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IN PRAISE OF Warmth

Hierarchy Meets
Chic

REVIEW OFF DUTY


VOL. CCLXXI NO. 5 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, JANUARY 6 - 7, 2018 WSJ.com

What’s Jobs Notch Another Robust Year


News BY ERIC MORATH

WASHINGTON—The pace of
hiring slowed a bit in the final
One of the longest jobs expansions continued through 2017...
Change in nonfarm payrolls from
end of prior year
Cumulative private-sector
job growth
Biggest growth by industry, December 2017
Change from a year earlier
Expansion
World-Wide month of 2017, but remained 4 million 15 million
robust for the year as a whole 2017: 2.1M Construction 3.1%
and the jobless rate held at a 2 Professional and 2.6
17-year low, signs the broader
T he Trump administration
is asking Congress for
nearly $18 billion to con-
labor market maintained
plenty of momentum going
0
10
business services
Leisure and hospitality 1.9
struct more than 700 into the new year. Education and health 1.9
miles of new and replace- Nonfarm payrolls rose a –2 Services services
5
ment barriers along the seasonally adjusted 148,000 in
Southwest border. A1 December, the Labor Depart- –4
Recessions Financial activities 1.6

 Federal prosecutors
ment said Friday. That Manufacturing 1.6
brought employment gains for –6 0 Goods
and FBI agents are investi- Transportation and 1.5
the year to 2.1 million, the
gating allegations of po- 1980 1990 2000 2010 ’17 2010 '11 '12 '13 '14 '15 '16 '17 warehousing
seventh straight year of in-
tential corruption tied to
creases exceeding two million.
the Bill, Hillary & Chelsea
It is only the second time on ...with growth in the labor force... ...declining unemployment... ...and a modest uptick in wages.
Clinton Foundation. A4
record—the other being in the
 Two GOP Senators have 1990s—when the economy has Share of prime-age (25-54-yr.-old) population Unemployment rate Change in average earnings from a year earlier
asked the Justice Department produced jobs at that pace for 84% 10% 6%
to open a criminal inquiry that long. In labor force Hourly
into whether the author of The unemployment rate re- 82 8 4
a controversial Trump dos- mained at 4.1%, matching the
sier lied to investigators. A4 lowest level since December 80 6 2
2000 for the third straight Recession
 Trump’s nominee to lead 78 4 0
month, with benefits hitting a
the Indian Health Service ap-
widening swath of the popula- 76 Employed 2 –2 Inflation rate
pears to have misrepresented
tion. The unemployment rate
his work experience at a
for blacks fell to 6.8% in De- 74 0 –4
Missouri hospital to a Senate
cember, the lowest level since 2007 ’10 2007 ’10 2007 ’10
panel, according to former
records were kept starting in
employees at the hospital. A3
1972. Unemployment for His- Note: Figures are seasonally adjusted
 Pakistan’s foreign minis- panics and Latinos was 4.9%, Source: Labor Department THE WALL STREET JOURNAL.
ter said he sees his country’s just above a record low. Those
alliance with Washington as rates remained elevated rela- expansion on record. The sec- expansion is more notable for 1990s. Payroll growth has The economy could get a
over, citing the U.S. suspen- tive to December’s 3.7% unem- ond longest run of job expan- its length than its strength. topped 2% for the year only boost in the months ahead as
sion of security-related aid. A7 ployment rate for whites. sion—between 1986 and Payrolls grew by better than once in the current upturn, in Please see JOBS page A2
Hiring has now risen for 87 1990—was only about half as 2.5% annually, on average, 2014. It was 1.4% in 2017, the
 As North and South Korea
straight months, the longest long. during the economic expan- smallest annual increase since  Heard on the Street: Wage
prepare to hold their first
uninterrupted period of job The current labor-market sions in the 1960s, 1980s and 2010. outlook gets brighter.......... B12
official, face-to-face talks
in two years, the stakes
have rarely been higher. A6
After Snow, East Coast Faces Deep Freeze
 Iran’s antigovernment
uprising marked its 10th
day on Friday. A7
Lateness Bedevils
Business & Finance
 The pace of hiring
Apple CEO Cook
slowed a bit in the final BY TRIPP MICKLE layed in supplying the Apple
month of 2017, but remained Pencil and Smart Keyboard,
robust for the year as a As Apple Inc.’s longtime two critical accessories for its
whole and the jobless rate chief operating officer, Tim iPad Pro.
held at a 17-year low. A1 Cook was known for ensuring Mr. Cook’s tenure has been
that new products hit the mar- successful by other measures:
 Apple’s new gadgets ket on schedule. Revenue has more than dou-
have been consistently late With Mr. Cook as CEO, bled, despite stalling in the
with Cook as CEO, prompt- though, Apple’s new gadgets past two years, and Apple’s
ing questions about the are consistently late, prompt- share price has more than tri-
firm’s competitive edge. A1 ing questions among analysts pled in the past six years to re-
 The Dow ended the and other close observers cord-high territory. The com-
week up 2.3%, its best start about whether the technology pany has said it expects in the
CHARLES KRUPA/ASSOCIATED PRESS

to a year since 2003, clos- giant is losing some of its com- final three months of 2017 to
ing Friday at 25295.87. B12 petitive edge. hit a new sales record.
Of the three major new But the delays have contrib-
 Businesses and institu- products since Mr. Cook be- uted to much longer waits be-
tions rushed to patch com- came chief executive in 2011, tween Apple announcing a
puter systems following both AirPods earbuds in 2016 product and shipping it: an av-
the disclosure this week of and last year’s HomePod erage of 23 days for new and
computer chip flaws. B1 speaker missed Apple’s publicly updated products over the past
 Powell guardedly backed projected shipping dates. The six years, compared with the
an aggressive expansion of BUNDLE UP: J.J. Laprise shoveled snow in Scituate, Mass., on Friday. Frigid temperatures, expected to Apple Watch, promised for 11-day average over the six
the Fed’s bond buying in 2012, last through the weekend, swept through as the region attempted to clean up from a winter storm. A3 early 2015, arrived late that years prior, according to a Wall
expressing reservations, April with lengthy wait times Street Journal analysis of Ap-
meeting transcripts show. A2 for delivery. Apple also was de- Please see APPLE page A5

 Boeing is in talks on

Why U.S. Grew Wary Trump Wants $18 Billion for Wall
ways to address Brazilian
government concerns
about the U.S. firm’s poten-

Of Kaspersky’s Software
tial takeover of Embraer. B1 BY LAURA MECKLER the total to nearly 1,000 miles— fraught than they already are.
 XRP, a digital currency about half of the entire South- The plans are laid out in a
offered by San Francisco WASHINGTON—The Trump west border. document prepared by the De-
startup Ripple, has soared administration is asking Con- The border wall, President partment of Homeland Security
1,135% in the past month. B1 gress for nearly $18 billion to Donald Trump signature cam- at the request of a group of
construct more than 700 miles paign promise, has become en- senators. The senators’ goal
 Banking regulators in Officials reveal incidents that led to spying concerns of new and replacement barri- tangled with negotiations over was to find out what the ad-
mid-2017 downgraded one ers along the Southwest border, the fate of young, undocu- ministration wants lawmakers
part of a secret assessment Eugene Kaspersky was late attack five years earlier. The its most detailed description mented immigrants and talks to to include in a package provid-
of Wells Fargo’s health. B10 for his own dinner party. assault followed Estonia’s de- yet of the president’s vision of avert a government shutdown. ing for the legalization of the
At his invitation, guests cision to remove a Soviet-era a wall separating the U.S. from The wall request, which drew young, unauthorized immi-
monument from its capital, Mexico. strong opposition from Demo- grants known as Dreamers.

Inside By Shane Harris,


Gordon Lubold and
Paul Sonne
and U.S. officials suspected
Russia was behind it.
“Toomas,” Mr. Kaspersky
The request would be a ma-
jor expansion from the 654
miles of barrier now, bringing
crats, and other White House
demands threaten to make
those negotiations even more
DHS made clear Friday that
the administration also wants
Please see WALL page A4
NOONAN A11 said. “I am so sorry that we
from the Washington cyberse- attacked you.”
‘Button’ It, curity community waited one The comment stopped all
Google Searches, but Can’t Find Its Own Bikes
evening in 2012. Seated at the conversation until Mr. Ilves
Mr. President National Press Club were offi- broke the silence. “Thank i i i
cials from the White House, you,” he said, raising his glass.
CONTENTS Sports........................ A12
State Department, Federal Bu- “This is the first time anyone As non-employees mooch free rides, up to 250 go missing every week
reau of Investigation and from Russia has ever admitted
Books.................... C5-10 Style & Fashion D2-3
Food......................... D4-5 Travel...................... D7-8 other agencies, said people attacking my country.” BY JACK NICAS Silicon Valley and beyond.
Heard on Street...B12 U.S. News............ A2-4 who were there. Guests had No one suggested Kasper- But Google’s bikes consis-
Markets............. B11-12 Weather................... A12 started their first course sky was involved in the Esto- MOUNTAIN VIEW, Calif.— tently go missing from its cam-
Obituaries................. A5 Wknd Investor....... B4
Opinion................. A9-11 World News....... A6-7
when Mr. Kaspersky arrived, nian hack, but Mr. Kasper- Google built a massive business pus—between 100 and 250 a
wearing a tuxedo with a drink sky’s toast played into a organizing the world’s informa- week, the company estimates.
in hand. suspicion held by many in the tion, but it’s struggling to keep The bikes have shown up at lo-
> Mr. Kaspersky, chief execu- U.S. intelligence community track of its own bicycles. cal schools, in neighbors’ lawns,
tive of Russian security-soft- that his company might be Google maintains roughly at the bottom of the town creek
ware vendor Kaspersky Lab, wittingly or unwittingly in 1,100 free, multicolored two- and on the roof of O’Malley’s
proposed a toast to the rank- league with the Russian gov- wheelers, known as Gbikes, for Sports Pub.
s Copyright 2018 Dow Jones &
ing guest, Estonian President ernment—a suspicion that its employees to get around on The disappearances often
Company. All Rights Reserved Toomas Hendrik Ilves, whose has only intensified since. its sprawling campus here. The aren’t the work of ordinary
country had suffered a cyber- Please see SPYING page A8 Gbike program has inspired others in Please see BIKES page A8

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A2 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

禁止小康及其同伙转载牟利 U.S. NEWS


THE NUMBERS | By Jo Craven McGinty

O Christmas Tree: A Test Case for Recycling


What goes Trashing all those trees are ground up and reused. Even with recycling or gas- After Christmas 2016, the
up must come might seem like a landfill “Christmas trees are low- Trimming Trees to-energy systems that re- New York City Sanitation
down, and in nightmare, but, apparently, it hanging fruit,” said Frank Christmas tree purchases in the claim methane, it might seem Department chipped an esti-
the next few isn’t as bad as it sounds. Many Franciosi, executive director U.S., by type wasteful to cut and then dis- mated 242,000 trees weigh-
days, that will be composted or chipped of the council. “It’s once a card a mature tree. But be- ing 2,082 tons for use in the
could include into mulch. Others will be re- year. It’s not wet, slimy gravy Real Artificial cause they are farmed, with city’s parks, institutions and
50 million
as many as 30 million fresh cycled into wildlife habitats, with banana peels and apple up to three seedlings replac- community gardens.
Christmas trees that briefly with many sunk in lakes and cores and last night’s stew. 40
ing each cut tree, growers say This season’s Rockefeller
perfumed homes before be- ponds to make homes for fish. It’s easy to chip, easy to get it is a largely self-sustaining Center Christmas tree,
ing stripped of ornaments But some will end up in rid of and easy to reuse.” industry. which is 75 feet tall, will be
and tossed to the curb. landfills or incinerators, al- And in some cases, recy- 30 milled into lumber and do-

I
The National Christmas though no one seems to cling is the only option. n 2012, the most recent nated to Habitat for Human-
Tree Association trade group know exactly how many. Approximately 20 states 20 year available, 12,976 cut- ity.
estimates that Americans “If you put a tree out in ban yard debris from land- Christmas-tree farms op- The city’s parks depart-
bought 27.4 million real May, we wouldn’t be able to fills, according to Morton 10 erated on 309,365 acres, ac- ment chipped an additional
Christmas trees in 2016, tell,” said Belinda Mager, a Barlaz, who heads the De- cording to the U.S. 26,119 trees, sending some
spending $2.04 billion. spokeswoman for the New partment of Civil, Construc- Department of Agriculture of the mulch home with resi-
In comparison, an esti- York City Department of San- tion and Environmental En- 0 census, which is conducted dents. Los Angeles recycled
mated 18.6 million artificial itation, which recycles Christ- gineering at North Carolina 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 every five years. (2017 data 88,749 trees. Chicago
trees were purchased for $1.86 mas trees for about two State University. Source: National Christmas Tree Association have been collected but not mulched more than 19,600.
billion. (Fewer artificial trees weeks in January. “It would Those prohibitions were THE WALL STREET JOURNAL. published.) And Atlanta, working with
are bought in any given year, go out with the garbage.” intended to reduce solid The Christmas trees most the Keep Georgia Beautiful
but because they are reused, waste, but in recent years, duce methane at all, which is likely to get trashed are those Foundation, chipped 7,600.

O
many more are on display.) nly about half the re- some states, including Iowa, why environmental groups sprayed with fake snow, those Perhaps because Christ-
The figures are from an spondents to the most have repealed the bans. A few like the Sierra Club support with tinsel or ornaments still mas trees are easy, and even
annual poll commissioned by recent Christmas Tree others also allow yard waste recycling yard waste over clinging to their branches, pleasant, to recycle, some
the association and con- Association poll said they in landfills equipped with trashing it. Once a Christmas and those thrown out after municipalities have mulched
ducted by Nielsen. This year’s had access to or knew of re- gas-collection systems to tree is trimmed and displayed, local chipping programs have them for decades. Chicago
survey, which will provide cycling programs, according convert methane, the green- its life is measured in weeks, concluded. Some areas also has mulched since 1990. New
data for 2017, isn’t finished, to Douglas Hundley, a house gas produced by buried but it takes years to grow. won’t recycle trees that are York City has mulched since
but based on conversations spokesman for the group. waste, into energy—although “The average 7-foot discarded in plastic bags. the 1960s. “If garbage trucks
with growers and retailers, Nonetheless, the U.S. Com- some of the gas still escapes Christmas tree in the U.S. is “We collect naked trees, are on tree duty,” Ms. Mager
the association anticipates posting Council estimates into the environment. a 12-year-old plant,” Mr. for lack of a better word,” said, “they’re the best smell-
the numbers will increase. that about 90% of the trees Composting does not pro- Hundley said. Ms. Mager said. ing routes in the city.”

Slain Colorado Sheriff’s Deputy Mourned


Powell Privately
Voiced Concerns
BY NICK TIMIRAOS of the Fed’s rate-setting com-
mittee provide the first verba-
Federal Reserve governor tim public record of what indi-
Jerome Powell guardedly sup- vidual officials and staffers said
ported an aggressive expansion during the policy discussions.
DOUGAL BROWNLIE/THE GAZETTE/ASSOCIATED PRESS

of the Fed’s controversial Mr. Powell, a former pri-


bond-buying program in 2012 vate-equity executive, is set to
and expressed reservations be- become the first non-econo-
hind closed doors about lon- mist in four decades to lead
ger-term risks, according to the Fed. His concerns about
transcripts of central bank pol- expanding the bond-buying
icy meetings released by the program imply greater caution
bank on Friday. about making big or sudden
Mr. Powell joined the board moves and suggest he may be
in May of that year and has more attuned to how financial
been tapped by President Don- markets respond to policy de-
ald Trump to succeed Fed cisions than his predecessors.
Chairwoman Janet Yellen next The Fed in 2008 launched
month. Because he voted con- the first of three rounds of
LONG BLUE LINE: Officers on motorcycles lead the funeral procession of Deputy Zackari Parrish, 29, who was killed by a gunman who sistently to support the poli- bond purchases aimed at sta-
fired at deputies near Denver on Sunday. The deputy is survived by his wife and two daughters. cies of former Fed Chairman bilizing markets and lowering
Ben Bernanke and later Ms. long-term interest rates. The
Yellen, markets expect he untested move drew criticism
wouldn’t deviate significantly that the central bank was risk-

JOBS Building Jobs


Construction led the pack with strong hiring in December. Monthly
change in payrolls, by sector, in thousands:
show up and X number of
people won’t be qualified.”
He said workers frequently
jump to better paying jobs,
from the Fed’s current policy
path to gradually raise rates.
The materials released Fri-
day reveal for the first time his
ing a surge in inflation. In the
end, the economy and the la-
bor market strengthened,
while inflation stayed under
Continued from Page One sometimes even before they greater caution in 2012 about control. Despite his early mis-
December 3-month average
business and individual in- start working at Famous Toas- aggressively deploying uncon- givings, Mr. Powell by 2015
come tax cuts passed by Con- –20 –10 0 10 20 30 40 50 tery. ventional policy tools com- had fully embraced the view
gress go into effect. The cuts Construction Still, the chain is reluctant pared with Mr. Bernanke and that the central bank should
could stimulate consumer to get into bidding wars with Ms. Yellen. The release of 2,167 be prepared to take aggressive
spending and business invest- Leisure and hospitality competitors over wages. In- pages of transcripts and other and sustained action to boost
ment. Economists surveyed by Education and health services stead it is trying to attract materials from eight meetings growth and fight recessions.
The Wall Street Journal ex- Manufacturing
workers with other perks,
pect the economy to add an- such as no evening work and
other 2 million jobs in 2018,
which would be a record-set-
Professional and business services
Information
consecutive days off for man-
agers.
CORRECTIONS  AMPLIFICATIONS
ting eighth straight year of The share of Americans
Financial activities
job growth at or above that participating in the labor Intel Corp. Chief Executive start times on Friday. In some
pace. Government force held steady at 62.7% in Brian Krzanich in November editions Friday, a U.S. News
“The fact that job growth Transportation and warehousing December. Participation has netted nearly $25 million by article about bitterly cold
hasn’t tapered off faster— largely moved sideways the selling Intel stock and exercis- weather incorrectly said
that’s pretty impressive,” said Retail trade past two years, a sign that ing options, according to reg- Maine made the same an-
Kate Warne, economist and in- Note: Seasonally adjusted some Americans are being ulatory filings. In some edi- nouncement.
vestment strategist at Edward Source: Labor Department THE WALL STREET JOURNAL. drawn off the sidelines of the tions Friday, a Page One
Jones. “Job growth last year labor market and countering article about the company in- The scholarship endow-
was pretty much the same as Retail Sector Reality not retail. And workers at ship- the long-run trend of aging correctly said he sold $24 ment of Dartmouth College’s
in 2016, and that’s our outlook ping centers for the online retail- baby boomers retiring. million in stock and options. Tuck School of Business is
for this year as well. We don’t Likely Not So Grim ers can go in the shipping cate- Christopher Davis, 36 years $87.6 million. A Management
expect anything radically dif- gory rather than retail, the old, lost his job as a contrac- Gregory Peters is a senior article Thursday about busi-
ferent.” economist said. tor for the city of Chicago in bond fund manager at PGIM ness education incorrectly de-
Friday’s report showed em- In a year when U.S. employ- Employment in the transpor- 2014 when he plead guilty to a Fixed Income, part of Pruden- scribed that fund as the
ployers added jobs in manu- ers added more than two million tation and warehousing sector gun possession charge. After tial Financial Inc. The Street- school’s scholarship budget.
facturing, construction and jobs, one dark spot in 2017 ap- rose by 74,000 last year, accord- he was released from jail in wise column Friday incor-
health care in December. Em- peared to be the retail industry. ing to the Labor Department, 2015, he landed several inter- rectly said he was at PGIM A cubit is a biblical unit of
ployment fell in retail. Employment in the sector fell more than offsetting retail-indus- views, but had job offers Investments, a separate unit measurement used by various
In theory, wage growth a seasonally adjusted 67,000 try losses. pulled after background of PGIM. peoples in ancient times. A
should be picking up as avail- jobs in December from a year “The government statisticians checks. Page One article Oct. 24 about
able workers become more earlier, according to Labor De- have still not caught up to e- Last month he landed a job Because of a severe winter an English group that advo-
scarce and businesses com- partment data. commerce, so there’s not yet any as a building manager at ABM storm, Massachusetts and cates for imperial measure-
pete for labor. But average But those dire numbers, the coherent standards about how to Industries, a maintenance and North Carolina said some ments incorrectly said it was
hourly earnings rose 2.5% in worst among major industry cat- classify e-commerce workers,” janitorial services firm, with state workers could delay an English measurement.
December from a year earlier, egories, likely overstate job losses said Michael Mandel, chief eco- help from Cara, a social ser-
a similar, modest pace as in the retail sector more broadly. nomic strategist at the Progres- vices nonprofit. Readers can alert The Wall Street Journal to any errors in news articles by
maintained since early 2015. National chains such as Macy’s sive Policy Institute, a left-leaning Mr. Davis said he earns emailing wsjcontact@wsj.com or by calling 888-410-2667.
Wage gains look a bit better Inc., Sears Holdings and J.C. Pen- think tank. He believes the gov- about $10 less an hour than he
on a weekly basis, because ney Co. have closed stores in re- ernment will develop uniform did at his old job.
Americans are working more cent years, while online retailers guidelines for e-commerce work- “It’s less, but it’s a great THE WALL STREET JOURNAL
hours. such as Amazon.com Inc. added ers over time. starting spot,” he said. “I’m (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Modest wage growth is one workers. But the Labor Depart- The Labor Department won’t looking to grow with the com-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
factor that is expected to keep ment doesn’t count brick-and- comment on how individual com- pany and add more responsi- Published daily except Sundays and general legal holidays.
the Federal Reserve restrained mortar retail jobs the same way panies or locations are counted, bility.” Periodicals postage paid at New York, N.Y., and other mailing offices.
as it raises short-term interest as it counts online jobs. or even if they are surveyed. The Labor-force participation Postmaster: Send address changes to The Wall Street Journal,
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is projected to raise rates workers is largely based on the mean overall employment is un- and 54-years-old edged up in All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
three times this year, the next function performed at different dercounted. The department an- December to the highest rate, the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
time in March. company sites, according to a La- nually benchmarks its monthly 81.9%, since 2010. Still, the Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
As the expansion rolls on, bor Department economist. That jobs reports to tax records, which share of those working-age Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
companies are reporting in- means workers at warehouses, captures the vast majority of adults working or seeking
creasing trouble finding quali- or fulfillment centers, for online workers. work is well below prereces- NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
fied workers. That could spur retailers can be counted under —Eric Morath sion levels. By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
wage gains in the months warehouse industry employment, and Joshua Mitchell A broad measure of unem- By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
ahead as employers bid to ployment and underemploy-
take up and retain employees. ment that includes Americans REPRINTS & LICENSING
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restaurants, wants to add two find workers, said Chief Exec- he said. “We know on day one, increased in December to 8.1% GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
restaurants a month over the utive Robert Maynard. X number of people won’t from 8.0% the prior month.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | A3

