplace
endorsed the practice as an al- months after their last dose. that the program saved more to-stay was a useful alterna- to employees who don’t report safety. “OSHA has wide discre-
ternative to mandatory quar- One report reviewed cases than 8,000 in-person school tive to home quarantine, offi- to a workplace where other in- tion to form and implement
antines for children exposed in Lake County, Ill., after the days. cials noted that some schools, dividuals are present, employ- the best possible solution to
to a known Covid-19 case, a Illinois Department of Public The second report tracked especially those with fewer re- ees who only work from home ensure the health and safety of
policy that kept students Health offered test-to-stay as test-to-stay in Los Angeles sources, may struggle to im- or employees who work exclu- all workers, and has histori-
home for up to 10 days. an option for schools this fall. County, where about half of plement the policy. sively outdoors. cally exercised that discre-
The CDC released two re- Ninety schools signed up, and school districts allowed the re- —Douglas Belkin Three Biden administration tion,” Judge Jane Stranch
ports highlighting the useful- about 97% of eligible students gime and one in five public contributed to this article. vaccination requirements have wrote for the court.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A7

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A8 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Inflation Woes Sink Turkish Stocks, Lira
Trading was halted tervening to arrest the decline How many Turkish lira $1 buys “We are astonished to watch “The diminishing impact of keep the lira from being heav-
in the country’s currency. the central bank releasing its intervention is really telling,” ily sold, Mr. McNamara said.
twice as concerns The crash followed another 13.50 lira precious foreign exchange re- said Paul McNamara, an emerg- Turkey’s ability to impose
deepen over looming decision by the central bank
14.00
sources to the market today af- ing-market fund manager at such controls is complicated
on Thursday to cut interest ter it cut rates yesterday,” said GAM. “With this kind of inter- by the country’s consistent
inflationary spiral rates under pressure from Erdal Bahcivan, chairman of the vention, the trouble is the mar- need for foreign currencies as
President Recep Tayyip Erdo- 14.50 board of the Istanbul Chamber ket knows the level of reserves banks and companies need to
BY CAITLIN OSTROFF gan, who favors lower rates as of Industry, in a tweet. they have. It’s not like Russia repay or service debts. Inves-
AND JARED MALSIN a part of a vision to grow the 15.00 Friday’s decision to inter- or Brazil—countries that really tors see few other options for
Turkish economy. vene in the currency market have a lot of foreign currency Turkey to stabilize the lira, ex-
Istanbul’s stock market was Mainstream economists 15.50 Scale inverted was the fifth time the central they can throw at this.” pecting that Mr. Erdogan won’t
twice forced to halt trading have urged the government to to show the bank has stepped in to prop The lira has lost more than want to raise interest rates.
change in
and the Turkish lira continued raise interest rates to control 16.00 up the lira this month. It cited half its purchasing power The loss of confidence in
strength of
to fall Friday as concerns Turkey’s rising inflation, which the lira “unhealthy price formations in against the dollar this year, Turkey’s monetary policy also
deepened that recent interest- reached more than 21% last 16.50 exchange rates.” much of that decline in the past has put pressure on other
rate cuts could cause an infla- month, official statistics show. Economists estimate that month, a dramatic unraveling parts of the market.
tionary spiral. The lira’s continuing decline 17.00 Hourly intervals
Turkey’s central bank has reminiscent of past emerging- Turkish stocks had seen a
Turkey’s benchmark Borsa is increasingly squeezing ordi- more foreign-currency liabili- market crises in places such as strong run before Friday. Lo-
Istanbul 100 index sank 8.5% nary Turks, who have seen Mon. Tues. Wed. Thurs. Fri. ties than assets, giving it little Argentina and Lebanon. cals might have preferred to
Friday in its worst day since their savings evaporate. It also Source: Tullett Prebon firepower to steady the lira The plummeting lira makes put their savings into stocks
March, triggering two circuit is adding to pressure on the through intervention. Despite it more likely that Turkey will rather than other assets as in-
breakers that halted trades. banking system, which has of September, the loans the central bank selling assets need to implement capital flation has risen, investors
The lira lost as much as 8% of high levels of foreign-currency- equaled about 11% of Turkey’s Friday after the lira fell past 17 controls—measures to restrict said, because companies can
its value against the dollar, de- denominated loans to repay gross domestic product, ac- to the dollar, the currency be- or even prohibit the flow of increase prices alongside infla-
spite Turkey’s central bank in- within the next 12 months. As cording to Capital Economics. gan to slide again hours later. money out of the country—to tion, boosting returns.

U.S. Mulls by providing so-called lethal

aid to Ukraine, such as anti-
tank Javelin missiles, without
Moulton said.
While U.S. officials say Rus-
sian President Vladimir Putin
sess the Ukrainian military’s
air defense capabilities and
needs and is working on a re-
helicopters and munitions in-
tended for the Afghan military
after Mr. Biden announced in
licopters, so the U.S. had
bought and maintained some
of those aircraft for its use.

Helicopters provoking Moscow.

Some members of Congress
and government officials said
hasn’t decided whether to in-
vade, Russia has publicly ratch-
eted up demands, with propos-
port, officials said.
“They have a capable army,
but they do not have the ability
April the withdrawal of U.S.
forces, according to Ukrainian
and U.S. officials.
Ukraine is also seeking a
dozen Black Hawk helicopters
that the U.S. had offered to

For Ukraine the National Security Council

is wary of stepping up arms
shipments for fear of escalat-
als published by the Foreign
Ministry on Friday calling for
guarantees that the North At-
to adequately defend their air
space or their sea space,” said
Philip Breedlove, a retired Air
According to U.S. officials,
among the options is sending
five Russian-made Mi-17 heli-
the Afghan Air Force but had
not delivered. Pentagon offi-
cials declined to comment on a
ing tensions with Moscow and lantic Treaty Organization mili- Force general who served as the copters that had been used by proposed transfer of materiel
Continued from Page One setting back fledgling efforts tary alliance won’t expand NATO commander when Russia the Afghan Air Force but meant for Afghanistan to
official said. The country cur- to start talks with the Kremlin. eastward, including by grant- annexed Crimea and intervened which were undergoing main- Ukraine.
rently uses Soviet-era systems, A bipartisan group of law- ing membership to Ukraine. militarily in eastern Ukraine. tenance in Eastern Europe. “We continue to work
which have been modernized makers who returned from a Moscow is also concerned by The Ukrainian military has The Afghan military was ac- closely with Ukraine to evalu-
but lag behind some of the fact-finding trip to Ukraine Ukraine’s westward tilt. been interested in obtaining customed to flying Russian he- ate the specific requirements
high-tech equipment used by this month said that President Though Ukraine’s inclusion in of Ukraine’s forces,” said Lt.
the Russian military. Biden’s threat to impose eco- NATO isn’t an immediate pros- Col. Anton Semelroth, a Penta-
A spokesman for the Na- nomic sanctions isn’t suffi- pect, the U.S. and allied nations gon spokesman.
tional Security Council de- cient to deter a possible Rus- have said that Russia can’t dic- In addition, stockpiles of
clined to discuss which new sian attack. They called for tate who can join and they con- U.S. and NATO munitions and
weapons might be under con- sanctions in advance of an at- tinue to train Ukrainian forces. weaponry in Romania and Bul-
sideration and pointed to the tack and accelerated military National security adviser garia could also be made avail-
$2.5 billion in military aid the support, including air-defense Jake Sullivan said Friday that able to the Ukrainian military
U.S. has provided Ukraine systems and antiship missiles the administration is con- if the decision is made to do
since 2014, including $450 that could be rapidly incorpo- stantly assessing Ukraine’s ad- so, U.S. officials said.
million in support that is be- rated into Ukraine’s defense. ditional military needs and “It’s hard to find military
ing sent this year. One of the lawmakers, Rep. that Mr. Biden will determine equipment that is in the pipe-
OLEKSANDR KLYMENKO/REUTERS

With intelligence estimates Seth Moulton (D., Mass.), said the next steps. line that is not in use that is
saying Moscow’s troop buildup that the U.S. needs to be fo- “Meaningful progress at the not deployed somewhere else,”
near Ukraine could reach full cused now “on deterring a negotiating table, of course, a senior administration official
strength next month, the Bi- conflict from happening ver- will have to take place in a said. The Defense Department
den administration is debating sus responding to a conflict if context of de-escalation rather “is looking at all options for
how to pursue diplomacy with it does happen.” than escalation,” Mr. Sullivan getting as much defensive ca-
Moscow and balance that with “I want to give the Ukraini- said, speaking at the Council pability to Ukraine as quickly
augmenting Ukraine’s military ans defensive weapons that on Foreign Relations. as we possibly can.”
capabilities. For years, the U.S. will have a high cost in terms A Pentagon team went to Ukrainian service members walked Friday at the industrial zone of —Nancy A. Youssef
has sought to walk a fine line of Russian casualties,” Mr. Ukraine late last month to as- the government-held town of Avdiyivka in Ukraine’s Donetsk region. contributed to this article.

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WORLD NEWS

Arson Probe Begins

In Fatal Japanese Fire
A man who walked into a floor clinic, died, police said. An
busy Japanese mental-health additional four were injured.
clinic with a paper bag carry- It all happened in a matter of
ing flammable liquid is under minutes: Within a half-hour of
investigation for murder and the first call to the fire depart-
arson after the liquid ignited a ment, the fire was extinguished.
fire that killed 24 people. Police said the suspect was
in the hospital, but his status
TAMARA MERINO FOR THE WALL STREET JOURNAL

By Miho Inada in wasn’t known. Public broad-

Tokyo and Alastair caster NHK said the suspect
Gale in Osaka, Japan was among the four injured
and was in critical condition.
The blaze on the fourth Yuji Hasemi, a professor at
floor of an office building in Waseda University and a former
central Osaka was one of the chairman of the Japan Associa-
deadliest in modern Japanese tion for Fire Science and Engi-
history. Witnesses and experts neering, said the fire likely
said the victims probably died broke out around the entrance
of carbon monoxide poisoning to the staircase and quickly
as the fire burned through the spread, causing victims to inhale
tight space with only one clear carbon monoxide and pass out.
The livelihood of Haitian migrants living in Chile like Laurent Odler and his wife, Marie Toussaint, could depend on the election outcome. means of exit, an emergency Mr. Hasemi said his advice
stairwell. when encountering a fire like

Haitians Stranded Across Americas

The main account of the this: “Don’t inhale smoke.
blaze came from two women Even one breath would imme-
who were in the clinic waiting diately kill you. Just hold your
room. According to a police breath and rush to the emer-
BY RYAN DUBE The livelihood of Haitian mi- compost. For now, he has most of whom are grappling summary of their testimony, gency stairs.”
grants like Laurent Odler could ruled out leaving Chile for the with economic troubles caused the male suspect appearing to Witnesses said the fire
SANTIAGO, Chile—The con- depend on the election out- U.S. after watching some of his by the pandemic, essentially be in his 50s or 60s exited the didn’t appear to spread to
servative candidate in Sun- come. He came in as a tourist countrymen here embark on a stateless, facing a dead-end elevator on the fourth floor other floors. That is an indica-
day’s presidential runoff and got a temporary permit dangerous trek north only to and unsure what comes next. with a paper bag about 15 tion that the building’s fire-
vote, José Antonio Kast, has four years ago, when then-Pres- be left in limbo in Mexico. Immigration experts say minutes after the clinic prevention measures such as
pledged to block what he calls ident Michelle Bachelet opened Returning home to Haiti is Chile’s inability to integrate opened for patients at 10 a.m. firewalls and doors worked
a migrant invasion should he the doors to more than 200,000 out of the question as one of foreigners after they arrived The witnesses said the man properly, Mr. Hasemi said.
win the election. His leftist op- Haitians. But since then, he and the world’s most impoverished had the unintended conse- put the bag by a heater and Witnesses outside the
ponent, Gabriel Boric, says if many other Haitians here have nations descends further into quence of keeping most of the kicked over the heater. After building described dark gray
he becomes president, he will been unable to get legal resi- chaos following the president’s Haitians on the edges of soci- that, liquid leaking out of the smoke pouring out of the
end deportations of illegal mi- dency as requirements to stay assassination in July. ety, and driving thousands of bag caught fire. It wasn’t fourth-floor windows, parts of
grants and give foreigners a became more rigid under her “I’m trapped,” Mr. Odler others to give up and pack known whether the suspect which were charred black after
path to legalize their status. successor, President Sebastián said from his home in a poor their bags for the U.S. set the fire or the liquid the fire was extinguished. The
The election will have big im- Piñera, a conservative business- “If you don’t have [a valid caught fire on its own from inside of the fourth floor, illu-
plications for the tens of thou- man who took office in 2018. ID], you can’t do anything,” the heater, police said. minated by the flashlights of
sands of Haitians who live in Migrants who lost jobs in said Charlancia Remy, a Haitian The two witnesses escaped, investigators, was almost com-
Chile after fleeing their country. the pandemic also found they
Chile’s inability to who works at a municipal office but 24 people, all in the fourth pletely burned out.
It also will have consequences couldn’t renew their visa with- integrate foreigners in Santiago helping migrants
for the Biden administration, out a job contract. Many can’t access public services. “When

BUDDHIKA WEERASINGHE/AGENCE FRANCE-PRESSE/GETTY IMAGES

which was overwhelmed in Sep- renew their national-identity
drove thousands to you open the door to an immi-
tember with an influx of Hai- cards, essential for everything head to the U.S. grant who comes to the coun-
tians on the U.S. border who from renting an apartment to try, but then you don’t provide
had abandoned Chile after fac- opening a bank account. the documents they need to be
ing hostile conditions. Meanwhile, public attitudes in in the country, you are basically
The conservative Mr. Kast Chile have turned against mi- neighborhood on the outskirts telling them to leave.”
blames migrants for crime, and gration, polls show, and laws of the capital, Santiago. Today, the Haitian exodus
proposes building border have tightened. Many Haitians who fled from Chile has stopped, offi-
trenches to stop migrants and An October Cadem poll said their country in the years fol- cials and migrants say, because
setting up a special police force 56% of Chileans saw immigra- lowing a 2010 earthquake are people are afraid they would
to deport illegal migrants. tion as bad for the country, up now adrift in a region where be deported back to Haiti.
Left-leaning Mr. Boric has from 31% in 2018. About 70% of governments are hardening The problem for the U.S. is
so far led in polls, but there Chileans support tougher im- immigration policies. Brazil that if Mr. Kast wins Sunday—
are many undecided voters, migration laws, the survey said. took in some 150,000 Haitians and keeps his pledge to re-
and analysts say it is unclear That has left Mr. Odler from 2015 to 2020 and also has move illegal migrants—then
whether the young Chileans he stuck working without legal struggled to integrate them. many of them could again
needs to win will vote. papers at a factory that makes That has left many migrants, head north, experts say. The Osaka building where 24 people died in a fire at a clinic.

Fueled by Demand, Global Coal

Power Expected to Hit Record
BY SHA HUA in Glasgow that aims to accel- would begin reducing coal
erate cuts in greenhouse-gas consumption starting in 2026.
Despite efforts to slash car- emissions and to “phase “The rebound shows that
bon emissions, global coal- down” coal use for the future. clean energy growth globally
fired power generation is ex- The IEA said the global re- needs to accelerate further to
pected to rise 9% and hit a bound in coal was caused by a realize coal phase-down fast
record by the end of 2021 as faster-than-expected economic enough to meet goals set in
electricity demand from the recovery, temperature and Glasgow,” said Lauri Mylly-
economic recovery outstrips a weather fluctuations that virta, lead analyst at the Cen-
shift to cleaner energy damped electricity supply and ter for Research on Energy
sources, the International En- boosted demand. Supply is- and Clean Air.
ergy Agency said Friday. sues rapidly have pushed up Meanwhile, nonpower coal
The main drivers of the gas prices, raising demand for use in China is set to fall further
growth are China and India, coal as an alternative for gen- as the country continues its ef-
which together account for erating electricity. forts to reduce coal consump-
roughly two-thirds of the China’s coal numbers were tion for residential heating and
world’s coal use. Coal power is mainly driven by soaring in- small industries, the IEA said.
expected to notch increases of dustrial demand in late 2020 India is facing a similar di-
9% in China and 12% in India and early 2021, as construction lemma to China, with energy
to reach record highs in both and heavy industry led the re- demands projected to rise rap-
countries by the end of the covery, followed by a decline idly as the country of nearly
year, as electricity demand of power demand in the latter 1.4 billion gets wealthier and
among the world’s two largest part of the year due to a coal its economy expands, not all
populations continues to grow. crunch, as well as contractions of which can be met by an in-
Through 2024, coal-fired in the property sector. crease of renewable energy in
power generation will increase Still, China’s coal consump- the short term.
4.1% in China and 11% in India, tion is expected to increase 4% Last month in Glasgow,
the Paris-based watchdog fore- to 4,130 million metric tons in Prime Minister Narendra Modi
cast in a coal-use annual report. 2021—surpassing the record pledged India would aim to
“Coal is the single largest set in 2013. The IEA predicts triple its solar-power capacity
source of global carbon emis- China will expand its renew- and meet half of its energy re-
sions, and this year’s historically able-energy capacity by about quirements with renewable
high level of coal-power genera- 9.5% on average each year un- energy by 2030. Still, the IEA
tion is a worrying sign of how til 2024, but that is unlikely to forecasts that India’s coal con-
far off-track the world is in its cover additional power de- sumption would grow at about
efforts to put emissions into de- mand, expected to grow by 4% each year through 2024.
cline towards net zero,” said IEA nearly 4% a year until 2024, Coal demand world-wide is
Executive Director Fatih Birol. meaning coal use likely will set to grow 6% this year,
In November, more than 190 continue to increase. In April, which won’t take it above the
countries reached a deal at the Chinese President Xi Jinping record levels reached in 2013
United Nations climate summit announced that his country and 2014.
AGENCE FRANCE-PRESSE/GETTY IMAGES

Coal power is expected to notch a 9% rise in China. A barge unloads coal in eastern Jiangsu province.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A11

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A12 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

OBITUARIES
ARTHUR ZEIKEL M A S AY U K I U E M U R A
1932 — 2021 1943 — 2021

Value Investor Built Nintendo Engineer Won

With Game Console
Business at Merrill Lynch
A
n unwelcome nighttime call Then there was a break-
from the boss set Nintendo through. A semiconductor maker,
Co. videogame engineer Ricoh Co., had extra capacity and
BY JAMES R. HAGERTY ask penetrating questions, and Masayuki Uemura on the quest engineering staff full of game
then he would let you do your job.” that would make his reputation. fans. Mr. Uemura used Ricoh’s

A
s a student at City College In a 1994 memo on money-man- In that November 1981 call, chip to produce the Nintendo
of New York in the early agement basics written for one of Nintendo’s president, Hiroshi Ya- Family Computer or Famicom,
1950s, Arthur Zeikel had lit- his daughters, Jill Zeikel, Mr. mauchi, said he wanted Mr. Ue- later sold in the U.S. as Nintendo
tle ambition and no sense of what Zeikel warned against getting car- mura to develop a cartridge- Entertainment System.
he might do with his life. Then an ried away with current trends. “No based videogame console—and With titles such as “Super Ma-
inspiring professor introduced him system works all of the time,” he finish in less than a year. rio Bros,” it would sell more than
to economics and markets. advised. “History is a guide, not a “In those days, I was skepti- 60 million units world-wide, pio-
Mr. Zeikel discovered he was template.” cal, or really quite pessimistic neering graphics-rich game play
smarter than he thought and went Arthur Herman Zeikel was born about home videogames,” Mr. with a jaunty soundtrack.
on to earn an M.B.A. degree June 1, 1932, and grew up in the Uemura recalled in a 2016 inter- Mr. Uemura died Dec. 6, aged
at New York University and estab- Bronx. A high-school counselor ad- view. Nintendo’s previous home 78, according to the Center for
lish a reputation as a bright young vised young Arthur to try trade consoles were plagued with tech- Game Studies at Ritsumeikan Uni-
Wall Street fund manager. Merrill school, but his mother informed nical issues, sometimes hinder- versity, which he led until earlier
Lynch hired him in 1976 and put him he was going to college. ing the reception of the next- this year. The university and Nin-
him in charge of its tiny asset- At City College, an economics door neighbor’s TV set. Other tendo declined to release the
management arm. professor, Jerome B. Cohen, be- makers already sold home con- cause of death.
By harnessing a nationwide came his mentor and lined up a job soles. —Chieko Tsuneoka
sales force and building a record for him at Ira Haupt & Co., a stock-
of reliable performance, he made broker. In the 1960s, he worked for
Merrill one of the nation’s leading In 2006, Merrill sold its asset- Dreyfus Corp.
fund managers. His operation management business to BlackRock His self-assurance inspired con- M I C H A E L K . R E I L LY
proved “one of the company’s Inc. for about $9.5 billion of Black- fidence. “People would ask me 1933 — 2021
greatest success stories,” Win- Rock shares. questions, and I would answer,” he
throp H. Smith Jr. wrote in a his- Mr. Zeikel died Dec. 7. He was said a few years ago, discussing his
tory of the firm, “Catching Light-
ning in a Bottle.”
89 and had kidney disease. early years on Wall Street. “Did
they ask me if I knew what I was Coal CEO Escaped
I
By inclination and training, Mr. n 1994, a spike in interest rates talking about? Probably not.”
Zeikel was a value investor, seek-
ing bargains on securities other in-
vestors had overlooked. That
led to a crash in prices of
closed-end municipal-bond
funds. Customers who had bought
He picked up more experience at
Standard & Poor’s/InterCapital Inc.
and Oppenheimer & Co. before
Enron’s Clutches
worked well for him in the long those funds from Merrill were furi- joining Merrill in 1976.

M
term but became a problem during ous, and there were calls inside the The stock market was weak in ichael K. Reilly’s career would put him and his executive
the tech-stock euphoria of the late firm to exit that segment of the the late 1970s, but Americans looked unpromising. A team out of work, Mr. Reilly
1990s. Partly because of Merrill’s fund business. Mr. Zeikel decided shifted large sums from savings ac- so-so student, he suffered sought a meeting with HNG’s CEO,
caution, some of its funds lagged an exit would be premature. The counts into money-market funds in through two semesters at a busi- Kenneth Lay. While Mr. Lay’s
far behind competitors. funds recovered sharply within a the late 1970s and early 1980s and ness college only because his fa- plane refueled in Chicago, Mr.
In late 1997, Merrill appointed a year. then herded into equity funds as ther insisted, then struggled to Reilly made his pitch: Let Zeigler
new president of its asset-manage- “Zeikel stuck to his guns,” said the stock market rebounded. Mer- support his own family on jobs executives try to buy the company.
ment business, Jeffrey Peek, suc- Vincent Giordano, who oversaw rill’s innovative cash-management selling real estate and frozen Mr. Lay seemed skeptical but
ceeding Mr. Zeikel, who was municipal-bond funds at Merrill. accounts put the firm into a strong steaks. gave Mr. Reilly time to seek fi-
bumped up to nonexecutive chair- Likewise, Mr. Zeikel was reluc- position to attract individual inves- He finally found a niche at a nancing. Mr. Reilly threw in
man of that unit. He retired in tant to ditch fund managers simply tors’ money. mining company, Zeigler Coal Co. nearly his entire net worth,
1999. Meanwhile, Merrill brought because their performance lagged Mr. Zeikel’s survivors include When an exodus of senior col- around $300,000, as equity and
in outsiders to try to jazz up its for a few quarters. “People do have his wife of 61 years, Terrie Zeikel, leagues led to his sudden promo- raised enough debt and equity
performance. slow periods,” he noted in a 1998 two daughters and seven grand- tion to president of Zeigler in elsewhere to acquire Zeigler for
Mr. Zeikel was gone by the time interview. children. A son, Jeffrey Zeikel, died 1980, Mr. Reilly wasn’t sure he $55 million in 1985. He bulked up
the crash of dot-com stocks made “He was the best boss anyone in 2019. was up to the job. Zeigler with acquisitions and sold
value investing look better. “He was could ever have,” said Joseph Mon- His career, Mr. Zeikel said, Several years later, he was it in 1998 to AEI Resources Inc.
late to the game” of internet mania, agle Jr., who oversaw bond and worked out “better than anybody shocked to learn that Zeigler’s for $855 million. Enron was en-
said Launny Steffens, who was a money-market funds. “When you could have imagined.” parent—Houston Natural Gas gulfed in scandal in 2001.
vice chairman of Merrill in the late went in to see him, you would Corp., or HNG, later known as En- Mr. Reilly died Nov. 28. He was
1990s, “but that game ended very have about five minutes at most to  Read in-depth profiles at ron Corp.—was trying to sell the 88 and had Lewy body disease.
badly for lots of people.” get your point across. He would WSJ.com/news/types/obituaries coal company. Fearing a sale —James R. Hagerty

WORLD WATCH
JAPAN doesn’t necessarily represent a Japanese consumers have quarter-percentage-point rate in- HONG KONG UNITED KINGDOM
global phenomenon. seen little of the price pressures creases next year.
Central Bank Keeps The Bank of Japan on Friday hitting Americans, with overall On Thursday, the Bank of First Election Held Conservative Party
Interest Rates Low maintained its target for short- consumer prices rising just 0.1% England became the first major Since Crackdown Suffers Setback
term interest rates at minus 0.1% in October compared with the central bank to raise its policy
Japan’s central bank kept its and said it would continue guid- same month a year earlier. rate since the pandemic began. Hong Kong is preparing to U.K. Prime Minister Boris
monetary policy ultraloose and ing the yield on 10-year Japanese Prices actually fell if the volatile Prices in the U.K. rose 5.1% in hold its first election since Johnson’s Conservative Party
expressed minimal concern government bonds to around categories of energy and fresh November over a year earlier, China’s national security crack- suffered a stunning defeat in a
about inflation, joining continen- zero, well below the U.S. where food were excluded. the biggest annual jump in a de- down, offering voters a slate of parliamentary by-election that
tal Europe in showing that re- equivalent government bonds are Federal Reserve officials this cade. only Beijing-approved candidates, was viewed as a referendum on
cent tightening in the U.S. yielding more than 1.4%. week penciled in at least three —Megumi Fujikawa while dozens of would-be oppo- his government amid weeks of
sition contenders are languishing scandal and soaring Covid-19 in-
in prison and others effectively fections.
For more information: barred from running. Liberal Democrat Helen Mor-
In Memoriam wsj.com/inmemoriam There is little question about
the outcome—only about how
gan overturned a Conservative
majority of almost 23,000 votes
many people will turn out to vote. from the last election to win
Opinion polls point to a his- Thursday’s contest in North

       "2  4!   ! 6  2 !       toric drop in turnout following a Shropshire, a rural area of north-
! !  !       !  "
      $       !     $!      major overhaul of the city’s po- west England that has been rep-
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  !  ! 7 :,   @ 4 ;!  7, G,  !   lowed mass pro-democracy The result will heap pressure
  ! "    7 !   !  !2!      (+*' ; $  " ! street protests in 2019. on Mr. Johnson just two years af-
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2   $  #22    The number of seats elected ter he was re-elected with a 80-

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! !  :   2    ! 2    ) #26 !2 !, slashed to less than a quarter Commons.
2   ! 2     ! 0  3! "  !!  #  ) 7 " $ from half. Thursday’s result is the sec-
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)   " 
!  Anticorruption police have ar- ond by-election defeat for the
        $!   !  1
!   2 $    " $  $ ! / &'&& !!   rested 10 people in recent weeks Conservatives this year. The Lib-
(+%'6 !      (+8&  !  ? ! # $     for allegedly urging voters to eral Democrats in June won a
 #  ;2 ! $ ;! # 6 " ! -  boycott the polls or cast blank by-election in Chesham and Am-
!  !     "    "     !! ballots in protest, enforcing laws ersham, a constituency north-
!4!  !   !!2!  -2!  6 !   2

       3 $ !2  $ $  -2!    2  "  imposed this year that prescribe west of London that had also

       ! 2  , ,"!2 ! $  2      ! up to three years in prison and been a traditional Conservative
 ! "  #!     (+%+   !   >   ! up to $25,000 fines for violators. stronghold.
 $ % &'&(  #" #!  !  < )2 = "  2
2 "  ,    " $! "   2! Some of those arrested shared a John Curtice, a pollster and
)  #"  " *+
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"  !   " !
!   2  
    2  (+/A 
 0    1 "  6 IN Facebook post by a former Hong
Kong lawmaker that called for
professor of politics at the Uni-
versity of Strathclyde, said the
  (+/(  &''' " ! $
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2    !
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    0   =!1  
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MEMORIAM voters to cast blank votes in pro-
test at China’s remaking of the
Conservative defeat in North
Shropshire was “pretty spectac-
     $$$  2   "     "! ! !  city’s political system. ular by historical standards.”
"  2!          " ! #!  !   4 —Elaine Yu —Associated Press
 ,   22! $!  !  !   2  )  ! ! $ Honor your loved one’s life
       !!   2!        !   ! 
2 !    3  4      ?   !    ! !2 in The Wall Street Journal
 52
  $22   2 !   "!     !    !!
  ! !       2 2   !   2  &'(8    ! $ 
  !!  !  !2  2  !   $  4 2! !   F  Share your loved
"  $!2 $ ,   "   2 2   2! ! 2 ! 4 ! $  " !  one’s story with an
2     ! 0        ! "   "  ! 
 !2 1    2     ! 2  announcement in the
" 4! " 6 7   6    !   !      pages of The Wall Street
 !    !   , ! 2 " @ !      " $ 2 ! $  Journal, either in our
 ! 8&'''9 !2 6 " > 2   $$  ! ! G  " !
  !2      !!2  $  !!  "  ! 7  6  national or regional
  !    4    "!  &''(  "  editions. Our In Memoriam
DMITRI LOVETSKY/ASSOCIATED PRESS

 2    8'  !

 2     ! " ,      ) " ! $!  0 !    notices provide a dignified
$  6 ,  2$ !   ,  " "2     ,2 $2 2 
 3$ !2  $    :  !   !  ! $   ! way for friends, family and
!    2     ," 2 $  ,  ! 2!    @ colleagues to pay tribute.
2    $ !   $   !    !! 1
      3$ " !  &''A "   !!    " !   ->
 "   ! "  .!  $   )$  "   $ )  8A ? , !
 
: "  !        !  ,  
!  $ (' "! $
 2 ! " !
   " " !   $   ) ) 7,2 To learn more, visit
  ! $ $   4$ !  $       !2    5"  WSJ.com/InMemoriam
"  !!6    - 2 2       $  $ !   
! 42!    !!6 "      !
       6  
$  "  ! !!  22   "   "!  $  2 " ! $ 
 BLAZE: A Russian warship, the Provorny (Agile) corvette, under
 $   "     $       A/E #  7! © 2021 Dow Jones & Company, Inc.
construction at a St. Petersburg shipyard, caught fire Friday, leaving
!    All Rights Reserved.
at least three workers hurt. The cause of the fire wasn’t known.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A13
A14 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

OPEN THE PAID ADVERTISEMENT

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A15

FROM PAGE ONE

weight of 106 pounds, a current
TikTok Role weight of 96 pounds and an ulti-
mate goal weight of 70 pounds.
Many claimed to be younger
In Eating than 18.

Disorders Sickness competition

That competitiveness de-
railed Aliya Katz’s recovery. The
Continued from Page One 17-year-old Californian, who de-
avoid pushing too much content veloped an eating disorder at
from a certain topic to individ- age 12, said she turned to Tik-
ual users—such as extreme diet- Tok’s community to aid her re-
ing, sadness or breakups—to covery and posted her first
protect their mental well-being. video to the site about her
TikTok said it has invested in struggles on May 23, 2020, in
removing content that violates the midst of treatment.
its rules and will continue to do She said she received posi-
so. Most of the pro-eating-disor- tive encouragement, but it
der videos served to the Jour- wasn’t long before competition
nal’s accounts, or bots, had over who was sickest set her
fewer than 10,000 views, and back, with people posting about
many were later removed from their lowest weight or number

CLOCKWISE FROM TOP LEFT: NITASHIA JOHNSON FOR THE WALL STREET JOURNAL; LAURA THOMPSON FOR THE WALL STREET JOURNAL; ROZETTE RAGO FOR THE WALL STREET JOURNAL (2)
the app—whether by TikTok or of hospital admissions. She
their creators is unclear. sometimes added comments on
Still, many videos elude Tik- those videos asking the creators
Tok’s monitors. Users tweak to take them down, but that
hashtag spellings or texts in vid- likely signaled interest to the al-
eos, such as writing d1s0rder for gorithm, and even more content
disorder. And innocent-sounding promoting anorexia, images of
hashtags, such as #recovery, popping ribs and tips on how to
sometimes direct users to vid- effectively purge inundated her
eos idealizing life-threatening feed, she said. She said it some-
thinness, the Journal found. times led her to skip a meal,
A TikTok spokesperson said vomit or weigh herself.
the Journal’s experiment Aliya recalled one video of a
doesn’t reflect the experience teenage girl in recovery who
most people have on the site, could wrap her fingers around
but that even one person having her tiny ankles. She reported
that experience is one too many. the video to TikTok, which she
The spokesperson said access to said declined to remove it. She
the National Eating Disorders asked the girl who posted the
Association helpline is provided video to delete it because it
on the app. made her feel like relapsing. The
Andie Duke, Daisy Gonzalez and Aliya Katz (clockwise from top girl replied she wasn’t responsi-
left) all said TikTok worsened their eating disorders. ‘The more I ble for other people’s sensitivi-
Surge in cases interacted with those types of videos, the more they started to ties. Aliya has reported hun-
Eating disorders for young show up,’ said Andie, 14, of the way TikTok’s algorithm served up dreds of videos she believes
people are surging across the an endless stream of weight-loss videos. ‘I wasn’t able to see promoted eating disorders, but
U.S. in the wake of the Covid-19 how it was affecting me.’ few were taken down, she said.
pandemic. Health professionals Mariam Fawzi said that she
say the disorders often come learned about losing weight and
with other issues such as de- then disguising it on TikTok,
pression, anxiety or obsessive- such as hiding food and wearing
compulsive disorder, and have loose clothing. She said she also
worsened as kids have spent learned about extreme exercis-
more time on their screens in ing, such as a 24-miles-in-a-day
isolation. running challenge, which she
Other social-media platforms did twice.
have been criticized for not do- “It was just hard to take my
ing enough to address content eyes off of it,” Mariam, 17, said
promoting eating disorders. The of the pull of TikTok. “I would
Journal reported in September spend hours and hours on it.”
that researchers at Instagram, Some teens said they some-
owned by Meta Platforms Inc., times felt like they had no con-
found that the photo-sharing trol over their TikTok experi-
app made some teen girls who ence. The app sent them into
struggled with their body image rabbit holes and they couldn’t
feel worse about those issues. stop watching, even when they
TikTok can be uniquely insid- knew it was bad for them.
ious for young people, because It was like that for Ella West
of its video format and powerful as she scrolled through TikTok
algorithm, said Alyssa TikTok’s algorithm served began. The University of Michi- tein. She dropped nearly a hun- their eating disorders. in early 2020 and a random
Moukheiber, a dietitian at Tim- the Journal’s bots more than gan C.S. Mott Children’s Hospi- dred pounds in one year and Ms. Bell, a nurse practitioner, weight-loss video appeared in
berline Knolls, a treatment cen- 32,000 weight-loss videos from tal in Ann Arbor had 125 hospi- had to have her gallbladder re- said one teen recently told her her feed. She liked it without
ter outside of Chicago. early October to early Decem- talizations for eating-disorder moved after developing gall- that TikTok’s “glow-up” trend, giving it much thought. Then
“The algorithm is just too ber, many promoting fasting, of- patients ages 10 to 23 during stones. where users post radical “be- more weight-loss videos slid in.
freaking strong,” in how it rap- fering tips for quickly burning the first 12 months of the pan- fore” and “after” transforma- Next came the fitness and how
idly identifies a person’s inter- belly fat and pushing weight- demic, more than double the tions, pulled her into her eating to work out videos.
ests and sends kids harmful loss detox programs and partici- mean for the previous three Rabbit holes disorder. Ms. Bell said that teen, Ella, then in ninth grade, had
streams of content that can tip pation in extreme weight-loss years. Journal investigations in July who lost close to half of her struggled with insecurities
them into unhealthy behavior or competitions. The Eating Recovery Center, and September found TikTok’s body weight and was recently about her body, so she liked
trigger a relapse, Ms. Not all the Journal’s bots which is treating Andie, added algorithm took note of subtle hospitalized on a suicide watch, those videos, too. She also liked
Moukheiber said. were served weight-loss con- 88 beds in the past year for chil- clues, such as how long users is one of the sickest teens she videos about diets. Soon, her
Andie Duke said that she first tent. But once TikTok deter- dren and adolescents in residen- linger on a video. Over time, the has ever treated. feed morphed into a mix of ex-
began watching TikTok while mined the bots would re-watch tial treatment in its centers videos became less moderated— Amanda Moreno Duke, ercise, nutrition and dieting:
learning online at home in those videos, it speedily began across the country. TikTok’s moderators prioritize Andie’s mother, said she re- how to get rid of a double chin,
South Carolina at the beginning serving more, until weight-loss Since the pandemic began, videos with high numbers of ported hundreds of videos to how to eliminate a “muffin top”
of the Covid-19 pandemic. She and fitness content made up the National Association of An- views, according to former exec- TikTok that she believed pro- and men saying they prefer
said food became her enemy as more than half their feeds— orexia Nervosa and Associated utives, and the Journal’s bots moted eating disorders since women who weigh less than 120
she spent up to five hours a day Disorders, or ANAD, said calls to were served more videos with her daughter’s ordeal, including pounds. Those who are over
watching and following videos its helplines have been up 50%, lower view counts. Sometimes one of a thin girl who called that weight should “hit the
focused on calorie counting, ex- mostly from young people or the videos were more disturb- herself overweight and asked treadmill.”
cessive exercise and curbing
TikTok served the parents on their behalf. ing, encouraging eating disor- for weight-loss tips, and another Ella also spent time on You-
hunger—and ways to hide what bots tens of When the pandemic lock- ders and suicide. of a thin female who sang about Tube but said she had a better
she was doing from parents. down made Daisy Gonzalez, Stephanie Zerwas, associate starving and bingeing. sense of what she was watching
“The more I interacted with
thousands of then a high-school senior, de- professor of psychiatry at the TikTok responded with “no because the videos had titles,
those types of videos, the more weight-loss videos. pressed, she turned to TikTok to University of North Carolina at violation” to those and many indicating what they might be
they started to show up,” said help pass the hours without Chapel Hill, said her young pa- others, according to a report about. Her TikTok experience
Andie, 14, of the app, which has friends. After liking a few fash- tients describe a similarly con- Andie’s mother received. Several was harder to control. She tried
one billion users, many of them ion and makeup videos, she was suming journey on TikTok. were deemed in violation and a diet strategy that involved
kids like her. “I wasn’t able to even if the bot never sought it sent a string of videos of skinny “I can’t tell you how many of removed. pouring zero-calorie Kool-Aid
see how it was affecting me.” out. One-third of the weight-loss girls showing off their bodies. them would come into my prac- One video that Ms. Moreno on ice cubes as an alternative to
Several months after being videos were about eating disor- Before TikTok, she said that she tice or start working with me Duke reported, which focused in food—a technique also sug-
on TikTok, Andie, already a ders. Of those, nearly 40% con- had never flirted with unhealthy and say, I’ve started falling part on throwing up, was still gested to the Journal’s bots.
small girl, had dropped more tained text promoting or mak- eating habits. The videos of girls down this rabbit hole, or I got on the site despite TikTok not- “It makes you feel like, I’m
than 20% of her body weight ing disorders appear normal, in with tight abs changed that. really into this or that influ- ing “violations found” in a re- not being self-destructive, this
and her hair was falling out, her violation of TikTok’s rules. “One day I was like, ‘no, I’m encer on TikTok, and then it port she received. TikTok took is just what’s being given to
mother said. She was diagnosed Many other videos served to going to look like that no matter started to feel like eating-disor- down the video after the Jour- me,” said Ella, who is now 16. “It
with an eating disorder and be- the bots were from people who what it takes,’ ” said Ms. Gonza- der behavior was normal, that nal asked about it. It said the just comes up so then you’re
gan months of treatment at var- said they were in recovery but lez, now a college sophomore in everybody was doing that,” Dr. user successfully appealed the like ‘well, oh shit that’s not re-
ious facilities. Since September, posted detailed rundowns of Murfreesboro, Tenn. Influenced Zerwas said. initial decision and that the ally what I wanted to see but I
she has been a patient in a Dal- what they ate each day, poten- by the extreme diets shared on Katie Bell, co-founder of the moderator who made that call guess now it is.’ ”
las-area treatment center and tially triggering a relapse for TikTok, she started to restrict Bay Area-based Healthy Teen was wrong. Andie Duke said the time she
on a feeding tube until recently. someone suffering from a disor- her own, eating mostly raw veg- Project, said the majority of her TikTok said it removed spent on TikTok escalated as
Millions of teens have flocked der, medical specialists say. etables. She said her hair began 17 teenage residential patients 81,518,334 videos—less than 1% she got more into weight-loss
to TikTok, owned by Beijing- In the announcement on falling out from a lack of pro- told her TikTok played a role in of all videos uploaded—in the content. She said one of the first
based ByteDance Ltd., making it Thursday, TikTok said it would quarter from April to June for videos she recalls seeing was
the most downloaded app in give users more control over the Fast Learner violating guidelines or terms of “What I eat in a day”—a perva-
Apple’s App Store this year. Tik- videos they see. One measure service. Of the videos taken sive sort of video on the app.
TikTok’s algorithm quickly gives users the content they’ll watch,
Tok attracts kids with its short would allow users to select down, 5.3% were done so for vi- The Journal’s bots were served
for as long as they’ll watch it. When one bot began re-watching
homemade videos. Its algorithm words or hashtags associated olating the site’s policies around more than 9,000 such videos.
videos about gambling, the platform pushed more of the same—
stands out among other social with content they don’t wish to self-harm, suicide and danger- “I started to compare what I
until the bot was programmed to switch to dwelling on videos
media, such as YouTube and In- see on their video feed. ous acts, which cover the eat- eat,” Andie said. Soon videos on
about weight loss, at which point the algorithm quickly adapted.
stagram, for quickly assessing Eating disorders are complex, ing-disorder content. other weight-related topics
interests of users and providing can be difficult to treat and are Percentage of total videos watched per day TikTok uses artificial intelli- started showing up.
a highly personalized stream of potentially deadly, health pro- gence as well as human modera- Ms. Moreno Duke said that
80%
videos. fessionals and researchers say. DAY 18 tors to remove videos. Current Andie grew attached to TikTok
A recent Journal investiga- People who already have body- Bot begins pausing and former TikTok employees when she went back to work in
on weight loss videos Weight loss
tion showed how TikTok can image issues are more likely to 60 said moderators, who are ex- person as a technology teacher
quickly drive minors into end- be inspired by videos like those pected to go through 1,000 vid- in September 2020, and Andie
less spools of content about sex on TikTok that glamorize thin- eos in an eight-hour shift, are and her older brother still
and drugs. It can also steer ness. The pandemic’s loneliness 40 DAY 4 instructed to remove those that learned at home. Seeing her
them to unhealthy places where likely worsened the situation. Bot begins pausing show visible purging, calorie re- weight drop, she contacted her
skeletal bodies and feeding Many eating-disorder treat- on gambling videos stricting activity, tips on fight- doctor. She said Andie had also
tubes are touted like a badge of ment facilities have wait lists 20 ing hunger and videos encour- stopped having menstrual cy-
honor. for admissions for young peo- aging dangerous weight goals. cles, not uncommon for some-
The teens believe TikTok’s ple, with some doctors and ther- Eating disorders can take on one with an eating disorder.
stream of videos worsened their apists so overloaded that they 0 a competitive edge on TikTok. And then there was the emo-
eating disorders more than can’t take new patients. Gambling At least 800 of the creators that tional toll. “My daughter cried
10 20 30
other social media because Timberline Knolls said eat- DAYS ACTIVE ON TIKTOK appeared in the video feeds of because she couldn’t see her
watching was effortless. The ing-disorder admissions for mi- Note: When giving this bot its interests, reporters first searched for and favorited several gambling
the Journal’s accounts included bones sticking out,” she said.
site knew their interest in nors more than doubled to and weight loss videos. weight “stats” in their profiles— —John West contributed
weight loss and served it up. about 650 since the pandemic Source: Wall Street Journal analysis of 21,491 TikTok videos served to this bot with one posting a starting to this article.
A16 | Saturday/Sunday, December 18 - 19, 2021 * ***** THE WALL STREET JOURNAL.

SPORTS
Dawn Staley walks. Even JASON GAY
when her schedule is
crazy, and there are a
zillion things to do, the
Hall of Fame South Car-
olina women’s basketball coach
tries to find an hour or so to go
Dawn Staley’s Gold Standard
for a walk.
Staley listens to music—gospel A women’s basketball legend has a new deal and another No. 1 team in South Carolina
on the weekends; on weekdays,
it’s old-school R&B, mostly. She
walks and thinks about her Game-
cocks team and what it needs to
do to get better. She thinks about
her South Carolina staff. Staley
walks and pushes her dog, Champ,
in a stroller.
Wait, what?
“Champ is not a walker,” Staley
says. “He’s stubborn.”

FROM TOP: DONALD KNOWLES/BAHAMAS VISUAL SERVICES/ ASSOCIATED PRESS; SWEN PFOERTNER/DPA/ZUMA PRESS
She won’t push Champ the en-
tire way—“he walks back, and gets
his steps in,” she says of the Ha-
vanese, who has his own Twitter
account with a sturdy 3,500 fol-
lowers. When Staley gets to her
office in Columbia, she’s re-
freshed. She considers the walk
essential.
“People go on vacation—I don’t
mind a vacation, but it’s not a pri-
ority,” she says. “Walking is a pri-
ority.”
Whatever routine Staley keeps,
it’s working. Her South Carolina
women are 12-0, ranked No. 1 in
the country, sights set on another
national title. Staley’s coming off
a gold-medal summer at the Tokyo
Summer Olympics, where she
guided the Team USA women to
the top step. It was Staley’s first
Olympic gold as a coach—and her
fourth overall, to go with the
three she won as a player.
At 51, the Philadelphia native’s
résumé is an avalanche of accom-
plishment, from her time at the
University of Virginia (national
player of the year twice) and the
WNBA (six-time all-star)
to her current role as a ‘She just tells it like it is,’ says Gregg Popovich, left, of Dawn Staley, above.
leader of women and that
shiny national champion-
ship for South Carolina in level and standard we should play runs through the 2027-28 season,
2017. In October the uni- with every time we step on the came in early fall. Staley saw an
versity’s board of trustees floor.” She sees areas to work on. upside to the public fuss.
approved a new, seven- Turnovers. Self-inflicted mistakes. “I would consider myself a
year, $22.4 million con- “We’ve got room for improve- pretty private person, but I’m for
tract for Staley, a land- ment,” Staley says. the greater good of women and
mark deal that made March is a long way off. It’s Black women,” she says. “The only
Staley one of the highest- supposed to be a better March for way we’re going to lift each other
paid head coaches in the women’s basketball, after last sea- up is to make headlines. The head-
women’s game. son’s reckoning with the NCAA— line is the money.”
Still, when people who players shaming the governing They love her in Columbia.
know Staley talk about body over flimsy facilities and Could see herself doing this for 20
her, they don’t talk about conditions, and an outside review more years?
the dollars or stats—they finding the women’s tournament “No,” she says. “I don’t know
talk about the person, for- was deeply undervalued. when, but I can’t see that. I don’t
ever fearless, honest and Amid the fury, Staley issued her set goals. I never wanted to be a
real. own unflinching statement, saying coach. Really. I’ve always let God
“My second mom,” the it was “time for the NCAA leader- take me where I needed to go.
2020 WNBA MVP A’ja Wil- ship to reevaluate the value they Even coming to South Carolina.”
son has called Staley. place on women.” She tells me She considers herself a home-
“Maybe the most genu- she’s pleased that the outside re- body. She’d like to read more
ine person you will ever view was made public, and sounds books, and she’d like to finish
run into,” another sui generis Duke, with All-American junior the ambition, as it always is, and cautiously optimistic the situation watching a TV series now and
coach, Gregg Popovich, tells me. Aliyah Boston contributing 19 if they get one, Staley wants to will improve. “I feel confident that then. She’s part way through “Suc-
Popovich got to know Staley in points and 14 rebounds. In Novem- get rings for departed members of the NCAA will do right by the cession.” But there’s always the
Tokyo, where he coached the ber, they toppled UConn, back the 2019-20 team, another No. 1 women’s tournament,” she says. team. And game film. And recruit-
Team USA men, and they bonded when UConn still had its All- powerhouse that saw its season Over the summer, Staley inter- ing. And travel.
over the relentless task of deliver- American point guard, Paige cut short by the pandemic. “They viewed for the vacant head coach- And those walks. For a ground-
ing expected basketball gold. Bueckers, who’s now recuperating left a legacy of leadership for us,” ing job with the NBA’s Portland breaking basketball legend to
“There is no superfluous imag- from a knee injury. A Dec. 21 she says. Trailblazers. “I thought the inter- think about her team, and the
ery baloney about her,” he says, showdown with No. 3 Stanford There’s plenty of work to get view was a legit interview,” she road ahead.
admiringly. “She just tells it like it looms. there. Staley says she doesn’t even says. “It makes you think about With Champ. In the stroller.
is.” They’re rolling, and they get ev- think about the Gamecocks being that level, how you’d navigate “I can’t remember my life with-
Staley’s assembled another dy- eryone’s best, but the Gamecocks No. 1. “When we take the floor, I through that.” out Champ,” Dawn Staley says.
namic team—this week, the top- have gotten everyone’s best for a think about how our team should But South Carolina is home. “Seriously. He is the calm in the
ranked Gamecocks handled No. 15 good long while. A national title is look,” she says. “There’s a certain The reworked contract, which storm.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
20s Edmonton <0
Unvaccinated Irving Will Play
Vancouver
-0s 0s
Calgary

Winnipeg
10s BY BEN COHEN
Seattle 20s
0s 20s
Portland
Ottawa
Montreal 30s The latest wave of
40s Helena
Covid-19 cases across the
Bismarck Augusta 40s
Eugene Boise Billings 10s Mpls./St. Paul Toronto Albany Boston 50s NBA is bringing the league’s
30s Pierre
Sioux Falls Buffalo 30s Hartford most prominent unvaccinated
Milwaukee Detroit 60s
20s player back to the court.
ELISE AMENDOLA/ASSOCIATED PRESS

w York
Philadelphia New
Reno
20s Salt Lake City Des Moines Chicago Cleveland 70s
Cheyenne Kyrie Irving, who hasn’t
Sacramento Omaha Indianapolis 80s
Denver Springfield 50s
Pittsburgh Washington D.C. played for the Brooklyn Nets
San Francisco 30s Topeka Louisville 90s
Las
Colorado
Springs
Charleston Richmond this season because of his re-
Kansas St. Louis 100+
50s Vegas Wichita City 60s Raleigh fusal to abide by New York
Santa Fe
Los Angeles
40s Memphis Nashville
Charlotte City’s indoor vaccine mandate,
60s Phoenix Albuquerque Columbia is preparing to return for Nets
San Diego Oklahoma Cityy Atlanta
Little Rock
Tucson Warm Rain road games two months after
Ft. Worth Dallas Jackson Birmingham
El Paso
60s
70s
the team banished him.
70s Mobile Jacksonville Cold T-storms
-0s 50s Austin “We believe that the addi-
Houston
0s w Orleans
New Orlando tion of Kyrie will not only Kyrie Irving will return to the Nets but only play in road games.
Stationary Snow
10s 80s San Antonio Tampa
80s
Anchorage Honolulu
make us a better team, but al-
Miami
20s 80s Showers Flurries low us to more optimally bal- strategy, leading to a stale- season to pair with Irving and
30s 70s ance the physical demand on mate in which an NBA title Kevin Durant. The Nets won
Ice the entire roster,” Nets gen- contender was paying one of two straight games short-
Forecasts and graphics provided by AccuWeather, Inc. ©2021
eral manager Sean Marks said its best players millions of handed this week with an ex-
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Friday. “We look forward to dollars to stay at home. tremely depleted roster—they
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 28 13 s 42 25 s Frankfurt 45 40 pc 46 36 c
Kyrie’s return to the lineup.” “Kyrie has made a personal fielded eight players in one
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice The team acquiescing to choice, and we respect his in- win, the minimum required by
Orlando 85 68 c 83 67 c Geneva 40 31 s 40 29 pc
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 49 41 r 44 27 pc Havana 85 63 pc 85 64 pc the idea of a part-time NBA dividual right to choose,” the league—in large part be-
Phoenix 67 44 s 68 46 s Hong Kong 68 57 c 66 62 c
Anchorage 25 16 sn 19 15 pc Pittsburgh 52 31 r 36 23 pc Istanbul 46 41 r 46 37 pc
player is the latest unexpected Marks said in October. “Cur- cause Durant was sublime.
Atlanta 69 52 c 57 41 c Portland, Maine 33 25 sn 33 13 sn Jakarta 91 78 t 89 76 r twist in one of the world’s rently the choice restricts his But as coach Steve Nash ex-
Austin 64 37 t 52 38 pc Portland, Ore. 51 40 r 45 43 r Jerusalem 50 40 s 50 40 s most consequential vaccine ability to be a full-time mem- pressed misgivings about
Baltimore 53 44 c 47 26 pc Sacramento 46 33 pc 47 34 pc Johannesburg 66 52 sh 64 53 c
Boise 30 22 c 39 26 c St. Louis 43 26 c 42 25 s London 51 42 sh 47 41 sh
standoffs. It comes at the end ber of the team, and we will pushing the workload of Du-
Boston 37 35 sn 38 21 pc Salt Lake City 29 14 pc 34 19 s Madrid 51 35 pc 54 32 pc of a turbulent week when not permit any member of rant, who nearly leads the
Burlington 29 22 sn 27 12 sf San Francisco 50 41 s 54 48 pc Manila 88 77 t 83 79 t sports leagues postponed our team to participate with league in minutes after rup-
Charlotte 70 58 sh 59 31 r Santa Fe 38 13 pc 41 18 s Melbourne 90 56 pc 70 51 r
Chicago 39 24 c 34 29 s Seattle 49 38 r 43 36 c Mexico City 71 46 pc 72 46 pc
games and rewrote their pan- part-time availability.” turing his Achilles tendon in
Cleveland 42 31 r 36 24 c Sioux Falls 19 9 pc 36 21 pc Milan 41 31 pc 40 29 pc demic rules in response to Now the Nets have 2019, team executives softened
Dallas 52 33 t 49 38 pc Wash., D.C. 57 45 c 47 28 pc Moscow 28 23 c 31 11 sn scores of players suddenly changed their mind about Ir- their position toward Irving.
Denver 44 24 s 58 29 s Mumbai 89 72 pc 90 71 pc testing positive again. ving’s availability with Covid Irving, who has declined
Detroit
Honolulu
35 26 sn 34 25 pc
82 71 sh 80 69 sh
International Paris
Rio de Janeiro
48
80
38 s
72 t
45 39 c
78 69 t Irving is easily the biggest ripping through their locker to comment on his vaccina-
Houston 71 48 t 58 46 c Today Tomorrow Riyadh 82 61 pc 83 63 pc star who remains unvacci- room in a spike that coin- tion status, remained mostly
Indianapolis 42 29 r 39 24 pc City Hi Lo W Hi Lo W Rome 57 34 s 54 36 s nated in a league with a 97% cides with a sharp increase silent during his absence
Kansas City 36 17 s 40 27 s Amsterdam 49 43 sh 47 38 sh San Juan 83 74 pc 84 74 s
Las Vegas 52 34 s 52 35 s Athens 48 43 r 50 39 r Seoul 36 24 sf 41 34 s vaccination rate. And he’s the in cases across the league with the exception of cryptic
Little Rock 60 32 r 46 27 pc Baghdad 68 45 s 69 49 s Shanghai 45 33 pc 52 36 pc only one who works in a city and the Omicron variant’s messages on social media,
Los Angeles 66 44 s 65 43 s Bangkok 89 70 pc 86 66 pc Singapore 84 77 t 83 76 t that requires the shot for arrival in the U.S. including an Instagram video
Miami 82 74 sh 84 69 sh Beijing 42 14 s 43 18 s Sydney 88 74 pc 92 70 t
Milwaukee 37 23 c 35 29 pc Berlin 46 42 c 45 31 c Taipei City 64 60 c 67 63 c professional basketball play- Brooklyn has seven vacci- this week that showed him
Minneapolis 22 9 c 28 23 pc Brussels 48 42 c 46 39 sh Tokyo 46 37 s 51 39 s ers. Brooklyn’s executives de- nated players sidelined by the lacing up his sneakers.
Nashville 66 36 sh 48 29 s Buenos Aires 79 70 s 84 73 s Toronto 32 25 sn 30 22 s cided before the season that NBA’s health and safety proto- It isn’t clear how quickly
New Orleans 78 55 sh 61 49 c Dubai 82 65 pc 81 66 pc Vancouver 44 36 r 42 31 s
New York City 44 38 r 41 27 pc Dublin 49 40 sh 48 41 c Warsaw 38 36 c 41 31 sn Irving appearing in road cols, including James Harden, he can return—and how much
Oklahoma City 44 17 pc 46 26 pc Edinburgh 45 36 c 42 36 c Zurich 40 29 pc 36 29 c games only wasn’t a viable the star they traded for last he will play when he does.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A17

OPINION
THE WEEKEND INTERVIEW with Phil Levy | By Tunku Varadarajan

An Insider Explains the Supply-Chain Crisis

W
hat does a supply- Not only does it take much lon- need to decline, or there would
chain expert do when ger to import goods, it’s also be- have to be a shift back toward buy-
he can’t find an come eye-wateringly expensive. ing services.
oven? “Where it might have cost $1,500 The key question: “When will we
Days before to move a container across the Pa- start seeing people behave the way
Christmas last year, Phil Levy was cific,” Mr. Levy says, “you’re seeing they used to in their consump-
baking a sourdough loaf for his them go for more like $15,000 per tion?” It’s possible we won’t. “Peo-
wife when their electric oven went container.” ple are creatures of habit,” Mr.
kaput. A General Electric model This surge in transport costs has Levy observes, and the pandemic
from the early 1990s, it could no hit lower-value goods hardest and has led them to take on new habits.
longer hold a temperature, so it made quick restocking all the more So far, at any rate, “we have not
was time to buy a new one. Mr. of a challenge. Mr. Levy talked to a seen a reversion to the previous
Levy was dismayed to find that he company that sells office supplies. patterns.”
couldn’t get a replacement any- “They were moving a container The supply-chain crisis, Mr. Levy
where in the San Francisco area. whose contents were in the order contends, has no parallel in history.
“The retailers had little in stock,” of $15,000 in value. Well, if that We’ve had shocks before, such as
KEN FALLIN

he tells me in a Zoom call from his now costs $15,000 to move, you the oil crisis of 1973. But “global-
home in Emerald Hills. “I had to have a problem, right?” trade liberalization and distributed
join a queue and hope for the best. The pandemic is at the root of specialization,” allied to an ease of
All wait times were notional.” the supply-chain crisis. Covid-19 shipping and transport, fueled by
It took five months for the Levys has led to work disruptions at fac- that you get a decrease in produc- recovered to pre-pandemic levels. ideas like “just-in-time inven-
to get their new oven. The reason, tories and ports in China, with tion and a decrease in income.” But As consumption shifted to tory”—that’s all new.
he says, was the supply-chain crisis quarantines and shutdowns hitting American pocketbooks “were a lot goods, Mr. Levy says, the initial That means there are no lessons
that has beset the U.S. and much of the production and movement of more full than they normally are burst was in durables. That’s one from history. “This is a challenge
the West, making everything from goods. Mr. Levy cites the month- with a downturn.” It’s not hard to reason why Federal Reserve Chair- my economists—my team—are fac-
kitchen appliances to computer long shutdown owing to Covid see why, he says, pointing to the man Jerome Powell described infla- ing, which is normally the way
chips to chassis for trucks signifi- cases in May 2021 at the Chinese Cares Act in March 2020 and other tion as “transitory,” a judgment you’d like to forecast something
cantly scarcer and more expensive port of Yantian, which handles a government cash infusions in Janu- he’s since withdrawn. “ ‘Transitory’ like this.” They can’t find patterns
than before the pandemic began. third more volume than the Port of ary and March 2021, “which were was transitory,” Mr. Levy chuckles, by looking at “the last 10 modern
Los Angeles. directly putting money in. Pretty apologizing for the labored joke— pandemics that we’ve had and see
“It’s one of the major Chinese much all the movements in income “trade economist humor,” he says. how they played out. You know the
Consumers flush with cash ports. And every time you shut track the movements in govern- “We find it where we can.” history of pandemics as well as I
down at one of those places, you’re ment transfers.” Mr. Levy, who was a senior econ- do. They weren’t modern. They
and pandemic restrictions interrupting the flow of contain- This meant that the pandemic omist for President George W. weren’t in the era of supply
combined to drive demand ers.” Buildups and backlogs accu- “didn’t have the effect that you of- Bush’s Council of Economic Advis- chains.”

S
mulate. “How do you ever work ten would’ve expected with a ers, isn’t entirely unsympathetic to
for goods through the roof. them down?” Ports have fixed ca- downturn, which is people don’t Mr. Powell’s initial thinking. “It was o what can be done to ease
He doesn’t see a return to pacity: “You can’t suddenly process have money to spend. They did. based on what we saw with the the crisis? “In international
twice or three times as many ships And then their preference of what surge in durables. If everybody had comparisons of port effi-
normal until at least 2023. once a lockdown is lifted.” they spend it on tilted towards moved up their purchases of sofas ciency,” he says, “U.S. ports do not
Ninety percent of all exported goods.” Some of this income was or exercise machines, and so forth, generally rank at the top of the
goods move over the ocean. These saved, too, so that consumers were by definition those aren’t the things list.” In considering improvements,
Mr. Levy, 53, says he doesn’t see include not only finished goods but flush even after government sup- you buy month after month after it’s important to distinguish be-
the supply chain’s “unprecedented also parts. “So even if you’re manu- port ended. month. If I buy three years’ worth tween short-term and long-term.
crisis” ending before 2023. He’s facturing in the U.S.,” Mr. Levy Demand for durable goods— of sofas all in one year, our expecta- “My broader point about the cen-
chief economist for Flexport, a San says, “the odds are you’re using those, like Mr. Levy’s oven, that tion is this will be short-lived.” trality of the demand surge is that
Francisco-based tech company for some imported parts.” last longer than three years— The durables spurt started in short-term improvements can help
global-logistic services. “If a com- Ports are built “so you can just dropped briefly after the pandemic May 2020, and by month’s end they at the margin, but will not ‘solve’
pany wants to move goods from meet peak demand.” It’s too expen- started, then “shot right up in the were “right back to what they were the problem.” A longer-term ap-
one part of the world to another, sive to build at excess capacity, early summer of 2020.” So while pre-pandemic.” They rose to 10% proach would allow serious
we can help,” he explains. “My col- “because then most of the time U.S. gross domestic product gradu- above that level in June 2020. “By changes in capacity, but that
leagues won’t like this definition, you’d have lots of extra stuff sitting ally recovered in the second and the time you got to about March “shouldn’t be seen as a remedy for
but we’re sort of like travel agents around.” The peak season is August third quarters of 2020, the recov- 2021, durables consumption was the current crisis.” A dramatic lon-
for containers”—those 20- to 40- through November, “when it’s, ery in U.S. imports was much more about 35% higher than it had been.” ger-term expansion in capacity may
foot-long corrugated steel boxes ‘How do you stock store shelves for rapid—reaching pre-pandemic lev- That was the peak; now it’s 18% not even be necessary if the
that can be transported across the holidays?’ ” The problem is that els by October 2020 and continuing above pre-Covid levels. changes in consumption prefer-
great distances without a need to a system that can “barely handle” a to increase. But there’s been another twist. ences prove temporary.

C
unload their cargo until they reach normal peak season has seen The buying of nondurables—goods There are specific short-term
the purchaser. “above peak demand for about an haracteristically, the percent- that last less than three years—has measures that governments can
The typical transit time for a entire year and a half,” placing it age of personal-consumption shot up. After a spurt in March take, such as liberalization of
container in pre-pandemic days under “a cumulative strain it spending on goods remains 2020—remember the panic buying trucking rules, traffic control, land-
was 71 days, Mr. Levy says. That’s wasn’t really built for.” constant, Mr. Levy says: “It’s a re- of toilet paper—nondurable con- use regulation for stacking contain-
how long it took for a full container A major cause is what Mr. Levy ally, really boring graph.” But in the sumption went down in April 2020, ers and port-opening hours. But
to depart from Shanghai; discharge calls “the defining economic char- pandemic “it’s gone haywire.” then made what Mr. Levy calls “a Mr. Levy is “loath to put a small
in Los Angeles; proceed to a ware- acteristics of the pandemic.” There Whereas goods consumption previ- slow, steady climb to where they subset of these forward as a pana-
house near, say, Chicago; get has been a “marked tilt” in buying ously “might move up or down by are about now—13% or so above cea.” As an analogy, he points out
trucked empty back to California; behavior, a shift from services to- 0.2%, here you were seeing moves pre-pandemic numbers.” With “in- that if my editor asked me to pro-
and then return to Shanghai. The ward goods. “We still buy more that were 10, 15 times that.” elastic supply and a big surge in duce three more articles of this
current transit time is 117 days or services than goods, don’t get me The fall in spending on services, demand, prices have to go up.” length in 48 hours, caffeine and a
more. The greatest delays are in wrong,” he says. But whereas U.S. meanwhile, was a natural conse- One way for the supply-chain new ergonomic keyboard might
the U.S., owing to port bottlenecks consumers spent 69% of their quence of the pandemic. Consump- crisis to recede is, obviously, for help, but I’d still probably feel
and trucking shortages. The Los money on services before the pan- tion plunged about 20% in April the pandemic to end. But each new swamped.
Angeles to Chicago leg, for in- demic and 31% on goods, the break- 2020, as people stopped going to variant has the potential to halt
stance, now takes 22 days, 12 more down now is more like 65% to 35%. restaurants, on vacation and to any amelioration. A return to previ- Mr. Varadarajan, a Journal con-
than before. It takes 33 days for the The pandemic recession was un- gyms. Business travel crashed. ous patterns of consumption would tributor, is a fellow at the American
empty container to return to Cali- like previous ones. “One of the “There’s been a slow, gradual also reduce the strain on the supply Enterprise Institute and at New
fornia, compared with 20 in the old ways that economists would nor- climb,” Mr. Levy says, but con- chain. Yet for consumer demand to York University Law School’s Clas-
days. mally have defined a downturn is sumption of services still hasn’t abate, people’s buying power would sical Liberal Institute.

Eric Adams Will Need Help to Make New York Safe Again
New York federal monitor, whose office mi- People arrested for major crimes Albany to revisit bail reform, saying charges, justice will be elusive.
Optimism is running nutely oversees the department’s could be released almost immedi- the existing law is “sending the Plans to close the Rikers Island
high in the wake of compliance with its guidelines. Any ately to offend again. Though the wrong message.” But the Legislature, jail complex entail building bor-
Eric Adams’s elec- effort to expand stop-and-frisk will law was marginally reformed after a along with a new governor desperate ough-based jails that would cap the
tion as mayor. As a run up against this oversight. few months to expand the number not to be outflanked on progressive city’s jail population at 3,300. This
former cop who A further limit on police patrol of bail-eligible crimes—sex traffick- issues, have already foreclosed the is substantially lower than 5,300 in-
grew up in the city, practices is the city’s 2018 Right to ing, burglary and money laundering possibility of reopening the bail law. mates currently in city jails, most of
CROSS
COUNTRY Mr. Adams appears Know Act, which requires police to in support of terrorism had been Mr. Adams says he will instead focus whom are awaiting trial for serious
to understand the ask for specific consent to perform on appointing better judges—hardly crimes. The plan’s rosy projections
By Seth
corrosive effects of searches, even with reasonable sus- an immediate solution to a pressing assume either a city that is much
Barron
disorder. Keechant picion. It also requires officers to Legal and political changes problem. less violent than the one we have
Sewell, his pick for explain that suspects can refuse to Alvin Bragg, the newly elected now or one in which violent crimi-
commissioner of the New York City consent. No other major city has an leave the next mayor without Manhattan district attorney, has nals are simply released to the su-
Police Department, has 25 years of “informed consent” law like this. It the anticrime tools Giuliani vowed not to prosecute trespassing pervision of the community.
policing experience. Together they effectively forces cops to behave or resisting arrest in almost any cir- It is fine that the city has elected
will try to bring sanity back to a like ad hoc public defenders. and Bloomberg used. cumstances, and signaled his unwill- a new mayor who appears to take
city that has lost its way. Littering, public urination, graf- ingness to prosecute illegal gun pos- public safety seriously. But the ma-
But there are serious reasons for fiti, public intoxication and other session unless someone has been chinery of the Big Apple’s criminal-
concern about the capacity of Mr. antisocial behaviors are signals that nonbailable in the original legisla- shot. He promises that the “pre- justice system has been sabotaged
Adams—or any mayor, for that mat- a city tolerates neighborhood disor- tion—the system continues to free sumption of non-incarceration is the to the point that it may be beyond
ter—to confront effectively the der. Disorder begets disorder, and people charged with extraordinarily outcome for every case,” except for repair.
wave of violent crime overtaking the prevalence of “quality of life” serious crimes, who then continue murder, rape and “major economic
the city. Over the past decade, infractions creates conditions con- their sprees, even at cost of human crimes.” The mayor can crack down Mr. Barron is managing editor of
changes in the law, shifts in prose- ducive to more serious crime. While life. on crime as much as he wants, but the American Mind and author of
cutorial focus, and the imposition of advocates promised in 2015 that the To his credit, Mr. Adams wants if prosecutors decline to press “The Last Days of New York.”
federal oversight have limited decriminalization of these public
crime-fighting options. In important nuisances would enhance justice,
ways, the city’s toolbox of resources
to restore order has been rendered
unusable.
many communities haven’t seen it.
Instead they’ve seen an increase in
open drug sales and use, street vio-
Mr. Garland, Please Sue My State
However one feels about the lence, and organized theft from By Larry Hogan should sue Maryland, too. John Sarbanes, is the lead sponsor of
use—or supposed overuse—of “stop, stores. As Rep. Kweisi Mfume of Balti- H.R.1, the Democratic antigerryman-

A
question and frisk” during the Ru- Similarly, the 2018 announcement Annapolis, Md. more, a former president of the dering and election-reform legislation.
dolph Giuliani and Michael by the district attorneys of Manhat- ttorney General Merrick Gar- NAACP, recently noted, his city and “Injustice anywhere is a threat to
Bloomberg years, there is no dis- tan, Brooklyn and the Bronx that land announced last week that other parts of Maryland with high justice everywhere,” Martin Luther
pute that the policing tactic was in- they would no longer prosecute the Justice Department is su- minority populations have been King Jr. said when urging Congress
strumental in driving down the rate turnstile jumping, and the NYPD’s ing Texas, alleging that its Republi- “chopped at and bitten at” for de- to pass the Voting Rights Act. Minor-
of violent crime in New York. Any decision to arrest only the most can-drawn redistricting map violates cades in redistricting. These gerry- ity voters in Maryland deserve the
serious effort to remove guns from perniciously habitual miscreants, the Voting Rights Act of 1965. Days mandered maps diminish minority full protection of the law, regardless
the street—either through seizure has led to a sharp increase in sub- later, the Democrat-controlled Mary- representation by combining them of what party benefits politically in
or by persuading criminals to leave way violence. Stopping fare evaders land General Assembly overrode my with distant rural and suburban ar- the short term.
them at home—will depend to a was for years an efficient means of veto of Maryland’s new congressio- eas, a practice called “cracking.” Mr. Garland and the Biden ad-
large extent on empowering cops to catching wanted criminals and seiz- nal map, making the nation’s most Maryland’s current Third Congres- ministration can live up to their
stop and frisk people they reason- ing illegal guns. But this ready and gerrymandered map even worse and sional District—which the Washington rhetoric by holding both parties ac-
ably suspect of carrying weapons. routine tool is no longer available to creating far more egregious civil- Post has called “the most gerryman- countable for discriminatory gerry-
But that avenue is now largely law enforcement, with predictable rights violations than in Texas. dered district in America”—stretches mandering—or it can politicize the
closed to the NYPD. Mayor Bill de outcomes. In announcing the Texas lawsuit, across the state from rural areas near Justice Department by holding red
Blasio dropped the city’s appeal of a New York state’s 2019 reform re- Mr. Garland argued that “a core Annapolis to include parts of Balti- states and blue states to different
federal ruling that its use of stop moved cash bail as an option in all principle of our democracy is that more city and Montgomery County, standards.
and frisk was unconstitutional. The but the most serious violent felo- voters should choose their represen- the affluent Washington suburb where
NYPD’s patrol policies and practices nies. This instantly turned the crim- tatives, not the other way around.” Mr. Garland lives. To add insult to in- Mr. Hogan, a Republican, is gover-
remain under the supervision of a inal justice system into a carousel. He’s right. The attorney general jury, the district’s representative, nor of Maryland.
A18 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

United Auto Workers of the Ivy League Picking Kamala as VP: a Dereliction of Duty?