禁止小康及其同伙转载牟利
U.S. NEWS

Murder Rate
In Big Cities
Is Declining
New York, L.A., are at Even Chicago, where ragged
violence has shocked the na-
historic lows; police tion, saw murders fall to 650 in
cite change in tactics, 2017, down from 771 in 2016,
police say.
better community ties
BYRON SMITH FOR THE WALL STREET JOURNAL

Seven of the 10 largest U.S.


cities saw declines in 2017, ac-
BY ZUSHA ELINSON cording to police; one saw an
AND ZOLAN KANNO-YOUNGS increase, and two didn’t have
final data.
Murders fell in the U.S.’s Police in New York and Los
largest cities in 2017, and the Angeles say they have brought
two biggest—New York and Los down murders with a more
Angeles—are at or near the surgical approach than in the
lowest levels of deadly violence past. Algorithms that map and
in their modern histories. predict crime are now used to
In New York, murders deploy officers to hot spots.
dropped to 290, a number not Police also zero in on the New York City’s 290 murders last year compared with 2,245 in 1990. It was the lowest since 1951. NYPD chief of crime control
seen since 1951, police say, and most violent offenders. At the strategies Dermot Shea says the city’s crime rate can still be improved. ‘I believe we can go lower,’ he says.
killings in Los Angeles were at same time, they also have fo-
281, staying below 300 for the cused on building relationships at a crime statistics briefing on close working relationship with murders in 2015 and 2016 was That helped suppress crime,
eighth consecutive year, ac- with residents. Friday. the community will only get driven by drug-related violence but it was a temporary fix that
cording to data from the police “We have now a model that “This model will only get stronger. And training, the and a breakdown in police- alienated minority communi-
and the Federal Bureau of In- we know works and can go fur- stronger. Neighborhood polic- technology will get better,” the community relations following ties, police and city officials
vestigation. ther,” Mayor Bill de Blasio said ing will only get stronger. A mayor said. the high-profile police shoot- now say.
The trend follows a two- ings of black men. A federal judge in 2013
year uptick in homicides and a Even during the two-year ruled the NYPD’s use of street
Crime Scenes broader nationwide decline in increase, New York and Los stops unconstitutional.
Murders have generally dropped in the biggest U.S. cities since the peak decades ago. crime from the 1990s to the Angeles sustained long-term “When I was coming up it
early 2010s. drops in violent crime. was the invading army model,”
Homicide rates in the six most populous U.S. cities Murders in New York City The causes of the decline re- New York City’s 290 mur- said Marqueece Harris-Dawson,
main debated, with theories in- ders last year compared with a Los Angeles City Council
40 per 100,000 2,500
cluding police tactics, aging 2,245 in 1990. The 281 murders member who grew up in South
Chicago Phoenix populations, the economy, the recorded in Los Angeles com- Los Angeles.
Philadelphia Los Angeles collapse of the 1990s crack pared with 1,094 in 1992. “Now what you see is some-
2,000 market and incarceration rates NYPD chief of crime control thing that looks much more
30 Houston New York City
in the 1990s. strategies Dermot Shea said like a service model and that
Criminologists say police Friday that the city’s crime makes people more likely to
1,500 tactics have played a role in rate can still be improved. work with them,” he said.
20 both New York and Los Angeles “I believe we can go lower,” In 2011, Los Angeles sent of-
in bringing down violent crime. Chief Shea said. ficers to its most notorious
1,000 It is too early to tell “We can do better, crime housing projects with a new
whether 2017 signals a reversal can be pushed further down. mission to patrol the projects,
10 of two years of nationwide in- It’s going to take a lot of coop- work with residents to solve
500 creases in murders in 2015 and eration, and I think we’re going problems, walk children to
2016. to get it,” he said. school, and organize after-
There are striking excep- Facing record homicide school activities.
0 0 tions, with Baltimore and Phil- rates in 1990s, police in New There was one murder be-
1985 ’90 ’95 2000 ’05 ’10 ’15 ’40 ’50 ’60 ’70 ’80 ’90 ’00 ’10 adelphia both seeing increases York, Los Angeles and else- tween 2012 and 2016 at Jordan
Note: 2017 data for Phoenix not yet available.
in murder in 2017. where flooded neighborhoods Downs, a housing project that
Source: Federal Bureau of Investigation (rates through 2016); City police departments (2017 rates); Criminologists and police with officers and stopped and served as the setting for 1993
New York Police Department (New York murders) THE WALL STREET JOURNAL. officials say the increase in arrested thousands. film “Menace II Society.”

Nominee’s Credentials Questioned East Coast Faces


BY CHRISTOPHER WEAVER
AND DAN FROSCH Trump Resubmits
Judicial Selections
turn the nominees didn’t neces-
sarily mean their confirmation
from Democrats, among them:
Kathleen Hartnett White, Mr.
Storm Aftermath
President Donald Trump’s prospects are in trouble, but Trump’s choice to head the
nominee to lead the troubled it could mean a delay in filling White House Council on Envi- BY JENNIFER LEVITZ cern was making sure people
Indian Health Service appears the already historically high ronmental Quality who was had enough heating fuel to ride
to have misrepresented his WASHINGTON—President number of vacancies in the fed- criticized by Democrats for de- The East Coast continued to out the cold and heavy winds.
work experience at a Missouri Donald Trump on Friday said he eral government. scribing global warming as a shovel out on Friday from a Meteorologist Bob Oravec of
hospital to a Senate commit- would resubmit more than 20 The Senate agreed to keep “kind of paganism”; K.T. McFar- fierce winter storm while also the National Weather Service
tee, according to former em- judicial nominees to the Senate about 150 of Mr. Trump’s nomi- land, who was tapped to serve facing the next punch: a blast said the storm, which brought
ployees at the hospital. for confirmation, including his nees, according to an aide to as U.S. ambassador to Singa- of frigid air that will last a rare snowfall to northern
The nominee, Robert Weaver, picks for federal judge positions Senate Majority Leader Mitch pore and has come under scru- through the weekend. Florida and Georgia and then
39 years old, has “nearly two de- in Alabama, Colorado, Louisi- McConnell (R., Ky.). tiny in Special Counsel Robert In New England, crews traveled up the East Coast, will
cades of experience in hospital, ana—states the White House The nominees returned to Mueller’s probe of Trump asso- worked to clean up Thursday’s be followed by cold air.
mental health administration,” says “are suffering from judicial the White House include sev- ciates’ ties to Russia; and Eric snowfall, well over a foot in Sunday morning, for in-
the Trump administration said emergencies.” eral prominent ones, including Dreiband, the nominee to head many towns, before it froze, stance, could bring low-tem-
in announcing his candidacy. The judge picks were Health and Human Services the Justice Department’s civil and officials warned that wa- perature records across the
Evidence of that experience among nearly 100 nominees secretary nominee Alex Azar, rights division, who has faced ter from the flooding that East, from North Carolina to
cited on his publicly available that Congress returned to the Federal Reserve chairman nom- scrutiny from Democrats for struck at least 32 coastal com- Maine. The air in Boston could
résumé and a formal document White House late last year. At inee Jerome Powell and nearly defending big business from munities could turn into plummet to five degrees below
provided to U.S. senators in- the end of a calendar year, the a dozen State Department discrimination lawsuits. treacherous ice slicks. zero, which would break a re-
cludes his time at St. John’s Re- Senate must unanimously picks. Under Senate rules, Republi- In Duxbury, Mass., a town cord of two below zero set in
gional Medical Center in Joplin, agree to roll over an uncon- Many of these are expected cans can confirm Mr. Trump’s 35 miles south of Boston on 1896, he said. In Wilmington,
Mo., from 1997 to 2006. firmed nominee to the next to be renominated and con- nominees with just GOP votes, Cape Cod Bay, neighborhoods N.C., the temperature could
On the résumé, he described year. If any senator objects, the firmed. but Democrats could slow the were “starting to ice up,” the drop to 11 degrees, which
financial roles he held at the nominee is returned to the But the list also in- confirmation process by requir- local fire department reported would topple a previous re-
hospital, including overseeing White House and must be re- cludes several nominees who ing that precious Senate floor in a Twitter post Friday. cord of 16 degrees, set in 1884.
accounts receivable and the submitted for confirmation. have faced contentious confir- time be used to consider them. Boston used truck-mounted The current cold spell is ex-
budget. In the document ad- Lawmakers’ decision to re- mation hearings and criticism —Rebecca Ballhaus snowblowers to remove more pected to break by next week,
dressed to the Senate Indian than 100 trailer loads of snow however. “This is the last shot
Affairs Committee after his named Rob Weaver who regis- “has worked with the IHS sys- from the streets, while Na- of really, really cold air,” he said.
nomination, he said he worked tered E.R. patients, gathered in- tem for nearly two decades.” tional Guard crews mobilized Airlines, which canceled
in “supervisory and manage- surance information and col- Asked by the Journal what to help the island of Nantucket, nearly 4,400 flights Thursday,
ment positions” there, accord- lected copays, and who constituted his IHS experience, where the community’s main scrubbed about 1,400 flights in
ing to a spokeswoman for Sen. eventually supervised a few the spokeswoman said he had sewer line burst underground the U.S. as of Friday afternoon,
Tom Udall, a New Mexico Dem- other patient-registration work- needed the system as a pa- during the storm, sending according to flight tracking
ocrat who is vice chairman of ers. Asked whether that consti- tient, especially when he was a overflow into the harbor. service FlightAware.com.
the committee. The committee tuted a leadership role, Mr. Hen- child, and pointed to his ca- The Maine Emergency Man- —Scott Calvert
is responsible for reviewing derson said, “Well, I guess it reer in health care. agement Agency said a top con- contributed to this article.
the nomination before the full would depend upon how you Mr. Weaver’s nomination
Senate considers it. look at leadership.” Other for- was sent to the Senate for con-
The spokeswoman, Jennifer
Talhelm, provided the informa-
tion after the Journal contacted
mer St. John’s officials described
this as an “entry-level” job.
The Journal cross-checked
Robert Weaver
firmation in October. The next
leader of the agency, which
hasn’t had a Senate-confirmed
E. Coli Spread Sickens
Mr. Udall’s office seeking infor-
mation about Mr. Weaver’s rep-
resentations. She said Mr.
each account of a former St.
John’s employee’s tenure and
roles with at least two of their
The spokeswoman said “any
suggestion Mr. Weaver is un-
qualified to run IHS is a pure act
director since 2015, will face
daunting challenges: Two of
the IHS’s hospitals have been
People in 13 States
Weaver, a member of the Qua- old colleagues. of character assassination.” banned from the Medicare BY JESSE NEWMAN and hasn’t advised U.S. con-
paw tribe of Oklahoma, told the A spokeswoman for the She declined to comment on program for failing to meet sumers to avoid specific foods.
Senate committee that his lead- committee’s chairman, John his titles at St. John’s, his re- U.S. requirements for care. The An E. coli outbreak has sick- It said early results of its
ership experience qualifies him Hoeven, a Republican from sponsibilities, or whom he su- agency has struggled with ened 17 people in 13 states, one gene-sequencing analysis show
to lead the IHS, a roughly $6 bil- North Dakota, said the commit- pervised, but forwarded state- staffing problems and allega- of whom died, officials said. the strains of E. coli sickening
lion federal agency that operates tee would look into the Jour- ments from Dottie Bringle, a tions that negligent treatment Infections have been re- people in the U.S. and Canada
26 hospitals and oversees medi- nal’s findings of inconsistencies former chief nursing officer at led to numerous patient ported from California to Ver- are closely related, indicating
cal care for more than two mil- concerning the nominee’s cre- St. John’s. The statements said deaths. mont, with illnesses beginning a common source of infection.
lion Native Americans. dentials and make sure “all Mr. Weaver “provided oversight A spokeswoman for St. in mid-November. Five people The agency’s investigation is
However, former St. John’s these questions and others are for responsibilities including Louis-based Mercy health sys- have been hospitalized, continuing.
managers in some of the areas fully answered by Mr. Weaver.” great communication, organiza- tem, which acquired St. John’s the Centers for Disease Con- Some members of Congress
where he said he worked don’t Mr. Weaver, in a phone call tional skills, problem-solving Regional Medical Center in trol and Prevention said Fri- this past week urged the CDC
remember him. “I don’t recall Thursday, referred all questions skills, as well as the ability to 2009, said the company day, including one who died. and the Food and Drug Admin-
that name whatsoever,” said Au- to the U.S. Health and Human work well with others.” One said couldn’t verify Mr. Weaver’s The CDC said last week that istration to move more quickly.
gusto Noronha, who was chief Services Department, which his roles included “oversight of positions because some of its the outbreak could be related “The CDC and the FDA
financial officer of the hospital oversees the IHS, but said: many other team members.” records were destroyed in a to an E. coli outbreak in Can- should at least give consumers
from 1999 until 2005. “There’s a lot more to this story Ms. Bringle confirmed the 2011 tornado that leveled parts ada. The agency said Canadian updated information on the
“I’ve never heard that name than what you are apparently statements were hers, but de- of Joplin and badly damaged officials had linked illnesses status of their investigation,
before,” said Wayne Noethe, a being told.” He didn’t elaborate. clined to elaborate. the hospital. The HHS spokes- there to romaine lettuce. since the first reported illness
former controller at the hospital. An HHS spokeswoman de- The HHS spokeswoman sent woman said Mr. Weaver’s cop- Forty-one people have fallen connected to the current out-
Another former executive, clined to comment on whether the Journal a series of state- ies of employment records also ill in Canada, seventeen were break occurred nearly two
Bob Henderson, who was direc- the agency and Mr. Weaver ments by tribal leaders, citing were destroyed in the tornado. hospitalized and one died. months ago,” Rep. Rosa De-
tor of patient financial services, stood by past representations Mr. Weaver’s qualifications. —Lisa Schwartz The CDC hasn’t determined Lauro (D., Conn.) said on
said he recalled a subordinate about his hospital experience. Three of them said Mr. Weaver contributed to this article. a source for the U.S. outbreak Wednesday.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Saturday/Sunday, January 6 - 7, 2018 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Trump Team Pushed U.N. Hard on Israel


Late 2016 effort to
scuttle resolution, Lobbying Bid Went
which Flynn lied to FBI Down to the Wire
about, was intense
The effort to get U.N. dip-
In the days before a late lomats to delay the resolution
2016 vote on a United Nations was wide-ranging:
resolution that criticized Is-  One transition member
rael, then-President-elect Don- called the U.S. State Depart-
ald Trump and top aides made ment’s 24-hour operations cen-
a last-ditch push to target a ter for the phone numbers of
majority of the U.N. Security officials, but the department
Council to scuttle the text, declined to provide them.
people familiar with the situa-  Mike Flynn reached
tion said. Spain's foreign minister while
he was at a party in Madrid.
By Kate O’Keeffe  Nikki Haley tried to
in Washington contact then-U.N. Ambassa-
and Farnaz Fassihi dor Samantha Power, but she
at the United Nations declined to take the call.
ALBIN LOHR-JONES/PACIFIC PRESS/ZUMA PRESS

 Mr. Trump himself told


The lobbying, which ulti- Egyptian President Abdel Fat-
mately failed, was wider and tah Al Sisi that the resolution
more intense than has been re- would damage Egypt’s stand-
ported, according to inter- ing with his administration.
views with dozens of diplo-  Mr. Flynn called Malay-
mats and U.S. officials. It was sia’s Permanent Mission to
conducted against the wishes the U.N. hours before the
of the sitting U.S. government. vote, then called Uruguay’s
The Obama administration’s deputy ambassador just as
decision to abstain from the diplomats gathered in the
vote criticizing Israel’s settle- council chamber to vote.
ments in East Jerusalem and Riyad Mansour, Palestinian permanent observer to the United Nations, after the Dec. 23, 2016, passage of a resolution criticizing Israel.
the West Bank was what en-
abled the Security Council to eral officials have formed part countries about their position tion teams; other legal experts and the U.S. administration “would remem-
pass a resolution condemning of the basis of the December on the text. Lawyers for say it could. The transition team located ber” how they voted, people
the country’s settlements for plea deal he struck that re- Messrs. Flynn and Kushner de- The U.N. push came in De- many relevant officials, people familiar with the calls said.
the first time in 36 years. quires him to cooperate with clined to comment. Ms. Haley cember, after Egypt called for familiar with the lobbying Mr. Trump himself, in a call
The December 2016 push by investigators looking into didn’t respond to a request to a vote on its sponsored mea- said. One of the people said ef- with Egyptian President Abdel
Mr. Trump and his transition whether the Trump team col- comment. sure. Samantha Power, then forts were made to reach Fattah Al Sisi, made it clear
team came at the request of Is- luded with Russia to win the Legal experts have ques- the U.S. ambassador to the China, New Zealand, Japan and that putting the resolution to a
rael and involved top aides in- 2016 election—something both tioned whether the U.N. lobby- U.N., kept the Obama adminis- Ukraine. China officials didn’t vote would damage Egypt’s
cluding the president’s son-in- the White House and the ing effort ran afoul of an 18th- tration’s plan closely held, ac- respond to requests to com- standing with his administra-
law, Jared Kushner, former Kremlin have denied. century law called the Logan cording to U.N. diplomats. Ms. ment, and officials from the tion, according to a diplomat
national security adviser Mike Mr. Flynn in the plea deal Act, which bars unauthorized Power didn’t respond to re- latter three said they didn’t re- briefed on the call. Egypt
Flynn and the current U.S. am- admitted to having placed calls private citizens from negotiat- quests to comment. ceive an approach. pulled the resolution, but co-
bassador to the U.N., Nikki Ha- to officials from multiple coun- ing with foreign officials in a In order to pass, a resolu- At the U.N., ambassadors sponsors put the measure for-
ley, according to the people fa- tries, including Russia, about dispute with the U.S. But there tion needs nine votes from the discussed at parties and in ward the next day. It passed.
miliar with the matter. the Israel resolution and to are no precedents to suggest 15 U.N. Security Council mem- late-night phone calls how best —Felicia Schwartz,
Though the diplomatic ef- having “falsely stated” to the how that law might apply. bers and no vetoes from the to respond, some noting that Jeannette Neumann
fort was ultimately fruitless, Federal Bureau of Investiga- White House lawyers say the five permanent members: Messrs. Flynn and Kushner and Erica Orden
Mr. Flynn’s lies about it to fed- tion that he had only asked the statute doesn’t apply to transi- France, China, the U.K., Russia had told them the incoming contributed to this article.

Senators Attack Trump Dossier Author Claims on Clinton


BY BYRON TAU

Foundation Are
made false statements to fed- ries of memos during the elec- tors as part of their probes.
eral investigators about how tion regarding Mr. Trump’s ties Mr. Trump has called the
WASHINGTON—Two Re- he disseminated his research, to Russia. The memos contained dossier “fake” and has denied
publican senators asked the which has taken center stage in unverified allegations concern- any collusion.

Being Probed
Justice Department to open a the investigation into Russian ing Mr. Trump’s business deals Mr. Steele was working for
criminal investigation into activity in the 2016 election. and personal life. the nonpartisan research firm
whether the author of a con- The two senators stressed on Mr. Steele has been sought Fusion GPS when he wrote the
troversial research document Friday that their request was out by the three congressional memos.
on President Donald Trump for “further investigation only, committees probing Russian in- Mr. Steele couldn’t be BY DEL QUENTIN WILBER collecting information about
lied to investigators. and is not intended to be an al- terference during the 2016 elec- reached for comment. AND JAMES V. GRIMALDI the foundation to see if there
Sens. Chuck Grassley of legation of a crime.” They didn’t tion and whether Trump cam- An attorney for Fusion GPS was evidence of financial
Iowa and Lindsey Graham of provide details on what evi- paign associates colluded with called for reporters to be “skep- Federal prosecutors and FBI crimes or influence-peddling.
South Carolina alleged they dence they had seen. Moscow, but people familiar tical in the extreme” about the agents are investigating allega- The foundation has been a
have seen evidence that former Mr. Steele, a former British with the matter say he hasn’t referral by Mr. Grassley and Mr. tions of potential corruption focus of criticism over dona-
British spy Christopher Steele intelligence official, wrote a se- spoken to Capitol Hill investiga- Graham. tied to the Bill, Hillary & Chel- tions received from govern-
sea Clinton Foundation, ac- ments and corporations that
cording to a U.S. law-enforce- had business before Mrs. Clin-

WALL ment official and a person


familiar with the investigation.
The probe is focused on
whether donors to the founda-
ton during her time as secre-
tary of state, and could have
been affected by decisions she
could have made as president
Continued from Page One tion got preferential treatment if she had won the 2016 elec-
a sweeping set of immigration- from Hillary Clinton when she tion. In response to the criti-
enforcement and other policy served as secretary of state cism, the foundation has said
changes that the White House during President Barack it “has strong donor integrity
detailed in October. In a letter Obama’s first term, the official and transparency practices.”
to Senate Minority Whip Dick said. As secretary of state, Mrs.
Durbin (D., Ill.), the agency reit- Among those interviewed Clinton was an aggressive
erated that these priorities by investigators was Andrew global cheerleader for Ameri-
“must be included as part of Kessel, the foundation’s chief can companies, pushing gov-
any legislation” addressing financial officer, according to ernments to sign deals and
Dreamers. the person familiar with the change policies to the advan-
Among other measures, Mr. probe. tage of corporate giants such
Trump wants new curbs on The Justice Department as General Electric Co., Exxon
people sponsoring relatives for and Federal Bureau of Investi- Mobil Corp., Microsoft Corp.
DANIEL ACKER/BLOOMBERG NEWS

immigration, which Republican gation have been scrutinizing and Boeing Co. At the same
critics call “chain migration,” the foundation since at least
and an end to the diversity-visa 2015. The disclosure of the
lottery, a path available to peo- current inquiry comes as Pres-
ple from countries underrepre- ident Donald Trump has be-
The probe is focused
sented in U.S. immigration. rated the Justice Department on whether donors to
The DHS document also de- and FBI for not investigating
tails other conservative priori- his rival in the 2016 presiden-
the foundation got
ties, such as changes to the tial election. preferential treatment.
asylum system and mandatory A Border Patrol agent patrolled on a horse by a wall prototype in San Diego last year. The Trump A Justice Department
use of the e-Verify system for administration wants to expand current border barriers to cover nearly 1,000 miles. spokeswoman, Sarah Isgur
businesses to check the em- Flores, declined to comment. A
ployment status of prospective wall money in order to approve House Minority Leader Nancy bills for 2018, and wall funding spokesman for the foundation time, those companies were
employees. In addition, the doc- a Dreamer deal. But the com- Pelosi (D., Calif.) in a note to is one of the hang-ups. dismissed the allegations and among the many that gave to
ument lays out some $33 billion munications to Congress, com- House Democrats that circu- The administration’s new investigation. the Clinton family’s global
in desired new border security bined with Mr. Trump’s tough lated a report of the wall pro- document doesn’t detail where “Time after time, the Clin- foundation set up by her hus-
spending over 10 years, includ- rhetoric at the White House posal. “We must all speak out,” the additional miles of barrier ton Foundation has been sub- band, Mr. Clinton.
ing for technology, personnel this week, are raising expecta- she said. would be constructed beyond jected to politically motivated A Wall Street Journal inves-
and roads tions among conservatives, A Senate Democratic leader- 2018. It refers to the barrier as allegations, and time after tigation in 2015 found that at
Mr. Durbin said on Friday which might make it harder for ship aide said the plan goes far a “wall system,” though offi- time these allegations have least 60 companies that lob-
that bipartisan spending nego- Republicans to compromise. beyond what lawmakers in both cials including Mr. Trump have been proven false. None of this bied the State Department
tiations continue in the Senate, Mr. Trump campaigned on a parties have discussed. at times said it might look has made us waver in our mis- during her tenure donated a
but that the White House was promise to build a “big, beauti- Democrats have said that more like a fence or a “see- sion to help people,” the total of more than $26 million
undermining that work and ful wall” on the border to stop they are willing to back new through wall.” spokesman, Craig Minassian, to the foundation.
courting a possible government illegal immigration and drug border-security measures aside The total cost for the barri- said in a statement. In recent months, Republi-
shutdown if an agreement can- trafficking, and promised Mex- from a wall. ers would be $9.3 billion over The investigation was re- cans have ratcheted up their
not be reached before funding ico would pay for it. Congress The non-wall border re- the first five years and $8.7 bil- ported earlier Friday by the calls for the Justice Depart-
runs out later this month. A hasn’t agreed to spend any quests laid out by DHS include lion over the next five years, Hill, which said FBI agents ment to investigate the foun-
spending bill will need biparti- money on the project, and Mex- $5.7 billion over five years for the document said. The docu- from Arkansas had interviewed dation, and some have called
san support to pass the Senate, ico has repeatedly said it won’t. towers, surveillance equipment, ment hasn’t been publicly re- a witness in the investigation. for a special counsel to delve
and Democrats could balk if The border document, from unmanned aerial vehicles and leased but was viewed by The The investigation is being into various Clinton-related
there is no deal on Dreamers. the Customs and Border Protec- other technology; $1 billion Wall Street Journal. That in- spearheaded by federal prose- matters.
“It’s outrageous that the tion agency at DHS, envisions over five years for road con- cludes a combination of new cutors and agents in Little In a letter to Congress in
White House would undercut the wall project unfolding over struction and maintenance; and barriers and replacement fenc- Rock, where the foundation November, the Justice Depart-
months of bipartisan efforts by 10 years. If carried out as de- $8.5 billion over seven years ing. has offices in former President ment reported that senior
again trying to put its entire scribed, by 2027, about 970 for 5,000 new Border Patrol The George W. Bush admin- Bill Clinton’s presidential li- prosecutors had been tasked
wish list of hard-line anti-immi- miles of the 2,000-mile South- agents. istration, which constructed brary, the law-enforcement of- with evaluating some of the is-
grant bills—plus an additional west border would have some The administration has al- much of the existing fencing, ficial said. sues raised by GOP lawmakers.
$18 billion in wall funding—on sort of fencing or wall separat- ready requested $1.6 billion for was stymied in its efforts to The foundation has been The letter didn’t confirm the
the backs of these young peo- ing the U.S. from Mexico. 60 miles of a new barrier in build additional miles for a under scrutiny by the FBI since existence of an investigation,
ple,” Mr. Durbin said on Friday. Reaction was swift from Texas and 14 miles of replace- range of reasons, including re- at least 2015. By the following but it cited concerns raised by
It wasn’t clear whether the other Democrats on Capitol Hill ment fencing in San Diego for sistance from private landown- year, four FBI field offices—in Republicans about “alleged un-
administration would insist on beyond Mr. Durbin. the current fiscal year. Con- ers in Texas, where most of the New York, Washington, Little lawful dealings related to the
all of those changes or the full “This is alarming,” said gress hasn’t passed spending unfenced land sits. Rock and Los Angeles—were Clinton Foundation.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | A5

OBITUARIES
JOHN C. PORTMAN JR. B A R RY S H E R M A N
1924 — 2017 1942 — 2017

Architect Designed Pessimist Earned Billions


Flamboyant Hotels
From Generic Drugs
U
nderstatement was never Most architects wait for as-
his style. Critics, hurling signments. Mr. Portman often
terms like “hulking” and came up with the idea, bought
“bombastic,” often sneered at land and secured financing. That BY JAMES R. HAGERTY lege, he worked for an uncle, Louis
John Portman’s hotels, but the way, he told students at Harvard Winter, who owned a medical lab

B
general public was enchanted by University in 2010, there was “no arry Sherman was stiff in so- and a small plant in Toronto mak-
the see-through elevator cabs ris- damn question about who’s going cial settings and suffered ing generic drugs. After his uncle
ing like champagne bubbles in- to be the architect.” from what he called chronic died in 1965, Dr. Sherman pro-
side his dizzying atriums. Ambushed by the real-estate lethargy and fatigue. He wrote in a posed to buy the uncle’s business,
His work as an architect was slump of the early 1990s, he was memoir that life had no meaning known as Empire Laboratories. He
exemplified by such flamboyant weighed down by $2 billion of or purpose. was initially rebuffed by trustees
hotels as the Marriott Marquis in debt and had to negotiate with Yet the Canadian entrepreneur for his uncle’s estate but persisted
New York’s Times Square, the lenders to save a shrunken em- was fiercely ambitious in building and reached an agreement to buy
Westin Bonaventure in Los Ange- pire. He shifted his focus to de- up the generic-drug company that Empire in 1967.
les and the Hyatt Regency in signing glitzy buildings in Asia. made him a billionaire, Apotex In 1973, he and a partner sold
downtown Atlanta with its 22- The Atlantan once dubbed the P.T. Inc., and enjoyed the influence he Empire to ICN Pharmaceuticals Inc.
story atrium and revolving res- Barnum of the hotel business was got from his donations to medical, of California. The sales contract
taurant. He transformed neigh- right at home in the circus of educational and other causes. specified that the selling share-
borhoods with the Embarcadero China’s leap into the future. He also feared retaliation from holders couldn’t compete against
Center in San Francisco and the Mr. Portman died on Dec. 29 in rivals. “The branded drug compa- ICN for five years. But Dr. Sherman
Renaissance Center in Detroit. Atlanta. He was 93. nies hate us,” he said in an inter- wanted to go back into the ge-
view excerpted in a 2001 book by neric-drug business and found a
Jeffrey Robinson. “They have pri- loophole: “I was not a shareholder
vate investigators on us all the directly, but only through my hold-
CALESTOUS JUMA time. The thought once came to tremely offended that he doubted ing company,” he wrote later. “I
1953 — 2017 my mind, why didn’t they just hire that my counts would be accurate,” hoped that, if we withheld the
someone to knock me off?” Dr. Sherman wrote in an unfinished schedule of shareholders until the
Dr. Sherman, 75 years old, and memoir two decades ago. last minute, ICN would not pick up

Development Expert his wife, Honey, 70, were found this technicality.” The ploy worked

W
dead at their Toronto mansion hen Barry was 10, his fa- “exactly as I hoped,” he added.
Dec. 15. The police have said they ther died of a heart at- Dr. Sherman used proceeds from

Took Risks in Africa died of “ligature neck compres-


sion,” a type of strangulation. The
deaths remain under investigation.
tack. “I do not recall feel-
ing any great sense of loss upon
my father’s death,” he wrote.
the sale to set up Apotex in 1974.
The company now has about 11,000
employees globally.
Dr. Sherman was known as For the next few years, he was Much of Dr. Sherman’s time was

A
s a boy on the shores of He grew up to found a think brainy and blunt. “He would cor- sent to a summer camp he likened consumed by legal battles over
Lake Victoria in Kenya, tank in Nairobi, head a United Na- rect your grammar no matter who to prison. At 16, he signed up for a pharmaceutical patents and a dis-
Calestous Juma found tions biodiversity agency and you were,” Jack Kay, a colleague, student militia organized by the pute with some of his cousins over
books were scarce, so he wrote to teach at Harvard University, said at a memorial service last Canadian army. “I did not enjoy the estate of his Uncle Louis.
embassies in Nairobi to request where some of his programs were month. “He pretty well thought he that summer either,” he wrote. “I Dr. Sherman married the former
information about the outside funded by the Bill & Melinda was smarter than everyone else, was, and always have been, reluc- Honey Reich in 1971, and they had
world. The Germans sent him a Gates Foundation. and he wasn’t wrong about that.” tant to submit to any authority.” four children. Unlike her husband,
leaflet about what to buy and His focus was on finding ways Bernard Charles Sherman, The next summer he had an On- Honey Sherman was known for her
wear in Düsseldorf. The Chinese to deploy science and technology known as Barry, was born Feb. 25, tario government job, which he de- sunny disposition. She helped steer
dispatched a copy of Mao’s “Little to defeat poverty and hunger. De- 1942, in Toronto. His grandparents scribed as “processing useless in- the couple’s social and philan-
Red Book.” fying many politicians and envi- on both sides had fled persecution formation.” thropic activities.
Even Mao couldn’t suppress ronmentalists, he encouraged Af- of Jews in Russia and Poland. At the University of Toronto, he At the memorial service, their
the boy’s entrepreneurial in- rican nations to experiment with His father was a partner in a earned a degree in engineering son Jonathon said of his parents:
stincts. A neighbor brought him a genetically modified plants. company that made zippers. Visit- physics, which he recalled choosing “You were like a lock and a key:
flashlight that had stopped work- “The risks of doing nothing ing the factory as a boy, Barry was as a subject because it was one of each pretty useless on your own.
ing. Calestous opened it up and may outweigh the risks of inno- asked by his father to help package the most difficult. He went on to But together you unlocked the
scraped rust off the negative con- vating,” he wrote in a 2016 book, zippers into boxes of 20. Though earn a master’s degree in aeronau- world for yourselves, and for us
tact point for the battery. The “Innovation and Its Enemies.” impressed by how quickly the boy tics and astronautics and a doctor- and for so many others.”
light came back on. Soon, he Dr. Juma died at his home in worked, the father checked a few ate in systems engineering at Mas-
earned pocket money by repairing Cambridge, Mass., on Dec. 15. He boxes to make sure each contained sachusetts Institute of Technology.  Read a collection of in-depth
lights, radios and record players. was 64 and had cancer. exactly 20 zippers. “I was ex- During summer breaks from col- profiles at WSJ.com/Obituaries

FROM PAGE ONE

APPLE Hard Promises


Apple has run into delays shipping new products when promised in
recent years.
Continued from Page One
ple public statements. Product announcement timeline
Longer lead times between
Apple Watch
announcement and product re-
lease have the potential to hurt
Apple on multiple fronts. De- ANNOUNCED PROMISED DELIVERED
lays give rivals time to react, Sept. 9, 2014 Early 2015 April 24, 2015
something the company tried
to prevent in the past by keep-
ing lead times short, analysts AirPods
and former Apple employees Sept. 7, 2016 Dec. 21, 2016
said. They also have cost Apple
sales and can stoke customer October 2016 is hard to come by these days.
disappointment.
Production issues contrib- HomePod’s release date
uted to the company largely not yet announced
HomePod
missing the important Christ-
mas shopping season with its
two newest products, AirPods June 5, 2017 December 2017
and HomePods.
When the $349 HomePod Source: the company THE WALL STREET JOURNAL.
was unveiled in June, Apple
touted its superior sound and ing until products were ready Worldpanel. Mr. Cook acknowl-
said it would be ready in De- for shipment before publicizing edged in the interview the re- Investors are seeking direction in today’s
cember. Then Apple said in No- them, except for unique devices lease schedule may have af- uncertain world. How long will the U.S. bull
vember that shipment would like the iPhone and Apple TV. fected sales but was best for market run? What’s keeping inflation so low?
be delayed until this year, caus- For instance, Apple shipped customers.
ing it to lose out on a gift-giv- its flagship handset, the iPhone Neil Cybart, who runs Above With risk rising, where are the potential
ing season when such smart X, in November, six weeks later Avalon, a site dedicated to investment opportunities? And what does
speakers were big sellers. Ap- than it usually does with new analysis of Apple, said he has this all mean for your portfolio? Wilmington
ple hasn’t yet given a new ar- models following production grown concerned that the de- Trust provides insight and guidance for
rival estimate. bottlenecks over the summer. lays could indicate Apple is
Meanwhile, Amazon.com Mr. Cook said during a No- struggling with limited time investors seeking to sidestep hazards, navigate
Inc. in September announced a vember interview with The and attention of talented engi- uncertainty, and stay on a path to protect
redesigned Echo for $99 with Wall Street Journal that Apple neers and executives working and grow their assets.
sound-boosting processing would have preferred to ship across so many products.
from Dolby Laboratories, Inc. the iPhone X, 8 and 8 Plus si- Updated models of its big- For a deeper understanding of the markets
Weeks later, Alphabet Inc.’s gest products—iPhones, iPads and the economic trends likely to unfold in
Google unveiled an improved and Macs—largely have arrived DOWNLOAD
2018, download our Capital Markets Forecast,
speaker of its own, the Google on schedule. But in recent OUR

Home Max, for $399.


Apple has recently years, Apple has added new
FORECAST
Global Positioning Systems: Recalculating
The HomePod delay was “a added new products products at a much faster clip in Light of Detours, Bumps, and Blind Spots,
huge opening” for Amazon and than under Mr. Jobs.
Google to increase sales to
at a much faster clip Under Mr. Cook, who over-
at wilmingtontrust.com/cmf.
loyal iPhone and iPad custom- than under Mr. Jobs. saw manufacturing and opera-
ers, said Matt Sargent, an exec- tions before becoming CEO,
utive at research-based consul- Apple’s product portfolio has
tancy Magid. Apple seems “to more than doubled since 2007.
be losing step, and that’s a big multaneously in September Apple’s large and global cus-
strategic concern with how when the devices were intro- tomer base also add to logisti-
they’re positioning the brand,” duced, but “didn’t have that cal and manufacturing chal-
he said. choice” because the iPhone X, lenges, former employees said. WEALTH PLANNING | TRUST AND ESTATE SERVICES | INVESTMENT MANAGEMENT | PRIVATE BANKING*
Apple declined to make Mr. which was slated to ship later, The company now has an esti-
Cook available. Apple seldom wasn’t ready. Still, he went mated 1.1 billion devices in use *Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
explains why products are de- with announcing all three de- world-wide, about triple the
Investments: • Are NOT FDIC-Insured • Have NO Bank Guarantee • May Lose Value
layed and in the case of the vices at the same time so that 400 million in early 2013, ac-
HomePod said only that it customers could choose the cording to market-research Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation.
Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide
wasn’t ready. phone they most wanted. outfit Asymco.
various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services.
One reason for the delays The staggered schedule led “It’s not the little Ferrari International corporate and institutional services are offered through Wilmington Trust Corporation’s international affiliates.
could lie in the differences in many customers to hold off that Steve built for himself,” Wilmington Trust Investment Advisors, Inc., a subsidiary of M&T Bank, is an SEC-registered investment advisor providing investment
approach between Mr. Cook iPhone purchases in September said Roger Kay, an analyst with management services to Wilmington Trust and M&T affiliates and clients. Loans, credit cards, retail and business deposits, and other
and his predecessor Steve Jobs. and October, triggering a 7.6- Endpoint Technologies Asso- business and personal banking services and products are offered by M&T Bank, member FDIC.
Mr. Cook announces products percentage point decline in U.S. ciates. “It’s become this big or- ©2018 Wilmington Trust Corporation and its affiliates. All rights reserved.
and shipment dates earlier market share for smartphones ganization, and that has to con-
than did Mr. Jobs, who former in the October quarter to tribute to some unevenness of
employees said preferred wait- 32.9%, according to Kantar execution.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Talks Watched for Clues on Nuclear Issue
U.S. remains skeptical
as North and South
Korea prepare for their
first meeting in years
BY ANDREW JEONG

SEOUL—As North and


South Korea prepare to hold
their first official, face-to-face
talks in two years, the stakes
have rarely been higher.
The North, now under the
tightest sanctions yet, has rap-
idly advanced its weapons
program in the past year and
claims to be able to hit the
U.S. with nuclear-armed ballis-
tic missiles. Leaders in Pyong-
yang and Washington have
openly threatened nuclear war.
Against this backdrop, the
South is five weeks away from
hosting the Olympic Games.
Tuesday’s talks will help
determine whether the Koreas’
mutual outreach can cool ten-
sions and lead to discussions
aimed at persuading the North
to abandon its nuclear pro-

KIM WON-JIN/AFP/GETTY IMAGES


gram, or whether it will be
one of many failed efforts to
find common ground. The U.S.
won’t be present.
South Korea hasn’t said who
will lead its delegation, but lo-
cal media have mentioned Uni-
fication Minister Cho Myoung-
gyon as a candidate and People took part in a mass demonstration in support of a new year address made by North Korean leader Kim Jong Un at Kim Il Sung square in Pyongyang on Thursday.
reported that military negotia-
tor Ri Son Gwon may represent peace based on a formidable pone annual combined military balked, and those talks failed to “This is not something where day, China’s Commerce Ministry
Pyongyang. Mr. Ri heads the national security policy” but exercises until after the Olym- produce results. Two months the Republic of Korea is going to and customs agency said they
North’s Committee for Peaceful wouldn’t do so feebly, he said. pics. The exercises enrage later, the North cut cross-bor- go off freelancing or having lots are also limiting crude oil and
Reunification of the Fatherland, A big question is what North Pyongyang, which has de- der communication lines. of conversations with them.” refined petroleum exports to
an organization handling inter- Korea would demand in return manded their cancellation. The U.S., which has led ef- The Republic of Korea is the for- North Korea, to ensure compli-
Korean affairs. This week he an- Sporadic talks between the forts to isolate Pyongyang over mal name for South Korea. ance with the U.N. Security
nounced the decision by North Koreas have occurred since the its nuclear program, has said it Chinese Foreign Ministry Council’s December resolution.
Korean leader Kim Jong Un to 1970s, resulting in agreements isn’t a bad thing for the Koreas spokesman Geng Shuang told Effective Saturday, Beijing’s
reopen a cross-border hotline.
President Moon Jae- to hold reunions for families to talk. But the State Depart- reporters Friday that Beijing curbs will also ban imports of
A South Korean government in said that the separated by the Korean War ment said it is skeptical about supported the decision to hold certain North Korean goods, in-
spokesman said the North’s and deals to provide the North Mr. Kim’s sincerity and warned talks and urged all parties to cluding agricultural products,
possible participation in the
nuclear program was with medical and food supplies. this week that North Korea may seize the positive momentum. minerals, machinery, electrical
Olympics would lead the ‘tough to solve.’ The most recent official be trying to “drive a wedge” be- Beijing announced new equipment, wood and vessels.
agenda, following Mr. Kim’s face-to-face talks were in De- tween Seoul and Washington. curbs on trade with North Ko- Observers say expectations
Jan. 1 offer to send a delegation cember 2015, when the North “These talks will be limited rea, including a ban on export- should be low for a break-
to the Winter Games in Pyeo- asked Seoul to lift a ban on to conversations about the ing iron, steel, industrial ma- through in Tuesday’s talks.
ngchang next month. South Ko- for Olympic involvement. On South Koreans visiting a North Olympics and perhaps some chinery and cargo vehicles to There was no comment on the
rean President Moon Jae-in said Thursday, amid signs of a tenta- Korean mountain resort that other domestic matters…not be- the hermit state, in a move to talks from Pyongyang on Friday.
Friday that the North’s nuclear tive thaw on the peninsula, U.S. had been a source of income for yond that,” State Department implement recently approved —Min Sun Lee in Seoul and
program was “tough to solve.” President Donald Trump and Pyongyang. The North refused spokeswoman Heather Nauert United Nations sanctions. Chun Han Wong in Beijing
Seoul would pursue “talks and President Moon agreed to post- to discuss other topics. Seoul told a news briefing Thursday. In a joint directive issued Fri- contributed to this article.