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hat do Deere & Co. and Columbia crease in net assets from investments.” Colum- Peggy Noonan’s analysis of the crisis. First, she was unwilling to
University have in common? Their bia charges $63,530 in undergraduate tuition problems facing the vice president is even go to the border. Next, her not-
insightful (“Kamala Harris Needs to so-slick “root cause” ploy was like
workers are represented by the and fees ($82,584 including room and board),
Get Serious,” Declarations, Dec. 11). the oncologist who opts not to treat a
United Auto Workers and which over four years is as But she stops short of assigning cancer patient until the cause of the
have gone on strike this fall A brawl over pay at much as a cost of a house. blame to the person who chose Ms. illness is perfectly understood. In the
seeking higher compensation. President Lee Bollinger earns Harris for the job. Then-candidate meantime, the patient suffers.
Yet the contrasts are instruc-
Columbia challenges roughly $4.6 million, and full- Joe Biden believed that an all-white, Then there is her politicizing of
tive about the state of higher academic solidarity time professors make on aver- all-male Democratic ticket could not the Covid-19 vaccines during the
education.
Many Columbia class sec-
with the working class. ageThe $268,400.
university has none-
win. He announced that he would
pick a woman as his running mate,
2020 campaign. Ms. Harris slyly cast
doubt on these lifesaving vaccines, as
tions have been canceled since theless held firm and last and, as former Senate Majority if the Trump administration’s suc-
early November, and final week warned that striking Leader Harry Reid speculated, “He cessful efforts to expedite the process
grades have been thrown in jeopardy due to a workers might not be offered positions this came to the conclusion that he were somehow cause to doubt the
should pick a black woman.” vaccines’ safety or efficacy. This was
seven-week strike by the Student Workers of Co- spring. The union has accused the university of
Instead of basing his decision on slimy campaign politics, to the detri-
lumbia-UAW, which includes 3,000 graduates retaliation and filed unfair labor practice competency, leadership or experience, ment of the country.
and undergraduates who assist with teaching, charges with the National Labor Relations Mr. Biden was guided by gender iden- People remember. Ms. Harris’s
grading and tutoring. Columbia recently told un- Board. Columbia says it is offering PhD students tity and possibly racial identity. Ms. poor polling reflects anger about the
dergrads they could choose to receive a pass-fail “one of the most generous packages of any uni- Harris now appears to be in over her damage already done and worry
in any course this semester in “appreciation of versity in the country.” head, but she didn’t choose the job. It about what it will mean if she were
how difficult this term may have been for you.” We take no side in this dispute, though you was chosen for her by someone who to become leader of the free world.
Many would prefer actual grades. have to smile at what the Marxists might call abdicated his responsibility to pick a BRUCE LUDWIG
While workers at companies like Volkswagen the contradictions of academic production. running mate ready to take over for Kirkland, Wash.
and Amazon have rejected unions, Big Labor is When Kellogg Co. last week threatened to re- him, should it be necessary.
winning with university employees. Last week place striking workers, President Biden called DAVE KELLEY This is the old Peter Principle: Poli-
Ann Arbor, Mich. ticians rise to their level of incompe-
the UAW was recognized as labor representa- it “an existential attack on the union and its tence. When John McCain chose
tive for 17,000 student researchers at the Uni- members’ jobs and livelihoods.” Deere and Kel- Ms. Noonan complains that Vice Sarah Palin as his running mate in the
versity of California. About a quarter (100,000) logg pay their factory workers more than Co- President Harris is “relatively new to summer of 2008, there were serious
of UAW members are university employees. lumbia does its academic grunts. Kellogg says town,” but Barack Obama ascended to reservations about her qualifications
i i i most workers at its cereal factories earned the presidency after nearly the same to assume the responsibilities of the
It’s worth reflecting on why unions are hav- $120,000 last year. amount of time in Washington. Ms. presidency in case McCain’s cancer
ing more success on campus. No doubt aca- Democrats seem less perturbed by the Ivy Noonan comments that “Ms. Harris returned. Gov. Palin seemed out of her
demic workers are liberal. But it’s also true that League school’s hardball bargaining. Seven New has never seemed especially earnest,” depth, as does Vice President Harris.
they are often treated poorly by universities to York Democrats sent a letter last week to Mr. but the vice president is renowned for Surely, with his advanced age, Presi-
support high-earning administrators and ten- Bollinger that couldn’t have been more gentle, her preparedness for tough question- dent Biden’s health and fitness should
ing of the likes of Brett Kavanaugh, have been a major consideration in
ured faculty. encouraging the university “to strengthen its
during his Supreme Court confirma- the selection of his running mate.
Consider Columbia, where many student efforts in good faith bargaining.” tion battle. She also has a long, ROBERT COLEMAN
workers earn little more than New York City’s Columbia’s faculty have also professed soli- strong record as an elected public Glen Cove, N.Y.
$15 hourly minimum wage. Columbia this darity with student workers, which costs noth- servant in California, the most popu-
spring offered to raise its minimum hourly ing. But they haven’t stepped in to help deliver lous state in the country. If Vice President Harris needs Ms.
wage to $17, and the salary of doctoral candi- the education for which undergrads are paying REGINA SCHRAMBLING Noonan to dispense such advice as
dates with 12-month teaching appointments to a small fortune. Deere and Kellogg used salaried New York “make herself useful,” our country is
$42,350. Students rejected the proposal. Co- workers to keep their plants running during in far worse trouble than we thought.
lumbia’s latest offer is $20 an hour and $43,621 union strikes. Is it too much to ask tenured pro- The root of Ms. Harris’s poor ap- MARCIA KAISER
for full-year positions. fessors to grade exams? proval ratings runs deeper than an al- Sarasota, Fla.
The UAW wants $45,000 for 12-month ap- Companies that underpay workers and mis- leged lack of effort, polish or experi-
ence in Washington. Americans have It seems to me that a lot of people
pointments and a minimum $26 hourly rate for treat customers won’t survive long. But univer-
seen too much. They will not soon owe Dan Quayle an apology.
non-salaried workers, with annual increases. sities with brand names have a captive clientele forget her unseriousness about her PATRICK J. ALLEN
The union says a single adult had to make at as well as steady subsidies in the form of federal role in stemming the southern border River Forest, Ill.
least $45,285 to live in Manhattan in June student loans. This is why many were able to
2020—before this year’s inflation. get away with keeping classes remote last year
“Columbia made $3.1 billion in returns on its without discounting tuition.
investments this past year alone,” the union The next time you hear professors lecture
says, adding that its demands for a three-year about inequality in American, ask them about
To Restrain Debt, Rein in the Federal Reserve
contract would amount to a mere “3% of its in- the state of the academic working class. David Rivkin Jr. and Lee Casey are easy for Congress to have let the debt
right that another debt-ceiling cliff- grow twice as fast as the economy
hanger should be avoided, and that a had it not been able to count on such
Purdue Sends a Message to China constitutionally dubious suspension
of the debt limit is not the answer
an accommodating central bank.
We need to restrain this incestu-

F
(“This Debt-Ceiling Fight Threatens ous relationship between the con-
irst the bad news: When a Purdue grad tournaments in China until it is satisfied that Democracy as Well as Solvency,” op- gressional impulse to add debt and
student from China posted a letter on- a complaint of sexual assault by a player, Peng ed, Dec. 7). A smarter way for Senate the Fed’s willingness to step in as the
line praising the 1989 Tiananmen Square Shuai, against a senior Communist Party leader Republicans to address the issue is to government’s lender of first resort.
protests, other Chinese students harassed him, is fully investigated—and the WTA is sure that pass an entirely different sort of Our proposed debt monetization limit
while in China his family had a visit from the Ms. Peng can speak freely. debt-limit bill, one that pays for obli- would prohibit the Fed from holding
Ministry of State Security. China wants to stifle all mention of June 4, gations already enacted but limits the more than a specified percentage of
Now the good news: After learning what hap- 1989, the day Beijing crushed the students who future share of that debt that could the national debt whenever that debt
pened from a report in ProPublica, Purdue Presi- raised a Goddess of Democracy on the square. be financed by the Federal Reserve. exceeds a specified percentage of
The Federal Reserve Banks’ stock- GDP. Such a limit would ensure that
dent Mitch Daniels called it out. This week in Hong Kong three champions of de-
pile of publicly held Treasury IOUs ex- the Fed’s hoard of Treasury IOUs
He denounced what he called an “atmosphere mocracy—Jimmy Lai, Chow Hang-tung, and Gw- ploded from $476.3 billion in the third could not grow faster than the Amer-
of intimidation” directed at Zhihao Kong and his yneth Ho—were given jail sentences for partici- quarter of 2008 to $5.91 trillion in ican economy that must bankroll the
family. He affirmed that Purdue is “proud” that pating in or encouraging others to join last year’s this year’s third quarter—that is, from required interest payments.
mainland Chinese students come to his campus, annual June 4 vigil in Hong Kong. 7.5% to 25.3% of GDP. In the same pe- STEVE STEIN
where they enjoy freedom of inquiry and expres- In its bullying confidence, China’s Commu- riod, the federal debt grew from 67.3% Larkspur, Calif.
sion. But he insisted that “those seeking to deny nist Party is seeking to impose its censorship of GDP to 122.6% of GDP. It seems
those rights to others, let alone to collude with around the world. Western institutions that do doubtful that it would have been so ALAN REYNOLDS
foreign governments in repressing them, will need business with China or accept Chinese students Cato Institute
to pursue their education elsewhere.” will have to decide if they’ll be bullied. Credit Naples, Fla.
This is refreshing. It comes not long after the Mr. Daniels for letting Beijing know its sover- When America Is Unreliable
Women’s Tennis Association suspended its eignty doesn’t extend to the Purdue campus. Regarding Walter Russell Mead’s
column on Ukraine (“Crisis in Ukraine Will the GOP Extend BBB?
Is a Winner for Putin,” Global View,
Vladimir Putin Names His Price Dec. 14): The real issue is that Amer-
ica is now considered a very fickle
Your editorial “The Real Cost of Bi-
den’s Plan” (Dec. 13) argues that the

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official cost projections of the Biden
ally. This is not a new problem, al-
ussia has spent the fall massing troops Western officials have said Moscow won’t administration’s Build Back Better
though President Biden’s tenure has
and weaponry along Ukraine’s borders, have veto power over NATO expansion, but the exacerbated the situation.
plan are dishonest because programs
laying the groundwork for a potential risk of concessions is always present. “There such as the $185 billion child allow-
Lacking trust, countries seek allies
invasion. On Friday the Krem- will be no talks on European ance are funded for only one year.
on which they can depend. It is in
lin made its demands public. Maybe he won’t invade security without European al- this context that one should view In-
You state further: “No one believes
The U.S. and Europe have de- they won’t extend it next year, and
livered a mixed response so
Ukraine if Biden grants lies and partners,” White
House press secretary Jen
dia’s relationship with Russia. U.S. al-
lies have noticed Mr. Biden’s aban-
the year after that, ad infinitum.”
Based on historical precedent and
far and will have to do more to his security wishes. Psaki said Friday. NATO’s east- donment of Afghanistan and
current polling, however, the House
deter Vladimir Putin. ern flank should have a promi- President Trump’s abandonment of
will likely shift back to Republican
Moscow wants NATO to nent role in talks, especially the Kurds, only the most recent ex-
control in 2023. The Senate is closer,
rule out eastward expansion and roll back mili- after they were rightly infuriated by a recent amples of America’s fickleness.
but Democrats may lose it, too.
Mr. Biden’s statements on Taiwan,
tary activity in a range of theaters, according Biden proposal that only a few allies negotiate It seems curious, then, that you
walked back quickly by subordinates,
to draft documents sent to the U.S. and allies with Russia over Ukraine. are, I am sure, not very reassuring to
would be certain that if Republicans
this week. This would mean blocking Ukrainian President Biden and European leaders have are in control of either or both legis-
the Taiwanese. And when asked if
accession to the alliance and effectively ban- warned Mr. Putin that invading Ukraine would lative chambers in 2023-24, they will
U.S. troops would be used to stop a
ning NATO forces from being stationed in lead to the toughest sanctions to date, but it’s vote to extend the same programs
Russian invasion of Ukraine, he re-
that not one of them will vote for in
member states like Poland, Estonia, Latvia and unclear how far they’d go. The U.S. has refused plied, “That is not on the table.”
2021 or 2022.
Lithuania. to target Mr. Putin or Russia’s access to the What is there to stop Vladimir Putin?
DAVID C. GREEFF
“The line pursued by the United States and Swift financial clearing system despite repeated RAM RAMASWAMY
Miami Beach, Fla.
NATO over recent years to aggressively escalate cyber attacks on the U.S. Naperville, Ill.
the security situation is absolutely unaccept- Meanwhile, Mr. Biden continues to dawdle
able and extremely dangerous,” a Russian for- over providing more military assistance to Pepper ...
eign ministry official said, apparently without Ukraine. Kyiv wants helicopters and other
irony. “Washington and its NATO allies should equipment that had been earmarked for Af-
Inflation and a Bottom Line And Salt
immediately stop regular hostile actions ghanistan before the Taliban takeover. If Blake Hurst wants to report on THE WALL STREET JOURNAL
against our country.” But the White House fears this would pro- inflationary costs to his farm opera-
Regarding “hostile actions,” Russia and Rus- voke Mr. Putin. This is the same logic that tions (“Inflation Isn’t ‘Transitory’ on
My Farm,” op-ed, Dec. 9), I wonder if
sian-backed forces invaded Georgia in 2008 and caused President Obama to refuse to send Jave-
he would be kind enough to tell the
Ukraine in 2014. Both countries would like to lin antitank missiles to Ukraine. President Journal’s readers about the effects of
join NATO but haven’t been granted member- Trump sent the Javelins when he took office the increase in corn and soybean
ship. NATO has deployed token numbers of without repercussions. Arming Ukraine might prices. He farms these crops but has
troops as a deterrent in the Baltic states and Po- not stop Mr. Putin from invading, but it would somehow neglected to tell us about
land, though only after Mr. Putin snatched Cri- raise the cost if he does invade. their spectacular price rise in the
mea in 2014. The White House has also lobbied Congress past year. Doesn’t this, as much as
Mr. Putin isn’t worried that Latvian troops to hold off sanctions on Nord Stream 2. Mr. Bi- Mr. Hurst’s costs, fall to the bottom
will march on Moscow. His goal is Kremlin hege- den seems to believe that improving trans-At- line of his operation?
mony over Central and Eastern Europe, which lantic relations requires deferring to narrow JOE HEUMANN
Charleston, Ill.
have prospered under Western security and German economic interests, but NATO has 30
economic arrangements. His invasion threat is members and the European Union has 27. Many
Letters intended for publication should
a power play to win concessions from the Eu- are unhappy with Mr. Biden’s approach. be emailed to [email protected]. Please
rope and West such as President Biden’s deci- Mr. Putin’s demands show his growing confi- include your city, state and telephone
sion in May to waive sanctions against the com- dence, and perhaps a belief that the West will number. All letters are subject to “It’s taking me forever to find
pany behind the Nord Stream 2 gas pipeline do nothing serious to stop him. Mr. Biden and editing, and unpublished letters cannot some clothes that make me look
be acknowledged.
from Russia to Germany. Europe certainly haven’t so far. like I don’t care what I wear.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | A19

OPINION

‘West Side Story’ and the Decline of the Bijou

should equal huge blockbuster. It’s good that this story, this mu-
“West Side Story’s” unsuccessful sic and these lyrics, enter the world
release tells us that we have under- again.
gone a fundamental shift in how we The whole thing makes you feel
DECLARATIONS watch movies in America. And the that America has a chance.
By Peggy Noonan entertainment industry should see If I were a middle or high school

T
it for what it is. Many thought as teacher I’d take my class to see it
he new “West Side Story” the pandemic spread and the the- and say, “The music and lyrics are
is, so far, a box-office aters closed that it would all snap very great and you must know
flop. Steven Spielberg’s back as soon as the pandemic was them to be culturally literate; also
much-anticipated remake over. People would flock back to do America was kind of like this once.”
of the landmark 1961 mu- what they’ve been doing for more I’d take a college class after having
sical received rave reviews and has than a century, not only out of them read Jane Jacobs to under-
been called a masterpiece. Yet its habit but tradition: They’d go out stand better what was lost in the
first weekend theatrical release to the movies. But a technological slum clearance that made way for
yielded only $10.5 million, which revolution came; the pandemic Lincoln Center.
Variety called “a dismal result for a speeded up what had already be- There are flaws, but so what?

GEORGE MARKS/RETROFILE/GETTY IMAGES

movie of its scale and scope.” gun, just as it speeded up the Zoom The cultural framing of the Jets
What happened? The entertain- revolution that is transforming and the Sharks is a little tidy and
ment press has offered possible ex- business and office work. not quite on the mark. It made me
planations. With new coronavirus People got streaming services think of Clifford Odets signaling
variants emerging, people don’t feel and watched movies at home. They the immutable socioeconomic
comfortable in theaters. The audi- got used to it. They liked it. They’d forces that propelled the anguished
ence for musicals skews older, the invite friends and stream new re- working-class boxer who’d rather
demographic with most reason to leases together. Or they stayed in be a violinist. Not everything has
be timid. It’s the casting: No one’s their pajamas and watched it. to be explained, and some things
ever heard of the stars. Ticket I never thought movie theaters were too heightened. The slum-
prices are too high. People are out would go out of style, but I see clearance sets were a little too
shopping. Who wants to see a re- that in the past few months, since A 1950s movie theater in New York war-torn Berlin and looked like
make of a classic? Maybe the audi- New York has loosened up and outtakes from “Saving Private
ence for movie musicals is simply things are open, I have gone to In thinking about this I hearken cultural change, and I don’t know Ryan.” New York didn’t look like
over. Broadway and Off-Broadway shows back to James Agee’s little master- the answer or remedy to this that even in the age of urban re-
five times and to a movie not at all, piece, “A Death in the Family,” a change and others will have to newal. And the end somehow takes
except this week for this column. novel published posthumously in find it. Because not all movies can a little longer than you want. But
The remake is wonderful. Like all Americans, I really love 1957. He was America’s first great be superhero movies, and not all again, so what?
movies. But I can watch them at movie critic, but in the book he re- movies should be. A closing note on the audience. I
Its poor performance at home. membered his boyhood in Knox- As to “West Side Story”: It’s saw it in the AMC theater on 68th
the box office suggests The old world of America at the ville, Tenn., in 1915, and his father lovely. It’s beautiful, beautiful, and and Broadway at 12:30 p.m. on a
movies, of gathering at the local saying at the dinner table, “Well, tender about America. The music is weekday. That’s pretty much where
streaming is here to stay. temple of culture, the multiplex, is spose we go to the picture show.” even lusher, fuller than in the origi- the action of the story took place,
over. People won’t rush out to see They’d walk to the movie house and nal and the look of the movie is in 1957. The theater was about 10%
a movie they heard was great but the whole town was there. “And more colorful and sweeter. It’s full. A mix of ages, but more
There’s probably something to that’s confined to theatrical release; there was William S. Hart with beautifully cast; every young star is skewed over 50. Here’s what struck
all of these. Two additional they’ll stay home knowing it will be both guns blazing and his long, gifted and believable, and you have me. Nobody left at the end. They
thoughts: streaming soon. horse face and his long, hard lip, an honest sense of witnessing the stayed in their seats throughout the
One is that some who’d be part Movie theaters won’t completely and the great country rode away beginning of brilliant careers—the closing credits, and applauded indi-
of the movie’s natural audience go out of business; a good number behind him as wide as the world.” guy who plays Riff, the guy who vidual names. Mr. Spielberg got the
might not have gone because they will survive because people will fill Then the screen was filled with a plays Bernardo, and the young heartiest but everyone got some.
assumed it would be woke because them to go to superhero movies and city—and there was Charlie Chap- woman who plays Maria. My thought is maybe only 10%
most of what comes out of Holly- big fantastical action films. People lin. “Everyone laughed the minute It’s not woke, it’s wonderful. are seeing excellence in America
wood is woke, and they experience will want to see those on the screen they saw him,” and as they left his “America,” that most American of right now but when they do they’re
wokeness as a form of intellectual together and hoot and holler. But it father’s face was “wrapped in good songs, so knowing but not jaded, is so appreciative and want to show
and moral harassment. People don’t will never again be as it was, differ- humor, the memory of Charlie.” done differently from the original it. Ten percent of 330 million peo-
want to see something they love ent generations, different people, You lose something when the but better, more communally, and ple is 33 million, and that is quite
traduced, so they’d stay away. coming together on Saturday night whole town isn’t there anymore. it’s just as joyous and comic. an audience. Someone will have to
But I think there’s a larger and at the bijou. The bijou is at home It’s better when the whole town is The Journal’s Joe Morgenstern find out how to fully serve them in
more immediate reason. Mr. Spiel- now, on the couch or bed, streaming gathered. The move to streaming used exactly the right word to de- the revolution we’re in, and it
berg plus great old American film in ultrahigh definition. strikes me as yet another huge scribe this movie: “Exultant.” won’t be with superheroes.

Democrats Can Tweak Their Child Allowance to Help Families More

By Jason Furman inflation in 2022. After the first and would continue to have among credit, and to Build Back Better, is rise, focusing help on those who

O
year, the credit would be built into the strongest work incentives for that the programs would expire. need it most.
ne of the most important pol- the price level and not add further parents of any country in the world. This is unfortunate. I’m more wor- Beyond the child tax credit, Build
icies in President Biden’s to inflation. The Federal Reserve The earned-income tax credit would ried worthwhile programs will dis- Back Better should do more to pick
Build Back Better bill is the could offset any fiscal impulse in fu- continue to provide an additional appear prematurely than that they’ll priorities. Congress should pare
expanded child tax credit. Congress ture years. $6,000 for parents of children—but be expanded indefinitely and add to back tax cuts for high-income
shouldn’t shelve it, but should in- Any additional inflationary pres- only if they work. the deficit. Build Back Better is pay- households with a smaller expan-
stead make changes to ensure that sures would show up in a mix of ing for extensions of current law, sion of the deductibility of state and
the credit is better targeted, lasts wages and prices. Even if the entire including the child tax credit. Nev- local taxes, a step that would also
longer and is more focused on re- 0.2-point increase in 2022 inflation The tax credit is good ertheless, it would be much better take a little bit off any near-term
ducing poverty. appeared solely in prices, that to reduce the uncertainty faced by inflationary pressures. Other pro-
Most other advanced economies would be about a $200 cost for a policy, but it should be both families and the fisc. grams in Build Back Better are more
have child benefits—a flat amount typical family of four—a figure targeted to younger kids The child tax credit itself should worthwhile, but some will need to
given monthly to support parents dwarfed by the additional $2,000 in be more targeted and last longer. be dropped.
with children. It is the least bureau- child credits for a family with two and those in poor families. The expansion could be cut in half All legislation is an imperfect
cratic, least intrusive and most effi- children. Under any set of assump- in 2022, as families are getting half compromise. Ultimately the child
cient way to support families and tions about inflation, families with of the 2021 credit as a refund over tax credit and Build Back Better
children. But the U.S. child tax children would be worse off if they Yes, some parents—especially the next few months. Doing this more broadly should be compared
credit has left out some of the fami- lose the child tax credit than if it is second earners or parents of small would also relieve the small amount with the alternative: higher poverty
lies who need it most: those who continued. children—would cut back on work of inflationary pressure. The child and more difficulty making ends
don’t earn enough to qualify. Con- A second objection is that no lon- and hours. But this isn’t necessarily tax credit increases could also be meet.
gress passed temporary changes to ger making the child tax credit con- a negative, as it allows them to focused on younger children by re-
the credit earlier this year, increas- tingent on working would reduce spend money on what they need taining the full increase for children Mr. Furman, a professor of prac-
ing the size of the credit, paying out work. Most other countries, how- and want most, time with their chil- under 3 but scaling it back for older tice at Harvard, was chairman of
part of it in monthly checks, and al- ever, have a child allowance that dren and for themselves. children. Finally, the credit could be the White House Council of Eco-
lowing those without income to re- doesn’t require work. The U.S. has A third objection to the child tax phased out more rapidly as incomes nomic Advisers, 2013-17.
ceive the benefit. But these changes
expire at the end of the year.
All the analysis of the child tax
credit, whether supportive or criti-
cal, agrees that extending it would
Jussie Smollett’s Enablers Weren’t His Friends
result in a large reduction in child If you’re a TV news Ditto Kamala Harris. When she enablers were willing to be dra- Taste for Lies.” We have a lying
poverty. Reduced child poverty personality with an denounced the alleged episode as an gooned, after it was exposed, into problem in this country. Mr.
translates into increased mobility eight-figure salary, “attempted modern day lynching” of trying to protect his lie, not for his Trump’s flagrant lying, including
and better life outcomes as children it was irrelevant “one of the kindest, most gentle hu- benefit, for their own. It took a about the 2020 election, represents,
grow up. whether you be- man beings I know,” she and her ad- Cook County judge intervening to in the minds of many supporters,
One objection to the expanded lieved Jussie Smol- visers were calculating what would stop Chicago’s Democratic machine fighting his enemies with their own
child tax credit, and Build Back Bet- lett’s story was advance the career of Kamala Har- from freeing Mr. Smollett on terms methods. You don’t have to look
BUSINESS
ter more broadly, is that it might true. If you exer- ris. that would let him and his lawyers deep to see that Mr. Biden, by con-
WORLD
feed inflation. Notably lacking from cised any private The same is true of other celeb- go on shouting that he had been ventional standards, is also racking
By Holman W.
this debate is anything resembling a mindfulness at all, rities and pols who clambered framed by racist Chicago police. up a record as an especially menda-
Jenkins, Jr.
number. Inflation isn’t binary; it is you certainly aboard. They were thinking of their Jussie will now pay the price. cious president, and not for any
a number that can vary. The child didn’t let on. Your own nobility as they pushed each His facilitators won’t pay any. Their purpose of state. Kyle Rittenhouse
tax would cost $101 billion in fiscal job was to maintain the audience other out of the way to endorse Mr. investment in his lie turns out to was a white supremacist. Hunter Bi-
year 2022, making up the majority appeal that allows you to keep Smollett’s victimhood. It wasn’t a be the “heads I win, tails you lose” den’s laptop was Russian disinfor-
of the $155 billion cost of Build drawing a big TV salary, which failure of skepticism on their part. mation. Mr. Biden lied when he said
Back Better in its first year. That is meant exhibiting your own antira- It wasn’t a failure of due diligence. no American had been vaccinated
about 0.6% of gross domestic prod- cist bona fides and not hinting even They did their due diligence, all His endorsers helped him against Covid until he became presi-
uct for all of Build Back Better. It’s slightly that there was anything right, and concluded there was only dent. He lied about what his advis-
reasonable to assume that two- fishy about Mr. Smollett’s story of immediate upside to be seen stand- throw away a life and ers said about Afghanistan.
thirds of the money will be spent, racial victimization. ing with a gay black man making an career that might have This is not Eisenhower-style ly-
adding 0.4 percentage point to nom- Ditto Joe Biden. When he accusation. ing about the U-2 program, vital to
inal GDP. Dividing that evenly be- tweeted “We are with you, Jussie,” In the days stretching out before been salvaged. American security. This is lying to
tween higher real output and infla- he was only serving the interests of him now after being convicted last get through the day.
tion means an extra 0.2 point of Joe Biden. week, Mr. Smollett faces a fate his In a different world, at least
enablers won’t share. He’s about to variety. some in the media would also see a
become the O.J. Simpson of racial Many will rightly say Mr. Smol- connection between so much facile
hoaxers. lett is getting what he deserves, but fibbing and the conspicuous behav-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY If he had done his own due dili- think about it this way: Had his ior of his family, distinguished in
Rupert Murdoch Robert Thomson gence, he would have seen this day story met the wall of skepticism it the annals of political buck-raking
Executive Chairman, News Corp Chief Executive Officer, News Corp coming. Such hoaxes tend quickly to merited, he might have woken up to for their apparent unwillingness
Matt Murray Almar Latour be exposed. It was onward and up- his situation he created for himself. ever to do real work while insisting
Editor in Chief Chief Executive Officer and Publisher
ward for Al Sharpton, not for He might have quickly come clean, on getting paid for use of the Biden
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: Tawana Brawley. And she had ex- put the blame on drugs, childhood name.
Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer;
Jason Anders, Chief News Editor
cuses. She was a teenager in 1987 trauma or some misguided plan to Maybe the decline in a sense of
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General
when she claimed she had been sex- promote racial healing—anything honor among our leadership class is
Andrew Dowell, Asia; Anthony Galloway, Video & Counsel, Chief Compliance Officer; Dianne DeSevo, ually assaulted by four white men. that allowed him to stop digging the an illusion from overestimating the
Audio; Brent Jones, Culture, Training & Outreach; Chief People Officer; Frank Filippo, EVP, Business Her motive wasn’t self-aggrandizing reputational grave that is likely now past. Our media pretends rigor in
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Information & Services; Robert Hayes, Chief but a desire to avoid harsh parental to swallow the remaining decades of relentlessly cataloging the lies of at
Business Officer, New Ventures; punishment for staying out late his life. least one politician, Mr. Trump. Oth-
Shazna Nessa, Visuals; Matthew Rose,
Aaron Kissel, EVP & General Manager, WSJ;
Enterprise; Michael Siconolfi, Investigations
Josh Stinchcomb, EVP & Chief Revenue Officer,
with friends. But then he had a lot of help in erwise, our reporters see their job
Paul A. Gigot WSJ | Barron’s Group; Jennifer Thurman, Chief Mr. Smollett has no excuse. His making this mistake from people as simply putting shoulder to what-
Editor of the Editorial Page Communications Officer motive was itself a hate crime, who will be moving on without be- ever bandwagon comes along. Far
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
aimed at defaming a large class of ing the least discomfited by the from their minds is the question, “Is
EDITORIAL AND CORPORATE
HEADQUARTERS:
Americans (i.e., Trump supporters) consequences. it true?” Not far from their minds
1211 Avenue of the Americas, New York, N.Y., 10036 in order to raise his own fame and I headlined an earlier column are the questions, “How can I work
Telephone 1-800-DOWJONES status. Even so, notice how many “Jussie Smollett Tests America’s this?” and “What’s in it for me?”
A20 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

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Saturday/Sunday, December 18 - 19, 2021 | B1

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RYAN GARCIA

INSIDE AMC’S

A
MOB RESCUED THE WORLD’S and other apps that for many users made online
largest movie-theater chain from the trading cheap, easy and as thrilling as a night at
edge of bankruptcy. It turned out to the casino.

UPSIDE
be only the first act in an improbable At the start of the year, these traders went from
story that made this year in American
business like none other.
More than four million people
DOWN niche social group to a market force, making in-
vestment decisions not guided by research reports
from Wall Street banks, but by what online pals
joined forces to put billions of dollars and personalities were saying.
into AMC Entertainment Holdings Inc., staking AMC and videogame retailer GameStop Corp.

BONKERS
their money on a company so battered by the pan- emerged as crowd favorites. Many of these ama-
demic and competition from streaming entertain- teur investors believed buying the stocks
ment that Wall Street investors had bet big on its amounted to a populist revolt against finance
imminent collapse. predators who had bet on the companies’ fall.
Even AMC warned against entering its latest Some swore they would never sell their shares.

YEAR OF APES, MEMES & SHORTS

stock offering in June “unless you are prepared to “It was the 99% against the 1%. It was us going
incur the risk of losing all or a substantial portion against the hedge funds,” said Katherine Larsen, a
of your investment.” By then, individual investors, 40-year-old bartender from Oceanside, Calif. She
locking arms on social media, had buoyed AMC put her life savings into AMC stock.
shares to a high of $72.62 from $2.20 at the start A rowdy group of investors saved “I love the movies, we used to go every week. It
of the year. The offering sold out in a day, and the the movie-theater chain—and then made was a huge thing for us to fight, and I knew there
new investors ended up owning more than 80% of was a bunch of people coming together for this
the company. CEO Adam Aron play by their rules battle,” she said. “I wanted to be in this war for
The AMC rescue and takeover sprang from a sure.”
serendipitous gathering of mostly amateur inves- Ms. Larsen and other AMC shareholders call
tors sharing tips on the internet. Their mass par- themselves the apes, a reference to the 2011 film
ticipation was empowered by Robinhood, Webull BY ALEXANDER GLADSTONE AND ERICH SCHWARTZEL Please turn to page B4

Theranos Founder’s Blackstone

Case Goes to Jury Nears Deal
For New York
Defense lawyer says
Holmes misled no one
lawyer Kevin Downey told the jury.
A government prosecutor fol-
lowed with a final rebuttal, arguing
Skyscraper
that Theranos was afflicted by “a
SAN JOSE, Calif.—A jury of eight lack of honesty” that came from its Trophy property given
men and four women were in- leadership. a value of $2.85 billion
structed on Friday to begin deliber- Ms. Holmes founded Theranos af-
ating the fate of Elizabeth Holmes, ter dropping out of Stanford Univer-
the Theranos Inc. founder whose al- sity during her sophomore year. She BY PETER GRANT
leged fraud has underpinned one of built it up over nearly a dozen years
the biggest white-collar criminal before a series of Wall Street Jour- Blackstone Inc. is in advanced
cases in Silicon Valley history. nal articles beginning in 2015 re- talks to acquire a 49% stake in a new
The jurors are tasked, after hearing vealed problems with the company’s Manhattan office tower in a deal
vaunted finger-stick blood-testing ‘I want to be financially free,’ said Ashley Rose Paredes, who recently paid down debt. that values the skyscraper at $2.85
By Heather Somerville, technology, precipitating regulatory billion, providing a shot of confi-
Sara Randazzo action, criminal charges and Thera- dence for New York during tough
and Christopher Weaver

from 32 witnesses over three months,

nos’s eventual collapse in 2018.
Mr. Downey argued that lofty fi-
nancial projections Theranos gave to
Four Families’ Budgets for an times.
A venture led by Brookfield Asset
Management could reach an agree-
with weighing whether Ms. Holmes is investors were grounded in reality. ment to sell the stake in the One
guilty of nine charges of wire fraud
and two charges of conspiracy to
commit wire fraud. Each charge car-
Projections for revenue of about
$140 million in 2014 and about $990
million in 2015 accounted for de-
Uncertain Holiday Season Manhattan West property to Black-
stone in the next few days, people
familiar with the matter said.
ries a maximum sentence of 20 years. ferred revenue that, had it material- BY VERONICA DAGHER Americans are sitting on cash, A deal would be the latest sign
U.S. District Judge Edward Davila ized, would have made those projec- AND ANNE TERGESEN watching 401(k) balances rise, that the Covid-19 pandemic and even
sent jurors out of the courtroom to tions accurate, he said. He said he starting millions of new busi- the spread of the Omicron variant

F
LAYLAH AMATULLAH BARRAYN FOR THE WALL STREET JOURNAL

start deliberations late Friday fol- didn’t know why the company or many, the holiday season is nesses, and enjoying their pick of aren’t deterring investors from pay-
lowing jury instructions and a final thought it could count deferred reve- a time to come together, re- jobs. ing top dollar for the most-modern
word from each side. They finished nue as actual revenue. flect and set long-term goals. But they are also contending and highest-quality office buildings.
for the day not long after and will “Investors understood projections But this year, many Americans and with higher prices for everything The stake in the office tower would
return Monday morning. were uncertain,” Mr. Downey said. their families are focused on sim- from homes to cars to food. There fetch one of the highest prices ever
An attorney for Ms. Holmes had Ms. Holmes’s lawyer left unad- ply getting through the day amid remain ongoing health concerns. paid for New York office property,
his last opportunity Friday to dis- dressed the abuse allegations she the challenges of the economy and Nearly 40% of U.S. households in- according to brokers and real-estate
tance her from the allegations she lodged against Ramesh “Sunny” Bal- the Covid-19 pandemic. dicated in a recent poll by the Har- investors.
faces, telling the jury that an account- wani, her former boyfriend and top They are working hard to run vard T.H. Chan School of Public Investors are paying up for trophy
ing error could explain allegations deputy at Theranos. From the stand, businesses, care for parents and Health, the Robert Wood Johnson office buildings despite higher office
that she inflated revenue projections, Ms. Holmes said Mr. Balwani was children, and adapt to the changes Foundation and National Public vacancy rates overall. Tenants are
and her statements about working emotionally and sexually abusive, of the last two years. Some say Radio that they faced serious fi- gravitating toward these buildings as
with the military were aspirational. claims his lawyer has strongly denied. they are proud of the progress nancial difficulties in recent they try to coax employees who have
“She believed she was building a Mr. Downey didn’t attempt to tie they have made financially and months, including paying utility been working from home for over 20
technology that would change the the allegations to the case or tell ju- personally. For many, there is also bills or credit-card debt. About months back to the office. Busi-
world. That’s our story,” defense Please turn to page B2 exhaustion and concern. Please turn to page B8 Please turn to page B2
B2 | Saturday/Sunday, December 18 - 19, 2021 * ******* THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

ANHEUSER-BUSCH INBEV SA JPMORGAN CHASE & CO. TOYOTA MOTOR CORP.

PERFORMANCE OF DRUGMAKER STOCKS THIS WEEK
 The line between beer and
soda is about to get blurrier.
Source: FactSet
 A big proponent of in-person
meetings decided to go vir-  A prominent voice of caution
about electric vehicles is re-
BUD Anheuser-Busch said Thurs-
day it is introducing a line of
16%
JPM tual at one of its premier an-
nual events. On Wednesday,
TM versing its views. Toyota said
Tuesday that it would make
2.5% Bud Light-branded hard soda 14 Moderna 0.7% JPMorgan told participants in 2.7% 3.5 million EVs a year by
in cola, cherry cola, orange its upcoming San Francisco 2030 and set a target of sell-
and lemon-lime flavors. PepsiCo Inc. 12
healthcare conference that the spread- ing 4 million annually. Toyota had been
early next year will also roll out an alco- Pfizer ing Omicron variant of Covid-19 had the last of the world’s top auto makers
holic version of Mountain Dew in a made gathering too risky. The bank ear- to express caution about such a transi-
partnership with Boston Beer Co. They 10 lier told companies it wasn’t going to al- tion, and even this week it said many
follow Coca-Cola Co.’s introduction of a low virtual presentations, and that any- customers—especially in the U.S. outside
boozy version of Topo Chico sparkling 8 one looking to be a part of the the coasts—weren’t yet ready for a bat-
water with Molson Coors Beverage Co. conference would have to attend in per- tery-powered car. By 2030, it said it
The product launches show how alcohol 6 son. The decision came after several wants all models in its upscale Lexus
and soft-drink companies are pushing biotechnology companies pulled out of brand to be electric in the U.S., China
into one another’s turf. Shares of An- 4
planned in-person appearances. JPMor- and Europe. Shares of Toyota rose 2.7%
heuser-Busch rose 2.5% Thursday. gan’s shares dropped 0.7% Wednesday. Tuesday.
2
Johnson &
MCDONALD’S CORP. Johnson TESLA INC. KROGER CO.
0

 A long-running scandal is no
longer on the front burner at
Mon. Tues. Wed. Thurs. Fri.
 Tesla Chief Executive Elon
Musk and Sen. Elizabeth  A big grocer is bagging some
Covid-19 benefits for unvacci-
MCD McDonald’s. Former Chief Ex-
ecutive Steve Easterbrook
TSLA Warren clashed with one an-
other on Twitter after the
KR workers
nated employees. Kroger told
that it would no lon-
0.4% agreed to return compensa- JOHNSON & JOHNSON 1.8% senator called on the billion- 0.1% ger provide two weeks of
tion now valued at more than
$105 million to resolve a legal dispute  U.S. vaccine advisers recommended adults take a
Covid-19 vaccine from Pfizer Inc. or Moderna Inc.
aire electric-vehicle producer
to pay more taxes. “Let’s change the
paid emergency leave for un-
vaccinated employees who contract the
related to his dismissal as head of the
burger chain, the company said Thurs-
JNJ over J&J’s after health authorities said the rate of a rigged tax code so The Person of the
Year will actually pay taxes and stop
virus unless local jurisdictions require
otherwise, The Wall Street Journal re-
day. The settlement, which avoids a trial 2.8% rare but serious blood-clotting condition was higher freeloading off everyone else,” Ms. War- ported. Kroger will also add a $50
against the former top executive, in- ren tweeted, referring to Mr. Musk, who monthly surcharge to company health
cluded an apology from Mr. Easterbook, than previously detected. The position is likely to this week was named Time magazine’s plans for unvaccinated managers and
who was dismissed in November 2019 deal another blow to the use of the J&J shot, whose uptake person of the year. Mr. Musk responded other nonunion employees. Both policies
when he acknowledged having a con- had been hurt by manufacturing issues and earlier reports of with a string of tweets, saying that he are effective Jan. 1, according to a
sensual relationship with an unnamed will pay more taxes than any American memo viewed by the Journal. Its shares
employee, McDonald’s said. Shares of the blood-clotting condition. J&J shares fell 2.8% Friday. in history this year. Tesla shares rose dropped 0.1% Tuesday.
McDonald’s rose 0.4% Thursday. 1.8% Wednesday. —Dan Fitzpatrick

CEO of Olive Garden’s Parent to Retire Startup

Ends K-Cup
BY MATT GROSSMAN

Olive Garden’s parent com-

Cocktails
pany Darden Restaurants Inc. BY KIMBERLY CHIN
said that Gene Lee, the chief
executive who has led the A high-profile startup that
company through the pan- sought to popularize a K-Cup
demic and oversaw strong cocktail machine is shutting
sales growth during his ten- down and is offering to refund
ure, plans to retire next year. customers who already bought
Mr. Lee, who has led its countertop appliance.
Darden for about seven years, Drinkworks, a joint venture
will step down at the end of between Keurig Dr Pepper
May, the company said. Ri- Inc. and Anheuser-Busch In-
cardo Cardenas, the company’s Bev SA, will no longer sell its
chief operating officer, will be automated cocktail-making
Mr. Lee’s successor. machines, the company said in
Mr. Lee, 60 years old, plans a statement on its website
to continue to serve on dated Dec. 15.
Darden’s board of directors in “We made the difficult deci-
a nonexecutive capacity, sion to close Drinkworks, with
Darden said. sales of Drinkmaker machines
LUKE SHARRETT/BLOOMBERG NEWS

Darden shares fell 5% to ceasing immediately,” Drink-

$139.83 on Friday. The stock is works Chief Executive Nathan-
still up more than 17% since iel Davis said.
the start of 2021. Cocktail pods and accesso-
Since Mr. Lee took over as ries will continue to be sold
CEO in 2015, total returns for through its website or at retail-
Darden’s stock have been ers through the end of March
about 1.5 times those of the or until supplies last and cus-
broader S&P 500 index. Navigating higher costs will be a focus for Darden, parent of Olive Garden, in the coming months amid concerns about inflation. tomers have until Feb. 28 to ap-
Mr. Lee has been with ply for reimbursement, it said.
Darden since 2007, when the In the latest quarter, the sec- analysts had been forecasting the pandemic. Sales in the lat- Drinkworks’ Home Bar Clas-
company acquired Rare Hospi- ond of Darden’s 2022 fiscal year, adjusted earnings of $7.62 a est quarter, at $2.27 billion, sic machine, which launched in
tality International, where Mr. same-restaurant sales increased share on sales of $9.54 billion, were about 10% higher than in October, sold for $299 while a
Lee was serving as president. by 34% compared with a year according to FactSet’s survey. the same stretch of 2019, be- premium version sold for
DARDEN RESTAURANTS/ASSOCIATED PRESS

Mr. Lee’s successor, Mr. ago, before vaccinations had ar- In the three months through fore the pandemic hit. $349. Its cocktail pods are sold
Cardenas, is 53 years old. He rived to stem the spread of November, Darden’s earnings Navigating higher costs for around $4 to $5 per drink.
joined Darden as an hourly Covid-19. But Darden’s updated were $193.2 million, or $1.48 a will be an important focus for AB InBev has been looking
employee in 1984 before rising profit forecast for the next six share, compared with earnings Darden in the coming months beyond beer for growth as the
through the ranks of the com- months was lower than Wall of 73 cents a share a year ago. amid economywide concerns world’s biggest brewer grap-
pany’s finance department. Street had been anticipating. Analysts had been forecasting about inflation. ples with a shift among U.S.
Mr. Cardenas became the com- Darden said it expects ad- earnings of $1.43 a share. In addition to the Olive Gar- drinkers from beer to spirits.
pany’s finance chief in 2016 justed per-share earnings of The company posted a loss den chain, Darden owns the Keurig, meanwhile, has
and was promoted to presi- $7.35 to $7.60 on sales of $9.55 in the quarter that ended in LongHorn Steakhouse, the Capi- been trying to replicate the
dent and chief operating offi- billion to $9.7 billion in fiscal May 2020, but has otherwise tal Grille, Yard House, Eddie V’s success of its namesake single-
cer earlier this year. 2022, which ends in May. Stock remained profitable through and other restaurant brands. Gene Lee will stay on the board. cup, coffee-brewing device.

Blackstone Holmes stock-purchase agreement in-

vestors signed saying it was
speculative in nature.
from Texas who sank about
$1.2 million into Theranos,
testified that he was cheated

Nears Deal Case Goes Mr. Downey told jurors that

Ms. Holmes hadn’t misled in-
vestors about work Theranos
and lied to by Ms. Holmes. Mr.
Downey countered that many
of the things that Mr. Eisen-

For Tower To Jury was doing with the U.S. mili-

tary. Revisiting a call Ms.
man said had been hidden
from him were publicly
GARY HERSHORN/GETTY IMAGES

Holmes held for investors in known.

2013, Mr. Downey went sen- Investors who asked ques-
Continued from page B1 Continued from page B1 tence by sentence to argue tions, such as government wit-
nesses say that great views, rors how to contextualize the that Ms. Holmes was talking ness Chris Lucas, received ac-
cool amenities and state-of- claims. about the potential application curate information from Ms.
the-art air-filtration systems Prosecutors addressed the of Theranos’s technology in Holmes, Mr. Downey said.
have helped them overcome abuse allegations head-on in military helicopters or to save Mr. Lucas’s testimony didn’t
resistance from employees their closing arguments. Assis- soldiers’ lives, not something support that assertion. He tes-
who became used to their new Price would be one of the highest for New York office property. tant U.S. Attorney John Bostic that was already happening. tified that there was such a
working patterns. told the jurors he understood Contracting records show disconcerting information def-
Brookfield and its partner, that when they do return em- fice tower was worth $2.9 bil- if they felt sympathy for Ms. Theranos’s work with the mili- icit from Ms. Holmes that he
Qatar Investment Authority, ployees to offices they will do lion, almost exactly the Holmes, but that the defense tary was limited in its scope. cautioned his colleagues at
opened the 2.1-million-square- so on a hybrid basis, meaning valuation in the imminent didn’t offer any evidence and In total, Theranos appeared to Black Diamond Ventures. They
foot building in 2019 with fea- they will continue to allow Blackstone deal. Ms. Holmes didn’t give any made the investment anyway.
tures including a 2.5-acre employees to work some days One Manhattan West is part testimony to connect her “The level of due diligence
plaza lined by restaurants and at home. Some companies are of an 8-acre development by claims against Mr. Balwani to doesn’t matter,” Mr. Bostic
stores. Located across the delaying return dates because Brookfield and Qatar Invest- the fraud charges against her.
The jurors in the told the jury in his rebuttal. “A
street from the new Moynihan of the new Omicron variant of ment Authority that includes When Judge Davila issued trial heard from 32 scheme to defraud is still a
Train Hall, it is over 90% the Covid-19 virus. the Pendry Manhattan West an order last year to separate scheme to defraud even if it
leased by such tenants as law Office leasing has also been hotel, which opened this year, Ms. Holmes’s and Mr. Bal-
witnesses over three would only ensnare someone
firm Skadden, Arps, Slate, depressed. Before Omicron ap- and a luxury rental apartment wani’s trials, he wrote that Ms. months. who is less careful than they
Meagher & Flom, consulting peared, brokers and other mar- building that opened in 2017. Holmes would “eventually should be.”
firm Accenture PLC and the ket participants were hoping Brookfield put One Manhat- have to connect the alleged Defense attorney Mr. Dow-
National Hockey League. that leasing would return to tan West up for sale in Sep- abuse to the charged conduct ney concluded his arguments
The success of One Manhat- pre-pandemic levels by the end tember through a Cushman & for the abuse to be relevant have received less than $9,000 by returning to a comment he
tan West and other new devel- of next year. “It now seems Wakefield team led by Doug and admissible.” from its military contracts, ac- made in his opening state-
opments such as nearby One that perhaps that gets pushed Harmon and Adam Spies. The Mr. Downey, Ms. Holmes’s cording to the procurement ments: that Ms. Holmes
Vanderbilt comes as concern is back as well,” said Daniel Is- team represented Brookfield in lawyer, focused on Ms. records. couldn’t have intended to de-
growing over the future of mail, a Green Street analyst. its 2017 sale of a 49% stake of Holmes’s interactions with the Theranos’s investors, Mr. fraud anyone because she never
more-ordinary office build- New trophy buildings such its office tower at One Liberty investors and patients named Downey argued, bore some re- sold a single share in the com-
ings. The share prices of office as One Manhattan West have Plaza—also to Blackstone—in in the indictment. sponsibility for their financial pany, of which she owned
real-estate investment trusts apparently avoided the pain. a deal that valued that tower “People lost money. I don’t losses, saying some of the about half.
are down an average of about Before the pandemic, Brian at over $1.5 billion. mince words about that,” Mr. company’s backers failed to “She believed in this tech-
15% since the pandemic, ac- Kingston, chief executive of Bloomberg earlier reported Downey told jurors. That po- ask questions or educate nology,” Mr. Downey said. “She
cording to real-estate analyt- Brookfield’s Real Estate Group, that Brookfield was exploring tential outcome, however, was themselves with publicly stayed the whole time, and she
ics firm Green Street. estimated at an investor pre- a possible sale of One Manhat- known to investors from the known information. went down with that ship when
Many businesses are saying sentation that the 67-story of- tan West. start, he said, showing jurors a Alan Eisenman, an investor it went down.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | B3

BUSINESS NEWS

Microsoft’s Bing Halts Autofill in China

Search engine says it 30 days” as per Chinese laws. soft in China, where the Amer- of army tanks after China’s nounced it would be shutting platform, Chinese internet us-
It didn’t explain how the laws ican technology juggernaut 1989 Tiananmen Square mas- down the social functions on ers said they were confused
is also investigating regulated the autofill function. has been caught in increas- sacre—on the search engine its LinkedIn platform in China about whether Bing was
service disruptions in Starting around Thursday, ingly difficult situations this didn’t return any hits on the amid increased regulatory blocked in the country. Those
some China-based users of year as Beijing tightens its anniversary of the event. Mi- scrutiny. who couldn’t access it la-
at least nine provinces Bing found they couldn’t open control of online content. crosoft said it was an acciden- China’s internet and con- mented the disappearance of
the search engine’s website, A spokeswoman for the tal human error. tent controls, already among the search engine.
BY LIZA LIN though others could still use Redmond, Wash., company Also in June, the Journal the strictest in the world, Bing, launched in China in
the service. said it is aware of the situa- reported academics and jour- were tightened this year ahead 2009, is the third-most-popu-
SINGAPORE—Microsoft Bing—the last major for- tion and is investigating. nalists were told their of an important political meet- lar search engine in the coun-
Corp.’s Bing said it has sus- eign search engine operating China’s cybersecurity regula- LinkedIn profiles would be ing in 2022 expected to name try, according to data from an-
pended the autofill suggestion in China after Google pulled tor, the Cyberspace Adminis- blocked in China as they con- current President Xi Jinping alytics firm StatCounter. Baidu
feature in China to comply its search engine from the tration of China, didn’t reply tained content considered as China’s leader for a rare Inc.’s search tool is dominant,
with Chinese laws, while some country in 2010—was still un- to a request to comment. problematic by Chinese laws. third term. with about 87% of market
users in the country said the available for some users on Earlier this year, Microsoft A LinkedIn spokeswoman said This month, China’s inter- share as of November 2021.
search engine had become in- Friday in at least nine prov- users pointed out that the at the time that while the net regulator said it had fined Sogou, a unit of Chinese tech
accessible. inces and regions including company was censoring China- company supported freedom social-media giant Weibo giant Tencent Holdings Ltd.,
By Friday, Bing’s China Beijing, Guangdong, Hubei, related content on its plat- of expression, offering a local- Corp. and popular content follows with 5% and Bing with
website had a notice saying it Shanghai and Sichuan, accord- forms. In June, Bing users ized version of LinkedIn in platform Douban.com millions 4%, figures by StatCounter
“was required by the relevant ing to checks by The Wall noted that U.S. searches for China meant adherence to on- of dollars for content infrac- show.
government agency to suspend Street Journal. the term “Tank Man”—an line censorship requirements tions that it said violated the —Zhao Yueling
the search auto suggestion Bing’s service disruption is iconic picture of a man stand- of the Chinese government. country’s laws and rules. and Grace Zhu
feature in mainland China for the latest headache for Micro- ing solo in the way of a column In October, Microsoft an- On the Twitter-like Weibo contributed to this article.

Alibaba's American Depositary

Alibaba Concedes Receipts have lost more than

50% over the past 12 months.
Market capitalization

Challenges, Vows $800 billion

To Conquer Them 600

BY JING YANG fallen about 50% over the last 400

AND LIZA LIN year. The company was hit

QILAI SHEN/BLOOMBERG NEWS

with a record antimonopoly
HONG KONG—Alibaba fine in April for what regula-
Group Holding Ltd. sought to tors described as the internet 200
reassure investors about its titan abusing its dominant
growth trajectory in presenta- market position.
tions during its annual inves- Over presentations during 0
tor day, as it also unveiled en- its annual investor day Friday,
Jan. 2021 Dec.
vironmental-sustainability Alibaba executives sought to
goals, pledging to become car- reassure investors that it Source: FactSet The CEO reiterated Alibaba’s commitment to expanding its market share in Chinese e-commerce.
bon neutral in its operations would overcome any short-
by 2030. term challenges it faces. grocery and health products. Mr. Zhang has been devolving March to increase by 20% to opacity of Chinese authorities
The company has been “We do recognize investors’ He also told investors that the more power to various busi- 23%, down from its forecast of and their intentions.
grappling with a mountain of concerns about the slowing company would seek to in- ness units, to make them more about 30% in May. Chinese economic data pub-
challenges over the past year. growth of our China retail crease its market presence in agile at tackling competition. Still, some investors said lished Wednesday showed re-
A flurry of regulatory actions marketplaces, which has been the smallest cities in China. The company recently shuffled they were more worried about tail sales—a proxy for con-
has clipped the wings of the impacted by both slowing Mr. Zhang said Alibaba its e-commerce teams and ap- regulatory uncertainties than sumption—grew at 3.9% year-
once-highflying e-commerce market conditions and in- plans to invest in growing its pointed a new chief financial about operational issues at the over-year in November, a drop
giant and its fintech affiliate creased competition,” said international businesses and officer. company. John Freeman, vice from 4.9% growth the month
Ant Group Co. Growth on Ali- Maggie Wu, Alibaba’s chief fi- in developing advanced tech- The Hangzhou-based com- president for equity research before.
baba’s platforms is slowing nancial officer. nologies, two areas seen as fu- pany slashed its growth fore- at CFRA Research, said a big As for its environmental-
down as competitions rise. Chief Executive Officer Dan- ture revenue drivers for the cast for this fiscal year barely risk of buying Alibaba shares sustainability goals, Alibaba
Meanwhile, Jack Ma, the bil- iel Zhang reiterated the com- internet firm, while it will also a month ago. Citing more slug- is the possibility of a delisting said it plans to use more re-
lionaire founder, has largely pany’s commitment to expand- put resources toward retaining gish Chinese consumer spend- of Chinese companies from the newable energy for its data
retreated from the spotlight. ing its market share in China’s domestic users, the backbone ing and increasing competi- U.S., given mandates by the centers and work with logis-
Alibaba’s shares on the New e-commerce industry, particu- of its business. tion, it said it expects revenue U.S. Securities and Exchange tics providers that employ
York Stock Exchange have larly in sectors such as food, Over the past few months, for its fiscal year ending in Commission, as well as the electric vehicles.

theatric
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EXCHANGE

The Year
Apes Took
The AMC Studio 28
movie theater in
Olathe, Kan.

Over AMC
Continued from page B1
“Rise of the Planet of the Apes,”
an installment of the movie fran-
chise that showed how a raucous
mob of primates came to brutally
dominate mankind. The apes
made AMC their personal cause,
hiring planes to tow promotional
banners over Hollywood and rent-
ing billboards in Las Vegas and
New York’s Times Square, all paid
for with crowdsourced funds.
In trying to keep AMC alive,
Chief Executive Officer Adam Aron
embraced the ape movement. He
adopted some of its ideas, accept-
ing cryptocurrencies such as bit-
coin and Dogecoin for movie tick-

WHITNEY CURTIS FOR THE WALL STREET JOURNAL

ets and screening mixed-martial
arts matches from Ultimate Fight-

$2.48
March 17, 2020: share
price as Covid-19 hits

ing Championship. He also surren- Tremayne “Trey” Michael Col- debt load and changing consumer vestors’ lingering fervor. Opening credits
dered to the apes on one of AMC’s lins, a 24-year-old Army officer in habits to conclude the company Mr. Aron, 67 years old, has
biggest decisions. Oklahoma, is a leading voice of the was unlikely to ever be profitable stuck close with the apes, making The birth of AMC stretches back a
The company had raised more ape movement. He says to forget again. The stock, he said in a repeat appearances on Mr. Col- century, to a vaudeville act that
than $2 billion, but with the pan- about AMC’s business fundamen- March 10 report, would eventually lins’s YouTube show and applaud- performed in small towns around
demic dragging on, Mr. Aron tals and instead put trust in the decline to a penny. ing the faithful. the U.S. After the group disbanded,
wanted twice that to ensure AMC ape collective. Apes responded with menacing “It’s like a you-scratch-my- its founder, Edward Durwood,
outlasted Covid-19. The CEO “This isn’t a trade about funda- online messages. “There were ob- back-I-scratch-yours sort of moved his family to Kansas City,
sought shareholder support to mentals. It’s just not,” he said in scene sexual attacks on me and my thing,” Mr. Collins said of Mr. and in 1920 he bought a theater to
pad the company’s war chest by July. “The moment you mention wife, attacks on my kids, it was Aron scrapping more stock offer- get a foothold in the emerging
issuing more new shares. After the word fundamentals, you don’t just inhumane,” said Mr. Green- ings. “To some extent, he’s gotta moving-pictures business.
taking control, the new investors get the trade.” field, who started his career at feel like he kinda owes it a little Mr. Durwood’s sons took over
shot down the idea, believing it Such advice has won Mr. Collins Goldman Sachs. One AMC share- bit to people, just like we owe it a Durwood Theatres, which re-
would dilute the value of the nearly 400,000 YouTube subscrib- holder wished him a slow and little bit to him for helping out mained a family business. In 1961,
shares they already owned. ers to his show “Trey’s Trades,” painful death. the apes.” Stanley Durwood became chief ex-
“It’s their company,” Mr. Aron where he promotes unproved con- The stock price has since fallen Mr. Collins and other ape influ- ecutive and renamed the company
said in August at AMC’s headquar- spiracies against the apes and by more than half from its June encers exhort AMC investors to American Multi-Cinema, now
ters in Leawood, Kan. “Any profes- urges AMC shareholders to hold peak. The company continues to hold their shares, predicting the known as AMC. Over the years, the
sional management team has to on to the stock. Contrary views lose money, and streaming ser- stock will skyrocket again soon. company pioneered stadium-style
marry what they think the com- aren’t welcome. vices are still growing. AMC se- Wall Street investors, attuned to seating and armrest cupholders. It
pany should do with the reality of Financial analyst Rich Greenfield nior executives have sold tens of traditional business measures, popularized the multiplex theaters
what the owners of the company of Lightshed Partners cited AMC’s millions of dollars worth of shares largely see financial trouble ahead. that anchored malls and shopping
think it should do.” pre-pandemic losses, a $5 billion this year, benefiting from the in- Only one side will be right. Please turn to page B5

identic
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EXCHANGE
Continued from page B4 his employees unplugged food
centers across suburban America freezers, divvied up perishables to
and later spread to Europe and the take home and emptied beer kegs
Middle East. down the drain.
AMC went public in the early “Today, we have to throw out
1980s, riding the success of the the beer. Tomorrow, it will be the
Hollywood blockbuster boom that zombies,” Mr. Rappold said one of
delivered such hits as the “Star his colleagues had joked.
Wars” trilogy and “Raiders of the
Lost Ark.” But by the 1990s, AMC
and its competitors overbuilt and Under attack
got trapped under the weight of AMC screens went dark, but the
too many screens, as many as 20 company still had to pay interest
under one roof. on its debt, as well as some rent.
AMC was taken over by Wall The company strung together a
Street institutions and private-eq- couple of debt-financing deals, but
uity firms, including J.P. Morgan as the pandemic continued, lend-
and Apollo Global Management in ers, including its former owner
the early 2000s. It was acquired Apollo, pushed AMC to consider
by investment firm Dalian Wanda filing for bankruptcy. They offered
Group in 2012 for $2.6 billion. At a $1 billion loan to finance chapter
the time, the deal was among the 11 proceedings.
biggest U.S. acquisitions by a Chi- Mr. Aron rejected the overture.
nese company. In August 2020, AMC reopened
Wanda Group’s cash helped around 100 theaters. By then, Hol-
AMC add comfy recliners and lywood studios had either shipped
other theater improvements in- their biggest releases to streaming
tended to boost stagnating ticket services or delayed movie debuts
sales. The firm took AMC public in by months or years.
2013 at $18 a share. AMC acquired Desperate for cash, AMC tried a
two smaller chains, Odeon and long-shot play in September last
Carmike, in 2016—acquisitions
that made it the biggest exhibitor

$3.54
in the world.
The expansion also saddled the
company’s balance sheet with un-
derperforming, fixer-upper movie
houses while facing new competi-
tion from streaming services. By Oct. 13, 2020: AMC
the end of 2016, Netflix Inc. had warned it could run
94 million subscribers. At the
start of 2020, it had more than out of cash by Dec. 31
180 million.
Hollywood studios, the lifeblood
of the theater business, invested in
keeping more viewers at home, year—selling new shares in some-
seated on comfy couches, fixed on thing called an “at-the-market” eq-
65-inch TV screens and immersed uity offering, which was open both
in multi-speaker surround sound. to institutional firms and individ-
By 2020, every major studio but ual investors.
one had a streaming service. It went better than expected.
AMC started to look like the AMC raised about $55 million. Still,
Pony Express well before Covid-19. it wasn’t close to what it needed.
Earnings declined 17% in 2019, and Most of its U.S. theaters had re-
the company lost $149 million. opened but attendance was so
WHITNEY CURTIS FOR THE WALL STREET JOURNAL

In February 2020, the share sparse that the company was burn-
price dropped to a low of $6.26. A ing money even faster. In October
couple of weeks later, Disney an- 2020, AMC was on track to run out
nounced its flagship streaming of cash by the end of the year.
service had topped 100 million AMC’s troubles drew short sell-
subscribers. When the pandemic ers—primarily hedge funds and
forced AMC to shut its theaters, other Wall Street institutions bet-
shares fell to less than $3. ting on the stock to fall. By De-
Sam Rappold, 34, who was cember 2020, roughly 60% of
working as the manager of an AMC’s shares were tied to these
AMC theater in Huntington, N.Y., bearish bets, mostly by hedge
recalled the day he told his staff funds, said Ihor Dusaniwsky, of S3
the location was closing. He and Adam Aron, chief executive of AMC Entertainment, the world’s largest movie-theater chain. Please turn to page B6

tropic
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EXCHANGE
Continued from page B5

$19.90
Partners LLC, a technology and
data-analytics firm for the finan-
cial-services industry.
AMC executives began prepar-
ing bankruptcy contingency plans,
and the company hired Alvarez & AMC share price on
Marsal, a consulting firm known Jan. 27, 2021, spiking
for advising companies headed
into chapter 11. along with fellow
meme stock
Call to arms GameStop Corp.
A group of amateur investors who
gathered on the Reddit forum
WallStreetBets to trade memes
and stock trading tips decided
hedge funds were wrong. Sell and hold
They saw GameStop as a worthy Tony Naughton AMC stock dipped in the weeks af-
buy after Chewy.com entrepreneur and the house ter the January rally, and Mr.
Ryan Cohen and two of his associ- he bought after Naughton, the Virginia tobacco
ates joined the GameStop board on selling his AMC salesman, feared it would continue
Jan. 11, raising prospects for a dig- shares in March. to fall.
ital transformation. Hedge funds The apes voiced a determina-
were betting on the decline of the tion to hold the stock, but his gut
retailer as gamers shifted to digi- told him it was time to bail out. In
tal streaming. Many on WallStreet- March, he sold shares at an aver-
Bets felt a personal connection to Mr. Naughton, 39, put his entire Naughton, at the time a sales rep- By mid-January, GameStop age price of $14.15, he said, netting
the stores and took offense. 401(k) savings, roughly $54,000, resentative for British-American shares were soaring, driven by the a profit of roughly $70,000.
Around this time, amateur inves- into AMC stock, he said, buying Tobacco, selling cigarettes and social-media frenzy on WallStreet- He used the money for a down
tors also became interested in AMC. shares at an average price of $4.11. other tobacco products to gas sta- Bets. To the delight of the traders, payment on a new house in Me-
Tony Naughton said his friends and He didn’t consider the company’s tions in Virginia. “It’s who the the accelerating stock price trapped chanicsville, Va. His goal was to
people he followed on social media business footing. other shareholders are. It was short sellers in a costly bind. persuade his ex-wife to return to
talked so much about AMC that he “Sometimes it’s not about what clear that there was a group men- In a short sale, a trader borrows him with their two sons.
could “feel a wave building.” the fundamentals are,” said Mr. tality around this effort.” shares from a broker and agrees to “I don’t think I deserve to be
return the same number of them called an ape because of what I
later. The trader then sells the did. I made a lot of money and left
shares and waits. If the stock price the stock,” Mr. Naughton said. “I
Cumulative change since the end of 2019 falls, the trader can buy shares wasn’t going to hold until $120 or
back for less money, return what whatever.”
800%
he owes the broker and pocket the Mr. Collins, the ape influencer,
AMC Cinemark S&P 500 June 2, 2021 Dec. 17, 2021 difference. said his passion for AMC is partly
700 Stock closes at Closes 53% down But if the stock price goes up, it sentimental. He shared his first
an all-time high from its June peak. becomes more expensive for the kiss during a screening of the
of $62.55 per trader to buy the shares he owes 2005 film “The Adventures of
600 share. the broker. With GameStop stock Sharkboy and Lavagirl in 3-D.” But
accelerating upward, short sellers he is mostly interested in keeping
faced immense losses. Many de- the apes united. “I’ve never seen
500 March 17, 2020 Jan. 27, 2021 cided to buy back shares before people have such a unified love
Theaters close AMC spikes with they suffered further losses. The and respect for a cause,” he said.
nationwide. fellow meme stock buys pushed the stock still higher AMC shareholder David Dumas,
400
GameStop in what is called a short squeeze. a 34-year-old operations manager
In the middle of the GameStop at a moving company, has his own

PARKER MICHELS-BOYCE FOR THE WALL STREET JOURNAL

300 run-up, AMC announced on Jan. 25 dream: financial security.
it had raised $917 million from a “I’ve got three little girls, four
combination of stock sales and debt dogs, three cats, a duck, a bearded
200 raises. An imminent bankruptcy lizard and a fish in an 1,100-
was “off the table,” Mr. Aron said. square-foot home,” said Mr. Du-
100 Two days later, traders who had mas, who lives in Dacono, Colo.,
been focused on GameStop about 30 miles north of Denver. “I
crowded into AMC, hoisting the work freaking 40 to 60 hours a
0 stock price. #SaveAMC trended on week and I live paycheck to pay-
social media. check. What the hell?”
By the end of January, A co-worker told him about
–100 GameStop stock hit an all-time cryptocurrency and investing in
2020 2021 high of $483 from $17 at the start stocks. After joining online chat
of the year. AMC went to $19.90 boards, Mr. Dumas began using his
Source: FactSet from $2.20 over that time. Please turn to page B7

orthodontic
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EXCHANGE

$29.12
AMC share price at AMC investor David Dumas, a 34-year-old operations manager at a
Colorado moving company, shows his allegiance to the ape movement.
the close of trading
Friday, down 53% market-cap differential, “which is centration of short trades in its
from the stock’s why I believe the stock is egre- shares.
giously overpriced.” When the price of GameStop
June peak AMC’s sole comparative advan- stock rallied, many of the hedge
tage, he said, was the support of funds shorting the stock covered
individual investors who seem to their bets, and the percentage of
view investing as entertainment. GameStop’s shares outstanding
note in the prospectus, saying the “The problem with betting on that was shorted went from 141%
price volatility didn’t reflect its the ape mentality is that if the in early January to about 25% in
underlying business or industry crowd should ever decide that it’s early February, creating one of the
fundamentals. sick of them, they have a long way biggest short squeezes of all time.
The offering sold out at an aver- to fall,” Mr. Chanos said. “You’re The proportion of shorted AMC
age of $50.85 a share, netting the completely betting on crowd psy- shares currently stands at around
company $587 million. The com- chology in your favor.” 16%, Mr. Dusaniwsky said, a weak
Continued from page B6 without borrowing any shares pany created an online portal, Mr. Collins, one of the apes’ so- prospect for a short squeeze.
tip money—$20 here, $50 there— from brokers, his theory goes. AMC Investor Connect, to commu- cial-media influencers, said in July Many of the apes say AMC’s
to buy AMC shares. Even worse, Mr. Collins said in nicate with the apes and other in- that AMC stock price didn’t prop- stock is being manipulated by
At a job moving boxes and the video, “the majority of syn- dividual investors. AMC also prom- erly reflect its business perfor- hedge funds, allegedly creating
couches for a wealthy family in the thetic shares are likely being held ised shareholders free popcorn. mance. It was around $45 at the dips in AMC share prices by in-
Boulder exurbs one day, Mr. Du- by us, the apes.” Government In the wake of the June stock time. “But I think there will come creasing their short positions.
mas joined two repairmen on the agencies dispute his theory, and spike, Jim Chanos, the billionaire a day when the fundamentals will Messrs. Chanos and Mr. Du-
elevator. As he stepped on, one of Mr. Collins hasn’t offered evidence. founder of hedge fund Kynikos As- catch up to where the stock is saniwsky say that is baloney.
the men joked about charging a Like all public companies, AMC sociates, was ready to make a trading now,” he said. While AMC’s stock price has sub-
toll, saying Mr. Dumas could pay periodically details its share count. move against AMC. He was known Mr. Chanos said CEO Mr. Aron stantially declined since hitting its
in crypto. On June 3, it announced the com- for betting against overvalued had made a Faustian bargain. “By peak in June, short interest in
“I’m in AMC,” Mr. Dumas said. pany would have 513,330,240 companies and had twice shorted embracing the apes he’s now at AMC’s stock has also fallen, they
“So is he!” the repairmen re- shares, following its latest stock AMC in the past three years. their mercy,” he said. said, meaning short sellers aren’t
plied, pointing to his co-worker. sale. AMC confirmed the number In his view, the prospects for The executive saw the limits of bringing down the stock price.
In June, Mr. Dumas messaged in subsequent quarterly reports. AMC and the movie theater indus- his power when he sought permis- The only explanation for the
Mr. Aron on Twitter asking if AMC The DTCC officials said that if try had grown even more bleak. sion to issue as many as 500 mil- stock decline is that AMC inves-
would get into nonfungible tokens, extra shares entered the system Movie studios were now willing to lion new shares as an additional fi- tors, no matter what they say on
or NFTs, which enable ownership beyond the 513 million shares cur- simultaneously release films on nancial bulwark against the social media, are selling shares
of unique digital assets such as im- rently registered, they would be streaming services and in theaters, continuing pandemic. The apes and cashing out, they said.
ages or video. Four weeks later, he immediately detected. shrinking ticket sales. blocked it, fearing a hit to the “It will fall like a knife, just like
suggested AMC get into bitcoin. “As to the existence of so-called The arithmetic doesn’t pencil stock price. In June, Mr. Aron re- any equity that’s overvalued,” said
“Thank you for sharing your fake or synthetic shares, or the na- out for AMC’s share price when turned with a proposal enabling Mr. Naughton, who left the ape
thoughts with me! Adam,” Mr. ked short selling of AMC shares, compared with Cinemark Holdings AMC to sell 25 million new shares, movement with his winnings in
Aron wrote to Mr. Dumas. we are unaware of any information Inc., Mr. Chanos said. AMC oper- which also failed to get traction. March. “It’s only a matter of time
“Absolutely. Thanks for doing a validating these theories,” Mr. ates roughly twice the number of If there was a Faustian bargain before it ends badly.”
great job as CEO,” Mr. Dumas said. Aron tweeted on July 30. screens as Cinemark—10,600 ver- between AMC and the apes, it has
“I’ll come work for you any day.” “It’s like, what do you say to sus 5,900—but its market capital- paid off for many of the company’s
Mr. Aron got the company into someone who says that a UFO vis- ization is more than seven times senior executives. ‘Really smart idea’
NFTs—given in one instance as ited his garden last night?” said Cinemark’s—almost $15 billion Around the time the stock A group of apes showed up at the
promotional prizes to ticket buy- Arnaud Vagner, founder of the compared with a little less than $2 peaked in June, AMC’s chief hu- July shareholder meeting in AMC’s
ers for a coming Spider-Man re- short selling firm Iceberg Re- billion. man-resources officer, chief con- Kansas headquarters. They wanted
lease. He said the company also search. His firm has taken short “There should be no reason for tent officer, two of its vice presi- to see firsthand the company com-
was exploring AMC’s own crypto- positions against AMC. that,” Mr. Chanos said of the wide dents, several board directors and manding so much of their savings
currency. The theater chain is up- other executives sold more than and attention.
dating its payment system to ac- $13 million worth of their shares. Among the last to arrive was
cept various forms of New boss David Norphy. The 38-year-old die-
cryptocurrencies to buy tickets, From May 13 to May 18, AMC’s sel mechanic at a nearby FedEx
drinks, popcorn and other snacks. largest shareholder, China’s Dalian Big squeeze freight location wore an ape T-
So many of the apes are fans of Wanda Group, sold most of its 30 The ape movement believes its shirt under his company uniform.
the UFC that Mr. Aron has started million shares for more than $400 faithful will be rewarded in He had taken an hour off his 3
screening the mixed-martial arts million, leaving the apes firmly in MOASS, the “Mother Of All Short p.m.-to-1 a.m. shift for the meeting
matches in select AMC theaters. control. Squeezes,” according to Mr. Collins at the AMC office building near a
When Mr. Dumas wrote Mr. Aron In the last week of May, AMC and others. It will generate riches suburban shopping plaza and mul-
to say he was attending a match stock rose again as the ape move- like those in the short squeeze tiplex.
between Conor McGregor and ment flooded social media with GameStop investors pulled off in “I have a meeting,” he said he
Dustin Poirier, the chief executive gorilla memes. On June 1, AMC an- January. told his boss.
replied, “Enjoy the show!” nounced a deal to sell 8.5 million Mr. Dumas, the moving com- Like many of his online compa-
Mr. Dumas had about $11,000 shares to hedge fund Mudrick Cap- pany manager, is convinced such a triots, Mr. Norphy has goals. He
worth of AMC shares on the day of ital for $27.12 apiece. The stock short squeeze is coming. He said wants to give his young son a
the match, but he stretched to buy reached an all-time high of $72.62 he told his bosses he might quit sound financial footing, he said.
the $28 ticket. Once inside the au- around midday on June 2. when it happens and his Fidelity He earns between $60,000 and
ditorium, he yelled, “Got any apes The following day, AMC account reaches $100,000—not be- $80,000 a year, but he has bills
in here?” launched another stock sale for cause he can retire but because and a former girlfriend asking for
“Holding since January, buddy,” most of its remaining shares. It the MOASS will require his full at- child support. “I do good, but at
a voice responded. posted the unusual buyer-beware tention. what expense?” he said.
“To the moon!” yelled another, Mr. Dusaniwsky, managing di- He watched AMC executives in
echoing a popular investor battle rector at S3 Partners, said ape pre- suits saunter by in the midday

$62.55
cry. dictions of a huge AMC short heat.
Mr. Dumas said his wife believes squeeze reflect a belief that the Mr. Norphy worried that be-
AMC is a foolish place to park win over short sellers by cause of his late-night shift he
money that she and their children GameStop shareholders can be might sleep through the market
could use now. He sold some AMC shares close replicated by the AMC faithful. opening on the morning of the
shares this year to make a mort- The circumstances with AMC Mother Of All Short Squeezes. He
gage payment only at her urging. at an all-time high are different, he said, because instructed a friend to call if
Now, he said, he would lose the on June 2, 2021 GameStop had a much higher con- MOASS emerged. If he doesn’t an-
house before selling any more. swer at first, the friend has been
instructed to keep calling until Mr.
Norphy wakes up.
FROM TOP: THEO STROOMER FOR THE WALL STREET JOURNAL (3); MATTHEW SCOTT GRANGER FOR THE WALL STREET JOURNAL (2)

Fake plot On a Nov. 8 earnings call, Mr.