U.S., Ukraine on Guard Against Arms Capture Canada’s


U.S. plans to arm Ukraine
infuriated Russia and aggra-
age that goes along with the
weapons that gives people on
search, a group that documents
sources of weapons in conflict
Jobless
vated deteriorating relations,
but a bigger worry is the weap-
ons falling into enemy hands—
our side a lot of reassurance
that we will be able to keep
tabs on them,” a senior U.S.
zones, last month released a
report saying the U.S. provided
Syrian rebels with arms con-
Rate Hits
as has happened before.

By Thomas Grove in
official said.
It isn’t a theoretical problem.
After the U.S. delivered short-
tributed by North Atlantic
Treaty Organization allies,
much of it Eastern European
New Low
Moscow and Julian E. range radar systems to Ukraine surplus, that then made its way BY PAUL VIEIRA
Barnes in Brussels in 2014, at least one was de- into the hands of Islamic State.
ployed to the frontline near the Responding to the report, OTTAWA—Canada’s unem-
Washington last month de- eastern city of Debaltseve to de- the Pentagon said it was moni- ployment rate dropped to a
cided to send lethal aid to tect the site from which rebels toring alleged misuses and four-decade low in December
Ukraine to prevent aggression were launching artillery attacks. would curtail support for reb- and job creation exceeded ex-
by pro-Russia separatists. The Separatist forces over- els if the weapons were lost. pectations by a wide margin
move is meant to keep the whelmed the government Tank Hunter Perhaps most notoriously, for a second straight month,
simmering conflict from flar- troops, who fled and left parts The Javelin missile can not only destroy a tank, slowing any Russian the CIA in the 1990s had to buy likely increasing pressure on
ing into a hot war by improv- of the radar behind. Pro-Krem- advance into Ukraine, but also give infantry troops an advantage in back Stinger missiles it pro- the Bank of Canada to raise in-
ing government forces’ ability lin media triumphantly pub- spotting enemies. vided in the 1980s to Afghan terest rates in early 2018.
to defend against possible lished pictures of the compo- Mujahideen fighting the Soviet The Canadian economy
rebel offensives. nents in their boxes. “It was NAME OPTICS army, which it has never pub- added a net 78,600 jobs in De-
But the policy is fraught interesting to get a look at the FGM-148 Javelin 4X or 9X thermal magnification, licly acknowledged. U.S. officials cember on a seasonally ad-
with potential national secu- American technology,” said An- MAKER
4X optical magnification feared the shoulder-launched justed basis, Statistics Canada
rity pitfalls, particularly the ton Lavrov, an independent Raytheon & Lockheed Martin TYPICAL RANGE missiles could be targeted said Friday, which nearly
risk of the weapons ending up Russian military analyst, refer- TYPE
2.5 km/1.6 miles against commercial jetliners or matched the previous month’s
on the other side. U.S. officials ring to the published photos. Shoulder-fired missile GUIDANCE be used by Taliban forces. gain of 79,500. This marked the
say they have carefully consid- A Ukraine military spokes- Infrared seeker locks on to target Today, arming rebel groups best two-month performance
ered the dangers, taking par- man said it intentionally de- TARGETS in Syria or Afghanistan is far since April 2012.
ticular precautions with Jave- stroyed parts of the radar sys- Tanks, bunkers, slow-moving PERFORMANCE
different from providing arms Canada’s jobless rate
helicopters, small boats Missile can be set to take a direct
lin antitank missiles the Trump tem before the withdrawal and to the Ukrainian government, reached a fresh low of 5.7%,
WARHEAD
path or climb above its target and
administration is sending. immediately informed the U.S. strike where the armor is weakest the senior U.S. official said. down from 5.9% in November.
Those weapons have been An official close to the Russian Shaped charge for armor “Basically things work in The data agency said Decem-
designated for units far back Defense Ministry said the cap- penetration ATTRIBUTES Ukraine,” the official said. “It ber’s unemployment rate is the
from the eastern Ukraine front- ture was less a military-technol- Soft-launch technology reduces is a totally different thing than lowest since it began collecting
Photo: U.S. Marine Corps
line to ensure that Ukraine ogy gold mine than a psycho- Source: Raytheon & Lockheed Martin
back blast an ongoing civil war.” comparable data back in 1976.
doesn’t use them for an offen- logical victory and chance for THE WALL STREET JOURNAL. Keeping Javelins from the The December report also
sive push and they aren’t lost to nose-thumbing at U.S. policy. frontline also means they will suggests 2017 was the best
the enemy if the fighting shifts. The problem hasn’t been not have a direct impact on the year for job growth since
They will be stored at train- limited to Ukraine. The U.S. The Russian official said lisi, the Georgian capital. battlefield. U.S. and Ukraine of- 2002. Overall, employment
ing centers. American soldiers, provided aid, including train- that on a trip to Armenia, he A Pentagon spokesman noted ficials say the importance of rose 2.3%, or 423,000, in 2017.
who are now at a base in far ing and equipment, to Georgia met special forces with U.S. that Ukraine and Georgia are the weapons isn’t to push back
western Ukraine but could during its 2008 conflict with gear, including boots, field required to adopt the same se- separatist troops but to
move to bases in more-central Russia-backed separatists in jackets and knives, which he curity measures as the U.S. and strengthen the diplomatic push Defying Expectations
parts of the country, will regu- Abkhazia and South Ossetia, said he identified from the said it “conducts meticulous to settle the conflict. Canada's unemployment rate is
larly check and count them and American-issued equip- brands and make. He said they evaluations of physical security —Nancy Youssef the lowest since it began
while training units. ment was captured on Geor- told him they bought it at an preparations and capabilities.” in Washington collecting comparable data back
“There is a [training] pack- gian bases. informal street market in Tbi- Conflict Armament Re- contributed to this article. in 1976
13%

Eurozone Inflation Eases but Policy Makers Confident 12

11
BY PAUL HANNON growth has given policy mak- central bank hopes it will. to the ECB because energy The ECB is pinning its hopes 10
ers “greater confidence” that Figures released by the Euro- prices jumped at the turn into on a relationship known in eco-
The annual rate of inflation inflation will eventually hit pean Union’s statistics agency 2017, and those sharp rises nomics as the Philips curve, 9 December
in the eurozone fell in Decem- their target of just below 2%. Friday showed the annual rate aren’t likely to be repeated where falling unemployment is 5.7%
ber, likely marking the start of The ECB is this month cut- of inflation was closer to the this year. As a result, econo- believed to push up inflation as 8
a series of drops the European ting back on one of the stimu- ECB’s goal at the end of 2017 mists and policy makers ex- workers demand and get higher
Central Bank hopes will prove lus programs it launched in than at the start. Consumer pect the inflation rate to drop wages. But there is little evi- 7
temporary. 2014, reducing its monthly prices were 1.4% higher in De- further in early 2018, before dence of that relationship pro-
The eurozone’s economy bond purchases under a pro- cember than a year earlier, com- rebounding from March. ducing the expected results. Ac- 6
had a surprisingly strong 2017, gram known as quantitative pared with an inflation rate of That early weakness is one cording to figures released last
in which it is estimated to have easing to €30 billion ($36 bil- 1.1% in the final month of 2016. reason why the ECB’s econo- month, wages increased more 5
grown at the fastest pace since lion) from €60 billion. The tim- However, the inflation rate mists expect the average rate slowly in the three months to 1980 ’90 2000 ’10
the global financial crisis. Ac- ing of further steps in that di- eased from the 1.5% rate re- of inflation to be lower in 2018 September than in the previous Note: data is seasonally adjusted
cording to ECB President Ma- rection will depend on evidence corded in November. That dip than in 2017, before rising three-month period, despite a Source: Statistics Canada
rio Draghi, that pickup in that inflation is behaving as the won’t come as a big surprise again in 2019 and 2020. drop in the unemployment rate. THE WALL STREET JOURNAL.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, January 6 - 7, 2018 | A7

WORLD NEWS

Pakistan Official
Warns Alliance
With U.S. Is Over
BY SAEED SHAH administration even inviting
New Delhi to take a bigger role
ISLAMABAD—Pakistan’s for- in Afghanistan. Mr. Asif said
eign minister said he sees his that Pakistan is “not alone” and
country’s alliance with Wash- had options for other allies.
ington as over after the Trump Last year, the foreign minister
administration announced the rallied China, Iran, Russia and
suspension of U.S. security-re- Turkey behind Pakistan’s strat-

SAM TARLING FOR THE WALL STREET JOURNAL (2)


lated aid to Pakistan. egy for Afghanistan, which cen-
“We do not have any alli- ters on peace talks with the Tal-
ance” with the U.S., Khawaja iban instead of more fighting.
Muhammad Asif said in an in- He also said Pakistan made
terview Friday. “This is not a “huge mistake” in 2001—
how allies behave.” when the country was under
The foreign minister’s military dictatorship—by join-
statement further ratcheted up ing America’s campaign in Af-
an increasingly tense exchange ghanistan, which he said en-
in the past week between the gendered a terrorist backlash
two countries, which have on Pakistan.
maintained a rocky antiterror Washington said Thursday
collaboration since the Sept. that security assistance was
11, 2001, attacks. Those ties on hold “until the Pakistani Since Syrian soldiers took her husband in 2012, Ghada Abo Mestu has had no concrete evidence of whether he is alive or dead. She
have frayed but not broken de- government takes decisive ac- fled her home without possessions in 2015, and has only one image of her husband, from a government-issued family ID book.

Legions of Missing in Syria


tion against groups, including
the Afghan Taliban and the
Haqqani network.” That could
‘We do not have any amount to a freeze of more
alliance’ with the than $2 billion in military aid
and equipment, a senior U.S.
U.S., Khawaja official said Friday. BY RAJA ABDULRAHIM her husband. She never heard
Muhammad Asif says. However spirited this week’s from the go-between again.
exchange between Washington GHAZZE, Lebanon—It was Ms. Mestu fled Syria in 2015
and Islamabad has been, both the middle of harvest season after she was forced to leave
sides have avoided even more when government soldiers her home in the town of Zaba-
spite differences over Afghani- inflammatory moves. snatched Ghada Abo Mestu’s dani.
stan, India and the 2011 U.S. Actions that Pakistan par- husband from the apple or- When she left, she wasn’t
raid on Osama bin Laden’s ticularly fears would include chard of his family farm in able to take anything of his
compound in Pakistan, which the U.S. limiting Pakistan’s ac- Syria. One bashed his head with her.
was undertaken without Is- cess to international finance with a rifle butt before he was When her cellphone broke,
lamabad’s prior knowledge. and banking or imposing puni- dragged away. she lost years of text messages
For Washington, jettisoning tive measures such as travel That was in 2012, more than they had exchanged.
support for a longtime nu- bans and sanctions against in- a year into Syria’s civil war. “I have nothing of his,” she
clear-armed ally in a strategic dividual Pakistani officials. Since then, Ms. Mestu has de- said, breaking down in tears.
location isn’t easy. For its Pakistan could retaliate to voted much of her life to try- She reached for tissues to dab
part, Pakistan fears a full any further deterioration of ing to find him—pleading with at her eyes. “That really, really
break could lead the U.S. to ties by cutting off the key sup- security officials for informa- hurts.”
apply its leverage in interna- ply route for the nearly 14,000 tion, meeting with released In exile, Ms. Mestu has be-
tional forums to hurt the U.S. soldiers in landlocked Af- prisoners, combing through come an advocate. She at-
country’s economy. ghanistan, experts said. grisly photographs of those tended the latest round of
A long-festering dispute lies Pakistan says it can manage who have died in detention. fates.” tually no progress. peace negotiations in Geneva
at the heart of the conflict be- without U.S. aid, reacting with She says she still has no Diplomats and United Na- It was September 2012 late last year and told diplo-
tween the two countries: The pique to President Donald concrete evidence of whether tions officials warn that with- when Ms. Mestu’s husband, mats of her yearslong odyssey
U.S. accuses Pakistan of har- Trump’s use of language the father of her five children out credible reporting on what Tariq Burhan, was hauled away to find her husband.
boring jihadists who kill widely seen in the country as is alive or dead. happened to people taken into by Syrian government forces. In October, she joined other
American soldiers in Afghani- impugning its national honor. More than 100,000 people custody, the scars of the con- Within an hour, Ms. Mestu got Syrian women with missing
stan, while Islamabad says In a New Year’s Day tweet, he have disappeared as Syria’s flict might never heal. a call from one of the farm- family members on a red dou-
Washington doesn’t ade- said the Pakistanis “have given multisided conflict has un- The problem is vast. Am- workers telling her that her ble-decker bus driving through
quately acknowledge Paki- us nothing but lies & deceit” folded, according to human- nesty International estimated husband had been arrested. London to draw attention to
stan’s role in decimating al for 15 years while taking $33 rights groups. The vast major- last year that between 2011 By the afternoon she was at the issue. On the sides of the
Qaeda or its sacrifice of thou- billion of American aid. ity have vanished into a and 2015 as many as 13,000 the local branch of Syria’s bus were framed photos of de-
sands of lives after joining Pakistani officials say they sprawling prison system run people were executed—many feared national security force, tainees.
America’s war on terror. are pushing Afghan insurgents by the regime of President in mass hangings—at Sednaya, telling them they had made a About a week before that
Islamabad also sees the U.S. across the border, but won’t Bashar al-Assad. Other armed a government prison outside mistake and that her husband trip, she received devastating
growing ever closer to its arch- fight the Afghan war on Paki- groups also have taken prison- the Syrian capital, Damascus. had nothing to do with the news. In apologetic texts, a go-
enemy India, with the Trump stani soil. “We have relative ers. At the time, Syria’s foreign armed uprising then sweeping between for a lawyer with
calm in Pakistan at the mo- Now, as fighting appears to ministry denied the report and the country. She was told to links to the Syrian government
ment,” Mr. Asif said. “But if we be winding down in most parts called it “a new Hollywood come the next day. relayed news that her husband
go against these people [Af- of the country and Mr. Assad story” disconnected from real- When she did, she was told had died three years earlier in
ghan insurgents], then the war is emerging victorious, opposi- ity. Government officials didn’t Mr. Burhan had already been Sednaya, the prison cited as
will again be fought on our soil, tion leaders and human-rights respond to requests to com- transferred to a prison in Da- the site of large-scale execu-
which will suit the Americans.” officials are pushing for the re- ment. mascus. tions.
Washington accuses Paki- lease of detainees, access to With no public record of She reached out to friends The information was unoffi-
stan’s powerful military of jails for international monitors those detained, executed and and relatives in the capital, cial and secondhand. More-
supporting the Taliban and and formal word on what has missing, names trickle out begging them to help follow over, there was no body, no
NICOLAS ASFOURI/AFP/GETTY IMAGES

Haqqani network as proxies to happened to the legions of through unofficial channels. the trail each time she was photos, not even a grave num-
have influence in Afghanistan, missing. Some have been written in told her husband might be in a ber she could visit.
a charge Islamabad denies. “The families of the detain- blood on pieces of fabric certain prison or security In these blank spaces Ms.
“We are still working with ees are constantly searching,” smuggled out of prison cells. branch. Mestu says she finds hope—
Pakistan, and we will restore said the 40-year-old Ms. Others come via paid infor- Ms. Mestu said she once and despair.
the aid if we see decisive move- Mestu, who now lives and mants. paid about $80 to a man with “If there is no concrete evi-
ments against the terrorists,” works in a Syrian refugee com- The issue of detainees has connections to the govern- dence, I cannot be sure,” she
Defense Secretary Jim Mattis munity in neighboring Leba- been raised at round after ment’s security service who said. “I imagine I will spend
said, adding he wasn’t worried non. “We can part with every- round of Syria peace talks be- said he would use the money the rest of my life searching
about Pakistan cutting off U.S. thing we own in this world just tween the regime and the op- to buy whiskey to bribe a mili- for someone to give me cer-
Khawaja Muhammad Asif supply routes to Afghanistan. to be certain about their position, which have made vir- tary officer for information on tainty.”

Mudslides Kill Dozens in Congo


World Powers Debate Response
To Iranian Demonstrations
BY FARNAZ FASSIHI Asia and Russia striking a help amplify the voices of Ira-
more cautious tone, warning of nians seeking freedom and said
JOHN WESSELS/AGENCE FRANCE-PRESSE/GETTY IMAGES

UNITED NATIONS—Iran’s the potential for unintended “nothing will stop Americans”
antigovernment uprising consequences. from standing in solidarity
marked its 10th day on Friday, Some Western diplomats with them.
challenging the Islamic Repub- said that the “unpredictable But none of the representa-
lic’s ruling regime as well as outcome” of the Arab Spring— tives of the other 14 countries
world powers searching uneas- particularly in Syria—serves as echoed her sentiment Diplo-
ily for a diplomatic response a caution against rushing to mats stopped short of express-
that fits in a region rife with support unrest or regime ing open support for protests
unrest, violence and crisis. change in Iran. or condemnation of the Iranian
The protests, which have en- “If we look at what hap- regime.
gulfed Iranian cities of all sizes pened in Syria and Arab European members of the
and the working-class popula- Spring, these things can start Security Council—the U.K.,
tion centers, are reminiscent of like this [peaceful protests] France, Sweden and Nether-
the Arab Spring uprising in and become threats to interna- lands—all called for peaceful
2011 that toppled autocratic re- tional peace and security,” said dialogue between the opposi- GRIEVING: Women mourned the death of a family member after torrential rain and mudslides
gimes across the region. a Western Council diplomat. tion and government and swept through shanty homes in Kinshasa, the capital, claiming the lives of 38 people early Friday.
But diplomats, Iran watch- The U.N. Security Council urged Iran to take their de-

WORLD WATCH
ers and even middle-class Ira- debated how to respond at an mands seriously. China and
nians—many of whom have emergency meeting held Friday Russia and others, including
chosen to sit out the protests— at the request of the U.S. Many France, said the protests in
are watching to see whether diplomats, including key Wash- Iran should not have come be-
Iran squelches the demonstra- ington allies, expressed reser- fore the Security Council and VENEZUELA general who is Aragua state’s the European Union develop a
tions or stands to go the way vations concerning overt didn’t meet the criteria for dis- governor, and Francisco Rangel partnership with Turkey after its
of Tunisia, with a turn toward moves in support of protests. cussion, such as threats to in- U.S. Sanctions More Gomez, an ex-general and previ- leader said he was “tired” of
flourishing democracy and rel- “The stability and security ternational security and peace. Military Officials ous governor of Bolivar state. The waiting for the bloc to decide if
ative stability, or Syria, shred- of Iran is linked to the stability Many of the diplomats cited U.S. already has targeted dozens it wants Turkey as a member.
ded by civil war and infested and security of region and the the chaos in the Middle East The Trump administration im- of current and former Venezuelan Turkish President Recep Tayyip
with terrorist organizations. world as a whole,” said Kuwait and said Iran’s stability was posed sanctions Friday on four officials. —Associated Press Erdogan was in Paris for talks
Until now, reaction among Ambassador Mansour Al- crucial to regional stability. senior Venezuelan military offi- with Mr. Macron, who said Tur-
world leaders has been far Otaibi, adding that the interna- Russia’s ambassador to the cials for alleged corruption and TURKEY key’s wait for membership was
from united. The U.S. adminis- tional community must draw U.N., Vasily Nebenzya, singled repression, in a bid to raise the far from over and suggested a
tration has endorsed the pro- lessons from the “disastrous out Syria, Libya, Yemen and pressure on President Nicolás Macron Suggests partnership in the meantime. Ties
tests, with President Donald outcomes” of the Arab Spring Iraq. “All these open wounds Maduro’s government. Partnership With EU between the two worsened last
Trump advocating on Twitter uprising and Syria. will remind us of the danger of Among those targeted in the year amid mass arrests and fir-
for change in Iran, while Euro- U.S. Ambassador Nikki Ha- geopolitical engineering,” he Treasury Department’s action are French President Emmanuel ings by Mr. Erdogan’s government.
peans, along with leaders in ley called for all countries to said. Rodolfo Marco Torres, a retired Macron suggested Friday that —Associated Press
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

IN DEPTH

JOSEPH ZIDAREVICH
Google
bikes off
campus.

BIKES Ken Rosenberg admits he once


rode a Gbike to go see a movie
after a meeting on Google’s
campus.
years, believing they would in-
convenience employees, Google
is testing versions that workers
could unlock with smartphones.
many bikes it loses. From July
to November, Google recovered
70 to 190 bikes a week, or
roughly two-thirds of the bikes
Amphitheatre, the outdoor
venue adjacent to its campus. “I
don’t know why, but all the
country concerts have a heyday
‘Oh, I’ve got a whole garage full
of them.’ ”
At Red Rock Coffee in down-
town Mountain View, Mr. Zi-
Continued from Page One Google, a unit of Alphabet And 30 Google contractors in reported off campus. The rest with our bikes,” said Gbike op- darevich and Ms. Veach, the Or-
thieves. Many residents of Inc., can afford it. It won’t say five vans retrieve Gbikes across weren’t there when contractors erations chief Terry Mac. acle employee, clashed over
Mountain View, a city of 80,000 what it pays for its bikes, which the region. After a spate of arrived to retrieve them. Joseph Zidarevich, a 58-year- their opposing views on Gbikes.
that has effectively become have yellow frames, red baskets bikes in the town creek, they Google managers say they old marketer from Mountain Mr. Zidarevich said he dislikes
Google’s company town, see the and green and blue wheels. Such now carry waders and grappling struggle to reduce thefts be- View with a surfer’s cadence that his neighbors feel entitled
employee perk as a community cruisers typically cost $100 to hooks to fish them out. cause they often can’t tell and shaggy hair, said three bikes to them because “Google owes
service. $300, meaning even losing a While the Gbikes have small whether riders are among the appeared on his lawn eight them somehow, someway.”
“It’s like a friendly gesture,” hundred or so a week would be signs that instruct riders to company’s 20,000 employees in years ago. “We drove them up Ms. Veach said the Gbikes are
said Sharon Veach, a 68-year- barely a bump in the road for a leave them at Google and call a Mountain View. Mr. Poskey said to the Google campus and just “a reward for having to deal
old resident who rides the bikes company sitting on more than hotline if found, the company’s he once confronted what he threw them out of the back,” he with the buses” carrying Google
several times a week. “They $100 billion of cash. stance isn’t always clear. “My thought was a homeless woman recalled. employees that barrel down her
don’t really want us to use it, Still, Google is trying to slow daughter came home from third on a Gbike. “I mean if I could Many neighbors ride them, street each day. “I ride a bicy-
but it’s OK if you do.” Ms. Veach the losses. Late last year, it grade and asked me, ‘Are we describe her, you would agree he said, “from whole families cle…to balance it out,” she said.
said that when a bike is avail- started adding GPS trackers to supposed to be riding these or with me,” he said. “Then she with their grandmothers—liter- After finishing her decaf soy
able at the train station she the bikes, which revealed not?’ ” said Jeral Poskey, a showed me her Google badge.” ally the grandpa and grandma latte, Ms. Veach walked outside
rides it 10 minutes to her house, thieves were taking them as far Google transportation executive. Mountain View Police are and all their grandkids were rid- and came across a Gbike miss-
and then keeps it overnight be- as Mexico and Fairbanks, Google, a company obsessed hands off. “We don’t have the ing Google bikes down the ing a seat. Because the bike was
hind her gate. The next morn- Alaska. The bikes have previ- with data, says that its new GPS manpower to stop every person road—to the Sureño gang kids.” damaged, she said she would
ing, she rides it back to the sta- ously been spotted in the snow trackers—now on roughly a and say, ‘Are you a Google em- And some stash them, he said. leave it. A moment later, she
tion, where she catches the train in New England and the dust at third of the bikes—show that ployee?’ Nor should we,” a po- After he spotted an elderly changed her mind: “Well, maybe
to her job at Google rival Oracle Burning Man, the arts festival in each day the bikes take an aver- lice spokeswoman said. neighbor with one, Mr. Zidarev- I’ll ride it for a few minutes.”
Corp. “I rent it for a day.” the Nevada desert. age 12 trips and travel 6 miles. Google says disappearances ich said he asked him what he Then she hopped on and rode
Even Mountain View Mayor After resisting locks for Still, Google isn’t sure how spike after concerts at Shoreline planned to do with it. “He goes, out of view.

SPYING Beyond Malware


Kaspersky Lab's antivirus software works like any other such software. Some former U.S. government officials suspect it may also have been used in security
breaches. Kaspersky says those suspicions ‘should be taken as nothing more than unsubstantiated allegations against a company whose mission has always been to
Continued from Page One
The process of evaluating
protect against malware.’
Kaspersky’s role, and taking ac-
tion against the company, is
complicated by the realities of
global commerce and the nature
of how modern online software
works. A top Department of
Homeland Security official said
in November congressional tes-
timony the U.S. lacks “conclu-
sive evidence” Kaspersky facili- Access granted Copy and upload Diagnosis Espionage Outing the NSA
tated national-security breaches.
When antivirus software such The software looks in folders, files, If antivirus software finds something U.S. officials discovered Kaspersky Kaspersky exposed what it described
While the U.S. government as Kaspersky's is installed on a programs and browsers to identify suspicious, it can alert the computer software was being used to scan as a cyber-snooping network it
hasn’t offered conclusive evi- computer, it requires total access malicious code or infected files. It then user of anything suspicious and flag computers not only for viruses but also dubbed the ‘Equation Group.’ In fact,
dence, Wall Street Journal inter- to the computer's contents. sends a record of anything suspicious them to be removed. for classified government information, it was an elite classified espionage
views with current and former to a Kaspersky lab for analysis. including from a NSA worker’s group within the NSA, said former
U.S. government officials reveal computer, said former U.S. officials. U.S. officials.
what is driving their suspicions. Sources: Current and former U.S. officials; Kaspersky Lab THE WALL STREET JOURNAL.
Some of these officials said
they suspect Kaspersky’s antivi- using Kaspersky software but two dozen reports referring to mation wasn’t shared with Rus- acted as a digital scout and akin to guidebooks, showing the
rus software—the company says criticized the U.S. software ban the company or its connections, sian intelligence, or they weren’t identified the classified mate- agency’s hackers how to pene-
it is installed on 400 million as “undermining the competi- according to a U.S. defense offi- supporting Russian intelli- rial, these people said. trate various systems and walk-
computers world-wide—has tive positions of Russian compa- cial, with the Pentagon first gence,” said a former U.S. offi- U.S. investigators sought to ing them through the proce-
been used to spy on the U.S. and nies on the world arena.” mentioning the firm as a poten- cial about Kaspersky, “you’d assess the damage, including dures for different missions. One
blunt American espionage. tial “threat actor” in 2004. have to be very nearsighted to whether Kaspersky’s products lead pointed back to Kaspersky
Kaspersky’s suspected involve- At a February 2015 confer- not at least think there was were installed on other sensitive products, said current and for-
ment in U.S. security breaches Servers in Russia ence, Kaspersky exposed what it something there.” computers. Officials feared Rus- mer U.S. officials. Investigators
raises concerns about the rela- Mr. Kaspersky enrolled at the described as a cyber-snooping Not all U.S. officials believed sian intelligence could have not now believe those manuals may
tionship between the company KGB-sponsored Institute of network it dubbed the “Equa- the worst about Kaspersky, with only turned personal computers have been obtained using
and Russian intelligence, these Cryptography, Telecommunica- tion Group.” In fact, it was an many citing the high quality of into tracking devices, but also Kaspersky to scan computers on
officials said. tions, and Computer Science, elite classified espionage group the firm’s cyberthreat research. used them as staging points to which they were stored, accord-
DHS, convinced Kaspersky is finished in 1987 and was com- within the NSA, said some of “There was this innocent until access other machines inside the ing to one of the officials.
a threat, has banned its soft- missioned in Soviet military in- the former U.S. officials. Kasper- proven guilty attitude,” said an- White House, the official said. Kaspersky said it has no in-
ware from government comput- telligence, he has told reporters. sky linked it to a virus called other former U.S. official who Still, the incident didn’t trigger a formation on the content of the
ers. The company sued the U.S. He has acknowledged his com- Stuxnet that the Journal and worked on Russia and national- broader alarm across the U.S. classified documents it received
government on Dec. 18 in U.S. pany has done work for the other publications have since re- security matters. government about whether any in 2014 because they were de-
District Court in Washington, KGB’s successor, the FSB. ported was designed by the U.S. federal agency computers were leted. It isn’t clear if the manu-
D.C., saying the ban was arbi- Kaspersky, closely held, says and Israel to destroy Iranian nu- using Kaspersky. als the Shadow Brokers posted
trary and capricious, and de- it has unaudited 2016 revenues clear centrifuges. Kaspersky also Israeli tip In response to the Journal’s are the same documents.
manding the prohibition be of $644 million. Current and described other techniques and Israeli intelligence shared story on the incident last year, Around the time the Shadow
overturned. DHS referred inqui- former U.S. intelligence officials tactics the U.S. uses to break with U.S. counterparts in 2015 Kaspersky conducted an internal Brokers were spilling NSA se-
ries to the Justice Department, into foreign computer networks. that it had penetrated the net- investigation, releasing a report crets, emails stolen from the
which declined to comment. Once such techniques are works of Kaspersky, the Journal in November. The only incident Democratic National Committee
Kaspersky, in a statement, public, they are effectively use- reported previously. The Israelis Kaspersky said it found that were showing up on WikiLeaks
said: “Unverified opinions of
Homeland Security less for spying. When NSA offi- discovered Kaspersky software matched the story’s description in what intelligence officials
anonymous officials about has banned Kaspersky cials got word of Kaspersky’s was being used to scan comput- occurred in late 2014. By then, it have said publicly they con-
Kaspersky Lab continue to be plans to expose its tactics, they ers not only for viruses but also said, it had been investigating cluded was a Russian-led hack-
shared, and should be taken as
software from pulled the agency’s spying tools for classified government infor- Equation Group for six months ing operation. Officials from the
nothing more than unsubstanti- government computers. from around the world as a pre- mation that would be of interest when its antivirus software de- White House, the Pentagon, the
ated allegations against a com- ventive measure and reworked to Russia, said former U.S. offi- tected previously unidentified State Department and the intel-
pany whose mission has always how its hackers were function- cials familiar with the Israeli variants of the malware on a ligence community met in late
been to protect against malware ing, said some of the former U.S. discovery. U.S.-based computer and sent a 2016 to debate responses to the
regardless of its source, and said they doubt Kaspersky could officials. The NSA didn’t re- As the NSA investigated the zip file containing the suspi- alleged Russian aggression, said
which has repeatedly extended have risen to such heights out- spond to requests for comment. Israeli tip, it homed in on a cious code to the Moscow-based some former U.S. officials.
an offering to the U.S. govern- side Russia without cooperating U.S.-Russian relations at the worker in the agency’s elite virus lab for analysis. At the State Department,
ment to help alleviate any sub- with Russian authorities’ aims, a time were deteriorating. Presi- hacking unit, then called Tai- The analysis discovered among options considered was
stantiated concerns. We have conjecture the company denies. dent Vladimir Putin had granted lored Access Operations. The hacking tools now known to taking retaliatory action against
never helped and will never help Kaspersky’s main product is NSA leaker Edward Snowden worker had improperly removed have belonged to the NSA, as Kaspersky, said former officials
any government with its cybere- similar to other antivirus soft- asylum and annexed a swath of classified information about well as four documents bearing involved in the deliberations.
spionage efforts.” ware, which scans computers to Ukraine. Some U.S. officials NSA spying operations and in- what appeared to be classifica- The State Department referred
The company in a court filing identify malicious code or in- were convinced Kaspersky was stalled it on his home computer, tion markings, Kaspersky said, inquiries to the Justice Depart-
said any Russian government fected files. Such software typi- promoting Russian interests and said former U.S. officials famil- without mentioning the NSA or ment, which declined to com-
engagement in cyberespionage cally requires total access so it had shared with the Kremlin iar with the episode. The con- U.S. government by name. Mr. ment. Ultimately, the Obama
isn’t evidence that a Russia- can remotely scan documents or what it knew about the Equa- tractor’s computer ran Kasper- Kaspersky ordered the files de- White House didn’t seriously
headquartered company such as emails and send a record of any tion Group. “To think that infor- sky’s antivirus software, which leted from the company’s sys- consider sanctioning Kaspersky,
Kaspersky is facilitating govern- suspicious and previously un- tems within days and the infor- some former U.S. officials said.
ment-sponsored cyberintru- identified code back to the soft- mation wasn’t shared with third In the months after President
sions, adding: “In fact, more ware company. parties, the company said. Donald Trump took office, con-
than 85 percent of Kaspersky In Kaspersky’s case, some Kaspersky said it did keep cern about Kaspersky grew.
Lab’s revenue comes from out- servers are in Russia. When the certain malware files from that In September, the DHS
side of Russia—a powerful eco- DHS banned Kaspersky prod- collection. It said it also de- banned Kaspersky products
nomic incentive to avoid any ac- ucts, it cited “requirements un- tected commercially available from government computers.
tion that would endanger the der Russian law that allow Rus- malware on the U.S. computer, The public statement accompa-
trusted relationships and integ- sian intelligence agencies to which could have been used to nying the ban reads like a de-
rity that serve as the foundation compel assistance from Kasper- remove files. classified version of the intelli-
of its business by conducting in- sky or intercept communica- In 2016, an online group call- gence community’s suspicion:
PAVEL GOLOVKIN/ASSOCIATED PRESS

appropriate or unethical activi- tions transiting Russian net- ing itself the Shadow Brokers “The risk that the Russian
ties with any organization or works.” Kaspersky countered posted stolen NSA cyberspying government, whether acting on
government.” that those laws and tools don’t tools. The Shadow Brokers its own or in collaboration with
The Russian Embassy in apply to its products because claimed in its postings some Kaspersky, could capitalize on
Washington, D.C., didn’t respond the firm doesn’t provide com- came from Equation Group. access provided by Kaspersky
to requests for comment. In Oc- munications services. Again, U.S. officials rushed to products to compromise federal
tober, Kremlin spokesman Concerns about the potential determine how the tools were information and information
Dmitry Peskov didn’t address threat posed by Kaspersky soft- stolen. Among the posted com- systems directly implicates U.S.
reports that the Russian govern- ware have circulated in U.S. in- puter code were technical man- national security.”
ment may have stolen U.S. Na- telligence circles for years. U.S. Kaspersky Lab says it hasn’t helped any government with uals the NSA uses as part of its —Aruna Viswanatha
tional Security Agency materials intelligence issued more than cyberespionage. Eugene Kaspersky at Moscow headquarters, above. spying operations. These are contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | A9

OPINION
THE WEEKEND INTERVIEW with Morris P. Fiorina | By James Taranto

Moderate Voters, Polarized Parties


M
ost observers of become polarized, in a process he that partisan sorting “at the Bill
American politics calls the “sorting” of the electorate. Kristol level”—meaning among
predict 2018 will fa- “We have these two now cohe- pundits and intellectuals—“is way
vor the Democrats. sive, different parties,” he says. higher than the sorting at the level
The party has a good Democrats and Republicans today of even the primary voters.”
chance of taking control of the are as ideologically distinct as “the Mr. Fiorina holds out some hope
House in November, and even a Social Democrats and the Christian that Mr. Trump will break the ping
Senate majority is within reach, al- Democrats in Europe at the height pong pattern. “In the book, I char-
though Democrats are defending of their power in the 20th century. acterize Trump first as a de-sorter
three times as many seats in the And the problem is, we’ve got a and then as sort of a disjunctive
upper chamber as Republicans are. much more heterogeneous country, president, and in Silicon Valley
Here’s a safer prediction: If the and there’s only two of them, and terms a disrupter,” he says. “I
Democrats do triumph on Nov. 6, they just don’t fit the electorate.” thought if there’s a positive on
they and their supporters will He arrives with a PowerPoint Trump, it would be his potential to
emerge triumphalist, proclaiming presentation that visualizes the disrupt both parties.”
their majority permanent and data behind his theory. A pair of So far, though, Mr. Fiorina finds
President Trump a lame duck. Ten bar graphs show the ideological the president’s policies too con-
months in advance, Morris P. “Mo” distribution of lawmakers in the ventionally conservative. “My ideal
Fiorina has a bucket of cold water 87th Congress (1961-63) and the scenario originally was that Trump

KEN FALLIN
to throw on such claims. 111th (2009-11). In both eras Dem- would come in and propose a big
Mr. Fiorina—no relation to ocrats were the liberal party and infrastructure bill, which would
2016 presidential candidate Carly Republicans the conservative one. split the Republicans and split the
Fiorina or her husband—is a 71- But the pattern is markedly differ- Democrats,” Mr. Fiorina says. “He
year-old Stanford political scien- ent: In 1961-63, both parties’ law- approximately as numerous. The a spectrum of views and often didn’t do that.”
tist and author of a new book, makers tended to cluster in the peak, at 28%, is right in the cen- govern in coalitions. That won’t When I ask what Mr. Fiorina
“Unstable Majorities: Polarization, middle. In 2009-11, there were ter. “On issue after issue, it work in the U.S., Mr. Fiorina says, thinks will happen this November,
Party Sorting and Political Stale- two clusters—Democrats to the doesn’t matter what you ask, peo- because “the majoritarian electoral he demurs: “I could make a case
mate.” As the title suggests, he be- left, Republicans to the right. ple sort of clump up in the mid- system and the Electoral College” for a Democratic wave, a Demo-
lieves the U.S. has entered an era “There’s no longer any overlap at dle,” he says. “Goldilocks—they ensure that “only two parties can cratic disappointment, or any-
in which no party can hold a ma- all,” Mr. Fiorina says. “The center want some of both.” really compete.” thing in between, but I don’t put
jority for very long. “We can is empty. That hasn’t happened in But isn’t that what they got What should a party do if it as- high probability on any of the
change our pattern of government the electorate.” with ObamaCare? The Affordable pires to an enduring majority? “Go scenarios.”
every two years,” he tells me on a A line graph illustrates the elec- Care Act shifted policy leftward, back to being a more sort of One of his observations, how-
recent visit to the Journal’s of- torate’s continuity. The share of but nowhere near the extreme of open—no litmus tests,” Mr. Fiorina ever, is suggestive of a wave. “The
fices, “and we started doing that.” Americans identifying as politi- single payer. Its central element, advises. “The Democrats are all incumbency advantage is all but
cally moderate has remained fairly the recently repealed individual talking about their chances of win- gone,” he says. “The incumbency
constant—around 40%, and usually mandate, was first proposed by ning next time, but if you keep advantage has been declining in
The author of ‘Unstable a plurality—since at least 1974. In the Heritage Foundation in 1989 trying to run antigun and pro- House elections since the ’80s, and
Majorities’ argues that if the same period, another chart as a “market-based” alternative to choice candidates in areas like it was at 2% in the last election.
shows, independents overtook more-statist approaches, including West Virginia . . . you’re commit- People are voting—however they
the electorate seems fickle, Democrats as the biggest partisan outright socialization. Similarly, ting suicide.” vote for president, they vote for
it’s because the politicians grouping. As the parties drifted the tax reform Congress enacted This advice has one crucial the House as well.”
from the ideological middle, cen- last month won only Republican shortcoming, Mr. Fiorina ac- That doesn’t mean all incum-
are too ideological. trist voters disaffiliated from the votes, but it was hardly an exer- knowledges: “They can’t do it.” bents are vulnerable. A Democratic
parties. cise in ideological extremity. Even One reason has to do with money. lawmaker in a heavily Democratic
That creates what Mr. Fiorina Barack Obama had said corporate “The donors are most ideological district, for example, will almost
Did we ever. The party control- calls “the ping pong pattern” of rates should be lower. (As for of all,” he says. In the 1970s and certainly win. The diminution of
ling the House, Senate or White unstable majorities. One party George W. Bush’s Social Security ’80s, “a big majority of contribu- the incumbent advantage simply
House changed in seven of the manages “to win, narrowly, and idea, it was never written into tions to congressional races came means that, all else being equal, a
nine elections between 2000 and then they immediately respond to legislation.) from individual contributions Democrat in an open-seat race

M
2016—the only exceptions being their base. So Bush says we’re go- within your district, and now the would likely win by almost as wide
the presidential re-election years, ing to have personal Social Secu- r. Fiorina answers this co- money is coming from outside. a margin as an incumbent. In the
2004 and 2012. “I sort of trace it rity accounts, and voters—some nundrum by referring me Texas is an ATM for Republicans, 1980s, Mr. Fiorina says, incum-
back to ’92, the end of the Repub- say, ‘I didn’t vote for that.’ Or to the work of another po- California and Manhattan for bency per se was good for 10 to 12
lican presidential era, and then ’94 Obama says we’re going to do gov- litical scientist, Frances Lee of the Democrats.” points on average. Nowadays,
is the end of the Democratic con- ernment health care, and a lot of University of Maryland. She has a He adds that “30 years ago, an “how your president is doing”
gressional era,” Mr. Fiorina says. them say, ‘I didn’t vote for that.’ ” theory to explain why the minority Ohioan Republican and an Oregon matters much more.