Many of the apes believe they are Aron reported attendance figures
in an existential struggle against a steadily rising in the third quarter
cabal of powerful Wall Street insti- with more moviegoers returning to
tutions. Mr. Collins is one of the AMC auditoriums, though still far
prominent boosters of an ape be- below 2019 attendance figures.
lief that hedge funds and others Shareholders who submitted
are circulating synthetic shares in- questions had more pressing con-
tended to topple the company. cerns.
Officials from the Depository Would AMC accept the crypto-
Trust & Clearing Corporation, or currency Shiba Inu?
DTCC, and Financial Industry Reg- “We are now figuring out how,”
ulatory Authority said the syn- Mr. Aron said.
thetic-shares theory not only isn’t Would AMC invest in NFTs?
true but makes no sense. “A really smart idea,” he said.
The officials said it was impos- During the call, Mr. Aron said
sible to sell fake shares in a com- he planned to sell some of his
pany such as AMC, which is regis- AMC stock.
tered with the Securities and “I can only imagine that naysay-
Exchange Commission, because the ers and others who wish AMC
trades must be conducted by au- harm will try to spread fear, un-
thorized broker-dealers. The trans- certainty and doubt in this re-
actions go through the DTCC, the gard,” he said, noting that he will
SEC-approved clearinghouse. still have an enormous personal
In a May 21 YouTube video, Mr. stake in the company, amounting
Collins alleged there could be as to more than two million shares.
many as 500 million synthetic Two days later, Mr. Aron dis-
AMC shares, about as many as le- closed that he was selling roughly
gitimate ones, putting downward $53 million worth of his shares. So
pressure on the stock price. The far this year, AMC directors and
fake shares were created and sold senior executives have sold more
to unsuspecting investors by hedge than $80 million in company
funds so they can short AMC stock AMC investor Katherine Larsen, of Oceanside, Calif., and her son William Larsen. stock.
B8 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR

Pandemic
Holiday
Budgets
Continued from page B1
one-fifth said they have depleted
all of their savings.
Heading into the holidays, The
Wall Street Journal spoke to four
people about their families’ daily
lives and short- and long-term
plans this holiday season. Ms. Paredes and her partner,
C.J. Perrin, are saving money
by creating homemade gifts
with their daughter, Maui,
Ashley Rose Paredes for about 10 relatives.

Orange, N.J.

LAYLAH AMATULLAH BARRAYN FOR THE WALL STREET JOURNAL (2)

Holiday budget: $500 for gifts has no other charges, so she can
for about 10 relatives and a easily track her spending and pay
Christmas Day breakfast off the charges before the new
year begins.
Ashley Rose Paredes is aiming to “I want to be financially free,”
celebrate Christmas without sacri- the Covid-19 pause in payments as a freelance customer-service partner, C.J. Perrin. The bulk of she said.
ficing the financial freedom she helped her to become more finan- agent, making as much as $17 an her spending will go toward gifts Mr. Perrin, 31, who lost his job
gained this year. cially stable. hour. for Maui, including a toy kitchen working at a small restaurant at
Months of student-loan pay- “Not having to pay my loans has Ms. Paredes cut her holiday and Minnie Mouse trampoline she the start of the pandemic,
ment deferrals have helped her helped me work toward some of budget to about $500 from about found on sale. switched industries and now
pay down about $5,000 in credit- my other goals,” Ms. Paredes said. $1,500 last year. She’s creating On Christmas morning, Ms. works in a United Parcel Service
card debt in roughly the past 12 During the pandemic, the Or- handmade gifts for the 10 people Paredes plans to host Mr. Perrin’s Inc. warehouse, where he earns
months. The 31-year-old also cre- ange, N.J., resident has stayed on her Christmas list; last year she parents for a homemade breakfast about $20 an hour, significantly
ated an emergency fund of about home with her daughter, Maui, spent around $50 each on store- including eggs, bacon, shrimp and more than he made at the restau-
$15,000. now 19 months old. For some of bought presents. cheese grits. rant. The new job’s reliable hours
While she still has about that time, she has spent about 20 She says she’ll buy a practical Ms. Paredes is paying for all of allow him to save and spend more
$60,000 in federal student loans, hours a week working from home gift such as work boots for her her gifts with one credit card that time with his family.

than the business is likely to need

Sarita Parikh so it won’t get caught short. The
Castle Rock, Colo. boxes fill her garage and second
Holiday budget: $500 for a Diwali bedroom.
party, $260 for a two-night trip to The company is sticking with a
a mountain cabin, $300 for gifts pledge to double contributions of
nonperishable food and other ne-
The owner of a family-run busi- cessities, from one to two items
ness, Sarita Parikh says the holi- for each post-Thanksgiving sale, to
day season is “pretty insane.” a shelter for domestic violence
“There are nights when I don’t survivors. But Ms. Parikh is reduc-
sleep at all,” said Ms. Parikh, co- ing her personal holiday spending.
founder of Glow + Gather, a Castle In pre-pandemic times, she
Rock, Colo., retailer of moisturiz- helped host a party celebrating Di-
ers and spice blends. wali, the Indian festival of lights,
Ms. Parikh, 46, started the com- for about 180 friends, relatives,
pany in 2017 at the urging of her and business contacts. Ms. Parikh’s
niece Kerala Parikh, now 15, and co-hosts were her brother, Sagar,
nephew Jaxon Parikh, now 12, af- 42, and sister-in-law, Angela, 44—
ter making a moisturizer from nat- Jax and Kerala’s parents.
ural butters and oils for Kerala’s This year, due to Covid con-
sensitive skin. cerns, the family invited about 60
Today, the trio are partners, guests to the party, which featured
with Kerala overseeing the self- Glow + Gather candles and spices.
care products and Jax in charge of It cost about $500, or half the pre-
spice mixes that include garam pandemic norm, said Angela, who
Sarita Parikh started Glow + Gather, a business that makes moisturizers
masala and caprese French gray oversees the company’s label de-
and spice blends, with her niece and nephew, Kerala and Jaxon Parikh.
sea salt. sign and holiday market displays.
On weekends in November and After the holidays, the Glow +
December, they rent booths at hol- Gather team reward themselves
iday markets. with a trip. In 2019, they spent a
The family had hoped 2021 would day at Devil’s Thumb Ranch, a re-
bring a return to pre-pandemic sort in Tabernash, Colo., where for
THEO STROOMER FOR THE WALL STREET JOURNAL (3)

business conditions. But while sales about $800 they rented a horse-
are up 30% this year compared with drawn sleigh and had dinner and
2020, jar shortages and rising costs drinks before driving home. Under
for shipping, tins and ingredients consideration this year is two
have reduced profits, said Ms. nights at a cabin in the mountains
Parikh. She has raised prices on that costs about $130 a night. gift opening.
some items, but not enough to fully The family plans to spend Ms. Parikh has pared her gift
offset the higher costs. Christmas at Angela and Sagar’s list to 12 friends and relatives,
“Jars I ordered six months ago home in Littleton, Colo., where down from 25 in 2019. She plans
still haven’t come in. Who knows their tradition is to eat pumpkin to spend about $300 on gifts
where they are?” said Ms. Parikh, pie for breakfast and a traditional bought from local businesses and
who used cash earmarked for a Indian meal for lunch. A faux- “curate gifts with the intent that
website redesign to purchase sub- snowball fight with balled up they have meaning behind them
stitute jars in greater quantities wrapping paper usually follows the versus a dollar amount.”

The Federici family plans to spend The price tag for this year’s trip
Christmas this year on the beach to the Mexican coastal resort
in Playa del Carmen, Mexico. town: $9,000, including airfare,
boarding for their dog, meals and
two suites at the beachfront Play-
Barry Federici, 55, a Marine Corps acar Palace.
colonel-turned-financial planner That is more than triple the
who was mobilized five times to $2,400 they spent last year on a
serve in the Middle East between trip to a ski resort near Lake
2002 and 2015, including three Michigan, where they stayed at an
tours in Afghanistan. Airbnb, and $1,000 more than Mr.
In contrast, Mr. Federici said, Federici had expected to spend.
when traveling “everyone is fo- The family’s six-figure income
cused on being together and enjoy- declined by about 30% in 2020,
ing each other’s company.” due in part to the impact of Covid-
related lockdowns on Dr. Federici’s
primary-care medical practice. Mr.
On a trip, ‘everyone is Federici said the couple was able
to get by with savings.
focused on being The upside to the lockdowns, he
together and enjoying said, was that their three older
children moved home for a few
each other’s company.’ months. “We had cooking contests
and played games,” he recalled. “I
really enjoyed it.”
The travel tradition started in This past January, Mr. Federici
2015 when Mr. Federici and his started working full time at his
wife, Dr. Karen Federici, 54, took wealth-management firm, located in
their four children, then ages 10 to a building he and his wife own that
19, to Walt Disney World. This year, also houses her medical practice.
the family plans to visit Playa del His firm, Family First Wealth
Carmen, Mexico, for eight days. Management LLC, has about 10 cli-
Barry Federici With three of the couple’s chil- ents; he hopes to add 30 more.
dren now living away from their On Christmas Day, the Federicis
KEVIN SERNA FOR THE WALL STREET JOURNAL (2)

DeKalb, Ill. family home in DeKalb, Ill., he plan to give their children stocking
Holiday budget: $9,000 for a beach added, “We don’t see them a lot.” stuffers on the beach, though the
vacation in Mexico, including airfare, Kayla, 25, works for TikTok in vacation is their main gift.
pet care, meals and accommodations Chicago, where she shares an At home, daughter Kayla Federici
apartment with friends and travels said, “It’s hard to get everyone in
In the Federici household, a holi- frequently. Alexander, 21, and one spot”—one person is showering
day trip has been the tradition in Grace, 19, attend the University of while another runs out to meet
recent years. Illinois Urbana-Champaign, where friends. On vacation, by contrast,
In the past, the family often they major in computer science the whole family is together, eating,
spent part of the holiday season in and engineering, respectively. drinking and doing activities, she
the car, driving to visit relatives. Tessa, 16, lives at home but is of- said: “I look forward to it all year.”
The children typically amused ten busy with friends, school work,
themselves on their phones, said and “that phone,” said her father. Please turn to the next page
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | B9

WEEKEND INVESTOR
Continued from the prior page

Lara Richardson
Central Point, Ore.
Holiday budget: $1,500 on gifts, a
tree, sweets and spirits
This year’s Christmas celebration
on Lara Richardson’s family farm
will be much leaner than last.
Amid challenges keeping their
new family farm running, Ms.
Richardson said the family plans
to spend a total of about $1,500 on
gifts and a tree, compared with
roughly $3,500 last year. They’ll
celebrate the holiday at home with
meat and vegetables grown on
their own farm. They may spend
about $75 on sweets and spirits.
The financial burden of running
the farm means the family has
higher priorities than its holiday
budget, she said: “Christmas
doesn’t matter so much when
there are more important things
on the line.”
In March 2019, Ms. Richardson,
now 41 years old, her partner, Joel
Francois, now 45, and their then
year-old daughter, Leonie, left New
York City in search of a lifestyle Proceeds from selling eggs
she hoped would be healthier for recently helped Lara Richardson
her family. The family now in- and her family pay for a new
cludes a baby boy, Olivier, born freezer at their Oregon farm.
last month.
They drove to Central Point,
Ore., where about four years ago gest CBD account—a brand that
she bought a 40-acre organic farm sold to brick-and-mortar retailers
with her mother and brother for that didn’t have an online store.
roughly $675,000. They hired a They have stopped producing CBD,
farm hand to start a hemp crop for which Ms. Richardson called an ex-
producing CBD, a nonintoxicating pensive undertaking, with steep
compound found in cannabis. competition from larger growers.
The family has poured about $1 They have let their farm man-
million into improvements on the ager go, saving about $36,000 a
farm, including a new agriculture year, and stopped operating the
building and fencing, she said. farm’s Airbnb mobile home, which
Most of the farm’s debt, about brought in $120 a night, on aver-
$600,000, is in Ms. Richardson’s age, when Ms. Richardson’s 70-
name. year-old mother moved in. Camp-
Ms. Richardson earned a six-fig- ers who use the property can
ALISHA JUCEVIC FOR THE WALL STREET JOURNAL

ure income as a catering-company spend time with the farm’s 17

sales executive in New York. She cows, 14 sheep and assorted other
lost her job during the pandemic animals. They pay about $45 a where he makes about $40,000 a costly to keep. She is considering three car payments, utilities, cell-
and currently has no salary. night, on average. year, cover most of the $6,000 a selling some of the cows if the phones, feed and debt repayment,
“That debt-to-income ratio is Ms. Richardson’s brother, Daniel month, including mortgage pay- family’s fortunes don’t improve the family isn’t sure how much left
soul-crushing,” said Ms. Richard- Richardson, and their mother, Joan ments, it costs to maintain the soon. they can cut, she said.
son, who used much of her savings Seivert, have lived on the farm farm. Selling eggs from their She recently called a family She may pick up some freelance
to purchase Lane Creek Reserve, since purchasing it in 2017. roughly 85 chickens generates ad- meeting to see where they could sales work in the new year to help
as the farm is known. Mr. Francois’ job as a ware- ditional pocket money. further cut expenses and how long pay their mounting bills.
The family purchased the farm house manager, where he makes Last month, Ms. Richardson they can realistically keep the “We have huge overhead here,”
as an investment. But soon after about $50,000 a year, and her sold 15 goats, partly because the farm in which they have invested she said, “and are responsible for
Covid struck they lost their big- brother’s work as a land surveyor, rising price of hay made them too much time and money. But with many mouths.”

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B10 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

EXCHANGE
KEYWORDS | CHRISTOPHER MIMS foundation. “Instead of creators
monetizing from ads, they can

The Unlikely Revolutionaries

monetize from DeSo coins.”
DeSo has created a new crypto-
currency (named DeSo) that, for
example, could be used to “tip”
other users for their posts, replac-
ing likes with actual money—or at
least DeSo tokens that can be
Jack Dorsey and other members of the tech elite are banding together to reboot the internet traded for dollars on the usual
cryptocurrency exchanges. Like
The internet other next-generation cryptocur-
hasn’t turned out the rencies, these tokens also can store
way it was supposed the data that actually makes up a
to. social network, such as the text of
In its earliest in- posts. This dual function illustrates
carnation, before the inspired weirdness that is
some Wall Street Web3: If money can become code,
Journal readers were born and the then money can be way more than
rest had fewer automatically re- a means of exchange; it can also do
newing digital subscriptions, it was anything that other software can
supposed to be distributed, user- do.
controlled and, in a word, demo- This core insight, a sort of E =
cratic. mc² equivalence between money
Then came Big Tech and the at- and software, is why true believers
tendant centralization, windfall in Web3 think it could have such a
profits, culture wars, misinforma- huge impact. Suddenly every activ-
tion campaigns, congressional ity humans engage in, from buying
hearings, EU rulings, antitrust bat- and selling a house to liking a post
tles and techno-nationalism that
have characterized the past de-
cade. Can new technologies
What if there was another way?
What if, to take but one exam- loosen the corporate and
ple, users of social networks col- governmental hold over
lectively owned them, or at least
could vote on how they were run internet platforms?
and what kind of speech they al-
lowed? And what if similar ques-
tions could be asked of just about on social media, can be made part
any tech company whose primary of a token-based financial system
product is software and services— of a scale and complexity that
whether financial, cloud comput- makes today’s look like an antique.
ing, or even entertainment-related? Rather than funding DeSo in the
These are the questions inves- traditional manner—by creating a
tors, engineers and more than a Former Twitter CEO startup and asking the wealthy
few starry-eyed tech dreamers are Jack Dorsey is into mandarins of venture capital to
asking themselves—among them cryptocurrency. part with money in exchange for
former Twitter Chief Executive partial ownership—DeSo instead
Jack Dorsey, whose interest in sold early investors, including An-
these questions helps explain his dreessen Horowitz, some of its
sudden departure from Twitter. stored on many different comput- Global blockchain funding with our financial system?” crypto tokens. Any social-media
The answers are taking the form ers at once. This lets any given Other famed tech seers are ex- service or app built atop the DeSo
$15 billion
of services and apps that are the blockchain be resistant to control cited about Web3, too. In June blockchain must use the DeSo to-
first outlines of what their creators by a government or corporation, 2021, Andreessen Horowitz, the ken. The more people and groups
hope will someday eat the internet and lets people exchange tokens on 12
venture-capital firm co-founded by build, the more valuable the DeSo
completely: a distributed, demo- that blockchain securely and trans- Marc Andreessen, announced a token could become. That’s the
cratically ruled “Web 3.0” or parently. $2.2 billion fund—its third—to in- company’s business model, rather
“Web3” that will rise like a phoe- This future, a second chance to 9 vest in blockchain and crypto-re- than charging licensing fees or
nix of 1990s-era Web 1.0-idealism use technology to upend tradi- lated startups. Globally, investment selling advertising.
from out of the ashes of the corpo- tional power structures, is being in blockchain startups in 2021 has Analogies fail in corporate ar-
ration-controlled Web 2.0 that all trumpeted by silver-tongued hype- 6 shattered all previous records, top- rangements as novel as these,
of us currently inhabit. people of every stripe, from ven- ping $15 billion so far this year, a which is one reason blockchain
Here’s the basic idea: New tech- ture capitalists to armchair oracles 384% increase from total invest- startups remain obscure to most
nologies like blockchain present on social media. 3 ment in all of 2020, according to investors. Critics claim such obfus-
the opportunity to loosen the cen- Others see the entire enterprise CB Insights. cation is deliberate, and is as much
tralized stranglehold that compa- as worse than a waste of time. Almost every company with about hiding suspect financial and
nies and governments have over They view bitcoin as a currency 0 “Web3” or “blockchain” in its pitch technical engineering as it is a
everything from internet platforms with an outsize (and, many argue, 2015 ’16 ’17 ’18 ’19 ’20 ’21 deck describes its mission as a consequence of any supposed inno-
to intellectual property to the cre- completely unnecessary) energy Note: 2021 data through September user-centered quest to empower— vation in business models.
ation and distribution of money. and carbon footprint. And they see Source: CB Insights and just as often, enrich—its users, “The current blockchains are
These technologies operate by crypto broadly as a classic, making them owners and investors like woefully underpowered com-
spreading responsibility or owner- doomed-to-fail techno-solutionism as much as customers. puters that can only do a very,
ship among a group of users, who, (the belief that technology can many of those in the tech elite. Mr. DeSo—which, confusingly, is si- very small amount of transactions,
for example, use their computing solve any problem) Ponzi scheme Dorsey is now full-time at Block— multaneously a not-for-profit foun- and the things they can do are
power to electronically fabricate— pushed by latter-day medicine- the new name he gave to Square, dation, a blockchain and a crypto- shockingly limited,” says Stephen
or “mine”—cryptocurrency, or re- show hucksters eager to exit their his digital-payments company, currency token, but explicitly not a Diehl, a programmer in London
cord transactions for digital art. investments in unregulated securi- where he is enthusiastically cham- traditional for-profit corporation— who is one of Web3’s most visible
These technologies represent an ties before the market collapses or pioning cryptocurrency. is in many ways typical of the and cogent critics.
evolution of cryptocurrency be- the Securities and Exchange Com- Block—the name was inspired form. The idea behind DeSo is that Whatever happens in the com-
yond bitcoin—which some in mission gets around to regulating partly by the blockchain—owns everyone should be able to create ing years, the torrent of money
crypto communities now deride as them. Cash App, which allows users to their own social-media service, but and interest flowing into Web3
mere “digital gold.” In addition to Mr. Dorsey, no quack, is clearly buy and send bitcoin. It also cre- also that they could be intercon- companies and projects, and the
COLE BURSTON/BLOOMBERG NEWS

monetary value, the “tokens” that in the believers’ camp—and is, in- ated a patent alliance to share nected in ways that, say, Facebook mainstreaming of blockchain tech-
make up these systems are each deed, one of its most prominent crypto-related intellectual property and Twitter would never be—in- nologies by Block and its competi-
also encoded with information that members. In July he told investors and funds Spiral, an independent cluding shared accounts and other tors, are a measure of just how dis-
has some other use, whether it’s bitcoin would be a big part of team of open-source bitcoin tech- shared data. satisfied even many of those who
membership in a club, the right to Twitter’s future, and in August he nology developers whose most re- “The thesis behind DeSo is that built the current internet have be-
vote on how a company conducts tweeted that it would unite the cent promo video includes a mup- if you can mix money and social, come with it—not to mention how
itself, or even just data. world. pet version of Mr. Dorsey you can create new ways for cre- much they think they can profit
The blockchains that underlie all His departure from Twitter re- answering the question “When did ators to monetize,” says Nader Al- from solving the very problems
this are just ledgers of information flects the allure that Web3 has for you know something was wrong Naji, founder and head of the DeSo they created.

THE INTELLIGENT INVESTOR | JASON ZWEIG rate. You’d still get high yield—and,
most likely, a negative total return.
(Of course, most stock funds would

The Sorcery That’s decline even more.) Earlier versions

of so-called managed-distribution
funds have tended to shrivel in
value over time.

Conjuring a 7% Yield Special tax features of ETFs

have enabled 7HANDL to distribute
stock gains as monthly yield with-
out creating an immediate tax bur-
den for its shareholders.
It’s sometimes possible to get 7% in a 2% world. Giving investors their own money
back like that is called return of
But at some point you might have to pay the price. capital, and 7HANDL is already do-
ing it—although, so far, its principal
The Federal Re- change-traded fund. Since its value has continued to grow.
serve indicated this launch early in 2018, the fund has The aggregate U.S. bond market
past week that it provided steady monthly payouts has lost about 1.5% in 2021. With
might raise interest that have averaged 7% annually. nearly half its assets in bonds,
rates at least three “It’s a little recycling cash ma- 7HANDL has gotten much of its 7%
times next year to chine,” says Jonathan Rothschild, distribution by harvesting gains on
stifle inflation. Until an individual investor in the New its stock funds. Nearly 75% of its
then, in a world of York area who owns shares of the monthly payouts this year, on av-
paltry interest rates, investors 7HANDL fund. He isn’t the only erage, have been return of capital.
should be wary of investments that one who likes it. The ETF has at- Receiving a portion of your dis-
sound magical because they provide tracted $1.2 billion in 2021, accord- versification to generate high in- other big position at 6% of assets. tribution as return of capital
more than a pittance of income. ing to FactSet, growing to $1.4 bil- come at moderate risk, say David It has gained 34% in 2021. means that part of 7HANDL’s pay-
Imagine you wanted to earn 7% lion in total assets. Cohen and Matthew Patterson, co- A booming stock market isn’t out isn’t currently taxable. How-
in annual yield, far above the 1% or But the 7HANDL fund, which founders of HANDLS Indexes, the what most conservative investors ever, “each time you get a return
2% available on top-quality bonds. owns both stocks and bonds, has firm that designed the strategy on think of as a source of income. of capital, you’re having to reduce
You might impulsively buy a made trade-offs to achieve that which the 7HANDL fund is based. And for good reason: When stocks your basis,” says Melissa Labant, a
stock that has a 7% dividend yield. high yield. The fund’s holdings consist of 19 stop going up, a fund like this can tax principal at CLA LLP, an ac-
Instead, you should soberly ask The ETF’s distributions are am- ETFs that, together, own an eclec- lose a main source of yield. counting and professional-services
whether you might lose more plified with leverage, a form of tic collection of bonds and stocks. “If you’re getting a total return firm in Arlington, Va.
money if the stock price falls than borrowing. And those 7% annual Over the past 12 months, the of less than 7%,” says David Miller, That means your investment’s
you’ll earn on the dividend. payouts are generated only partly underlying ETFs generated 2.96% the ETF’s lead portfolio manager, cost for tax purposes goes down—
You could withdraw $700 from from safe bonds, but largely from in income, says Mr. Patterson. So “the net asset value would cer- and the amount of appreciation
a $10,000 savings-account balance gains on systematically trading how did that turn into a 7% yield? tainly decline in that scenario.” subject to future tax goes up.
earning only 0.06%. You’d be fool- riskier stocks. Some of the difference comes That’s already happened. Be- Of course, it’s usually better to
ish, however, to call that a 7% So capital appreciation isn’t al- from the leverage, which adds tween Feb. 19 and March 23, 2020, pay taxes later than pay them
“yield,” because you didn’t earn it ways plowed back into the portfo- both return and risk. It also comes when the S&P 500 lost 34%, now—but that might not necessar-
from interest income, and now you lio, where it could augment total from stocks. Invesco QQQ Trust, 7HANDL fell by 20%. In late 2018, ily hold for certain investors or if
have only $9,300 in savings left. return by growing over time at po- which tracks the returns of the when U.S. stocks lost just under capital-gains rates rise in the fu-
You should be just as tough- tentially higher rates. Instead, it’s Nasdaq-100 index, is one of 20%, the fund dropped 9%. ture, says Ms. Labant.
ALEX NABAUM

minded toward Wall Street’s ideas converted into current yield and 7HANDL’s top holdings at nearly In a protracted bear market, So, yes, you can get a 7% yield
for earning higher yields. paid out to investors. 7% of total assets. It’s up 24% this 7HANDL would probably have to in a 2% world. But at some point
Consider the Strategy Shares The idea is to use modest year. Global X MLP ETF, which eat into its own assets to sustain its the check might come for that free
Nasdaq 7HANDL Index, an ex- amounts of leverage and lots of di- holds energy partnerships, is an- monthly payouts at that 7% annual lunch.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | B11

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
35365.44 Trailing P/E ratio 22.01 29.27 4620.64 Trailing P/E ratio * 28.69 42.08 15169.68 Trailing P/E ratio *† 34.71 39.27 commodities performed around the world for the week.
t 532.20 P/E estimate * 18.24 24.84 t 48.03 P/E estimate * 22.06 26.25 t 10.75 P/E estimate *† 29.78 32.85
Stock Currency, Commodity, Exchange-
Dividend yield 1.95 2.04 Dividend yield * 1.32 1.63 or 0.07% Dividend yield *† 0.65 0.72 index vs. U.S. dollar traded in U.S.* traded fund
or 1.48% or 1.03%
All-time high: Lean hogs 10.61%
All-time high Current divisor All-time high
16057.44, 11/19/21
36432.22, 11/08/21 0.15172752595384 4712.02, 12/10/21 S&P 500 Health Care 2.45
S&P/BMV IPC 2.28
36500 4775 16250 S&P 500 Real Estate 1.61
Comex silver 1.57
15975 Soybeans 1.38
35950 4700
iSh 20+ Treasury 1.32
S&P 500 Utilities 1.20
35400 4625 15700
65-day moving average Comex gold 1.17
S&P 500 Consumer Staples 1.15
Session high 34850 4550 15425
Corn 0.81
DOWN UP
South African rand 0.58
t

Session open Close

34300 4475 15150 iSh 7-10 Treasury 0.58
Close Open
t

WSJ Dollar Index 0.52

Session low 33750 65-day moving average 4400 65-day moving average 14875 NIKKEI 225 0.38
Bars measure the point change from session's open VangdTotalBd 0.35
14600 KOSPI Composite 0.25
33200 4325
Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Mexico peso 0.21
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Comex copper 0.19
iShiBoxx$InvGrdCp 0.17
VangdTotIntlBd 0.16
Major U.S. Stock-Market Indexes Trading Diary iSh 1-3 Treasury 0.05
Volume, Advancers, Decliners Indonesian rupiah 0.03
Latest 52-Week % chg NYSE NYSE Amer. iShNatlMuniBd 0.01
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann.
Total volume*3,473,356,703 121,264,588 -0.09 Chinese yuan
Dow Jones -0.26 UK pound
Adv. volume*1,296,924,294 55,434,836
Industrial Average 35800.11 35284.26 35365.44 -532.20 -1.48 36432.22 29982.62 17.2 15.5 14.4 -0.29 Japanese yen
Decl. volume*2,150,203,632 62,346,430
Transportation Avg 16133.78 15799.88 15828.97 -172.36 -1.08 17039.38 12087.99 26.0 26.6 19.0 -0.30 FTSE 100
Issues traded 3,495 284
Utility Average 963.36 948.17 950.07 -12.80 -1.33 962.87 795.61 10.8 9.9 9.1 Advances 1,388 122 -0.30 iShiBoxx$HYCp
Total Stock Market 47603.56 46855.28 47172.38 -331.54 -0.70 48824.98 38646.40 21.4 20.3 21.8 Declines 1,953 148 -0.34 Indian rupee
Barron's 400 1070.86 1053.21 1060.02 -7.74 -0.72 1127.20 842.50 25.0 24.4 19.7 Unchanged 154 14 -0.35 STOXX Europe 600
New highs 41 3 -0.40 Swiss franc
Nasdaq Stock Market
New lows 162 15 -0.41 FTSE MIB
Nasdaq Composite 15288.78 14960.37 15169.68 -10.75 -0.07 16057.44 12609.16 18.9 17.7 31.0
Closing Arms† 1.10 1.14 -0.49 Bloomberg Commodity Index
Nasdaq-100 15960.25 15664.10 15801.46 -62.48 -0.39 16573.34 12299.08 24.0 22.6 34.8
Block trades* 6,250 255 -0.52 BOVESPA Index
S&P -0.53 iSh TIPS Bond
Nasdaq NYSE Arca
500 Index 4666.70 4600.22 4620.64 -48.03 -1.03 4712.02 3687.26 24.6 23.0 22.0 -0.58 iShJPMUSEmgBd
-0.13 Total volume*7,960,603,165 320,801,566 -0.58 South Korean won
MidCap 400 2752.78 2700.31 2728.08 -3.42 2910.70 2269.45 19.3 18.3 17.2
SmallCap 600 1356.57 1325.49 1345.15 4.25 1466.02 1104.60 21.4 20.2 16.2 Adv. volume*4,668,512,571 76,021,198 -0.58 IBEX 35
0.32
Decl. volume*3,207,725,941 244,134,173 -0.59 DAX
Other Indexes Issues traded 4,902 1,658 -0.63 Australian dollar
Russell 2000 2186.36 2124.74 2173.93 21.48 1.00 2442.74 1945.91 10.4 10.1 16.4 Advances 2,514 478 -0.67 S&P/ASX 200
NYSE Composite 16849.09 16626.54 16668.64 -180.45 -1.07 17310.51 14321.34 15.2 14.8 13.1 Declines 2,155 1,157 -0.70 Euro area euro
Value Line 653.73 641.79 648.89 0.20 0.03 696.40 561.65 14.6 14.1 10.4 Unchanged 233 23 -0.73 Nymex RBOB gasoline
NYSE Arca Biotech 5593.17 5378.15 5574.62 153.65 2.83 6319.77 5217.76 -5.8 -2.9 8.7 New highs 49 12 -0.73 S&P/TSX Comp
NYSE Arca Pharma 825.44 807.19 808.59 -16.85 -2.04 825.44 667.24 17.9 17.3 12.8 New lows 438 81 -0.79 S&P 500 Materials
KBW Bank 132.67 128.70 129.49 -3.78 -2.83 142.61 93.49 38.5 32.3 14.0 Closing Arms† 0.80 1.10 -0.88 Euro STOXX
PHLX§ Gold/Silver 128.91 126.34 126.59 0.02 0.01 166.01 117.06 -12.6 -12.2 22.3 Block trades* 30,332 1,363 -0.90 Wheat
PHLX§ Oil Service 52.00 50.15 51.31 -0.72 -1.38 69.77 43.33 14.3 15.7 -16.5 * Primary market NYSE, NYSE American NYSE Arca only. -0.93 Shanghai Composite
PHLX§ Semiconductor 3814.83 3721.17 3761.04 -5.28 -0.14 3988.75 2723.53 36.0 34.5 47.9 †(TRIN) A comparison of the number of advancing and declining -0.93 CAC-40
issues with the volume of shares rising and falling. An
Cboe Volatility 23.26 20.49 21.57 1.00 4.86 37.21 15.01 unch. -5.2 -4.2 -0.97 Russian ruble
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.05 Norwegian krone
-1.13 Nymex crude
International Stock Indexes Percentage Gainers... -1.25 S&P 500 Telecom Svcs
Latest YTD Latest Session 52-Week
-1.30 S&P 500 Financials
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.31 Canada dollar
World MSCI ACWI 734.67 –6.24 –0.84 13.7 Spruce Biosciences SPRB 5.03 2.55 102.82 28.49 2.25 -76.6 -1.41 Nymex ULSD
MSCI ACWI ex-USA 336.76 –2.76 –0.81 3.2 Genfit ADR GNFT 5.09 1.77 53.31 7.19 3.01 1.2 -1.68 Dow Jones Industrial Average
MSCI World 3139.75 –27.58 –0.87 16.7 Bellerophon Therapeutics BLPH 3.19 0.82 34.60 9.19 2.34 -56.5 -1.71 Russell 2000
MSCI Emerging Markets 1216.30 –7.59 –0.62 –5.8 Ipsidy AUID 16.72 3.59 27.34 18.64 3.60 310.1 -1.86 S&P MidCap 400
Iris Energy IREN 17.70 3.68 26.25 28.25 12.50 ... -1.94 S&P 500
Americas MSCI AC Americas 1773.18 –14.90 –0.83 20.8
Canada S&P/TSX Comp 20739.01 –0.004 19.0 Galecto GLTO 2.82 0.52 22.61 16.41 2.22 -79.8 -2.36 S&P SmallCap 600
–0.77
Latin Amer. MSCI EM Latin America 2128.96 0.27 –13.2
Arqit Quantum ARQQ 19.92 3.59 21.98 41.52 8.00 ... -2.76 S&P 500 Industrials
5.81
Crown Electrokinetics CRKN 3.37 0.58 20.79 9.00 1.16 124.7 -2.95 Nasdaq Composite
Brazil BOVESPA 107200.56 –1125.77 –1.04 –9.9
Science 37 Holdings SNCE 12.17 2.04 20.14 15.10 8.42 15.0 -3.02 S&P BSE Sensex
Chile S&P IPSA 2844.34 –25.91 –0.90 –0.5
1.94
Inozyme Pharma INZY 7.54 1.25 19.87 29.46 5.33 -65.1 -3.25 Nasdaq-100
Mexico S&P/BMV IPC 52379.37 995.31 18.9
Vertical Aerospace EVTL 12.84 2.09 19.44 13.43 8.94 28.9 -3.35 Hang Seng
EMEA STOXX Europe 600 473.90 –2.66 –0.56 18.8
Net 1 UEPS Techs UEPS 5.05 0.82 19.39 6.97 3.81 26.3 -3.51 Dow Jones Transportation Average
Eurozone Euro STOXX 464.00 –3.92 –0.84 16.7
AMC Entertainment Hldgs AMC 29.12 4.67 19.10 72.62 1.91 940.0 -4.04 S&P 500 Information Tech
Belgium Bel-20 4171.16 2.18 0.05 15.2 Tufin Software Techs TUFN 10.55 1.66 18.67 20.11 7.50 -14.2 -4.30 S&P 500 Consumer Discr
Denmark OMX Copenhagen 20 1844.49 –17.40 –0.93 25.9 Invitae NVTA 18.32 2.86 18.50 60.25 14.06 -61.5
France CAC 40 6926.63 –78.44 –1.12 24.8 -5.09 S&P 500 Energy
Germany DAX 15531.69 –104.71 –0.67 13.2 Percentage Losers -5.99 Nymex natural gas
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1911.14 … Closed 27.5
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 26611.41 –171.03 –0.64 19.7 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 771.70 –9.89 –1.27 23.5 TeraWulf WULF 12.95 -3.28 -20.21 43.98 6.31 101.7 THE WALL STREET JOURNAL
Russia RTS Index 1583.05 –21.65 –1.35 14.1 Fresh Vine Wine VINE 5.73 -1.42 -19.86 9.33 5.30 ...
South Africa FTSE/JSE All-Share 71203.13 –0.37 19.9
Adagio Therapeutics ADGI 11.48 -2.70 -19.04 78.82 5.57 ... Methodology
–264.04
Spain
Cryo-Cell International CCEL 11.27 -2.63 -18.92 14.16 7.33 49.5 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8311.60 –68.40 –0.82 2.9
BlackSky Technology BKSY 5.72 -1.32 -18.75 17.47 5.31 -45.0 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 988.43 –1.99 –0.20 28.6 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 12715.48 –75.41 –0.59 18.8 EQONEX EQOS 2.02 -0.43 -17.55 22.95 2.02 -78.3 their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 2084.47 –194.08 –8.52 41.2 Nutriband NTRB 4.11 -0.86 -17.30 32.00 1.00 -75.4 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Stronghold Digital Mining SDIG 12.59 -2.44 -16.23 35.80 12.51 ... Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7269.92 9.31 0.13 12.5 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 22780.38 132.42 0.59 11.2 Sono-Tek SOTK 6.82 -1.21 -15.07 9.49 2.67 51.6 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Direxion S&P Biotech Bear LABD 23.60 -4.13 -14.89 31.83 12.30 5.5 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 191.49 –1.73 –0.90 –4.2 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
0.11 IsoPlexis ISO 5.13 -0.89 -14.78 16.95 5.13 ...
Australia S&P/ASX 200 7304.00 8.34 10.9 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
iShares MSCI Turkey ETF TUR 17.11 -2.77 -13.93 30.09 16.97 -31.2
China Shanghai Composite 3632.36 –42.65 –1.16 4.6
KraneSh European Carbon KEUA 28.26 -4.57 -13.92 34.91 21.67 ...
Hong Kong Hang Seng 23192.63 –282.87 –1.20 –14.8
Worksport WKSP 2.75 -0.44 -13.79 16.40 2.40 12.2 See an expanded year-to-date and current quarter
India S&P BSE Sensex 57011.74 –889.40 –1.54 19.4
Blue Star Foods BSFC 2.49 -0.39 -13.54 8.00 1.01 16.4 list of selected global stock indexes, bond ETFs, currencies
Japan NIKKEI 225 28545.68 –520.64 –1.79 4.0
Singapore Straits Times 3111.63 –17.17 –0.55 9.4 Most Active Stocks and commodities at
South Korea KOSPI 3017.73 11.32 0.38 5.0 Volume % chg from Latest Session 52-Week wsj.com/graphics/track-the-markets
Company Symbol (000) 65-day avg Close % chg High Low
Taiwan TAIEX 17812.59 26.85 0.15 20.9
Thailand SET 1641.73 –3.59 –0.22 13.3 ProSh UltraPro Shrt QQQ SQQQ 203,846 53.9 6.60 1.54 16.78 5.69
Sources: FactSet; Dow Jones Market Data Apple AAPL 194,389 119.9 171.14 -0.65 182.13 116.21
AMC Entertainment Hldgs AMC 144,029 227.9 29.12 19.10 72.62 1.91 Currencies
WSJ
Get real-time U.S. stock quotes and Southwestern Energy SWN 142,715 531.1 4.51 -0.88 5.96 2.92
track most-active stocks, new highs/lows SPDR S&P 500 SPY 134,659 69.1 459.87 -1.06 473.54 362.03 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
.com Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
Americas Vietnam dong .00004351 22983 –0.4
Argentina peso .0098101.9317 21.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1756 5.6961 9.7 Czech Rep. koruna .04456 22.440 4.5

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7755 1.2896 1.3 Denmark krone .1511 6.6176 8.6
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001186 843.26 18.7 Euro area euro 1.1239 .8898 8.7
Colombiapeso .000252 3974.32 16.1 Hungary forint .003061 326.74 10.0
A consumer rate against its 5-year CDs Ecuador US dollar Iceland krona
1 1 unch .007677 130.26 1.9
benchmark over the past year 2.50% Mexico peso .0480 20.8416 4.8 Norway krone .1106 9.0397 5.4
Bankrate.com avg†: 0.42% 18%
Uruguay peso .02248 44.4850 5.0 Poland zloty .2428 4.1195 10.4
Lone Star Bank 0.71% 2.00
WSJ Dollar Index Asia-Pacific Russia ruble .01348 74.174 0.2
0.60% Tradeweb ICE 9
Houston, TX 713-358-9400 Sweden krona .1095 9.1358 11.0
t

Five-year CD yields Friday Close 1.50

s
Australian dollar .7126 1.4033 7.9
t Home Savings Bank 0.75% China yuan .1569 6.3754 –2.4
Switzerland franc 1.0818 .9244 4.5
0.40 0 Turkey lira .0609 16.4185 120.8
Salt Lake City, UT 801-487-0811 1.00 Euro Hong Kong dollar .1282 7.8028 0.6
s Ukraine hryvnia .0366 27.3500 –3.5
Federal-funds India rupee .01315 76.053 4.1
0.20 TAB Bank 0.75% One year ago 0.50 –9 s UK pound 1.3236 .7555 3.2
target rate Indonesia rupiah .0000696 14368 2.3
Ogden, UT (800) 355-3063 t Yen Middle East/Africa
t Japan yen .008794 113.71 10.1
0.00 0.00 –18
Colorado Federal Savings Bank 0.92% Kazakhstan tenge .002283 437.98 3.9 Bahrain dinar 2.6529 .3770 –0.02
Greenwood Village, CO 877-484-2372 1 3 6 1 2 3 5 7 10 20 30 2021 Macau pataca .1244 8.0405 0.6 Egypt pound .0635 15.7416 –0.02
–0.20 month(s) years Malaysia ringgit .2371 4.2185 4.9 Israel shekel .3202 3.1234 –2.8
J FM AM J J A S O N D CFG Community Bank 1.00%
maturity New Zealand dollar .6739 1.4839 6.6 Kuwait dinar 3.2996 .3031 –0.3
2021 Baltimore, MD 888-205-8388 Pakistan rupee .00561 178.300 11.2 Oman sul rial 2.5972 .3850 0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0200 49.901 3.9 Qatar rial .2746 3.641 ...
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7312 1.3677 3.5 Saudi Arabia riyal .2665 3.7529 0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008419 1187.83 9.4 South Africa rand .0628 15.9153 8.3
Sri Lanka rupee .0049502 202.01 9.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03592 27.843 –0.9 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02999 33.340 11.0 WSJ Dollar Index 90.40 0.46 0.51 6.35
Libor, 3-month 0.21 0.20 0.11 l 0.25 -2.59
U.S. Treasury, Bloomberg 2410.590 1.170 1.230 1.280 0.570 –1.706 4.564 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.07 0.07 0.07 l 0.20 -0.54
0.42 l -1.56 U.S. Treasury Long, Bloomberg 4554.890 1.820 1.890 2.400 1.510 –2.903 9.919
Five-year CD, annual yield
30-year mortgage, fixed† 3.29
0.42
3.28
0.41
2.83 l
0.58
3.37 -1.40 Aggregate, Bloomberg 2260.230 1.720 1.760 1.820 1.120 –1.038 5.125
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 2.54 2.55 2.28 l 2.58 -1.50
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2208.070 1.960 1.990 2.060 1.180 –0.875 3.345
Jumbo mortgages, $548,250-plus† 3.30 3.29 2.85 l 3.41 -1.40 DJ Commodity 915.74 -5.07 -0.55 972.68 714.96 26.21 25.17
High Yield 100, ICE BofA 3444.965 4.082 4.101 4.587 3.162 4.124 6.488
Five-year adj mortgage (ARM)† 2.86 2.86 2.83 l 3.43 -1.49 Refinitiv/CC CRB Index 225.14 -2.10 -0.92 241.18 163.61 35.26 34.17
New-car loan, 48-month 3.57 3.59 3.55 l 4.12 -1.04 Muni Master, ICE BofA 601.968 0.906 0.917 1.082 0.687 1.150 4.636 Crude oil, $ per barrel 70.86 -1.52 -2.10 84.65 47.02 44.32 46.04
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 918.446 4.928 4.905 5.098 4.295 –1.296 5.975 Natural gas, $/MMBtu 3.690 -0.076 -2.02 6.312 2.305 36.67 45.33
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1803.80 7.20 0.40 1952.70 1677.70 -4.34 -4.72
B12 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures April 1803.70 1818.00 1799.30 1807.30 6.60 58,658 March'22 22.530 22.690 22.355 22.533 0.048 118,574 March 130.00 131.45 129.60 130.75 .50 7,594
June 1803.50 1819.80 1802.10 1809.40 6.50 25,741 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Contract Open 1810.00 1821.20 1805.20 1811.90 6.50 10,933 Jan 71.92 72.26 69.89 70.86 –1.52 57,679
Open High hi lo Low Settle Chg interest
Aug Interest Rate Futures
Palladium (NYM) - 50 troy oz.; $ per troy oz. Feb 71.79 72.05 69.70 70.72 –1.43 309,492
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 1770.50 1772.50 1767.50 1782.60 62.00 4 March 71.37 71.65 69.34 70.35 –1.40 242,292 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 4.3035 4.3215 4.2715 4.2910 –0.0095 1,642 March'22 1728.50 1865.00 1707.00 1784.80 62.00 9,917 June 70.24 70.46 68.26 69.10 –1.45 173,926 Dec 200-090 1-20.0 5,316
March'22 4.3015 4.3310 4.2730 4.2950 –0.0095 103,703 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 67.65 67.99 65.79 66.44 –1.56 199,894 March'22 198-040 199-310 197-220 199-190 1-20.0 1,248,494
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 962.80 970.00 957.20 933.90 5.60 10 Dec'23 63.95 64.11 62.28 62.81 –1.39 97,972 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 1804.00 1812.90 1804.00 1803.80 7.20 153 April'22 929.20 940.50 924.40 932.90 5.80 33,054 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 164-040 14.0 6,161
Jan'22 1800.10 1814.10 1796.50 1804.10 6.70 2,753 Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan 2.2574 2.2630 2.1967 2.2199 –.0464 52,845 March'22 162-060 162-310 161-290 162-180 14.0 1,211,739
Feb 1801.50 1815.70 1796.50 1804.90 6.70 388,851 Dec 22.450 22.485 22.450 22.507 0.052 521 Feb 2.2516 2.2595 2.1932 2.2162 –.0466 70,438 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 131-265 2.0 10,670
Jan 2.1688 2.1689 2.0999 2.1217 –.0561 69,096 March'22 131-045 131-140 130-305 131-055 2.5 3,790,465
Feb 2.1538 2.1556 2.0886 2.1126 –.0518 88,888 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Bonds | wsj.com/market-data/bonds/benchmarks Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Jan 3.783 3.814 3.617 3.690 –.076 75,486
Dec 121-255 121-290
March'22 121-095 121-135
121-205 121-240
121-047 121-075
–.2 30,383
–1.0 3,676,497
Feb 3.734 3.762 3.575 3.639 –.076 113,596 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Global Government Bonds: Mapping Yields March
April
3.641
3.587
3.663
3.600
3.492
3.443
3.534
3.485
–.084 247,108
–.073 87,047
Dec
March'22 109-065 109-080
109-165
109-038 109-051
–.9 11,828
–1.4 1,943,719
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in May 3.595 3.614 3.465 3.505 –.068 113,521 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Oct 3.719 3.750 3.614 3.646 –.061 74,991 Dec 99.9200 99.9200 99.9175 99.9175 83,929
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session July'22 99.5900 99.6000 t 99.5500 99.5600 –.0300 170,803
Agriculture Futures 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points March 102-095 11.0 104,252
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago Corn (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100%
March 591.00 598.75 589.25 593.25 2.00 741,448 99.7875 99.7925 99.7750 99.7800 –.0050 293,485
0.500 U.S. 2 0.640 s l 0.619 0.502 0.125 May 592.25 599.50 590.75 594.25 1.50 235,278
Jan
March 99.6550 99.6700 t 99.6250 99.6400 –.0200 1,137,125
1.375 10 1.401 t l 1.422 1.604 0.929 Oats (CBT)-5,000 bu.; cents per bu. Dec 99.0100 99.0450 98.9600 98.9800 –.0300 1,202,197
March 711.00 713.00 697.75 702.25 –9.50 3,482
2.750 Australia 2 0.674 t l 0.682 0.448 0.118 3.2 7.3 -0.8 Dec'23 98.4900 98.5150 98.4350 98.4600 –.0200 1,145,273
May 685.00 686.75 668.00 676.50 –10.25 468
1.000 10 1.597 s l 1.578 1.870 0.999 18.9 16.0 6.1 Soybeans (CBT)-5,000 bu.; cents per bu.
Jan 1276.25 1297.50 1274.75 1285.25 8.00 120,328 Currency Futures
0.000 France 2 -0.672 t l -0.647 -0.800 -0.702 -131.4 -125.6 -82.7 March 1277.25 1298.25 1276.00 1288.50 10.25 255,753 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Soybean Meal (CBT)-100 tons; $ per ton. Jan .8803 .8844 .8787 .8801 –.0009 482
0.000 10 -0.022 t l 0.010 0.115 -0.338 -143.0 -140.7 -127.5 Jan 373.00 380.10 372.00 379.50 7.20 54,206 March .8805 .8849 .8793 .8805 –.0009 175,354
March 369.10 377.30 368.40 376.50 7.80 171,100
0.000 Germany 2 -0.719 t l -0.691 -0.728 -0.723 -136.0 -129.9 -84.8 Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Jan .7829 .7830 .7753 .7767 –.0050 948
0.000 10 -0.378 t l -0.348 -0.243 -0.569 -178.6 -176.5 -150.6 Jan 54.65 54.84 53.78 53.88 –.77 56,033 March .7828 .7829 .7751 .7766 –.0050 134,254
March 54.73 54.95 53.87 53.97 –.76 141,687
0.000 Italy 2 -0.250 t l -0.209 -0.252 -0.442 -81.8 -56.7 British Pound (CME)-£62,500; $ per £
-89.2 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Jan 1.3327 1.3344 1.3252 1.3256 –.0059 1,505
Jan 13.80 13.80 13.70 13.73 –.01 2,957
0.950 10 0.912 t l 0.973 0.983 0.544 -49.6 -44.5 -39.3 March 14.05 14.05 13.93 13.97 –.02 5,025
March 1.3328 1.3341 1.3248 1.3252 –.0059 202,536
Wheat (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
0.005 Japan 2 -0.110 s l -0.112 -0.125 -0.134 -75.2 -72.1 -25.9 March 1.0906 1.0929 1.0845 1.0854 –.0054 39,230
March 770.00 780.25 765.25 775.00 4.50 179,516
0.100 10 0.050 s 0.045 0.074 0.009 June 1.0945 1.0957 1.0883 1.0886 –.0053 43
l -135.8 -137.3 -92.9 July 766.50 774.50 763.75 769.75 1.25 73,084
Wheat (KC)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD
0.000 Spain 2 -0.604 t l -0.572 -0.614 -0.622 -124.6 -118.0 -74.7 March 803.00 817.00 800.75 810.00 6.25 116,435
Jan .7180 .7184 .7126 .7138 –.0036 684
March .7184 .7186 .7126 .7138 –.0036 190,340
0.500 10 0.350 t l 0.391 0.490 0.019 -102.7 -91.8 July 797.25 806.25 792.75 801.50 5.00 41,392
-105.9 Mexican Peso (CME)-MXN 500,000; $ per MXN
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Jan .04794 .04802 .04774 .04790 .00012 20
0.125 U.K. 2 0.509 s l 0.503 0.565 -0.041 -13.3 -10.6 -16.6 Jan 162.750 162.900 160.050 160.250 –2.325 9,232
March .04723 .04756 .04716 .04735 .00010 98,958
March 164.325 164.675 161.250 161.700 –2.625 17,047
4.750 10 0.761 s l 0.758 0.968 0.289 -64.8 -66.0 -64.8 Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Dec 135.275 135.475 134.650 134.750 –.525 4,634 Jan 1.1344 1.1362 1.1259 1.1264 –.0073 9,930
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Feb'22 136.900 137.200 136.000 136.425 –.625 122,346 March 1.1358 1.1375 1.1271 1.1277 –.0073 645,433
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
81.100 81.475 80.150 80.800 .450 76,428 Index Futures
Corporate Debt Feb
April 85.200 85.475 84.375 84.775 –.100 50,663
Mini DJ Industrial Average (CBT)-$5 x index
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 35958 35978 35650 35676 –226 18,026
Jan 1105.00 1115.00 1089.10 1089.10 –30.00 1,135
expectations March'22 35834 35876 35164 35252 –539 93,428
March 1090.00 1101.00 1071.30 1071.30 –30.00 1,021
Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index
Investment-grade spreads that tightened the most… Dec 18.49 18.51 18.47 18.48 –.01 4,382 Dec 4674.25 4677.75 4629.50 4636.46 –32.29 398,267
Spread*, in basis points Jan'22 19.61 19.61 19.23 19.25 –.36 4,207 March'22 4664.00 4668.00 4590.00 4610.00 –49.25 2,227,532
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P Midcap 400 (CME)-$100 x index
March 2,540 2,550 2,478 2,497 –50 97,881 Dec 2730.00 2735.30 2710.00 2719.79 –11.11 3,213
Met Tower Global Funding MET 0.700 0.95 April 5, ’24 6 –13 n.a. March'22 2730.70 2749.20 2694.50 2720.50 –5.40 38,328
May 2,565 2,571 2,510 2,529 –40 45,371
Ovintiv Exploration OVV 5.625 1.74 July 1, ’24 81 –10 95 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Dec 15873.00 15902.00 15668.00 15717.32 –153.18 61,201
Coca–Cola KO 1.750 0.95 Sept. 6, ’24 3 –9 11 Dec 236.00 237.95 236.00 235.90 –1.05 379
March'22 15878.00 15956.50 15651.75 15788.00 –78.75 210,224
March'22 236.70 238.00 234.00 234.75 –2.10 119,732
Apple AAPL 3.450 0.96 May 6, ’24 5 –8 8 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
19.34 19.39 19.01 19.11 –.29 345,330 Dec 2152.70 2160.70 2132.00 2142.43 –9.47 68,950
Walt Disney DIS 3.350 1.33 March 24, ’25 15 –6 21 March
March'22 2152.60 2189.70 2119.00 2167.60 18.60 468,945
May 18.99 19.02 18.66 18.72 –.32 154,669
UnitedHealth UNH 3.500 0.93 Feb. 15, ’24 2 –6 n.a. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Mini Russell 1000 (CME)-$50 x index
Verizon Communications VZ 0.750 1.02 March 22, ’24 12 –6 15 March 36.40 36.40 36.40 36.40 –.34 2,682 Dec 2569.14 –25.20 4,060
May 36.80 36.90 36.80 36.89 –.11 1,803 March'22 2556.20 2584.00 2545.20 2561.50 –20.90 16,071
Prudential Financial PRU 6.625 2.96 Dec. 1, ’37 110 –5 109 U.S. Dollar Index (ICE-US)-$1,000 x index
Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 109.22 109.40 106.94 107.30 –2.38 119,792 March 95.98 96.66 95.85 96.55 .53 53,100
…And spreads that widened the most May 107.50 107.50 105.31 105.70 –2.23 48,579 June 95.93 96.60 95.88 96.51 .53 771
CNO Global Funding CNO 1.750 1.93 Oct. 7, ’26 78 20 n.a. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan 137.00 140.05 137.00 139.40 2.00 2,897 Source: FactSet
Oracle ORCL 5.375 3.56 July 15, ’40 169 13 158
JPMorgan Chase JPM 4.950 3.18 June 1, ’45 135 11 n.a.
Credit Suisse Funding CS 4.875 3.23 May 15, ’45 140 8
6
135
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Anheuser–Busch Inbev Worldwide ABIBB 3.750 3.15 July 15, ’42 130 n.a.
Electricite de France S.A. EDF 6.950 3.31 Jan. 26, ’39 141 6 n.a. Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Athene Global Funding* ATH 2.673 2.67 June 7, ’31 127 5 115
iShRussell1000Gwth IWF 295.65 –0.46 22.6
BPCE S.A. BPCEGP 4.625 1.72 July 11, ’24 83 5 n.a. Friday, December 17, 2021 Closing Chg YTD
iShRussell1000 IWB 256.46 –0.81 21.1
ETF Symbol Price (%) (%)
Closing Chg YTD iShRussell1000Val IWD 163.05 –1.24 19.2
High-yield issues with the biggest price increases… ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 114.50 0.12 –3.1 iShRussell2000 IWM 215.14 0.92 9.7
ARKInnovationETF ARKK 97.20 5.80 –21.9 iShSelectDividend DVY 119.06 –1.50 23.8 iShRussell2000Val IWN 159.98 0.19 21.4
Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week CnsmrDiscSelSector XLY 195.29 –0.68 21.5 iShESGAwareUSA ESGU 104.61 –0.92 21.6 iShRussellMid-Cap IWR 80.07 –0.30 16.8
iShEdgeMSCIMinUSA USMV 78.61 –1.09 15.8 iShRussellMCValue IWS 117.82 –0.82 21.5
DimenUSCoreEq2 DFAC 28.00 –0.92 ...
Telecom Italia Capital S.A. TITIM 6.000 5.51 Sept. 30, ’34 104.438 0.72 105.250 EnSelectSectorSPDR XLE 54.37 –2.04 43.5
iShEdgeMSCIUSAMom MTUM 176.46 –1.10 9.4 iShS&P500Growth IVW 81.10 –0.65 27.1
iShEdgeMSCIUSAQual QUAL 141.02 –1.14 21.3 iShS&P500Value IVE 151.87 –1.37 18.6
Liberty Interactive LINTA 8.250 6.90 Feb. 1, ’30 108.255 0.63 107.300 FinSelSectorSPDR XLF 38.59 –2.20 30.9
iShEdgeMSCIUSAVal VLUE 105.52 –0.99 21.4 iShTIPSBondETF TIP 127.90 0.01 0.2
HealthCareSelSect XLV 137.92 –0.70 21.6
Embarq LUMN 7.995 6.68 June 1, ’36 112.030 0.28 112.307 IndSelSectorSPDR XLI 102.44 –1.71 15.7
iShGoldTr IAU 34.16 –0.18 –5.8 iSh1-3YTreasuryBd SHY 85.59 –0.05 –0.9
iShiBoxx$InvGrCpBd LQD 133.01 0.23 –3.7 iSh7-10YTreasuryBd IEF 116.01 0.22 –3.3
Navient NAVI 5.500 2.02 Jan. 25, ’23 103.750 0.25 103.625 InvscQQQI QQQ 384.91 –0.50 22.7 iShiBoxx$HYCpBd HYG 86.37 –0.09 –1.1 iSh20+YTreasuryBd TLT 150.83 1.13 –4.4
InvscS&P500EW RSP 156.96 –1.33 23.1 iShJPMUSDEmgBd EMB 108.48 –0.17 –6.4 iShRussellMCGrowth IWP 111.50 0.70 8.6
Ford Motor Credit F 3.350 1.65 Nov. 1, ’22 101.450 0.22 101.600 iShCoreDivGrowth DGRO 54.04 –1.48 20.6 107.55 –0.02 –2.3 26.59 –2.4
iShMBSETF MBB iShUSTreasuryBdETF GOVT 0.23
CIT CIT 6.125 2.63 March 9, ’28 119.919 0.15 119.000 iShCoreMSCIEAFE IEFA 72.52 –1.27 5.0 iShMSCI ACWI ACWI 102.77 –0.98 13.3 JPM UltShtIncm JPST 50.52 0.04 –0.5
iShCoreMSCIEM IEMG 58.75 –0.61 –5.3 iShMSCI EAFE EFA 76.65 –1.26 5.1 ProShUltPrQQQ TQQQ 150.80 –1.53 65.9
Dish DBS DISH 5.125 6.80 June 1, ’29 90.350 0.10 89.578 iShCoreMSCITotInt IXUS 69.09 –0.99 2.8 70.59 3.3
iShMSCI EAFE SC SCZ –0.86 SPDR Gold GLD 167.80 –0.21 –5.9
iShCoreS&P500 IVV 462.11 –0.99 23.1 iShMSCIEmgMarkets EEM 48.16 –0.50 –6.8 SPDRS&P500Growth SPYG 70.33 –0.72 27.2
…And with the biggest price decreases iShCoreS&P MC IJH 271.35 –0.18 18.1 iShMSCIEAFEValue EFV 49.19 –1.13 4.2 SchwabIntEquity SCHF 37.93 –1.20 5.3
iShCoreS&P SC IJR 109.78 0.25 19.5 iShNatlMuniBd MUB 116.40 0.01 –0.7 SchwabUS BrdMkt SCHB 109.59 –0.73 20.4
American Airlines AAL 3.750 7.13 March 1, ’25 90.500 –1.25 92.010 iShS&PTotlUSStkMkt ITOT 103.77 –0.62 20.4 iSh1-5YIGCorpBd IGSB 53.87 –0.06 –2.4 SchwabUS Div SCHD 78.61 –1.19 22.6
Macy's Retail Holdings M 6.700 5.69 July 15, ’34 109.000 –1.00 n.a. iShCoreTotalUSDBd IUSB 53.06 0.15 –2.8 iShPfd&Incm PFF 38.75 –0.23 0.6 SchwabUS LC SCHX 110.46 –0.84 21.5
SchwabUS LC Grw SCHG 158.84 –0.26 23.7
Navient NAVI 6.750 3.84 June 25, ’25 109.483 –0.83 n.a. SchwabUS SC SCHA 98.80 0.65 11.0
OneMain Finance 7.125 3.65 March 15, ’26 113.530 –0.79 113.438 Schwab US TIPs SCHP 62.30 0.11 0.4
Borrowing Benchmarks | WSJ.com/bonds
OMF
SPDR DJIA Tr DIA 353.63 –1.43 15.6
Ford Motor F 4.750 4.05 Jan. 15, ’43 109.803 –0.70 109.199 SPDR S&PMdCpTr MDY 496.13 –0.20 18.1
–0.63 123.155 SPDR S&P 500 SPY 459.87 –1.06 23.0
Kraft Heinz KHC 5.000 3.41 June 4, ’42 123.308
Tenet Healthcare THC 6.875 5.09 Nov. 15, ’31 113.750 –0.49 114.140 Money Rates December 17, 2021 SPDR S&P Div
TechSelectSector
SDY
XLK
124.96
167.88
–1.51
–0.67
18.0
29.1
5.000 March 15, ’23 –0.44 102.240 VangdInfoTech VGT 442.06 –0.35 24.9
Dish DBS DISH 3.32 102.012
Key annual interest rates paid to borrow or lend money in U.S. and VangdSC Val VBR 172.98 –0.44 21.6
VangdExtMkt VXF 178.25 0.89 8.2
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. international markets. Rates below are a guide to general levels but VangdSC Grwth VBK 273.07 1.43 2.0
Note: Data are for the most active issue of bonds with maturities of two years or more don’t always represent actual transactions. VangdDivApp VIG 167.26 –1.53 18.5
Source: MarketAxess VangdFTSEDevMk VEA 50.39 –1.16 6.7
Week —52-WEEK— VangdFTSE EM VWO 48.96 –0.69 –2.3
Inflation Latest ago High Low VangdFTSE Europe VGK 66.12 –1.46 9.8
Nov. index Chg From (%) VangdFTSEAWxUS VEU 60.61 –1.09 3.9
Dividend Changes level Oct. '21 Nov. '20 Switzerland
Britain
0.00
0.10
0.00
0.10
0.00
0.10
0.00
0.10
VangdGrowth
VangdHlthCr
VUG
VHT
310.79
260.64
–0.31
0.03
22.7
16.5
VangdHiDiv VYM 109.93 –1.59 20.1
Dividend announcements from December 17. U.S. consumer price index Australia 0.10 0.10 0.10 0.10 VangdIntermBd BIV 89.12 0.04 –4.0
All items 277.948 0.49 6.8 VangdIntrCorpBd VCIT 93.79 0.06 –3.4
Amount Payable / Amount Payable / Secondary market VangdLC VV 214.62 –0.83 22.1
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Core 282.754 0.40 4.9
VangdMC VO 247.12 –0.23 19.5
Fannie Mae VangdMC Val VOE 146.22 –1.02 22.9
Increased Foreign International rates 30-year mortgage yields VangdMBS VMBS 52.94 0.06 –2.1
ABM Industries ABM 1.9 .195 /.19 Q Feb07 /Jan06 Accenture Cl A ACN 1.0 .97 Q Feb15 /Jan13 VangdRealEst VNQ 111.74 –0.13 31.6
AFC Gamma AFCG 8.5 .50 /.43 Q Jan14 /Dec31 Banco Bradesco Ord ADR BBDO 4.3 .0026 Feb08 /Jan05 Week 52-Week 30 days 2.518 2.630 2.710 1.879 VangdS&P500ETF VOO 424.39 –1.04 23.5
American Tower REIT AMT 1.9 1.39 /1.31 Q Jan14 /Dec27 Banco Bradesco Pref ADR BBD 4.8 .0028 Feb08 /Jan05 Latest ago High Low 60 days 2.556 2.672 2.754 1.906 VangdST Bond BSV 81.19 0.01 –2.1
Sandstorm Gold SAND 1.1 .0155 Jan28 /Jan18 Notes on data: VangdSTCpBd VCSH 81.50 –0.02 –2.1
Balchem BCPC 0.4 .64 /.58 A Jan21 /Dec28 VangdShtTmInfltn VTIP 52.08 –0.12 1.9
INDUS Realty Trust INDT 0.8 .16 /.15 Q Jan14 /Dec30 TFI International TFII 1.0 .27 Q Jan17 /Dec31 Prime rates U.S. prime rate is the base rate on corporate VangdSC VB 219.03 0.32 12.5
Morgan Stanley Pfd. A MSpA 4.1 .2639 /.25556 Q Jan18 /Dec31 U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest VangdTaxExemptBd VTEB 54.99 –0.02 –0.4
Special U.S. banks, and is effective March 16, 2020.
Urstadt Biddle Properties UBP 4.6 .2145 /.207 Q Jan14 /Jan05 Retail Value RVI ... 3.27 Jan18 /Dec29 Canada 2.45 2.45 2.45 2.45 VangdTotalBd BND 85.37 0.18 –3.2
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 57.40 0.28 –2.0
Urstadt Biddle Prprts A UBA 4.7 .2375 /.23 Q Jan14 /Jan05 Waterstone Fincl WSBF 3.7 .50 Feb01 /Jan10 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. VangdTotIntlStk VXUS 62.87 –1.05 4.5
Complete Money Rates table appears Monday VangdTotalStk VTI 235.44 –0.46 21.0
Initial KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Policy Rates through Friday. VangdTotlWrld VT 105.10 –0.91 13.5
Morgan Stanley Pfd. O MSpO 4.2 .2361 Jan18 /Dec31 S2:1: stock split and ratio; SO: spin-off. Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 144.03 –1.48 21.1