I
Those were long eras. Republi- Lawmakers from the party in party balks. “Frances talks about Republican would have faced very
cans held the White House for 20 power “suffer for it in the next how if you have two closely bal- different primary electorates that n 2017 there were special elec-
of the 24 years following the 1968 election, when they lose the mar- anced parties that are fighting for run different kinds of races. Now, tions for five House seats va-
election. The Democrats domi- ginal voters,” as Republicans did in the majority in every election, you look at their campaigns— cated by Republicans—in Kan-
nated Congress for the better part 2006 and Democrats in 2010. they change their strategy, and they’re going to be the same. sas, Montana, Georgia, South
of a lifetime: During the 62-year That seems plausible enough, this all becomes position-taking They’re getting their money from Carolina and Utah. The GOP held
period after the 1932 election, the but there’s an obvious complica- and trying to embarrass the other the same kinds of people.” The Re- all five, but all its candidates un-
party had a majority in the House tion: Most legislation that makes it party, and it’s not about legislat- publican in Oregon, a more liberal derperformed the previous incum-
for 58 years and the Senate for 52 through Congress, even on a party- ing,” he says. “They’re perfectly state, is likely to prove un- bents’ 2016 margins of victory, by
years. The Democrats took the line vote, is not all that extreme prepared to shift positions on a electable. For this problem there is between 5 and 25 points. If Mr.
House in 1954 and held it for 40 ideologically. Take health care. Mr. dime if it embarrasses the other probably no remedy. “The only Fiorina is right about the diminu-
years straight. Fiorina pulls up a chart titled “Is- party, because the payoff now is thing I can see mattering would be tion of the incumbent advantage,
Those old enough to remember sue Centrists Still Dominate,” the electoral victory and not legis- unconstitutional,” Mr. Fiorina these results would seem to bode
the decades before the ’90s, then, based on data from the American lative.” To judge by their book ti- says—to wit, a law requiring that ill in November for Republicans—
may tend to see permanent majori- National Election Studies. It shows tles, Mr. Fiorina and Ms. Lee are “all campaign contributions have incumbent or not—in marginal
ties around the corner because that in five issue areas, the cen- kindred spirits. His is “Unstable to come from within the jurisdic- districts.
they expect a return to normalcy. trist position is by far the most Majorities,” hers “Insecure Majori- tion of the race being held.” On the other hand, if the Repub-
Mr. Fiorina, by contrast, argues popular. ties: Congress and the Perpetual Then again, there is Donald licans do get wiped out this year,
that frequent shifts in political con- “This would be single payer Campaign.” Trump. He won the Republican there’s a good chance they’ll stage
trol are now the norm because of right here—these 12%,” Mr. If unstable majorities are a presidential nomination against a comeback in 2020. Or 2022 at
the way the parties have changed. Fiorina says, pointing to one end problem, what might be the solu- several opponents with more the latest.
He rejects the common view that of the health-care distribution. At tion? In parliamentary systems money and far stronger ideological
American voters are “polarized.” the other end, the “leave-every- with proportional representation, credentials. His victory demon- Mr. Taranto is the Journal’s edi-
Instead, he says, the parties have thing-to-the-market people” are a multiplicity of parties represent strates, according to Mr. Fiorina, torial features editor.

New Jersey’s Liberal New Governor Faces a Fiscal Nightmare


Democrat Phil Mur- consistently pressured legislators this would leave little room to pay for bailing out the system would New Jersey Pension and Health Ben-
phy cruised to vic- for higher benefits while ignoring for increases in other budget items. become even more remote. Moody’s efits Study Commission last month
tory in New Jersey’s the system’s funding problems. Meanwhile, Trenton must also re- concluded in October that a reces- warned of the unprecedented risks
gubernatorial race “The union leaders need to take off place the $1 billion in lottery reve- sion would harm New Jersey more the Garden State faces if the sys-
in November. The their blinders and stop ignoring nue previously used to fund other than most states, causing a $3.5 tem continues to deteriorate. The
state’s powerful their own complicity in this prob- budgetary programs. billion hit to its budget. commission has proposed reforms
public-sector unions, lem,” he wrote. Mr. Murphy ran pledging $1.3 bil- that would save the system by
CROSS
COUNTRY which endorsed his The following year Gov. Chris lion in new taxes, targeting the rich moving workers out of their de-
By Steve
progressive vision of Christie and a bipartisan group of Raising taxes will be even in a state with one of the country's fined-benefit plan and into individ-
higher taxes and legislators enacted reforms that highest tax burdens. Some Demo- ual retirement accounts similar to
Malanga
more spending, rolled back some benefit increases harder now that Congress cratic legislators already have 401(k) plans. It also proposed re-
played a pivotal role for employees and retirees. But the has limited the state and balked at the proposed levies, given ducing state employees’ health-care
in his 14-point victory. Now the hard group’s optimistic assumptions of Congress’s imposition of a limit on benefits to the same level private-
part begins. how much the state would save local tax deduction. the state and local tax deduction. economy workers enjoy. The sav-
As he takes office later this didn’t pan out. The state govern- But even assuming all of the gover- ings would be redirected into the
month, Mr. Murphy must confront ment also had trouble keeping up nor-elect’s proposed taxes make it pension system.
the state’s biggest problem—a pen- with the increased contributions The whole scenario is overly op- into law, much of the new revenue Unions vigorously fought the new
sion system that is about $90 bil- mandated by the reform legisla- timistic, because the nation is al- would quickly disappear into Mr. plan in the hopes they could help
lion short of what it needs to pay tion, thanks to weak growth in tax ready in the ninth year of an ex- Murphy’s newly proposed spending elect the next governor. They suc-
future benefits. He has already revenue. pansion. The Rockefeller Institute programs. The relentless rise of ceeded. What happens next will de-
promised to devote some of the new Trenton has since set out a new of Government recently reported pension and employee-benefit costs termine who really runs the Garden
revenue from his proposed taxes to plan that dedicates $1 billion a year that state and local tax collections and the need to replace lottery rev- State.
pensions, but he can’t fully shore up from the state lottery to pensions. are slowing around the country. If enue would only make the situation
the system without benefit reduc- But even with the lottery cash, the the country faced even a mild re- tougher. Mr. Malanga is a fellow at the
tions. And the unions that sup- state must contribute an additional cession sometime in the next sev- Yet continuing to shortchange the Manhattan Institute and a senior
ported him have fiercely resisted $5 billion a year of taxpayer money eral years, New Jersey’s prospects system is untenable. The bipartisan editor for City Journal.
such cuts. Can a progressive Demo- to save the system.
crat elected with the help of unions That’s much more than New Jer-

Notable & Quotable: Pluralism and Populism


govern responsibly in an age of ex- sey—which has never paid more
ploding public-employee costs and than $1.9 billion a year from tax
limited tax resources? revenue into its retirement sys-
New Jersey’s pension woes aren’t tem—can afford. The state, which From “Why Populism Fails” by sense, he argues, that populism is a dissenting speakers on college cam-
new. A succession of governors and will collect some $35 billion in taxes James Piereson in the January New threat to democratic norms. If one puses or in the public square in order
legislatures enhanced worker bene- this year, now says it will gradually Criterion: movement or party represents “the to create an enforced uniformity of
fits without properly accounting for increase pension contributions until people,” then those outside that cir- views. Trump’s supporters and Brexit
their costs. In 2010 the Securities they reach an adequate level in Jan-Werner Müller, in a recent cle may be denied participation in voters, at least, have not tried to do
and Exchange Commission cited the 2023. But it’s hard to see how Tren- book titled What Is Populism? the public square. anything like that—and few in any
state for fraud because of the way it ton can get there without wrecking (2016), argues that the distinguish- Müller makes a strong case, yet he case are in positions of authority
misled investors about its retire- its budget. ing feature of populist movements is ignores the fact that contemporary where they might have the power to
ment system’s funding problems. It Even if New Jerseys’s tax collec- their opposition to pluralism and di- democracies—the United States espe- suppress opposing views. Trump,
was the first state to earn this dubi- tions grow by the same rate as in versity. . . . As Müller argues, popu- cially—are awash in movements much to his credit, attacked political
ous distinction. the past five years—the current re- list movements are not interested in (mostly on the Left) that seek to shut correctness in his presidential cam-
The state’s powerful unions have covery’s most robust—pension con- narrow political or policy arguments down pluralistic debate or declare paign as a threat to democracy, plu-
played such a key role in the crisis tributions alone would eat up two- but are more concerned with broad that some groups are more deserving ralism, and open discussion. Clinton,
that even some Democrats lost pa- thirds of new revenue. According to moral claims about the character of of representation than others. Liber- for her part, described his voters as
tience. In 2010 state Senate Presi- calculations I’ve outlined in a the national regime and which als, progressives, and leftists of vari- “deplorables” as a way of questioning
dent Stephen Sweeney, a Demo- forthcoming Manhattan Institute groups legitimately deserve repre- ous stripes have been especially ac- the legitimacy of their views—hardly
crat, described how unions had report, “Garden State Crowd-Out,” sentation in government. It is in this tive in recent years in shouting down an endorsement of pluralism.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Jeff Sessions’s Marijuana Candor The History of the World as Depicted on TV

A
ttorney General Jeff Sessions is being study has linked the density of marijuana dispen- Peggy Noonan’s choice to fault the Attempts at historical revision are ap-
lambasted as the uncool parent in saries to increased property crime. movie “The Post” for portraying parent in many of our public schools
Nixon as “the villain” is mystifying and universities. It isn’t far-fetched to
Washington, and maybe the universe, Many pot sellers evade state regulation be-
(“The Lies of ‘The Crown’ and ‘The imagine that this also takes place in
for rescinding an Obama Ad- cause of hefty compliance Post,’” Declarations, Dec. 30). The entertainment offerings and, indeed,
ministration directive that The AG is forcing costs and taxes. Law enforce- film doesn’t purport to be a documen- as Ms. Noonan states, “we are losing
decriminalized marijuana in legalizers to square ment in California reports tary. Granted the anachronistic refer- history.” The question that arises: Is
states that have legalized the that only a fraction of pot ence to the Watergate break-in at the this being done with dramatic license,
drug. But even if you’re a le- federal and state law. growers have applied for per- end of the film is a misleading cheap from ignorance or hostility toward
galizer, you should give the mits. Drugged-driving fatali- shot. But the filmmakers could have our very foundations?
AG some credit for forcing a ties doubled in Washington made the same point by simply add- CAROL MASON
debate on the rule of law that Congress following legalization. Positive drug tests for ing a coda about what actually hap- Richmond, Texas
should settle. marijuana in 2016 increased at more than pened after the publication of the
The problem is the conflict between state double the rate in Colorado and Washington Pentagon Papers. While the Pentagon Papers docu-
Recall that G. Gordon Liddy and E. mented the mendacity of prior ad-
and federal statutes. Eight states have legalized as nationwide.
Howard Hunt sought and received ministrations, their publication would
pot for recreational use, and more than half for We report all this because the legalization written approval from John Ehrlich- have harmed Nixon’s own, as the
medical purposes. But under the federal Con- debate has been dominated by a haze of cul- man to orchestrate a break-in of the public’s faith in its governing institu-
trolled Substances Act of 1970, cannabis is an tural sentiment largely devoid of facts, and the offices of Dr. Lewis Fielding, Daniel tions, and thus in his own adminis-
illegal schedule I drug along with heroin and promises by advocates about reduced enforce- Ellsberg’s psychiatrist, to obtain infor- tration, would have been (and as
LSD. Individuals found with even small ment costs and crime haven’t materialized. mation to discredit Mr. Ellsberg, the proved to be the case) fundamentally
amounts can go to prison, and making or dis- Meanwhile, the failure to enforce federal law, source of the Pentagon Papers. The shaken. So complete self-interest, and
tributing large quantities carry long sentences and letting states ignore it, erodes confidence “plumbers” who conducted this bur- no hint of nobility (a word rarely ap-
and stiff fines. in the law and lets Congress duck a debate on glary were the same guys who pearing in the same sentence with
President Obama tried to dodge this con- legalization. botched the Watergate scheme. Some “Richard Nixon”), was the order of
flict, as he so often did, with an executive dik- Federal law trumps state law under the Con- people involved went to jail. Do we re- the day. And Ms. Noonan herself tells
ally think Nixon wasn’t in the loop us why Nixon’s conduct was objec-
tat. After Colorado and Washington State voted stitution’s Supremacy Clause except on core here? Sorry, Ms. Noonan, but Nixon tionable: “His attempt to stop publi-
to legalize pot, his Justice Department in 2013 state powers, and the Supreme Court ruled in was more than a “sad man.” He was cation was wrong—the public did
instructed U.S. Attorneys to refrain from prose- Gonzales v. Raich (2005) that the feds can the “crook” he specifically claimed not have a right to know.”
cuting marijuana offenses in states where the prosecute marijuana offenses under the Com- to be. In this era, it can’t hurt to be Add to this Nixon’s well-docu-
drug is legal. This let him side with the legaliz- merce Clause. We disagreed with Raich, but it reminded of the consequences of mented and near pathological loathing
ers without taking responsibility for it. is the law and states can’t nullify federal laws. electing leaders who share Nixon’s of, and interest in, hobbling the fourth
Justice’s guidance expected states to “imple- i i i view that “when the president does it, estate and it’s clear why a movie cele-
ment strong and effective regulatory and en- Presidents also can’t suspend the enforce- that means it is not illegal.” brating freedom of the press appro-
forcement systems that will address the threat ment of laws simply because they don’t like MICHAEL H. LEB priately had Nixon in its sights.
those state laws could pose to public safety, them. King James II tried that and spurred the Pasadena, Calif. Ms. Noonan writes about “The
Post”: “When you can say you spent
public health, and other law enforcement inter- Glorious Revolution of 1688. Mr. Sessions is
Ms. Noonan believes that without two enjoyable hours watching a
ests.” Its memo also ordered attorneys to priori- right to enforce the law and restore prosecuto- “historical truth,” “nothing’s under- movie, it’s a good movie. But it isn’t
tize preventing distribution to minors, diversion rial discretion. The AG has directed U.S. Attor- stood.” Could it be that the producers an honest one.” From my perspective,
to other states or using marijuana as a cover for neys to follow the “well-established principles of these works aren’t aiming for an she should have stopped after the
trafficking in other drugs. that govern all federal prosecutions” including understanding of history, but a revi- first sentence.
In practice, this has meant few federal pot weighing “all relevant considerations of the sion of it? Perhaps they don’t want SCOTT ROTH
prosecutions in those states despite evidence crime, the deterrent effect of criminal prosecu- the public to understand our history. Sherman Oaks, Calif.
of all of those problems and more. Colorado has tion, and the cumulative impact of particular
the highest rate of first-time youth marijuana crimes on the community.”
use in the country. Alaska and Oregon ranked Justice shouldn’t spend scarce resources
third and seventh after they legalized in 2014. prosecuting potheads who grow a few plants Bangladesh Fights Terrorists, Radicalization
According to Smart Approaches to Marijuana, in their backyard. Since marijuana has
Sadanand Dhume is incorrect when also created the National Education
cannabis use among young people has increased sprouted into a multi-billion dollar industry, he suggests the government of Ban- Policy, which reformed the curricula
by 65% in Colorado since legalization. prosecutors are also unlikely to target mom- gladesh is to blame for recent terror- in Islamic religious schools to reflect
Drug traffickers have exploited the aegis of and-pop businesses that are following state ist attacks committed by individuals secularism. The government has pro-
state laws, which has let the black market flour- laws and not exporting cannabis. In that sense linked to the country (“East Is East: vided police protection to those citi-
ish. A police report in Oregon revealed that 70% Mr. Session’s guidance may encourage in- Bangladesh Exports a New Genera- zens who anticipate possible terrorist
of marijuana sales in 2016 occurred on the black creased compliance with state laws. tion of Jihadists,” op-ed, Dec. 29). attacks. Moreover, the government
market, and up to 900 tons more cannabis is Social mores are changing, and a majority The title is also misleading. Bangla- has aggressively prosecuted anyone
produced than consumed in the state. Mexican of Americans support legalizing pot. But in- desh is a democratic and secular na- who took part in attacks on its citi-
cartels have moved into Alaska. stead of taking the cop-out of blaming Mr. Ses- tion. Its citizens enjoy the right to zens, regardless of their faith.
The Rocky Mountain High Intensity Drug sions, legalizers in Congress ought to have the free speech and practice different re- The few individuals of Bangladesh
ligions guaranteed by its constitution. origin captured recently on charges
Trafficking Area reported a more than 700% in- courage of their convictions and try to decrimi- The Bangladesh government has of terrorism weren’t radicalized in
crease in postal marijuana seizures following le- nalize pot nationwide. Let Senators Cory Gard- long had a zero-tolerance policy to- Bangladesh but were radicalized
galization. The crime rate in Colorado has in- ner and Kamala Harris persuade their col- ward all forms of terrorism and vio- abroad. The government of Bangla-
creased 11 times faster than in other large cities leagues that what’s good for Colorado and lent extremism. Recently, for exam- desh is determined to eliminate ter-
since legalization. A National Institutes of Health California is good for the country. ple, Bangladeshi police arrested a rorism from its soil and cooperates
leader of the Jamaat’ ul Mujahideen with its friends and partners to coun-
Bangladesh, an extremist group, who ter terrorism and violent extremism.
Some Good Jobs News was a suspect in a 2014 explosion in
India’s West Bengal.
To say it encourages such heinous ac-
tions is wrong and isn’t supported by

F
riday’s Labor Department report on the in the economic cycle as growth picks up Bangladesh Prime Minister Sheikh facts.
Hasina has established several pro- SHAMIM AHMAD
December jobs market was mostly ho- steam. The black jobless rate fell into the 7%-8%
grams to stop radicalization, focusing Embassy of Bangladesh
hum, with the economy creating 148,000 range in 1999-2000, before the dot-com bubble on high-risk groups. The government Washington
net new jobs and the unem- burst, and briefly in 2007 be-
ployment rate staying flat at The black jobless rate fore the financial panic. But it
a low 4.1%. But one more
hopeful figure leapt out at us
falls to its lowest ever climbed back to as high as
16.8% in 2010 before a long,
Student Loans: Who Protects the Taxpayers?
and a few others: The unem- in the Labor statistics. slow decline as the economy Your editorial “Stopping a Stu- pass any remaining principal and
ployment rate for black Amer- recovered. dent-Loan Scam” (Dec. 27) states: compounding interest onto the tax-
icans fell to its lowest rate The rate has fallen espe- “A new department directive scales payer after 10 years of “public ser-
ever at 6.8%. cially fast the last couple of years, and in De- student loan relief based on college vice” (See “Cutting Down Student
That’s right. The jobless rate for African- cember fell another 0.4 percentage points. That employment data. Borrowers who Debt,” U.S. News, May 10, 2013).
enrolled in programs whose grads As with health care and the mort-
Americans hasn’t been lower since 1972, the big a fall might be a statistical anomaly that
earned less than the average of gage-lending bust, this looks like a
earliest date we could find in the Bureau of La- bounces back up in future months, but the peer institutions will receive 100% massive transfer of assets from one
bor Statistics data tables. The jobless rate for downward trend is as clear as the political and debt relief.” sector to the taxpayers, once again.
blacks has always been substantially higher economic message: Get the economy growing What? So they gained no benefit Where’s the Takings Clause when
than for whites, and it tends to fall faster later faster, and everyone will benefit. from the program? Doesn’t this ex- we really need it? The most expen-
tend the scam? How much is spent sive education one can receive is ad-
in taxpayer money for the staff that ministered by the government and
The Marrakesh Climate Express processes the claims? How is an ap-
plicant even assessed? May the stu-
paid by the taxpayer. With the cost
of renting money so low, why is the