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
BurgerFiIntlWt BFIIW 0.76 0.3 Draganfly DPRO 1.83 -3.1 GabelliGlSMidPfdA GGZpA 25.08 -0.2 LianBio LIAN 7.03 0.5 OnionGlobal OG 2.35 ... SIGNASportsUtdWt SSU.WS 0.67 -18.1 TreviTherap TRVI 0.68 -3.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE BurningRockBio BNR 9.88 -0.9 DriveShack DS 1.39 4.8 GalianoGold GAU 0.61 -11.3 Lightng eMotors ZEV 5.71 3.8 OntrakPfd OTRKP 10.40 1.1 SLR Sr Invt SUNS 13.41 -0.5 TrinityBiotech TRIB 1.40 6.0
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CF Acqn V CFFVU 9.34 -0.8 DuneAcqnWt DUNEW 0.44 -2.5 GaotuTechedu GOTU 1.88 ... Lightspeed LSPD 38.12 1.4 OnyxAcqnIWt ONYXW 0.40 -5.5 SPI Energy SPI 3.61 6.9 Trip.com TCOM 21.53 1.8
in the latest session. % CHG-Daily percentage change from the previous trading session. CF Acqn V A CFV 9.06 -0.2 Duolingo DUOL 94.51 1.6 Genasys GNSS 3.30 4.2 Lilium LILM 6.52 6.0 OpendoorTech OPEN 12.65 7.5 SP Plus SP 25.29 4.4 TripAdvisor TRIP 23.52 6.6
CHP MergerWt CHPMW 0.40 -2.5 DynexCapital DX 16.20 -1.5 GenerationIncm GIPR 5.99 -2.4 LionElectricWt LEV.WS 2.65 -4.7 OpGen OPGN 1.06 -1.8 Samsara IOT 21.80 -3.9 Triterras TRIT 2.68 -1.3
CM Life III A CMLT 8.29 -5.6 E-HomeHousehold EJH 1.53 1.8 GeneticTechs GENE 1.98 1.5 LionElectric LEV 8.82 -0.1 OppFiWt OPFI.WS 0.63 -11.4 SchultzeSpecIIWt SAMAW 0.45 -14.3 TrueCar TRUE 3.14 ...
Friday, December 17, 2021 CM Life III Un CMLTU 8.58 -6.5 EMX Royalty EMX 2.08 -12.1 GigaMedia GIGM 2.21 -0.4 LiveOne LVO 1.43 1.3 OppFi OPFI 4.27 0.2 SciStratWt SSAAW 0.52 -1.7 TScanTherap TCRX 4.54 2.3
52-Wk % 52-Wk % 52-Wk % CNS Pharm CNSP 0.88 -1.2 EQONEX EQOS 2.02 -17.6 GlobalIntPpl SDH 1.83 -6.9 LivePerson LPSN 33.13 5.9 OriginAgritech SEED 6.86 10.9 SeaSpine SPNE 12.08 3.6 TurkcellIletism TKC 3.15 -5.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CompassPath CMPS 21.20 4.2 EzgoTech EZGO 1.71 3.4 GlbXBlockchain&Bit BITS 19.80 -3.5 LongviewII Wt LGV.WS 0.76 2.4 OscarHealth OSCR 7.70 -0.2 Sema4 SMFR 4.52 2.3 23andMe ME 6.85 -0.3
CableOne CABO 1621.19 3.1 EditasMedicine EDIT 26.82 7.4 GoldenNugget GNOG 9.36 6.3 LoyaltyVentures LYLT 26.92 9.1 OsmoticaPharm OSMT 0.98 -7.2 SenmiaoTech AIHS 0.41 0.8 TwistBiosci TWST 73.18 10.8
LegatoMergerIIUn LGTOU 10.11 -0.6 AirspanNetworks MIMO 4.00 -7.6 CadizPfdA CDZIP 18.50 -1.3 EksoBionics EKSO 2.83 4.4 GracellBiotech GRCL 5.82 8.0 LucidDiag LUCD 4.97 -10.1 Ouster OUST 5.51 -6.1 SenstarTech SNT 2.81 0.3 TwoHarbors TWO 5.72 -1.0
Highs LifeStorage
MidAmApt
LSI
MAA
147.51
224.86
0.6
-1.2
Akerna KERN
AlabamaPwrPfdA ALPpQ
1.91 -4.0
25.46 -0.6
CalitheraBiosci CALA
Cantaloupe CTLP
0.66
7.62
-4.1
0.9
ElectraVehicles SOLO
ElevationOnc ELEV
2.39 0.8
4.15 -8.4
GreenPowerMotor GP
GromSocialWt GROMW
10.27 -8.1
0.42 -8.0
LufaxHolding LU
Lulu'sFashion LVLU
5.43 3.0
10.29 -6.0
PointBiopharma PNT
ProceptBio PRCT
4.25 15.9
25.11 -3.9
Sentage
SeritageGrowth SRG
SNTG 1.05 -3.8
12.52 -2.2
TyraBiosciences TYRA
USWellServicesA USWS
11.96 -9.0
1.27 -7.3
APAcqnUn APCA.U 10.10 0.9 Mondelez MDLZ 66.06 -1.1 AlignmentHlthcr ALHC 12.50 -1.1 Carecloud MTBC 5.43 1.8 EllingtonResiMtg EARN 10.11 -2.8 GrowGeneration GRWG 12.52 2.5 LuxHlthTechAcqnWt LUXAW 0.88 -5.3 PROOFAcqnIUn PACI.U 9.97 ... ServiceSource SREV 1.00 2.0 US Xpress USX 4.62 5.5
AbbottLabs ABT 139.27 0.7 Morningstar MORN 337.67 -1.2 AlkamiTech ALKT 17.32 0.4 CarLotzWt LOTZW 0.37 2.9 Eltek ELTK 4.00 -1.4 GuardionHlth GHSI 0.78 -0.4 LyellImmuno LYEL 8.24 -6.8 P3HealthPartners PIII 7.63 -8.9 ShakeShack SHAK 66.26 3.0 Udemy UDMY 16.85 -5.8
AfricanGoldA AGAC 9.82 0.9 NationalGrid NGG 71.40 1.2 AlloVir ALVR 13.35 -2.1 CarLotz LOTZ 2.35 2.4 eMagin EMAN 1.13 7.7 HDFC Bank HDB 62.85 -2.7 Lyft LYFT 36.25 1.6 PacBiosciCA PACB 18.26 9.2 ShiftTech SFT 3.09 -0.3 UiPath PATH 39.30 3.8
AlexandriaRlEst ARE 219.57 -0.6 NatlStorage NSA 66.05 1.1 AlphaHlthIII Wt ALPAW 0.79 -7.0 Carvana CVNA 194.70 9.5 Enact ACT 18.76 -6.4 HailiangEduc HLG 12.00 -9.2 MDH Acqn Wt MDH.WS 0.40 1.6 PainReform PRFX 1.37 4.2 ShotSpotter SSTI 29.52 2.2 US GlobalInv GROW 4.37 -0.9
AmerantBncpA AMTB 36.72 5.5 OxbridgeRe OXBR 6.81 4.0 AlsetEHome AEI 0.54 -4.9 CastleBiosci CSTL 37.99 8.2 Energous WATT 1.27 2.2 HappinessDevt HAPP 0.55 1.7 MEI Pharma MEIP 2.28 7.7 ParTechnology PAR 47.61 0.5 SierraLakeWt SIERW 0.43 0.5 UnityBiotech UBX 1.43 3.9
AmericaMovil AMX 20.24 3.1 PLDT PHI 37.71 4.6 AltamiraTherap CYTO 1.21 1.6 CastorMaritime CTRM 1.49 2.6 EnjoyTechWt ENJYW 0.40 4.7 HashiCorp HCP 79.27 -1.4 MinisoGroup MNSO 9.71 -2.3 Paragon28 FNA 13.74 -5.8 SignifyHealth SGFY 12.67 9.9 UnivLogistics ULH 17.10 0.4
AmericaMovil A AMOV 20.12 2.9 PartnerComms PTNR 7.32 -0.3 Alteryx AYX 58.75 2.6 Celularity CELU 4.60 -4.3 EnsysceBioWt ENSCW 0.20 -4.2 HlthcrSvcsWt HCARW 0.44 -5.9 MOGU MOGU 0.38 1.7 Parsons PSN 30.55 0.6 SilverspacWt SLVRW 0.60 3.0 UpFintech TIGR 4.16 1.6
AmCampus ACC 55.82 0.5 PeoplesFinSvcs PFIS 55.00 7.8 AltimarAcqnIIA ATMR 9.15 -3.6 CelularityWt CELUW 0.70 -4.9 EquityDistrWt EQD.WS 0.72 -7.6 HealthcrTriangle HCTI 1.75 -9.3 Mytheresa MYTE 20.13 -3.3 PartyCity PRTY 5.07 0.6 SingularGenomics OMIC 10.12 -2.5 UplandSoftware UPLD 17.35 4.5
ArgoBlockchainNts ARBKL 25.02 1.0 Procter&Gamble PG 161.72 -2.3 AltimarAcqnII ATMR.U 9.64 -2.5 Cemtrex CETX 0.80 -2.0 EroCopper ERO 13.33 -4.9 Heartbeam BEAT 2.80 -10.9 MagentaTherap MGTA 4.62 1.7 PasitheaTherap KTTA 1.45 -19.1 Skillz SKLZ 7.15 3.2 UroGenPharma URGN 9.36 3.2
ArmadaAcqnIWt AACIW 0.67 10.2 Prologis PLD 165.08 -1.3 AltraIndlMotion AIMC 47.83 0.8 ChemomabTherap CMMB 6.61 -3.5 ErytechPharma ERYP 2.18 -2.2 HeartbeamWt BEATW 0.71 -10.6 MalaccaStraits MLACU 9.80 -2.9 PasitheaTherapWt KTTAW 0.26 -7.3 SmartShareGlbl EM 1.28 4.6 UTime UTME 2.55 -1.9
ArtesianRscs A ARTNA 47.99 10.7 PublicStorage PSA 368.97 -0.3 AmericanWoodmark AMWD 60.24 -2.9 CherryHillMtg CHMI 8.01 -0.7 Escalade ESCA 14.80 -5.9 Helbiz HLBZ 5.86 -2.5 ManchesterUnited MANU 13.81 0.4 PathfinderWt PFDRW 0.55 1.7 SmileDirectClub SDC 2.46 7.5 VIQSolutions VQS 1.90 -4.3
AthenaConsumer ACAQ.U 10.35 -0.1 QuestDiag DGX 173.89 -0.4 AnnalyCap NLY 7.91 -1.6 ChicagoAtlRealEst REFI 15.50 0.9 EsportsEnt GMBL 3.89 0.5 HeliusMedical HSDT 5.12 -4.1 MarkerTherap MRKR 0.99 2.2 Patterson PDCO 27.60 -0.4 Snap SNAP 42.96 1.3 VTEX VTEX 11.18 4.1
AtlanticusNts26 ATLCL 25.55 -0.1 ROCEnergyAcqnUn ROCAU 10.07 0.1 Annexon ANNX 12.23 1.4 ChinaAutoSys CAAS 2.60 -2.2 EvofemBiosci EVFM 0.36 1.8 HippoWt HIPO.WS 0.45 -16.1 MarketWise MKTW 5.59 -3.3 Paysign PAYS 1.37 2.0 SnowLakeResources LITM 5.00 -6.1 Vaccinex VCNX 1.26 -2.9
BlueFoundryBncp BLFY 15.47 1.5 RoivantSciences ROIV 11.49 18.3 AnPacBioMed ANPC 1.10 6.2 ChinaLiberalEduc CLEU 1.40 -4.0 ExecutiveNtwkWt ENPC.WS 0.58 -4.7 Hippo HIPO 2.52 3.4 MatrixService MTRX 6.99 -4.9 PebblebrookPfdH PEBpH 23.99 -0.6 SoYoungIntl SY 3.20 -0.6 Vaxxinity VAXX 5.66 3.6
Bottomline EPAY 56.40 14.7 RoseHillAcqn ROSEU 10.20 0.7 AntelopeEnterprise AEHL 1.51 -1.9 ChinaYuchai CYD 10.83 ... Exicure XCUR 0.24 -3.4 HireRight HRT 13.70 0.6 MauiLand MLP 9.27 -2.0 Pegasystems PEGA 102.64 0.9 SocietyPass SOPA 3.27 -6.0 Velo3D VLD 7.08 -2.5
BowmanConsult BWMN 22.82 10.1 SBA Comm SBAC 381.12 1.5 AppHarvestWt APPHW 0.79 -5.4 Cimpress CMPR 66.91 -3.6 Expensify EXFY 32.85 1.2 Histogen HSTO 0.37 2.3 MedTechAcqnWt MTACW 0.63 -4.8 PennNational PENN 43.36 8.0 Soligenix SNGX 0.68 4.1 VentyxBiosciences VTYX 14.06 -2.8
BrookfldBRP4.875Nt BEPI 25.48 0.3 SS&C Tech SSNC 81.05 0.1 Appian APPN 62.91 3.6 Cingulate CING 2.53 -5.8 EzFill EZFL 1.74 -10.9 HollysysAuto HOLI 11.05 2.0 Medtronic MDT 100.26 -1.5 PepperLimeHlth PEPLU 9.87 0.5 Sonendo SONX 7.23 -8.6 Vericity VERY 6.61 1.8
CarriageSvcs CSV 60.11 1.9 SchultzeSpacII SAMAU 10.30 1.3 AppliedTherap APLT 8.76 9.2 CipherMining CIFR 4.52 -7.6 Figs FIGS 22.04 9.5 HomologyMed FIXX 3.75 9.4 MeiwuTechnology WNW 2.28 3.7 PepperLimeA PEPL 9.65 -1.2 SonimTech SONM 0.96 -1.6 Vertex VERX 16.04 2.6
CatalystBncp CLST 14.09 0.4 Servotronics SVT 13.50 5.3 Aptargroup ATR 115.67 -2.4 CircorIntl CIR 24.85 -2.7 FSDPharma HUGE 1.05 -4.5 Honest HNST 7.21 ... MelcoResorts MLCO 8.87 1.1 PerceptionCapII PCCTU 10.03 0.4 SonnetBio SONN 0.43 -7.4 ViacomCBS B VIAC 28.52 -0.7
Cerner CERN 92.34 12.9 SimpsonMfg SSD 133.06 1.0 ArborRaphaI ARCKU 10.00 ... ClearSecure YOU 24.02 8.4 FTACEmeraldAcqn EMLDU 9.95 -0.1 HookerFurnishings HOFT 22.46 -2.3 MetalsAcqnWt MTAL.WS 0.58 -7.9 PerpetuaRscs PPTA 4.07 -7.0 Sono SEV 11.18 -3.2 ViomiTech VIOT 2.16 5.8
Church&Dwight CHD 102.27 -3.4 SmartFinancial SMBK 28.03 3.4 ArdaghMetalPkg AMBP 8.60 -2.9 CleverLeavesWt CLVRW 0.43 -4.5 FangHoldings SFUN 3.71 -3.9 Huazhu HTHT 32.99 5.4 Minim MINM 1.15 -0.8 Phreesia PHR 38.91 10.9 SouthwestAir LUV 39.08 0.3 Vipshop VIPS 8.23 -2.0
CiscoSystems CSCO 60.80 0.2 SouthPlainsFin SPFI 28.02 5.1 ArgoBlockchain ARBK 11.60 4.7 CognitionTherap CGTX 5.25 -9.5 Fanhua FANH 8.43 -5.5 Humacyte HUMA 8.32 ... MiNK Therap INKT 3.70 -2.7 PioneerMergerWt PACXW 0.61 5.5 SpireGlobal SPIR 3.34 1.7 VirginGalactic SPCE 13.52 1.1
CleanTechWt CLAQW 0.65 5.4 Southern SO 68.21 -1.1 ArgusCapitalWt ARGUW 0.50 -5.5 CognyteSoftware CGNT 17.85 -5.1 FaradayFutureWt FFIEW 0.84 14.9 Hyliion HYLN 5.57 4.1 MiromatrixMed MIRO 5.03 -11.5 Playstudios MYPS 3.65 1.6 Splunk SPLK 105.45 2.2 VisionMarineTech VMAR 5.08 -5.8
CleanTechRt CLAQR 0.33 21.4 SpreeAcqnCorp.1Un SHAP.U 10.00 0.2 ArisWater ARIS 10.33 -7.7 Cohbar CWBR 0.38 -0.3 Farfetch FTCH 28.40 4.1 InsuAcqnIII Wt IIIIW 0.63 ... MobiquityTechs MOBQ 2.50 1.8 PlaystudiosWt MYPSW 0.50 -3.7 Squarespace SQSP 26.85 -1.1 VitaCoco COCO 8.45 -1.3
CoastalFinl CCB 49.57 11.8 Stran STRN 6.99 8.5 ArmourRes ARR 9.48 -1.3 ColumbiaBanking COLB 30.55 -4.2 FinanceofAm FOA 3.85 -3.7 ITTechPkg ITP 0.24 -1.9 Mogo MOGO 3.06 -1.5 PluristemTherap PSTI 1.97 1.5 Staffing360 STAF 0.89 -1.6 VividSeats SEAT 9.38 -1.2
Coca-Cola KO 58.92 -1.6 StranWt STRNW 1.65 20.3 ArmstrongFlooring AFI 1.70 -0.6 CompassDigitalWt CDAQW 0.71 -7.8 FinchTherap FNCH 8.82 -8.1 IXAcqnWt IXAQW 0.38 -6.4 MolecularTemp MTEM 3.44 3.4 PolarPower POLA 3.71 0.5 Steelcase SCS 10.72 -3.5 Vroom VRM 10.12 7.6
CognizantTech CTSH 85.94 0.2 TandemDiabetes TNDM 147.09 0.7 AthenaCnsmrWt ACAQ.WS 0.49 -1.0 ConcordMed CCM 1.94 -0.7 FinServ II Wt FSRXW 0.65 -1.9 Imara IMRA 2.14 1.8 MomentusWt MNTSW 0.55 5.1 PopulationHlthWt PHICW 0.60 -4.6 SterlingCheck STER 18.78 -2.0 VyantBio VYNT 1.55 4.5
CondorHospitality CDOR 7.95 0.1 ThriveAcqn THACU 10.20 0.2 ATRenew RERE 5.32 -9.7 ContextTherap CNTX 2.91 -8.3 FirstWatchRest FWRG 15.55 -1.7 iMediaBrandsNts IMBIL 23.01 -2.9 Momentus MNTS 4.45 1.0 PoseidaTherap PSTX 6.15 8.2 StrongholdDig SDIG 12.51 -16.2 WaveLifeSci WVE 3.11 -2.2
DLH Holdings DLHC 17.10 6.4 VerticalAerospace EVTL 13.43 19.4 AudioEye AEYE 6.90 -4.1 ContextLogic WISH 2.94 3.9 FirstMarkHorizonWt FMAC.WS 0.85 34.2 ImmixBiopharma IMMX 3.50 9.0 MontereyBioAcqnWt MTRYW 0.40 0.5 PostHldgsPartneringWt PSPC.WS 0.81 -4.7 StudioCity MSC 5.23 -6.6 Waitr WTRH 0.80 -1.4
DigitalRealty DLR 174.64 -0.3 Watsco B WSOB 311.36 0.6 Autohome ATHM 27.68 -0.2 ContraFect CFRX 2.45 -3.5 FiveStarSrLiving FVE 2.88 -0.3 Infr&EnerAltern IEA 8.57 -0.2 MotorsportGames MSGM 4.46 -5.1 PowerFleet PWFL 4.97 -2.1 SuburbanPropane SPH 13.91 -0.7 Wayfair W 183.74 6.5
DoverMotorsports DVD 3.62 0.3 WaysideTech WSTG 36.25 -3.2 AveannaHealth AVAH 5.89 6.2 CoreLabs CLB 21.08 0.5 FiverrIntl FVRR 108.19 4.1 InnovidWt CTV.WS 0.70 -12.7 MullenAuto MULN 4.92 8.7 PresidioPropPfdD SQFTP 22.30 -2.4 SummitWireless WISA 1.34 -9.4 Weibo WB 27.30 1.0
EsgenAcqnA ESAC 9.89 0.4 Zoetis ZTS 236.40 0.6 AytuBioPharma AYTU 1.48 3.9 Couchbase BASE 21.01 0.6 Flexsteel FLXS 23.96 -0.3 Innovid CTV 6.50 -1.6 MuscleMaker GRIL 0.87 -2.0 Proterra PTRA 8.46 -1.2 SunCountryAir SNCY 23.97 1.8 WesternAssetMort WMC 2.05 -1.9
EdwardsLife EW 123.56 2.1 BarkWt BARK.WS 0.51 3.2 CoupaSoftware COUP 146.43 4.1 Flowserve FLS 28.88 -3.6 InspireMD NSPR 3.11 5.5 NIO NIO 28.02 -0.2 PyrogenesisCda PYR 2.28 3.3 SunlightFinWt SUNL.WS 0.40 -9.6 WestwaterRscs WWR 2.31 1.7
8iAcqn2Wt
EnterpriseBncp EBTC
LAXXW 0.60
44.72
1.3
13.3
Lows Bark
Bally's
BARK
BALY
4.00 -4.7
32.61 3.9
Coursera COUR 23.06
CrackerBarrel CBRL 118.22
0.7
0.2
Fluidigm
FluxPower
FLDM
FLUX
3.67 1.1
4.33 ...
Intapp
Intevac
INTA
IVAC
20.50 5.3
3.93 -1.2
NanoDimension NNDM
NatlEnerSvs NESR
3.84 5.1
9.13 -2.6
PyxisOncology PYXS
QIWI QIWI
7.90 1.3
7.42 -3.7
SunRun
Sunworks
RUN
SUNW
32.03 3.1
3.05 9.3
WheelerREIT WHLR
WheelerREITPfdB WHLRP
1.74 ...
5.85 -2.4
EnvlImpactWt ENVIW 1.34 2.4 AFC Gamma AFCG 18.91 -5.3 BeamGlobal BEEM 19.66 4.7 CrescentEnergy CRGY 13.03 -3.6 Fonar FONR 14.61 -1.4 InvescoMtg IVR 2.80 -3.4 NeoGames NGMS 24.53 1.0 Qudian QD 0.81 -0.5 SyrosPharm SYRS 3.30 4.8 WheelerREITPfdD WHLRD 13.16 -2.1
EssentialUtil WTRG 52.01 1.1 AGBAAcqnRt AGBAR 0.20 -3.6 BetterWorldWt BWACW 0.51 -1.3 CuentasWt CUENW 0.27 27.5 ForgeRock FORG 20.55 17.8 iPower IPW 2.28 -2.9 NerdWallet NRDS 13.88 3.6 Qumu QUMU 1.85 -1.1 TDCX TDCX 15.25 5.7 WiMiHologram WIMI 2.88 1.9
EvansBancorp EVBN 42.27 5.9 AGM AGMH 4.25 -0.7 Betterware BWMX 19.03 0.6 CullinanOncology CGEM 14.41 2.0 ForumMergerIV Wt FMIVW 0.83 ... IronNet IRNT 4.29 -7.3 NerdyA NRDY 4.85 -3.3 QuoinPharm QNRX 2.05 -10.8 TOP Ships TOPS 0.88 1.4 Winc WBEV 4.81 -11.7
ExtraSpaceSt EXR 217.73 0.3 AGNC Invt AGNC 14.94 -0.9 BigCommerce BIGC 34.71 -0.2 CuriosityStream CURI 5.91 1.3 ForwardIndustries FORD 1.52 -8.0 IsoPlexis ISO 5.13 -14.8 NeuBaseTherap NBSE 2.52 7.7 QurateRetailA QRTEA 7.41 1.1 TPGPaceBenWt TPGY.WS 0.95 -4.9 WISeKey WKEY 4.20 -0.7
FNCB Bancorp FNCB 9.20 0.9 ALSPOrchidAcqnIUn ALORU 10.01 0.6 Bilibili BILI 47.39 -0.3 CuriosityStrmWt CURIW 1.25 13.6 FosterLB FSTR 12.87 -0.3 JohnsonOutdoors JOUT 95.62 -0.7 NeuroSense NRSN 3.06 -6.3 Qutoutiao QTT 2.88 -11.4 TPGPaceBenA TPGY 9.93 -0.3 WolverineWwide WWW 27.89 -0.8
FactSet FDS 476.77 0.4 AveoPharma AVEO 4.94 -3.8 BioAtla BCAB 18.83 1.8 CynergisTek CTEK 1.19 2.4 4D Molecular FDMT 18.57 0.9 KVH Inds KVHI 8.71 1.1 NewYorkCityReit NYC 5.93 -7.1 RainTherap RAIN 11.04 -9.8 Talkspace TALK 1.78 2.2 WorksportWt WKSPW 0.85 -4.2
FarmersBancp FMAO 32.00 0.2 Ayro AYRO 1.67 -0.6 BiomeaFusion BMEA 7.03 -5.5 Cyngn CYN 4.80 -3.4 FrankBSPRealty FBRT 14.90 -2.2 Kaltura KLTR 3.63 2.3 Nikola NKLA 8.86 7.1 RealReal REAL 9.75 2.5 Tantech TANH 0.41 -6.8 XL Fleet XL 3.58 1.6
FederatedHermes FHI 38.18 3.0 AbeonaTherap ABEO 0.27 -40.0 BiomX PHGE 1.52 -3.8 CytekBiosci CTKB 16.22 1.4 FranklinWireless FKWL 3.39 9.4 KernelWt KRNLW 0.40 -2.0 NiSunIntlEntDevt NISN 3.02 -4.6 RedRobin RRGB 14.36 4.1 Taoping TAOP 2.12 ... XinyuanRealEst XIN 0.75 -5.3
FirstIndRlty FR 65.13 -1.2 Absci ABSI 9.00 1.4 Bionomics BNOX 12.35 -11.7 DiceTherap DICE 21.54 -1.0 FreelineTherap FRLN 1.91 2.9 KimballIntl B KBAL 10.07 -1.3 NiuTech NIU 14.93 -3.8 Redbox RDBX 8.54 -7.8 TargetGlobal I TGAAU 9.93 -0.2 Xometry XMTR 40.38 2.2
FirstNWBncp FNWB 19.45 3.0 Accolade ACCD 21.76 12.2 BioVie BIVI 4.58 0.8 D-MarketElec HEPS 1.91 -0.5 FreshVineWine VINE 5.30 -19.9 KingsoftCloud KC 13.70 5.1 nLIGHT LASR 23.43 -1.8 Reed's REED 0.35 -0.5 TaroPharm TARO 47.78 1.1 Xos XOS 2.72 -3.1
FirstRepubBkPfdN FRCpN 25.45 ... AccretionAcqn ENER 9.69 -0.7 BlackMountainWt BMAC.WS 0.43 -0.7 DadaNexus DADA 12.73 2.6 Freshpet FRPT 83.15 -3.2 Kingstone KINS 4.61 -0.6 NoahHoldings NOAH 28.58 0.3 RemitlyGlobal RELY 17.10 4.6 TempestTherap TPST 6.65 -2.9 XosWt XOSWW 0.36 -12.3
FlowersFoods FLO 27.72 -0.6 AceGlblBusWt ACBAW 0.27 -8.6 BlackLine BL 95.16 4.6 DanimerScientific DNMR 8.20 5.2 Frontier ULCC 12.62 6.9 KiromicBiopharma KRBP 1.58 -3.6 NuHoldings NU 9.14 -2.0 RenttheRunway RENT 8.06 -2.8 TernsPharm TERN 5.53 6.5 Xunlei XNET 1.84 7.4
Fortis FTS 47.29 -0.3 AcuityAdsHoldings ATY 2.93 1.6 BlackSkyTech BKSY 5.31 -18.8 DaqoNewEnergy DQ 38.66 -0.2 FuelTech FTEK 1.38 4.9 Lensar LNSR 5.91 0.3 Nuvasive NUVA 46.73 2.6 Replimune REPL 24.85 3.2 TheseusPharm THRX 8.68 -8.1 Y-mAbsTherap YMAB 14.95 4.1
GeneralMills GIS 69.68 -1.8 AcumenPharm ABOS 6.20 -0.9 BlackSkyTechWt BKSY.WS 0.77 -18.4 DecibelTherap DBTX 4.52 -5.6 FusionFuelGreenWt HTOOW 2.00 -12.2 LMP Auto LMPX 7.16 1.8 OceanPal OP 2.06 -2.3 RevelstoneCapAcqn RCACU 9.86 -1.1 ThirdCoastBcshs TCBX 24.51 -4.7 YunhongCTI CTIB 1.19 1.6
GenesisGrowth GGAAU 10.10 -0.1 AdtalemGlbEduc ATGE 27.48 -0.1 BlendLabs BLND 6.73 4.5 DefinitiveHlthcr DH 24.66 2.7 FusionFuelGreen HTOO 8.32 -7.2 LSI Inds LYTS 6.65 -2.7 OdonateTherap ODT 1.39 4.2 RevivaPharm RVPH 2.85 -13.5 ThorneHealthtech THRN 5.64 -6.3 Yunji YJ 0.58 3.3
GladstoneComm GOOD 24.39 1.3 AdvMergerPtrsWt AMPI.WS 0.77 -4.4 Block SQ 158.38 0.7 DesktopMetal DM 4.95 3.3 Futu FUTU 34.11 4.7 LandosBio LABP 4.54 2.1 OilDriAmerica ODC 29.64 -0.1 RingCentral RNG 172.17 4.2 ThredUp TDUP 12.46 1.9 ZaniteAcqnWt ZNTEW 0.61 2.0
GladstoneLand LAND 31.55 0.5 AeriePharm AERI 7.60 -1.5 BlonderTongueLab BDR 0.51 -2.1 DiamondHeadWt DHHCW 0.56 -2.3 GAN GAN 8.22 2.9 Lands'End LE 17.40 5.6 OilStatesIntl OIS 4.46 -0.8 Riskified RSKD 7.06 2.8 ThriveAcqnWt THACW 0.39 ... ZeppHealth ZEPP 4.26 2.4
GlobalinkInvt GLLIU 10.23 0.1 AeroCleanTech AERC 8.22 -1.2 Boeing BA 187.88 1.0 Dingdong DDL 12.30 -0.1 G&P Acqn Wt GAPA.WS 0.45 -6.6 LandseaHomesWt LSEAW 0.14 -13.5 Ollie'sBargain OLLI 46.58 2.6 Rivian RIVN 92.62 -10.3 Tilray TLRY 7.40 1.3 ZeviaPBC ZVIA 7.02 2.7
GoGreenInvtsA GOGN 9.94 0.2 AerovateTherap AVTE 8.83 1.6 Boxlight BOXL 1.16 10.0 DiscoveryB DISCB 29.72 -4.6 GBS GBS 1.26 -23.2 LandseaHomes LSEA 7.09 0.3 Olo OLO 20.69 0.3 Robinhood HOOD 17.08 5.3 TizianaLife TLSA 0.94 -10.4 Zhihu ZH 5.34 -2.1
ImmixBiopharma IMMX 6.31 9.0 AgEagleAerial UAVS 1.71 5.2 BrickellBiotech BBI 0.23 -17.3 Diversey DSEY 12.38 -6.6 GRAVITY GRVY 64.14 -1.0 Largo LGO 7.99 1.1 OncologyInstWt TOIIW 0.64 -5.7 RocketPharm RCKT 20.92 4.6 Toast TOST 30.69 6.2 Zovio ZVO 1.22 -2.3
InvestcorpEurAcqnI IVCBU 10.08 0.1 AgeX Therap AGE 0.56 -0.2 Broadwind BWEN 1.93 2.5 Domo DOMO 44.54 4.7 GSI Tech GSIT 4.61 ... Leggett&Platt LEG 38.03 -8.0 OncolyticsBio ONCY 1.45 -0.7 RoseHillAcqn ROSE 9.78 -0.2 Torrid CURV 9.52 -4.1 Zymergen ZY 6.63 0.3
IronMountain IRM 51.78 1.1 AgileTherap AGRX 0.52 -8.8 BrookfieldBRP Nts BEPH 23.70 -0.6 DoubleDown DDI 14.70 -1.7 GabelliDivPfdH GDVpH 26.42 -1.0 Leidos LDOS 86.63 -2.6 OncoSecMedical ONCS 1.05 -5.8 RxSight RXST 9.38 5.1 Traeger COOK 11.39 4.7 Zymeworks ZYME 14.90 5.5
Jabil JBL 66.55 1.8 Agora API 15.53 7.2 BrookfieldNts2081 BIPH 24.37 -0.7 DraftKings DKNG 25.80 6.3 GabelliEqPfdJ GABpJ 25.07 -0.5 LexinFintech LX 3.57 -0.5 1-800-FLOWERS FLWS 21.28 -0.7 SIGNASportsUnited SSU 7.85 -1.3 TreaceMed TMCI 15.21 1.8 Zynex ZYXI 9.30 -0.5
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, December 18 - 19, 2021 | B13

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -5.82 123.12 67.71 FirstSolar FSLR ... 22 93.16 1.96 1.91 22.25 16.90 ManulifeFin MFC 4.9 7 18.16 -0.27 -14.27 202.60 133.20 Seagen SGEN ... dd 150.15 1.48
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 30.94 40.62 29.20 FirstEnergy FE 3.9 21 40.08 -0.23 127.14 17.59 6.27 MarathonOil MRO 1.2 dd 15.15 -0.21 41.14 66.68 41.78 SealedAir SEE 1.2 22 64.63 -1.31
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -8.97 127.34 92.06 Fiserv FISV ... 54 103.65 -1.17 50.99 68.78 38.30 MarathonPetrol MPC 3.7 35 62.45 -0.32 -0.42 144.93 114.66 Sempra SRE 3.5 35 126.87 -1.72
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 4.24 237.86 153.34 FiveBelow FIVE ... 39 182.40 -0.29 47.38 63.55 25.32 MaravaiLifeSci MRVI ... 32 41.34 1.25 8.44 64.80 49.14 SensataTechs ST ... 24 57.19 -1.13
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -21.71 211.68 122.33 Five9 FIVN ... dd 136.54 6.66 18.09 1343.56 942.44 Markel MKL ... 7 1220.25 -10.11 ... 78.53 39.94 SentinelOne S ... dd 47.97 0.60
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -21.47 295.36 200.78 FleetCorTech FLT ... 22 214.26 -2.13 -28.07 601.41 341.50 MarketAxess MKTX 0.6 56 410.42 2.04 38.23 70.03 45.63 ServiceCorp SCI 1.4 15 67.87 -0.53
30.89 145.89 81.20 Floor&Decor FND ... 45 121.53 -0.09 ... 37.90 15.11 Marqeta MQ ... dd 16.88 1.12 11.85 707.60 448.27 ServiceNow NOW ...565 615.63 6.65
0.73 89.59 67.74 FomentoEconMex FMX 1.8 59 76.32 2.40 13.85 171.68 115.50 Marriott MAR 0.0106 150.19 -0.57 65.38 30.41 17.06 ShawComm B SJR 3.1 19 29.04 -0.13
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 124.91 21.49 8.43 FordMotor F 2.0 27 19.77 -0.58 43.85 174.90 106.95 Marsh&McLen MMC 1.3 32 168.30 -1.70 38.97 349.72 218.06 SherwinWilliams SHW 0.6 47 340.44 -7.81
s-New 52-week high. standards vj-In bankruptcy or receivership or 124.76 355.35 136.42 Fortinet FTNT ...100 333.83 10.91 53.66 442.96 267.06 MartinMarietta MLM 0.6 37 436.35 -4.02 7.22 39.17 27.51 ShinhanFin SHG 4.6 5 31.91 0.37
t-New 52-week low. lf-Late filing being reorganized under the s 14.99 47.29 38.49 Fortis FTS 3.6 23 46.94 -0.15 76.76 93.85 37.92 MarvellTech MRVL 0.3 dd 84.03 0.44 16.91 1762.92 1005.14 Shopify SHOP ... 49 1323.40 -3.48
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 2.92 79.87 64.58 Fortive FTV 0.4 16 72.89 -2.45 21.01 69.67 51.97 Masco MAS 1.4 36 66.47 -2.28 124.31 342.03 129.29 SignatureBank SBNY 0.7 22 303.47 -0.79
four quarters. requirements. assumed by such companies. 17.52 114.00 80.40 FortBrandsHome FBHS 1.1 19 100.74 -4.15 4.36 305.21 205.10 Masimo MASI ... 70 280.08 6.30 76.75 171.12 82.02 SimonProperty SPG 4.4 27 150.73 -0.93
FD-First day of trading. t-NYSE bankruptcy 26.92 44.80 27.12 FoxA FOXA 1.3 12 36.96 -0.05 -2.14 401.50 306.00 Mastercard MA 0.6 43 349.31 -3.61 0.16 8.14 5.75 SiriusXM SIRI 1.4 80 6.38 0.04
18.49 42.14 26.89 FoxB FOX 1.4 12 34.22 -0.10 -16.23 182.00 118.51 MatchGroup MTCH ... 65 126.65 2.21 38.61 260.00 147.59 SiteOneLandscape SITE ... 45 219.88 -6.63
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 6.58 163.79 105.62 Franco-Nevada FNV 0.9 37 133.58 0.42 54.10 32.83 15.82 McAfee MCFE 1.7 dd 25.72 -0.05 -0.77 204.00 142.00 Skyworks SWKS 1.5 17 151.70 5.31
32.93 38.27 23.96 FranklinRscs BEN 3.5 9 33.22 -0.94 -1.55 98.80 77.85 McCormick MKC 1.6 33 94.12 -0.54 5.18 85.65 51.11 Smartsheet SMAR ... dd 72.88 1.68
Friday, December 17, 2021 YTD 52-Week Yld Net 46.04 46.10 23.96 FreeportMcM FCX 0.8 14 38.00 -0.28 -1.68 100.46 77.05 McCormickVtg MKC.V 1.6 33 93.96 -0.59 47.59 84.78 52.08 SmithAO AOS 1.4 28 80.91 -2.87
% Chg Hi Lo Stock Sym % PE Last Chg -26.59 43.33 29.71 FreseniusMed FMS 3.5 16 30.51 0.06 21.96 266.89 202.73 McDonalds MCD 2.1 27 261.70 -3.85 -22.58 46.10 31.55 Smith&Nephew SNN 2.2 26 32.65 0.29
YTD 52-Week Yld Net ... 22.80 7.95 FullTruck YMM ... dd 10.01 -0.13 34.02 236.82 169.09 McKesson MCK 0.8 dd 233.09 0.64 18.00 140.65 110.53 Smucker SJM 2.9 20 136.41 -2.50
4.34 83.07 64.37 CanPacRlwy CP 0.8 20 72.35 -1.51 2.20 22.82 19.39 MedicalProp MPW 5.0 23 22.27 0.16 t -9.55 83.34 42.96 Snap SNAP ... dd 45.29 0.59
% Chg Hi Lo Stock Sym % PE Last Chg 29.01 25.94 18.17 Canon CAJ 2.6 14 25.04 0.12 GHI t -14.09 135.89 100.26 Medtronic MDT 2.5 29 100.63 -1.58 22.33 259.99 165.56 SnapOn SNA 2.7 14 209.35 -7.53
ABC 45.76 177.95 91.05 CapitalOne
46.36 69.26 40.06 Capri
COF 1.7 5 144.08
CPRI ... 23 61.47
-3.94
0.21 21.28 43.71 26.50 GFLEnvironmental GFL 0.1 dd 35.39 -0.22
-29.11 2020.00 1018.73 MercadoLibre MELI
-2.95 91.40 68.38 Merck MRK
...746 1187.55 9.52
3.6 27 75.69 -0.22
18.10 405.00 184.71 Snowflake
14.72 71.50 40.53 SOQUIMICH
SNOW
SQM
... dd 332.33
0.7 63 55.91
7.35
-0.49
31.47 38.03 26.81 ABB ABB 1.8 41 36.76 -0.63 -7.30 62.96 45.85 CardinalHealth CAH 3.9 13 49.65 0.21 ... 105.92 48.38 GXO Logistics GXO ... 79 86.39 1.39 22.20 384.33 244.61 MetaPlatforms FB ... 24 333.79 -1.11 17.77 28.26 10.99 SoFiTech SOFI ... dd 14.65 0.38
47.45 76.05 46.61 AECOM 51.06 246.23 143.52 Carlisle CSL 0.9 34 235.93 -8.85 32.89 171.18 112.92 Gallagher AJG 1.2 36 164.40 -1.65 28.33 67.68 44.62 MetLife MET 3.2 10 60.25 -1.14 -9.49 389.71 199.33 SolarEdgeTech SEDG ...109 288.85 1.82
ACM 0.0 63 73.40 -0.79 726.11 483.00 15.18 GameStop GME 0.0 dd 155.64 11.05
2.51 29.07 22.02 AES AES 2.6 31 24.09 0.03 65.39 60.62 30.11 Carlyle CG 1.9 7 52.00 0.41 38.58 1626.62 1033.40 MettlerToledo MTD ... 50 1579.34 13.49 19.81 126.00 91.75 Sony SONY 0.3 18 121.13 -1.08
27.82 58.52 42.73 Aflac AFL 2.8 9 56.84 -1.06 45.61 155.98 90.30 CarMax KMX ... 20 137.54 0.14 8.80 51.46 39.08 Gaming&Leisure GLPI 5.8 18 46.13 0.53 22.16 89.04 64.53 MicrochipTech MCHP 1.1 74 84.36 -0.17 s 8.81 68.21 56.69 Southern SO 3.9 24 66.84 -0.71
9.02 158.62 99.79 AGCO -15.60 31.52 16.32 Carnival CCL 0.0 dd 18.28 0.71 10.50 178.81 113.59 Garmin GRMN 2.0 23 132.23 -2.06 10.40 96.96 65.67 MicronTech MU 0.5 16 83.00 0.31 -10.35 83.29 54.92 SoCopper SCCO 5.5 14 58.38 0.02
AGCO 0.7 11 112.39 -2.74 99.81 369.00 149.74 Gartner
1273.58 72.62 1.91 AMC Ent AMC 0.0 dd 29.12 4.67 -10.83 27.31 15.16 Carnival CUK 0.0 dd 16.71 0.63 IT ... 40 320.07 -6.53 45.58 349.67 211.94 Microsoft MSFT 0.8 36 323.80 -1.10 t -14.91 64.75 39.08 SouthwestAir LUV 0.0 dd 39.66 0.13
9.09 413.89 292.79 Ansys 38.55 58.89 34.21 CarrierGlobal CARR 1.1 21 52.26 -1.61 57.17 524.31 214.41 Generac GNRC ... 43 357.43 7.39 s 73.76 224.86 122.15 MidAmApt MAA 2.0 59 220.14 -2.75 t -34.46 185.73 105.45 Splunk SPLK ... dd 111.34 2.43
ANSS ... 75 396.86 -1.28 35.87 210.21 144.50 GeneralDynamics GD 2.4 17 202.20
71.81 31.14 13.96 APA APA 2.1 16 24.38 -0.41 t -6.66 376.83 194.69 Carvana CVNA ... dd 223.59 19.47 -3.98 46.07 196.49 123.93 Middleby MIDD ... 24 188.31 -1.83 -25.23 387.44 201.68 Spotify SPOT ... dd 235.28 8.73
25.00 9.62 5.48 ASETech ASX 3.0 11 7.30 0.06 20.47 142.64 97.86 Catalent CTLT ... 40 125.37 -1.60 5.84 116.17 82.88 GeneralElec GE 0.3 21 91.45 -1.08 26.64 6.30 4.31 MitsubishiUFJ MUFG 3.4 7 5.61 -0.08 2.88 225.00 167.66 StanleyBlackDck SWK 1.7 16 183.70 -7.74
53.75 895.93 459.48 ASML ASML 0.4 48 749.87 -5.13 10.63 246.69 175.11 Caterpillar CAT 2.2 22 201.37 -4.80 s 15.05 69.68 53.96 GeneralMills GIS 3.0 18 67.65 -1.21 2.35 3.21 2.33 MizuhoFin MFG 4.1 6 2.61 -0.01 1.54 126.32 95.92 Starbucks SBUX 1.8 31 108.63 -4.96
-17.32 33.88 22.02 AT&T 22.54 174.04 115.42 Celanese CE 1.7 6 159.23 -3.85 32.47 65.18 40.04 GeneralMotors GM 0.0 7 55.16 -3.23 182.19 497.49 102.66 Moderna MRNA ... 18 294.80 12.78 26.17 100.69 68.80 StateStreet STT 2.5 14 91.83 -0.86
T 8.7196 23.78 0.07 -6.69 49.07 30.10 Genmab
s 25.23 139.27 105.36 AbbottLabs ABT 1.3 34 137.11 1.02 25.34 9.09 4.96 Cemex CX 0.0 15 6.48 0.19 GMAB ... 54 37.94 0.46 21.06 231.80 134.09 MohawkInds MHK ... 11 170.64 -2.81 69.08 74.37 33.77 SteelDynamics STLD 1.7 6 62.34 -0.06
20.89 133.28 101.55 AbbVie ABBV 4.4 31 129.53 -2.25 86.75 13.48 5.47 CenovusEnergy CVE 1.0 39 11.28 -0.51 22.53 52.75 38.28 Genpact G 0.8 26 50.68 0.08 42.43 316.04 196.08 MolinaHealthcare MOH ... 30 302.92 -3.95 7.28 21.99 14.02 Stellantis STLA 0.0 dd 18.29 -0.66
-2.67 387.40 261.27 Abiomed 38.30 84.75 57.16 Centene CNC ... 67 83.02 0.02 32.68 139.11 93.62 GenuineParts GPC 2.4 24 133.25 -2.76 -1.00 61.48 42.46 MolsonCoorsB TAP 3.0 dd 44.74 -0.26 22.69 237.35 170.36 Steris STE 0.7 83 232.54 1.64
ABMD ... 97 315.55 5.55 8.35 7.27 4.16 Gerdau GGB 0.5 4 5.06 -0.14
51.69 413.65 241.73 Accenture ACN 1.0 43 396.24 -4.36 24.68 28.36 19.31 CenterPointEner CNP 2.5 18 26.98 -1.00 -13.08 68.75 45.29 MolsonCoorsA TAP.A 2.5 dd 54.50 -0.50 26.05 52.15 33.30 STMicroelec STM 0.4 24 46.79 0.10
-33.91 104.53 56.40 ActivisionBliz ATVI 0.8 18 61.36 -0.13 -16.31 9.61 4.69 CentraisElBras EBR 11.9 8 5.85 ... 23.94 73.34 56.56 GileadSciences GILD 3.9 12 72.21 -0.10 ... 450.00 155.01 monday.com MNDY ... dd 292.09 14.06 2.52 281.16 220.90 Stryker SYK 1.1 51 251.22 -0.24
11.30 699.54 420.78 Adobe -4.42 130.37 78.20 CeridianHCM CDAY ... dd 101.85 1.58 ... 15.86 7.91 GinkgoBioworks DNA ... dd 11.17 0.69 s 11.10 66.06 52.91 Mondelez MDLZ 2.2 21 64.96 -0.73 10.86 7.95 5.95 SumitomoMits SMFG 4.3 7 6.84 -0.07
ADBE ... 46 556.64 -9.45 ... 137.00 70.00 GitLab
47.81 243.05 143.15 AdvanceAuto AAP 1.7 24 232.82 -6.34 s 14.39 92.34 67.96 Cerner CERN 1.2 52 89.77 10.28 GTLB ... dd 85.69 8.58 38.66 590.00 238.01 MongoDB MDB ... dd 497.85 16.83 30.36 209.98 137.43 SunComms SUI 1.7 60 198.08 0.10
53.31 138.02 77.71 AdvDrainageSys WMS 0.3 49 128.14 -2.78 45.26 460.21 240.16 CharlesRiverLabs CRL ... 47 362.95 2.07 17.12 43.89 33.53 GSK GSK 4.6 18 43.10 -0.72 31.88 580.00 301.51 MonolithicPower MPWR 0.5109 482.99 7.49 20.60 57.93 42.50 SunLifeFinancial SLF 3.2 11 53.62 -0.83
50.20 164.46 72.50 AdvMicroDevices AMD ... 43 137.75 -0.89 -1.75 825.62 585.45 CharterComms CHTR ... 30 650.00 18.42 -40.55 220.81 116.75 GlobalPayments GPN 0.8 40 128.07 1.19 -0.93 99.89 80.92 MonsterBev MNST ... 32 91.62 ... 38.14 26.97 16.29 SuncorEnergy SU 5.7 18 23.18 -0.51
16.96 5.29 3.56 Aegon AEG 3.1 ... 4.62 -0.07 -14.05 139.26 107.85 CheckPoint CHKP ... 19 114.24 -0.50 ... 73.25 44.48 GlobalFoundries GFS ... ... 60.00 -0.66 35.63 407.94 261.38 Moody's MCO 0.6 35 393.64 -2.28 -3.13 14.45 8.37 Suzano SUZ 0.0 6 10.83 0.22
31.13 71.38 37.29 AerCap AER ... 8 59.77 -0.89 67.27 113.40 56.37 CheniereEnergy LNG 1.3 dd 100.41 -0.45 24.94 354.62 188.67 Globant GLOB ...132 271.88 8.23 41.73 105.95 63.35 MorganStanley MS 2.9 12 97.13 -3.17 172.01 299.39 79.22 Synaptics SYNA ... 82 262.22 -0.74
... 176.65 46.50 AffirmHldgs AFRM ... dd 98.77 -0.47 14.87 45.75 32.73 CheniereEnerPtrs CQP 6.6 14 40.49 0.05 -5.56 108.22 85.25 GlobeLife GL 0.9 12 89.68 -2.15 s 42.98 337.67 213.55 Morningstar MORN 0.4 68 331.11 -4.07 34.40 52.49 32.17 SynchronyFin SYF 1.9 7 46.65 -0.97
27.79 179.57 112.47 AgilentTechs A 0.6 38 151.42 0.62 34.52 119.26 83.53 Chevron CVX 4.7 22 113.60 -3.04 -13.51 93.75 65.70 GoDaddy GDDY ... 54 71.74 1.89 58.45 43.24 21.40 Mosaic MOS 0.8 8 36.46 -0.01 44.06 104.18 66.02 SyneosHealth SYNH ... 41 98.15 -0.75
... 44.83 20.81 agilon health AGL ... dd 23.33 1.22 -39.08 120.00 50.05 Chewy CHWY ...2423 54.76 1.36 12.30 12.53 7.75 GoldFields GFI 2.8 10 10.41 0.01 52.37 266.86 163.16 MotorolaSol MSI 1.2 36 259.12 -2.64 34.25 365.84 217.69 Synopsys SNPS ... 72 348.04 -4.88
-28.49 76.69 47.07 AgnicoEagle AEM 2.8 19 50.42 -0.76 -16.23 26.19 17.09 ChinaEastrnAir CEA ... dd 18.02 ... 44.78 426.16 240.56 GoldmanSachs GS 2.1 6 381.80 -15.57 2.80 319.88 211.25 NICE NICE ... 98 291.49 -0.38 -2.90 86.73 68.05 Sysco SYY 2.6 54 72.11 -1.90
9.19 316.39 245.75 AirProducts APD 2.0 32 298.33 -4.82 -25.59 11.76 7.85 ChinaLifeIns LFC 5.2 6 8.23 -0.04 -16.48 59.67 26.66 GoodRx GDRX ... dd 33.69 -0.41 t -38.45 66.99 28.02 NIO NIO ... dd 30.00 -0.07
7.57 219.94 129.71 Airbnb ABNB ... dd 157.91 1.53 4.10 58.40 43.18 ChinaPetrol SNP 10.6 6 46.43 -0.99 -41.14 18.11 5.91 Grab
5.54 80.98 64.34 Graco
GRAB ... dd 7.57
GGG 1.1 31 76.36
0.32
-3.03
7.83 46.10 31.94 NRG Energy NRG 3.2 4 40.49 0.64 TUV
9.87 124.91 92.64 AkamaiTech AKAM ... 32 115.35 -1.48 -7.08 39.96 25.07 ChinaSoAirlines ZNH 0.0 dd 27.55 -0.44 38.16 5982.44 3885.00 NVR NVR ... 18 5636.78 -123.57
20.71 516.35 356.23 Grainger GWW 1.3 28 492.89 -15.44 37.54 239.91 152.93 NXP Semi NXPI 1.0 39 218.71 0.76 11.84 55.34 40.11 TC Energy TRP 6.0 31 45.54 -0.30
55.82 291.48 133.82 Albemarle ALB 0.7122 229.87 -1.05 21.43 1958.55 1256.27 Chipotle CMG ... 68 1683.84 4.87
-39.48 20.49 10.10 Grifols GRFS 4.3 10 11.16 0.56 51.48 214.96 124.28 Nasdaq NDAQ 1.1 29 201.07 -2.58 33.01 130.93 79.05 TD Synnex SNX 0.7 12 108.32 -1.83
75.43 37.85 15.21 Albertsons ACI 1.6 26 30.84 0.21 23.29 197.92 144.00 Chubb CB 1.7 10 189.77 -6.09 29.19 166.44 115.18 TE Connectivity TEL 1.3 23 156.41 -3.65
133.10 57.57 17.30 Alcoa 6.50 42.87 38.25 ChunghwaTel CHT 2.9 25 41.13 0.12 -20.00 181.07 85.41 GuardantHealth GH ... dd 103.10 5.35 -3.90 129.09 82.63 Natera NTRA ... dd 95.64 6.41
AA ... 13 53.73 1.14
-12.81 134.22 91.77 Guidewire 15.76 23.73 19.38 Telus TU 4.5 30 22.92 -0.04
28.13 87.49 62.63 Alcon ALC 0.1126 84.54 0.36 s 12.45 102.27 77.62 Church&Dwight CHD 1.0 30 98.09 -3.45 GWRE ... dd 112.24 -1.59 s 19.31 71.40 55.89 NationalGrid NGG 4.8 24 70.43 0.86
54.32 263.92 156.43 HCA Healthcare HCA 0.8 13 253.79 -0.19 28.10 6.50 3.94 NatWest NWG 2.8 10 5.79 -0.12 ... 39.91 26.92 TelusIntl TIXT ...133 31.11 -0.55
s 20.85 219.57 154.37 AlexandriaRlEst ARE 2.1 33 215.37 -1.20 40.25 75.45 47.52 Ciena CIEN ... 23 74.12 1.17
-47.54 274.29 108.70 Alibaba BABA ... 18 122.10 1.85 5.50 272.81 190.88 Cigna t -12.28 84.70 62.85 HDFC Bank HDB 0.3 25 63.39 -1.74 32.94 94.69 58.83 NetApp NTAP 2.3 21 88.06 -0.09 45.77 56.86 26.41 Ternium TX 6.8 2 42.39 -0.92
CI 1.8 9 219.62 0.95
48.72 38.49 23.71 HP 105.33 120.50 50.10 TFI Intl TFII 1.0 19 105.91 0.91
13.98 737.45 494.45 AlignTech ALGN ... 66 609.06 14.00 29.34 127.25 81.44 CincinnatiFin CINF 2.2 7 113.00 -4.28 HPQ 2.7 7 36.57 -0.13 -2.11 134.33 77.97 NetEase NTES 0.9 34 93.75 -5.09
13.08 32.43 24.31 HSBC HSBC 3.7 11 29.30 -0.37 8.51 700.99 478.54 Netflix NFLX ... 53 586.73 -4.33 8.39 76.94 61.15 TJX TJX 1.4 34 74.02 0.55
8.97 737.89 563.47 Alleghany Y 0.0 14 657.83 -11.66 24.06 461.44 314.62 Cintas CTAS 0.9 41 438.51 -16.30 -11.15 150.20 106.70 T-MobileUS TMUS ... 45 119.81 -0.77
9.89 148.69 106.52 Allegion ALLE 1.1 25 127.89 -3.37 s 35.11 60.80 43.35 CiscoSystems CSCO 2.4 22 60.46 16.98 26.75 17.23 Halliburton HAL 0.8 50 22.11 -0.45 2.45 30.10 19.87 NewellBrands NWL 4.2 15 21.75 -0.67
0.15 27.72 224.56 145.54 TRowePrice TROW 2.2 15 193.36 2.74
15.99 62.35 45.99 AlliantEnergy LNT 2.7 24 59.77 -1.21 -3.44 80.29 57.40 Citigroup 38.22 78.17 46.51 HartfordFinl HIG 2.3 11 67.70 -1.40 -1.09 75.31 52.60 Newmont NEM 3.7 23 59.24 0.24
C 3.4 6 59.54 -1.53
5.68 104.89 86.05 Hasbro HAS 2.8 30 98.85 -2.39 6.68 142.19 102.91 TaiwanSemi TSM 1.3 30 116.32 -0.25
3.83 140.00 102.55 Allstate ALL 2.8 5 114.14 -1.68 27.13 51.54 33.87 CitizensFin CFG 3.4 9 45.46 -1.66 18.42 27.96 17.15 NewsCorp A NWSA 0.9 26 21.28 -0.08
29.67 56.61 33.40 AllyFinancial -35.80 145.19 78.07 CitrixSystems CTXS 1.8 33 83.52 t ... 90.74 79.27 HashiCorp HCP ... dd 80.89 -1.11 20.99 26.21 17.05 NewsCorp B NWS 0.9 26 21.50 -0.11 -15.42 214.91 144.58 TakeTwoSoftware TTWO ... 36 175.74 3.00
ALLY 2.2 6 46.24 -1.12 -1.20
15.51 37.69 28.14 HealthpeakProp PEAK 3.4 30 34.92 0.17 -24.51 19.96 13.17 TakedaPharm TAK 5.3 10 13.74 0.05
49.70 212.00 124.00 AlnylamPharm ALNY ... dd 194.57 9.69 -20.23 34.79 20.30 Clarivate CLVT ... dd 23.70 0.03 17.87 92.70 68.33 NextEraEnergy NEE 1.7 76 90.94 -1.29
2.62 151.60 115.57 Heico HEI 0.1 67 135.87 -0.27 14.06 179.10 125.44 Nike NKE 0.8 43 161.36 -1.36 s 50.43 147.09 76.19 TandemDiabetes TNDM ...438 143.93 1.07
63.03 3037.00 1699.00 Alphabet C GOOG ... 28 2856.06 -40.71 41.41 26.51 12.77 Cleveland-Cliffs CLF 0.0 5 20.59 0.05 32.75 49.66 27.66 Tapestry TPR 2.4 14 41.26 0.08
61.73 3019.33 1694.00 Alphabet A GOOGL ... 27 2834.50 -54.40 -13.75 231.11 156.23 Clorox 3.70 139.65 104.11 Heico A HEI.A 0.1 60 121.39 1.03 17.18 27.11 21.09 NiSource NI 3.3 24 26.88 -0.03
CLX 2.7 50 174.16 -4.01
10.31 83.45 60.70 HenrySchein HSIC ... 17 73.75 0.12 88.70 58.18 25.50 TargaResources TRGP 0.8 42 49.78 -0.61
17.68 52.59 40.00 Altria MO 7.5 33 48.25 0.90 77.12 221.64 60.96 Cloudflare NET ... dd 134.59 2.72 53.71 9.79 3.75 Nokia NOK 0.0 dd 6.01 -0.05
23.17 192.66 143.58 Hershey HSY 1.9 27 187.62 -4.51 -15.01 6.72 4.10 NomuraHoldings NMR 4.0 dd 4.53 -0.02 26.50 268.98 166.82 Target TGT 1.6 16 223.31 -1.47
54.84 23.90 7.57 AlumofChina ACH ... 17 13.44 0.12 s 5.27 58.92 48.11 Coca-Cola KO 2.9 28 57.73 -0.92 140.56 35.38 11.01 TataMotors TTM ... dd 30.31 -1.32
4.40 3773.08 2881.00 Amazon.com AMZN ... 66 3400.35 22.93 7.47 63.04 44.34 Coca-ColaEuro CCEP 3.0 33 53.55 -0.15 ... 46.00 14.15 HertzGlobal HTZ ... dd 20.94 -0.07 23.63 272.28 178.60 Nordson NDSN 0.8 40 248.43 -0.42
35.67 92.79 52.03 Hess HES 1.4113 71.62 -4.01 19.86 296.06 226.09 NorfolkSouthern NSC 1.5 24 284.79 -5.62 48.48 29.91 16.82 TeckRscsB TECK 0.6 20 26.95 -0.17
-8.17 3.95 2.38 Ambev ABEV 3.7 15 2.81 0.02 -5.45 101.82 72.85 Cognex CGNX 0.3 46 75.91 0.07 -51.11 308.00 87.27 TeladocHealth TDOC ... dd 97.77
0.17 12.92 10.33 Amcor s 3.50 85.94 66.19 CognizantTech CTSH 1.1 24 84.82 27.26 16.74 11.53 HewlettPackard HPE 3.2 6 15.08 0.13 25.86 126.73 88.20 NorthernTrust NTRS 2.4 18 117.23 -1.77 10.34
AMCR 4.1 19 11.79 -0.25 0.14 9.87 48.98 36.90 HighwoodsProp HIW 4.6 17 43.54 6.48 465.40 350.01 TeledyneTech TDY ... 42 417.37 -14.95
3.05 82.38 67.40 Amdocs DOX 2.0 14 73.09 -1.19 ... 429.54 208.00 CoinbaseGlbl COIN ... 21 243.35 -3.82 -0.19 23.87 408.03 282.88 NorthropGrum NOC 1.7 13 377.46 -1.26
26.68 154.40 98.57 Hilton HLT 0.01119 140.94 1.94 23.77 28.92 19.41 NortonLifeLock NLOK 1.9 17 25.72 0.20 -21.88 449.38 289.00 Teleflex TFX 0.4 35 321.50 3.50
57.57 769.90 439.44 Amerco UHAL 0.0 14 715.30 2.13 -3.54 86.21 74.01 ColgatePalm CL 2.2 26 82.48 -1.47 -11.80 15.31 9.93 Ericsson ERIC 1.4 15 10.54 -0.04
10.70 90.77 69.79 Ameren -6.97 61.80 46.29 Comcast A 6.70 85.00 60.10 Hologic HOLX ... 11 77.71 -0.21 -9.03 98.52 79.34 Novartis NVS 2.4 20 85.90 -0.17
AEE 2.5 23 86.41 -2.25 CMCSA 2.1 16 48.75 -0.09 46.07 420.61 246.59 HomeDepot -2.94 9.42 7.46 TelefonicaBras VIV 5.9 16 8.59 0.04
s 38.93 20.23 12.70 AmericaMovil AMX 1.7 14 20.20 0.60 49.91 91.62 51.81 Comerica CMA 3.2 10 83.74 -3.37 HD 1.7 26 387.98 -11.55 94.89 331.68 107.08 Novavax NVAX ... dd 217.32 22.40
-1.38 33.42 26.33 HondaMotor HMC 3.7 6 27.86 -0.29 53.83 117.35 66.59 NovoNordisk NVO 6.68 5.17 3.89 Telefonica TEF 6.4 2 4.31 0.05
s 37.12 20.12 12.76 AmericaMovil A AMOV 2.0 14 20.04 0.57 8.69 79.10 59.48 CommerceBcshrs CBSH 1.5 15 68.01 -0.83 1.0 33 107.45 -9.63
18.92 29.17 20.44 TelekmIndonesia TLK 4.5 17 27.97 -0.39
7.48 26.09 14.71 AmerAirlines AAL 0.0 dd 16.95 0.43 -4.63 39.09 30.44 ConagraBrands CAG 3.6 14 34.58 -3.54 236.86 194.55 Honeywell HON 1.9 26 205.17 -4.44 -51.44 232.76 78.00 Novocure NVCR ... dd 84.03 1.73
0.18 41.95 120.53 66.41 HorizonTherap HZNP ... 45 103.84 0.71 69.11 50.51 25.88 TempurSealy TPX 0.8 16 45.66 -0.72
3.93 91.49 74.80 AEP AEP 3.6 18 86.54 -1.46 71.47 191.35 96.44 Concentrix CNXC 0.6 26 169.24 1.62 t ... 12.24 9.14 NuHoldings NU ... dd 9.80 -0.20
3.35 50.86 40.48 HormelFoods HRL 2.2 29 48.17 -1.02 24.56 55.55 39.90 NuanceComms NUAN ... dd 54.92 -0.17 1.31 208.99 128.15 10xGenomics TXG ... dd 143.45 7.31
32.34 189.03 112.10 AmerExpress AXP 1.1 17 160.01 -2.99 ... 94.97 37.71 Confluent CFLT ... dd 63.27 3.29 26.90 25.54 14.88 Tenaris TS 0.0 14 20.24 -0.17
54.85 146.63 79.21 AmericanFin 71.57 77.98 38.77 ConocoPhillips COP 2.7 20 68.61 49.48 110.45 64.32 DR Horton DHI 0.9 9 103.02 -1.45 121.85 128.81 47.94 Nucor NUE 1.7 7 118.00 4.10
AFG 1.7 5 135.68 -3.48 -3.09 7.38 19.02 13.16 HostHotels HST 0.0 dd 15.71 0.24 -67.26 32.25 5.91 TencentMusic TME ... 19 6.30 0.01
38.73 42.61 28.57 AmHomes4Rent AMH 1.0117 41.62 ... 15.98 85.22 65.56 ConEd ED 3.7 25 83.82 -0.87 47.09 73.50 46.25 Nutrien NTR 2.6 18 70.84 -0.56
4.98 36.03 22.91 HowmetAerospace HWM 0.3 46 29.96 0.48 112.95 346.47 115.67 NVIDIA NVDA 0.1 86 278.01 -5.86 30.34 163.03 104.05 Teradyne TER 0.3 29 156.26 -2.04
42.92 62.54 36.77 AIG AIG 2.4 8 54.11 -1.17 10.59 244.75 207.35 ConstBrands A STZ 1.3 82 242.25 0.64 32.15 1243.49 539.49 Tesla TSLA ...302 932.57 5.65
24.24 303.72 197.50 AmerTowerREIT AMT 1.9 51 278.86 -0.61 9.97 255.00 209.85 ConstBrands B STZ.B 1.1 91 241.19 67.59 25.14 12.79 HuanengPower HNP 4.0 dd 24.15 -0.58
3.66
19.31 189.35 131.01 AmerWaterWorks AWK 1.3 44 183.11 0.18 163.87 55.48 15.71 ContinentalRscs CLR 1.4 19 43.01 -0.27
t -22.30 64.53 32.99 Huazhu
30.74 212.54 149.07 Hubbell
HTHT ...112 34.99
HUBB 2.0 31 204.99
1.80
-3.29
OPQ 40.19 192.91 113.15 TetraTech
-15.03 13.30 7.94 TevaPharm
TTEK 0.5 38 162.31
TEVA ... 13 8.20
-8.05
...
-13.42 40.85 27.88 AmericoldRealty COLD 2.7 dd 32.32 0.50 8.30 463.59 337.40 Cooper COO 0.0 7 393.47 -1.40 50.73 66.78 37.39 ONEOK 13.51 202.26 159.56 TexasInstruments TXN 2.5 24 186.30 -1.94
51.61 312.14 182.83 Ameriprise 68.63 866.00 347.78 HubSpot HUBS ... dd 668.50 17.82 OKE 6.5 18 57.85 -0.46
AMP 1.5 16 294.63 -5.60 12.47 161.12 101.92 Copart CPRT ... 35 143.12 -3.11 49.38 696.58 424.03 OReillyAuto ORLY ... 23 676.07 -11.40 65.99 1773.95 681.00 TexasPacLand TPL 0.9 40 1206.73 -27.77
28.05 129.54 94.89 AmerisourceBrgn ABC 1.5 17 125.18 1.20 1.92 46.82 34.80 Corning GLW 2.6 38 36.69 -0.41 10.50 475.44 370.22 Humana HUM 0.6 22 453.33 -4.14
40.58 202.81 133.36 JBHunt JBHT 0.6 30 192.10 -4.43 61.99 35.75 16.88 OccidentalPetrol OXY 0.1 dd 28.04 -0.34 53.28 78.13 44.36 Textron TXT 0.1 22 74.08 -0.56
15.62 145.06 106.96 Ametek AME 0.6 35 139.83 -4.02 19.01 49.98 36.54 Corteva CTVA 1.2 21 46.08 -0.90 -14.30 294.00 196.78 Okta 39.78 666.65 433.52 ThermoFisherSci TMO 0.2 30 651.07 -10.18
-3.23 276.69 198.64 Amgen 17.81 16.91 12.11 HuntingtonBcshs HBAN 4.2 16 14.88 -0.50 OKTA ... dd 217.91 6.11
AMGN 3.5 23 222.50 -0.08 -14.85 101.05 74.31 CoStar CSGP ...132 78.70 0.73 ... 30.13 22.84 Olaplex OLPX ... 86 23.95 -1.35 40.22 123.60 78.04 ThomsonReuters TRI 1.4 9 114.83 -2.14
26.15 86.05 58.58 Amphenol APH 1.0 35 82.48 -1.07 45.34 566.55 307.00 Costco 12.59 94.92 65.44 HyattHotels H 0.0 dd 83.60 2.13
COST 0.6 47 547.61 -5.02 -0.44 179.12 105.62 IAC/InterActive IAC ... 11 125.43 0.29 74.52 373.58 189.45 OldDomFreight ODFL 0.2 42 340.62 -10.58 -0.02 208.95 163.38 3M MMM 3.4 17 174.75 -3.56
15.15 191.95 141.31 AnalogDevices ADI 1.6 46 170.11 -2.49 20.76 23.64 14.28 CoterraEnergy CTRA 2.5 22 19.66 -0.42 122.31 64.76 22.76 Olin t ... 69.93 30.69 Toast
26.58 22.14 13.44 ICICI Bank IBN 0.3 23 18.81 -0.38 OLN 1.5 9 54.60 -1.08 TOST ... dd 34.89 2.04
-14.48 79.67 54.08 AB InBev BUD 0.7 21 59.79 0.39 t -53.36 377.04 146.43 CoupaSoftware COUP ... dd 158.07 6.27 17.09 86.38 59.05 Omnicom OMC 3.8 11 73.03 -0.66 57.67 75.61 41.22 Toll Bros TOL 1.0 10 68.54 -0.87
t -6.15 9.64 7.91 AnnalyCap 91.49 9.76 4.49 ICL Group ICL 1.6 22 9.67 -0.03
NLY 11.1 4 7.93 -0.13 ... 69.00 25.06 Coupang CPNG ... dd 29.15 2.18 ... 55.87 28.10 OnHolding ONON ...1084 36.20 0.08 40.04 284.01 178.03 TopBuild BLD ... 27 257.79 -16.78
38.62 451.71 286.04 Anthem ANTM 1.0 20 445.10 -2.78 -28.75 169.50 88.67 Credicorp BAP 1.0 11 116.87 2.16 23.41 706.95 455.23 IdexxLab IDXX ... 71 616.88 9.32
46.08 135.82 83.26 IHS Markit INFO 0.6 85 131.22 -2.57 89.40 66.78 30.78 ON Semi ON ... 41 61.99 1.15 0.80 118.13 92.62 Toro TTC 1.3 25 95.60 -3.74
38.39 326.25 200.65 Aon AON 0.7 74 292.38 -2.75 90.17 703.26 320.19 CreditAcceptance CACC ... 12 658.25 0.85 1.63 55.25 43.68 OpenText OTEX 1.9 37 46.20 -0.17 29.40 75.73 54.74 TorontoDomBk TD 3.5 12 73.01 -1.75
37.00 54.75 36.68 AptIncmREIT AIRC 3.3 dd 52.62 -0.36 -26.72 14.95 9.29 CreditSuisse CS 1.1369 9.38 -0.15 41.10 15.65 8.65 ING Groep ING 4.5 ... 13.32 -0.41
29.72 29.71 16.82 Invesco IVZ 3.0 9 22.61 -0.10 49.36 106.34 59.74 Oracle ORCL 1.3 28 96.62 -6.60 17.80 52.56 40.33 TotalEnergies TTE ... 12 49.37 -0.84
43.61 81.07 45.40 ApolloGlbMgmt APO 2.8 8 70.34 0.54 -3.17 298.48 168.67 CrowdStrike CRWD ... dd 205.10 4.82 -11.97 13.09 9.85 Orange ORAN 7.1 25 10.44 0.06 19.07 188.95 139.29 ToyotaMotor TM 2.2 9 184.04 -3.30
28.98 182.13 116.21 Apple -25.93 262.55 151.27 IPG Photonics IPGP ... 34 165.77 0.59
AAPL 0.5 31 171.14 -1.12 26.48 204.62 146.15 CrownCastle CCI 2.9 66 201.34 0.87 49.26 272.93 170.00 IQVIA IQV ... 68 267.43 0.98 30.88 104.05 72.71 Orix IX 3.1 11 101.21 0.42 61.22 238.28 138.14 TractorSupply TSCO 0.9 29 226.65 -6.41
69.35 159.00 83.53 ApplMaterials AMAT 0.7 23 146.15 -0.55 6.72 114.55 85.65 CrownHoldings CCK 0.7 24 106.93 -2.00 24.59 92.84 61.28 OtisWorldwide OTIS 1.1 30 84.16 -2.35 12.35 114.09 46.71 TradeDesk TTD ... 92 89.99 2.88
... 116.09 49.41 Applovin APP ... dd 88.13 4.38 26.95 105.54 74.46 ITT ITT 0.9 43 97.78 -3.40
65.99 56.64 31.44 CubeSmart CUBE 3.1 51 55.79 1.27 120.13 40.65 13.74 Ovintiv OVV 1.8 dd 31.61 -0.48 52.03 99.25 59.35 Tradeweb TW 0.3 83 94.94 0.61
21.59 180.81 119.75 Aptiv APTV 0.0 54 158.42 -3.74 -1.32 69.10 48.93 IcahnEnterprises IEP 16.0272 50.00 0.06
-7.08 277.09 209.09 Cummins CMI 2.7 14 211.03 -7.26 14.86 109.89 72.81 OwensCorning OC 1.6 9 87.02 -2.89 33.88 207.06 137.98 TraneTech TT 1.2 35 194.34 -7.82
-11.77 43.12 31.22 Aramark ARMK 1.3 dd 33.95 0.61 47.54 301.72 168.76 Icon ICLR ... 73 287.67 3.31
22.52 89.92 61.64 CyrusOne CONE 2.3212 89.62 0.04 -3.53 12.65 8.24 PG&E PCG ... dd 12.02 -0.22 -5.65 688.03 517.37 TransDigm TDG 0.0 56 583.88 7.24
39.87 36.58 20.50 ArcelorMittal MT 0.8 3 32.03 -0.17 14.82 240.33 185.23 IDEX IEX 0.9 40 228.73 -10.77
32.38 217.60 141.60 PNC Fin PNC 2.5 15 197.24 11.63 125.35 83.11 TransUnion TRU 0.3 45 110.76 -1.83
19.82 44.53 31.23 ArchCapital ACGL ... 9 43.22 -0.87 DEF 16.82 246.62 192.89 IllinoisToolWks ITW 2.0 28 238.18
4.03 555.77 341.03 Illumina ILMN ... 63 384.92
-7.21
6.05 -1.89 92.19 54.40 POSCO PKX 4.9 10 61.13
-4.55
0.95 12.70 163.29 133.12 Travelers TRV 2.2 11 158.19 -3.83
29.48 69.30 48.69 ArcherDaniels ADM 2.3 14 65.27 -0.90 14.12 182.97 132.10 PPG Ind PPG 1.4 28 164.59 -4.73 53.62 140.98 81.18 Trex
63.00 90.08 44.43 AresMgmt 2.81 47.05 28.53 DISH Network DISH ... 8 33.25 0.95 72.88 36.80 18.09 ImperialOil IMO 2.4 50 32.90 -0.69 TREX ... 66 128.61 -2.01
ARES 2.5 39 76.69 1.34 -16.20 101.47 61.91 Incyte 4.82 30.71 26.15 PPL PPL 5.6 80 29.56 0.08 27.95 96.49 64.37 Trimble TRMB ... 39 85.43 0.66
5.50 382.15 248.21 arGEN-X ARGX ... dd 310.26 13.12 12.87 123.74 98.43 DTE Energy DTE 3.0 26 116.60 -2.85 INCY ... 30 72.89 0.89
41.09 333.96 211.22 Danaher DHR 0.3 40 313.41 -5.08 ... 40.13 27.51 Informatica INFA ... dd 36.43 0.41 0.95 153.73 105.49 PTC PTC ... 30 120.75 5.23 t -32.23 45.19 21.53 Trip.com TCOM ... 4 22.86 0.41
85.88 140.53 65.52 AristaNetworks ANET ... 55 135.03 4.89 -3.22 103.19 77.96 Paccar 19.15 65.42 45.44 TruistFinl TFC 3.4 13 57.11 -2.07
28.69 130.00 94.25 ArrowElec 17.39 164.28 110.89 Darden DRI 2.5 22 139.83 -7.30 41.83 24.50 15.78 Infosys INFY 1.0 36 24.04 -0.07 PCAR 1.6 17 83.50 -2.41
ARW ... 10 125.22 0.76 27.79 62.06 40.64 IngersollRand IR 0.1 37 58.22 -1.20 -5.71 156.54 127.06 PackagingCpAm PKG 3.1 17 130.03 -3.47 -19.16 457.30 235.00 Twilio TWLO ... dd 273.63 12.73
152.96 145.79 25.41 Asana ASAN ... dd 74.75 7.51 11.91 85.98 53.78 DarlingIngred DAR ... 20 64.55 1.25
72.86 199.68 69.73 Datadog DDOG ... dd 170.16 6.11 2.77 324.81 218.28 Insulet PODD ... dd 262.70 3.96 -55.75 62.83 24.14 PagSeguroDig PAGS ... 36 25.17 -0.04 -20.46 80.75 41.01 Twitter TWTR ... dd 43.07 -0.06
14.15 169.22 122.29 AspenTech AZPN ... 31 148.68 -0.91 -19.07 45.00 17.05 PalantirTech PLTR ... dd 19.06 0.72 14.92 557.55 372.80 TylerTech TYL ...131 501.67 -1.74
10.54 172.22 121.55 Assurant AIZ 1.8 21 150.58 -3.21 -10.67 136.48 94.38 DaVita DVA ... 12 104.87 -0.52 1.61 68.49 45.24 Intel INTC 2.7 10 50.62 -0.21
24.17 451.49 276.70 DeckersOutdoor DECK ... 23 356.10 -0.25 135.77 202.73 43.86 IntelliaTherap NTLA ... dd 128.26 13.64 49.17 559.54 311.56 PaloAltoNtwks PANW ... dd 530.14 6.43 32.57 86.96 62.47 TysonFoods TSN 2.2 10 85.43 -0.77
12.06 64.21 46.48 AstraZeneca AZN 2.4 88 56.02 -1.07 11.09 334.98 247.41 ParkerHannifin PH 1.4 21 302.61 -10.53 23.21 18.67 13.53 UBS Group UBS 2.1 8 17.41 -0.45
86.83 91.26 40.21 Athene ATH ... 4 80.60 0.68 28.98 400.34 262.85 Deere DE 1.2 18 347.03 -1.26 26.63 81.09 57.23 InteractiveBrkrs IBKR 0.5 23 77.14 -1.47
47.40 59.49 35.50 DellTechC DELL ... 6 54.65 -0.34 15.69 139.79 108.95 ICE ICE 1.0 25 133.38 -2.61 32.96 126.82 85.30 Paychex PAYX 2.1 37 123.89 -0.76 50.82 59.95 36.11 UDR UDR 2.5314 57.96 -0.73
50.07 483.13 198.80 Atlassian TEAM ... dd 350.96 5.52 -10.05 558.97 302.44 PaycomSoftware PAYC ...138 406.82 7.45 28.40 48.55 33.86 UGI UGI 3.0 6 44.89 -0.06
3.56 104.99 84.59 AtmosEnergy ATO 2.8 19 98.83 -1.52 -9.08 52.28 33.40 DeltaAir DAL 0.0 dd 36.56 0.76 -8.12 75.20 58.79 InterContinentl IHG 0.0 dd 59.83 0.36
2.01 69.54 48.13 DentsplySirona XRAY 0.8 28 53.41 -0.75 5.96 145.99 112.10 IBM IBM 5.1 24 127.40 1.47 9.19 314.50 154.26 Paylocity PCTY ...142 224.84 7.69 -50.42 14.38 5.41 UWM UWMC 6.1 12 6.51 -0.17
... 17.77 9.50 AuroraInnov AUR ... dd 12.83 0.53 -20.50 310.16 179.15 PayPal PYPL ... 45 186.20 -2.55 -22.20 64.05 34.88 Uber UBER ... dd 39.68 1.98
-9.07 344.39 245.05 Autodesk ADSK ... 47 277.65 8.04 12.39 15.34 10.08 DeutscheBank DB 0.0 10 12.25 -0.20 32.70 157.08 103.94 IntlFlavors IFF 2.2118 144.43 -1.48
147.94 45.56 14.34 DevonEnergy DVN 5.0 23 39.20 -1.16 -2.63 61.80 44.01 IntlPaper IP 4.0 10 45.84 -1.17 t -21.13 148.80 102.64 Pegasystems PEGA 0.1 dd 105.10 0.90 10.88 401.81 236.11 Ubiquiti UI 0.8 33 308.81 16.37
5.39 110.59 80.83 Autoliv ALV 2.6 17 97.06 -0.97 -72.02 171.09 36.42 Peloton PTON ... dd 42.45 2.64 t ... 90.00 39.30 UiPath PATH ... dd 41.31 1.50
30.20 241.18 159.31 ADP ADP 1.8 36 229.41 -2.44 50.21 659.45 318.45 DexCom DXCM ...108 555.34 25.98 56.08 39.35 22.99 Interpublic IPG 2.9 21 36.71 0.09
32.74 213.12 153.67 Diageo DEO 1.9 35 210.81 0.41 63.29 716.86 357.69 Intuit INTU 0.4 82 620.27 -13.69 24.60 34.73 23.48 PembinaPipeline PBA 6.5 dd 29.48 -0.07 32.66 417.85 258.00 UltaBeauty ULTA ... 24 380.94 -4.23
68.41 2065.72 1111.71 AutoZone AZO ... 19 1996.37 -14.85 32.08 80.40 50.91 Pentair PNR 1.2 23 70.12 -2.32 19.02 23.00 14.52 UnderArmour C UA ... 19 17.71 -0.48
-15.92 191.67 117.33 Avalara AVLR ... dd 138.64 5.84 111.63 117.71 42.00 DiamondbkEner FANG 2.0 53 102.43 -2.87 23.73 369.69 227.47 IntuitiveSurgical ISRG ... 73 337.40 2.87
84.98 147.39 51.69 Dick's DKS 1.7 8 103.98 4.07 44.44 43.58 27.43 InvitatHomes INVH 1.6123 42.90 0.37 44.69 320.00 171.22 Penumbra PEN ...283 253.20 6.10 21.72 27.28 16.71 UnderArmour A UAA ... 22 20.90 -0.47
52.42 250.23 154.84 Avalonbay AVB 2.6 34 244.53 -1.38 13.49 173.56 128.32 PepsiCo PEP 2.6 29 168.30 -12.69 61.81 50.60 Unilever UL 3.5 21 52.70 -0.60
5.41 55.57 44.02 Avangrid ... 18.01 5.82 DiDiGlobal DIDI ... ... 6.28 -0.06 s 73.85 51.78 27.72 IronMountain IRM 4.8 23 51.25 0.55 -3.52
AGR 3.7 22 47.91 -0.57 30.72 192.85 119.95 PerkinElmer PKI 0.1 19 187.59 -0.18 16.55 249.94 193.14 UnionPacific UNP 1.8 26 242.69 -4.48
41.74 44.37 26.14 Avantor AVTR ... 51 39.90 0.38 s 22.96 174.64 124.65 DigitalRealty DLR 2.7 72 171.54 -0.45 -26.25 5.57 3.55 ItauUnibanco ITUB 3.6 7 3.70 -0.13
26.05 135.69 81.27 DiscoverFinSvcs DFS 1.8 7 114.11 -1.61 44.08 54.50 29.90 PetroChina PTR 6.8 9 44.26 -0.93 -5.71 63.70 38.88 UnitedAirlines UAL ... dd 40.78 0.73
33.38 229.24 147.40 AveryDennison AVY 1.3 23 206.89 -3.98
480.54 545.11 34.41 AvisBudget CAR ... 18 216.54 0.28 t -3.13 150.72 29.72 DiscoveryB DISCB ... 17 31.39 -1.52 JKL -3.92 12.38 7.06 PetroleoBrasil PBR 18.2 3 10.79
-8.32 12.07 7.09 PetroleoBrasilA PBR.A 19.4 3 10.14
-0.32
-0.28
31.32 12.68 7.85 UnitedMicro
22.68 220.24 154.76 UPS B
UMC 2.0 15 11.07
UPS 2.0 28 206.59
0.06
-1.38
18.28 212.37 115.57 AxonEnterprise AXON ... dd 144.93 2.82 -22.63 78.14 21.66 DiscoveryA DISCA ... 12 23.28 -0.13 -19.18 108.29 61.65 JD.com JD ... 29 71.04 -1.64
-14.39 66.70 20.86 DiscoveryC DISCK ... 12 22.42 -0.17 61.59 61.43 33.36 Pfizer PFE 2.6 18 59.48 -1.77 43.30 414.99 217.39 UnitedRentals URI ... 20 332.33 -5.14
19.11 53.00 42.16 BCE BCE 5.5 21 50.98 0.02 23.37 172.96 118.27 JPMorganChase JPM 2.6 10 156.76 -3.65 12.88 106.51 78.34 PhilipMorris PM 5.4 16 93.45 -0.93 19.62 63.01 42.47 US Bancorp USB 3.3 11 55.73 -1.70
-10.82 82.07 51.88 BHP Group BHP 10.3 13 58.27 -0.18 -17.89 203.02 142.04 Disney DIS 0.0136 148.76 0.01 s 54.20 66.55 40.87 Jabil
... 73.43 29.57 dLocal DLO ... ... 33.57 1.22 JBL 0.5 14 65.58 1.13 2.66 94.34 63.19 Phillips66 PSX 5.1 dd 71.80 0.84 29.17 216.90 143.35 UnitedTherap UTHR ... 20 196.06 0.20
8.54 68.05 49.50 BHP Group BBL 10.5 13 57.56 -0.21 1.39 179.98 141.65 JackHenry JKHY 1.1 38 164.24 -0.86 -67.32 212.60 51.91 Pinduoduo PDD ... dd 58.06 0.97 38.91 496.96 320.35 UnitedHealth UNH 1.2 30 487.12 -5.74
75.56 74.09 36.71 BJ'sWholesale BJ ... 22 65.45 0.18 -30.11 314.76 131.51 DocuSign DOCU ... dd 155.37 5.36 24.39 149.55 100.05 JacobsEngg
-5.69 104.74 83.10 DolbyLab J 0.6 44 135.53 -2.64 -44.60 89.90 34.07 Pinterest PINS ... 73 36.51 1.58 -9.81 210.00 76.00 UnitySoftware U ... dd 138.41 4.67
28.17 30.29 20.19 BP BP 4.8 14 26.30 -0.43 DLB 1.1 31 91.60 -0.40 32.10 41.85 27.75 JamesHardie JHX 0.7 40 39.18 -0.27 52.51 196.64 107.96 PioneerNatRscs PXD 1.4 31 173.69 -3.63 -7.05 165.00 116.23 UniversalHealthB UHS 0.6 10 127.80 -0.50
-34.29 354.82 132.14 Baidu BIDU ... 23 142.09 1.92 5.80 239.35 173.50 DollarGeneral DG 0.8 22 222.50 -3.16 52.20 44.47 22.87 JefferiesFin
26.18 149.37 84.26 DollarTree DLTR ... 23 136.32 -1.77 JEF 2.7 6 37.44 -0.79 9.59 12.38 8.07 PlainsAllAmPipe PAA 8.0 dd 9.03 -0.18 241.55 401.49 36.26 Upstart UPST ...170 139.18 -1.46
13.57 27.66 18.75 BakerHughes BKR 3.0105 23.68 -0.59 6.89 179.92 150.05 J&J JNJ 2.5 25 168.23 -4.78 -12.27 75.49 18.47 PlugPower PLUG ... dd 29.75 0.10 -16.89 90.79 65.34 VF VFC 2.8 23 70.98 -1.40
-0.42 98.09 77.95 Ball BLL 0.9 38 92.79 0.45 1.90 81.08 67.85 DominionEner D 3.3 24 76.63 -1.94 65.38 81.15 45.35 JohnsonControls JCI 1.8 34 77.05 -1.71
37.79 549.51 319.71 Domino's DPZ 0.7 40 528.38 -3.82 45.14 582.26 305.47 Pool POOL 0.6 37 540.64 -10.92 8.31 33.35 24.51 VICI Prop VICI 5.2 15 27.62 0.06
11.74 7.25 4.53 BancoBilbaoViz BBVA 1.4 7 5.52 -0.18 67.85 273.19 141.39 JonesLang JLL 0.0 16 249.04 -5.53 44.41 74.30 46.81 PrincipalFin PFG 3.6 12 71.64 -1.53 15.50 376.24 261.41 VailResorts MTN 1.1 95 322.21 1.74
-24.12 4.86 2.94 BancoBradesco BBDO 4.3 7 3.18 0.17 4.25 257.25 110.13 DoorDash DASH ... dd 148.81 4.37 49.44 34.26 21.98 JuniperNetworks JNPR
34.88 178.32 115.88 Dover 2.4 74 33.64 0.17 ... 108.75 74.34 ProcoreTech PCOR ... dd 77.02 0.25 -16.47 23.18 11.16 Vale VALE 8.1 4 14.00 -0.16
-13.98 25.12 16.33 BancodeChile BCH 2.1 10 17.53 -0.18 DOV 1.2 26 170.29 -2.03 ... 19.84 10.17 JustEatTakeaway GRUB ... dd 10.76 0.54 s 13.17 161.72 121.54 Procter&Gamble PG 2.2 29 157.46 21.42 84.95 51.90 ValeroEnergy VLO 5.7 dd 68.69 -0.06
-2.52 71.38 51.33 Dow DOW 5.2 7 54.10 -0.50 -3.65
-34.22 9.02 5.44 BancSanBrasil BSBR 8.4 ... 5.53 -0.10 22.15 53.67 36.26 KB Fin KB 3.8 5 48.37 0.25 2.11 107.58 84.89 Progressive PGR 0.4 15 100.97 -0.55 -5.63 343.96 235.74 VeevaSystems VEEV ... 96 256.93 2.70
0.33 4.38 2.90 BancoSantander SAN 1.2 8 3.06 ... ... 107.79 41.17 Doximity DOCS ...124 50.08 0.76
-15.21 75.50 57.54 DrReddy'sLab RDY 0.5 35 60.45 -1.38
-68.54 78.00 15.15 KE Holdings BEKE ...102 19.36 1.05 s 61.73 165.08 93.08 Prologis PLD 1.6 63 161.18 -2.07 0.94 61.09 45.40 Ventas VTR 3.6 94 49.50 0.36
44.77 48.69 28.57 BankofAmerica BAC 1.9 13 43.88 -1.12 76.78 83.90 37.49 KKR KKR 0.8 8 71.58 0.49 34.98 115.52 74.58 PrudentialFin PRU 4.4 6 105.38 -2.67 11.88 248.22 184.60 VeriSign VRSN ... 45 242.11 2.19
36.75 112.56 73.69 BankofMontreal BMO 3.3 11 103.97 -3.00 t -38.42 74.38 25.80 DraftKings DKNG ... dd 28.67 1.69 51.23 428.22 252.02 KLA
9.69 33.00 21.57 Dropbox DBX ... dd 24.34 0.30 KLAC 1.1 22 391.55 -5.76 -6.32 43.60 30.76 Prudential PUK 1.0 dd 33.53 -0.28 7.01 231.57 159.79 VeriskAnalytics VRSK 0.5 52 222.14 -7.06
35.49 60.52 39.45 BankNY Mellon BK 2.4 15 57.50 -0.92 ... 44.96 27.90 Kanzhun BZ ... dd 35.95 -1.31 9.93 66.30 53.77 PublicServiceEnt PEG 3.2 dd 64.09 -1.52 -9.50 60.78 49.69 Verizon VZ 4.8 10 53.17 0.42
25.39 68.60 52.11 BkNovaScotia BNS 4.6 11 67.76 -0.32 12.54 108.38 85.56 DukeEnergy DUK 3.8 26 103.04 -1.50 3.57 68.60 56.61 Kellogg
55.34 63.52 37.61 DukeRealty
K 3.6 18 64.45 -1.33 s 56.64 368.97 212.22 PublicStorage PSA 2.2 43 361.74 -1.26 -9.22 242.99 176.36 VertxPharm VRTX ... 26 214.54 1.93
20.78 11.40 7.21 Barclays BCS 1.7 ... 9.65 -0.13 DRE 1.8 26 62.09 -0.49 11.50 37.11 30.28 KeurigDrPepper KDP 2.1 29 35.68 -0.02 22.87 63.91 39.92 PulteGroup 28.28 28.80 17.88 Vertiv VRT 0.0 61 23.95 -0.07
-21.49 27.85 16.61 Dun&Bradstreet DNB ... dd 19.55 0.29 PHM 1.1 8 52.98 -1.01
-19.27 25.37 17.27 BarrickGold GOLD 2.0 17 18.39 -0.05 37.17 24.57 15.25 KeyCorp KEY 3.5 9 22.51 -0.81 41.93 33.78 16.79 PureStorage PSTG ... dd 32.09 0.25 -12.22 101.60 31.83 ViacomCBS A VIACA 2.9 6 33.20 ...
132.40 82.00 29.17 Bath&BodyWks BBWI 0.9 12 69.85 0.36 7.59 87.27 66.37 DuPont DD 1.6 7 76.51 -2.20 49.29 205.48 125.17 KeysightTechs KEYS ... 41 197.20 -1.39 4.14 59.00 45.58 Qiagen QGEN ... 22 55.04 -0.31 t -20.77 101.97 28.52 ViacomCBS B VIAC 3.3 6 29.52 -0.22
19.47 34.80 19.52 BauschHealth BHC ... dd 24.85 0.13 33.07 80.13 39.12 Dynatrace DT ...202 57.58 0.76 3.37 143.37 125.27 KimberlyClark KMB 3.3 24 139.37 -2.45
30.87 29.76 19.76 ENI E 4.1 26 26.96 -0.50 -11.18 201.68 142.17 Qorvo QRVO ... 15 147.68 -0.02 -30.47 18.86 11.96 Viatris VTRS 3.4 dd 13.03 0.01
4.22 88.32 73.12 BaxterIntl BAX 1.3 35 83.63 -0.28 52.03 24.95 14.03 KimcoRealty KIM 3.0 12 22.82 0.07 16.06 192.68 122.17 Qualcomm QCOM 1.5 22 176.80 -1.35 -3.13 252.67 190.10 Visa V 0.7 39 211.88 -2.49
2.67 267.37 235.13 BectonDicknsn BDX 1.4 38 256.90 -0.31 68.44 98.20 48.20 EOG Rscs EOG 3.6 16 84.00 -2.19 14.12 19.29 13.47 KinderMorgan KMI
77.57 725.40 328.90 EPAM Systems EPAM ... 88 636.33 0.60
6.9 20 15.60 -0.26 ... 57.28 29.36 QualtricsIntl XM ... dd 33.31 1.58 7.99 24.20 15.47 Vistra VST 2.8 dd 21.23 0.30
5.93 426.56 222.21 BeiGene BGNE ... dd 273.71 0.67 -3.66 46.98 31.72 KirklandLakeGold KL 1.9 12 39.76 -0.72 51.15 124.69 66.75 QuantaServices PWR 0.3 29 108.86 -2.49 -18.16 172.00 108.80 VMware VMW ... 24 114.79 0.37
21.75 71.92 36.13 BentleySystems BSY 0.2153 49.32 2.32 49.18 87.77 47.26 EastWestBncp EWBC 1.7 13 75.65 -2.06 41.03 61.87 39.17 Knight-Swift KNX
55.56 220.41 131.28 EastGroup
0.7 16 58.98 -0.35 -71.84 132.73 19.12 QuantumScape QS ... dd 23.78 0.74 -7.77 20.36 14.53 Vodafone VOD 10.2 dd 15.20 0.14
21.05 84.93 61.49 Berkley WRB 0.6 14 80.40 -1.72 EGP 2.0 70 214.77 -3.07 -35.04 61.23 33.60 KoninklijkePhil PHG 2.5 24 35.19 0.67 s 43.66 173.89 113.36 QuestDiag DGX 1.4 10 171.20 -0.69 9.19 50.91 35.02 VornadoRealty VNO 5.2 dd 40.77
18.35 130.47 96.27 EastmanChem EMN 2.6 32 118.68 -1.42 0.33
27.45 454550 333650 BerkHathwy A BRK.A ... 8 443304 -11246 -25.59 12.98 8.66 KoreaElcPwr KEP 4.8 dd 9.13 0.03 38.05 210.16 139.09 VulcanMatls VMC 0.7 42 204.74 -0.61
26.65 301.58 221.26 BerkHathwy B BRK.B ... 8 293.66 -6.51 37.40 175.72 113.95 Eaton ETN 1.8 32 165.07 -3.73 2.45 44.95 31.60 KraftHeinz KHC 4.5 19 35.51 -0.49 RS
22.58 72.95 48.65 BerryGlobal
0.24 141.97 95.93 BestBuy
BERY ... 13 68.88 -1.30
BBY 2.8 10 100.03 -0.19
27.42 81.19 49.93 eBay
4.20 238.93 201.15 Ecolab
EBAY
ECL
1.1 4 64.03
0.9 58 225.45
-0.01
-4.40
41.03 47.99 30.35 Kroger KR 1.9 34 44.79 -1.12
25.14 32.13 23.37 RELX RELX 2.2 33 30.86 -0.66
WXYZ
58.14 60.05 34.11 LKQ LKQ 1.8 16 55.73 -0.96
t -41.73 157.66 47.39 Bilibili BILI ... dd 49.95 -0.13 1.78 15.91 11.37 Ecopetrol EC 0.7 9 13.14 0.12 50.93 176.96 101.59 LPL Financial LPLA 0.6 28 157.30 -4.15 23.53 744.56 411.88 RH RH ... 26 552.82 6.33 4.63 99.86 80.55 WEC Energy WEC 3.0 23 96.29 -2.07
79.30 348.50 109.64 Bill.com BILL ... dd 244.74 11.75 6.18 68.37 53.92 EdisonInt EIX 4.2 33 66.70 -1.26 10.00 246.08 168.70 L3HarrisTech LHX 6.63 100.39 76.43 RPM RPM 1.7 27 96.80 -2.97 13.46 82.37 65.75 W.P.Carey WPC 5.3 33 80.08 -0.08
s 33.86 123.56 78.44 EdwardsLife 2.0 28 207.93 -2.83
48.18 543.85 307.87 Bio-Techne TECH 0.3109 470.56 9.03 EW ... 52 122.12 2.55 51.27 313.04 200.46 LabCorp.ofAmerica LH ... 11 307.92 -2.21 10.90 142.06 98.33 RalphLauren RL 2.4 22 115.05 0.63 33.23 75.51 51.72 WPP WPP 2.5 dd 72.05 0.05
25.48 832.70 545.00 Bio-RadLab A BIO ... 3 731.46 -2.88 -7.83 37.49 27.33 ElancoAnimal ELAN ... dd 28.27 0.29 41.69 719.91 465.50 LamResearch LRCX 0.9 23 669.17 -2.11 52.68 103.46 61.30 RaymondJames RJF 1.4 15 97.38 -1.55 21.53 97.71 71.05 Wabtec WAB 0.5 37 88.96 -0.45
-3.03 468.55 221.72 Biogen BIIB ... 23 237.43 1.91 -19.48 189.84 97.89 Elastic ESTC ... dd 117.66 3.38 38.43 123.92 78.06 LamarAdv 15.06 92.32 65.02 RaytheonTech RTX 2.5 38 82.28 -0.42 22.49 57.05 39.03 WalgreensBoots WBA 3.9 17 48.85 -0.41
-11.20 150.30 120.08 ElectronicArts EA 0.5 47 127.52 -1.87
LAMR 3.5 31 115.20 2.20
-1.38 92.31 71.59 BioMarinPharm BMRN ...2854 86.48 2.89 -26.29 86.41 50.22 LambWeston LW 1.6 33 58.04 0.82 12.58 72.24 55.20 RealtyIncome O 4.4 53 67.78 0.11 -3.75 152.57 126.28 Walmart WMT 1.6 49 138.75 -4.59
252.40 464.00 80.55 BioNTech BNTX ... 8 287.28 3.60 12.84 105.99 77.76 EmersonElec EMR 2.3 24 90.69 -3.20 -40.54 66.77 33.75 LasVegasSands LVS 0.0 dd 35.44 0.33 31.30 174.12 114.05 RegalRexnord RRX 0.8 25 161.25 -3.92 6.16 50.23 31.50 WarnerMusic WMG 1.5 69 40.33 -0.56
-6.38 91.60 68.60 BlackKnight BKI ... 66 82.71 1.51 15.41 43.34 31.61 Enbridge ENB 7.3 16 36.92 -0.43 57.38 85.45 37.38 LatticeSemi LSCC ...122 72.11 1.38 56.94 78.06 43.49 RegencyCtrs REG 3.5 37 71.55 -0.10 26.99 138.82 97.02 WasteConnections WCN 0.7 59 130.25 -2.02
26.61 973.16 670.28 BlackRock BLK 1.8 24 913.57 -7.98 ... 33.20 22.02 Endeavor EDR ... dd 31.12 -0.19 9.66 204.91 144.78 Lear 28.19 686.62 441.00 RegenPharm REGN ... 10 619.28 -12.46 36.78 168.04 109.11 WasteMgt WM 1.4 39 161.31 -4.73
-30.29 8.88 5.42 EnelAmericas ENIA 3.0 10 5.73 -0.13
LEA 1.0 19 174.40 -3.19
90.20 149.78 61.27 Blackstone BX 2.9 17 123.27 -0.66 t -17.49 113.75 86.63 Leidos LDOS 1.7 16 86.73 -2.29 31.95 24.89 15.10 RegionsFin RF 3.2 8 21.27 -0.69 40.79 428.22 242.77 Waters WAT ... 31 348.35 -1.73
t -23.24 289.23 158.38 Block SQ ...159 167.06 1.18 35.11 11.55 6.03 EnergyTransfer ET 7.3 5 8.35 -0.14 38.84 117.54 71.52 Lennar A LEN 32.98 181.21 114.26 RelianceSteel RS 1.7 9 159.24 1.36 34.54 318.98 223.36 Watsco WSO 2.6 31 304.81 -8.89
0.9 8 105.84 -2.62
28.47 17.89 9.35 BlueOwlCapital OWL 2.5 dd 14.62 0.15 7.77 282.46 108.88 EnphaseEnergy ENPH ...164 189.11 -1.74 41.76 95.81 57.60 Lennar B LEN.B 1.2 7 86.76 -2.21 38.51 327.32 162.29 Repligen RGEN ...127 265.42 8.56 s 32.61 311.36 226.51 Watsco B WSOB 2.5 32 309.05 1.86
t -10.01 278.57 187.88 Boeing BA 0.0 dd 192.63 1.84 38.36 158.00 92.68 Entegris ENTG 0.2 48 132.96 -0.47 14.06 356.36 266.77 LennoxIntl LII 1.2 24 312.48 -12.45 40.17 145.98 88.62 RepublicSvcs RSG 1.4 36 134.98 -4.11 t -10.64 369.00 183.74 Wayfair W ...260 201.78 12.27
-0.75 2687.29 1860.73 BookingHldgs BKNG ...241 2210.46 45.55 9.70 115.02 85.78 Entergy ETR 3.7 18 109.52 -1.15 19.32 30.84 19.25 LeviStrauss LEVI 1.1 22 23.96 -0.22 19.02 301.34 179.37 ResMed RMD 0.7 74 252.98 -0.79 58.88 52.56 28.80 WellsFargo WFC 1.7 11 47.95 -2.35
-6.01 100.26 75.15 BoozAllen BAH 1.8 19 81.94 -0.81 7.50 25.69 19.28 EnterpriseProd EPD 8.5 12 21.06 0.01 3.85 37.65 15.98 LiAuto LI ... dd 29.94 -0.05 -5.92 71.12 54.18 RestaurantBrands QSR 3.7 24 57.49 -0.24 28.75 89.80 59.38 Welltower WELL 2.91333 83.20 0.10
12.91 55.55 37.46 BorgWarner BWA 1.6 14 43.63 -0.59 43.46 300.11 161.87 Equifax EFX 0.6 49 276.64 -13.60 -1.81 194.05 142.63 LibertyBroadbandC LBRDK ... 47 155.51 2.20 54.43 77.24 45.90 RexfordIndlRealty REXR 1.3113 75.84 -0.32 35.86 92.46 58.99 WestFraserTimber WFG 0.9 3 87.30 -1.22
20.81 124.24 88.45 BostonProps BXP 3.4 56 114.20 0.18 15.13 885.26 586.73 Equinix EQIX 1.4173 822.26 -0.64 -2.32 188.76 138.04 LibertyBroadbandA LBRDA 0.0 47 153.93 3.05 t -51.13 449.00 172.16 RingCentral RNG ... dd 185.21 7.41 58.77 475.35 253.85 WestPharmSvcs WST 0.2 56 449.81 4.99
13.66 46.28 34.16 BostonSci BSX ... 56 40.86 0.43 61.33 28.30 15.88 Equinor EQNR 1.6 31 26.49 -0.21 15.19 38.89 22.58 LibertyGlobal B LBTYB ... 1 28.25 -0.22 -13.71 95.97 59.58 RioTinto RIO 10.5 6 64.91 -0.89 69.09 124.88 57.98 WestAllianceBcp WAL 1.4 12 101.37 -3.42
-0.76 69.75 53.22 BristolMyers BMY 3.2 dd 61.56 -0.61 24.46 36.09 24.56 Equitable EQH 2.3 dd 31.85 -0.35 12.01 30.58 23.19 LibertyGlobal A LBTYA ... 1 27.13 -0.26 t ... 179.47 92.62 Rivian RIVN ... ... 97.70 -11.17 2.64 78.19 48.23 WesternDigital WDC 0.0 12 56.85 0.14
-0.37 41.14 33.62 BritishAmTob BTI 7.9 10 37.35 0.24 32.42 88.47 58.27 EquityLife ELS 1.7 59 83.90 -0.10 15.94 30.49 22.92 LibertyGlobal C LBTYK ... 1 27.42 0.02 70.47 120.83 60.47 RobertHalf RHI 1.4 23 106.51 -1.13 46.82 23.79 13.30 WesternMidstrm WES 6.4 9 20.29 -0.15
45.02 644.75 419.14 Broadcom AVGO 2.6 42 634.96 14.28 47.86 90.00 56.08 EquityResdntl EQR 2.7 32 87.65 -0.48 47.75 59.11 34.57 LibertyFormOne A FWONA ... dd 56.13 0.98 t ... 85.00 17.07 Robinhood HOOD ... dd 19.10 0.96 13.03 106.47 74.42 WestlakeChem WLK 1.3 8 92.23 -0.01
14.75 185.00 137.91 BroadridgeFinl BR 1.5 38 175.79 -4.27 -23.65 266.77 168.87 ErieIndemnity A ERIE 2.4 32 187.52 -4.09 39.48 62.42 38.84 LibertyFormOne C FWONK ... dd 59.42 0.70 ... 141.60 60.50 Roblox RBLX ... dd 102.40 7.19 -0.13 20.82 14.09 WestpacBanking WBK 5.9 14 14.88 -0.08
39.91 62.20 37.64 BrookfieldMgt BAM 0.9 27 57.32 -0.99 s 8.97 52.01 41.11 EssentialUtil WTRG 2.1 32 51.53 0.55 12.75 34.99 24.47 LibertyBraves A BATRA ... dd 28.04 0.05 -23.69 43.00 14.94 RocketCos. RKT 0.0 7 15.43 -0.15 0.94 62.03 40.04 WestRock WRK 2.3 14 43.94 -1.08
16.42 61.70 48.25 BrookfieldInfr BIP 3.5 27 57.51 -0.03 43.95 357.90 226.79 EssexProp ESS 2.4 50 341.76 -0.40 10.77 31.76 24.04 LibertyBraves C BATRK ... dd 27.56 0.06 36.26 354.99 237.13 Rockwell ROK 1.3 30 341.76 -7.11 18.22 41.68 30.87 Weyerhaeuser WY 1.7 12 39.64 0.01
-37.55 63.31 33.45 BrookfieldRenew BEPC 3.3 dd 36.39 1.18 29.97 369.24 231.97 EsteeLauder EL 0.7 42 345.96 -16.72 12.18 56.26 39.40 LibertySirius A LSXMA ... dd 48.45 0.15 -1.89 53.90 43.18 RogersComm B RCI 3.5 18 45.71 0.93 -1.32 49.10 34.85 WheatonPrecMet WPM 1.4 30 41.19 0.35
38.94 68.53 42.72 Brown&Brown BRO 0.6 32 65.87 -1.37 24.56 307.75 153.80 Etsy ETSY ... 65 221.60 3.31 11.03 56.19 39.05 LibertySirius C LSXMK ... dd 48.31 0.30 -28.78 490.76 190.23 Roku ROKU ...116 236.46 17.45 27.63 257.68 171.33 Whirlpool WHR 2.4 7 230.36 -7.92
-9.48 81.57 66.25 Brown-Forman B BF.B 1.0 45 71.90 -0.80 14.03 289.68 209.63 EverestRe RE 2.3 11 266.93 -3.63 s 82.77 147.51 75.54 LifeStorage LSI 2.4 51 145.47 0.84 -16.12 41.83 31.43 Rollins ROL 1.2 46 32.77 -0.17 28.63 29.89 19.85 Williams WMB 6.4 31 25.79 -0.35
-8.51 77.32 62.59 Brown-Forman A BF.A 1.1 42 67.22 -0.35 20.50 69.45 51.88 Evergy EVRG 3.4 17 66.89 -1.24 58.39 283.90 161.78 EliLilly LLY 1.5 41 267.42 -11.62 10.31 505.00 365.23 RoperTech ROP 0.5 45 475.52 -11.43 66.38 223.32 98.75 Williams-Sonoma WSM 1.7 13 169.44 4.46
45.11 92.35 52.79 Bruker BRKR 0.2 45 78.55 -0.23 3.34 92.66 76.64 EversourceEner ES 2.7 26 89.40 -1.51 30.71 77.57 44.59 LincolnNational LNC 2.7 9 65.76 -1.41 -12.00 134.22 104.79 RossStores ROST 1.1 24 108.07 -1.20 10.54 271.87 197.63 WillisTowers WLTW 1.4 13 232.88 -0.28
88.26 80.95 37.46 BuildersFirst BLDR ... 10 76.83 -0.42 24.49 26.57 17.07 Evotec EVO ... 6 22.84 -1.00 26.69 343.31 240.80 Linde LIN 1.3 49 333.83 -6.18 23.67 108.09 79.82 RoyalBkCanada RY 3.7 12 101.48 -1.42 71.43 41.28 21.80 WillScotMobile WSC ... 70 39.72 -0.04
34.31 96.99 62.07 Bunge BG 2.4 6 88.08 -0.19 -39.41 159.54 73.41 ExactSciences EXAS ... dd 80.27 3.77 -2.19 417.98 272.76 LithiaMotors LAD 0.5 9 286.25 1.73 -3.05 99.24 64.20 RoyalCaribbean RCL 0.0 dd 72.41 3.61 59.47 9.96 5.05 Wipro WIT 0.1 30 9.01 0.20
6.00 357.34 234.07 BurlingtonStrs BURL ... 42 277.24 5.86 26.76 54.98 38.35 Exelon EXC 2.9 31 53.52 -0.84 43.09 127.75 65.88 LiveNationEnt LYV ... dd 105.14 3.74 19.83 50.75 34.71 RoyalDutchA RDS.A 3.0 36 42.11 -0.75 0.83 142.33 75.06 Wolfspeed WOLF ... dd 106.78 2.18
62.23 107.97 58.73 CBRE Group CBRE ... 24 101.75 -4.17 20.32 191.85 118.30 Expedia EXPE 0.0 dd 159.31 4.88 21.43 2.83 1.72 LloydsBanking LYG 2.9 7 2.38 -0.03 25.08 50.44 33.06 RoyalDutchB RDS.B 3.9 36 42.04 -0.78 14.30 307.81 217.60 Workday WDAY ...18758 273.88 1.65
44.22 203.82 125.46 CDW CDW 1.1 27 190.07 2.24 36.61 137.80 88.82 ExpeditorsIntl EXPD 0.9 19 129.93 -5.69 -3.05 396.99 319.81 LockheedMartin LMT 3.3 16 344.14 -0.70 -23.00 53.23 34.86 RoyaltyPharma RPRX 1.8 20 38.54 0.30 -27.08 143.88 76.03 WynnResorts WYNN 0.0 dd 82.27 1.71
67.42 68.09 36.21 CF Industries CF 1.9 47 64.81 0.50 s 85.70 217.73 106.56 ExtraSpaceSt EXR 2.3 40 215.15 0.74 26.12 59.39 42.91 Loews L 0.4 9 56.78 -1.13 ... 41.14 25.57 RyanSpecialty RYAN ...155 39.51 0.65 -26.17 53.08 27.65 XP XP ... 28 29.29 0.20
7.00 93.93 74.58 CGI GIB ... 20 84.86 0.75 45.63 66.38 40.53 ExxonMobil XOM 5.9 dd 60.03 -1.34 -14.29 140.17 76.70 LogitechIntl LOGI 1.1 15 83.30 0.68 -8.45 127.25 94.68 Ryanair RYAAY ... dd 100.69 1.19 0.49 72.94 57.23 XcelEnergy XEL 2.7 23 67.00 -1.95
7.99 106.30 84.67 CH Robinson CHRW 2.2 18 101.37 -3.02 32.43 239.12 170.00 F5 FFIV ... 43 233.00 -0.93 54.56 263.31 150.84 Lowe's LOW 1.3 22 248.09 -5.15 6.32 151.48 120.08 SAP SAP 2.1 24 138.63 0.98 41.17 239.79 111.84 Xilinx XLNX 0.7 62 200.14 0.36
23.47 232.64 177.15 CME Group CME 1.6 33 224.78 -4.31 -9.53 123.66 87.27 FMC FMC 1.8 23 103.98 -0.99 t -58.66 18.30 5.43 LufaxHolding LU ... 6 5.87 0.17 42.26 484.21 303.50 S&P Global SPGI 0.7 40 467.64 -9.19 -2.50 60.04 22.73 XPeng XPEV ... dd 41.76 -0.51
5.20 65.79 53.19 CMS Energy CMS 2.7 21 64.18 -1.23 s 42.29 476.77 294.21 FactSet FDS 0.7 46 473.12 1.72 10.52 485.82 269.28 lululemon LULU ... 58 384.66 -5.96 s 33.23 381.12 232.88 SBA Comm SBAC 0.6143 375.88 5.38 13.77 138.78 94.63 Xylem XYL 1.0 45 115.81 -2.83
11.22 49.08 37.50 CNA Fin CNA 3.5 9 43.33 -1.08 -19.33 553.97 342.89 FairIsaac FICO ... 31 412.25 3.79 29.13 16.60 9.66 LumenTech LUMN 7.9 dd 12.59 0.26 4.96 65.22 52.12 SEI Investments SEIC 1.2 17 60.32 -2.04 -10.64 87.11 58.91 Yandex YNDX ... dd 62.18 -0.37
37.93 19.22 11.76 CNH Indl CNHI 0.7 15 17.71 -0.19 t -51.51 73.87 28.40 Farfetch FTCH ... dd 30.94 1.21 t -22.51 68.28 36.25 Lyft LYFT ... dd 38.07 0.61 17.03 55.30 39.47 SK Telecom SKM 3.9 26 47.17 0.76 21.53 135.77 101.18 YumBrands YUM 1.5 25 131.93 -1.66
17.43 53.99 40.39 CRH CRH 2.3 27 50.00 -0.42 27.07 64.46 43.37 Fastenal FAST 1.8 40 62.05 -1.41 -4.25 118.02 84.06 LyondellBasell LYB 5.2 5 87.76 -1.35 s 9.91 81.05 62.51 SS&C Tech SSNC 1.0 29 79.96 0.05 -14.82 69.67 47.15 YumChina YUMC 1.0 32 48.63 -0.09
18.08 37.35 27.70 CSX CSX 1.0 23 35.72 -0.85 52.16 135.56 81.85 FederalRealty FRT 3.3 43 129.52 1.34 -1.12 37.13 30.02 StoreCapital STOR 4.6 36 33.60 -0.34 -4.49 38.96 25.23 ZTO Express ZTO 0.0 35 27.85 -0.15
46.94 102.22 67.06 CVS Health
t -24.68 2326.80 1621.19 CableOne
CVS 2.0 18 100.36 -0.86
CABO 0.7 31 1677.95 51.02
-3.58 319.90 216.34 FedEx
40.28 171.60 116.70 Ferguson
FDX
FERG
1.2 16 250.32
1.4 20 166.23
11.80
-4.61
MN 68.63 763.22 353.03 SVB Fin SIVB ... 20 654.01
13.66 311.75 201.51 Salesforce.com CRM ...139 252.93
-28.28
-0.19
53.13 615.00 363.00 ZebraTech
-28.51 166.60 90.51 Zendesk
ZBRA
ZEN
... 38 588.52
... dd 102.32
-3.52
3.62
31.31 190.09 118.11 CadenceDesign CDNS ... 72 179.15 -0.47 10.02 278.78 183.82 Ferrari RACE 0.4 44 252.51 -4.07 15.59 168.27 119.89 M&T Bank MTB 3.3 11 147.15 -6.03 0.60 54.26 45.17 Sanofi SNY 2.8 18 48.88 -0.41 -51.88 208.11 52.57 Zillow C Z ... dd 62.46 3.08
18.37 119.81 66.34 CaesarsEnt CZR ... dd 87.91 2.03 28.81 52.93 35.72 FidNatlFin FNF 3.5 5 50.35 -0.58 34.18 51.17 27.81 MGM Resorts MGM 0.0 32 42.28 1.48 89.37 42.87 20.36 SantanderCons SC 2.1 4 41.70 -0.19 -55.08 212.40 52.31 Zillow A ZG ... dd 61.06 3.03
71.75 177.45 94.59 CamdenProperty CPT 1.9144 171.61 -2.88 -23.67 155.96 101.79 FidNatlInfo FIS 1.4296 107.98 -0.49 4.37 199.44 138.70 MKS Instrum MKSI 0.6 17 157.03 -1.23 77.20 19.82 8.32 Sasol SSL 0.0 dd 15.70 0.11 -21.57 180.36 118.27 ZimmerBiomet ZBH 0.8 31 120.85 0.38
57.84 28.49 12.16 Cameco CCJ 0.3 dd 21.15 -0.58 53.28 45.92 26.42 FifthThirdBncp FITB 2.8 12 42.26 -1.27 32.42 32.26 21.03 MPLX MPLX 9.8 11 28.67 -0.09 32.71 36.87 21.08 Schlumberger SLB 1.7 25 28.97 -0.73 40.88 68.25 40.76 ZionsBancorp ZION 2.5 9 61.20 -2.27
-10.82 53.77 39.76 CampbellSoup CPB 3.4 14 43.12 -1.06 45.25 78.46 48.69 FirstAmerFin FAF 2.7 7 74.99 -1.19 32.18 679.85 380.00 MSCI MSCI 0.7 72 590.22 -4.90 56.39 85.75 50.77 SchwabC SCHW 0.9 32 82.95 -0.94 s 41.58 236.40 141.41 Zoetis ZTS 0.6 56 234.31 1.50
31.58 123.13 83.93 CIBC CM 4.2 10 112.46 -1.61 23.67 19.45 12.16 FirstHorizon FHN 3.8 9 15.78 -0.53 5.70 53.85 39.93 MagellanMid MMP 9.3 11 44.86 -0.28 -21.29 254.34 133.36 ScottsMiracleGro SMG 1.7 18 156.74 0.25 -40.79 451.77 174.66 ZoomVideo ZM ... 53 199.74 17.34
15.89 136.22 100.66 CanNtlRlwy CNI 1.6 24 127.31 -1.56 s 50.61 65.13 40.08 FirstIndRlty FR 1.7 34 63.45 -0.76 9.17 104.28 62.02 MagnaIntl MGA 2.2 13 77.29 -0.28 6.91 372.70 178.80 Sea SE ... dd 212.80 -1.72 30.06 79.17 37.86 ZoomInfoTech ZI ...1072 62.73 1.29
61.12 44.33 22.40 CanNaturalRes CNQ 4.8 10 38.75 -1.15 35.67 222.86 133.07 FirstRepBank FRC 0.4 27 199.34 -5.23 43.03 188.52 100.16 ManhattanAssoc MANH ... 88 150.44 2.65 68.13 116.93 58.04 Seagate STX 2.7 15 104.51 -0.10 52.66 376.11 157.03 Zscaler ZS ... dd 304.87 9.62

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.46 +0.01 0.5 ContraK 18.36 -0.16 21.4 IntlEq 29.16 -0.41 5.2 AllAsset 12.89 -0.03 NA ExtndAdml 135.35 +1.32 9.3 VANGUARD FDS MdCpGrAdml105.98 +0.53 16.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.11 -0.02 10.1 Invesco Funds Y TotRt 10.32 +0.01 -0.7 GNMAAdml 10.57 ... -0.8 DivdGro 39.76 -0.52 21.2 MdCpVlAdml 75.73 -0.78 24.5
EdgewoodGrInst 62.06 -0.36 19.9 GroCo 39.35 -0.04 19.7 DevMktY 46.33 -0.28 -8.6 PIMCO Funds A GrwthAdml 159.97 -0.59 23.1 INSTTRF2020 28.09 -0.09 NA SmValAdml 74.35 -0.29 23.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 39.48 -0.03 19.8 John Hancock Instl IncomeFd 11.88 ... NA HlthCareAdml r100.43 -0.10 12.2 INSTTRF2025 29.73 -0.12 NA TotBd2 11.11 +0.02 -1.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DispValMCI 26.55 -2.17
500IdxInstPrem160.21 -1.66 24.7 InvGrBd 11.67 +0.02 ... 13.9 PIMCO Funds I2 HYCorAdml r 5.92 -0.01 3.1 INSTTRF2030 30.82 -0.14 NA TotIntlInstIdx r133.01 -3.28 4.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotItlInstPlId r133.05 -3.28
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 22.74 -0.21 20.9 LowP r 52.07 -0.31 20.5 JPMorgan I Class Income 11.88 ... NA InfProAd 28.79 +0.01 4.8 INSTTRF2035 31.84 -0.17 NA 4.1
ExtMktIdxInstPre 84.75 +0.83 9.2 Magin 14.86 -0.11 22.8 EqInc 23.21 -0.38 NA PIMCO Funds Instl IntlGrAdml 135.11 -0.93 -3.7 INSTTRF2040 32.91 -0.19 NA TotSt 114.31 -0.80 21.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 15.47 -0.11 21.8 NASDAQ r 191.71 -0.15 18.5 JPMorgan R Class IncomeFd 11.88 ... NA ITBondAdml 12.08 +0.01 -2.0 INSTTRF2045 33.88 -0.23 NA VANGUARD INSTL FDS
GrowthCompanyK6 22.89 -0.01 19.0 OTC 19.07 -0.59 18.4 CoreBond 11.89 +0.02 NA Price Funds ITIGradeAdml 10.08 +0.01 -0.9 INSTTRF2050 34.03 -0.23 NA BalInst 49.04 -0.17 12.2
IntlIdxInstPrem 47.85 -0.58 8.2 Puritn 26.61 -0.62 14.5 Lord Abbett A BlChip 173.02 -0.82 14.5 LTGradeAdml 11.20 +0.06 -1.7 INSTTRF2055 34.12 -0.23 NA DevMktsIndInst 15.96 -0.42 6.4
Friday, December 17, 2021 MidCpInxInstPrem 30.88 -1.03 18.3 SrsEmrgMkt 20.70 -0.09 -6.6 ShtDurIncmA p 4.16 ... NA DivGro 71.62 -0.95 21.9 MidCpAdml 306.04 -0.71 20.4 IntlVal 42.22 -0.38 4.9 DevMktsInxInst 24.94 -0.66 6.4
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 22.03 -0.23 24.7 SrsGlobal 14.68 -0.13 5.0 Lord Abbett F EqInc 34.96 -0.47 22.1 MuHYAdml 12.08 ... 3.9 LifeCon 23.59 -0.05 NA ExtndInst 135.34 +1.32 9.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.46 +0.01 -1.5 SrsGroCoRetail 19.93 -0.02 21.1 ShtDurIncm 4.15 -0.01 NA Growth 103.65 -0.74 17.0 MuIntAdml 14.72 ... 1.1 LifeGro 44.67 -0.26 NA GrwthInst 159.98 -0.59 23.1
SeriesOverseas 13.81 -0.20 14.7 SrsIntlGrw 18.48 -0.22 12.7
Lord Abbett I
HelSci 102.40 +0.74 11.4 MuLTAdml 12.19 ... 2.2 LifeMod 34.07 -0.14 NA InPrSeIn 11.73 +0.01 4.9
American Century Inv IntlVal Inst 40.71 -0.28 NA DivIncom I 30.64 -0.44 22.4 ShtDurInc p 4.15 ... NA MuLtdAdml 11.17 ... 0.4 InstIdx 404.84 -4.19 24.7
Ultra 84.80 -0.42 19.3 Baird Funds Dimensional Fds SmCpIdxInstPrem 26.67 +0.26 11.0 SrsIntlVal 10.84 -0.13 12.9 LgCapGow I 71.40 -0.53 19.6 PrmcpCor 34.91 -0.31 20.5
TMktIdxInstPrem129.70 -0.91 21.8 TotalBond 11.11 +0.02 0.2
Metropolitan West
MidCap 113.51 -0.05 11.3 MuShtAdml 15.88 ... 0.2
STAR 33.33 -0.11 NA
InstPlus 404.87 -4.19 24.7
American Funds Cl A AggBdInst 11.42 +0.02-1.2 5GlbFxdInc 10.72 ... -0.8 TotRetBdI 10.94 +0.01 -0.9 PrmcpAdml r181.19 -1.39 17.8 InstTStPlus 89.32 -0.63 21.9
AmcpA p 43.86 -0.12 19.3 CorBdInst 11.73 +0.02-0.8 EmgMktVa 30.48 -0.10 10.5 USBdIdxInstPrem 12.03 +0.02 -1.5 Fidelity SAI NHoriz 74.40 +1.09 6.3 TgtRe2015 16.52 -0.03 NA
TRBdPlan 10.26 +0.01 -0.9 RealEstatAdml 158.47 -0.14 34.2 MidCpInst 67.61 -0.15 20.4
AMutlA p 51.50 -0.72 21.1 BlackRock Funds EmMktCorEq 24.57 -0.10 3.8 Fidelity Advisor I TotalBd 10.49 +0.01 0.3 R2020 24.74 -0.10 8.7 TgtRe2020 36.67 -0.11 NA
MFS Funds SmCapAdml 105.02 +0.39 13.5 MidCpIstPl 333.43 -0.78 20.4
BalA p 32.81 -0.17 13.5 HiYldBd Inst 7.82 -0.01 5.0 IntlCoreEq 15.54 -0.18 9.9 GrOppI 167.75 +1.63 8.1 Fidelity Selects
IIE 32.46 -0.49 11.8
R2025 21.28 -0.10 9.9 TgtRe2025 23.30 -0.09 NA
SmGthAdml 96.02 +1.37 2.4 SmCapInst 105.02 +0.39 13.5
BondA p 13.47 +0.01 -0.8 BlackRock Funds A IntSmCo 20.89 -0.21 9.6 NwInsghtI 40.61 -0.37 21.3 Softwr r 29.26 -1.53 9.6 MFS Funds Class I R2030 31.64 -0.18 11.2 TgtRe2030 44.38 -0.20 NA
STBondAdml 10.65 ... -0.9 SmCapIstPl 303.14 +1.15 13.6
CapIBA p 68.32 -1.45 11.3 GlblAlloc p 20.53 -0.01 5.1 IntSmVa 20.52 -0.18 11.2 Fidelity Freedom Tech r 28.13 -1.78 10.8 GrowthI 188.82 -1.27 20.1 R2040 34.50 -0.25 13.4
STIGradeAdml 10.81 ... -0.4 TgtRe2035 27.92 -0.14 NA STIGradeInst 10.81 ... -0.4
CapWGrA 61.59 -0.57 11.0 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 17.58 -0.06 7.3 First Eagle Funds ValueI 53.22 -0.89 22.0 Schwab Funds
STIPSIxAdm 26.10 -0.03 4.8 TgtRe2040 49.57 -0.29 NA STIPSIxins 26.12 -0.03 4.8
EupacA p 62.29 -0.79 -1.5 iShS&P500IdxK543.15 -5.61 24.7 US CoreEq1 35.27 -0.30 23.4 FF2025 16.10 -0.06 8.2 GlbA 63.46 -0.62 10.4 Northern Funds 1000 Inv r 100.38 -0.79 NA TotBdAdml 11.25 +0.02 -1.4 TgtRe2045 31.92 -0.21 NA TotBdInst 11.25 +0.02 -1.4
FdInvA p 73.59 -6.05 NA BlackRock Funds Inst US CoreEq2 31.93 -0.27 24.2 FF2030 20.23 -0.10 9.4 Franklin A1 StkIdx 50.61 -0.52 24.6 S&P Sel 70.69 -0.73 NA TotIntBdIdxAdm 22.94 +0.02 -1.2 TgtRe2050 51.54 -0.36 NA TotBdInst2 11.11 +0.02 -1.3
GwthA p 71.69 -6.24 6.1 StratIncOpptyIns 10.22 ... 0.7 US Small 45.10 +0.02 25.2 FF2035 17.71 -0.11 11.7 IncomeA1 p 2.48 -0.02 15.3 Nuveen Cl I TSM Sel r 79.77 -0.56 NA TotIntlAdmIdx r 33.26 -0.82 4.1 TgtRet2055 55.96 -0.39 NA TotBdInstPl 11.25 +0.02 -1.3
ICAA p 50.21 -0.43 21.2 Bridge Builder Trust US SmCpVal 41.57 -0.24 33.7 FF2040 12.71 -0.09 13.4 FrankTemp/Franklin A HYMunBd 18.49 -0.01 9.8 VANGUARD ADMIRAL TotStAdml 114.36 -0.80 21.9 TgtRetInc 15.44 -0.02 NA TotIntBdIdxInst 34.43 +0.03 -1.2
IncoA p 25.25 -0.18 14.7 CoreBond 10.48 +0.01 -0.9 US TgdVal 28.88 -0.16 32.7 Freedom2025 K 16.08 -0.07 8.3 DynaTech A p150.02 +0.21 8.9 Old Westbury Fds 500Adml 427.80 -4.42 24.7 TxMCapAdml240.91 -2.05 22.9 TotIntBdIxInv 11.48 +0.02 -1.2 TotStInst 114.38 -0.80 21.9
N PerA p 63.83 -0.44 13.2 CorePlusBond 10.37 +0.01 -0.3 USLgVa 44.70 -0.63 24.3 Freedom2030 K 20.23 -0.09 9.5 Growth A p 145.96 -0.86 18.2 LrgCpStr 18.26 -0.18 13.7 BalAdml 49.03 -0.18 12.2 TxMIn r 15.94 -0.42 6.4 USGro 63.45 +0.20 9.6 ValueInst 56.20 -0.85 23.1
NEcoA p 59.74 +0.07 8.1 Intl Eq 14.29 -0.15 7.0 Dodge & Cox Freedom2035 K 17.70 -0.11 11.8 RisDv A p 93.80 -1.28 22.5 Parnassus Fds CAITAdml 12.21 ... 0.8 USGroAdml 164.35 +0.51 9.7 WellsI 29.91 -0.17 7.5 WCM Focus Funds
NwWrldA 83.34 -0.67 1.4 LargeCapGrowth 24.61 -0.19 19.6 Balanced 116.95 -0.53 17.7 Freedom2040 K 12.71 -0.10 13.4 Guggenheim Funds Tru ParnEqFd 61.96 -0.61 23.9 CapOpAdml r208.31 -0.32 17.3 ValAdml 56.20 -0.85 23.1 Welltn 51.12 -0.37 16.9 WCMFocIntlGrwIns 26.45 -0.32 11.8
SmCpA p 77.00 +0.02 6.1 LargeCapValue 17.76 -0.19 22.2 Income 14.23 +0.01 -0.8 Fidelity Invest TotRtnBdFdClInst 28.67 +0.05 0.1 PGIM Funds Cl Z DivAppIdxAdm 45.18 -0.91 19.3 WdsrllAdml 85.50 -1.15 25.2 WndsrII 48.18 -0.65 25.1 Western Asset
TxExA p 13.63 ... 2.0 Calamos Funds Intl Stk 47.05 -0.42 7.7 Balanc 29.67 -0.49 14.2 Harbor Funds HighYield 5.53 -0.01 5.5 EMAdmr 40.26 -0.62 -1.9 WellsIAdml 72.46 -0.42 7.5 VANGUARD INDEX FDS CoreBondI 13.13 +0.02 NA
WshA p 58.63 -2.01 24.1 MktNeutI 14.46 -0.03 4.5 Stock 244.42 -2.10 28.9 BluCh 177.39 -2.51 16.9 CapApInst 116.27 -0.47 11.6 TotalReturnBond 14.57 +0.02 -1.0 EqIncAdml NA ... NA WelltnAdml 88.29 -0.63 17.0 ExtndIstPl 334.02 +3.26 9.3 CorePlusBdI 11.93 +0.01 NA
Artisan Funds Columbia Class I DoubleLine Funds Contra 18.30 -0.16 21.3 Harding Loevner PIMCO Fds Instl ExplrAdml 134.40 +1.09 12.3 WndsrAdml 87.65 -0.88 23.8 IdxIntl 19.89 -0.48 4.1 CorePlusBdIS 11.92 ... NA
B14 | Saturday/Sunday, December 18 - 19, 2021 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

HSBC Cited Over Laundering Controls

U.K. agency fines bank with U.S. authorities to settle times that amount in an HSBC
allegations including that it account through 18 payments
$85 million for lapses failed to catch at least $881 in one month in 2010, accord-
in spotting suspicious, million in drug-trafficking pro- ing to the FCA. The customer,
ceeds laundered through its who was part of a criminal
fraudulent activity U.S. bank. gang that attempted to steal
An HSBC spokeswoman said millions of pounds, pleaded
BY SIMON CLARK the latest fine relates to guilty to tax fraud in 2014, the
HSBC’s anti-money-laundering FCA said.
HSBC Holdings PLC was systems in the U.K. and the The systems HSBC installed
fined for inadequate anti- matter is now resolved. “HSBC to track payment flows at
money-laundering controls has made significant invest- times failed to flag suspicious

LUKE MACGREGOR/BLOOMBERG NEWS

that the London-based bank ments in new and market- transactions that should have
used to monitor hundreds of leading technologies that go prompted further reviews.
millions of dollars of transac- beyond the traditional ap- Over the four years until early
tions. proach to transaction monitor- 2017, 43 million transactions
The U.K.’s Financial Conduct ing,” the spokeswoman said. through HSBC’s correspondent
Authority fined HSBC £63.9 HSBC failed to maintain suf- banking business weren’t
million, the equivalent of $85 ficiently risk-sensitive proce- monitored properly, the FCA
million, for weak oversight at dures to identify complex or said.
the bank between 2010 and large transactions, unusual pat- Earlier this week, NatWest
2018. HSBC didn’t dispute the terns of transactions and other Group PLC was fined £264.7
regulator’s findings, which The bank has grappled for years to convince regulators that it can identify fraudulent transactions. activity likely to be related to million in a London court over
meant it got a 30% discount on money laundering or terrorist anti-money-laundering of-
the fine, the FCA said. highlighted on numerous occa- ceptable and exposed the bank that it can identify fraudulent financing, the FCA said. fenses identified by the FCA
“HSBC’s transaction moni- sions,” said Mark Steward, the and community to avoidable transactions. In 2012, the bank For example, a director of a involving the U.K. lender’s fail-
toring systems were not effec- FCA’s executive director of en- risks.” agreed to pay $1.9 billion and U.K. construction company ure to follow up on red flags
tive for a prolonged period de- forcement and market over- HSBC has grappled for enter into a five-year de- with annual income of £40,000 associated with the cash de-
spite the issue being sight. “These failings are unac- years to convince regulators ferred-prosecution agreement received more than three posits of a customer.

JPMorgan Unit Fined

For Messaging Lapses
BY DAVE MICHAELS saging software that was digi-
tally archived. They now have
WASHINGTON—The broker- personal cellphones with mul-
age arm of JPMorgan Chase tiple options for chatting with
& Co. agreed to pay $200 mil- others, including encrypted
lion in fines and admit that it apps such as WhatsApp. JP-
failed to keep track of employ- Morgan’s policies prohibited
ees’ use of personal messaging the use of those apps for firm
apps that circumvented re- business, but officials said the
cord-keeping requirements. firm didn’t adequately super-
The Securities and Ex- vise whether employees fol-
change Commission said its lowed the rules.
fine, $125 million, is the larg- “Record-keeping require-
est ever for a breach of rules ments are core to the commis-
requiring brokerages to retain sion’s enforcement and exami-
most communications so the nation programs and when
data can be monitored inter- firms fail to comply with

HENRY NICHOLLS/REUTERS
nally and made available to them, as JPMorgan did, they
regulators. The SEC said the directly undermine our ability
breakdown was widespread to protect investors and pre-
and hindered some enforce- serve market integrity,” said
ment investigations, which of- Gurbir Grewal, the SEC’s en-
ten make use of what individu- forcement director.
als write in emails and other JPMorgan’s settlement is
messaging channels. the first to involve an admis- Sainsbury’s, which uses Kronos to log working hours, said the U.K. grocer has contingency plans in place to meet payroll on time.
JPMorgan also will pay $75 sion of misconduct since Mr.

Cyberattack Hampers Payrolls

million to resolve a parallel in- Grewal said in October that
vestigation by the Commodity the SEC would deviate from
Futures Trading Commission, “no admit, no deny” settle-
according to that agency. The ments in some civil cases. Mr.
Wall Street Journal reported Grewal said officials would
earlier that the bank would seek admissions in cases BY JAMES RUNDLE “We recognize the serious- PLC, which runs the British The payroll issues stem-
pay a likely total fine of $200 where wrongdoing was wide- ness of the issue and have mo- supermarket chain Sainsbury’s ming from the Kronos outage
million. A JPMorgan spokes- spread or particularly egre- A cyberattack on a popular bilized all available resources to and uses Kronos to log work- come as technology staff
man declined to comment. gious, or where many inves- payroll software provider sent support our customers and are ing hours, said that the com- around the world are grap-
The SEC’s enforcement divi- tors were harmed. JPMorgan work-tracking systems offline working diligently to restore pany has contingency plans in pling with a newly discovered
sion started investigations of also admitted misconduct in this week, forcing companies the affected services,” he said. place to meet payroll on time, vulnerability in a software tool
other brokerages after spot- its settlement with the CFTC. to resort to manual methods Kronos users span a range and that it is in contact with known as Log4j that logs user
ting JPMorgan’s failures, offi- Monitoring employees’ com- to pay workers. of industries, covering retail, UKG. The BBC reported Thurs- activity. UKG said in a notice
cials said. Additional firms munications became harder for UKG Inc. is continuing to government services, manu- day that Sainsbury’s had lost a on its website that it is aware
could come under investiga- banks during the pandemic investigate and manage out- facturers, and numerous week’s worth of data, and is of the Log4j flaw, and has
tion if they self-report poten- when employees switched to ages related to a ransomware healthcare systems. The using historical data and measures in place to prevent
tial misconduct, as regulators working from home. But the attack that forced it to shut American Hospital Associa- working patterns to pay its hackers from exploiting it.
have requested. SEC said the record-keeping down some of its Kronos tion said in a Dec. 14 state- 150,000 U.K. employees. The attack at UKG is the lat-
Traders, salespeople and breakdown preceded the migra- cloud-based services that log ment that it had seen several New York’s Metropolitan est in a number of cyber inci-
bankers once talked prices or tion out of offices, lasting from and store employee working reports from hospitals that Transportation Authority, dents in 2021 targeting tech-
market gossip on recorded at least January 2018 until No- hours. The outages have lasted had been affected by the out- which uses Kronos in its time- nology service providers and
phone lines or desktop mes- vember 2020. through the week and could age, and warned that the lack keeping system, said payroll is- supply chains. In July, Kaseya
continue into the new year, ac- of system availability could be sues stemming from the outage Ltd., which offers technology
cording to notices posted on a “quite disruptive” given a con- are affecting around 20,000 of management tools, was the vic-
ADVERTISEMENT UKG website. The Lowell, tinuing rise in seasonal flu and its 66,000 active employees. tim of a ransomware strike
Mass.-based company dis- Covid-19 cases. The MTA is implementing con- that subsequently infected hun-
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
closed the attack Dec. 11.
A spokesman for UKG said
The impact of the outage is
particularly acute for retail
tingency plans to ensure there
will be “minimal impact” to
dreds of customers. A February
attack on software company
it is taking action to resolve stores, given employees often payrolls, although in some Accellion USA LLC exposed
the attack and is engaged with work overtime hours in the cases, adjustments might need data from law firms, universi-
BUSINESS OPPORTUNITIES CAREERS cybersecurity experts and au- run-up to Christmas Day. A to be made later, spokesman ties and other users of its File
thorities. spokeswoman for J Sainsbury Eugene Resnick said. Transfer Appliance platform.
           !"#!! $%&#$!
  !  !   
    
Bayer Hopeful on Roundup-Case Petition
           
   ' ( )  *  + % , ! 
          !" BY GEORGI KANTCHEV the company. It will likely take in the case. The Supreme caused their cancer, awarding
    
!, -   $  . the solicitor general several Court hears only about 70 them hundreds of millions of
   BERLIN—The U.S. Supreme months to respond. cases each term, a small per- dollars in damages.
# $ %& & '&
 Court’s request this week for In a bid to end thousands of centage of the thousands of The Supreme Court petition
(  )#* & & '&
 +      &  the Biden administration to
offer its views on a case about
Roundup claims, Bayer in Au-
gust filed a petition to invali-
cases it is asked to review.
“It’s a small step in the
is one of the pillars of a five-
point plan Bayer announced
    the alleged health risks of the date a $25 million jury verdict right direction,” said Markus this year to deal with the
+,  !&- %. &# /+/ 0 -$ #1$.  2,/
 !"#$%&' '# (!)"$* Roundup weedkiller was an in the case of a California resi- Manns, fund manager at Ger- Roundup litigation, including
encouraging step, the head of dent, Edwin Hardeman, who man asset manager Union In- beginning to remove gly-
  THE
Bayer AG told The Wall Street
Journal.
blamed the herbicide for caus-
ing his cancer.
vestment, which owns Bayer
shares. But, he said, the move
phosate from Roundup that is
sold to American residential
  
 MARKETPLACE The court’s move meant it
has shown interest in the case
The company has been bat-
tling Roundup lawsuits since
also means that investors
won’t know for months
consumers from 2023 as most
of the claims come from such
and the company would con- taking over Monsanto, the “whether Bayer ultimately users. Roundup sold to com-
  ADVERTISE TODAY product’s original owner, in wins or loses the whole case.” mercial users, which makes
tinue its strategy to limit
   Roundup litigation risks, Wer- 2018. The uncertainty over the the bulk of the sales, will still
  (800) 366-3975 ner Baumann, Bayer’s chief ex- liability, mounting legal costs, include glyphosate. Bayer also

$25M
For more information visit:
  wsj.com/classifieds
ecutive, told the Journal. The
company said it would now
and some failed attempts to
settle past and future cases
plans to create a new website
with studies relevant to
 !! suspend discussions over set- have weighed on Bayer’s share Roundup’s safety.
"# $!! tling further Roundup disputes price and angered investors. Mr. Baumann said that fol-
  as the court considers whether Bayer says that the chemical is The size of the jury verdict lowing the Supreme Court
to take on Bayer’s petition to safe and continues to sell that Bayer hopes to invalidate move this week, the company
    toss out a previous verdict on
Roundup.
Roundup with glyphosate, the
weedkiller’s active ingredient,
was moving ahead with its
strategy. “We’re continuing to
   
       On Monday, the court asked which some plaintiffs have execute our five-point plan
         U.S. Solicitor General Eliza- said causes their cancer. Fed- Bayer recently notched two and submitting the Hardeman
      beth Prelogar for the adminis- eral regulators have said that victories in Roundup cases fol- case to the Supreme Court is
        tration’s views on whether it glyphosate is safe and not car- lowing a string of losses. Last one of them,” he said.
     should hear Bayer’s appeal. cinogenic. week, a jury in California re- Bayer made a big bet on ag-
Analysts and Bayer executives “This is an encouraging jected a woman’s claim that riculture with its $63 billion
           
          
have previously said that step,” Mr. Baumann said. “The the product had caused her acquisition of Monsanto. But it
         !      chances were low that the U.S. Supreme Court showed cancer. In October, a jury found exposed Bayer to open-ended
   "       #$ court would take up the case. interest in our Hardeman that the company wasn’t liable legal litigation over Mon-
        %    &'  (  Some investors cautioned that case.” for a child’s cancer. santo’s Roundup herbicide and
              the court could still deny Some investors agree the Previously, three U.S. juries glyphosate.
) *      "   + © 2021 Dow Jones & Company, Inc.
Bayer’s petition for review court’s move was positive as it have found in favor of plain- —Brent Kendall
     All Rights Reserved.
later or ultimately rule against signaled preliminary interest tiffs who said that glyphosate contributed to this article.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | B15

MARKETS

Asian Junk Bonds Stir Optimism

BY FRANCES YOON Total returns on emerging- Yield premiums over proof of solid liquidity, didn’t erty sector finds a more stable
market high-yield bonds* risk-free rates† have a lot of short-term debt footing.
After this year’s punishing to refinance, and had access to “We think the most acute
selloff in Asian junk bonds, 5% 25 pct. pts. onshore funding, even if China and difficult phase of China’s
due largely to the turmoil in didn’t unleash major easing policy tightening is now be-
Chinese property, some inves- China measures. Elsewhere, he said hind us,” said Mr. Bajaj at
0
20
tors and analysts are cau- he was positive on Indian re- Lombard Odier. “However…we
tiously optimistic about the –5
newable-energy bonds and think the domino effect of de-
outlook for 2022. 15 sovereign bonds from Sri faults is likely to continue in
Investors say Chinese au- Lanka and Pakistan. the first quarter of next year
thorities are likely to ease up –10 While some of next year’s for stressed private-sector de-
somewhat on the embattled EMEA 10 return is likely to come from velopers.” Mr. Bajaj said he is
REZOLVE

real-estate sector and to –15 hefty interest payments that focusing on higher-rated Asian
Latin America
loosen monetary policy, help- reflect the sector’s compara- credit to make a modest re-
Dan Wagner, founder and CEO ing support Chinese corporate Asia 5 tively high yields, a large turn, and expects default rates
–20
of London-based Rezolve. borrowers more broadly. The Global emerging markets chunk of it is likely to be pro- to moderate next year.
People’s Bank of China last duced by a rebound in bond Likewise, Paula Chan, se-
–25 0

Shopper week cut banks’ reserve re-

quirements, a move some
economists said could signal
the start of an easing cycle.
Jan. 2021 Dec. Jan. 2021
*For ICE BofA High Yield Asia Emerging Markets Corporate Plus Index and equivalents.
Dec.
prices.
Asian high-yield could offer
high single-digit percentage
returns next year, including
nior portfolio manager for
Asia fixed income at Manulife
Investment Management, said
she would remain defensive

Software Some investors also argue

the Asian high-yield market
has grown too pessimistic
Data as of Thursday †Shows option-adjusted spreads on the ICE BofA High Yield
Emerging Markets Corporate Plus Index and its China equivalent. Data as of Wednesday
Source: ICE Data Services
price gains of up to 5%, said
Dhiraj Bajaj, fund manager and
head of fixed income for Asia
for the first half of 2022 as
conditions remain challenging.
But she said the second half

Maker to about default risk, and beaten-

up bond prices now offer good
value.
In a report this month, JP-
Morgan Chase & Co. analysts
wrote that market prices for
tractive,” he said.
That would be a big turn-
around from this year. An ICE
at Lombard Odier.
As bond prices have fallen,
yields have soared, and a gap
of the year would be better for
investors, as monetary easing
was likely to kick in and help

Go Public Developers such as China

Evergrande Group—which was
downgraded to a default by the
Chinese high-yield property
bonds implied close to a 37%
default rate, a level that sug-
BofA index of high-yield corpo-
rate debt from regional emerg-
ing markets has generated a
has opened up between yields
on lower-rated debt and on
comparatively safer bonds.
support China’s economic re-
covery. “The outlook for the
sector is now turning to one of
three biggest credit-ratings gested valuations “have proba- total return of about negative Bonds due 2023 from Logan stability,” Ms. Chan said.
BY AMRITH RAMKUMAR firms—have been reeling from bly overshot to the extremely 18% this year, versus a 3% posi- Group Co. with double-B Ms. Chan said she shielded
government curbs on borrow- pessimistic end.” tive return for a similar index credit ratings, near the top of Manulife’s China High Yield
Rezolve Ltd. is combining ing, falling home sales and Asian high-yield could re- for Europe, the Middle East the sub-investment-grade Bond Fund by investing in bet-
with a special-purpose acqui- evaporating market confidence. turn as much as 12% next year, and Africa. Total return mea- scale, were quoted at yields of ter-quality developers and has
sition company to go public in Chinese property companies said Ek Pon Tay, senior portfo- sures the gains or losses gener- 8.0% on Friday, according to managed to avoid some high-
a merger that values the mo- are a major part of the region’s lio manager for emerging-mar- ated from price moves, to- Tradeweb. Bonds due the profile defaults. Investing in In-
bile-commerce platform at high-yield market and China ket debt at BNP Paribas Asset gether with cash payments of same year from single-B-rated dian renewable-energy produc-
about $2 billion, the compa- overall accounts for over half Management. “The market is interest and principal. Yuzhou Group Holdings Co. ers and Indonesian corporate
nies said. of Asia’s $210 billion dollar-de- pricing in more negative sce- Mr. Tay said he was willing were yielding 80%. junk bonds also helped diver-
A software platform that nominated junk-bond market, narios than are likely to occur, to invest in certain high-yield Investors say it could still sify the fund, offsetting Chinese
can turn physical advertise- according to IHS Markit. so the risk-reward here is at- developers, provided they had be some time before the prop- property risks, she said.
ments and products into shop-
pable merchandise, Rezolve is

S&P Labels China Evergrande as in Default

merging with the SPAC Ar-
mada Acquisition Corp. I, a
blank-check firm focused on
the financial-technology in-
dustry.
London-based Rezolve says BY ELAINE YU offshore financing arm Tianji the coupon payments,” S&P nonpayment of its dollar- ing and a massive bond-mar-
its platform offers businesses Holding Ltd. from the highly said Friday. bond coupons, Moody’s Inves- ket selloff that has made it
direct access to consumers, S&P Global Ratings down- speculative grade of CC to “However, widespread re- tors Service, the other major difficult for many firms to
who point their phones at graded China Evergrande “selective default,” a week ports in the media from repu- global rater, in September cut raise fresh funds.
physical objects to generate Group to one of its lowest and a half after the developer its senior unsecured ratings Evergrande had been tee-
actionable or shoppable items. possible ratings, a cut that failed to make its debt pay- on Evergrande and its subsid- tering on the brink of failure

$300B
The software can also improve means the world’s three larg- ments. iaries to “C,” the lowest level for months after amassing the
a company’s marketing by us- est credit-rating firms all now The cut also took place on its 21-notch rating scale. equivalent of around $300
ing location-based technology judge the giant developer to more than a week after rival The New York-based rating billion in liabilities, including
and other targeted techniques, be in default. Fitch Ratings said Ever- firm’s online reference guide around $20 billion in U.S. dol-
Rezolve says. Evergrande didn’t pay grande’s missed payment that The total value of China says that “obligations rated C lar bonds.
The company hopes its $82.5 million of interest pay- week amounted to a default. Evergrande’s liabilities are the lowest rated and are The company earlier
software will eventually be ments originally due Nov. 6 The time lag was due in typically in default, with little avoided default on several oc-
embedded in a number of on two sets of dollar bonds part to Evergrande’s lack of prospect for recovery of prin- casions by making overdue
businesses so everyone from by the end of a 30-day grace communications or disclo- cipal or interest.” interest payments on dollar
retailers to sports teams can period earlier this month, po- sures about its bonds after table outlets point to nonpay- Failures to repay investors bonds shortly before the expi-
easily interact with customers, tentially setting the stage for missing the payments. ment of the Tianji coupons, are piling up in China’s prop- ration of their grace periods.
Rezolve founder and Chief Ex- a massive default and debt “Evergrande, Tianji, or the and we assess these reports erty sector, as real-estate The developer didn’t re-
ecutive Dan Wagner said. restructuring. trustee have made no an- as convincing,” the credit-rat- companies buckle under the spond to a request for com-
“The ambition is to be a S&P on Friday changed its nouncement or any confirma- ings firm added. strain of falling home sales, ment after office hours on
standard in mobile engage- rating on Evergrande and its tion with us on the status of Even before Evergrande’s government curbs on borrow- Friday.
ment,” he said. “We’re simply
saying, ‘Here is an infrastruc-

Nauticus, a Maker
ture that anyone can put in
their apps.’”
Mr. Wagner has previously
launched several companies,
including smartphone-pay-
ment firm Powa Technologies,
which collapsed in 2016. The
British tech entrepreneur said
Of Ocean Robots,
in some ways Rezolve picked
up where Powa left off and
that its existing revenue and
business-focused strategy will
Signs SPAC Deal
make his latest venture suc- BY AMRITH RAMKUMAR lower sea pollution. Wall
cessful. Street’s sustainable-investing
Backed by investors includ- Nauticus Robotics Inc. is frenzy has spread to the
ing the U.K. government, Re- combining with a blank-check world’s oceans through so-
zolve currently works mainly company in a deal that would called blue bonds that promise
with companies in Asia such take the ocean-task-automa- to fund vessels with reduced
as the 7-Eleven convenience- tion company public at a valu- emissions.
store chain and Indian auto ation of about $560 million, The artificial-intelligence
maker Tata Motors Ltd. It ex- company officials said. software that operates Nauti-
pects to post about $80 mil- It will be merging with spe- cus robots and enables them
lion in sales this year. cial-purpose acquisition com- to make decisions underwater
A SPAC is a shell firm that pany CleanTech Acquisition has applications in sectors
NAUTICUS

raises money and trades pub- Corp. from energy to fishing, Mr.
licly with the sole purpose of Nauticus is aiming to deploy Radford said.
merging with a private com- robots and software to replace “There’s an expansive op- Nauticus says its electric robots can perform ocean operations including equipment maintenance.
pany to take it public. After large, human-operated ships portunity not only for the
the private firm files detailed that work in the world’s software platform to help the merger is approved, it re- million through equity and fore the deal goes through.
financial statements with reg- oceans. The company says its already existing market but places the SPAC on the stock convertible bonds in a private Withdrawal rates have surged
ulators and the deal is ap- electric-powered robots can for the robotic fleets we’re market. investment in public equity, or lately with shares of many
proved, it replaces the SPAC in perform a host of ocean opera- building to disrupt that mar- SPACs have raised more PIPE, associated with its SPAC startups that go public this
the stock market. tions including transportation, ket,” he said. than $160 billion this year, a merger. PIPE investors include way slumping.
As part of the deal, Rezolve data collection and equipment The Houston-area company figure greater than the total multiple existing Nauticus in- Bill Richardson, a former
is raising a $40 million private maintenance, saving customers joins a flood of environmen- amount raised in the sector’s vestors: offshore driller New Mexico governor and for-
investment in public equity, or across industries money and tally focused startups that are history before 2021, according Transocean Ltd. and oil-field- mer U.S. energy secretary, and
PIPE, from two investors: Fin- lowering their carbon emis- combining with SPACs to raise to SPAC Research. Such deals services company Schlum- CNBC commentator Jon Najar-
tech entrepreneur and prolific sions. Its products also reduce large sums of cash to invest in have become common alterna- berger Ltd. Robotics-systems ian are on the CleanTech
SPAC creator Betsy Cohen and safety risk for workers, Nauti- their businesses. A SPAC, or tives to traditional initial pub- maker AeroVironment Inc. is SPAC’s board.
German billionaire Christian cus says. blank-check company, is a lic offerings, in part because also putting money into the Its CEO, Eli Spiro, said the
Angermayer, an existing inves- Nauticus, led by former Na- shell that raises money and they let a company going pub- PIPE. executives evaluated many
tor in the company. Mr. Anger- tional Aeronautics and Space lists on a stock exchange with lic make business projections That money and the companies to take public but
mayer is a cryptocurrency and Administration engineers in- the sole purpose of merging that aren’t allowed in IPOs. roughly $170 million the were drawn to Nauticus’s ro-
technology investor who backs cluding Chief Executive Officer with a private firm to take it Nauticus expects this year’s CleanTech SPAC raised in July botics expertise and growth
commercial efforts to use hal- Nicolaus Radford, is aiming to public. After the private firm sales of roughly $8 million to could be used to expand the potential. “We didn’t actually
lucinogenic substances to treat capitalize on investor enthusi- files detailed financial state- rise quickly. business, though SPAC inves- appreciate how much goes on
depression and other ailments. asm for companies working to ments with regulators and the The company is raising $73 tors can withdraw money be- under the water,” he said.