W
ashington Gov. Jay Inslee signed an talking points “if asked to explain Morroco dent have been ill-prepared for the government involved?
executive order in 2016 on telecom- [sic],” as Mr. Davis put it in another email. advanced courses? Maybe the gradu- BRINT BROOKS
ate is underperforming to get out of Englewood, Fla.
muting, noting that letting public Mr. Inslee’s office repeated these points in debt. Incidentally, these programs
employees work remotely can response to our queries about also include home repairs, unex-
“reduce transportation-re- A Governor’s green Mr. Davis this week. “Most im- pected medical costs and health-in- Simple Food Groups Are Best
lated greenhouse-gas emis- policy adviser has a portantly, this is about the surance bills. Other programs allow
sions.” And those emissions governor choosing senior staff the students to pay a reduced
Guide to Enjoyable Eating
do add up, especially if you giant carbon footprint. in whom he has confidence amount based on net income and Matthew Rees’s review of Rachel
commute from Morocco to and trust,” spokeswoman Tara Herz’s “Why You Eat What You Eat”
Washington—as the Gover- Lee wrote. She added that and Aaron Carroll’s “The Bad Food
nor’s senior climate policy adviser, Chris Davis, “the nature of his work is travel intensive and A Hazard for States Gaining Bible” was most interesting (Book-
shelf, Dec. 29). It would be much sim-
has done since August. global,” and, “notably, a large part of Chris’ Blue-State Tax Refugees pler if we could revert to the four ba-
“Heather and I have hoped to expose our two portfolio has always included international col-
I moved my family from Pennsylva- sic food groups concept. It was easy
boys to life overseas and an opportunity to act laboration.” nia to Colorado in 1994. One popular to remember them: Chinese, Mexican,
on that long-held goal recently materialized Call it a version of we’ll always have Paris. bumper sticker in Colorado at that pizza and beer.
when she was offered a teaching position [in] The Trump Administration withdrew from the time read “Please Don’t Californicate JOHN B. ARNOLD
Marrakesh, Morocco,” Mr. Davis told his col- Paris global climate pact, but Mr. Inslee and Our State.” But, they did. Those emi- Lynchburg, Va.
leagues in an email last summer obtained by the other resistance governors still want to enforce grating from high-tax, blue states
Competitive Enterprise Institute’s Chris it themselves. turned once-red Colorado blue.
Horner. Lucky for him, “as our climate work has This Marrakesh climate express is all the Regarding Alfredo Ortiz’s “Con- Pepper ...
grown increasingly international in scope, the more noteworthy given that Environmental gress’s Gift to Blue-State Taxpayers”
Governor asked me to continue to help build Protection Agency Administrator Scott Pruitt (op-ed, Jan. 2): Mr. Ortiz forgot to
And Salt
those networks from abroad.” is under fire for a trip to Morocco in December mention the primary risk associated THE WALL STREET JOURNAL
with mass emigration from high-tax
When Mr. Davis traveled from Marrakesh to to promote U.S. liquified natural gas. Critics
states: Those relocating inexplicably
New York to Washington for work this fall, he claim Mr. Pruitt has no role on trade policy, but fail to understand that it was the poli-
incurred more than $3,700 in taxpayer-funded LNG exports carry legitimate environmental im- cies and politicians they voted for that
expenses. He emitted more than 4,500 pounds plications. Natural gas is the least carbon-inten- forced them to leave home in the first
of carbon on the journey, according to a United sive traditional energy source, and Morocco re- place. Which is to say that citizens of
Nations flight emissions calculator. The Gover- lies heavily on coal for electricity, so American Florida, Texas, et al., should prepare
nor’s office also approved $2,082 in expenses LNG could cut its emissions. to be Californicated.
for Mr. Davis’s expedition from Morocco to Ger- Delaware Sen. Tom Carper, the top Democrat RUSS ANDREWS
many in November. on the Environment and Public Works Commit- Aspen, Colo.
Mr. Inslee’s office must have anticipated that tee, nonetheless asked the EPA’s inspector gen-
the climate adviser’s travels could raise constit- eral to “review the purpose of Administrator Letters intended for publication should
uents’ eyebrows. Mr. Davis’s official job descrip- Pruitt’s travels to determine whether his activi- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
tion got a rewrite, and it’s peppered with adjec- ties during each trip are in line with EPA’s mis- or emailed to wsj.ltrs@wsj.com. Please
tives like “international” and “global.” Before sion ‘to protect human health and the environ- include your city and state. All letters
he embarked, he huddled with his boss, Keith ment.’” Perhaps Washington residents should are subject to editing, and unpublished “I don’t mind being hung up on—
Phillips, and Jaime Smith, the Governor’s exec- ask who is paying for Chris Davis’s interconti- letters can be neither acknowledged nor though I miss the closure
returned.
utive director of communications, to develop nental carbon emissions. of a dial tone’s hum.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | A11

OPINION

‘Button’ It, Mr. President


new face of war. Total war makes no of mass destruction. “The danger of
sense in an age when great powers nuclear use is greater now than dur-
can maintain large and relatively in- ing the Cold War,” he said. The im-
vulnerable nuclear forces and refuse pact of Mr. Trump’s rhetoric? “It in-
DECLARATIONS to surrender without resort to those creases the risk of blunder.”
By Peggy Noonan forces. It makes no sense in an age There are more nuclear nations,

F
when a single nuclear weapon con- more independent actors, including
rom the Oval Office ad- tains almost 10 times the explosive terrorist groups. “Nuclear material is
dress by President John F. force delivered by all of the allied air not fully secured, scientific knowl-
Kennedy informing Ameri- forces in the Second World War. It edge of how to make a bomb is in-
cans of the presence of So- makes no sense in an age when the creased.” And there is the cyber
viet missiles in Cuba, Oct. deadly poisons produced by a nu- threat—hacking into weapons sys-
22, 1962: “Our policy has been one of clear exchange would be carried by tems, supplying false data. “Want a
patience and restraint, as befits a wind and water and soil and seed to war between India and Pakistan?”

© CORBIS/GETTY IMAGES
peaceful and powerful nation which the far corners of the globe and to Mr. Nunn says. “Simulate a missile
leads a world-wide alliance. We have generations yet unborn.” attack.” Make it appear missiles are
been determined not to be diverted From the address by President incoming when they’re not.
from our central concerns by mere Ronald Reagan after the summit in The risky world becomes riskier.
irritants and fanatics. But now fur- Reykjavik, Iceland, with Soviet leader “Add to that the heated rhetoric and
ther action is required, and it is un- Mikhail Gorbachev, Oct. 13, 1986: “I name calling, and that increases risk
der way; and these actions may only told him I had pledged to the Ameri- JFK meets with U.S. Army officials during the Cuban Missile Crisis. and lays the foundation for a cata-
be the beginning. We will not prema- can people that I would not trade strophic blunder.”
turely or unnecessarily risk the costs away SDI”—the Strategic Defense Mr. General Secretary, though my of nuclear exchange on social media, You always fear miscalculation
of world-wide nuclear war in which Initiative. “There was no way I could pronunciation may give you diffi- the president diminishes the taboo and misinterpretations, he says. But
even the fruits of victory would be tell our people that their government culty. The maxim is: Dovorey no pro- against nuclear use. Anything you the chance of a blundering into di-
ashes in our mouth; but neither will would not protect them against nu- vorey—trust, but verify.” can joke about on Twitter has lost saster is probably greater than the
we shrink from that risk at any time clear destruction. I went to Reykjavik Mr. Gorbachev: “You repeat that its negative mystique. Destigmatiz- chance of deliberate use.
it must be faced.” determined that everything was ne- at every meeting. [Laughter]” ing the idea of nuclear use makes it Mr. Nunn notes we have been
gotiable except two things: our free- Reagan: “I like it. [Laughter]” more acceptable, more possible— lucky that 73 years into the nuclear
dom and our future. I am still opti- This is how American presidents more likely. Bragging about your ar- age there have been no accidental
JFK and Reagan had mistic that a way will be found. The have always talked about nuclear senal makes it sound as if nuclear launches, no catastrophic decisions.
door is open, and the opportunity to weapons and the nuclear age—blunt, weapons are like other weapons, The nuclear nations have been care-
the good sense not to begin eliminating the nuclear threat direct, factual and clear: We never when they’re not. ful, professional, restrained. But yes,
speak flippantly about is within reach.” want these weapons used again. Using a taunting public tone to- we’ve been lucky.
From Reagan’s remarks at the Until now. President Donald ward an adversary such as Mr. Kim, And should do nothing to press
nuclear weapons. signing, with Mr. Gorbachev, of the Trump’s tweet, 7:49 p.m., Jan. 2, who may be mad, heightens the that luck.
Intermediate Range Nuclear Forces 2018: “North Korean leader Kim chance of nuclear miscalculation. Bragging about nuclear arms in-
Treaty, at the White House, Dec. 8, Jong Un just stated that the ‘Nuclear The president’s tweet is an attempt creases the likelihood of prolifera-
From his commencement address 1987: “The numbers alone demon- Button is on his desk at all times,’ to get under the skin of a sociopath. tion. “If we’re trying to get countries
at American University, June 10, strate the value of this agreement. Will someone from his depleted and Is it a good idea to get under the around the world not to go nuke,
1963: “What kind of peace do we On the Soviet side, over 1,500 de- food starved regime please inform skin of a sociopath who enjoys then we shouldn’t talk in a way that
seek? Not a Pax Americana enforced ployed warheads will be removed, him that I too have a Nuclear Button, shooting missiles? enhances their importance,” Mr.

.
on the world by American weapons and all ground-launched intermedi- but it is a much bigger & more pow- Blithe carelessness on an issue Nunn says. “There’s a lot of coun-

ly
of war. Not the peace of the grave or ate-range missiles, including the erful one than his, and my Button with such high stakes lowers world tries out there looking to take their
the security of the slave. I am talking SS-20s, will be destroyed. On our works!” respect for American leadership. It small button and make it into a big
about genuine peace, the kind of side, our entire complement of Per- We’re not going in the right direc- undermines our standing as a seri- button.”
peace that makes life on earth worth shing II and ground-launched cruise
on tion, are we? ous and moral player, which is the By the way, Reagan’s INF Treaty,
living, the kind that enables men and missiles, with some 400 deployed Here are the reasons Mr. Trump’s only kind of player you would trust, that turning point in the history of
nations to grow and to hope and to warheads, will all be destroyed. Ad- tweet is destructive and dangerous. and follow, in a crisis. arms control, remains in force but
build a better life for their children. ditional backup missiles on both Because it is cavalier about a sub- The sober and respected Sam could unravel due to charges of vio-
Not merely peace for Americans but sides will also be destroyed. But the ject that could not be graver. Be- Nunn represented Georgia as a Dem- lations and bad faith. Keeping it up
us l,

peace for all men and women; not importance of this treaty transcends cause the language and venue reflect ocrat in the U.S. Senate from 1972 to and operating will require work but
merely peace in our time but peace numbers. We have listened to the an immature mind, the grammar 1997, and is co-chairman of the Nu- be heartening for the world.
al a
e
for all time. wisdom in an old Russian maxim. and usage a cluttered and undisci- clear Threat Initiative, a nonprofit Focus there. And don’t tweet
“I speak of peace because of the And I’m sure you’re familiar with it, plined one. By raising the possibility trying to prevent the use of weapons about it.
ci on

The University of Alabama Earns a Victory Over an Ugly History


By Bob Greene the offers. The pair fought the ruling graduated from Alabama with a Those in attendance laughed not enjoy the great university as we
er rs

A
in court; one of their attorneys was bachelor’s degree. warmly along with her and ap- have it today. We stand in awe.”
big college football game will a young Thurgood Marshall, who Vivian Malone, James Hood and plauded. They knew what she meant. The plaque that now honors her
be played Monday night be- would later become a Supreme Court Autherine Lucy Foster have received What happened in 1956 at times on campus proclaims that her “cour-
tween the Alabama Crimson justice. The university succeeded in various recognitions from the school seems like ancient history. When age made the University of Alabama
m e

Tide and the Georgia Bulldogs. But keeping out Myers on grounds that in the years since. But last Septem- Alabama plays Georgia (where Afri- truly ‘one for all.’ ”
in the ways that truly count in life, she had allegedly conceived a child ber the school decided to do some- can-American students were first Regardless of who wins the foot-
the University of Alabama has al- before getting married, which the thing especially for Ms. Foster. Not admitted in 1961) for the national ball game Monday night, if you’re
m rp

ready scored a comeback victory for school decreed made her unfit for far from the spot on campus where championship Monday night, fans ever in Tuscaloosa you might want
the ages. admission. some six decades ago her life was probably will not give a second to stop by and take a look at Ms.
At the beginning of the current Autherine Lucy, however, won her threatened and she was forced to thought to the fact that, as Ala- Foster’s monument. It’s on the
football season, on the day before court case. When she showed up for leave the university, the monument- bama takes the field, three of the grounds of Graves Hall, home of the
Alabama was to host Colorado State classes, she was met by rioters, both unveiling ceremony was held. team’s four captains are black. It’s College of Education, just across Uni-
co Fo

in Tuscaloosa’s 101,821-seat Bryant- students and townspeople. Her life Ms. Foster is 88 now. With a a nonissue. versity Boulevard from Bryant-Denny
Denny Stadium, there was a quiet was threatened: The mobs hurled smile in her voice, she said to the Which makes what University of Stadium. There are champions, and
ceremony held on a patch of grass objects at her, followed her down the people who had gathered: “To the Alabama president Stuart Bell said then there are champions.
street as she tried to get to class- student body and to all of you stand- at the unveiling of the monument to
rooms, screamed vile epithets at her. ing around, I want you to know that Ms. Foster all the more meaningful: Mr. Greene is completing a new
Autherine Lucy was kept Police officers were called in to pro- the last time I saw a crowd like this “Quite frankly, without your courage novel, “Yesterday Came Suddenly,”
tect her. While in class, she could at the University of Alabama . . .” and without your bravery, we would about an America with no internet.
out in 1956 because of her hear the crowds gathered outside
race. She eventually got a angrily chanting insults. At one
degree—and a monument. point she had to find shelter in the
annex of a university building from
those who wanted to hurt her. Three
The Non-Accidental Presidency
days after she arrived, the university If this column had redistribution rather than restoring the country better off. There is
not far from the field. In front of suspended her, purportedly for her a hobby horse the economy’s dynamism. If this movement on North Korea’s
n-

several hundred people, a monument own safety. through 2016, it had been anything resembling the nukes, a problem that four presi-
was unveiled. Its purpose was to She still hoped to earn a Univer- was that Donald wise choice, Mr. Trump would not dents conspired to dump in Mr.
honor a woman named Autherine sity of Alabama degree. She went Trump didn’t want be president now. Trump’s lap. His immigration and
Lucy Foster. back to court and prevailed again, to be president. Even FBI chief James Comey ad- trade actions are more difference-
no

There was a time when such a but the university expelled her for Our fear, after the mitted to a mild case of nausea due splitting than the press likes to
BUSINESS
moment on Alabama’s campus would allegedly maligning it by the points election, was that to the likelihood that the bureau- admit.
WORLD
have seemed impossible. But times, she made in pursuing her legal case. he would basically cracy’s (foolish and improper) in- Apparently we are meant to
By Holman W.
and institutions, change. For a time, feeling defeated, she refuse to take the tervention on Hillary’s behalf learn from this episode that a pres-
Jenkins, Jr.
In 1956, Autherine Lucy—her gave up. job fully on. helped elect Mr. Trump. ident can find his way without be-
name before she was married—ar- In 1963, two other black students, Whatever its Meanwhile, the press still looks ing a scholar of public policy.
rived at the University of Alabama to Vivian Malone and James Hood, fi- flights of fancy, Michael Wolff’s for the Russia collusion narrative Yes, Mr. Trump’s fibbing is an-
attend her first day of classes. She nally were able to attend the univer- new book documents this most in- somehow to repair matters. Cover- noying, although it allows him to
had already graduated from Miles sity after the famous episode during teresting reality, from which all the age of Mr. Wolff’s book dwells inor- unload stances by denying he ever
College, a historically black school, which Gov. George Wallace, standing administration’s early chaos flowed. dinately on a Steve Bannon quote took them. The many now calling
but she wanted to become a teacher, in the doorway of the building where His entourage, right up to election calling Don Jr.’s meeting with a him an idiot fail to perceive how
and she believed the University of they were to register for classes, night, believed “not only would Kremlin lobbyist “treasonous.” completely they would appear to be
Alabama was the finest school in the tried to block their path. In 1988 the Trump not be president, almost ev- idiots too if they left their cozy, fa-
state. She hoped that a degree from school, wanting to make amends for eryone in the campaign agreed, he miliar, reinforcing milieus and
Alabama would help her find a ful- its treatment of Autherine Lucy, offi- should probably not be.” If Donald Trump didn’t landed themselves over their heads
filling teaching job. cially rescinded her expulsion. This was obvious at the time ex- want to be president, in a job like the presidency.
She was met by violence and vi- She had found work as a teacher cept to Never Trumpers who were Mr. Trump still has a problem
ciousness. The university had of- in the meantime, but she returned too busy trying to protect their history had another idea. with women. His sexual attitudes,
fered admission to both her and a to the university as a graduate stu- reputations from a Trumpism that which he once flaunted for brand-
friend, Pollie Myers, without know- dent in the College of Education. didn’t exist, from a guy who repre- ing purposes, are basically those
ing they weren’t white. When the She received her master’s degree in sented much less than they imag- Read on, and by “treasonous” celebrated in the mass media circa
school discovered this, it rescinded 1992 on the same day her daughter ined, malign or otherwise. Mr. Bannon means “stupid.” The 1979, though the same attitudes ap-
One sorry upshot is that a sig- Trump campaign should have sent parently have a hold on many mid-
nificant part of the conservative a cutout to meet a Russian emis- dle-aged male journalists, judging
commentariat is missing the great sary far from Trump Tower. Any from recent scandals.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY political story of our time because “dirt” on Hillary should have been But voters knew about Mr.
Rupert Murdoch Robert Thomson they can’t stop writing about quietly channeled to Breitbart “or Trump’s past and elected him any-
Executive Chairman, News Corp Chief Executive Officer, News Corp
themselves. maybe some other more legitimate way. He can always claim that, in
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
Along the way they also muffed publication.” his experience, women considered
Matthew J. Murray Karen Miller Pensiero DOW JONES MANAGEMENT:
what parties are for. In a two-party In other words, the campaign it flattering when a celebrity bil-
Executive Editor Managing Editor Mark Musgrave, Chief People Officer; system, they aren’t, and can’t be, should have played the Russia an- lionaire made a pass at them. He’ll
Jason Anders, Chief News Editor; Thorold Barker,
Edward Roussel, Innovation & Communications; vessels of immutable principle. gle the way those pros at the Hil- have a microscopic point and need
Anna Sedgley, Chief Operating Officer;
Europe; Elena Cherney, Coverage Planning;
Katie Vanneck-Smith, President
The parties—specifically the Re- lary Clinton campaign did. it, because Democrats are sizing up
Andrew Dowell, Asia; Neal Lipschutz, Standards; publican Party—turn out to be one Now a 70-year-old grandfather his sexual past as the next batter-
Meg Marco, Digital Content Strategy; Alex Martin, OPERATING EXECUTIVES:
Writing; Mike Miller, Features & Weekend; Ramin Beheshti, Product & Technology; more American institution capable with a 10-figure stake in our status ing ram now that Russia is not
Christopher Moran, Video; Shazna Nessa, Visuals; Jason P. Conti, General Counsel; of bending without breaking, af- quo world (even if it’s not as big a panning out.
Rajiv Pant, Technology; Ann Podd, News Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
fording (in this case) a way for 10-figure stake as he likes to pre- And then, poof, his presidency
Production; Matthew Rose, Enterprise;
Michael Siconolfi, Investigations; Nikki Waller, Kristin Heitmann, Transformation; voters to register exhaustion with tend) is president despite himself. will be over before you know it,
Live Journalism; Stephen Wisnefski, Professional Nancy McNeill, Advertising & Corporate Sales; the political status quo, even if His violations of the “norms” are and will be looked back on (like ev-
News; Carla Zanoni, Audience & Analytics Christina Van Tassell, Chief Financial Officer;
Jonathan Wright, International
the end result has the flavor of an perhaps not as apocalyptic as the ery presidency) as a mixed bag. Yet
Paul A. Gigot, Editor of the Editorial Page;
DJ Media Group: accident. Chicken Littles say. They are cer- here’s betting Mr. Trump will leave
Daniel Henninger, Deputy Editor, Editorial Page
Almar Latour, Publisher; Though, when an accident has tainly unlikely to be emulated by in his wake a political world more
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial so many authors it begins to seem whoever comes along next. In the open to hopeful possibility than the
Suzi Watford, Marketing and Circulation; Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; like something more. Hillary Clin- meantime, though, he’s playing his world that, during 16 years of
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head ton and her Democrats whiffed on role usefully. Bush-Obama, showed itself mainly
EDITORIAL AND CORPORATE HEADQUARTERS: the biggest hanging curve in his- His corporate tax reform was capable of doing one stupid, or at
1211 Avenue of the Americas, New York, N.Y., 10036 tory. Barack Obama, after the 2008 overdue. His curbing of Washing- least ultimately unproductive, thing
Telephone 1-800-DOWJONES
financial crisis, chose to focus on ton’s regulatory excesses leaves after another.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
NFL