Hong Kong’s Stock Exchange to Allow Blank-Check Listings

BY QUENTIN WEBB effect on Jan. 1. SPACs are them to go public, while try- applies a similar level of scru- consultation. Among other as part of the SPAC deal-mak-
shell companies that raise ing to look after investors. In tiny to SPACs as it requires things, SPAC shares must be ing process. These invest-
Hong Kong’s stock ex- money from investors and go recent years, numerous Asian for initial public offerings. sold to at least 20 profes- ments are known as private
change will allow special-pur- public on stock exchanges be- investment firms and tycoons Some investment bankers and sional institutional investors, investment in public-equity
pose acquisition companies to fore finding businesses with have rushed to U.S. stock ex- private-equity investors have instead of 30. A proposed cap deals, or PIPEs.
list from early 2022, after which to combine. changes to list SPACs. said some of the proposed re- on warrants will also be re- The new framework re-
tweaking its proposed frame- Like its regional rival Sing- The Hong Kong exchange, a quirements were too rigid, laxed so they can’t account flects HKEX’s commitment to
work for handling listings of apore, which has already in- unit of Hong Kong Ex- meaning Hong Kong SPACs for more than 50% of shares fostering “Hong Kong’s repu-
blank-check companies. troduced new SPAC rules, changes & Clearing Ltd., has wouldn’t be widely used. in issue if exercised, rather tation as the region’s premier
The exchange published its Hong Kong’s exchange wants spent years ridding itself of Hong Kong’s stock ex- than 30%. capital-raising market,” Chief
SPAC rules on Friday, follow- to attract new business from problematic shell companies, change made several minor The exchange has also Executive Nicolas Aguzin
ing a public consultation that the deal makers that put which helps explain its rela- changes to the rulebook it eased rules on the minimum said.
began in September, and said these vehicles together and tively cautious approach. had initially proposed, after amount of funds that must be —Jing Yang
the listing regime would take the startups that merge with The exchange’s framework receiving 90 responses to the injected by outside investors contributed to this article.
 B16 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
ON
THE

On the Sidelines in
The Streaming War
As other studios fight to build their online platforms,
Sony Pictures is selling its content to the highest bidder

The streaming war requires ing. The studio owned by Sony

some big guns—even for those Group is the last of the majors that
who’ve chosen to sit it out. doesn’t have its own major stream-
The new Spider-Man movie ing outlet. It is therefore uncon-
swinging into theaters this week is flicted about its theatrical business;
nearly as big as they come. Theater Sony Pictures Chairman Tony Vinci-
chains Cinemark and AMC Enter- querra told analysts in May that
tainment both reported that ad- “we remain firmly committed to
vance ticket sales for “Spider-Man: theatrical exhibition.”
No Way Home” have been second That contrasts sharply with the
only to 2019’s “Avengers: End- other major Hollywood studios. Dis-
game”—one of the highest-grossing ney, Warner Bros., Paramount, Uni-
movies of all time. Current projec- versal and 20th Century Studios
tions have the new movie ulti- (now owned by Disney) all have
mately grossing about $450 million their own streaming outlets to feed

SONY PICTURES
in domestic box office, according to and are thus compelled to make dif-
Alicia Reese of Wedbush. That ficult choices about how to best
would have been considered a very capitalize on their content. That
strong performance even before the doesn’t always go smoothly. Warner
global pandemic that hobbled the Bros., owned by AT&T, riled the Sony is making big profits off Hollywood’s streaming obsession. Its latest Spider-Man movie is in theaters now.
movie-theater market. Hollywood establishment by decid-
But for owner Sony Pictures, the ing this year to release all of its tent library and gaming user base. the rest of Disney’s lucrative Marvel market has become crowded; late
release is also emblematic of its 2021 movies on HBO Max on the It also acquired the faith-based Cinematic Universe. That has 2019 brought the debut of Disney+
unique approach to Hollywood’s day of their theatrical debut. Disney Pure Flix streaming service last proven to be a profitable partner- and Apple TV+, while the following
newfound obsession with stream- ended up in a messy legal fight year. ship. The last two Spider-Man films year saw the launches of NBCUni-
with star Scarlett Johansson over a But staying out of the main- revived the franchise following veral’s Peacock service and Para-
similar release strategy for “Black stream fight allows Sony to maxi- some earlier stumbles. One of the mount+ from ViacomCBS. Those
Island in the Stream Widow” on Disney+. The two sides mize the value of its content with- new ones, 2019’s “Spider-Man: Far join well-established services from
Sony Pictures' revenue per fiscal year settled that dispute in September. out worrying about shortchanging from Home,” grossed more than $1 Netflix, Amazon and Hulu. But the
ended March But ever since shutting down its its own streaming effort. It also billion world-wide. likelihood of all these offerings sur-
PlayStation Vue video-streaming puts the company in a strong bar- But Sony Group’s fate hardly viving over the long term is slim;
Projections
service in 2019, Sony has chosen to gaining position as one of the few rests on Spider-Man. Indeed, media according to Ampere Analytics, the
$10 billion be an arms dealer rather than a remaining that can produce studio- is now the largest business for the average U.S. household now sub-
combatant in the streaming war. level content available to other company once best known for con- scribes to just a little over four
The company struck notable deals streamers who are increasingly sumer electronics such as the Walk- streaming services.
8 with Netflix and Disney this year. conflicted about dealing with each man. The videogame, music and And while consolidation may still
Those two deals alone are worth other. Sony Pictures divisions now make be some way off, the red ink being
close to $3 billion over several “We are perfectly content to sell up half of the company’s total reve- piled up by streamers now is hard
6 years, according to The Wall Street to the highest bidder,” Tom Roth- nue compared with less than a to miss. Disney, for instance, says it
Journal. And that doesn’t include a man, chief executive and chairman third a decade ago. Longtime media expects Disney+ to incur losses up
separate deal worth a reported $50 of Sony Pictures’s movie group, said analyst Doug Creutz of Cowen to its 2024 fiscal year. By contrast,
4
million that Sony struck in 2019 in an interview. notes that Sony’s intellectual prop- Sony Pictures alone is projected to
that brought the “Seinfeld” series A strong box-office performance erty across its games, music, movie generate a pretax operating margin
to Netflix. Apple, Hulu and HBO for its movies thus boosts the value and TV businesses “offers unique of nearly 11% for the current fiscal
2
Max have also picked up specific that Sony can command in its opportunities for transmedia ef- year, according to FactSet consen-
movies or shows produced by the streaming deals. The latest film is forts,” such as an upcoming movie sus.
0 company. also the third in an unusual ar- based on the company’s blockbuster Most of Hollywood is all-in on
Sony isn’t avoiding streaming rangement with Disney that allowed “Uncharted” game franchise. the streaming business. As Mr.
FY2010 ’15 ’20 entirely. It bought animation the webslinger—the rights of which Avoiding the streaming war Rothman put it, “We are in the
Source: S&P Global Market Intelligence (actual); FactSet streaming service Crunchyroll this have been owned by Sony since could shield Sony from a fiercely profit business.”
(projections) year, which fits well with its con- 1999—to join forces on screen with competitive future. The streaming —Dan Gallagher and Jacky Wong

Is Angi a Fixer or a Money Pit? OVERHEARD

A boom in home renovations hasn’t benefitted the listing site much: Who needs to advertise right now? Social-media company Reddit
said Wednesday that it filed
Homebound during the pan- confidentially for an initial public
demic, everybody seems to have offering.
turned to fixing up their new or Now comes the hard work:
existing digs. But for Angi Inc., the Investment bankers have to
roof has caved in, with shares pore over its financial state-
down nearly 31% so far this year. If ments, find comparable compa-
the online home-services company nies for a valuation benchmark
can’t thrive in a booming housing and then undertake the delicate
market, why should holding com- process of gauging investor de-
pany IAC/InterActiveCorp. con- mand to set the IPO price.
tinue to invest in its remodel? Just kidding. Reddit isn’t a
The value, like any good home- taker of stock prices, it is a
improvement project, could lie in maker of them. Its 100,000 ac-
the finishing touches. A little over tive subreddits discuss all man-
two years ago, IAC broached the ner of things, but recently it has
idea of divesting itself of its 84.6% been most famous for r/wall-
stake in what was then called streetbets. The forum’s pseud-
ANGI Homeservices. Today, Angi onymous members concentrated
accounts for about half of IAC’s to- the power of their small broker-
tal revenue, and IAC is sticking by age accounts to seemingly make
it amid a significant rebranding shares of their favorite meme
and a new chief executive. In a No- companies move at will. Five
vember 2019 shareholder letter, prominent ones that were losing
IAC CEO Joey Levin wrote that he gobs of money and headed for
felt Angi “could benefit from re- irrelevance were collectively
maining inside IAC for the time worth almost $70 billion at their
being.” Perhaps he worried Angi’s Fixer Upper Foundational Crack Angi CEO Oisin Hanrahan recently peaks this year.
shares wouldn’t be worth much Angi Inc. share price Angi Inc.'s monthly revenue, change said the company should A year before January’s
without his help; or maybe he saw from a year earlier emphasize serving customers over meme-stock squeeze, Reddit
a diamond in the rough. $18 short-term results. was valued at roughly $3 billion
Angi predominantly competes in 30% by private investors. Days later
the $600 billion U.S. home-ser- 16 it raised money at an implied
vices market. Those dollars are 25 vices for homeowners and service value twice as high, and then
certainly worth fighting for. But it 14 providers alike. Whereas consum- this past summer it touched
also makes one wonder if the $1.7 20 ers have previously used online $10 billion. The notoriety of r/
billion in revenue that Wall Street
12
tools to help find providers, Angi wallstreetbets played a large
is forecasting for Angi this year 15 is increasingly focused on also role in that appreciation, but the
signals opportunity or disappoint- helping to ensure consumers can money was raised from profes-
ment since what was once Angie’s 10 10 digitally arrange to get all their sionals. Reddit Chief Executive
List was founded more than 25 work completed. Steve Huffman says he wants
years ago. 8 5 We seem to be at the forefront the company’s users to become
IAC is clearly still holding out in an online housing revolution. shareholders once it goes public.
hope. The third quarter repre- 6 0 Even Opendoor and Redfin have You bet he does.
sented Angi’s fourth consecutive Jan. 2021 Dec. 2020 ’21 been heavily investing in home-
quarter of double-digit revenue services talent and technology to
Source: FactSet Source: IAC/InterActiveCorp. Will Redditors
growth. Its services business grew more digitally renovate their own
take the
160% year-over-year. But that busi- home-flipping endeavors. It is still
company’s
ness is still small—just 25% of So where does that leave Angi’s in terms of profit for the foresee- unclear, though, just how much
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL

own stock to
Angi’s total revenue as of the third prospects? Mr. Hanrahan said on able future. Despite five consecu- homeowners and handymen alike
the moon?
PHOTO ILLUSTRATION BY JOHNNY SIMON/WSJ

quarter. Ironically, as Angi CEO Oi- the company’s third-quarter earn- tive quarters of triple-digit reve- want their services digitized and
sin Hanrahan said in an interview ings call that its ongoing rebrand- nue growth for its services what they will pay.
for this column, the best market ing efforts would likely bleed into segment, Angi’s overall revenue One cheery fact is that millenni-
for home-services providers is the next year. He also said he felt it growth slowed to 17% in November als are finally buying homes. The
worst time for Angi’s biggest busi- was more important for the com- from 21% in August. Wall Street is Wall Street Journal reported this
ness: advertising. Angi’s ads and pany to focus on best serving its looking for the company to return week that they now account for
leads segment still makes up the customers today rather than maxi- to its 20%-plus revenue growth more than half of all home-pur-
majority of its revenue. And, un- mizing short-term earnings. Wall target over time—a goal Mr. Han- chase loan applications. As a digi-
fortunately, plumbers have no Street was disappointed in the rahan said in early November he tally native generation, Angi’s mis-
need or desire to advertise amid a company’s most recent guidance, shared for the company long term. sion should resonate.
labor shortage when they are al- which called for 15% to 20% reve- Angi is working to be a one- Investors had better hope so.
ready booked up. nue growth and just breaking even stop digital solution in home ser- —Laura Forman
 CULTURE | SCIENCE |
Hey, Late Shopper
No great last-minute gift
ideas here, but Jason Gay
has eight awful ones C6

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * **
Digging Up Jerusalem
Biblical archaeology
in the Holy City
Books C7

Saturday/Sunday, December 18 - 19, 2021 | C1

Will We All Soon Live in

CANCERLAND?
JON KRAUSE; GETTY IMAGES (BOOKS)

I
n the summer of 2005, I met a ing methods, of which colonoscopies
woman, Laura M., whose life had
New technologies promise to help us and pap smears, followed at a distance
been upended by cancer. She
wasn’t sick: What haunted her was
discover more cancers in time to by mammography, are among the only
few that have really led to significant
anxiety about cancer in her future.
Three years earlier, Laura had
treat them. But they also risk drops in mortality. (Cancer prevention
is another matter: Campaigns against
been diagnosed with a primary
tumor in her breast that was
ushering even the well into an smoking and a vaccine for Human Pap-
illoma Virus have both been remark-
small and localized. She had surgery,
radiation and chemotherapy—the stan-
all-encompassing kingdom of the ill. ably effective).
The hope is for the new, more pow-
dard protocol—and then came to see
me, an oncologist, to help manage her
By Siddhartha Mukherjee erful means of pre-screening and early
detection to identify a wider array of
future care. I suggested doing nothing: cancers at stages when tumors can be
She had likely been cured. surgically removed and cured, even
But in the wake of her treatment, thought to be at low risk. She repeat- stealthy, its prognosis potentially avoiding chemotherapy in some cases.
she became obsessed by the possibility edly asked me to confirm that she had frightening and its treatments damag- But the state of the art in cancer
of a relapse. She scoured her family been given the most aggressive possi- ing and life-altering. Once its shadow Please turn to page C2
history and discovered a distant aunt ble chemotherapy. We checked her for falls on us, we fear it will never go
who had died of breast cancer at age genetic susceptibilities but found none. away—that there will always be an-
seventy. Her own mother had died at a Nonetheless, she asked if she and her other relapse and a return to harsh Dr. Mukherjee is assistant professor
young age from a car accident, but daughter could undergo “the most in- therapies that subsume our lives. of medicine at Columbia University
Laura became convinced that had her tensive form of cancer surveillance” to Cancer is appropriately perceived as Medical Center and the Pulitzer
mother lived, she would have been di- detect early abnormalities. a disease of risk: genetic or heritable Prize–winning author of “The
agnosed with breast cancer. In recent weeks, panic over the lat- risks, lifestyle risks and the unknown Emperor of All Maladies.” This essay
Laura’s visits to the clinic were est turn in a contagion has been risks of chance. Modern medical sci- is adapted from his contribution to
shadowed by a sense of doom. She of- spreading like, well, a contagion. Yet ence has begun to quantify these haz- “A New Deal for Cancer: Lessons
ten brought sheaves of printouts from even in today’s pandemic world, cancer ards for patients even before they get from a 50 Year War,” edited by Abbe
the internet, detailing “occult metasta- holds a special place in the anxious cancer. The new modes of detection R. Gluck and Charles S. Fuchs and
ses” in patients who, like her, were imagination. Its advance is often improve or expand on the old screen- published last month by PublicAffairs.

Inside
CULTURE WEEKEND WORD ON
Managed CONFIDENTIAL THE STREET

Soundies, a 1940s
technology that offered
Trade Club owner The Grinch
short films in a jukebox The U.S. is trying to Caroline Hirsch stole Christmas
format, helped Black protect its industries has been spotting but also gave
by using a tactic that
performers to connect failed against Japan comedy talent for party-poopers
with audiences. C4 decades ago. C5 40 years. C6 a name. C6
C2 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

The Anxiety of New

Cancer Diagnostics
Continued from the prior page gether to increase risk.
surveillance and detection also risks Today’s computational
unleashing a pervasive anxiety—a technology can help
state of “feeling under siege from with this problem. Al-
the future,” as one patient describes gorithms can scan mil-
it. A strange new term, “previvor,” lions of fully se-
has emerged to designate a person quenced human
who has not yet experienced an ill- genomes and dissect
ness she is predisposed to have. For how variations in
Laura M., survivorship of one breast thousands of genes,
cancer turned overnight, it seemed, each exerting a small
to previvorship of another. effect, might ulti-
The borders of “Cancerland”—a mately add up to the
term the oncologist David Scadden heightened risk of an
coined with the title of his 2018 illness.
memoir—begin to feel all-encom- One machine-learn-
passing. In the past, entry was re- ing algorithm has
served for those with a diagnosis of learned to predict hu-
cancer. Today everyone, in one way man height as the con-
or another, slowly becomes a citizen. sequence of variations
Two kinds of technology are radi- in a thousand-odd
cally altering the landscape of can- genes. (Take a moment
cer risk and screening. The first in- to digest this startling
volves genetic surveillance—the fact: Such an algorithm
attempt to quantify an individual’s might soon predict
inherited predisposition for cancer. your actual height, or
The second is physiological surveil- the future height of
lance, which seeks to detect chemi- your unborn child,
cal markers of incipient cancers in based on your genetic sequence sies identify can tell us that a can- ous lesions on patients’ imaging re- Radiation therapists prepare
blood. These techniques hold out alone.) Another program can predict cer may be growing somewhere in sults and classify them as cancer patient Kenton Fabrick
the hope of making minimally inva- the risk of future cardiovascular the body, but they usually don’t tell malignant, using criteria that seem for his treatment at Brigham
sive, life-saving therapies available disease; yet another, the future risk us where, nor do they reveal the to defy even the most acute human and Women’s Hospital in
to people who might not otherwise of obesity. Notably, some of these stage of the cancer’s development eye. The German computer scientist Boston, Mass., June 10, 2020.
have known of their cancers until genetic markers are independent of (although these puzzles are being Sebastian Thrun imagines a world
much later. previously known tackled). A patient with troubling in which even the daily instruments
But they are risk factors, such markers on a liquid biopsy would of our normal lives morph into
chemo regimen for a patient pro-
not yet as precise
as we might
The borders of as cholesterol lev-
els in the case of
likely then undergo a raft of screen-
ings, some of them invasive, in
weapons of diagnostic surveil-
duces unique toxicities, like the per-
lance—a bathtub that scans your
sonal hell assigned in Sartre’s play.
hope, and they Cancerland are c a rd i o va s c u l a r search of a cancer that might not body to detect abnormal masses“A world in which cancer is nor-
come at a cost: changing and, disease. actually need to be treated or that that might require investigation; a
malized as a manageable chronic
By pulling in- Such algo- would otherwise make itself known mirror that could check your body
condition would be a wonderful
creasing numbers with them, how rithms might in good time. Some liquid biopsy for precancerous moles; a computer
thing,” medical historian Steven
of people into the Americans soon identify start-up companies, daunted by program that (with your consent)
Shapin wrote in 2010. “But a risk-
domain of sur- those of us at these complexities, have begun to would scour your Instagram or
factor world in which we all think of
veillance and
collectively highest genetic focus on the early detection of re- Facebook page while you slept at
ourselves as precancerous would
screening, they conceive of risk for future lapses—a much more tractable chal- night, evaluating changes in your
not,” he continued. “It might de-
encourage people cancers. They may lenge. photographs that might signal signs
crease the incidence of some forms
without current
illness and even be able to The promise of detecting cancer of cancer. of malignancy while hugely increas-
cancer, but with health. account for the in its earliest stages, together with In the most optimistic scenario
ing the numbers of healthy people
the prospect of role that chance that of identifying those at genetic of such a future—one in which ev-
under medical treatment. It would
future cancer, to and the environ- risk for future cancer, is powerfully ery person had to be genetically an-
be a strange victory in which the
become citizens or permanent resi- ment play in the development of alluring. And yet the prospect of notated, subjected to surveillance
price to be paid for checking the
dents of Cancerland. Settling into many cancers, including the ones farther-reaching surveillance for and treated if a tumor was found—
spread of cancer through the body
this domain can be life-distorting: that run in families. It is not hard to this elusive long-term illness also many lives would be saved by early
is its uncontrolled spread through
As the shadow of future illness di- imagine a world in which we are warrants caution. In the 1950s, the diagnosis, but the costs would be
the culture.”
lates and magnifies, so too do the sorted into those who do and those sociologist Erving Goffman coined astronomical. Issues of over-diagno-
One could argue that routine sur-
shadows of anxiety and dread. who do not require screening for the term “total institution” for a sis and overtreatment would have
veillance for other formerly fatal
For decades, perhaps centuries, particular cancers based on both in- community in which “a great num- to be addressed. We would have to
conditions has become woven into
we have known of families in which herited risk and potential exposures. ber of similarly situated people, cut devise careful guidelines about
our lives with little or no ill conse-
some form of cancer (usually breast Other machines, meanwhile, off from the wider community for a when not to act quence: No scien-
considerable time, together lead an and whom not to tist bemoans the
enclosed, formally administered treat. cultural and med-
round of life.” Laura M.’s ex- Will we allow ical surveillance
Total institutions, such as mental perience pres- anxiety to of cardiac dis-
hospitals, prisons and even board- ages a strange ease, for example.
ing schools, have rituals of entry new world of consume our We do not suffer
and exit. They inculcate belonging. constant diag- culture, or can overmuch from
They invent their own vocabulary nostic surveil- automobile safety
and codes of behavior; they have an lance; of dealing
we find a having dramati-
internal logic, impenetrable to oth- with the anxiety balance cally altered our
ers. They encourage surveillance of relapse and driving habits, ei-
and create anxiety: Members are maintenance; of
between ther. Yet perhaps
united by a common sense of pur- that peculiar curative precisely because
pose, by the feeling of being chosen
or marked. Those who are expelled
desolation of the
shuttle from
therapies and cancer encom-
passes so many
may feel a sense of betrayal, while clinical trial to the condition of different cancers,
those who remain can be consumed clinical trial, and being mortal? the cultural shift
by the guilt of survivorship. from hospital to feels totalizing,
In this new era of cancer treat- hospital, as she unstoppable.
ment, I wonder whether we unwit- tries to keep one step ahead in the
The borders of Cancerland are
tingly, but insidiously, intensify the chess game against cancer; and of
changing and, with them, how
totality of the “cancer institution” watching doctors pit their will, wit
Americans collectively conceive of
for patients. When I once asked a and imagination against a formida-
illness and health. What shape will
woman with a rare sarcoma about ble enemy that keeps changing its
we give the surveillance of cancer in
her life outside the hospital, she ob- shape. the years ahead? Will it be a great
Lucence Health is developing a would seek to identify chemical sig- served, “I am in the hospital even This world has its own internal
civil project, in which all Americans
liquid biopsy platform for early nals of current cancer in our blood when I am outside the hospital.” vocabulary. A “haircut party” is a
partake—a project of justice? Or
cancer screening in partnership or other organs. Called a liquid bi- People like Laura M. certainly ex- celebration thrown in honor of a
will the most vulnerable among us
with Waseda University in Japan. opsy, or liquid surveillance, such perience a “cancer world” in that person about to enter the cancer
see their health insurance curtailed
procedures look for minuscule way. They are in either treatment, world as a sign of solidarity, even if
as we increase genomic surveillance
amounts of the products that cancer remission, surveillance, mainte- the patient is spared hair-loss-in-
and curtail privacy laws, all while
or pancreatic) manifests in multiple cells shed—shards of DNA, proteins nance or re-surveillance. Mavens of ducing chemo. “No Exit chemo,” as
the elites bemoan the inability of
people across generations. Until re- and other substances—into the early detection are working on al- a patient of mine put it, describes
“disadvantaged populations” to cur-
cently, our capacity to identify the blood or other circulating tissues. gorithms that will pick up cancer- the fact that a unique personalized
tail their smoking or overeating?
culprit genes—or, more actionably, By scouring the body to find Will we allow anxiety to dom-
to identify the members of the fam- ovarian, lung and prostate inate our cultural attitude to-
ily who carried the heightened cancers, for instance, before ward risk, or will we find a
risk—was limited to inherited sin- these become clinically mani- balance between curative
gle-gene mutations. These included fest, we might enable earlier therapies and the condition of
FROM TOP: CRAIG F. WALKER/THE BOSTON GLOBE/GETTY IMAGES; BUSINESS WIRE/ASSOCIATED PRESS; RETUERS

mutations in such genes as BRCA1, or better treatment. being mortal?

BRCA2 and MLH1 that, if inherited Liquid biopsies will further To date, Laura M. has not
from parents, increase the likeli- expand the pool of people suffered from a relapse of
hood of breast, colon and other can- who must be surveyed and breast cancer. Nor, fortu-
cers severalfold. screened for cancer. They may nately, has she had a new can-
But many human traits do not also heighten the risk of over- cer anywhere in her body. But
track with single-gene mutations. diagnosis. What if someone is strange victory over her body
Height, for example, is highly heri- found to carry a liquid marker has not spared her mind. She
table—we know that tall parents for ovarian cancer, say, but remains haunted by the future
tend to produce tall children, and the cancer never takes root in prospect of illness.
shorter parents bear shorter chil- her body? Cancer cells, we The novelist and critic Su-
dren—but early attempts to pin this now know, can exist in a body, san Sontag once wrote of a
trait down to single-gene variations or a site within the body, passport between the king-
or mutations revealed only a smat- without becoming manifest as dom of the well and the king-
tering of candidates. Geneticists de- clinical disease or a detect- dom of the ill, imagining a bi-
scribed the conundrum as the able metastasis. Most likely, directional passage: Men and
“missing heritability” of height. We this is because the “soil” of a women might pass into ill-
could infer from the pattern of in- particular organ does not al- ness, but some would return
heritance that height-determining low the “seed” of a cancer to to wellness. In inventing can-
genes must exist in the human ge- sprout. And some of the cer’s new surveillance culture,
nome, but their precise identity and markers may turn out to I fear that we have closed the
number remained unknown. overlap with benign diseases, borders of the kingdoms. I
By similar logic, the inherited thereby increasing the risk of fear that we now possess one-
risk of cancer might be carried by false positive results. way passports into the realm
mutations or variations in not one Perhaps most concerning, Kayla Houston and her mother, Maria Gwinmaye, participate in the Making Strides of illness. What we will find
but multiple genes, which act to- the markers that liquid biop- Against Breast Cancer walk in Cincinnati, Ohio, Oct. 23. there is up to us.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | C3

REVIEW
knit stitch. In 1758, Jedediah Strutt

Christmas Stockings Are an of the English city of Derby invented

a way to incorporate the contrasting
purl stitch and produce ribbed stock-
ings. The flattering new styles

Industrial Triumph boosted the appeal of machine-made

hose.
The patented “Derby rib” machine
proved highly profitable and indi-
rectly played its own role in the In-
dustrial Revolution: Strutt and his
partner financed the first spinning
mills built by Richard Arkwright, in-
ventor of the water frame, the fun-
damental advance that turned spin-
ning from a low-productivity
handicraft to a truly industrial prod-
uct. Before Arkwright’s machines, it
would have taken a British spinner
about five hours to make enough
wool yarn to knit a pair of knee
socks. The new machines could do it
in minutes; today it takes seconds.
Cotton hosiery, more desirable than

Stockings
heralded what
historian
Deirdre
McCloskey has
dubbed the
Great
Enrichment.
wool, was one of the first uses of the
mills’ newly abundant thread. Spin-
ning machines made stockings and
other textiles even more affordable
and abundant.
By the end of the 19th century, in-
dustrial textile production had made
cloth cheap enough, and a broad
middle class rich enough, that peo-
ple could consider buying purpose-
Special stockings for holding gifts were unimaginable before modern technology made “stockings” just to hold Christ-
and economics made socks cheap and abundant. mas presents. An 1892 Ladies' Home
Journal column introduced readers
to the “pretty French custom” of giv-
BY VIRGINIA POSTREL Stockings made ideal gift receptacles year and supplying another 10 mil- proved over time. Although foot ing one’s gentleman friend a “fanci-

M
because everybody had them, and lion pairs to the domestic market. powered, it was a complex appara- ful stocking” made of flannel and be-
ost of the stockings the knitted cloth could stretch to Most were made by hand knitters tus: Each stocking frame required decked with bells. The giver would
hanging from the hold oddly shaped items. Special through a “putting-out” system. more than 2,000 components, in- fill it with inexpensive gifts, each
Colket family’s socks just for receiving Christmas Manufacturers supplied knitters with cluding fine needles that challenged wrapped in tissue paper accompa-
suburban Philadel- gifts would have been a wildly im- working capital in the form of yarn the blacksmith’s art. By the mid-18th nied by a jokey note (“My bark is
phia mantle this practical extravagance. century, Britain had around 14,000 worse than my bite” for a chocolate
Christmas are what you would ex- In “Song of the Christmas Stock- stocking frames. dog). For a more serious relation-
pect in 21st-century America. They ings,” a children’s poem from the In France, the government re- ship, the stocking could conceal a
are decorated with seasonal images 1880s, a boy wakes up in the middle stricted stocking frames, known as more expensive gift: “If it is your be-
in festive red, green and white. To of the night before Christmas and métiers, to protect hand production. trothed, and you are sending him a
make room for presents, they have discovers the stockings swinging Their wares nonetheless spread to pair of sleeve links, a scarf pin or ILLUSTRATION BY ARTHUR MOUNT; UNIVERSAL HISTORY ARCHIVE/UNIVERSAL IMAGES GROUP/GETTY IMAGES

unusually wide calves and broad, from their hooks and celebrating customers of all income levels. “The any small present,” advised the col-
stubby feet. Rare is the person their holiday hiatus: stocking industry could respond to umnist, “put it down in the extreme
they’d fit and, given their thick the new consumer demand only be- toe, so that after he has laughed
seams, rarer still the shoes. Christ- All day we carry toes, cause illegal production and market- over all the folly the veritable
mas stockings are symbolic gift con- To-night we carry candy; ing networks were there to service Christmas gift is reached at last.”
tainers, not hosiery. Christmas comes once a year the lower-class consumer,” writes Today, the Colkets’ heirloom
But one of the Colkets’ stockings Very nice and handy…. historian Cissie Fairchilds. Examin- stocking has a nostalgic charm; it is
is different. It’s long and skinny, with Boots and little tired shoes, ing estate inventories of middle- and an antique eccentricity in a world of
a diamond checkered pattern knitted We kick ’em off in glee; lower-class Parisians, she found that purpose-made Christmas stockings.
in cream and brown and darned with It’s fun to hang up here 97% owned stockings in 1785, up For most of history, however, there
scattered bits of bright red yarn. “It And Santa Claus to see. from 64% in 1725. was nothing charming about the
was a men’s stocking my grandfather Even before the Industrial Revolu- scarcity of cloth and the dearness of
wore when golfing and wearing his In most countries, children put tion, stockings were no longer status hosiery. It was industrial ingenuity
plus fours,” explains Andrew Colket, out shoes for the local version of symbols aping aristocratic styles but and entrepreneurial zest that made
who got the stocking from his father Santa, not socks. Christmas stock- popular apparel, an everyday neces- the special Christmas stocking a con-
as a child and last year passed it ings are an Anglo-American tradi- A 19th-century engraving of a sity. Stockings heralded what eco- tainer for the excitement of an ex-
down for his son’s first Christmas. tion, which is no accident: It was stocking-weaver at work on a nomic historian Deirdre McCloskey pectant child.
Using an actual sock isn’t a Colket England that made stockings one of treadle-operated machine. has dubbed the Great Enrichment.
family quirk. All Christmas stockings the earliest mass consumer goods. They embody the technological inno- Ms. Postrel is a visiting fellow at
used to be real hosiery. They weren’t Originally an Italian luxury made of vation, entrepreneurial spirit and the Smith Institute for Political
made from velvet or felt or embroi- silk, knitted stockings first became and paid them by the pair. cultural attitudes that enabled the Economy and Philosophy at
dered with the owner’s name. They everyday apparel in the 16th century, Others were sewn from knitted centuries-long economic takeoff that Chapman University and the
featured no appliqués, needlepoint when the English started knitting fabric made on a machine called a lifted global living standards to pre- author of “The Fabric of
or glitter; no reindeer, snowflakes or them from wool. By the end of the stocking frame, which could knit a viously inconceivable levels. Civilization: How Textiles Made the
trees. They were the same knitted 17th century, English manufacturers row in a single pass. Invented in The original stocking frames pro- World,” just published in
socks their owners wore every day. were exporting 1.75 million pairs a 1589, the stocking frame steadily im- duced only plain fabric, using the paperback.

A Green name’s more general use.

From the start, the “Grinch”
mas. And his name is Fatigue.”
Wherever there was holiday-

Meanie— name was tied to that of an-

other fictional character lacking
in holiday spirit: Ebenezer
season vandalism, the Grinch’s
name was invoked. From Hart-
ford, Conn., to Fort Lauderdale,
And Not Scrooge from Charles Dickens’s
“A Christmas Carol,” he of “bah,
Fla., from Racine, Wis., to Louis-
ville, Ky., newspapers in 1966
WORD ON
THE STREET Just for humbug” fame. “Grinch” fol-
lowed in the footsteps of the
reported on “grinches” who
were stealing Christmas decora-
BEN
ZIMMER Christmas mean-sounding name “Scrooge”
to become an enduring charac-
ter type.
tions, setting fire to public dis-
plays, or otherwise causing
trouble.
A columnist in The Province, That usage has continued to
FIFTY-FIVE YEARS AGO, a anyone who shares the Seussian Hoobubs such things every day.” a newspaper in Vancouver, Brit- this day—though on Fox News,
Grinch graced American televi- character’s party-pooping ten- The third time the name ish Columbia, made the connec- after an artificial 50-foot tree
sion—and the name of Dr. dencies. “Grinch” appeared was the one tion in December 1957 soon af- outside the network’s New York
Seuss’s mean-spirited creature Theodore Geisel, as Dr. Seuss that stuck. Perhaps inspired by ter the Dr. Seuss book was headquarters was set aflame in
spread far and wide. was known in real life, was a the similarity of “Grinch” to published: “The mood of the an act of arson, Tucker Carlson
The animated TV special master of evocative, fanciful words like “grouch” and season—it catches hold of the complained that “Grinch” was
“How the Grinch Stole Christ- names, from the Lorax to the “squinch” (a word for scrunch- heart-strings, the imagination, too innocuous a term for a
mas,” which originally aired on Sneetches. The “Grinch” name ing up one’s face), Geisel turned the thinking—I dare you to be a Christmas tree burner. The epi-
Dec. 18, 1966, was the first ad- first appeared in his 1953 book, the title character of the 1957 scrooge or a grinch.” thet doesn’t only apply to peo-
“Scrambled Eggs Super!” Among book “How the Grinch Stole Writing “grinch” in lower- ple: A tiger at the London Zoo

[Grinch]
the strange birds encountered Christmas” into a surly fellow case, as with “scrooge,” made recently tore down a festive dis-
by the protagonist, Peter T. who tries to ruin the holiday the name more generic, un- play and was labeled a “Grinch”
Hooper, is a “Beagle-Beaked- festivities of the villagers in moored from the literary as well.
Bald-Headed Grinch.” Whoville by stealing all of their source. An adjective, “grinchy,” The generic name has be-
Two years later, Geisel pub- decorations and presents. soon followed Dr. Seuss’s own come so entrenched that the
lished a story in Redbook titled Though the Grinch is re- depiction of the character’s Oxford English Dictionary now
aptation of one of Dr. Seuss’s “The Hoobub and the Grinch,” deemed by the end of the “sour, Grinchy frown.” The includes it, defining a “grinch”
children’s books for the small where the Grinch is a smooth- story—his heart, which was name could be extended to label as “a spoilsport or killjoy;
screen, and its broadcast has talking salesman who convinces “two sizes too small,” ends up personal qualities or even ab- (more generally) an ill-tem-
become an annual holiday tradi- the gullible Hoobub to buy a growing three sizes when he’s stract concepts: In 1966, one pered, unpleasant person.” Try
JAMES YANG

tion. No surprise, then, that piece of green string for 98 overwhelmed by the spirit of Chicago Tribune writer warned to avoid grinchy people—and
“Grinch” has found a perma- cents. The verse ends, “And I’m Christmas—his original ill-tem- parents, “Yes, Virginia, there is your own grinchy impulses—
nent place in the lexicon for sorry to say, that Grinches sell per continues to inform the a grinch who can steal Christ- this holiday season.
 C4 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

REVIEW
MIND & MATTER
ALISON GOPNIK

Does Being
Bilingual Make
You Smarter?
ONE OF THE MANY joys
of visiting Montreal, as I
just did, is listening to
fashionably dressed little
children chatting over
their chocolat chaud and croissants. I
couldn’t help thinking, a bit absurdly:
My goodness, those Quebec kids are
smart—they not only speak French
much better than I do, they’re great at
English too! (And street hockey.)
Does bilingualism make you
smarter? In one sense, of course it
does. You know two languages instead
of one, already an advantage. Studies
also show that bilingualism makes you
better at learning additional languages
and detecting language sounds, even
when you’re very young. For example, a
2017 study by Leher Singh at the Na-
tional University of Singapore showed Nat King Cole (with an
that 18-month-olds who had grown up unidentified woman) at
hearing both English and Mandarin the piano in the 1946
were better at learning the sounds of a Soundie ‘I’m a Shy Guy.’
new African language than monolingual
children.
But does bilingualism make you
smarter in ways that go beyond lan-
guage itself? That has been more con-
troversial. Early studies, particularly by
Ellen Bialystok and her colleagues at
York University in Toronto, suggested
When Black Performers proach to production.
Some 45 companies made
Soundies at one time or
another. While almost all
that bilingualism improves “executive
function.” That term takes in a range of
abilities such as paying attention, in-
hibiting impulses and using “working
Starred in Soundies of the producers were
white, New York became a
center for Black-cast
Soundies, largely thanks
memory”—for example, being able to to SDCA executive-turned-
repeat back a list of numbers. But some A forgotten film technology from the 1940s offered artists a way to reach producer William Forest
recent studies have had trouble repli- Crouch. Crouch worked
cating these results.
audiences on their own terms, free from Hollywood’s constraints. closely with Black football
One problem is that so many differ- great Frederick Douglass
ent kinds of abilities are involved both “Fritz” Pollard, who, as an
in being bilingual and in executive BY SUSAN DELSON Count Basie were broadly famous “Jam Session,” set in an after- entertainment impresario in Har-

I
function. Bilingualism calls on capaci- long before they made Soundies, hours Harlem cafe, opens with lem, ran the Sun Tan Studio on
ties to learn the two languages, keep n April 2015, a video titled but for other Black performers Duke Ellington at the piano with West 125th Street. With Sun Tan
the sounds straight, switch deftly be- “102 y/o Dancer Sees Her- such as Louis Jordan, Panoram his bass player, Junior Raglin. as his base, Pollard functioned as
tween them and so on. Executive func- self on Film for the First play was a springboard for a suc- Other band members drift in, un- an indispensable talent scout,
tion encompasses many skills. Time” was uploaded on cessful crossover career. case their instruments and take casting director and rehearsal su-
Two new studies get around this YouTube. Shot on cell- In addition to pop-music lumi- quick solos before the full band pervisor on the films.
problem by looking directly at how bi- phones in a Brooklyn nursing naries, Soundies featured per- swings into the close. An instant Some Black-cast Soundies, es-
lingualism affects brain organization. In home, the seven-minute video formers who are nearly forgotten Panoram hit, it exemplifies the pecially the ones produced by
the Proceedings of the National Acad- shows Alice Barker, a Harlem today, including women musicians creative collaboration that often Crouch, pushed against the war-
emy of Sciences, Marvin Chun of Yale nightclub dancer of the 1930s and like the spectacular International took place between Black per- time status quo. At a time when
University and colleagues analyzed be- 1940s, watching herself perform Sweethearts of Rhythm big band, formers and Soundies makers. Black Americans were still fight-
havior and brain-imaging results from in vintage film clips. Old and boogie pianist Lynn Albritton and That collaboration was essen- ing for the right to enlist in the
a sample of over 1,000 9- and 10-year- young, Barker is entrancing—viva- gospel and blues icon Sister Ro- tial to the whole operation. Shoe- armed forces, “When Johnny
olds. Like others, they found mixed re- cious in her nursing-home bed, setta Tharpe. “This music was so string budgets and breakneck Comes Marching Home” (1942)
sults on executive-function tasks: Bilin- lissome and flirtatious on film. underrepresented on film at the schedules were the rule, and pro- updates the old Civil War song for
gual children showed a significant The video went viral immediately, time,” says Los Angeles archivist ducers often counted on talent to a neighborhood parade to wel-
and it has since been viewed more and jazz film historian Mark Can- furnish their own material. As a come home Black servicemen.
than 35 million times. tor, who began collecting Sound- result, Black performers were of- “We Are Americans Too” (1943) is
Whether they knew it or not, ies in the 1970s. Compared to the ten able to present themselves on both an expression of Black patri-
those millions of viewers had also 1940s recording industry, he says, camera with relatively little inter- otism and a demand that Black
discovered Soundies. A now-ob- “Soundies are more inclusive.” ference. From 1941 through early Americans’ contributions be rec-
scure film phenomenon of the ognized. In “Sleep Kentucky Babe”
1940s, Soundies were three-min- (1945), the vocal trio Day, Dawn
SOUNDIES DISTRIBUTING CORPORATION OF AMERICAS PHOTOGRAPHS/MARGARET HERRICK LIBRARY, ACADEMY OF MOTION PICTURE ARTS AND SCIENCES (2); MARK CANTOR/CELLULOID IMPROVISATIONS MUSIC FILM ARCHIVE (MOVIE STILL)

ute films made to be shown on and Dusk impeccably dismantles

movie jukeboxes known as Pan- an 1896 “plantation lullaby,” pol-
orams—free-standing, closed-sys- ishing it off with a salute to 1940s
tem projection cabinets a little urban diversity.
taller than a modern refrigerator. The final SDCA catalog, pub-
Located in bars, cafes, bus and lished in 1946, foreshadowed
train stations—the same kinds of Soundies’ downward spiral in the
TOMASZ WALENTA

places a music-only jukebox might postwar era. A section on “Dated

be found—Panorams cost a dime Subjects” culled patriotic and
per Soundie. The screen was war-related Soundies from the
roughly 17 inches high by 22 general listings, significantly re-
inches wide, big enough for a ducing the number of films in
advantage on some, like working mem- dozen or more viewers to watch play. The Black-cast Soundies
ory, but not on others. together. were also moved from the general
The brain results were more consis- Soundies have been called the listings into a new “Negro Sec-
tent. The first generation of brain-im- music videos of their day, but tion”—a radical departure from
aging studies focused on which brain they’re a largely overlooked previous catalogs that reflected a
areas are active when you solve certain chronicle of American popular waning, rapidly fragmenting audi-
problems. Nowadays, researchers in- culture. From 1940 to 1946, al- ence. But Soundies’ greatest chal-
creasingly look at how different brain most 1,900 of them were pro- lenge came from commercial tele-
areas are connected to each other— duced. Most significant from a Above: A scene from ‘Chatter,’ a 1943 Soundie featuring dancer vision, which gained momentum
what’s called “functional connectivity.” historical perspective are the 300 Alice Barker (at left). Below: Young actors with a Panoram with the war’s end. Among the
After all, the main point of a brain is to or so Soundies in which Black per- machine in the 1944 Soundie ‘Bobby Sox Tune.’ first locales to bring in TV sets
coordinate different kinds of informa- formers like Alice Barker are the were the bars and taverns that
tion and abilities. Managing multiple stars, featured players and un- had been the Panoram’s home
languages might be most related to credited extras. At a time when, turf.
that kind of coordination. So Dr. Chun with rare exceptions, the few roles Today Soundies are widely
and colleagues looked at connections that Hollywood gave Black actors available on YouTube and else-
across the whole brain. They found were as servants or comic side- where online, and Black-cast
that those were consistently different kicks, Soundies jettisoned the ste- Soundies are among the most
for bilingual and monolingual children. reotypes, offering images of Black popular. “Jam Session” tops the
The other study, published in the success, sophistication and trend- list, with more than 2.6 million
journal Developmental Science by Ma- setting style. They depicted sol- views to date. But with videos
ria Arredondo at the University of diers, subway conductors, police- scattered among dozens of You-
Texas and colleagues, looked at 6- and men and defense-plant workers— Tube channels and sometimes
10-month-old babies. Though these in- positions that, for Black transferred from poor-quality film
fants weren’t talking yet themselves, Americans in the 1940s, were of- prints, it’s easy to dismiss them as
some had been exposed to one lan- ten more readily achieved in one-offs or found footage. In fact,
guage and others to more than one. Soundies than in real life. Black-cast Soundies are a remark-
The researchers gave the babies a task It was a popular strategy for ably intact archive, documenting
that involved paying attention to a par- pulling dimes into Panorams, es- an all-but-unknown chapter of
ticular object on a screen. They used pecially in Eastern cities. In 1942, American popular culture and en-
near-infrared imaging that unobtru- when a Panoram operator in Nor- tertainment history. These films
sively shines a light on baby’s heads folk, Va., posted advance word of are too important and altogether
and reveals brain activity based on how upcoming Soundies with Cab Cal- too entertaining not to experience
it is reflected back. Bilingual and loway and other Black stars, “the A broader cultural outlook was 1947, the Chicago-based Soundies for yourself—beer optional, no
monolingual babies performed simi- crowds almost jammed traffic on part of the films’ appeal. There’s a Distributing Corporation of Amer- dimes required.
larly on the task. But it turned out that the streets trying to get in to pa- sense of discovery in glimpsing a ica (SDCA), the company that
they used different combinations of tronize the machines,” Billboard Black metropolis in “Take the ‘A’ commissioned and packaged the Ms. Delson is a regular
brain areas to do it. magazine reported. Unusually for Train,” watching a teenage Doro- films, released a new eight-film contributor to Review’s Icons
So those Montreal children, peering the era, the films were available thy Dandridge take command of reel every week, and the vast ma- column. This essay is adapted
out bright-eyed from their snow suits, to both Black and white audi- the screen in “Cow Cow Boogie,” jority of these reels featured at from her new book “Soundies
were not just brilliantly solving the ences—unlike the “race films” or seeing a Black performer in least one Black-cast film. and the Changing Image of
task of learning two languages at once. made to play exclusively in movie whiteface portraying composer Coming up with 400-plus Soun- Black Americans on Screen: One
They might have been thinking differ- houses serving Black audiences. Giuseppe Verdi, with comic brio, dies a year required a decentral- Dime at a Time,” published by
ently as well. Stars like Duke Ellington and in a swing-time riff on “Rigoletto.” ized, distinctly un-Hollywood ap- Indiana University Press.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | C5

REVIEW
ASK ARIELY

The False Allure of DAN ARIELY

When Too
Managed Trade Many Choices
Lead to None
Dear Dan,
This Christmas, the en-
tire family will be to-
gether for the first time
in two years. I’m in
charge of Christmas dinner, and I
feel under pressure for everything to
be perfect. I’m overwhelmed and ex-
hausted by all the decisions: wine or
eggnog, turkey or roast beef,
mashed potatoes or roasted pota-
toes? Even thinking about decora-
tions and napkins makes my head
spin. What should I do? —Bertha

Sounds like you are suffering from

choice overload. More options
would intuitively seem better than
none, but too many can produce
anxiety and decrease happiness. In
the most extreme cases, facing an
excess of choices can lead to not
making a choice at all.
The downside of choice was first
demonstrated in a field study con-
ducted more than 20 years ago.
Upon entering a grocery store, cus-
Workers transfer stainless tomers encountered a stand offering
steel products used for auto jams to sample and purchase. On
parts in Taizhou, China, Aug. 9 some days there were six jam fla-
vors; on others, 24. More people
were attracted to the stand when 24
flavors were on display, but only a
tenth as many ended up buying jam
as when there were just six. When
faced with too many choices, people
With China disrupting global markets, the U.S. is trying to limit certain imports worry about regretting a decision
that isn’t perfect—and not making
to protect American industry. It’s a strategy that backfired in the past. any decision is the simplest way to
avoid making the wrong one.
As for Christmas dinner, one way
BY CHAD P. BOWN as a tool of economic coercion supply and demand. When a Japanese auto makers added to lift your decision-making burden

I
when it has market power. product can only be imported in horsepower as well as other fea- is to crowdsource it—for example,
n 2018, President Donald In these circumstances, the limited amounts, for example, tures and developed more lucra- by asking your friends on social me-
Trump imposed tariffs on temptation to resort to managed companies rush to fill the quota tive luxury brands, such as Acura, dia to make some of the decisions
almost all aluminum and trade is understandable, but it before their competitors can do Lexus and Infiniti, which com- for you.
steel imported into the carries serious costs. The U.S. so. Jennifer Hillman, a former peted even more directly with
U.S., whether it came from learned this lesson in the 20th government official in charge of American-made sedans.
allies, such as the EU, or competi- century, when it helped to popu- administering the U.S. MFA pro- Japanese semiconductors, too,
tors, such as China. Taken aback, larize such arrangements in order gram in the early 1990s, recol- surged into the U.S. market dur-
the EU retaliated with tariffs on to deal with import competition lects getting tearful calls from ing this period, and in 1986, the
Harley-Davidson motorcycles, from Japan in the wake of World brides-to-be whose wedding Reagan administration convinced
Kentucky bourbon and other U.S. War II. dresses were stuck at the dock the Japanese chip industry to re-
exports. A trans-Atlantic rift had The first of these concerned and eight-year-old Little Leaguers duce its sales globally. When the
opened, and officials in Brussels cotton clothing, which Japan ex- Japanese side proved unable to
rejected any possibility of repair- ported to the U.S. at such volume follow through, the U.S. imposed
ing it with a “managed trade” that the U.S. garment industry By the tariffs. Eventually Japan did re-
agreement, in which governments and textile mills feared for their strict its chip exports, but doing
agree on tariff-free trade in cer- survival. In 1957, President
mid-1990s, so made its products more expen-
tain goods up to a specified level, Dwight D. Eisenhower convinced managed sive. That proved a boon to com-
after which tariffs kick in. Accept- Japan to voluntarily hold back its trade in petition from Taiwan and South
RUTH GWILY

ing such a deal on metals might exports, but that just led compa- Korea, which then came to domi-
help some European exporters, nies in South Korea, Hong Kong textiles cost nate much of the semiconductor
but it would undermine the prin- and Taiwan to rush into the the U.S. market, pushing many U.S. and
ciples of free trade embodied in breach. In the early 1960s, the Japanese manufacturers aside.
the rules of the World Trade Or- Kennedy administration helped to $10 billion Experiences such as these led Dear Dan,
ganization. negotiate managed trade deals a year. to a search for a better way to This past year I’ve worked along-
In October, however, the EU re- that culminated with the Long govern global trade. Starting in side a wonderful group of col-
versed course. Under a new man- Term Arrangement on Cotton 1986, the U.S., Europe, Japan and leagues. I am so thankful to have
aged trade agreement, the EU can Textiles. whose baseball uniforms couldn’t dozens of other countries spent 8 worked on this team. I’ve just been
export 4.4 million metric tons of To get around trade limits on be let in in time for the season years in multilateral trade negoti- promoted and will now manage the
steel, for example, to the U.S. cotton goods, manufacturers opener, in both cases because ations, culminating in the found- same group. I worry that this will
duty-free in 2022. Exports beyond pushed products made from syn- quotas had already been filled. ing of the World Trade Organiza- change my relationship with its
that amount will be subject to thetic fabrics as well as wool. The Cotton clothing was far from tion in 1995. Its arrangements members. Do you have any advice?
tariffs at the same rate as under managed trade response in 1974 the only industry the U.S. tried to helped phase out voluntary ex- —Erika
Trump. The EU agreed to the deal was to broaden the agreement, manage in order to compete with port restraints—until now.
in part because Canada and Mex- making it the Multi-Fiber Ar- Japanese imports. Japanese October’s managed trade deal In your new role, make sure to con-
ico, which had once stood with rangement, or MFA—a mind- cars—smaller, cheaper and more may be reminiscent of earlier ar- tinue to express gratitude toward
Europe on the issue, had already numbingly complex web of im- fuel-efficient than their U.S. coun- rangements, but it also features your colleagues. Their support will
accepted a similar arrangement, port and export restrictions that terparts—threatened to dominate an important distinction. The U.S. be crucial to your success, and
and their steel exports to the U.S. had the effect of raising con- the American market in the and Europe aren’t trying to con- words of appreciation can go a long
were back to pre-Trump levels. sumer prices for nearly all tex- 1970s, leaving Chrysler on the vince China to limit its exports. way in motivating people.
The EU had been left Rather, having already im- Sadly, research has shown that
standing alone. posed tariffs on Beijing, when people get more power, they
Nor is this a lone case. the U.S. and EU have both tend to express less gratitude, even
The U.S. has already begun at least implicitly agreed though more power might come
to negotiate similar deals to buy less from China. with more to be grateful for, such as
with Japan and the U.K. Thus the trade being man- a higher salary. One study looked at
From the European per- aged with quantitative the acknowledgment sections of ac-
spective, the October ar- limits today is the trans- ademic papers and found that au-
rangement is better than Atlantic one in steel and thors with high-ranking titles ex-
continuing as before: EU aluminum. The U.S. and pressed less thanks than their junior
steel companies will be EU seek to create an envi- counterparts did. A study of Wikipe-
able to sell more and bene- ronment, even an artificial dia editors found the same effect:
fit from higher prices in one, in which their firms Senior editors made fewer thankful
the protected U.S. market, still have incentive to comments than junior ones.
even if the amount they compete with one an- These results suggest a link be-
can export remains limited. other—just not with tween power and expressing less
And the U.S. will profit China. gratitude, but perhaps more power-
from the EU’s ending its The revival of managed ful authors and editors expressed
retaliatory tariffs on Amer- trade is unlikely to stop thanks less often because they re-
ican goods. with steel and aluminum, ceived less help. A controlled lab ex-
FROM TOP: COSTFOTO/BARCROFT MEDIA/GETTY IMAGES; MARIO TAMA/GETTY IMAGES

The recovery of trans- as China’s economic sys- periment helped to identify the
Atlantic goodwill also gives tem and its enormous causal mechanism. Participants
the U.S. and Europe politi- portfolio of export indus- were offered help on an annoying
cal space to work together tries confront policymak- task from someone they were told
on developing new rules to Containers are stacked onto ships at the Port of Los Angeles in San Pedro, ers with the same di- was either their boss or their em-
trade with China—the Calif., Nov. 24. lemma on multiple fronts. ployee. As in the previous studies,
source of the turmoil in But the experience of people were less thankful for help
global steel and aluminum managed trade in the 20th from a subordinate than from their
markets in the first place. With tiles. By the mid-1990s, a U.S. brink of bankruptcy. Congress century suggests proceeding with manager, perhaps because they felt
an economic system dominated government study found that the threatened to impose quotas, and caution. Today’s unintended con- entitled to help from a lower status
by state-owned enterprises, gov- MFA program cost the U.S. econ- in 1981 the Reagan administration sequences may not take the form worker.
ernment subsidies and distorting omy about $10 billion a year. convinced Japan to accept what of new luxury brands or synthetic People with more power are less
industrial policy, China has gone, Managed trade in textiles became a series of voluntary ex- fibers, but of something com- prone to give thanks. Try to fight
in less than 20 years, from being wouldn’t be finally phased out port restraints on autos. To get pletely different—and perhaps this tendency as you take on your
a relatively small player to mak- until 2005. around these restrictions, Toyota, even more difficult to dislodge. new role with your old team.
ing more than half of the world’s Trade quotas require active Honda, Nissan and others built
metals. Beijing has also shown it- management. Government bu- assembly plants in the U.S. Dr. Bown is the Reginald Jones Have a dilemma for Dan?
self to be a sometimes vengeful reaucrats, often working under They also shifted their product Senior Fellow at the Peterson Email your question to:
and unreliable trading partner, rigid rules and with very little mix: Rather than fill their quota Institute for International [email protected]
willing to use export restrictions data, are expected to level out each year with budget models, Economics. Questions may be edited or revised.
C6 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

REVIEW

C
aroline Hirsch As a rare female impresa-
may run one of rio in a male-dominated busi-
the most suc- ness, Ms. Hirsch has been
cessful comedy called a “mother hen” to her
clubs in the comedic charges. But this
country, but she readily ad- makes light of what often felt
mits that she is not funny and like a liability. “I didn’t hang
she has never wanted to be with the guys, which is hard
on stage. “It’s not my thing,” when you’re hiring males,”
she says on a video call from she says. “There were proba-
her home in Palm Beach, Fla., bly other male club owners
where she lives with her part- who had home numbers, but
ner, Andrew Fox, when they I had to keep relationships
are not in Manhattan or the very professional.”
Hamptons. When Carolines first
Yet Ms. Hirsch, 69, has a opened, female comedians
savant-like knack for spotting
comic talent. Next year she
will celebrate the 40th anni- ‘The two
versary of Carolines on
Broadway, her New York club, words people
which has been an essential
stop for rising comedic stars
use on stage
from Ellen DeGeneres to are either
Kevin Hart. “I like to put the “I killed” or
pieces together,” explains Ms.
Hirsch. “I don’t know what it ‘I died.”’
is, but I can watch a tiny peck
of an act, and I get what
they’re doing and I get that could be counted “on one
they’re gonna grow, and I get hand,” says Ms. Hirsch. Their
they’re gonna be a big star.” ranks have since ballooned,
When the club first opened thanks partly to the rise of
in 1982, stand-up comedy was podcasts, streaming and so-
mostly confined to open-mic cial media, which offer new
nights and showcases where ways to build a following.
performers tried out new ma- “Anyone can be funny, and
terial. Carolines was the first anyone can get it out there,”
high-end haunt where come- she says. Yet men still domi-
dians could earn real money nate the industry, and allega-
and ticket-buyers—often tions of sexism and sexual ha-
schlepping from the sub- rassment remain common,
urbs—were assured a proper particularly at the feeder
night out. “It felt like the ma- clubs where most comics get
jor leagues when you got that their start. “Comedy is such
gig,” Jerry Seinfeld once told an aggressive art form,” ob-
the New York Observer. “I al- serves Ms. Hirsch. “The two
ways loved playing there.” words people use on stage are
Growing up in Flatbush, either ‘I killed’ or ‘I died.’”
Brooklyn, Ms. Hirsch devel- The threat of being “can-
oped a taste for stand-up in celed” has made this a strange
her teens. She followed the time for an industry that toys
comics on “The Tonight with taboos. “Are comedians
Show” (“I had a little crush more tentative? They are,”
on David Steinberg”) and says Ms. Hirsch. “Are they
sneaked into a Greenwich Vil- more respectful? Absolutely.
lage club in 1967 to see No man would ever dare say
George Carlin. “He was the on stage what they might
real godfather of this modern have said 30-40 years ago.”
movement in comedy,” Ms. Ms. Hirsch sees this sensitiv-
Hirsch says. “It was the end ity to shifting mores as a sign
of ‘Take my wife, please’ of progress, though she adds
jokes and the beginning of that a willingness to push
observing what was going on in the WEEKEND CONFIDENTIAL | EMILY BOBROW boundaries is often what makes a
world. If you talk to Jay Leno or comic funny: “Sometimes a politi-

Caroline Hirsch
Jerry Seinfeld, they’ll tell you they cally incorrect joke can make a
got it from George.” point.” She also questions the power
Raised by Italian-American par- of would-be cancellers, given that
ents who worked three jobs be- Dave Chappelle and Louis C.K., both
tween them, Ms. Hirsch felt pres- targets of intense criticism, got
sure to succeed. She knew it would Grammy nominations for albums re-
one day fall to her to care for her leased in the past year.
twin younger brothers, whose se-
The comedy impresario has been spotting new talent for 40 years. Running a live-performance busi-
vere mental disabilities kept them ness in a pandemic has been a
from providing for themselves. struggle. “We’re all hanging on for
“There was a lot on my shoulders 1980s, she notes the parallels be- sales surged, and late-night plugs of stand-up on cable TV. But Caro- dear life here,” Ms. Hirsch says. Af-
as a kid,” she allows. tween her work then and now. “I on TV from Mr. Leno and other acts lines thrived, moving into its cur- ter shutting down completely for 15
After studying biochemistry at have a great understanding of what helped promote the club. “It was rent 325-seat space in Times months, Carolines reopened this
the City College of New York, Ms. people want,” she says. the rise of this new age of comedy,” Square in 1992 and spinning off its year on Memorial Day weekend but
ALLISON MICHAEL ORENSTEIN FOR THE WALL STREET JOURNAL

Hirsch graduated from the Fashion Ms. Hirsch was collecting unem- Ms. Hirsch recalls. “Agents, manag- own cable series, Caroline’s Comedy had a tough time securing staff. The
Institute of Technology with an eye ployment when a couple of friends ers, producers, everyone was inter- Hour, from 1989 to 1995. Instead of city’s vaccine mandate also puts the
for retail. She was 24 when she convinced her to help them open a ested in what was going on in the cutting into the club’s business, Ms. club in the awkward position of
married Neil Hirsch, founder of the small cabaret in the up-and-coming club at the time.” Hirsch says, the rise of comedy- turning away patrons at the door.
Telerate communications network; neighborhood of Chelsea. “I had no By 1984 people were lining up themed cable stations drove new “The onus is on us to be the bad
they divorced in 1986. (Dow Jones, idea what I was in for,” she says. around the corner to see Paul Reu- traffic to her doors. She recalls how guy,” she says.
publisher of The Wall Street Jour- Within months she noticed that the bens as Pee-Wee Herman, before Stephen Wright’s hourlong HBO But Ms. Hirsch is optimistic
nal, invested in Telerate in the jazz singers weren’t pulling in the Tim Burton film made the special in 1985 made him famous about the future of both stand-up
1980s and sold nearly a decade young people. Then she saw Mr. quirky character a household name. nearly overnight. “Everyone wanted and Carolines. Technology offers
later.) She spent most of the 1970s Leno perform stand-up on “Late “Andy Warhol came wearing paja- to see him live at my club,” she endless ways to chuckle on our own,
working as a buyer for small New Night With David Letterman” and mas,” she recalls. “That was when I says. In 2004 she launched the an- but Ms. Hirsch insists that nothing
York shops and then at Gimbels, a convinced her partners to book him knew we had arrived.” nual weeklong New York Comedy beats the electric feeling of laughing
now-defunct department store. Al- as a headline act. After the comedy boom of the Festival, which features hundreds of in a room together: “Making hun-
though she left sales when Gimbels “That’s what put Carolines on 1980s, many smaller clubs struggled top comedians at venues through- dreds of people listen to you and
began laying off staff in the early the map,” says Ms. Hirsch. Ticket to compete against the sudden glut out the city. laugh is a pretty powerful thing.”

Eight that is held the

same day every
This is a bit of a
dubious maneu-
the trash.
• A book from your host’s
Terrible year can sneak
up on anyone.
Please allow me
ver, but in a
pinch: When a
sibling or an-
shelf. This is risky, but works
at least 7% of the time. Bring
your own wrapping paper.

JASON Last- to make a few

recommendations
other loved one
presents some-
While your host is busy in an-
other room, grab a book off the
GAY
Minute for last-minute
gifts. If these get
one (say, Dad)
with a gift, take
shelf and wrap it quickly. When
they open it and politely re-

Gift Ideas you into trouble,

or disowned from
your family, I
a moment as the
recipient opens
it to shout
mark, “You know, I’ve read
this, but I probably should read
it again,” politely nod and say
bear no responsi- “That’s from “You’re welcome.” This trick
bility. both of us!” The also works with their wine,
Not every TO LAST-MINUTE SHOPPERS: • Halloween cards. Give your credibly touched and may cry. gift-giver will give you a death most household and kitchen
present One week out from Dec. 25 is loved ones Halloween cards as Downside: You may have to stare for a few hours but forget items and even some small
basically August. It’s nowhere a “gag gift.” Say you wanted to write a memoir. about it after a while, and Dad pets.
has to be near the danger zone. There’s make fun of the “intense con- • Vintage magazines. Who will appreciate that two of his • Blame the “supply chain.”
thoughtful. plenty of time. Stores are open. sumerism” of the holidays and doesn’t love a tattered copy of dearest relatives thoughtfully It’s a known problem and a
Or even a Amazon’s still pledging deliv- decided to get everyone silly U.S. News & World Report’s teamed up to get him…$19 bar- perfect alibi. You didn’t forget
ery. You’re not standing in a cards with vampires and “Best Colleges of 1998” or an becue tongs. to buy your loved one a
present. poorly lighted gas station, ghosts and even a birthday one issue of Newsweek that offers • Bag of leaves. It sounds des- sweater/snowboots/ping-pong
wondering if your mother that says “Happy Booooooo-th a behind-the-scenes snapshot perate, but as you walk into table/fondue pot—no, your
would like Yosemite Sam mud Day.” There’s no need to tell of the Ford administration? your host’s home, grab a bunch sweater/snowboots/ping-pong
flaps and a value pack of them that these were the only Just be sure to cross out the of leaves outside on the side- table/fondue pot is sitting off
sugar-free orange pineapple cards left on the shelf in the name of the car wash on the walk and stuff them into a bag. the coast in a container ship
gum…for the second year in a 24-hour supermarket. address box. As you walk in, hand it to your due to logistical issues. Every-
row. • Dedicate your memoir. Ex- • Coffee gift card. Yes, it’s host and tell them it’s an or- one will understand, especially
A true procrastinator always tremely magnanimous gesture. your own coffee gift card, from ganic “rustic salad” that pairs children, who don’t really need
ZOAHR LAZAR

finds a way to blow it again. Tell your loved one you are your wallet. But it’s still got well with poultry and fish. Of- remote control cars and will in-
I’ve been there, often, and I dedicating your future memoir $2.18 on it. fer to make it in the kitchen stead appreciate the terse les-
pass no judgment. A holiday to them. Upside: They’ll be in- • “That’s from both of us.” and then quietly discard it into son about the global economy.
 A Picture-Perfect Past
Before Instagram,
postcards helped us
keep in touch C11

READ ONLINE AT WSJ.COM/BOOKSHELF

BOOKS THE WALL STREET JOURNAL. * * **
The Code of Law
Four thousand years
of making the rules—
and bending them C9

Saturday/Sunday, December 18 - 19, 2021 | C7

Center Stage
In the Pacific
Theater
Island Infernos
By John C. McManus
Dutton Caliber, 637 pages, $35
BY MICHAEL F. BISHOP

E
IGHTY YEARS AGO this
month, the American
entry into World War II
was precipitated by the
Japanese surprise attack
on Pearl Harbor. But the ensuing clash
in the war’s Pacific theater has long
been overshadowed in American
memory by the battles in Europe.
Compared to the famed ordeals of the
Normandy invasion and the Battle of
the Bulge, the battles of Guadalcanal,
EMMANUEL DUNAND/AFP/GETTY IMAGES

Saipan and Okinawa pale in the popular

imagination. This skewed perspective
unfairly slights the brave men who
fought against Japanese aggression,
and distorts our understanding of
the conflict’s legacy. As the historian
Richard Overy observes in “Blood
and Ruins:
The Great
Imperial War, The U.S. Army
DOWN TOWN A visitor to a public building dated from the Second Temple era (516 B.C,-A.D. 70). 1931-1945,”
his magis-
fielded 1.8

The Holy City’s Secrets

terial new million men
history of in the fight
World War II,
“the Asian against Japan.
war and its Here is how
consequences
From 19th-century Christians searching for the site of Jesus’ death to modern Israelis were as
they spent 1944.
important to
seeking places named in Scripture, archaeology in Jerusalem has always been controversial the creation
of the post-war world as the defeat of
Under Jerusalem modern dig, just outside the Old City and American pilgrims. But no one could Germany in Europe, arguably more so.”
By Andrew Lawler walls. Breaking into an ancient tomb, find the City of David, or the Ark of the To the extent that the Pacific theater
de Saulcy abducted an attractive sar- Covenant for that matter. still lives in the American imagination,
Doubleday, 426 pages, $32.50
cophagus and, while Jerusalem’s rabbis One of the many surprising threads in the Marines, who fought with splendid
BY DOMINIC GREEN launched an international protest against Mr. Lawler’s tale is that Jerusalem’s valor, play a starring role. The HBO

I
this foreign graverobber, took it to Paris Jewish archaeology began as Christian miniseries “The Pacific” (2010) ranged
N ‘CIVILIZATION and Its Discon- and declared its occupant to be “the con- Zionist archaeology, and turned only across the sprawling theater of conflict
tents,” Freud compared memory sort of a Judean ruler from the seventh slowly into Jewish nationalist archae- but focused almost exclusively on the
and its recovery to the archae- century BCE.” He was only 700 years off. ology. Muslim or Palestinian Arab ar- experiences of young Marines. One of
ology of Rome. The visitor can- De Saulcy set the tone of most subse- chaeology began only recently, and by the most iconic photographs of the
not see the earlier layers of quent efforts: wild ambition, wild exag- then the winners were writing the 20th century is of six Marines hoisting
civilization, but the guidebook says geration, wild protests—and hardheaded history of Jerusalem. In a city where the the flag on Mount Suribachi during
where they once were. This allows us to chauvinism. In the 1850s, rivalry over winner takes all, Mr. Lawler does an the Battle of Iwo Jima. It may be
look at the Colosseum and imagine the foreign control of the Christian sites admirable job of striving for the diplo- that the Marines are as adept at public
Golden House of Nero below. But, Freud helped spark the Crimean War. In the mats’ ideal of “evenhandedness.” relations as they are courageous on
wrote, a single physical space cannot 1860s, the digging of the Suez Canal In 1917, the British conquered Jeru- the battlefield. But the U.S. Army
hold “two different contents.” If it did, turned the “scramble for Jerusalem” into salem, declared their support for the fielded 1.8 million men in the fight
then the Palazzo Caffarelli would occupy a strategic rivalry. When the British pub- “establishment in Palestine of a national against Japan, several times as many
the same spot as the temple of Jupiter lic funded the creation of the Palestine home for the Jewish people,” and then, as the Marine Corps.
Capitolinus, and we would see the tem- Exploration Fund, and the Fund secured in 1920, set up the Mandate for Palestine The indispensable contribution of
ple in both its early, Etruscan form and permission to dig by promising the under the auspices of the League of the army to eventual victory over Japan
its later, imperial form. Ottomans that it would fix Jerusalem’s Nations. The British created institutions, is the subject of “Island Infernos: The
Freud never saw Jerusalem. Not only sewage problem, the British government the Hebrew University among them, and US Army’s Pacific War Odyssey, 1944,”
is its visitor’s imagination incited by discreetly used the program as a front fostered a generation of Jewish archae- by John C. McManus. The author, who
the Bible, the guidebook of guidebooks, for intelligence-gathering. ologists. Again, no one found the Ark of is the Curators’ Distinguished Professor
but Jerusalem’s archaeology also presents The living, however, still had earthly the Covenant, but they did produce a of U.S. military history at the Missouri
the simultaneity that Freud thought im- powers. The local Jews and Muslims had mass of evidence that confirmed the University of Science and Technology,
possible. The sacred core of Jerusalem is a veto, rioting when a dig turned up hu- Jewish claims in the historical record. has written more than a dozen highly
so great that, like New York, they named man bones or got too close to the Temple After the establishment of the state regarded works of American military
it twice: Raise your head as you emerge Mount. The Ottoman authorities correctly of Israel in 1948, recovering the Jewish history. “Island Infernos” is the second
from the warren of the Old City, and you saw foreign archaeologists as the advance roots of Jerusalem became a priority for volume of a planned trilogy—the first,
see the Temple Mount of the Jews and parties of European imperialism, and nation-building. “Fire and Fortitude: The US Army in
the Noble Sanctuary of the Muslims. Two withheld digging permits. The only locals When Israel conquered the Old City, the Pacific War, 1941-1943,” won the
different contents, two different con- who seemed to appreciate the archae- in 1967, bulldozers erased the Mughrabi prestigious Gilder Lehrman Prize for
texts—not forgetting the Christians, who ologists were the Arabs of the village of Quarter overnight to create the Western Military History. In both volumes,
cannot agree among themselves where Silwan, who turned into a multigenera- Wall Plaza. Shortly afterward, they de- Mr. McManus brilliantly refocuses our
their sacred sites should be. tional workforce. molished the Abu Saud family compound. view on the role of the army in this
In “Under Jerusalem,” journalist An- The Victorian diggers concentrated on According to Mr. Lawler, Yasser Arafat, strangely scattered campaign and
drew Lawler directs our contemplation a thousand-year slice of Jerusalem’s then engaged on his own program of conveys the experience of the individual
away from the heavenly city, and down history: from King David’s conquest of a demolition, was the son of the Abu Sauds combat soldier, who “fought in some
into the roots of history and faith. Mod- Jebusite hill fortress about a millennium on his mother’s side. The period’s Israeli of the world’s most inhospitable
ern archaeology in Jerusalem began as an before Jesus’ birth, to the sites of Jesus’ archaeologists viewed their work as locales, against a foe who recognized
effort to substantiate Christian faith crucifixion and burial. This being the Edmund Burke viewed society, a “part- few Western-style rules of warfare.”
through modern science. The history of British Empire, the work was entrusted nership not only between those who are Among many grim statistics that
its practice in Jerusalem presents a pa- to military eccentrics. A succession of living, but between those who are living, support the latter assertion: as many
rade of eccentrics and fanatics, enlivened Royal Engineers mapped Jerusalem, those who are dead, and those who are to as 40% of American POWs in the
by obscurantism and riot. Mr. Lawler, un- most driven equally by a surveyor’s be born.” Their job was to reconnect the Pacific perished in captivity.
like so many of his characters, navigates training and an oddball’s conviction. spirit of the revived Jewish nation to the For the American soldier, the Pacific
the terrain without offending the political Charles Wilson, an “introverted material evidence of ancient statehood. theater was surely the losing ticket.
or religious sensibilities of his subjects. bachelor,” discovered the monumental In Jerusalem, that meant removing the The climate was intolerable—Mr.
In the 19th century, tourists like Mark Herodian arch that now bears his name intervening layers, the better to recover McManus quotes the recollection of a
Twain and Herman Melville were disap- and created a topographical survey the national memory, regardless of young officer: “The land steamed. The
pointed by the rundown and rather mod- which remains the foundation of modern violent protests from Orthodox Jews, combination of heat and moisture was
est architecture of Ottoman Jerusalem. archaeology. Charles Warren went look- Islamists and Palestinian nationalists. smothering. You had to fight through
When Baedeker issued a guidebook in ing for the secrets of freemasonry and In 2005, the Israeli archaeologist Eilat it.” Men often lived like “subterranean
1876, he apologized for the “modern crust instead found the city’s ancient water Mazar returned to the ridge above Wadi rats . . . in filthy, muddy trenches and
of rubbish and rottenness” that obscured network, a more successful enquiry Hilweh, on the southern side of the Old Please turn to page C8
the “Jerusalem of antiquity.” Exceptional than his subsequent pursuit of Jack the City. Charles Warren and the pioneering
in being sacred to all three monotheisms, Ripper. Charles Gordon, later martyred female archaeologist Kathleen Kenyon
Jerusalem is unusual as ancient cities go. at Khartoum, identified the site of the had suspected that King David’s Jeru-
The tel, a man-made hill in which civili- Crucifixion not in the precincts of salem lay there, but neither had found
zations are stacked layer upon layer like the Church of the Holy Sepulchre, but anything. Unlike them, Mazar read the
stony pancakes, is common in the Middle on a skull-like knoll to the north of guidebook correctly. Interpreting the
East; the Israeli site at Har Megiddo, Damascus Gate; less persuasively, he account of King David’s response to a
the “Armageddon” of the Christians, has created a pilgrimage site for Protestants Philistine attack in 2 Samuel 5, and secur-
26 layers. But Jerusalem is rocky and by locating the site of Jesus’ burial and ing funding from the American Jewish
hilly. Its layers are compressed as though resurrection in a nearby rock tomb. philanthropist Roger Hertog, she spent
US ARMY/INTERIM ARCHIVES/GETTY IMAGES

by tectonic forces and honeycombed with The subterranean disturbance became two years exposing monumental walls
cisterns and tunnels. visible on the surface. The Ottomans that she dated to David’s era. She claimed
Archaeology was a European invention called Warren “the mole,” for his habit of them to be his palace, and excavations
introduced to Jerusalem by French and popping up in private wells and cisterns. are ongoing at the City of David, as the
British Christians. The European soldiers The Abu Saud family, who lived next to site is now known. While Israeli and Pal-
and churchmen viewed sacred archae- the Western Wall, were complaining estinian archaeologists fight one another
ology in the spirit of Thomas Jefferson: about subsidence. The Russians, the Ger- over her claims, and while the Ark of the
“the earth belongs in usufruct to the mans and the British were all building Covenant eludes all, the ground contin-
living,” and the dead have “neither rights their national churches and setting foot ues to shift beneath Jerusalemites’ feet.
nor powers over it.” Mr. Lawler’s tale on the sacred rock. Landscapers improved
begins in 1863, when the French senator the surrounds of Gordon’s “Garden Tomb” Mr. Green is the editor of the Spectator’s HE RETURNED Gen. Douglas
Louis-Félicien de Saulcy launched the first to assist the contemplations of British world edition. MacArthur in the Philippines, 1944.
C8 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘A wonderful New Year’s resolution for the men who run the world: Get to know the people who only live in it.’ —MARTH A G ELLH O RN

FIVE BEST ON WOMEN IN WORLD WAR II

Judith Mackrell
The author, most recently, of ‘The Correspondents: Six Women Writers on the Front Lines of World War II’

The Face of War confessions of Unity Mitford as she boasted fighting, but did so at their own peril. Lee Miller’s War: Beyond D-Day
By Martha Gellhorn (1959) of her friendship with Hitler and the craven “No Woman’s World” is a coruscating Edited by Antony Penrose (2014)

1 4
platitudes of Neville Chamberlain as he indictment of the system against which
When the buccaneering journalist justified his Munich peace deal. The memoir they had to battle. Nonetheless, it covers Lee Miller was the most unlikely
Marie Colvin reported from the battle ends, frustratingly, with the London Blitz. the struggle impressively, from the Battle of of war correspondents. As a fashion
zones of the late 20th century, she kept Readers looking for the rest of Cowles’s Britain on through V-E Day. The power of the model for Condé Nast; as mistress,
a copy of Martha Gellhorn’s collected extraordinary war will have to search it out book derives less from its coverage of battles muse and collaborator of Man Ray;
war essays in her bag. To Colvin and her in newspaper archives. than its unsentimental honesty. Carpenter and as a celebrity New York photographer,
generation, Gellhorn was a world events never impacted
pioneer, a woman who challenged much on her work. But not long
the prejudices of a misogynist after she arrived in England, in
military (as well as the ego of her 1939, Miller and her camera found
husband, Ernest Hemingway) to their most inspired and urgent
claim her position as a frontline subject. She captured a surreal
journalist. But Gellhorn was also poetry in the bombed-out streets
a supremely humane writer. In her of London. Then, in France and
coverage of World War II, no less Germany as a photojournalist for
than in her reports from Spain Vogue, she delivered work of
and Vietnam, she wrote with a similarly haunting vividness.
heart-wrenching directness about Among the highlights of this hand-
the courage of individual soldiers some collection of essays and
and the catastrophic suffering images, edited by her son, Antony
of civilians. A fierce, fastidious Penrose, is Miller’s report from
stylist, Gellhorn still has the the 1944 siege of Saint-Malo,
power to shock, not least in the where, as the darling of the U.S.
unflinching account she gives of 83rd Division, she was given
the sights, smells and sensations unfettered access to what she
of war. An even fiercer moralist, gleefully described as her own
her work continues to drive home “private war.” No less gripping is
the message that wars are far less her account of the joy and savagery
often fought on grounds of ideal- she saw unleashed on the streets
ism than of cynicism and greed. of liberated Paris, and the heroic
stoicism with which she recorded
the horrors of Dachau. The most
Looking for Trouble memorable photograph in this
By Virginia Cowles (1941) collection shows a naked, sardonic

2
Miller, scrubbing off the stink of
When Virginia Cowles Dachau in Hitler’s bath.
arrived in Madrid, in
March 1937, Martha
Gellhorn was snarkily The Heat of the Day
unimpressed. In her high-heeled By Elizabeth Bowen (1948)

5
shoes, fur jacket and elegant wool
dress, Cowles looked as though Set between 1942 and 1944,
© LEE MILLER ARCHIVES, ENGLAND 2021

she were dressed for a Manhattan Elizabeth Bowen’s novel

tea party rather than the trenches evokes civilian life in
of Spain. Yet as the two women London at the height of
became friends, Gellhorn under- the war’s terrors. In its gritty,
stood that Cowles was not only uneasy depiction of a city gutted
a doggedly ambitious reporter by bombs, rationing, sleep depri-
but one whose glamour facilitated vation and fear, “The Heat of the
unique access to her subjects, Day” draws on Bowen’s memories
including a Soviet general so of her service as an air-raid
besotted with her that he spent BURNING HEIL Lee Miller’s photograph of Hitler’s Berghof in 1945, after retreating SS troops set the building on fire. warden. But in its story of the
three days feeding her champagne fraught, triangular relationship
while trying to convert her to Marxism. No Woman’s World records her own confused emotions on first between Stella, her double-agent lover and
“Looking for Trouble” is a rollicking thriller By Iris Carpenter (1946) entering Germany and having to decide the government spy who attempts to black-

3
of a memoir, focusing on Cowles’s first four how to view ordinary German citizens— mail her, it is also an exquisitely penetrating
years of war reporting as she traveled from More than 200 female journalists as suffering victims, or the enemy, or both? view of the psychological impact of war.
Hitler’s Germany to the frozen battlefields were accredited to the Allied forces She is no less forthright in her descriptions Through the fractured relationships of her
of Finland to the deserted streets of Paris by the end of World War II, but it of the American soldiers with whom she characters, their moral confusion, their rest-
(where she arrived two days before the wasn’t until the final months of the traveled—many of them poignantly young less swings between hectic excitement and
occupying Nazis). Along the way the book war that a select few were allowed to report and courageous but also brutalized by accompanying dread, Bowen tracks the trauma
records some of the remarkable interviews from the front. Writers like Iris Carpenter years at war. Her bluntness make this of the Blitz—as profound in its emotional
Cowles scooped—among them the gushing had found their own illicit ways to the memoir a riveting read. effects as the violence wreaked on the city.

Nimitz, Japanese lines of communication.”

More importantly, “the Marianas of-
fered the prospect of air bases only
vanities, a slew of insecurities, and
troubling character flaws.”
As Mr. McManus explains, America
“In a typical invasion,” he notes, “one
division required, on average, 7,500
tons of cargo on the first day alone.”
for the cameras, and later delivered a
radio address in which he declared,
“People of the Philippines, I have

MacArthur some thirteen hundred miles from

Tokyo, well within the range of the
was fortunate that MacArthur’s naval
counterpart was Adm. Chester Nimitz,
The challenge was made infinitely
greater by the diverse landscape and
returned!” But for all this sense of tri-
umph, observes Mr. McManus, Leyte

& Co.
forthcoming American heavy bomber, a man “every bit as modest and self- geology of the Pacific islands; soldiers was an anticlimax, “little more than a
the B-29 Superfortress.” The troops en- effacing as MacArthur was egomani- confronted “rocky coral soil” and protracted, deadly prelude to a more
dured seasickness and food poisoning acal,” who dealt with the mercurial impassable seas of mud, with each decisive campaign on Luzon and else-
during the long and harrowing journey general as a “gentle-tempered German requiring different types of vehicles where in the archipelago.” The battle,
Continued from page C7 from Hawaii to Saipan, commencing shepherd endures the nips of a frisky and equipment. During the assault on with all its attendant horrors, would
dugouts. Monsoon rains poured down offensive operations on June 15. Suc- beagle.” As commander in chief of the New Guinea, landing craft deposited drag on for months.
in sheets.” Disease was rampant; dur- cessful assaults on Guam and Tinian Pacific Fleet the white-haired, blue- “steadily rising heaps” of crates, along That was also true of the larger war,
ing the first stage of the war, malaria would soon follow; the fateful flight of in which “the greatest struggles were
was a deadlier enemy than the Japa- the Enola Gay to Hiroshima in August still to come,” with a costly invasion
nese. Men were ordered to wear pro- 1945 would originate from the latter. of the Japanese home islands then
tective clothing to protect against the Presiding over the army’s portion appearing the most likely conclusion.
relentless mosquitoes, and to take of this vast operation, “spread across The army in 1944 was a “coiled olive-
atabrine pills with their meals. Dysen- nearly a third of the globe’s surface,” drab machine, growing in strength and
tery was a constant scourge; many was Gen. Douglas MacArthur, who, purpose,” maturing into “a profession-
sufferers “took to cutting holes in the ordered by Roosevelt to depart the ally led citizen-soldier force of singular
NATIONAL ARCHIVES AND RECORDS ADMINISTRATION

seats of their trousers and letting na- besieged island of Corregidor in potency, flexibility, and complexity.”
ture take its course while they kept Manila Bay in March 1942, vowed, Admiral Adm. Isoroku Yamamoto’s
moving.” The problem was worsened “I shall return.” He would stop at warning to his countrymen that the
by linguistic difficulties that arose nothing to keep that vow, for as bombing of Pearl Harbor had “awak-
from fighting alongside foreign allies; Mr. McManus relates, “he believed, ened a sleeping giant and filled him
in Burma, according to Mr. McManus, unshakably and irrevocably, that to with a terrible resolve,” though pos-
“the Chinese were urinating and defe- defeat Japan the Americans must sibly apocryphal, has always had the
cating into a stream the Americans had liberate the Philippines.” His ambitions ring of truth. And the “terrible resolve”
been using for drinking water,” laying went beyond Philippine reconquest; of the U.S. Army would play an indis-
low hundreds of men. even in the midst of the Pacific cam- pensable role in achieving victory over
paigns he used his large and sophis- Japan the following year.
ticated public relations apparatus to “Island Infernos” is a feat of pro-
The army in the Pacific pursue the 1944 Republican presiden- WADING INTO BATTLE The 27th Infantry Division on Saipan, June 1944. digious scholarship and exhaustive
tial nomination. No wonder Roosevelt research into both Japanese and
was ‘a professionally led considered him one of the most dan- eyed Texan marshaled one of the great- with “ammo and ration dumps, cots, American sources. The author’s brisk,
citizen-soldier force gerous men in America. est naval forces the world had ever tents, poles, seabags, and bedrolls” engaging prose speeds the reader
of singular potency, Mr. McManus gives due credit to seen. With it, he had both to confront along with “almost 2,000 tons of engi- through a long and detailed narrative.
MacArthur’s experience, courage and Japan’s powerful fleet and transport neering equipment and supplies.” If the third volume maintains the stan-
flexibility and complexity.’ strategic vision. Before the war he MacArthur’s army from one objective “Island Infernos” ends with the dards of the first two—surely a safe
served as superintendent of West Point to another. He carried out these monu- bloody Battle of Leyte, which began in assumption—Mr. McManus will have
and later army chief of staff, and his mental tasks with calm professionalism October 1944 with thousands of men, produced a study of the American
“Island Infernos” follows the army strategic conception of the conflict was and astonishing success. most laden with 60 to 100 pounds of army in the Pacific as vast and splen-
through its swift and successful Janu- sound—he explained in 1943 that it Island-hopping war was an enter- gear, pouring onto the beaches. One did as Rick Atkinson’s Pulitzer Prize-
ary 1944 invasion of Kwajalein in the would involve “massive strokes against prise of overwhelming complexity. In flamethrower-wielding soldier, coming winning “Liberation Trilogy” about its
Marshall Islands, a little more than two only main strategic objectives, utilizing attempting to field a huge army across upon an enemy pillbox, recalled: deeds in Europe.
years after the Pearl Harbor attack, surprise and air-ground striking power a vast expanse of sea, military planners “I placed the nozzle in the hole and
to the pivotal Marianas campaign and supported and assisted by the fleet.” confronted logistical challenges far shot three bursts into the bunker. Mr. Bishop, a writer and historian,
beyond. “Control of the Marianas,” Mr. But he casts a cold eye upon Mac- greater than in Europe. Mr. McManus The screams I heard were of intense is the former executive director of
McManus observes, “meant control of Arthur’s many flaws, depicting “a man explores in meticulous detail the army’s agony . . . the stench of burning flesh the International Churchill Society
the Central Pacific. With the Marianas of astonishing pomposity, megalomania remarkable feats of transport and sup- drifted through the openings.” Mac- and the Abraham Lincoln Bicen-
in hand, the Americans could sever and egocentrism,” displaying “petty ply under unprecedented conditions. Arthur wasted no time wading ashore tennial Commission.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | C9

BOOKS
‘Children are innocent and love justice, while most of us are wicked and naturally prefer mercy.’ — G .K . CH ESTERTON

Civilization’s Code of Conduct

The Rule of Laws up he would change the rule. This
By Fernanda Pirie position might seem morally ques-
tionable. But if every rule had to be
Basic, 570 pages, $35
morally justified to attain the status
BY ANDREW STARK of law, there would be precious little

A
law—so observed figures such as the
N OLD STORY: A trav- Chinese minister Shang Yang and the
eler arrives at a road- English philosopher Thomas Hobbes.
side inn late at night After all, most societies are arenas
and asks for a room. of vocal disagreement. To claim that
Sorry, the innkeeper any given law advances morality risks
says, but the inn is full. The traveler affronting those who differ from it.
protests that it’s bitterly cold outside. All we can ask is that the law provide
That may be, the innkeeper replies, pragmatic rules for living together
but safety rules prohibit the inn from with no pretense that it always be-
going over capacity. The traveler speaks moral values.
thinks a minute and then asks a ques- But there is more to consider.
tion. What if the Queen of England Whatever a rule purports to say,
were to walk through the door this to be a valid law it must express the
minute hoping to stay overnight— agreed-upon moral principles that
wouldn’t the innkeeper find a room all systems of law must embrace,
for her? Of course, the innkeeper con- among them impartiality, fairness and
cedes, he would rustle up something equal application. If the queen would
under those circumstances. “Well I’ve
got news for you,” the traveler says.
“The Queen of England isn’t going to One major bulwark
walk through the door. So why not
give me the room you would have
against arbitrary power
given her?” is the rule of law. Still, it
In Fernanda Pirie’s “The Rule of requires flexibility and,
Laws,” we see much the same con-
versation played out not within a at times, compromise.
few minutes but over four millennia.
The law’s relationship to rules; its
flexibility in applying them; the get a room, so should the traveler.
debates that codified law inspires; Many of the figures in Ms. Pirie’s
the potential, amid conflict, for com- book, among them contemporary
promise or accommodation: Such human-rights lawyers, have similarly
matters have been evident since the pressed for their own laws to be read
first stirrings of the rule of law at the expansively so as to advance broader
dawn of civilization. moral values. But as she notes, rules
Early monarchs in Mesopotamia, that are interpreted beyond their
China and India learned that when constrained literal wording can be
law took the form of written words, unpredictable in their effect.
it would more readily last over time. In documenting these views as
And when it took the form of general they have played out over time,
rules, as opposed to narrow proscrip- Ms. Pirie reveals something impor-
tions, it would more easily extend tant. Each position checks harmful
CLARK ART INSTITUTE

over space. During the ensuing cen- tendencies in the others: the harsh-
turies, Ms. Pirie recounts, explorers ness that descends when the law
spread the rule of law to far-flung comprises fixed rules that enshrine
locales, empires imposed their own uncompromising morality; the messi-
version of it on colonies, nations used ness that arises when the law moves
it to entrench their sovereignty, and THE LETTER AND THE SPIRIT ‘Three Lawyers Conversing’ (ca. 1862-65), by Honoré Daumier. away from rules; the unjustifiability
diplomats employed it for negotiating that emerges when it moves away
international conventions. Written resemble edible animals; locusts that ceeded in capturing “universal and so many” that they defy any “exact from morality; the imprecision than
rules, Ms. Pirie shows, can be complex swarm are not.) And we wistfully unchanging moral principles.” And we logical method” of resolution. can result when both “rule” and
or simple; enforced strictly or allowed wonder why we no longer enjoy the meet European scholars who believed These two positions—that rules “morality” are flexibly interpreted.
to play out in a state of deliberate “lovedays” of Henry I’s England, that they had discovered a “natural embodying strict moral principles This debate is unlikely ever to be
ambiguity; grounded in custom or when people would resolve their legal law” whose rules embody all of mo- generate right outcomes and that, resolved in favor of one of the per-
religion or Enlightenment principle. disputes by making public decla- rality. But we also find in Ms. Pirie’s on the contrary, rules may need sus- spectives. Nor should it be.
Whatever the case—and however im- rations of mutual affection. pages those who, like the traveler pending to arrive at a moral reso- So let’s imagine, in the end, that
perfectly—the rule of law acts as a If Ms. Pirie’s exceptionally rich in the roadside-inn story, deem rules lution—do battle to this day. But they the traveler kept the innkeeper argu-
bulwark against arbitrary power. narrative has a central theme, it ill-equipped to give full voice to are bookended by two others in ing with him through the wee small
In the course of her survey, Ms. centers on a question faced by all the moral complexities of individual Ms. Pirie’s account. We must some- hours. And then in the morning,
Pirie, a professor of legal anthropol- societies that have adopted the rule cases. (Is it really morally right to times neglect morality if we want to having achieved his purpose of pass-
ogy at Oxford, takes us on many an of law: What is the relationship be- send him out into the cold?). Early maintain reliable rules. And as long as ing the night sheltered from the
intriguing legal byway. We learn why tween legal rules and moral values? Islamic qadis insisted on showing the rules are not interpreted rigidly, storm, he went on his way.
the laws of kasthruth in ancient Israel Over time, Ms. Pirie shows, we find “discretion and judgement” in apply- and morality is not understood
permitted the eating of certain kinds competing answers. ing Quranic rules. The 17th-century strictly, rules and morality can cohere. Mr. Stark is the author of
of locusts but not others. (Locusts We encounter a Chinese emperor jurist Matthew Hale likewise worried Think of the innkeeper, who ac- “The Consolations of Mortality:
that hop are permissible because they who claimed that his edicts had suc- that “the particulars” of cases “are knowledges that if the queen showed Making Sense of Death.”

doesn’t ignore chronology, but his century. For centuries, Christians identity politics. He tells how
A New Look structuring principle is to reset the
conventional narrative.
outnumbered Muslims in the
empire and enjoyed free-
harem wives and concubines
were killed and tossed

At an Old He does so by showing that the

Ottomans were very much a part of
dom of worship. Sephar-
dic Jews famously found
into the sea with regu-
larity as female power
Europe, influencing and influenced by haven in the empire went out of fashion.
Empire the Continent enduringly. “Their story
is the unacknowledged part of the
after being expelled
from Spain in 1492.
The Jewish ladies-
in-waiting suffered
story the West tells about itself,” Mr. Nonconformist mys- similar fates. Even-
The Ottomans Baer writes. The Ottomans “partook in tical Sufi sects that tually, religious and
By Marc David Baer many aspects of European religious were in fact made up ethnic minorities
Basic, 543 pages, $35 and political development long attri- of quasi-Shiite sub- helped persecute
buted to Western Europeans alone.” j e c ts — a m u s i n g l y one another en
BY MELIK KAYLAN And so we read about how early dubbed “deviant der- masse as the empire

U
Ottoman expansion encompassed the vishes” by Mr. Baer— fell behind in the
NTIL RECENTLY, his- southern Balkans almost 100 years were allowed to flour- late 19th century,
torians tended to view before the 15th-century fall of Constan- ish (for a while) beset with poverty,
the Ottoman Empire tinople; how slaves taken from Europe, within the Sunni-dom- rebellions, weak sul-
(1288-1922) as irreduc- converted to Islam and trained from inant empire. It was tans and recurrent
ibly “Oriental,” trapped boyhood, routinely reached the highest also a place where re- lawlessness.
AMIR PASHAEI

in an outdated civilizational and evo- military and bureaucratic offices within ligious and ethnic mi- Mr. Baer dwells
lutionary cocoon from which all its vir- the empire; how European powers norities could amass at some length on
tues and vices—mostly vices—flowed. allied with the sultan against their considerable power the mass murder
A standard history of the empire was adversaries—be it the French king in and wealth. DISORIENTED The Battle of Chaldiran in 1514, as depicted at the of Armenians and
a chronological march through wars his struggle against the Habsburgs, or The degree of tol- Palace of Forty Columns in Isfahan. Iran. other Christians
and battles, sultans and wives, the con- Protestants who argued that “it would erance oscillated from during World War I,
quest of Constantinople and beyond— be better to be ruled by Muslims than one sultan to the next, but equaled killing off their brothers and offspring unhesitatingly calling it genocide.
some 300 years of martial vigor and by Catholics.” Many of the sultan’s or exceeded the liberalism of the West to secure power. That, at least, had the He lays the blame, in part, on the new
expansion followed by roughly three foreign-born palace wives and govern- well into the 19th century. Sultans pub- virtue of unifying the country. But the European pseudoscience of racial supe-
centuries of decadence and contrac- ment officials continued to support licly shared power with their wives, habit of fratricide soon turned into riority espoused by the German-influ-
tion. From suzerainty over the Middle in accordance with prior Turco-Mongo- regicide when the Ottomans began re- enced Young Turks who overthrew the
East, North Africa and more than a lian custom, up until the 14th century. peatedly losing wars. In reaction, the sultan. It’s yet another, darker, example
quarter of Europe to almost nothing by To view the Ottoman By the 1500s, these wives were con- elite Janissary corps, a group within of Mr. Baer’s Euro-Ottoman thesis.
the end. The historiographic message fined to the harem, but continued to the standing army staffed entirely He points out that much of the Muslim
was simple: modern nation-state, good;
Empire as ‘Oriental’ is, help govern, using their eunuchs and by converted European slaves, began population living in the Armenian area
Oriental ancien régime, bad. Then in fact, deeply Orientalist. Jewish ladies-in-waiting as conduits. in the 1600s to topple and execute at the time had resettled there after
came Edward Said, and Orientalism be- But as Mr. Baer shrewdly points out, sultans and replace them with more being purged from the Caucasus and
came a Western vice associated with tolerance did not mean equality, and malleable princelings. Balkans by Russian pogroms, and were
prejudice and stereotype-mongering. their homelands, not least by sending certainly not freedom in any modern Meanwhile, the Sufi “deviant der- all too ready to exact revenge on Chris-
Marc David Baer’s “The Ottomans: funds, often to churches. Mr. Baer even sense. Instead, the whole was held vishes” suffered increasing persecution tians. Until Moscow launched its po-
Khans, Caesars, and Caliphs” aims argues that various sultans could qual- together by a strictly codified hierar- and mass execution, especially in the grom-genocides, Turks and Armenians
to provide a different perspective. ify as enlightened Renaissance princes chical structure in which minorities 17th century, for being potentially loyal had lived together in relative harmony
Mr. Baer, a professor of international for their intellectual curiosity and had their sanctioned place. Many even- to Safavid Iranian Shiism next door. for many centuries in eastern Anatolia.
history at the London School of Eco- patronage of learning. In short, to view tually fell prey to sudden and severe (Safavids in Iran did the same to the But Mr. Baer doesn’t blame Moscow
nomics and Political Science, organizes the Ottoman Empire as Oriental was, persecution, especially after decline Sunnis living within their borders.) for the consequences—a surprising
his material according to contemporary in retrospect, deeply Orientalist. and decadence set in during the 1600s. Mr. Baer doesn’t stint on such glar- flaw in a history that is otherwise
concerns such as minorities, women Nor was Islamic absolutism a de- Up until that point, Mr. Baer tells us, ing complications to his diversity- highly readable, original and thorough.
and sexual mores, thereby eking fining attribute, despite the sultan’s the empire was relatively idyllic by prioritizing approach. By book’s end,
out surprisingly fresh insights from taking control of Islam’s holy places and European standards. Except, of course, his narrative becomes a de facto illus- Mr. Kaylan writes about culture and
this hitherto well-plowed terrain. He becoming the Sunni caliph in the 16th for a few issues, such as the princes tration of the painful downsides of the arts for the Journal.
C10 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘Begin at once to live, and count each separate day as a separate life.’ —SENECA

MYSTERIES

Dear Fellow Sufferer Dateline:

TOM NOLAN

50 Letters of
a Roman Stoic
Edited by Margaret Graver
Hong Kong,
and A.A. Long
Chicago, 307 pages, $16 Dec. 7, 1941
Breakfast With Seneca ‘FIVE DECEMBERS’
By David Fideler (Hard Case, 431 pages,
Norton, 265 pages, $26.95 $22.99), an epic wartime
police procedural by the
BY JAMES ROMM pseudonymous James

T
Kestrel, opens in Honolulu
FINE ART IMAGES/HERITAGE IMAGES/GETTY IMAGES

WO thousand years in November 1941. HPD

ago, under the reign detective Joe McGrady,
of Roman emperor a U.S. Army veteran who
Tiberius, Lucius An- lives above a chop suey house and pines for
naeus Seneca was the lovely Molly, has waited five years to be
learning from his tutor how to assigned his first homicide case.
live a good life. His tutor was an The call finally comes at night, sending
adherent of Stoicism, a philosophy him hours out of town to a shed behind the
that emphasized virtuous deeds, house of a prominent dairy farmer, where a
rational thought and harmony with butchered young man has been hung by his
nature as the basis of happiness. heels from the rafters. As McGrady inspects
Seneca went on to become a pros- the scene, an armed man arrives and starts
elyte for the Stoic path, extolling NO HERO TO NERO ‘The Death of Seneca’ (1871) by Manuel Domínguez Sánchez. shooting at him; only after the detective has
its benefits in a long run of prose killed the assailant does he discover another
essays while also serving—in some only recent complete English ver- his services to fastidious bathers. of friendship might resemble,” tortured murder victim, a young woman
eyes, dishonorably—as an adviser sion—a 2015 volume edited by two Of course, the candor of the apparently unaware that Seneca, stuffed beneath a cot.
to Nero. specialists in ancient philosophy, “Letters” is partial, since Seneca a master of rhetorical sleight-of- McGrady’s boorish boss would like to give
Seekers after the good life have Margaret Graver and A.A. Long. never mentions Nero or his role at hand, may only be creating a all this as little attention as possible. But
increasingly turned to Stoicism in The amplitude of the work has the imperial court. In fact, much of phantom friendship. when one of the victims
recent decades, though not very proved intimidating for general what the work presents as authen- Mr. Fideler says that he began THIS WEEK proves to be the nephew
often to Seneca. In social-media readers and has even wearied some tic may well be invented, including, “Breakfast With Seneca” in re- of a U.S. Navy admiral,
feeds that feature Stoic affirma- classicists. Undoubtedly Seneca as the editors note, the running sponse to an emotional shock: a Five the case becomes a top
tions, two other sages—Epictetus would have been well served by correspondence that seemingly suicide attempt by an ex-girlfriend, Decembers priority. All clues point
and Marcus Aurelius—are far more an editor, for he sometimes seems produced it. We know that Lucilius unsuccessful but upsetting. To By James Kestrel to one John Smith as the
prevalent. One finds a portrait of so enamored of his dexterity that really existed, and Seneca writes regain his balance, he began read- crimes’ instigator, an
the august, bearded Marcus on he doesn’t know when to stop. as though in reply to his missives, ing selections from Seneca every apparent foreign national
many a paperback cover but rarely Now Ms. Graver and Mr. Long morning. This back story is laden who came and left Honolulu by air. McGrady,
Seneca’s visage. have winnowed down their 2015 with irony, since Seneca is a strong it’s decided, will follow him to Hong Kong.
One reason is that Seneca’s style edition to about half its original In his letters, Seneca proponent of the right to take one’s That’s where he is, on Dec. 7, when the
is hard for the modern self-help length, a far more manageable size. own life—far stronger than his Japanese bomb Pearl Harbor.
reader to grasp. He doesn’t main- In “50 Letters of a Roman Stoic,”
gave advice on growing Stoic principles would explain. By now, the book has opened from a
tain a lofty, high-minded tone very little has been altered in their old and other matters “What’s the pathway to freedom, murder mystery into a wartime novel of
like his fellow ancient Stoics but excellent translations, notes and —and provided details you ask? Any vein in your body,” he intrigue. McGrady pushes ahead with his
often rants, sermonizes or turns to general introduction. The titles writes in one of the many passages case, contacting a woman who says she can
scathing social satire. His verbal the editors have devised for in- from his own life. in his works that don’t bring peace identify the elusive Smith. The detective is
skill was such that he could excel at dividual letters—“Avoiding the of mind but profound disquiet. arrested and jailed, though, on a trumped-up
a wide range of voices and genres. crowd,” “The evils of slavery” and “Breakfast With Seneca” sam- rape charge. Then the Japanese attack Hong
His verse tragedies—dark plays the like—now appear at the head but the dialogue may have been ples not only the letters to Lucilius Kong. Prisoner McGrady is taken by tramp
in which the Stoic life of reason of each epistle rather than, as only a fiction, a pretext for philoso- but Seneca’s other works as well, steamer to Tokyo, where he witnesses the
is obliterated by pure evil—are before, in the table of contents phizing. “It is often impossible to and it sprinkles in quotations from savagery of war firsthand—including the
perhaps the most compelling part alone. These titles are helpful in say whether Lucilius actually expe- other Stoics. There is wisdom here, systematic bombing of a city.
of his oeuvre. keeping readers on track, for the rienced the events described,” Ms. but it is a selective assortment that In the turmoil of daily danger, McGrady
Near the end of his life, just “Letters” wander freely off-topic, Graver and Mr. Long assert, refer- reduces Seneca to a “good Stoic tries to retain his fading memories of the
before a mistrustful Nero forced much like Montaigne’s essays (con- ring to the incidents from Lucilius’ therapist,” ignoring his darker side life and woman he left behind: “She was
him to commit suicide (in A.D. 65), structed in part on their model). life to which Seneca is seemingly and the problems raised by his receding. Getting smaller and darker. It was
Seneca found a genre that allowed The selections are admirably responding. It is possible, the edi- political career. Mr. Fideler’s ac- like watching a candle flame die beneath an
him to fully indulge his eclecticism well chosen, capturing the spirit of tors note, that these incidents are counts of his own Stoic practice, upturned glass.” One thing he doesn’t forget
and range. In a series of personal the larger work. Seneca did far “only typical situations that any interwoven with discussions of his is the 1941 assignment that brought him so
letters, addressed to a friend and more than preach Stoic virtues; reader might be likely to confront.” readings, do little to add to the far from home. “It’s not a case,” he tries to
fellow seeker named Lucilius, he also depicted his own life in In “Breakfast With Seneca,” book’s appeal. In one long passage, explain. “It’s my goddamn life.” But for all
Seneca wrote on a multitude of imperial Rome, often in revealing by contrast, David Fideler takes he describes preparing himself for he knows, back in Hawaii, his mission is
topics, from the vicissitudes of daily detail. In one letter, he describes the “Letters” to be just what they the worst by imagining his young “just a footnote lost in the prologue.”
life to the quest for eternal truths. the noises drifting up to his claim to be. “Lucilius wondered if son falling down a perilous set of With its cinematic sequences, sharp-
He confided his private thoughts, lodging above a balneum, a public he had enough financial resources stairs. If this is the Senecan path focus details, friendships and rivalries and
admitting to faults and lapses while bath combined with a gym: to retire,” he writes, extrapolating to happiness, readers may want dramatic reversals, “Five Decembers” evokes
still holding himself to the high weightlifters grunting and gasp- from letters in which Seneca to have breakfast with Marcus the thrills of a classic war movie. And what
standards set by Socrates and other ing, masseurs clapping hands on appears to address that concern. Aurelius instead. might the postwar future hold for McGrady?
notable sages of bygone eras. bare backs, ball players counting Mr. Fideler, an author who has “He had a handful of promises he didn’t
The “Letters on Ethics” (also their catches, and, strangely, the written about cosmology, myth Mr. Romm is the editor and know how to keep. . . . Things would work
known as the “Letters to Lucilius” falsetto cries of the alipilum, a and philosophy, idealizes the translator of “How to Die: An out. Or they wouldn’t.” Lyrical, violent,
or “Moral Epistles”) is an immense slave who plucks out armpit hairs bond between the two men as Ancient Guide to the End of Life,” intelligent, breathtaking: this is an
collection, nearly 500 pages in the with tweezers, as he advertises “a model of what a deep kind a sampling of Stoic wisdom. unforgettable book.

Writerly Apologies and Self-Advertisements

‘I FIND MY OWN work morally this year. This sort of literal- with nothing at the bottom. irreverent with its topical absorbing internal dramas mili-
and politically worthless, and mindedness was once dismissed Lest this be taken as a material, the rare novel that tate against didacticism, making
yet it’s what I do with my life, as philistinism, so it’s note- wholesale denunciation of earns its allusions to Kafka. this Ms. Groff’s finest novel.
the only thing I want to do,” worthy that writers have come fiction rooted in autobiography, Evil is another subject prone Certainly no work resists
bemoans the autobiographical to abet it, wittingly or not. I should say that two of my to flattening in current dis- summation more than “Pal-
writer at the center of Sally Autobiographical fiction, favorite books of 2021 were course—it usually just refers mares,” a strange and magical
Rooney’s novel “Beautiful which used to offer liberating Maria Stepanova’s “In Memory to people we don’t like. But not historical saga by Gayl Jones.
World, Where Are You.” opportunities to subvert con- of Memory,” a rigorous yet so in Atticus Lish’s “The War Set in 17th-century colonial
In Rabih Alameddine’s “The ventional storytelling, now tantalizingly incomplete exca- for Gloria,” which introduces Brazil, the story charts the
Wrong End of the Telescope,” imposes the same restrictions vation into the author’s Soviet a character—a solitary, megalo- odyssey of a black woman
FICTION another novelist, also auto- as social media. Image manage- ancestry, and Semezdin Meh- maniacal physics savant—whose named Almeyda from a planta-
SAM SACKS biographical, complains that ment is every bit as important medinović’s “My Heart,” a motiveless malignity rivals tion to the escaped slave settle-
“metaphor seems useless now, as artistic invention, and highly personal journey through Iago’s. Even more disturbing is ment of Palmares and then be-
storytelling impotent.” “For a conspicuous in these books are the alien landscapes of aging Robin McLean’s “Pity the Beast.” yond in search of her husband.
long time now there had been exertions to anticipate (and This updated Western has Recounted in prose of mesmeric
no poetry in the poetry,” con- thereby defang) criticism—to THIS WEEK echoes of Cormac McCarthy, intensity, Almeyda’s travels are
fides a wised-up publisher in avoid committing to anything but its primitive violence is both pungently atmospheric—
Sam Riviere’s novel “Dead Souls”: that could mark them as prob- The Year in Review familial and familiar rather than steeped in the smells and tex-
The “We were served faux poetry, lematic or uncool. 2021 Gothic and bizarre. It continues tures of the time—and mytho-
literary we were served fauxetry.” Adopting a traumatized to unnerve me that a story logical, filled with symbols and
Glad tidings, book lovers! persona is one form of risk depicting gang rape and murder parable-like encounters. The
world This must seem like a risibly limitation, seen in novels such and illness. What I have wearied could be so enticing to read. result is too vast and irreducible
is a downcast way to begin a survey as Claire Vaye Watkins’s “I Love of, rather, is the constant Historical re-creation proved to fully appreciate in a single
tough of the fiction of 2021—there You but I’ve Chosen Darkness,” hedging and damage control, to be a dependable means of reading. I expect to return to it.
place for were plenty of triumphs, and I where the author details the the omnipresent self-awareness escaping the ruts of contem- And it will be for fun as
will discuss them soon—but I painful blow-by-blows of a pri- that shadows whatever else porary anxiety. Susan Daitch’s much as edification if I return
those see no way around it in a year vate crisis, leading to a cathar- the books hope to explore. intricate tripartite mystery to my favorite book from the
who in which a trend has become so tic, uplifting recovery. But self- How refreshing, then, were novel “Siege of Comedians,” year, “Civilizations” by Laurent
want to pronounced as to enter the realm conscious irony provides the the novels that didn’t futz set in both the present and Binet. Here is a freewheeling
of pathology. Never in my mem- same protections from about, that simply demanded the 17th century, is itself about counter-history of, well, all of
separate ory have novels been so ner- criticism—see, for instance, that readers submit to their the uncertain work of recon- Western civilization, beginning
the artist vous, so guilt-ridden, so eager the year’s two “internet novels,” vision of things. Joshua Cohen’s structing the past—one char- with imaginative tweaks to
from to advertise their own failings. Patricia Lockwood’s “No One “The Netanyahus” takes on acter is a forensic sculptor who the Vikings’ exploration of the
How did a phobia of literature Is Talking About This” and Zionism, anti-Semitism and the molds the faces of the unknown Americas and leading, through
the art. become de rigueur in the out- Lauren Oyler’s “Fake Accounts,” controversial clan of its title, dead. Lauren Groff’s earthy, a chance combination of events,
Today, look of literature’s creators? which take for their material and while you might expect a immersive “Matrix” imagines to the conquest of Europe
few “The world is becoming a the inane writing on Twitter novel to tread lightly on these a 12th-century English abbey by Inca emperor Atahualpa.
readers tough place for anyone who and blogs. Ms. Oyler’s manner barbed subjects, this one is that informally secedes from The puckish revisions cast
still wants to separate the artist is knowing and Ms. Lockwood’s brash, sidesplitting, vulgarized the distant authorities of canonical history in a new light,
any from the art—then again, pretty is naive, but in both cases to the point of caricature, fre- church and state to become a but their primary aim is to
longer few people any longer do,” the authors reproduce a style quently infuriating and always self-sufficient, all-female utopia. delight, as only grand displays
do. Laura Kipnis writes in “Trans- they can simultaneously mock brilliant. Joy Williams’s “Harrow,” That may sound fairly pointed, of inspiration can. This is fiction
gression: An Elegy,” the most and disavow, creating an a sublimely absurdist climate- but the book’s splendid world- unbounded and unburdened—
trenchant cultural essay I read infinite regress of ironies apocalypse farce, is similarly building and its rapid series of joyously free.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | C11

BOOKS
‘I’m sending a postcard / Your love as a postmark / I don’t care who sees what I’ve said.’ —JAMES B LU NT

A Penny for Your Thoughts form of communication seem even card, is lost to history, but Ms. Pyne they are distinctly, even poignantly,
Social networks, particularly Insta-
Postcards
By Lydia Pyne more antiquated. Which is why, in picks up the story as soon after human. When the Bolsheviks banned
gram, pop up again and again in
2021, when you tell people you’re that as she can. She points out that public Christmas celebrations, the
Ms. Pyne’s book. In fact, one of her
Reaktion, 232 pages, $40
reviewing a book about postcards, it took millennia of practice for so stifled desire found an outlet in an
key contentions is that postcards are
BY JEREMY MCCARTER their first impulse will be to ask if you many people to want to send mes- early form of samizdat: holiday post-
“the stuff of the first worldwide social

P
collect them. sages and receive them. It took the cards. (The Kremlin didn’t find many
network.” That seems true as far as it
OSTCARDS ARE good Considering the ephemeral nature clearing of routes, both the geograph- takers for its revolution-themed offer-
goes: Postcards created a global web
at their job—maybe too of her subject, it’s fitting that Ms. Pyne ical kind (over mountains and rivers) ings.) Vast political projects—entire
of individual stories and connections,
good. Designed to be a roams far off the path of the strictly and the legal kind (across borders). countries, dozens of them—have been
unlike anything humanity had seen.
quick and easy way to historical account. She digs deep into But above all, it took technology. wiped off the map since 1840, but
But labeling them a “social network”
communicate, they obscures more than it reveals.
don’t require a lot of thought, Today that term generally means
which means you never think Facebook and its ilk, which differ
about them. You spin the little car- from postcards in a fundamental
ousel in the gift shop, looking for way. The online social networks
a picture you like. You scribble purport to an intimacy that’s not
a message on the back: maybe really there: One user doesn’t post
funny, maybe sweet, but always to one user, but to dozens or
brief. You stick on a stamp, all hundreds or millions. Postcards,
40 cents worth, and drop it in the which used to be novel because of
mail. If you’re pressed for time their speed and mass production,
(maybe the tour guide is slipping are distinguished now by the fact
out of sight, maybe the beach that you generally send them to
is filling up), you might finish just one person at a time. Spend-
the entire process in less than ing five whole minutes on a mes-
five minutes. Chances are, at no sage meant for a single recipient
point did you pause to consider seems almost decadent.
how much history is packed into Does anybody in 2021 have that
that unprepossessing sliver of kind of time? Or, as Ms. Pyne puts
cardstock. it more than once in her book,
Lydia Pyne would like to correct “Do people even send postcards
that oversight. In “Postcards: anymore?” Her answer tends to
The Rise and Fall of the World’s be some version of “Yes, but not
First Social Network,” she traces as much as they used to.” But she
TOPICAL PRESS AGENCY/GETTY IMAGES

the lively history of those little doesn’t provide a lot of detail,

rectangles (including the kind that not compared to the thorough
aren’t made of paper—there’s treatment she gives to the distant
leather, there’s wood). The strict past. I kept waiting for an esti-
narrative of their rise and fall mate, even a wildly speculative
is straightforward enough. The in- one, of how steep the decline in
vention of the postcard—its laugh- postcard traffic has been since
ing and faintly subversive big the 1990s, but it never arrived.
bang—is generally dated to 1840, You close this book about the rise
when a novelist in London mailed POST IT ON SOCIAL Customers at London’s Gamages department store in 1911 writing postcards to be delivered by air mail. and fall of postcards without a
himself a satirical picture with a very clear picture of their fall.
message on the back, an obscure joke the past, and in peculiar corners of the If you really want to understand post- traces of their citizens, their ad- The best insights into the current
at the expense of the postal service. present, seeking curious details. (An cards, Ms. Pyne suggests, you have to dresses and their societies are pre- state of postcards—the distinctive
A generation later, some Austrian affiliate researcher at the University of understand the mechanics of print- served on postcards in libraries and way they continue to jumble up past,
bureaucrats, with Austrian efficiency, Texas at Austin, Ms. Pyne’s eclectic ing—not just the press that Gutenberg archives. Yet for all the wild swings in present and future—come from Ms.
concluded that it would be quicker and prior works include a study of fakes invented, but, just as important, the habits and customs in the last century Pyne’s own experience. While writing
simpler to mail pre-stamped letters and a history of notable skeletons.) ink. It took both components to make her book, she decided to experiment
that didn’t require an envelope. Before The results don’t always cohere the postcards cheap enough to be globally on herself, to see how it would feel
the mailman knew what hit him, way you might like, but the search ubiquitous. In its early-20th-century Before email or to send and receive them. She began
billions of these things were circling turns up its share of delights. Like the heyday, the postcard industry relied
the globe, from everyone, to every- fact that in 2002, that very first post- on dozens of factories employing
Instagram, an elegantly mailing them from wherever she
happened to be. Younger recipients,
where, for every reason. card—the little joke that Theodore tens of thousands of workers. In 1910 simple innovation particularly in Gen Z, viewed them as
There had never been such a cheap, Hook, Esq., mailed to himself with a alone, the United States Post Office connected millions charming novelties—many of them
easy, ubiquitous way for people to com- penny stamp back in 1840—sold at conveyed about seven postcards for had never seen a postcard before.
municate across long distances, which auction for a whopping £31,750. every adult and child in America— around the world. Older recipients tended to grow nos-
meant that for a solid hundred years, At its best, Ms. Pyne’s book enough to save the agency from finan- talgic, welcoming them as reminders
postcards had it good. But in the 1990s, asks questions big enough and search- cial ruin. To Ms. Pyne, postcards are of a bygone age. Some friends wrote
email presented an insurmountable ing enough to reframe the way nothing less than “the perfect twentieth- and a half, some basic human im- her back after her postcards arrived—
challenge: Suddenly you could say hi you think about more than just post- century icons of mass consumerism pulses haven’t changed: When East- and some posted them on Instagram.
from Dewey Beach without getting glue cards. One of them is: When did and production.” man Kodak let customers make their
on your tongue. Today, Instagram, humans start sending messages and The paradox is that while post- own postcards, popular images in- Mr. McCarter is the executive pro-
which Ms. Pyne labels the present-day waiting for replies in the first place— cards are designed to be perfectly in- cluded food, pets and the senders ducer of Make-Believe Association,
counterpart to the postcard, makes the and why? The earliest result of that terchangeable—“Postcards are simply themselves—in other words, the same an audio storytelling company
formerly novel and thrillingly modern impulse, the proto-proto-proto-post- the art of copies,” Ms. Pyne writes— mix you’d find on Instagram today. based in Chicago.

Battle of the Books in a Culture of Cancellation

PEOPLE NOT involved in Consider what happened young readers after discover- school system in California told A Memoir” and Jonathan
the world of children’s books, this year in Hong Kong, where ing a passage in the student teachers they may no longer Evison’s “Lawn Boy.” Last
either professionally or police arrested five men and handbook of Nebraska’s broadly assign five novels, month, industry outrage at the
personally through children and women for the crime of Concordia University, the some of which contain the temerity of parents who have
grandchildren, may imagine a producing seditious children’s private Lutheran campus n-word: The outcast texts challenged the presence of
peaceful bower where bunnies books. Featuring wolves and where the festival has been include Mark Twain’s “Huckle- these and other controversial
hop and pixies flit and tots sheep, the books were designed, held since 1996. In language berry Finn,” “Of Mice and Men” books in school systems across
run back and forth making police asserted in a statement, that should be unsurprising to by California’s own son John the country produced a pious
wonderful discoveries. At least, to cause “hatred, incitement to anyone with a basic knowledge Steinbeck, and Mildred D. social-media campaign,
they may have imagined that violence and the abuse of law of Protestantism, the handbook Taylor’s 1977 Newbery-winner #fREADom, which consists of
CHILDREN’S until 2021. But with the events by the public, especially young explains that the Missouri “Roll of Thunder, Hear My Cry.” bien pensant booksellers,
BOOKS of this past year—not least a children, against the Hong Synod frowns on premarital Has there been a movement authors and librarians posting
MEGHAN parental uprising against the Kong government and the and extramarital sex as well in the children’s book world to their opposition to censorship.
COX GURDON wokish material taught in Hong Kong judiciary.” as on “active involvement in object to the burning, canceling The American Library Asso-
Virginia’s public schools— a homosexual lifestyle, or banishing of these and other ciation is ginning up for its
even outsiders are aware that THIS WEEK cohabitation, fornication, annual “Banned Books Week”
children’s literature has become exhibitionism and voy- next autumn. Dr. Seuss and
as much a battlefield as a bower. The Year in Review eurism.” Writers and Mark Twain will not be
Books are burning, both 2021 illustrators active on reached for comment.
literally and figuratively. Twitter interpreted this i i i
Libraries Novelists are finding them- statement of Christian This past year, a cohort
are selves under attack, as are In Canada, news broke that belief as “actively discrimi- of distinguished men and
parents who object to the a French-language school board natory” against LBGTQ women left the world of
ridding novels their children are overseeing 30 Catholic schools people and so actively children’s literature to which
them- getting in the classroom. in Ontario has purged nearly discriminated against they had given so much.
selves of Schools, for their part, are 5,000 library books on the Lutherans by refusing to Goodbye, Jerry Pinkney,
classics ridding themselves of literary grounds that they contain attend the festival, causing master of vigorously dappled
classics that contain a single “outdated content” and “nega- it to collapse. watercolors and eloquent
that deplorable word while fighting tive stereotypes” of indigenous Earlier in 2021, wordless storytelling.
contain to retain on their shelves people. The targeted titles the company formed to Goodbye, Gary Paulsen,
a single contemporary books (to which include biographies of French perpetuate the legacy of chronicler of boyhood,
some parents object) that explorers, Tintin and Asterix Theodor Geisel, aka Dr. hardship and the wilderness.
regret- contain sexually explicit comics, and tie-ins to the Seuss, began to erase it. Fare thee well, Patricia Reilly
table pictures and texts. It’s all a Disney movies “Pocohontas” Dr. Seuss Enterprises Giff, whose novels about
word great confusion, clashing armies and “Brother Bear.” The announced that it would World War II have meant so
on a darkling plain, as it were, Francophone school board cease the publication of six much to so many middle-
CANDLEWICK

while and the stakes are high. had begun burning books in picture books because they school girls. Godspeed, Jill
fighting “Give me a girl at an “flame purification” ceremonies contain racial or ethnic Murphy, writer and illustrator
to retain impressionable age and she is before the pandemic lockdown portrayals that are “hurtful of the beloved “Worst Witch”
recent mine for life,” said Miss Jean put a stop to it. (In a tragicomic and wrong.” The canceled classic titles? Not on your nelly. books (see nearby); and also to
Brodie in her prime. It is true coda to this story, an indigenous books include “And to Think But, my goodness, what a you, Lois Ehlert, creator of bold,
books that the idea of forming “knowledge keeper” who That I Saw It on Mulberry caterwauling there’s been since elemental pictures. And farewell
that children’s characters—and advised the literary immolation Street,” the 1937 title that parents began objecting to the to Beverly Cleary, who conjured
feature through them shaping the was revealed to be, so far established Geisel’s foothold presence in schools of books for generations of happy
future—is neither new nor as anyone can tell, not of in children’s publishing. such as “Race Cars,” a primer readers the cockamamie
sexually confined to any particular aboriginal but of European Several American library for tots on privilege and adventures of Henry Huggins
explicit strand of adult thinking. extraction.) systems immediately pulled oppression by Jenny Devenny, and his dog Ribsy, Beezus
pictures Nor, indeed, is it limited by In the U.S., meanwhile, the Seuss books from circu- and books for older readers Quimby and her exasperating
geography. It is, however, writers and illustrators killed lation. In a thematically related that contain description of little sister, Ramona, and the
and an idea that has taken on the 2021 Plum Creek Literacy development, late last year the sexual acts, such as Maia other kids of Klickitat Street.
texts. special importance in 2021. Festival’s programming for superintendent of the Burbank Kobabe’s “Gender Queer: May you all rest in peace.
C12 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

BOOKS
‘I distrust a man that says “when.” If he’s got to be careful not to drink too much it’s because he’s not to be trusted when he does.’ —DASHIELL HAMMETT

BY ERIC FELTEN
Here’s to Growing Up concoctions from 21st-century Oz.

C
For an easygoing presentation
OCKTAILS MAY BE of all the drinks a civilian would
our last best hope for ever need to know how to make,
bringing maturity to there is “Mixology for Beginners”
an infantilized society. (Rockridge, 152 pages, $12.99) by
Time was when the cocktail blogger and podcaster
college graduates declared they Prairie Rose. Ms. Rose anchors her
had put away their childish things book with fairly straightforward
by donning tailored worsted suits recipes for classics, often with her
and lacing up cap-toe oxfords. Now, own variations. She also identifies
what counts as corporate workwear several of the best bartenders of
—hoodies, T-shirts, jeans and the cocktail revival and tells how to
sneakers—is indistinguishable from make their signature drinks. Audrey
adolescent video-gaming getups. Saunders of Pegu Club—one of my
If the young are worried about favorite spots in New York until it
the message they’re sending with succumbed to Covid—contributes
how they dress, you wouldn’t know it. her Old Cuban (mint, lime juice,
Indeed, I suspect that for most aged rum, sugar syrup, bitters and
recent grads a suit and tie smacks sparkling wine); Sasha Petraske of
of trouble—what tech execs wear Milk & Honey fame is represented
when called before Congress or by the Cosmonaut (gin, lemon juice
dragged into court. and raspberry preserves).
By contrast, college students This year has also seen a
today who are approaching gradu- number of books celebrating
ation seem more concerned that the Japanese tradition of making
they are about to be judged by exquisite cocktails. There is “The
what they drink. And if what they Way of the Cocktail” (Clarkson
drink is Natty Light, they expect Potter, 335 pages, $32) by Julia
to be found wanting, not only in Momosé, “The Japanese Art of
sophistication but in maturity. the Cocktail” (Mariner, 288 pages,
It weighs on them. $30) by Masahiro Urushido and
A student at Yale a decade ago, Michael Astendig, and “Tokyo
Brian Hoefling had established a Cocktails” (Cider Mill, 368 pages,
reputation among his peers as $19.95) by Nicholas Coldicott.
something of a cocktail geek. In one Japanese bartenders are classicists,
of the better drinks books published Mr. Coldicott tells us, in that they
this year, “The Cocktail Seminars” “want to be recognized as the
(Abbeville, 376 pages, $24.95), master of a timeless cocktail.”
Mr. Hoefling tells how some of his Much of that mastery has to
fellow students came to him looking do with manipulating ice in extra-
for help. They “didn’t know how to ordinary ways, such as chipping
drink like adults,” he writes. large cubes and spheres by hand
“Graduation loomed,” Mr. from crystalline blocks. Another
ERIC MEDSKER

Hoefling recalls, “and in a few obsessive technique—and one that

nshort months they would be out has been adopted by many of the
in the real world, trying to navigate best American bartenders—is the
grown-up drinking situations that KANPAI The Bancha Negroni, infused with Hojicha tea leaves. Instead of traditional gin, it is mixed with “hard shake” that mixes cocktails
called for more savvy than they Japanese whisky infused with bancha tea. with rhythm, vigor and precision.
possessed.” His friends asked him To do it right, one even makes
“to help ensure they received this essential University, in “Jazz Age Cocktails” (NYU, more than a dozen drinks unknown to the minuscule variations in the mix of ice in the
component of their education before 159 pages, $19.95). When a scholar takes up era but named to evoke the 1920s, among shaker. The inventor of the technique, Kazuo
departing campus for adult life.” a historical subject for an academic publisher, them the Dance the Charleston, the Original Uyeda, would use 70% commercial “hard” ice
This being Yale, instead of putting together one might expect some minimal effort at Gangster and the St. Valentine’s Day Massacre. —clear and slow to melt—and 30% “soft” ice
a handful of recipes, Mr. Hoefling designed accuracy. But one would be wrong, as both The recipes are often not only inauthentic, but that came from his own freezer.
a seminar with the arch title “Mixology 110b.” the professor and the publisher repeatedly absurd. The St. Valentine’s Day Massacre, we’re The modern Japanese method often entails
The course included some 30 essential drinks, prove to be. told, was made of Scotch, rum, quince jelly and altering the ingredients of classics to give them
classics such as the Old Fashioned and the The problem starts with pesky little errors, Champagne, with an orange twist. Quince jelly overtones of Japanese flavors. “The Japanese
Manhattan, and a drink or two that have flaws that could have so easily been checked in an American cocktail of the Volstead years? Art of the Cocktail,” for instance, includes a
mercifully fallen into obscurity, such as the that it becomes clear no one bothered. For Negroni in which the Campari has been
Grasshopper. It appears, however, that the example, Ms. Tichi writes that in the movie infused with Hojicha tea leaves and the gin
Syllabub was not on the syllabus. “Casablanca,” Rick and Ilsa drink French 75 The proper appreciation has been replaced by Japanese whisky infused
In the years since, Mr. Hoefling developed cocktails. They do not—Champagne is their with bancha tea. Thus the Bancha Negroni.
and expanded his course into a series of quaff of choice. There are orders—and I
of cocktails is a salutary The Japanese artists of the cocktail bar
presentations that are the basis of his book. mean orders—for French 75s at Rick’s. attitude encouraging the present themselves with formality. It takes
The recipes are solid; the drink histories But they come from a German officer and embrace of adulthood. maturity to wait for the painstaking product
credible; the seminars deliver what they his date, the French floozy Yvonne. of their craft. Which helps make the case that
promise. Alas, with all his scientific serious- Ms. Tichi goes on to state that the drink that a proper appreciation of cocktails is a salutary
ness, Mr. Hoefling could stand to crack a once defined American Christmas celebrations, attitude encouraging the embrace of adulthood.
smile or two. For example, each drink is the Tom and Jerry, was invented by the famed Ms. Tichi told me the recipes had come In an era in which maturity is derided
accompanied by an inscrutable eight-spoked 19th-century bartender Jerry Thomas. Yes, from a book called “Speakeasy” by Benny Roff as senescence, good drinks offer a counter-
wheel graph “representing the ways in Thomas claimed credit for the drink. But in who, in addition to writing about food and narrative. When it comes to whisky—or
which the base [spirit] is modified by the “Imbibe!,” his biography of Thomas, the drink, is a professional “wedding celebrant” whiskey—rum or brandy, after all, age is
other ingredients.” The academic veneer drinks writer David Wondrich points out that in Australia. I asked Mr. Roff where the recognized as a virtue, not a vice.
grows tiresome. the claim could not possibly have been true. odd and unfamiliar drinks had come from.
Though a little dry, at least Mr. Hoefling The Tom and Jerry was already being served He explained they are original cocktails he Mr. Felten is the James Beard Foundation
gets his academic approach right. That’s more in the 1820s. Thomas wasn’t born until 1830. had invented. Ms. Tichi doesn’t seem to know Award-winning author of “How’s Your Drink?”
than can be said for Cecelia Tichi, a professor Far more strange is the book’s listing of the difference between authentic drinks from He is also a contributor to “The Oxford
of English and American studies at Vanderbilt Jazz Age cocktails. The compendium features America’s Roaring Twenties and contrived Companion to Spirits and Cocktails.”

Bestselling Books | Week Ended December 11

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000locationsacrossthe U.S.,
representingabout 85%ofthe nation’s booksales.
Call Us What We Carry 1 New The Pioneer Woman Cooks 6 3 Cat Kid Comic Club: Perspectives 1 1 How the Grinch Stole Christmas! 6 10 Print-book data providersincludeall majorbooksellers,
Amanda Gorman/Viking Ree Drummond/Morrow Dav Pilkey/Graphix Dr. Seuss/Random House Young Readers webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
Atlas of the Heart 2 1 Jesus Listens 7 — Big Shot 2 2 The Stranger in the Lifeboat 7 9 those sellingforless than 99centsare excluded.
Brené Brown/Random House Sarah Young/Thomas Nelson Jeff Kinney/Abrams Mitch Albom/Harper The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
The Real Anthony Fauci 3 9 There and Back 8 New The Judge’s List 3 7 The Wish 8 — books, bundles,boxedsets andforeign
Robert F. Kennedy Jr./Skyhorse Jimmy Chin/Ten Speed John Grisham/Doubleday Nicholas Sparks/Grand Central language editions)and featurea
combinationof adult,youngadultand
For Such a Time as This 4 New Atomic Habits 9 6 The Christmas Pig 4 5 Go Tell the Bees That I Am Gone 9 3 juvenile titles. Thehardcover fiction
Kayleigh McEnany/Post Hill James Clear/Avery J.K. Rowling/Scholastic Diana Gabaldon/Delacorte and nonfiction lists alsoencompassa
mixof adult,young adultandjuvenile titles whilethe
All American Christmas 5 2 Guinness World Records 2022 10 7 Polar Express 30th Anniversary 5 8 The Boy, the Mole, the Fox and... 10 — business listfeatures onlyadulthardcover titles.
Rachel Campos-Duffy/Broadside Guinness World Records/Guinness World Records Chris Van Allsburg/Clarion Charlie Mackesy/HarperOne Refer questionsto [email protected].

Nonfiction Ebooks Nonfiction Combined Fiction Ebooks Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

The Real Anthony Fauci 1 2 Call Us What We Carry 1 New The Drowning Girls 1 New Cat Kid Comic Club: Perspectives 1 1 Atomic Habits 1 1
Robert F. Kennedy Jr./Skyhorse Amanda Gorman/Viking Lisa Regan/Bookouture Dav Pilkey/Graphix James Clear/Avery
Finding the American Dream 2 — Atlas of the Heart 2 1 Soar High 2 New Big Shot 2 3 Principles...Changing World Order 2 2
Eugene Gold/Cranberry Brené Brown/Random House Cherise Sinclair/VanScoy Jeff Kinney/Abrams Ray Dalio/Avid Reader
Align Your Empire 3 — The Real Anthony Fauci 3 2 Go Tell the Bees That I Am Gone 3 8 The Night Before Christmas 3 7 Dare to Lead 3 4
Burton P. Hughes/Cranberry Robert F. Kennedy Jr./Skyhorse Diana Gabaldon/Delacorte Clement Clarke Moore/Running Brené Brown/Random House
Common Sense 2.0 4 — For Such a Time as This 4 New Wish You Were Here 4 2 The Judge’s List 4 9 Think Again 4 5
Thomas Paine/No Such Thing as Bad Press Kayleigh McEnany/Post Hill Jodi Picoult/Ballantine John Grisham/Doubleday Adam Grant/Viking
The Commitments 5 New All American Christmas 5 3 The Judge’s List 5 — Go Tell the Bees That I Am Gone 5 6 Speed & Scale 5 6
Tracy Thomas/Elevate Your Life Rachel Campos-Duffy/Broadside John Grisham/Doubleday Diana Gabaldon/Delacorte John Doerr/Portfolio
If You Tell 6 1 The Pioneer Woman Cooks 6 5 The Lincoln Highway 6 — How the Grinch Stole Christmas! 6 — Total Money Makeover 6 3
Gregg Olsen/Thomas & Mercer Ree Drummond/Morrow Amor Towles/Viking Dr. Seuss/Random House Young Readers Dave Ramsey/Thomas Nelson
The Cold Start Problem 7 New Jesus Listens 7 — The Dark Hours 7 — Wish You Were Here 7 4 StrengthsFinder 2.0 7 7
Andrew Chen/Harper Business Sarah Young/Thomas Nelson Michael Connelly/Little, Brown Jodi Picoult/Ballantine Tom Rath/Gallup
Atlas of the Heart 8 4 Atomic Habits 8 7 Immortal’s Honor 8 New Harry Potter and the Sorcerer’s Stone 8 — Extreme Ownership 8 8
Brené Brown/Random House James Clear/Avery Rebecca Zanetti/Kensington J.K. Rowling/Arthur A. Levine Jocko Willink & Leif Babin/St. Martin’s
Laptop From Hell 9 3 There and Back 9 New W.E.B. Griffin Rogue Asset 9 New The Christmas Pig 9 10 Success From Anywhere 9 —
Miranda Devine/Post Hill Jimmy Chin/Ten Speed Brian Andrews & Jeffrey Wilson/Putnam J.K. Rowling/Scholastic Karen Mangia/Wiley
The Business Book 10 — The 1619 Project: A New Origin Story 10 6 The Last One Home 10 4 Polar Express 30th Anniversary 10 — Empire of Pain 10 —
DK/DK Nikole Hannah-Jones/One World Victoria Helen Stone/Amazon Chris Van Allsburg/Clarion Patrick Radden Keefe/Doubleday
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal
Solutions will appear in the issue of Jan. 8, 2022.

1. The White House 6. Stephen Gardner Cell Blocks Cell Blocks

said it will nomi- was named CEO—of Divide the grid
nate Caroline which mobile into square or
Kennedy as enterprise? rectangular blocks,
For previous
ambassador—to each containing
weeks’ puzzles,
which country?
A. Amtrak one digit only.
and to discuss

B. Delta Airlines Every block must
strategies with

A. Japan
C. Greyhound contain the number
of cells indicated by other solvers, go

B. India
D. Verizon to WSJ.com/

C. Australia the digit inside it.
puzzles.

D. France
7. Pfizer hailed its new antiviral Killer Sudoku
pill as “a real home run” against
Level 3 Suko
2. The fastest human-made Covid. What’s it called?
object has been clocked at up to
365,000 miles per hour. What
A. Dingerafil
was it?
B. Paxlovid

C. Bellumizab

A. A student fleeing campus
D. Covoidicin
for Christmas break Killer Sudoku Level 4

B. NASA’s Parker Solar Probe As with standard
8. Which of the world’s 40 most

C. The Mars 2020 spacecraft Sudoku, fill the
populous countries had the

D. The Millennium Falcon grid so that every
most Covid deaths per capita?
column, every row
and every 3x3 box Off of Work
3. Hard sodas are coming to a
A. The U.S. contains the digits D U D M I S T A N T I S D A B N E Y
store near you. What are these
B. China 1 to 9. Each set of O N E T E N T H C O R O T E T R A D E
things?
C. Nigeria C O A U T H O R S H OW O F F H A N D S
cells joined by R E A P E D D A I L I E S

D. Brazil dotted lines must B O N L A S E R S C O N N I V E D

A. Canned mead add up to the T O P O F F T H E H E A P R E A L I T Y

B. Mulled wine target number in R O T F L P O L L U T E S S U N
9. Per a new book, how did U N I F O R M S L I M I T S L I D E

C. Malt beverages its top-left corner.
most Americans take their tea L I M P A C A D S T A P S P A T E S

D. Carbonated amari Within each set Y E A H S K I E R S S T A Y
through the early 1940s?
of cells joined by S S R C A L L O F F D U T Y O C D
dotted lines, a digit A D A Y C A U S A L F L A P
4. Lithium prices have more
A. Green with milk and sugar MU S S E L D D T R E E V E F E L L
cannot be repeated. A T H E R M A R I O R E D S T A T E
than doubled this year. Why?
B. Orange pekoe sweetened
D I A R O S I N B A G T H R O B
with preserves A C C R U E S P A I R O F F Q U E E N S

A. Lithuania was hit hard by
C. Assam with a piece of MA K I N G D O E MA I L S L D S
Suko S C I E N C E T R I C I A
Covid. honeycomb
Place the numbers WA L K O F F S H AM E S P O O N F E D

B. Russia has cut off most
D. Spiked with rye S P O I L T E A S E S T O R N D O WN
foreign buyers. 1 to 9 in the spaces
J E T T A S T I T L E S N E E P E A

C. Demand for anti-depres- so that the number
sants is soaring. in each circle is equal
to the sum of the Labyrinth

D. Electric cars need recharge-
able batteries.
four surrounding P H I S H R I N G L E T
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and N O N S E N S EW A L T
each color total
A T I S S U E G E N R E
5. In response to inflation, Fed is correct.
FROM TOP: JEMAL COUNTESS/GETTY IMAGES; ISTOCK

officials signaled at least how

L O F T S E V A N D E R
many possible rate hikes next P E C A N C E L S I U S
year? P E A L E R O T A T O R
T O I L W A R I N E S S

A. Zero S W I N E G L A R I N G

B. One Y O U R A N G S T O P S

C. Two F E B R U A R Y T I N T

D. Three I N T A S T E F R O M E
L E A N E R C O A T E D
Answers are listed below the A B E T S S U S P E C T
crossword solutions at right. L U P I N E S T E L L A
Answers to News Quiz: 1.C, 2.B, 3.C, 4.D, .5.D, 6.A, 7.B, 8.D, 9.A

THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK Solutions will appear in the issue of Jan. 8, 2022.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 34 Border 1 T2 W3 G4 J 5 D6 X 7 I8 C9 O 10 E 11 U 12 H 13 L 14 G 15 T 16 M 17 D 18 N 19 S
35 Zagreb native
17 18 19 20 21 20 B 21 Q 22 A 23 W 24 U 25 Y 26 J 27 R 28 C 29 G 30 E 31 M 32 O 33 P 34 H 35 X 36 K 37 V 38 F 39 S 40 B
36 “___ luego”
22 23 24 25 (Spanish 41 N 42 W 43 I 44 R 45 O 46 Y 47 D 48 L 49 E 50 K 51 Q 52 C 53 B 54 W 55 G 56 H 57 P 58 V 59 F
farewell)
26 27 28 29 37 Played again 60 O 61 J 62 T 63 N 64 X 65 S 66 R 67 U 68 M 69 L 70 I 71 Y 72 Q 73 B 74 K 75 P 76 N 77 C 78 V 79 E 80 G
30 31 32 33 34 39 Wally’s nickname
for his brother 81 W 82 F 83 D 84 S 85 X 86 Y 87 J 88 T 89 G 90 C 91 O 92 P 93 K 94 N 95 W 96 U 97 R 98 L 99 A 100 T
35 36 37 38 39 40 41 40 Bankruptcy filer
101 D 102 X 103 S 104 V 105 M 106 E 107 G 108 Q 109 K 110 Y 111 I 112 C 113 J 114 R 115 O 116 W 117 H 118 T 119 Q
of 2001
42 43 44 45 46 47
41 Market business 120 N 121 P 122 X 123 M 124 V 125 A 126 S 127 D 128 C 129 G 130 R 131 H 132 E 133 L 134 P 135 X 136 O 137 N 138 G
48 49 50 51 42 Stock holder
44 Tool in school 139 V 140 B 141 I 142 M 143 H 144 J 145 R 146 S 147 G 148 F 149 E 150 W 151 D 152 V 153 T 154 P 155 K 156 Y 157 C
52 53 54 55
45 Powerful group
56 57 58 59 46 Young Yorkie 158 G 159 Q 160 S 161 L 162 A 163 M 164 F 165 R 166 T 167 H 168 U 169 G 170 C 171 J 172 E 173 S 174 O 175 W 176 M 177 D 178 B

49 County southeast
60 61 62 63 64 179 R 180 A 181 G 182 X 183 N 184 I 185 V 186 T 187 Q 188 L 189 C 190 U 191 J 192 E 193 F 194 N 195 W 196 M 197 T
of Napa
65 66 67 68 69 70 71 72 73 50 Tough tests 198 P 199 Q 200 C 201 G 202 U 203 I 204 D 205 S 206 E 207 V 208 R 209 J 210 A 211 W 212 T 213 G
51 Put back on the
74 75 76 77 78 market
79 80 81 82
53 Cricket, for one Acrostic | by Mike Shenk
54 Prefix with
83 84 85 86 sphere or pause To solve, write the answers to the clues on the M. Group for those ____ ____ ____ ____ ____ ____ ____ ____ ____
163 16 176 31 196 68 142 105 123
numbered dashes. Then transfer each letter to the with blue blood
55 ATI computer
87 88 89 90 91 correspondingly numbered square in the grid to spell vessels? (2 wds.)
chipset brand
92 93 94 95 96 57 Spanish farewell a quotation reading from left to right. Black squares N. Oscar-winning ____ ____ ____ ____ ____ ____ ____ ____ ____
59 Youngster in a separate words in the quotation. Work back and Barbra Streisand 63 76 120 94 137 183 41 18 194
97 98 99 100 101 102 103 104 holt forth between the word list and the grid to complete song of 1976
105 106 107 108 109 62 Complete the puzzle. When you’re finished, the initial letters of
63 Sound from the answers in the word list will spell the author’s O. Its main hub is ____ ____ ____ ____ ____ ____ ____ ____
45 60 32 115 174 91 9 136
110 111 112 113 carolers? name and the source of the quotation. Sheremetyevo
65 Passes over International
114 115 116 117
66 Characteristic A. First season of the ____ ____ ____ ____ ____ ____
162 125 210 22 180 99 P. Scandinavia’s Sami ____ ____ ____ ____ ____ ____ ____ ____
67 Unopposed shots Christian church 121 92 33 75 134 154 198 57
Deer Crossing | by Mike Shenk 68 Attendee of a year people herd them
My Chemical Q. Ultimate battle, or
Across 49 Contracted 83 Ball-bearing item Down Romance concert, B. Swiss company ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____
159 187 108 119 21 51 199 72
50 Site of Chicago 84 Intern, often whose name has 40 178 73 140 20 53 end of a poker hand
1 Took in 1 Fly catcher perhaps
touchdowns 85 Service been yodeled in ads
7 Rook’s output 2 Intro to a forum 71 Sgt.’s superior R. All things ____ ____ ____ ____ ____ ____ ____ ____
51 ___ avis component since 1993 44 97 27 145 114 130 165 179
10 Game division view 72 INXS song “I ___ considered (3 wds.)
14 Rockefeller in 52 Ball team in red, 86 No longer 3 Flight part Message” ____ ____
white and blue anonymous C. Chain blocked by ____ ____ ____ ____ ____ ____ ____ ____
208 66
NYC, e.g. 4 Athlete’s ultimate 73 City near the FTC from 200 52 112 77 170 28 157 128
17 Words following uniforms 87 Second-largest of punishment Dortmund merging with ____ ____ ____
a yawn 54 Rome’s the U.S. Virgin 5 Makes blank 76 December 24 90 8 189 S. NORAD might track ____ ____ ____ ____ ____ ____ ____ ____
Staples in 2016 173 19 65 103 205 126 160 146
19 One from the Fontana di ___ Islands 6 Patel of “The and 31, e.g. one (2 wds.)
(2 wds.)
hearth? 55 It’s next to iodine 89 Shay’s country Best Exotic 77 Former U.S. ____ ____
39 84
20 Lake at the in the periodic music partner Marigold Hotel” women’s soccer D. “Say what you’re ____ ____ ____ ____ ____ ____ ____ ____ ____
southern end of table 90 Abolitionist 7 Mosque of Ibn team coach thinking!” (3 wds.) 47 151 83 17 101 177 127 5 204
56 Bikini wearer’s slated to replace Sundhage T. London district ____ ____ ____ ____ ____ ____ ____ ____
the Welland Tulun setting 1 197 212 15 118 186 100 166
giveaway Jackson on the E. Leader of a group of associated with
Canal 8 Dagger 78 Blue ____ ____ ____ ____ ____ ____ ____ ____
57 Disappearing sea $20 bill toy soldiers battling 49 132 106 79 192 172 30 10 Jack the Ripper ____ ____ ____
21 Drive away alternative 80 Singer Perry 62 88 153
22 Good one to 58 “Appalachian 92 Wore 9 Cajole 81 Romeo’s cousin a mouse army in a ____ ____
206 149
wager on Spring” composer 93 Anxious feeling 10 Paris’s abductee 84 Unseen title seasonal ballet U. Portrayer of ____ ____ ____ ____ ____ ____ ____
24 Small African 60 Anatomical 96 Insubstantial 11 DH for the Yanks character of 1953 Napoleon in “Time 11 96 67 190 24 202 168
parrots pouch writing 85 Foot bones F. What you will ____ ____ ____ ____ ____ ____
in 2015 and 2016 59 38 164 193 148 82 Bandits” and Bilbo
26 Hits the sauce 61 Colleague of 97 Penguins great 12 Tyler of 86 Collapse inward in “The Lord of the
27 Pitched eight others who Lemieux “Armageddon” 88 Some crime Rings” (2 wds.)
are hiding in this G. 1971 #1 hit for ____ ____ ____ ____ ____ ____ ____ ____
29 Out of the way 99 More charming 13 Retainer, e.g. scene evidence James Taylor 129 138 169 55 80 107 89 147
30 Wager grid 101 Hold tight 14 Williamsburg 89 Bear abode V. Eartha Kitt song in ____ ____ ____ ____ ____ ____ ____ ____ ____
written by Carole ____ ____ ____ ____ ____ ____ ____ 58 37 78 139 185 152 124 104 207
32 Five-time NBA 64 Start for athlete 105 Concerned only tavern owner 91 Like carbonara 14 181 201 158 3 213 29 which she claims to
King (4 wds.)
MVP or color with the Campbell sauce have “been an angel
65 Quarterback’s immediate future 15 “Meet the Press” 93 Snow clouds H. Rich bread filled all year” (2 wds.)
33 “Two, two, two ____ ____ ____ ____ ____ ____ ____
mints in one” group 108 Noted name in host Chuck 94 Puts out with dried fruit, 34 167 131 143 117 56 12
69 Good things that W. Electronic music ____ ____ ____ ____ ____ ____ ____ ____
brand shock rock 16 Affectionate gift 95 Brief time, often topped with 195 175 116 211 23 2 42 81
come to those band whose “Enjoy
35 One of three on a 110 2, 5, 7, 9, 13, 15, 17 18 Dwarf with briefly powdered sugar the Silence” was a ____ ____ ____
Quidditch team who wait and 20, for the glasses 97 Car ad letters 150 54 95
1990 hit (2 wds.)
38 Visual effects co. 70 French wine eight hiding in 21 Queen Latifah 98 “Cat on ___ Tin I. Europe’s most ____ ____ ____ ____ ____ ____ ____
111 70 184 7 141 43 203
founded by grape this grid album “Nature Roof” sparsely populated X. Trinket, bauble or ____ ____ ____ ____ ____ ____ ____ ____
George Lucas 74 Polo in China 111 Many a of a ___” 99 Name on “King country gewgaw 182 64 102 85 6 122 135 35

39 Pair in a king 75 Anti-harassment Mauritanian 23 British Kong” posters

hashtag 112 Awesomely J. Wife of Socrates, ____ ____ ____ ____ ____ ____ ____ ____ ____
Y. “The Wind in the ____ ____ ____ ____ ____ ____
42 Photojournalist sovereignty 100 Tribe’s home, 61 26 4 144 171 209 87 113 191
77 Delphi temple exciting, slangily proverbially a Willows” character 46 25 86 156 71 110
Dith, subject of in India informally
attendant quarrelsome woman with a passion for
“The Killing 113 She plays Chani 25 Daft, in Derby 102 Hoppy brews
Fields” 79 “Rhyme Pays” in “Dune” 28 1960s arena, 103 “So Sick” singer motorcars (2 wds.)
K. Garden staple in the ____ ____ ____ ____ ____ ____
43 Bright red rapper 114 Six for a TD briefly 104 Mom’s mom, 155 109 36 93 50 74
nightshade family Get the solutions to this week’s Journal Weekend
s

46 Like the Honda 80 Sheltered inlets 115 Polite request 31 Panasonic audio informally
CR-Z 81 Patient people 116 Signal of brand 106 Scot’s topper
Puzzles in next Saturday’s Wall Street Journal.
L. Fireplace fuel ____ ____ ____ ____ ____ ____ ____
47 QB’s mistake 82 Org. whose seal desperation 33 Biden senior 107 Significant intended to burn 98 48 133 69 161 188 13 Solve crosswords and acrostics online, get pointers
48 Aurora’s features an eagle 117 First-hand, as adviser span until Epiphany on solving cryptic puzzles and discuss all of the
counterpart clutching a key intelligence Richmond 109 Clamp shape (2 wds.) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

REVIEW
ICONS

The Painter and ‘The Crown’

For the Netflix series about British royals, costume designer Amy Roberts draws inspiration from Édouard Vuillard.
BY J.S. MARCUS Édouard Vuillard,

M
‘The Widow’s
any modern paint- Visit’ (1898).
ers found inspira-
tion by wandering
through the streets lard’s mother looks
of Paris or making impassive and men-
expeditions to the countryside acing next to her
nearby. But in the late 19th century, daughter, who is in a
Édouard Vuillard produced innova- wedding dress. The
tive, uncanny work by staying home nature of the rela-
and painting the cramped, cluttered tionship between the
spaces of his family’s modest Pari- two, and subject of
sian apartments. In the 1890s, his their chat, is a mys-
flat blocks of color and cropped tery.
compositions helped pave the way “Vuillard doesn’t
for the revolutions of 20th-century provide you with a
art. narrative,” says
Now Vuillard is influencing the Heather Lemonedes
look of a 21st-century phenomenon: Brown, chief curator
the acclaimed Netflix series “The at the Cleveland Mu-
Crown,” which dramatizes the reign seum of Art, who co-
of Queen Elizabeth II. The show’s curated a major Na-
costume designer, Amy Roberts, bis show, “Private
says that her approach to outfitting Lives,” currently on
Britain’s royal family is inspired by view at Oregon’s
Vuillard, whose best-known work Portland Art Mu-
emphasizes the patterns of clothes seum. “You have to
and décor while leaving faces a blur. draw your own con-
“I’m fond of mixing textiles and clusions.” Ms. Rob-
color the way Vuillard does,” she erts agrees. In “The
says. Newspaper,” a late
In “The Widow’s Visit” (1898), for 1890s work by Vuil-
example, Vuillard depicts his mother lard, the artist’s
and sister keeping company with a mother is reading a
visitor, but the faces themselves re- paper in what seems
main near-indistinct blobs of paint. to be a kind of cozy
The painting “makes me laugh,” says prison. The setting
Ms. Roberts, who likes the way that reminds Ms. Roberts
Vuillard uses textiles to “create the and her mother and sister fight ater and television for decades, de- Kensington Palace in Roberts likes of the claustrophobia
dynamic between these people”— boredom while pretending to watch signing costumes for everyone from a psychedelic silk in the lives of the se-
pompous posing on the part of the television for a documentary being Maggie Smith and Shirley MacLaine robe and matching the way ries’ royals, who
widow, wearing what Ms. Roberts
calls “a ridiculous hat,” in contrast
filmed about their lives. They seem
to be upholstered in their clashing
to Keira Knightley and Damian
Lewis. She joined “The Crown” in
nightgown.
Ms. Roberts herself
Vuillard uses “seem to be locked in
their palaces.”
with “the rigid courtesy” of the outfits and are almost swallowed up the series’ third season and has was an art student in textiles to She is now at
mother and her daughter’s “barely by the patterned sofa. Ms. Roberts since taken Queen Elizabeth and the the 1960s, eventually ‘create the work on the fifth sea-
concealed boredom.” describes the moment as “a Vuillard other royals from the Swinging Six- turning to a career in son of “The Crown,”
dynamic

FROM TOP: ART GALLERY OF ONTARIO. PURCHASE, 1937. PHOTO © AGO; NETFLIX
The painting evokes a scene in painting, if there ever was one.” ties to the end of the Thatcher era. costume design: “I set to debut late next
Season 3 of “The Crown,” Ms. Rob- Ms. Roberts, 72, lives in London Her imaginative costumes, including like to draw people, between these year, which will cover
erts says, in which Queen Elizabeth and has worked in British film, the- the occasional recreation of a fa- and I like theater. So I the 1996 breakup of
mous gown, have become the kind of fell into cos-
people.’ Prince Charles and
show’s calling card. tumes.” Her fascina- Princess Diana. Ms.
“’The Crown’ is not a documen- tion with textiles helped draw her to Roberts is mum about the details but
tary, and sometimes I want to do Vuillard, who in the 1890s belonged says an 1893 Vuillard work may offer
something really out there,” she to a school of young French artists clues. “Interior, Mother and Sister of
says. One such moment comes early known as Les Nabis (or “prophets,” the Artist” shows a dominant
in Season 3, when Princess Marga- in a borrowing from Hebrew). The mother and a marginalized daughter
ret, the Queen’s sister, played by group’s manifesto declared that a whose checkered dress seems to be
Helena Bonham Carter, is shown painting was “essentially a flat sur- dissolving into the room’s elaborate
flouncing through the courtyard of face covered with colors,” and Vuil- wallpaper. In one scene in the up-
lard’s interiors of the period are coming season, a dying character’s
marked by juxtaposing patterns and patterned dressing gown is played
A scene from Season 3 of equivocal tones. off the set’s marbled wallpaper, mak-
‘The Crown’ that Roberts In another Vuillard work that Ms. ing it seem as if the woman is “sink-
calls ‘a Vuillard painting, Roberts admires, “The Chat,” in the ing into the wall,” Ms. Roberts says.
if there ever was one.’ National Galleries of Scotland, Vuil- “Just like Vuillard.”

MASTERPIECE | ‘THE KID’ (1921), BY CHARLIE CHAPLIN

Capitalizing on his easy rapport

Smiles and Tears with Coogan—as well as the young

actor’s relish at hurling rocks and
running away—Chaplin films these

Of Single Parenting sequences with rare comic energy.

Yet the filmmaker also attends to
the bond between the Child and
the Tramp, including the Tramp’s
BY PETER TONGUETTE tears first and the laughs second: scrupulous fairness in evenly divid-
Although laced with inventive ing a stack of pancakes between
FROM THE PEPPY DERRING-DO of comic bits, the picture’s subject— the two (in an irresistible touch,
Harold Lloyd to the put-upon sto- the way we mistreat society’s most the Tramp even halves a single
icism of Buster Keaton, the silent vulnerable citizens, children—is stray pancake).
era represented a high-water mark entirely serious. Eventually, a country doctor—an
for the screen comic. First among In a series of short, fateful authority figure Chaplin regards as
them was Charlie Chaplin, whose scenes, “The Kid” opens with the contemptuously as he does the
signature character, a waddling, Woman (Edna Purviance) depart- film’s brutish cops—ascertains that
scruffily dressed vagabond whom ing a hospital while cradling a the Tramp is not the Child’s father
its creator christened “The Tramp,” newborn child. We surmise—both and arranges for his removal to an
graced a series of classic comedy from a title card reading “The orphanage. Thus the Child is twice
shorts beginning with 1914’s “Kid woman—whose sin was mother- betrayed: first by the mother who
Auto Races at Venice.” hood” and a shot of a nurse with couldn’t find a way to keep him,
In January 1921, Chaplin, in his an unfriendly countenance looking and then by the society that
dual capacities as filmmaker and through the hospital’s gate—that wrenched him from his substitute
star, advanced to feature films with the Woman’s offspring is illegiti- parent. There follows an agonizing
“The Kid.” With an initial running mate, a status confirmed by subse- sequence in which the sobbing, an-
time of 68 minutes and, following quent shots of its presumptive fa- guished Child, having been packed
trims by Chaplin, a revised length ther, the Man (Carl Miller), a by the authorities onto the bed of
of 53 minutes, it was not only more painter whose photograph of the a truck, reaches out for the Tramp;
substantial than the earlier Tramp Woman is seen falling into a fire- the image of a distressed Coogan
shorts but demonstrated that its place—a visual metaphor for the bility no one accepts and Charlie Chaplin nary Jackie Coogan, later mouthing the words “Oh, please!”
maker, in contrast to his farce-fo- dissolution of a relationship judged a problem no one wants. and Jackie Uncle Fester on “The tugs at the heart almost primordi-
cused brethren, sought to move be- impossible by society. Yet, as Chaplin empha- Coogan in Addams Family.” Here, he ally.
yond out-and-out comedies. Alone and unmoored, the sizes through his sweetly ‘The Kid.’ is a ragamuffin in tat- Chaplin understood that audi-
“There had been satire, farce, Woman, seemingly on impulse, de- sad musical theme, a tered overalls first seen ences brutalized by the separation
realism, naturalism, melodrama posits her infant inside a parked child cannot simply be cast aside. sitting on a curb cleaning his fin- of the Child and the Tramp would
and fantasy, but raw slapstick and automobile, which, in one of the After unsuccessfully trying to stash gernails—a typically Chaplinesque demand a reunion, and he provides
sentiment, the premise of The Kid, film’s signature swings from drama the Child in an unknown woman’s picture of extreme poverty mixed one by gathering three of society’s
was something of an innovation,” to comedy, is promptly comman- baby carriage, the Tramp considers with a concern for appearances. misfits—the Tramp, the Child and
Chaplin, who wrote, directed and deered by two thieves. Suddenly, (but decides against) dropping the The Tramp and the Child perpetu- the Woman—into a makeshift fam-
scored the film, recalled in “My the newborn’s fate is in the hands swaddled tot down a sewer drain. ate a swindle in which the Child ily unit. With “The Kid,” Chaplin,
Autobiography” (1964). of a succession of bumbling adults; Then, upon reading a plaintive races through town—at times, the already revered for comedy, dem-
Wanting to prepare ticket-buy- the thieves, soon wise to the in- note the Woman had placed amid film suggests a whole universe of onstrated he was a master of
CORBIS VIA GETTY IMAGES

ers for the film’s range of tones, fant’s presence, stow him in an al- her son’s clothing (“Please love and run-down alleyways and back- drama, too.
Chaplin opened “The Kid” with this ley, which is then entered by the care for this orphan child”), the streets—while flinging rocks
title card: “A picture with a smile— Tramp. Tramp accepts his role as default through windows; the Child dashes Mr. Tonguette writes about the
and perhaps, a tear.” Yet, in revisit- In Chaplin’s Dickensian vision, parent. off so that the Tramp can emerge arts for the American Conservative,
ing “The Kid” today, it’s clear that the Child (as he is officially known) Five years hence, the Child is to con citizens into letting him National Review, the Washington
Chaplin should have mentioned the is a kind of hot potato—a responsi- now incarnated by the extraordi- make repairs. Examiner, and other publications.
 OFF DUTY
Grape Graciousness
Guidance Guidance
Why ‘Hugh The new, looser
Johnson’s Pocket rules for ‘hostess
Wine Book’ dresses’
endures D11 D3
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, December 18 - 19, 2021 | D1

This holiday season,

it’s all about vodka. Dan Aykroyd’s
Crystal Head is a
Here’s your guide to the celebrity brand to
versatile spirit take seriously.
commanding new
respect at cocktail bars,
the bottles to buy and
the festive drinks you’ll
want to make with them.

BY BETSY ANDREWS

O
N A RECENT after-
noon in Northern Cal- This premium
ifornia, aroma infused bottling from a Swedish
Hanson of Sonoma’s megabrand is full
distillery as two guys of character.
armed with peelers and knives
worked on cases of organic produce.
The family-owned outfit was pro-
ducing its cucumber vodka the old-
fashioned way, by macerating the
cucumber along with mint in tanks
of the spirit. A refreshing, sweet-sa-
vory drink, the cucumber vodka, like
all Hanson vodkas, is certified or-
ganic. What’s not to love?
It’s a question worth asking be-
cause, for years, vodka hasn’t gotten
much love from mixologists. The
generation that brought the classic
cocktail revival has had little use for

CLEAR
a spirit not found in pre-Prohibition
recipes. They’ve condemned indus-
trial vodka’s wan character and the
chemicals that give it flavors like
bubble gum and peanut-butter-and-
jelly. An Internet search of a de- Yes, bison
cade’s-worth of bartender opinions grass vodka
on vodka yielded venom, such as: is a thing.
“The people who put together crap
like this do no respect to me or the

FAVORITE
drinking public.”
Yet the drinking public adores
vodka. It accounts for a third of U.S.
booze sales by volume. With ’90s-
era drinks like the espresso Martini
making a comeback, it seems mixol-
ogists will have to give the people
what they want—always a good pol-
icy for the home bartender, too.
The best of today’s vodkas offer
character, versatility and artisanal
excellence. The Alcohol and Tobacco
Tax and Trade Bureau has recog-
nized as much. In 2020, the Bureau
changed vodka’s definition, scrub-
bing the phrase “without distinctive
character, aroma, taste, or color.”
That was a relief to Tony Abou-
Ganim, author of “Vodka Distilled.”
“What drove vodka’s popularity in
the West was trying to make it as
pure and neutral as possible,” he
said. “But the beauty of vodka is
what is left in, not what’s taken out.
When you talk about the Old World,
it’s a different style, big and robust.”
Vodka did not arrive in the U.S. in
a significant way until 1934, when
Smirnoff was imported. Though the
spirit is produced throughout the Cucumber and mint
world now, its roots reach back as give this organic
far as the 9th century, to Poland or, grape-based vodka
more likely, Mr. Abou-Ganim argues, its fresh flavor.
to Russia. In that part of the world,
F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLES), GETTY IMAGES (BULL, GLASS)

it’s consumed neat in small shots, a

bold companion to pungent foods.
“Vodka is about gathering,” said
Slava Borisov, who bartends at the
Four Seasons Chicago’s Adorn Bar,
referring to his native Russia. There,
vodkas considered the best were,
historically, distilled from rye, which
has a spicy panache. But any base
ingredient with sugar in it can be
made into vodka, be it milk, millet,
molasses or maple syrup. The Han-
sons chose a crop abundant in
Sonoma: grapes. Organic French Co-
lombard and other varieties lend a
mellow fragrance to their spirit.
Before distilling, the raw ingredi- This distillery uses
ent must be fermented, with yeast Rocky Mountain spring
converting sugars to alcohol. “Our water and estate-
yeast walks a fine line between grown potatoes.
highlighting the fruity, sweet grape
Please turn to page D12

Inside

THE WEALTH CAP NO LONGER POLES APART VROOM WITH A VIEW A GIRL-POWER POWDER ROOM
How the plain hats on ‘Succession’ Backcountry skiing has influenced gear for BBQ meets m.p.h. in a weekend Teen bathroom decor that’s chic enough to
became a coded signifier of affluence D2 the resort-bound, too D7 of Formula-One fandom in Austin D6 take a young woman into adulthood D13
D2 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

$600 for a Cap? That’s Rich
On shows like ‘Succession,’ Masters of the Universe sport spendy cashmere baseball caps to subtly telegraph their financial power.
Why these hats are selling out in real life, too.
BY JACOB GALLAGHER

A
T FIRST GLANCE, the
baseball caps worn
by monied characters
on series like “Suc-
cession” and “The
Morning Show” appear entirely or-
dinary. They’re black or navy. Most
lack any frontal logo. If your TV is
sufficiently high-def, however, you
might detect that they have a
slightly flecked cashmere texture.
In a recent episode of “Succes-
sion,” whose third season wrapped
on Dec. 12, the combative father-
and-son pair, Logan and Kendall
Roy (played by Brian Cox and Jer-
emy Strong), wore two such nearly
identical, dark, non-logoed hats to
a hostile meeting. On the hit se-
ries, the solid caps “often repre-
sent authority and intimidation,”
explained the show’s costume de-
signer, Michelle Matland. As she
sees it, the absence of a logo says
there’s “no relevant team
but…team Me,” making the hats
fitting accessories for the show’s
ego-centric characters.
Such caps might look ordinary,
but they’re inordinately pricey.
The hat Kendall Roy wears is a
$625 Loro Piana cashmere number
with an adjustable leather strap.
In season two of Apple’s “The
Morning Show,” disgraced TV an-
chor Mitch Kessler (Steve Carell)
sports a $595 cashmere Zegna hat

HBO
as he tries to keep a low profile
while exiled in Italy.
Rich-guy ballcaps radiate a CROWNING AROUND In Season 3 of HBO Max’s ‘Succession,’ scion-
stealth wealth that reflects a turned-pariah Kendall Roy (Jeremy Strong) sports a $625 Loro Piana
larger truth about how the afflu- Wear the Wealth cashmere cap with his tailored suit.
ent dress today. The look ex-
presses “the idea that really Much the way Instagramming Wigens and Zegna—and they’re so
wealthy people don’t need to dis- that hamburger with a coded cap- popular the shops are “practically
play their wealth” to the general tion clues in only insiders, part of sold out,” noted Ms. Stewart.
public, said Kyle Stevens, 42, a these hats’ appeal is that they alert Like any capable retailer, Ms.
film and TV professor at Appala- other one-percenters that you’re Stewart made the hard sell that
chian State University in Boone, with the investment-banker crowd. cashmere hats are worth the in-
N.C., who took note of Mitch Kes- Their woolly texture is slight but vestment due to their “fine” mate-
sler’s opulent cap while bingeing significant, and details like adjust- rials. “[These caps] feel a bit
“The Morning Show.” Tellingly, able leather straps flag the caps as dressier, a bit more sophisticated,”
costume designers often pair the accessories solely for the private-jet
hats with solid-navy sport coats or set. Said Ms. Woods, they “give off
down vests. That you can’t easily that status, that moniker of wealth”
tell who makes these surely recognized only by others in the top
Rich-guycapsradiatea
spendy clothes is part of the point. tax bracket. That is, until shows like stealthwealththatreflects
Further proof that the one per- “Succession” made anyone with a howthewealthydressnow.
cent seems to prefer costly clothes $10 HBO Max subscription aware of
that look entirely banal in passing: A similar style to Kendall Roy’s, Loro Piana’s Baseball S Cap boasts these $625 caps.
Airbnb CEO Brian Chesky has spo- a covered elastic strap for optimal fit and a tonal embroidered logo Off screen, such hats are selling.
ken at conferences while wearing so subtle, you’ll have to strain to see it. Cap, $465, us.LoroPiana.com They “seem to be having this mo- she said. “You’re not going to wear
subdued white $690 Gucci sneakers ment,” said Shannon Stewart, the a logoed cap with your sport
and, infamously, Facebook founder chief product officer at Harry jacket or your suit.” They’re also
Mark Zuckerberg’s muted gray T- Rosen, a Canadian high-end mens- warmer than a typical cotton
shirts from Italian luxury label runs the Instagram account @suc- cashmere cap that the uninformed wear chain, where ball caps includ- cap—though that hardly explains
Brunello Cucinelli cost $300-ish. A cessionfits, which identifies clothes could mistake for a $17 Gap hat ing those in cashmere are outper- why they’re 10-plus times as ex-
prevailing mentality is that if you worn on the HBO show. exemplifies this trend for gratu- forming other hat styles like pensive. But that elevated price
wear logos from head to toe, “you Call it “investment normcore”— itous luxury. It is the $295 ham- beanies and driving caps. Harry might be the biggest selling point.
are gaudy, you’re new money,” said clothes that blend in with a man- burger of the clothing world—a Rosen sells them primarily in plain It weeds out most anyone who
Tiffanie Woods, 29, a social media of-the-people look but take a bite polarizing extravagance that you colors like navy, gray and black, doesn’t drive a Maybach, making
manager in Buffalo, N.Y., who also out of one’s bank account. A solid must be this rich to partake in. from brands like Brunello Cucinelli, these caps their own private club.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D3

STYLE & FASHION

BY FIORELLA VALDESOLO

Home Chic Home

I
Serve Up Some Style
N SEASON two of “Mad
Men,” Betty Draper, played Traditionally, the hostess has
with rigid, mannequin-like the best outfit at the fête.
perfection by January Jones, Here, four non-traditionally
throws a global-cuisine- With dinner parties on the rise, the hostess dress is making a comeback. But festive options.
themed dinner party for associates
of her husband, Don. The mood is as today’s options for entertaining bear little resemblance to rigid ’60s ‘frocks.’
stiff as Betty’s early-1960s get-up: a For Sipping
polka-dot frock with a full skirt, And Stunning
modest hemline and taut bodice. Throwing an
Her hostess dress was a product of energetic
the times, but consider how much cocktail soi-
more comfortable she (and probably ree? Try this
her guests) might have been had she liberatingly
worn a more forgiving silhouette. light silk se-
Two years into a pandemic, vac- lection, whose
cines have helped us slowly rebuild print was in-
our social calendars. And with the spired by Pink
holiday season upon us, there is a Floyd. Dress,
renewed desire to dress up. But be- $1,750, Jona-
cause Covid endures, much of our thanCohen-
socializing is done at home. “People Studio.com
are entertaining more and having
[more] intimate gatherings,” said
Sherri McMullen of her customers
at McMullen Boutique in Oakland,
Calif. Thus the hostess dress is see- For The
ing a revival, though its modern in- Busiest Bee
carnation bears little resemblance In silk twill,
this swishy
style is airy
As long as your hostess enough for
swanning
look is comfortable, around the
‘anything is fair game.’ party and
making puff-
pastry bites in
the kitchen.
to the prim frock Mrs. Draper wore Dress, $795,
to serve her guests gazpacho. To- LaDou-
day, it’s about not just elegance but bleJ.com
practicality. Telsha Anderson,
owner of New York store T.a., says
her customers are definitely host-
ing and attending more parties
(where everyone is vaccinated). For For Showing
those events, “they’re looking for Who’s Boss
functional, playful pieces,” she said. Don’t want
The hostess dress stems from the to be mis-
déshabillé (a negligee-like dress) of taken for a
the 17th century, said New York mere guest?
fashion historian Laura McLaws They’ll know
Helms. “The often loosefitting, you’re the
wrapped silk, cotton or linen [gar- lady of the
ment]…was originally only worn in house if you
the bedchamber,” said Ms. Helms, host in this
“but it became a common dress commanding
worn by court ladies when receiv- plum cash-
ing visitors during their toilette.” mere num-
By the early 1900s, women received ber. Dress,
guests in unfitted silk or lace tea $1,295, Altu-
gowns that combined “com- zarra.com
fort…with a fashionable silhouette
and luxurious materials,” said Ms.
Helms. Those characteristics still fortable, “anything is fair game.” tertaining,” said Ms. Berry, 47. recommends Charvet slides. Skip
define what a hostess outfit (yes— Ms. McMullen finds that color “With its allover pattern, even if big sleeves, too. “I love a volumi-
pant ensembles qualify) should be. and splashy prints emit a festive something splatters on you, it’s nous sleeve, but [I have to] make For an All-
“A hostess dress should embody vibe and insists that a laid-back feel masked.” A relaxed cut makes sure it…doesn’t droop into my Night Affair
the sentiment of the night,” said is key. “Fluidity and comfort are im- kitchen tasks more manageable too. sauces when I’m cooking,” said New Let guests
Claire Olshan, 35, founder of New portant,” she said. Ms. Olshan “I wouldn’t feel comfortable cooking York designer Batsheva Hay, who know it’s a
York snack company Dada Daily and agreed and pointed to the hostess- in [anything] tight,” said New York tends to guests in vintage Norma capital-P
frequent party-thrower. If the goal readiness of airy Valentino pajamas. artist Laila Gohar, 33. She favors Kamali or her own designs. Party by
is to put everyone at ease, your out- “If you’re going to be in a pajama, it short shifts, finding them “practical, “We all want that little sparkle of sporting these
fit should convey that. “It’s the bal- should be the most decadently glo- fun and festive.” Despite being boxy, going out to dinner…[and] we want shimmering
ance of being fabulous…[yet] mar- rious pajama,” she said. their leg-revealing cut, she said, to not be in sweatpants, but we also PJs. If you’re
MATTHIEU FORICHON (ILLUSTRATION)

ried to the relaxed, ‘you’re in my Kate Berry, the New York chief prevents one from looking “like a want to feel safe,” said Ms. Olshan. a dance-on-
home, I’ll do the work, don’t get up’ content officer at food and home sack of potatoes.” Besides ticking those boxes, hosting the-table
feeling that a great dinner party publications Saveur and Domino, as- Equally important as what you also lets you experiment with your type, you’ll
embodies,” said Ms. Olshan. Ms. sembles delectable tablescapes, and do wear is what you don’t—specifi- look. “It’s in your home around your appreciate the
Anderson sees the hostess look as her outfits live up to those place cally, heels, which are typically a friends so it’s safer and you can be stretch fabric.
an opportunity to go bold. “It settings. Prada dresses with neck hosting faux pas. Barefoot is one daring,” said Ms. Hay. Should your Lounge Suit,
should showcase the confidence of detailing are a favorite, as are La option. Alternatively, Ms. Olshan wardrobe fail, it’s no problem. “Be- $270, The-
whoever is wearing it,” she said, DoubleJ’s kaleidoscopic, printed suggests a pair of Le Monde Béryl cause I’m home, I know I can al- Sleeper.com
adding that as long as you’re com- swing dresses. “It’s perfect for en- velvet slippers, while Ms. Gohar ways change,” said Ms. Helms.

JEWELS THAT TELL TIME

800 988 4110

HARRYWINSTON.COM
D4 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

A Newly
Spruced
Up Ski
Season
Major changes are afoot in
the Rockies’ winter hot
spots, from posh new lodges
to elevated grub and
après-ski cocktails.
Whiskey tasting, anyone?

BY JANET O’GRADY

JEREMY SWANSON (SNOWBOARDER)

HILE many of us were in
deep hibernation mode last
winter, the ski crowd wasn’t
so easily deterred. Accord-
ing to the National Ski Area
Association, operators in the Rocky Mountains
reported their second busiest season in four
decades. Since then, the most popular moun-
tain resorts, intent on keeping those snow ASPEN AND SNOWMASS, REFRESHED emerge in January as the upscale ski-in, ski-out Viewline Resort
bums content, have been rolling out a raft of Aspen, Colo., celebrates its 75th birthday with $75 lift tickets as long Snowmass, a Marriott Autograph Collection hotel, with 254 rooms
improvements and innovations—brand new as you book a hotel through Stay Aspen Snowmass. One of those and 20 suites, an Ayurvedic spa and a kids club (from about $700 a
hotels, spiffily remade ones, heated chairlifts, lodging options, the Limelight Hotel Aspen, just reopened with a night). If a schnitzel craving hits while you’re schussing around
roving raclette carts and whiskey tastings are smart but cozy renovation of its 126 rooms (rates from about $625 a Snowmass, you’re in luck—the new on-mountain eatery, the Alpin
all on tap. Here, a few of the latest offerings. night). In Snowmass Village, a former Westin is scheduled to re- Room, specializes in Swiss, French and Austrian fare.

UNR IVALED
SPACE AT SEA ™

WITH EVERY LUXURY INCLUDED

VISIT RSSC.COM
OR CALL 1.844.473.4368

A BIGGER DEAL IN BIG SKY, MONTANA

Long overshadowed by flashier ski areas in the neighboring states, Montana’s
Big Sky is finally joining the luxury ski scene with the opening this month of
the Montage resort. About a 10-minute drive from the base of the village, the
Montage offers 100 ample rooms (the smallest are 530 square feet) and 39
multiroom residences, as well as seven restaurants. Not up for dining out?
Après ski in sweats and order from the raclette cart roaming around the Al-
penglow Lounge (from $1,395 a night). In the village, two ski-in/out favorites
are newly renovated: Summit Hotel (from about $435 a night) and Huntley
Lodge (from about $180 a night). Other upgrades are in the works all over the
mountain. Among them, the new Swift Current 6 chairlift. With heated ergo-
nomic seats and bubblelike covers, it zips skiers to 5,850 acres of slopes.

VAIL SPEEDS UP
Colorado’s Vail Marriott Mountain Resort, a fixture in Lionshead Village, reopened in November after a four-year reno-
vation. Renamed the Hythe (above), it’s now part of Marriott’s Luxury Collection and sports new furnishings, a “con-
temporary alpine-American” restaurant and a whiskey bar (from about $700 a night). Beyond the Hythe, Vail Resorts
launched high-speed lifts this season at Beaver Creek’s McCoy Park, Breckenridge, Keystone and Okemo.

NEW PEAKS IN WYOMING LUXE LODGING IN UTAH

The 100-room Cloudveil, a mem- Now managed by Auberge Resorts,
ber of Marriott’s Autograph Col- the Austrian-influenced Goldener
lection, opened in downtown Hirsch in Deer Valley underwent a
Jackson, Wyo., in May, upping substantial makeover this summer.
the luxury game in an already The 18 guest rooms—most with fire-
competitive market. Interiors places (from about $900 a night)—
feature non-kitschy Western now share the property with 40 resi-
motifs, and a rooftop deck en- dences, from studios to three
courages stargazing or people- bedrooms, many of which are avail-
watching, whichever appeals able for short-term rentals (from
(from about $360 a night). In about $1,100 a night). At the Lodge
the mood to really splurge? On at Blue Sky in Park City (left), an-
Jan. 7-9, Mexican chef Enrique other luxury Auberge Resort that
Olvera will prepare tasting opened in 2019, guests can take a
menus with mezcal pairings at guided heli-ski excursion for $20,500
Caldera House in Jackson Hole, for up to eight people.
(from $1,500 per person).
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D5
D6 | Saturday/Sunday, December 18 - 19, 2021 NY * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Very Fast
Times in
Austin
A friends’ trip to Texas revolves
around a Formula One race,
with plenty of BBQ pitstops
BY BENJAMIN SHULL

I
N HIS 1971 NOVEL “Fear and Loathing
in Las Vegas,” Hunter S. Thompson
sends his alter ego Raoul Duke to the
Nevada desert to report on the Mint
400 off-road race. I recently had rea-
son to travel for motor sport, though my
companions and I were comparably sober
during our long weekend in Austin, Texas, the
home of Formula One’s United States Grand
Prix. The race takes place on the Circuit of
the Americas (COTA), which was built in 2012
about a 20-minute drive from downtown. The
track is 3.4 miles and the race runs 56 laps.
Flying out to Austin, I could see that F1’s
star is rising in America. Fans sporting gear
for teams like Ferrari, Red Bull and Mer-

GETTY IMAGES (DRIVERS); RICHARD CASTEEL (DRINKS); ZUMA PRESS (TRACK)

cedes thronged the airport gates—and my
friends confirmed this on their end too.
More than one traveler mentioned the Net-
flix show “Formula 1: Drive to Survive,” a
documentary series following F1 drivers
from the 2018 season onward. COTA—and
the roads leading there—were indeed
packed over the weekend.
We touched down in Austin not long after
Texas Monthly released its list of the top 50
barbecue joints in the state. Three in the top
10 are in Austin, and we hit No. 2 on the list,
Interstellar BBQ. (Not named, as far as we
could tell, for the 2014 film starring local em-
inence Matthew McConaughey.) Waiting in
line for good barbecue is the norm in Austin,
but with the race in town, we killed time
chatting with a couple of F1 vets who clued
us in on some of the sport’s more arcane DRIVING RANGE Clockwise from top left: Interstellar BBQ, a popular off-track spot for one of the city’s signature cuisines; Yuki Tsunoda of Japan and
points. We ended up sitting with them, eat- Pierre Gasly of France at October’s U.S. Grand Prix in Austin; refreshments at Austin’s Odd Duck; Lewis Hamilton in the 17th lap of this year’s race.
ing a heaping plate of brisket, ribs, pork belly
and jalapeño popper sausage before driving ies. Our general-admission wristbands ($219) been added to next year’s schedule; the race onship. His rivalry with 7-time champion
out to the track. meant we could walk around the track to in Austin will once again take place in late Lewis Hamilton, who drives for Mercedes,
Many race attendees had ticket packages find standing room or a good perch to sit October.) When it was time to leave on the was this year’s main story-line, and the two
that included their hotel and daily coach and watch the race, while other options se- final day, we chose to skip the buses alto- drivers were neck-and-neck in Austin two
transfers to and from COTA, though our cure grandstands and bleachers near a spe- gether, and walked for an hour along the months ago. Verstappen started from the
rental car gave us some flexibility—letting us cific “turn” (COTA has 20 of these). The main highway shoulder in Austin’s distant out- front of the grid in COTA, but Hamilton man-
score drive-through breakfast tacos at a Bill grandstand, across from the pit-lanes, is es- skirts back to our parking lot, with the late- aged to pass him during the opening salvo,
Miller Bar-B-Q location en route to the track pecially premium seating. For qualifying and afternoon Texas sun lighting the way. We and led the early interval of the race. The
on day one. the big race, we settled on a sloping hill with bought much-needed water bottles from a two would trade the lead a couple of times,
A bit about how a Grand Prix weekend a decent view. truck selling them roadside and gulped away however, before Verstappen took charge. In
typically works: Friday mostly centers on Being at COTA for a Grand Prix weekend is as we passed through the foreboding land- the home stretch, Hamilton’s Mercedes edged
practice, giving fans the chance to see the a gas. The excitement builds toward race day scape that stretched around us, evoking a nearer to Verstappen’s Red Bull with every
venue and the drivers in their cars. Satur- and the sound of the cars whizzing past—an Cormac McCarthy novel. lap. From our vantage point, the distance be-
day’s main event is the qualifying session, a F1 car routinely reaches 200 m.p.h.—is intox- The race, on Sunday, was a good one. The tween the cars visibly shrank on each drive-
speed contest that sets the starting grid for icating. Leaving COTA was another matter. day began overcast, but the clouds cleared to by. Yet Verstappen was able to hold off the
the race. The Grand Prix takes place on Sun- On Saturday, the day of qualifying, the circuit reveal the weekend’s third blue sky. By this onslaught and claim victory, winning the 18th
day. A festive atmosphere pervades the issued a statement concerning the high num- point, our traveling crew—with a driver des- Grand Prix of his career.
whole weekend, with live music and (very ex- ber of shuttle-bus delays that stymied fans ignated—had hit bars in Austin’s SoCo (South After the race, Shaquille O’Neal rolled
pensive) merchandise for sale. A big-name getting to and from the track. Due to labor Congress) and Sixth Street neighborhoods on onto the track in a custom-made Cadillac
concert capped each night: Twenty One Pi- shortages, over 100 buses were canceled at consecutive nights. Some hair of the dog was bedecked with giant longhorns. Confetti
lots on Friday, Billy Joel on Saturday and the last moment, which meant we waited in order. On Sunday we arrived, like Raoul spewed from the sky. Then the crowd
Kool & the Gang on Sunday. We went to none some two hours to retrieve our car from its Duke on the morning of the Mint 400, in poured onto the tracks, hopping the fence in
of these shows, choosing to spend our eve- parking lot. hopes of finding strong drink, which was spots without easy access. We sauntered
nings in Austin proper, eating quail and cevi- An event of this magnitude poses an un- available at a price. along the circuit, stepping over the tire
che at Odd Duck and haunting bars like Fire- usual logistical challenge, something to con- The 2021 F1 season concluded this past marks with the sense that we’d just wit-
house Lounge and Latchkey. sider as F1’s popularity increases in this weekend in Abu Dhabi, where Red Bull’s Max nessed something special—and would like to
People’s experience of an F1 weekend var- country. (A race in Miami, in early May, has Verstappen clinched his first world champi- do so again.

Health
T O G E T W H E R E YO U ’ R E G O I N G ,
YO U N E E D T O K N O W W H E R E
‘Passports’
YO U C A M E F R O M Take Flight
International travel is
bumpy again. New
digital tools attempt
to smooth the way.

JUST AS MORE countries

began to reopen to foreign
tourists, the Omicron vari-
ant prompted a flurry of
DAN PAGE

new restrictions. But many

travelers, determined to
venture somewhere more
exciting than cousin Eddie’s Covid test. “It’s fallen to the Emirates and Virgin Atlan- or dine in a restaurant or
cabin in the Catskills, re- airlines to do the vetting,” tic, participate in the IATA visit a museum, many of
main undaunted. They’re said Peter Vlitas, executive Travel Pass, an app devel- which may ask for proof of
willing to jump through the vice president, partner rela- oped by the International vaccination. While some
necessary hurdles to travel tions, at Internova Travel Air Transport Association, countries will accept your
overseas again. A series of Group, but there’s no stan- an industry trade group. U.S. vax record (issued by
new mobile apps and web- dardized app credential. But at present it’s still in the CDC), in others, you
sites promise to help effi- As soon as you buy your trials and only available on may want to get a tempo-
ciently overcome those hur- ticket, check with the air- a limited number of routes, rary health credential. In
dles, namely by keeping line to see if they have an according to a spokesman. France, for example, you
track of vaccination and app or another tool to keep United Airlines offers a can bring your records to a
THE LIMITED EDITION testing records and other all the paperwork together Travel Ready Center app local pharmacy to obtain a
LONGITUDE critical paperwork. Vari- to meet the requirements of that allows users to upload “Pass Sanitaire,” with a QR
ously called “digital health your destination. American immunization and test re- code that can be read by
passes” or “health pass- Airlines’ VeriFLY, for exam- cords. Delta Air Lines has French scanners.
ports,” they’re increasingly ple, certifies and stores vac- Fly Ready, an online form Finally, for the techno-
offered by international air- cination status, negative you can use to upload all phobic or those concerned
lines. test results, and other the necessary health data. about the security of the
For many foreign trips travel documentation in a What about after you ar- data, rest assured that all
these days, you’ll need to mobile app. It’s also good rive? The airline apps won’t these digital health “pass-
501 MADISON AVENUE , NEW YORK provide proof of vaccination for flights on British Air- necessarily help once ports,” unlike the real
or a recent recovery from ways and other partner air- you’ve left the airport and thing, are optional.
Covid, as well a negative lines. Other airlines, such as want to check into a hotel —Barbara Peterson
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D7

GEAR & GADGETS

Get the Inside Edge
Once on the fringe, backcountry skiing isn’t only surging in
popularity: It’s fueling innovations in alpine resort gear, too
BY BRIGID MANDER pine (or resort) ski gear. Backcountry gear

E
sales have quadrupled over the last five
VER SINCE the late 1960s, when years, according to data from the market re-
leather ski boots were consigned search NPD Group. The surge in popularity
to oblivion by the arrival of plastic has prompted manufacturers to apply back-
shells that offered better control, country, or “out bounds,” developments to
alpine skiers have paid a price. Be- alpine, or “inbounds,” gear.
tween runs, plastic ski boots left them teeter- During the climb up, backcountry boots
ing along icy walkways—their ankles immobi- must give skiers enough ankle flexibility to
lized—on treacherously smooth, hard soles. achieve a more natural stride, and enough
So when lifelong skier Deirdre O’Mara traction to grip rocks and snow. Backcountry
learned of boots that combined the best fea- enthusiasts also want tougher, more versatile
tures of a flexible boot for outerwear layers to face un-
backcountry skiing—in which predictable conditions, and
skiers climb up ungroomed Backcountry sales high-performance but ever-
mountains and then ski down
them again—with a burly al-
have quadrupled in lighter skis to travel uphill.
“The growth in backcountry
pine model, she snapped up the last five years. skier interest meant manufac-
the first pair she could find. turers had to find unconven-
For the former product de- tional solutions to improve ski
signer who skis at resorts and heli-skis in and boot mobility, and still meet the demand
Alaska, the hybrid Dalbello Lupos were a good for downhill performance,” said Matthew Ster-
fit. “I wanted a resort-weight alpine boot, but benz, general manager of WNDR Alpine, a Salt
also a walk mode for standing, walking, or just Lake City ski manufacturer.
relaxing at lunch,” the 48-year-old said. Her In July, the International Organization for
new boots’ high-grip soles also supplied better Standardization approved the new GripWalk
traction on slippery surfaces. sole as an industry standard, ensuring com-
Grippy boot soles may not seem a thrilling patibility between new bindings and boots
development, but the feature is among a from different manufacturers. This move,

FABIO CONSOLI
handful of practical improvements that the along with new types of skis and accessories,
formerly fringe, but now influential, back- marks a rare industrywide evolution. Here,
country skiing scene has introduced to al- our recommendations.

4. SNOW PANTS (4) are ideal for chair lift riders, 5. JACKETS

Our Picks
2 The Backcountry Influence providing toastiness at the The Backcountry Influence
Many in the backcountry waist and preventing snow and 5 Skiers climbing hills get hot,
crowd love the added protec- wind from infiltrating in bliz- but still need protection from
tion bibbed snow pants offer zards or big wipeouts. the elements atop windy peaks.
Alpine-resort gear that
on snowy summits. As profes- Why We Like Them Unlike the Our Pick The wind- and water-
reflects the influence of
sional freeskier Elizabeth Sary- insulated snowman suits of proof Mammut Haldigrat.
the backcountry craze
chev, who spends her winters childhood, the pants’ GoreTex Why We Like it A stretchy 3-
snowmobiling, backcountry ski- Pro fabric offers bulk-free pro- layer material and oversize
ing and alpine skiing at resorts, tection with plenty of room to vents that zip open and close
puts it: “They prevent snow layer as the weather dictates. make for a super flexible jacket
from getting in your pants if Long thigh vents allow airflow. in which you won’t overheat.
you crash [and] I never have to Concerns If you’re concerned Concerns Not as insulated as
worry about snow or wind up about appearances, bibs con- some competitors, so skiers
my back.” vey sophistication to the in- need to pay attention to the
3 Our Pick The classic, minimal- crowd, but can look childish to forecast to layer correctly for
ist Patagonia PowSlayer Bibs others. $599, patagonia.com the day. $469, mammut.com

1. SKIS and soles developed for mov-

The Backcountry Influence ing through the backcountry
Skiers who ascend the moun- become more mainstream, we
tain using their own power realized this would help the
need their skis to be as light average skier as well,” said
as possible, without losing fea- Geoff Curtis, VP of marketing
tures like edge hold (to grip for Marker/Dalbello, which de-
the snow), stability and re- veloped and licenses GripWalk.
sponsiveness for the descent. Our Pick The Fischer Ranger
Now, some alpine skis are 120 Walk DYNs (2) prove that
adopting the same formula. new, grippy soles and im-
Our Pick The new WNDR Al- proved Walk Mode (which
pine Intention 110s (1) are all- once left boots insufficiently
mountain, all-condition skis in supportive in ski mode) are
a versatile width that weigh compatible with traditional
just over 4 pounds each, less performance alpine boots.
than the 5-plus pounds typical Why We Like Them Lighter
of resort skis. buckles, liners and a thinner
Why We like Them Aspen Grilamid shell all help cut
wood cores and an algal poly- weight. A lever on the cuff re-
urethane laminate produce leases it from lockdown for
lively and light skis that are easy strolling and après loung-
less tiring to ski on all day and ing. Just flip it back to securely
lessen the amount of torque lock in for speeding downhill.
on a skiers’ knees. And, despite This line also offers a range of
their relatively light weight, stiffnesses to suit both mellow
they still respond powerfully skiers and ex-racers.
and smoothly in all conditions, Concerns Skiers must remem-
from ice to moguls and, of ber to flip from walk to ski
course, powder. mode at the top of the run, or
Concerns WNDR skis are built risk losing control. And for
for more advanced, more bal- safe skiing, GripWalk boots re-
anced skiers. Beginners might quire new compatible bindings,
find them a bit harder to con- such as this season’s Marker
trol. $699, wndr-alpine.com Squire 11, which feature a toe
plate that conforms to the
2. BOOTS sole’s curvature. $700, fischer-
The Backcountry Influence sports.com, $280, marker.net
Boots with a “Walk Mode” for
increased flexibility during the 3. HELMETS
ascent and ergonomic, rubber- The Backcountry Influence
ized soles are a priority for the Backcountry skiers concerned
uphill skiing crew. “As boots about weight and air flow
while hiking up hills inspired
helmets that provide superior
1 ventilation.
Our Pick Backcountry tweaks
like enlarged airflow vents
and a thicker polycarbonate
shell make the POC Obex BC
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comfort and protection during
everyday resort skiing.
Why We Like It The POC
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tem to reduce impact force to
the head), and a Near Field
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rescuers can scan to access
your medical information.
Plus, the airflow vents help
eliminate sweaty helmet
head.
Concerns Some skiers might
4 shy away from the conspicu-
ous POC helmet, which ap-
pears larger than its peers.
$250, na.pocsports.com
 D8 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

tional release, as rebellion,
EV RIDER More show car auto racing has always been
than prototype, the informed by the promise of
Mission R is a first draft sex, danger and hearing loss.
of an all-electric racer. Santa thought of that, too.
The car’s corner-to-corner,
ambulance-like wail comes
courtesy of two square-cut
reduction gears in the motor
assemblies, there to provide,
um, aural feedback—loud
enough to disorient overfly-
ing crows. Things get even
shout-ier under hard brak-
ing. Up to 60% of the brak-
ing force on the front axle is
regenerative. The millisec-
ond you lift off the accelera-
tor, the big-ass motor up
front becomes a big-ass gen-
erator, stripping the car’s
momentum of its usable en-
ergy in a frightful torrent of
field lines. The power elec-
tronics scream.
The feedback the engi-
neers wanted most was
whether I thought the car’s
pitch-bending howl was emo-
tional enough.
“Huh?” I said. “What?”
PORSCHE

While the Mission R is a

singular piece of hardware, I
think I can convey the expe-
RUMBLE SEAT / DAN NEIL rience of driving it in just
two words: slot car. Did you
ever play with an electric

Porsche Mission R: The Zero-

slot-car set, with little cars
and sections of track to snap
together? Just scale that up
in your imagination, add

Emission Future of Racing?

race slicks and climb in. The
Mission R rips, rages, surges
and sings like it’s Christmas
morning in the Land of the
Giants.
FOR THOUSANDS of racing race engineer desires—en- Group—would like to keep At the appointed time— cle I drove is more of a show Of course, Porsche didn’t
enthusiasts around the gines and transmissions; that business even after gas- last month, at the Porsche car than a prototype, said build an empire winning
world, the North Pole is a spares, from headlamps to oline engines are banned in Experience Center in Los An- Mr. Scholz. The transparent sprint races but by dominat-
bloc of nondescript office wicker bills; and even whole Europe, sometime around geles—I was belted into the roof is crossed with inte- ing night-and-day endurance
towers in Weissach, Ger- cars, like the 911 GT3 Cup, 2035. But how? brutishly beautiful Mission grated roll bars. Most of the classics like Le Mans and
many—Porsche’s research 911 GT3 R and 718 Cayman The Porsche Mission R is R, in garnet-and-ivory livery. controls and displays built Daytona. How could an elec-
and development campus, GT4 RS Clubsport, fully cre- Weissach’s first draft of a The team’s instructions were into the steering yoke are in- tric car compete in that re-
about a half-hour’s drive dentialed for international zero-emission road-racing simple: Follow the pro driver ert. On the outside, the over- gime? The Mission R sug-
from the Hauptbahnhof in racing. Hell, Porsche factory machine, a vision of a car in the car ahead for five laps size aerodynamic devices— gests a way forward.
Stuttgart. elves are even available to that could carry the banner and “if anything goes wrong, the movable rear wing, the Please note the Mission R
Weissach is the home of help on race weekends. into a greener future…. Or don’t touch anything,” said front splitter and underbody design rejects the orthodoxy
what Porsche calls “customer Privateer racing repre- words to that effect. Hon- Matthias Scholz, director of diffuser—are cosmetic ap- of a floor-mounted battery in
racing.” From here Saint sents tens of millions of an- estly, I got lightheaded after GT race cars and lead toy- proximations. The design favor of one that orients the
Nick (Die Weihnachten Grup- nual revenue for Porsche. they said I could drive it. maker. “Don’t try to fix it.” calls for movable vanes, or mass higher in the car and
penführer) will overnight- The company—owned by a Talk about standing under Like I’m getting out to spray shutters, for the lower more transversely. The bat-
ship anything you or your now very cash-conscious VW the mistletoe. ether into the carburetor. grille’s lateral intakes; these tery pack is a box about the
Caution was warranted. are all mocked up, pending size and shape of a foot-
With its roughly 3,300 validation. locker. The 908-Volt juicebox
pounds balanced against a On the other hand, Mr. is derived from Formula E,
combined peak output of 671 Scholz said, this car is much whose current battery sup-
Cashmere comfort hp (1,073-hp in “Qualifying”
mode), the Mission R has
more of a mule, a research
vehicle, than any typical
plier is Atieva, a subsidiary
of the Lucid Group, maker of
roughly the same power-to- show car. Insofar as it has no the Lucid Air sedan.
from Italy. weight ratio and lap-time Intuition would suggest
performance as Porsche’s that locating batteries in the
2 for $499 flagship turnkey racer, the
911 GT3 Cup car. Other nom- I can convey the
floor would result in the
lowest center of gravity and
inals include 0-60 mph in experience of therefore the highest roll re-
Look sharp & feel comfortable in less than 2.5 seconds, a top sistance. I asked factory test-
our Italian 100% pure cashmere speed of 186 mph and over 2 g
driving the Porsche driver Lars Kern, who agreed
sweaters from Gran Sasso. of lateral acceleration. Mission R in just that the vehicle dynamics
And bear in mind, Porsche two words: slot car. somewhat favor the floor-
Made in Italy from super-soft pure
made no obvious effort to mounted pack design, but….
cashmere, these stylish sweaters make this example light. I And then he trailed off with-
will work with most everything feel like I could get 300 kg out telling me why, exactly,
in your wardrobe to create that out of it with a flashlight anti-lock braking or stability the engineers went the other
fashionable, yet classic outfit. and torx set. control, it’s properly racy. way.
These timeless sweaters are But how can it race, you The team has logged hun- My guess: hot-swapping
sputter? According to dreds of kilometers of test- of battery packs. To achieve
available in crew neck, V-neck,
Porsche, the 82 kWh/908- ing and invited many jour- any kind of parity in endur-
zip neck and turtleneck styles. Volt battery will sustain a nalists to take a whack. ance racing, electrics will
Choose from dozens of solid colors. 30-minute heat race or lap- One did just that, the day need cartridge-like battery
ping session, with no reduc- before my scheduled session. packs, to be exchanged in
Reg. $495 ea., Sale $299 tion in power. If the paddock The rumor was that the un- the pits, just as pistonated
Sale: 2 for $499 is equipped with Porsche’s named assailant confused machines get gassed up. At
800-Volt fast-charging sys- the go and stop pedals, Le Mans, the GT-class cars
tem, the car’s battery can be spearing the $10 million uni- are typically allowed a mini-
recharged at a rate up to corn into a retaining wall. mum capacity of 80 liters of
Holiday Shearlings, 350 kW, from 5%-80% capac-
ity in as little as 15 minutes.
When I saw the car the next
day, the team had repaired
fuel. That’s an energy trans-
fer of about 700 kWh. To on-
you can warm up to. It would be great if partici-
pating race tracks also had
the badly pleated nose—bril-
liantly, I might add—using
board the same amount of
electricity would take more
$899 their own hydroelectric color-coordinated tape. OK, than two and a half hours of
dams. now it looks like a race car. recharging.
Debuting at September’s But what about the So maybe Santa’s got a
Crafted for us of the finest Munich auto show, the vehi- sound? As spectacle, as emo- brand-new bag?
quality English lamb, these
soft to the touch, durable
coats will offer real warmth
in the coldest winter weather.
Three-quarter length coats are
available in your choice
of black or brown.
Reg. price $1,995, Sale $999
With Promo Code = $899

Use Promo Code SHEARLING100

online to take an Additional $100 Off

Please visit us online: NYC LOCATION

www.frankstellanyc.com 440 Columbus Ave. (cor. 81 st.)
Mon.-Sat. 10-7, Sun. 12-6
FREE SHIPPING! (212) 877-5566
Find Us on Facebook.com/frankstellanyc Find Us on Instagram.com/frankstellanyc Phone Orders Accepted MISSION CONTROL Many of the displays and switches built into the Mission R’s steering
yoke are cosmetic and inert. The vehicle’s transparent roof is crossed with integrated roll bars.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D9
D10 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

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 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D11

EATING & DRINKING

New York Chardonnay.) Major of the book that also covers
wine-producing regions and wines from Virginia, Penn-
countries and their key pro- sylvania, North Carolina and
ducers are noted, as well. other states.
Throughout, Mr. Johnson This ever-more-granular
acts as a highly informed, of- level of detail should doubt-
ten opinionated guide. Each lessly be credited, at least in
edition offers his remarkably part, to an international roster
accurate and detailed over- of contributors Mr. Johnson
view of the wine world. And has acquired over the years.
he doesn’t mince words. In the Although the first few edi-
2011 “Pocket Wine Book,” he tions were a solo act, by the
offers, tartly, “California has 10th-anniversary edition, in
been delighted to play for its 1987, he lists members of the
home crowd, sadly drifting wine trade who helped with
into styles of wine no one “research or in the areas of
wants very much.” The same their special knowledge.” By
edition praised other locales: 2018 he noted the “generous
“Spain has changed more, and help and cooperation of innu-
raised its game more, than
any of the ‘New’ wine coun-
tries in the past few years.” While Mr. Johnson’s
If Mr. Johnson has a favor-
ite wine-producing nation, it’s
book has continued
definitely France, as he notes in robust form, many
over and over again in various other pocket guides
editions and also confirmed in
our interview. “There is a have come and gone.
French way of doing things—a
French taste, a certain light-
ness of touch,” he said. But merable winemakers, mer-
when asked to name the most chants and critics,” and in
exciting wine country right 2022, contributors’ names
now, Mr. Johnson said, “Italy take up a full page.
has had such a great revival, The tone has remained
and it’s far more interesting very much Mr. Johnson’s
AGATA NOWICKA

than just another country that own: authoritative and opin-

can ripen Cabernet.” ionated but often charmingly
Are there any countries whimsical and even self-dep-
that have faded a bit since he recating, too. That quality
began writing the guides? continues to set this guide,
ON WINE / LETTIE TEAGUE “That’s a good question,” Mr. introduced almost half a cen-
Johnson replied. “You get tury ago, apart from the
Eastern European countries scores of apps, podcasts and

Cheers to the Wine

that go through phases.” In- other, higher-tech offerings
deed, in Mr. Johnson’s early that have since entered the
guides I found a surprising informational fray.
amount of real estate devoted Will “Hugh Johnson’s

Lover’s Wise Companion

to the wines of Bulgaria and Pocket Wine Book” continue
two pages devoted to the to reflect his trademark erudi-
wines of Yugoslavia. tion and wit in years to come?
The Eastern European sec- It remains to be seen. When I
tion of the current “Pocket asked Mr. Johnson why he
Wine Book” extends far be- thinks his book is still going
YOU MIGHT SAY Hugh John- lenged Mr. Johnson to cram “Pocket Wine Book” contains years. The pocket guides in- yond Bulgaria, and ex-Yugo- strong, this far into the digital
son is to wine books as Apple all the important facts about vintage charts for 10 coun- clude overviews of grape vari- slav countries such as Croa- age, he replied, ever modest,
is to iPhones: Both produce wine into a book the size of a tries and regions, and multi- eties as well as food pairing tia and Bosnia and “Everyone knows how to turn
annual updates to something pocket diary. “And 12 months ple entries for French wine suggestions—some of which Herzegovina warrant entries pages.” Truly, no wine writer
that’s pocket-size. But Mr. later he came back and regions and notable vintages are clearly inspired by the of their own. The American has inspired readers to turn so
Johnson, with 44 pocket wine wanted another,” Mr. Johnson in other parts of the world. cuisine of Mr. Johnson’s na- wine section has evolved many pages (of such tiny
books to his name, holds a said of the next edition. “I Mr. Johnson’s “Pocket tive land. (In the 1995 edition, over time, too, from two sec- type) for so many years.
significant numerical edge. trapped myself into an ev- Wine Book” has more than potted shrimp is said to go tions on California and New
Published in October, ery-12-months task.” doubled in size over the well with Fino Sherry, Gavi or York wines to a fat portion  Email Lettie at [email protected]
“Hugh Johnson’s Pocket Back then it was called years, to 336 pages in the
Wine Book 2022” is the 45th “Hugh Johnson’s Pocket En- current edition. Maps are still
and latest edition, and also cyclopedia of Wine” (in the few and the typeface is still
the first where he relin- U.S., at least; in the U.K. it impossibly small, and no
quishes the author credit: was always “Hugh Johnson’s wonder: “Once there’s an en-
This time it goes to Marga- Pocket Wine Book.”) With try it’s very hard to remove
ret Rand, his longtime editor. characteristic wit, Mr. John- it,” Mr. Johnson said.
Mr. Johnson’s name is still son writes in the introduc- While Mr. Johnson’s book
on the cover, too, since—as tion to the 1979 edition, has continued in robust
he put it—“Hugh Johnson” is “This book is an exercise in form, many other pocket
no longer merely an author crowding angels on a pin- guides, wine and otherwise,
but also a brand. With al- head, or students into a tele- have come and gone. Mr.
most 12 million pocket wine phone box. It is deliberately Johnson and I agreed that
guides sold to date, the char- the shortest book into which the late 1990s to early 2000s
acterization seems apt. I could possibly squeeze a was the peak era of the
When Mr. Johnson penned book’s worth of informa- pocket guide, with volumes
his first pocket guide in 1977, tion.” The font is accord- embracing wine, cheese, gar-
he was already a wine and ingly tiny (seven-point dening and sex. Mr. Johnson
gardening writer with many Scala) and there are few himself wrote a pocket guide
books to his credit. In addi- maps, but Mr. Johnson met to gardening back in 1981.
tion to the pocket guides, he his goal: The book is sur- But his “Pocket Guide to Gar-
has written a tall stack of full- prisingly comprehensive for den Plants” was a one-off.
size wine books, including its time and has only grown “Funny enough, the plants
multiple editions of “The more so over the years. are the same one year to the
World Atlas of Wine.” The early guides are very next,” he said.
The pocket guide was his much outdated, since a great Wine naturally lent itself to
publisher’s idea, according to deal has changed in the ensu- an annual review, Mr. John-
the 82-year-old Mr. Johnson. ing decades. For example, in son noted—always a new vin-
He spoke with me from his li- the 1979 edition Mr. Johnson tage to rate, review and dis-
brary in West London, where only offered vintage charts cuss, and more topics of
he was surrounded by “books for the wines of France (Bur- interest as well, such as over-
by other people.” The pub- gundy and Bordeaux) and use of oak, a trend Mr. John-
lisher, Mitchell Beazley, chal- Germany, while the 2022 son has charted over the

Insights From Hugh Johnson’s Pocket Wine Books, 1970s-Now

HUGH JOHNSON’S POCKET HUGH JOHNSON’S POCKET ENCYCLOPEDIA OF WINE 1986

ENCYCLOPEDIA OF WINE “Italy is the world’s biggest wine producer with one of
1979 “German wine bot- the biggest per capita consumptions: 100 bottles a year.
tles are too tall for She is so at home with wine that she can seem alarm-
most ice-buckets to cool ingly casual about it.”
the whole bottle. To
make sure that the top
of the bottle (your first
glass) is properly cooled HUGH JOHNSON’S POCKET
put the bottle upside WINE BOOK 1995 “Austra-
down in the bucket for lia’s wine industry is now
five minutes before the most dynamic, creative
opening it.” and self-critical in the
world. Not only are all im-
porting countries aware of
the quality and value for
HUGH JOHNSON’S POCKET money of its wines, but
WINE BOOK 2012 other producing countries,
“California just won’t even France, are reflecting
stand still. Just when its influence.”
you think you have it
in focus, something
else pops up outside
the frame…Californians HUGH JOHNSON’S POCKET WINE BOOK 2022 “It is the current
are innovators, looking fashionable illusion (or pretence) that the quality of wines
over the horizon for can be measured in points precisely as its temperature in
something new: some- degrees…When you think about it, the idea is absurd...
times the results are [Scores] measure someone’s appreciation, their pleasure as
good, sometimes not well as their expertise. Even if it’s my own personal pleasure
so good. But it keeps I wouldn’t know how to put a precise number on it. 96? 97?
it interesting.” 98? Is it my last wine of the day, or my first?”
D12 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Vodka Now Colorado, goes the other way. Dis-
tillers there use a rudimentary par-
ticulate filter lest they lose, along
Continued from page D1 with any impurities, the oils and
elements and keeping a somewhat other compounds that make their
clean taste and aroma,” said Han- estate-grown-potato vodka so lus-
son’s co-founder in charge of blend- cious and intense.
ing and infusing, Brandon Hanson. Mr. Abou-Ganim prefers his
The yeast makes a wine which, vodka straight from the freezer,
in turn, undergoes distillation. In- where it oozes like syrup into a
dustrial distilleries use continuous frosty, fluted glass, a partner for the
stainless-steel systems. Many arti- holidays’ luxury nibbles: “Caviar,

F. MARTIN RAMIN/THE WALL STREET JOURNAL, PROP STYLING BY JUDITH TREZZA; ILLUSTRATION: ADAM NICKEL
san producers rely on copper pot pickled herring, stinky cheese, char-
stills, like those used to make cuterie, foie gras, gravlax. Anything
Scotch. The equipment and the smoked, pickled, cured or salted.”
number of times the spirit passes Anthony “the Professor” Baker,
through it profoundly affect the who teaches online cocktail
character. The Hansons run their classes, prefers vodka at room
wine through two copper pots temperature, where “all those fla-
then through a 50-plate column vors can open up and don’t get
still five times and, finally, into a suppressed by the cold.” Some-
condenser. The result is a distillate times he adds “a little aroma,”
from which they have pulled the with fresh sage or a lemon twist.
best part—the “hearts”—and re- Still others enjoy vodka heated.
moved the off-tasting “heads” and “On a cold night, I make a hot
“tails.” toddy using vodka infused with
As with all vodkas, when it comes spiced tea,” said Las Vegas-based
off the still, it is very high proof: bartender Wendy Verdel-Hodges.
over 95% alcohol. It must be diluted “With different vodkas, you can
for bottling. “Vodka is 40% spirit, impart any flavor or aroma you
60% water,” Mr. Borisov said. “So want, which makes them perfect for
the water source is important.” Pro- any celebration,” Ms. Verdel-Hodges
ducers boast sources such as Alpine added. She and other cocktail pros
glaciers and Himalayan aquifers. helped us match the 10 top-notch
Then comes filtering, which some vodkas below with festive cocktail
distillers take to luxurious lengths. recipes. For a Russian-style party,
Charcoal is a common medium, but follow Mr. Borisov’s advice: “Every
some filter through semiprecious time you drink, stand up and say
stone or platinum. Woody Creek, in something good.” YOUR SERVE Go with a classic like this gimlet. Or have some fun with the festive vodka cocktail recipes below.

MATCH AND MIX / 10 DISTINCTIVE VODKAS AND THE COCKTAILS YOU SHOULD MAKE WITH THEM

THE VODKA Botanical Grapefruit & Aniseed Vodka THE VODKA bine all ingredients in a 2. Combine remaining in-
Absolut Elyx Rose Vodka 2 ounces milk (dairy Hanson of Sonoma small saucepan with ½ gredients except wine
This premium bottling 1 ounce fresh lemon or non-dairy) Organic Cucumber cup water. Over me- and rosemary in a shaker
1/
from Sweden’s big juice 2 ounce maple syrup This certified-organic, dium heat, simmer 15 and fill with ice. Shake
name in vodka is made ½ ounce St-Germain 1 teaspoon vanilla grape-based vodka from minutes. Let cool. Syrup vigorously 10 seconds.
from estate-grown win- elderflower liqueur extract California gets its re- will keep up to 3 weeks, 3. Strain into prepared
ter wheat run through ½ ounce Aperol 4 dashes Angostura freshing, round, delicately refrigerated. glass. Top with sparkling
a copper column still. It ½ ounce simple syrup bitters vegetal taste from mac- 2. In a shaker, muddle wine and garnish with
packs a punch, with Slice of ruby red 2 cinnamon sticks erated cucumber and figs and ½ ounce syrup. rosemary sprig.
notes of toffee, tropical grapefruit mint. 40% ABV Add remaining ingredi- —Adapted from Meghan
fruits and citrus, plus a Mint sprig 1. Combine liquids in a ents and fill with ice. Balser
peppery finale. 42.3% shaker and fill with ice. THE COCKTAIL Shake vigorously 10
ABV 1. Combine liquids in a Shake 10 seconds. Desert Collins seconds. THE VODKA
shaker and fill with ice. 2. Strain into a short Total Time 5 minutes 3. Strain over large, Polugar Classic
THE COCKTAIL Shake vigorously 10 sec- THE VODKA rocks glass over fresh Serves 1 round ice into a rocks Rye
Glögg onds. Crystal Head ice. Garnish with cinna- glass. Express oils from This family-made spirit
Total Time 20 minutes 2. Strain into an ice-filled Comedian Dan Aykroyd’s mon sticks. 11/2 ounces Hanson of one orange swath over from Russian vodka
Serves 6 Collins glass. Garnish with vodka is produced in his —Adapted from Anthony Sonoma Organic drink. Stud remaining scholar Boris Rodionov is
grapefruit slice and mint. native Canada. As vanilla- Baker Cucumber Vodka orange swath with pot-distilled using an
3/
1 bottle dry red wine —Adapted from Tony sweet as the corn it’s 4 ounce agave nectar cloves, and use as gar- 18th-century, rye-based
3/
8 ounces Absolut Abou-Ganim made from, it’s also 4 ounce fresh lemon nish. recipe. It’s herbal and
Elyx Vodka smooth, allegedly thanks juice —Adapted from Wendy unctuous with a spicy
½ cup golden raisins, to Newfoundland water Sparkling lemon soda Verdel-Hodges back end. 38.5% ABV
plus 1/4 cup for and filtering through Her- Cucumber slice
garnish kimer diamonds. 40% ABV THE COCKTAIL
1/
3 cup sugar 1. Fill a Collins glass with Don’t Waste Your
6 whole cloves THE COCKTAIL 11/2 cups ice, and set aside Thyme
2 cardamom pods Café Martini in freezer. In a shaker, com- Total Time 30 minutes
1 orange peel Total Time 5 minutes bine vodka, agave nectar Serves 1
1 stick cinnamon Serves 1 and lemon juice. Add 1 cup
¼ cup blanched ice, cover and shake until For the berry-thyme
sliced almonds 11/2 ounces Crystal chilled, about 10 seconds. cordial:
Head Vodka 2. Strain into chilled 7 ounces fresh
1. In a pot, combine 1 ounce black coffee glass. Top with sparkling huckleberries or
wine, vodka, 1/2 cup 1/
2 ounce coffee THE VODKA lemon soda. Garnish with blackberries
golden raisins and sugar. liqueur, such as Mr. Woody Creek cucumber. 10 ounces
Place cloves, cardamom, THE VODKA Black Cold Brew Pot-distilled using —Adapted from Nicole granulated sugar
orange peel and cinna- Żubrówka Bison 1/
2 ounce simple syrup Rocky Mountain spring Robinson-Sanchez 2 cinnamon sticks
mon in a square of Grass 1/
4 ounce Frangelico water and chemical- THE VODKA 3 sprigs thyme
cheesecloth, tie into a Polish vodka made Hazelnut Liqueur free, estate-grown Rio Humboldt’s 15 whole cloves
bag and add to wine with żubrówka (bison 1 teaspoon vanilla Grande potatoes, this Finest For the drink:
mixture. Simmer 10 min- grass) is banned in the extract velvety Colorado This Northern California 11/2 ounces Polugar
utes over medium heat. U.S. because the grass 3 coffee beans vodka’s sweetness re- vodka distilled from or- Classic Rye Vodka
3/
2. Discard spice bag. contains a blood-thin- solves to an earthy, ganic sugar cane is in- 4 ounce berry-thyme

Serve in heated mugs, ning agent. This legal 1. Combine all liquids in mouth-cleansing finish. fused with hemp seeds. cordial
1/
garnished with almonds bottling has a single a shaker and fill with ice. 40% ABV It has a luscious mouth- 4 ounce St-

and golden raisins. blade of żubrówka and Shake vigorously 10 sec- feel, an herbaceous fra- elderflower liqueur
3/
—Adapted from Tony some of its taste—can- onds. THE COCKTAIL grance and an alluring 4 ounce fresh lemon

Abou-Ganim died lavender and 2. Strain into a coupe. The Wizard bittersweet finish. 40% juice
fresh-cut grass—with Garnish with coffee Total Time 5 minutes ABV 3 dashes rosehip
spice from the rye beans. Serves 1 bitters
base. 40% ABV —Adapted from Anthony THE COCKTAIL Fresh huckleberries
Baker 2 ounces Woody Pom Pom or blackberries
THE COCKTAIL Creek Vodka THE VODKA Total Time 7 minutes
Muletide Day 1 ounce bianco NEFT Serves 1 1. Make the berry-thyme
Total Time 5 minutes vermouth Distilled three times in cordial: In a saucepan,
Serves 1 ½ ounce Yellow a copper pot using Al- 1 tablespoon muddle berries and
Chartreuse pine water and four rye granulated sugar sugar. Add remaining in-
1 ounce Żubrówka 2 dashes Angostura varieties, this smooth 11/2 ounces Humboldt’s gredients plus 10 ounces
Bison Grass Vodka bitters Austrian vodka has a Finest Vodka water. Simmer over me-
3/
4 ounce fresh lime Lemon swath nougat flavor that de- 1 ounce pomegranate dium heat 15 minutes.
juice velops to tasty spice. juice Strain through a fine-
1/ 3/
2 ounce simple syrup 1. In an ice-filled mixing 40% ABV 4 ounce fresh lime mesh sieve. Chill. Cordial
1/
2 ounce peppermint glass, combine vodka, juice will keep, refrigerated, up
3/
THE VODKA liqueur, such as vermouth, Chartreuse THE COCKTAIL 4 ounce Cointreau to 3 weeks.
Ketel One Rumple Minze and bitters. Stir until Perchten Punch 1/
4 ounce simple syrup 2. Make the cocktail:
Botanical 2 dashes Peychaud’s well blended, about 30 Total Time 30 minutes Sparkling wine Combine ingredients in a
Grapefruit & Rose Bitters seconds. Serves 1 Rosemary sprig tea pot. Add 4 ounces
Taking a cue from craft 2 ounces ginger beer, THE VODKA 2. Strain into a chilled hot water and stir well.
distillers, big brands are such as Fever-Tree Smoke Lab coupe glass. Garnish For the cinnamon and 1. Spread sugar on a Serve in a glass mug,
touting their own “bo- Fresh cranberries Aniseed with lemon swath. clove syrup: small plate. Wet one half garnished with a few
tanical” vodkas, made Rosemary sprig Basmati rice grown in —Adapted from Tony ½ cup granulated of a Martini glass from berries.
with natural infusions. the Himalayan foothills Abou-Ganim sugar rim to bottom of cup. Roll —Adapted from Slava
This winter-wheat 1. Combine vodka, lime is the base for this silky 2 cinnamon sticks wet side in sugar to coat. Borisov
vodka from a top Dutch juice, simple syrup, pep- Indian vodka, distilled ½ teaspoon whole
brand offers citrus zing permint liqueur and bit- five times in a certified cloves
and heady florals, at a ters in a shaker and fill carbon-neutral facility, For the drink:
lower proof. 30% ABV with ice. Shake vigor- then infused with ani- 2 dried black figs,
ously 10 seconds. seed for rich flavor. quartered
THE COCKTAIL 2. Strain over ice into a 37.5% ABV 2 ounces NEFT Vodka
Pink Pony highball glass or copper 2 ounces fresh
Total Time 5 minutes mug. Top with ginger THE COCKTAIL orange juice
Serves 1 beer, and garnish with The New Old- ¼ teaspoon Absinthe
cranberries and rose- Fashioned Way 2 orange swaths
2 ounces fresh ruby mary sprig. Total Time 5 minutes 3-4 whole cloves
red grapefruit juice —Adapted from Anthony Serves 1
1½ ounce Ketel One Baker 2 ounces Smoke Lab 1. Make the syrup: Com-
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, December 18 - 19, 2021 | D13

DESIGN & DECORATING

4. GET ONE THING STRAIGHT

Ms. Crosby Pollard customized
4
the linen shades with striped
cotton grosgrain ribbon from
Nina Campbell to add sophisti-
cation. “If I’m using a pattern
5 that has a lot of curves and flo-
rals, I’m drawn to doing a foil
1. TIE ONE ON for that—something graphic
Like the blown-out floral of the and clean to give it a little air,”
wallpaper, the supersize bow she said. Wide Woven Border
that forms the chair’s back by Nina Campbell in 02, about
takes a typical girly trope and $48 a meter, JaneClayton.co.uk
undercuts its sweetness with
scale. Plus, a gold seat feels
“very Marilyn Monroe at a 3
makeup table,” said Ms. Crosby
Pollard. This Qeeboo Ribbon
Chair, too, brings in a bit of Hol-
lywood. $574, Lightology.com

2. DISH UP AN OFF TOUCH

To build on the color story with
the trinket tray, Ms. Crosby Pol- 5. RELIEVE THE BUSYNESS
lard teased hues from the walls The simplicity of the Anette
rather than from the cabinet. A Library Light, by Ralph Lauren
tray the same lilac-pink as the 2 for Visual Comfort, provided a
built-in would be too matchy, counterpoint to the energetic
she said. “It’s kind of good that wallpaper. “You need a place
they’re off a little bit.” The where your eye can rest,” said
checkered base of this Buffalo Ms. Crosby Pollard. Of mixing
Plaid Guest Towel Tray would polished nickel with the gold-
also be nicely askew in a floral toned chair she said, “People
room. $36, JayesStudio.com just don’t get so hung up on
6 that anymore.” $669, Cir-
caLighting.com

ANATOMY LESSON 6. RAISE THE HARDWARE

To make the space both
girlish and grown-up, Ms.

Room to Grow
Crosby Pollard grabbed crystal
drawer pulls. “[They feel]
a little bit glamorous and
special and nice in your hand,”
she said. Their simplicity
suited her aims, too. “These
just felt a little fancy without
A girly bathroom designed for a teen and her future, 20-something self feeling fussy.” Plus, they
F. MARTIN RAMIN/ THE WALL STREET JOURNAL (TRAY, WALLPAPER, DRAWER PULLS)

don’t complicate the color

scheme. $24, HouseOfAn-
BY ELIZABETH QUINN BROWN lard, “the scale of this pattern was appealing and tiqueHardware.com

W
fresh, and the dark lines of the branches offer
hat keeps this obviously some graphic relief.” Next challenge: bringing in
youthful and feminine vanity a lot more pink, a color she said suited the client,
3. TWIST A CLASSIC area from making your teeth without getting treacly. Mixing tonalities is the
The room’s wallcovering veers hurt? Maria Crosby Pollard, secret. Bubble-gum pink vases dominate the pa-
more Turkish and modern than the interior designer behind it, per pattern; the cabinet’s rosy lilac is clouded
classic chinoiserie. “We didn’t had to balance the teenage occupant’s love of the with gray; the stripes of the window shade and
want the wallpaper to feel like it very Floridian patterns of the late fashion de- circles on the tray contribute a deep raspberry
was her parents’,” said Ms. signer Lilly Pulitzer with the room’s decidedly and the flower vessel adds a peachy shade. “If all
Crosby Pollard. The graphic nontropical location of Alexandria, Va. Also on the colors are super clear, they feel a little too
quality of this Anna French Tree the program: décor that would suit the teen as show bird-y,” she said. Also anticipating the girl’s
House paper similarly plays she ages into adulthood. older self? Hits of glamour like crystal drawer
with Asian-inspired patterns. First stop was wallpaper that satisfied the yen pulls. Here, Ms. Crosby Pollard’s other strategies
“It’s not your grandmother’s chi- for Lilly-esque pinks and greens. While an allover for satisfying the needs and tastes of a young
noiserie.” $244 for a double roll small pattern reads sweet, noted Ms. Crosby Pol- woman on the verge of “adulting.”
(33 feet), WallpapersToGo.com

CHIC TRICK N.J., painter. Treating floorboards to

even a single color shakes up a
space. Mr. Clark coated some of
This Move those in his 1924 home because they
were in “horrific” shape. One bed-
Puts a Floor room went from unsightly to a deep,
olive green underfoot. “It immedi-
Over the Top ately feels more custom and costs a
fraction of what it costs to refinish a
floor.” And you just roll paint on and
A painted floor makes a seal it, he noted.
more idiosyncratic style
The Caveats Mr. Pearson ap-
statement than rugs or proaches the floors of spaces like
wall-to-wall can muster dining rooms as isolated works of
art, but when working on a pas-
sageway such as a foyer, he said the
The Appeal Patterning a floor with Painter Chris Pearson riffed on an transition from the painted floor to
paint “adds maximum impact,” and inspiring marble floor in Rome for nearby rooms is very important. “I
does so rather economically, said New York design firm Redd Kaihoi. think about how it’s going to relate
Jeremy Clark, an interior designer in to the other floors in the house.”
Birmingham, Ala. In a local house, sealer to about 300 square feet, but And painted floors might fluster the
HECTOR SANCHEZ (BREAKFAST ROOM); CHRIS PEARSON

Mr. Clark had white track stripes the designer also believes a diligent fussy. “If someone isn’t willing to
added to new white-oak floors in a layperson could pull off the tech- have something that isn’t quite per-
breakfast room (shown left) to ani- nique over a weekend. “There are fect, then this is not for them,” said
mate and visually lengthen the things to research, like using the Mr. Clark. Chair legs without pro-
space. Easy maintenance also drove right tape to mask off, but I think tective pads on them, big dogs, high
the decision. “This is the family’s [painting a floor] would be easily heels, dropped serving platters—
primary entrance, and it’s easier to accomplished.” Chris Pearson, the will nick or scratch. “I’ll get down
sweep than vacuum,” he said. An er- floor painter responsible for the and look at a wooden floor that
rant glop of spaghetti sauce is easily faux marble above, suggests that DI- looks perfect and see the same
wiped up, too. Yers draw the room to scale on things I see in my painted floors,
graph paper first. “A good general but they show more on a pattern of
The Tips Mr. Clark paid Atlanta dec- rule is to have enough repeats to light colors,” admitted Mr. Pearson.
orative-arts painter Hayden Gregg create a pattern but not so many “But honestly,” said Mr. Clark, “the
ROW HOUSING In a Birmingham, Ala., breakfast room, local interior designer $2,500 to apply Benjamin Moore’s that they get too small or the floor patina just increases its charm,
Jeremy Clark called in Atlanta painter Hayden Gregg to stripe an oak floor. White Dove and then a water-based gets busy,” said the Roselle Park, right?” —Catherine Romano
D14 | Saturday/Sunday, December 18 - 19, 2021 * *** THE WALL STREET JOURNAL.