How the Saints Defense Tipped the Scales


New Orleans is back in the playoffs after a stunning turnaround from a unit that was one of the league’s worst last year
BY ANDREW BEATON

Metairie, La.
New Orleans Saints defensive
end Cameron Jordan pulled off a
feat this season so rare that only
one other player has accomplished
it in the last decade. Also, nobody
has any idea what he was talking
about when he describes his ac-
complishment as a triple-double.
“Apparently,” Jordan said, “no-
body had ever used that one be-
fore.”
Triple-doubles in basketball—a
single game in which a player
racks up double-digits in three cat-
egories like points, rebounds and
assists—are exceptional but well
known. The type of triple-double
Jordan was talking about is far
more uncommon because it’s a
season-long achievement: Double-
digit sacks, tackles for losses and
passes defended (tipped or de-
flected passes).
It’s also an important reason
why the Saints are back in the
playoffs this season after a three-
year drought. They won their divi-
sion and host the Carolina Pan-
thers on Sunday. Their offense, as
it has so often been, was one of
the best in the NFL. Drew Brees is

.
still their quarterback, and he has

ly
even more weapons than usual.
But the key to their turnaround
happened on the other side of the
ball. A defense that gave up the on
second most points in the NFL a
year ago, and the most the year
before that, suddenly become one
of the 10 best in the league. And
us l,

nothing explains how complete


that improvement has been better Members of the New Orleans Saints defense celebrate after an interception by linebacker Craig Robertson, No. 52, during a Dec. 31 game against Tampa Bay.
al a
e
than Jordan’s triple-double.
It’s similar in theory to basket- 2014. (Stats only began recording throw up their hands when they’re Jordan had 11 passes defended from players who weren’t on the
ball’s standard for the triple-dou- the deflected passes statistic in primarily focused on battling who- this year, according to Stats. No roster at all last season.
ci on

ble. What makes that feat so out- 2008). ever is trying to block them. other defensive lineman had more Rookie Marshon Lattimore looks
standing is that it involves The hardest part for any defen- “It’s definitely one of those hab- than nine. Jordan never had six like the league’s next shutdown
significant contributions in so sive lineman is defending that its you can build,” Rankins said. before this season. His total ranks cornerback and could win defen-
many different phases of the many passes. They make their liv- The players also credit new de- tied for 33rd in the NFL—which sive rookie of the year. Fellow
game. Typically, players who get ing by breaking into the backfield. fensive line coach Ryan Nielsen, means there are scores of defen- first-year Marcus Williams has
er rs

rebounds might not rack up so If they’re good at their jobs, they’ll who came this year from North sive backs, whose jobs specifically looked like the best safety from
many assists and vice-versa. use their strength and speed to Carolina State. The linemen imple- entails defending passes, with this year’s draft class. Manti Te’o,
It’s the same with football. Play- maul their way past offensive line- fewer than that. a bargain-bin free agent signing,
ers who spend their time in the of- men and accumulate sacks and His 13 sacks were also a career has led a resurgent linebacking
m e

fensive backfield get sacks and tackles for loss. “But when you high in a season that took him to corps.
tackles for losses. So they’re not talk about the ability to bat down
A triple-double in his third career Pro Bowl. For his The numbers show just how big
usually the players preventing passes,” Jordan says, “that takes football? Cameron coach Sean Payton, what stands of a difference all of this has
m rp

pass completions by tipping them hand-eye coordination.” out most is Jordan’s ability to made: The Saints gave up 158
away. It encapsulates pretty much Saints players say this improve-
Jordan achieved the rare keep producing so late into games fewer points this season than a
everything there is about defense: ment didn’t come out of nowhere. feat this season. when other players tire. “I keep year ago—a difference of nearly 10
getting after the quarterback Defensive end Alex Okafor had using that word stamina,” Payton points per game. They intercepted
(sacks), stuffing players in the three tipped passes before going said. “Play number 42 can be as 20 passes, an increase of 12. Their
co Fo

backfield (tackles for losses) and down after an injury, putting him good as play six.” 42 sacks were an uptick of 12.
thwarting passes (deflections). on a pace for a career-high in his mented a new drill this season de- This has been just one key to a Now they have a home wild-
That’s why only one other first season in New Orleans. signed specifically to practice all defensive turnaround that has cat- card matchup with the Panthers on
player since 2008 has pulled it off, Rookie Trey Hendrickson has two. of this. They’ll push into an offen- apulted the Saints from consistent Sunday and, if the Saints win, a fa-
according to Stats LLC. That Defensive tackle Sheldon sive lineman and have to get their mediocrity—they were 7-9 in each vorable game the following week-
player, Houston Texans’ star J.J. Rankins said it begins with analyz- arms in the air at the right mo- of the previous three years—back end against the Carson Wentz-less
Watt, also happens to be the best ing opposing quarterbacks. They ment in the right place. to being one of the best teams in Eagles in the divisional round.
defensive player in the NFL over look at his release point, and If that sounds logical, it is. That the NFL, in many ways resembling Which, along with a Brees-led
that time period, one who has be- which gaps on the offensive line doesn’t mean it’s common. “It’s the won that won the Super Bowl offense, is why New Orleans has
come famous for being a singular he most frequently throws the ball definitely unusual,” Jordan said. in the 2009 season. the fourth-best odds to win the
nightmare for opposing offenses. through. Then they can have the “Seven years in the league, I had Some of the other forces behind Super Bowl—better than any other
Watt did it twice, in 2012 and best idea of where to actually never done anything like it.” the drastic improvements came team playing this weekend.

Weather
n-

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
FIGURE SKATING
20s

A MODEST MARCH TO GOLD


d
Edmonton <0
V
Vancouver Calgary
ary
Calgary
0s
no

10s
ip
Winnipeg -0s
ttl
Seattle 20s 0s 20s
Por
P tl d
Portland 30s
Helena Montreal 30s
Ottawa
40s Bismarckk 40s Clementine.
20s A g t
Augusta BY LOUISE RADNOFSKY
Eugene Boise Billings
T
Toronto A bany
b
Albany 50s “The program was a little watered down.
Mpls./St. Paul
p s / . Pa
pls t
Boston
tfordd
Hartford 60s I didn’t do the quad lutz, and I did make a
P
Pierre oux Falls
Sioux k
Milwaukee
40s Detroit
t l
Buffalo SAN JOSE, Calif.—A year ago mistake on the axel which was a lit-
60s Cleve d
Cleveland ew Y
New Yorkk 70s
Ch g
Chic
Chicago
Sacramento Reno
Salt LLake
ake
ke City
Ch y
Cheyenne
Des
ess Moines
Phhil d lphi
Philadelphia
Nathan Chen established him- tle frustrating, but overall I think
Omaha
h Indianapo Pittsb
Indianapolis h
Pittsburgh 80s
an Francisco
San
Denver p i gfi ld
Springfield self as the great American hope the program was OK,” Chen said.
10s hington
hi gton D.C.
Washington DC 90s
C d
Colorado Topeka Kansas Ch l t
Charles
Charleston for the 2018 Winter Olympics, the “I made a couple other little mis-
City h
Richmond d 100+
60s
LLas p
Springs
hit
Wichita .
St. Lou
L
Louis L
Lou
Louisville elusive singles skater with a legiti- takes on the jumps, so you know,
Vega
Vegas 20s Raleigh
l igh
h
Angeles
Los A
Ange l 50s Nashville
h ill mate claim to wresting a gold things to fix for Saturday.”
C h l tt
Charlotte
70s
ta F
Santa Fe Memphishi medal from international contenders In some ways, Chen’s domes-
Ph
Phoenix Ab q q
Albuquerque Oklahoma City 30s C b
Columbia
Warm Rain
San Diego LLittlee Rockk Atl t
Atlanta who had long left U.S. entrants in the tic pre-Games launch has been
Tucson i h
Birmingham
El Paso
Ft. Worth D ll
Dallas Jack
Jackson dust. overshadowed
Cold T-storms
60s bil
Mobile Jacksonville Such was the enthusiasm for the seven here by the
-0s A ti
Austin 50s quadruple jumps he packed into two fluid, fight for the
t
Houston Stationary Snow
10s 0s New
ew Orleans l d
Orlando
polished programs for record-shattering other two
an Antonio
San Tampa
80s 60s scores that the men’s free program, men’s spots
20s Anchorage
A h g l l 70s
Honolulu Miami
Showers Flurries
30s 60s 70s rather than the more glamorous women’s on the 2018 Olympic team.
40s Ice event, now holds the prime-time Satur- Adam Rippon, Chen’s de-
day evening slot in the competition cade-older training partner,
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
schedule. offered a dazzling short pro-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 20 17 pc 39 18 c Frankfurt 47 41 pc 46 39 c Chen’s own ambitions for this year’s gram to club music, perform-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice national championship are more modest: ing clean triple jumps and
Orlando 58 40 s 65 50 pc Geneva 52 41 c 50 39 c
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 15 -1 s 19 14 pc Havana 70 58 pc 73 56 pc skate relatively cleanly, notching more high-level spins, that put him
Phoenix 75 54 pc 75 52 s Hong Kong 67 65 sh 71 66 r
Anchorage 26 22 pc 26 16 sn Pittsburgh 8 -5 pc 26 24 c Istanbul 52 47 s 56 49 s
under-pressure repetitions of those in second place and more con-
Atlanta 39 23 s 42 32 c Portland, Maine 4 -14 c 13 9 pc Jakarta 89 77 pc 90 76 c seven quadruple jumps ahead of his fident than ever that he was fi-
Austin 63 52 pc 67 43 c Portland, Ore. 48 38 c 47 41 r Jerusalem 51 40 sh 55 40 s real test in Pyeongchang. nally clinching his case for an
Baltimore 17 1 s 22 16 s Sacramento 59 39 c 58 40 pc Johannesburg 92 60 s 92 63 pc
Boise 39 26 sn 39 28 pc St. Louis 22 17 s 37 31 i London 44 35 c 43 36 c
The 18-year-old is undefeated in Olympic spot.
Boston 8 -5 s 16 12 s Salt Lake City 42 29 sh 43 27 pc Madrid 46 34 r 44 29 sh international competition this sea- “It’s good. And I’m going to
Burlington -2 -12 c 11 8 pc San Francisco 56 45 c 55 45 pc Manila 88 75 pc 88 76 pc son, but several of his victories make sure that it’s even better
Charlotte 35 12 s 37 24 pc Santa Fe 54 30 pc 52 21 s Melbourne 104 62 s 74 57 pc
Chicago 14 3 s 29 28 sn Seattle 49 41 c 47 43 r Mexico City 68 40 pc 72 43 pc
have come as his chief rivals un- before I leave here,” Rippon told
Cleveland 7 2 s 28 26 c Sioux Falls 16 13 pc 34 16 c Milan 46 43 r 50 44 r derperformed amid ill health, and reporters, minutes after
Dallas 59 49 s 61 43 sh Wash., D.C. 21 9 s 27 21 s Moscow 38 33 sn 35 24 sf Chen himself has described some he threw his leg up in a
Denver 54 28 c 48 26 pc Mumbai 86 61 pc 84 63 pc
of the winning performances as high kick at seeing his
Detroit
Honolulu
12 3 s
82 72 pc 82 71 pc
26 25 sn
International Paris
Rio de Janeiro
45
88
40 r
74 t
45 39 sh
87 74 t disappointing. score.
Houston 63 49 s 71 51 pc Today Tomorrow Riyadh 75 46 s 71 43 s He opted not to top his best short Jason Brown, who in
Indianapolis 13 0 s 33 30 sn City Hi Lo W Hi Lo W Rome 61 52 pc 65 52 c
San Juan 84 74 sh 85 74 pc
program score in San Jose Thursday, 2014 propelled himself to the
Kansas City 29 25 s 40 23 r Amsterdam 45 33 sh 38 30 c
Las Vegas 69 48 c 66 44 pc Athens 60 51 pc 61 50 pc Seoul 35 23 s 37 26 c offering two quadruple jumps but Sochi Games squad and You-
Little Rock 41 28 s 43 43 r Baghdad 65 47 pc 67 46 s Shanghai 48 42 pc 51 41 r holding back on performing the Tube fame with a “Riverdance”
Los Angeles 70 55 c 71 55 pc Bangkok 90 78 c 90 77 sh Singapore 87 78 c 86 75 c most difficult one on the books, Nathan Chen free skate, lay in third place
Miami 68 54 pc 73 64 pc Beijing 37 23 pc 38 23 c Sydney 87 74 s 97 73 s
Milwaukee 13 6 pc 31 26 sn Berlin 45 35 c 37 27 c Taipei 65 63 r 71 66 r and involuntarily bobbling the after a program to music from
Minneapolis 10 10 pc 29 23 c Brussels 44 36 c 39 35 sh Tokyo 49 41 s 50 41 s landing on his triple axel. But at “Hamilton.”
Nashville 29 16 s 44 36 c Buenos Aires 81 59 s 88 66 pc Toronto 1 -7 pc 21 19 c 104.45 points to last year’s Vincent Zhou, a 17-year-old with the po-
New Orleans 58 46 s 65 58 pc Dubai 78 61 s 79 63 s Vancouver 43 38 c 42 37 r
New York City 12 3 s 18 15 s Dublin 42 33 sh 41 32 s Warsaw 49 36 pc 39 23 sh 106.39, he came away content tential for the same quadruple jump arsenal
Oklahoma City 50 42 pc 50 30 r Edinburgh 39 22 s 34 25 s Zurich 51 38 pc 48 36 sh that he had performed “OK” to as Chen, was in fifth place with an Olympic
the music “Nemesis” by Benjamin berth still in his sights.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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© 2018 Dow Jones & Company. All Rights Reserved. * * * * * * * THE WALL STREET JOURNAL. Saturday/Sunday, January 6 - 7, 2018 | B1
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More Debt a Downside to 401(k) On the Rise


More employers have been
automatically putting their
employees into 401(k) plans.
Study finds workers ting those savings over the them to sign up on their own: which manages more than even boost participants’ net
Plans with auto enrollment
long term by taking on more While many employers assume $990 billion in 401(k) assets. worths over the long run, the
auto-enrolled in plans auto and mortgage debt than that new hires who are swept The good news, he and oth- study says. 75%

borrow more, but the they otherwise would have. into 401(k) accounts adjust by ers said, is that the study “Our conclusion is that peo-
The finding, from a new spending less, do some peo- finds no evidence that people ple who are auto-enrolled do
trend has benefits study from academic econo- ple—particularly lower-income who are automatically enrolled eventually take on more debt,” 50
mists known for their work on savers—take on debt to com- are running up more credit- said co-author James Choi, a
BY ANNE TERGESEN retirement-saving plans, an- pensate for the loss of take- card debt than employees who professor of finance at the
25
swers a question that has con- home pay? are required to sign up for a Yale School of Management.
Automatic enrollment has cerned supporters of auto en- “It seems logical that some 401(k) on their own. Nor is the “But they don’t take on more
pushed millions of people who rollment since the 1980s, when of the benefits of auto enroll- extra debt auto-enrolled em- of the kind of debt that would
0
weren’t previously saving for some employers began putting ment are offset by increases in ployees take on causing their be clearly worrisome,” such as
retirement into 401(k)-style workers into 401(k) plans and debt, which is what this study credit scores to deteriorate. credit-card debt, second mort- ’03 ’05 ’07 ’09 ’11 ’13 ’15 ’17
plans. But many of these giving them the option to drop tells us,” said Steve Utkus, a Some of the added debt, par- gages or installment loans, Source: Alight Solutions LLC
workers appear to be offset- out, rather than requiring principal at Vanguard Group, ticularly mortgage debt, may Please see 401K page B2 THE WALL STREET JOURNAL.

Hold My Drink: New Subaru Entry Adds Liquid Assets


Chip Flaws Have
Subaru is wheeling out a bigger SUV in seven- and eight-seat versions to appeal to American tastes.
Among other features, the Ascent offers 19 cup and bottle holders, which works out to 2.7 beverage
holders per passenger in the seven-seat version. B3
Subaru's sales have soared in
the U.S., though the brand's
market share remains below 4%.
Suppliers, Users

.
Subaru Ascent SUV Subaru vehicle sales volume*
Seeking Fixes
ly
1,250 thousand
on Businesses and institutions The U.S. Computer Emer-
5 6 raced to patch computer sys- gency Readiness Team, which
9 10 11 18 19
1,000 tems and braced for slow- is part of the U.S. Department
downs in system performance, of Homeland Security, and the
as they—and much of Silicon U.K.’s National Cyber Security
us l,

750 Valley—reacted to the disclo- Centre, an arm of Britain’s in-


1 2 8 telligence agency, said it
al a

7
e
By Sam Schechner wasn’t aware of hackers at-
in Paris, Stu Woo in tacking via these vulnerabili-
500
London and Jay Greene ties so far. They encouraged
ci on

in Seattle organizations and individuals


15 16 17 to install the latest software
3 4 12 13 14 250
sure this week of two long- patches.
hidden vulnerabilities in chips Experts said that exploiting
0 running most of the world’s Spectre—the thornier of the
er rs

computers. vulnerabilities and one related


2010 The two flaws, dubbed to design issues that had gone
*Figures for fiscal year ending in March. Amounts are consolidated numbers of wholesale sales to retailers. Source: the company THE WALL STREET JOURNAL. Meltdown and Spectre by re- largely unnoticed for years—
searchers that discovered isn’t a straightforward maneu-
m e

them, provide opportunities ver. That could lessen the im-


for hackers to exploit tricks mediate threat of hackers
many modern chips use to using the disclosure to attack
m rp

Boeing Takes Up Brazil’s Concerns


speed performance, and steal computers.
information in the chips’ Chip and software suppliers
memory, like passwords. have been pushing out infor-
Experts say software mation and advice about how
BY DANA MATTIOLI patches to plug the holes to mitigate risks from Melt-
co Fo

AND DANA CIMILLUCA could slow computers. With down and Spectre, including
one of the flaws, these experts software patches. Browser
Boeing Co. is in talks with say, full protection against it makers have been racing to
Embraer SA and Brazil’s gov- may require swapping out update their applications, us-
ernment on ways to address most of today’s chips for a ing techniques to mask infor-
the government’s concerns new generation of hardware, mation that might lead hack-
about the U.S. plane maker’s an undertaking that could take ers to protected data.
potential takeover of its Brazil- years to complete. But for corporate chief in-
ian rival, according to people “It’s kind of a worst night- formation officers, a compre-
familiar with the matter. mare from a security-response hensive approach to address-
Boeing and Embraer infor- perspective,” said Paul Kocher, ing the vulnerabilities was still
mally agreed to terms that an independent security re- unclear on Friday. “At this
would value the Brazilian com- searcher who was among point, there is a lot more that
pany at $28 per U.S. share, the those that discovered the vul- we don’t know than we know,”
n-
DADO GALDIERI/BLOOMBERG NEWS

people said. But after The Wall nerabilities disclosed Wednes- said Darren Dworkin, CIO of
Street Journal reported on the day. “There is going to be vul- Cedars-Sinai Medical System
talks last month, some Brazil- nerable hardware around for a in Los Angeles. “The fix
ian officials came out against a very long time.” Please see PATCH page B4
no

deal.
President Michel Temer said
the government would wel- THE INTELLIGENT INVESTOR | By Jason Zweig
come a new investment in Em-

Four Things to Watch


braer but wouldn’t permit a
change in control of the com- The Brazilian government has balked at Boeing’s bid to take over aircraft maker Embraer.
pany. A government spokesman
said Friday that the country’s that would transfer control of stock dropped by roughly 5% U.S. tariffs after Boeing lodged
position hasn’t changed.
The companies are now try-
ing to overcome the govern-
ment’s resistance, which cen-
the former state-owned busi-
ness, which is considered a
jewel of Brazilian industry. Em-
braer still has close ties to the
Friday afternoon after the
Journal reported on the state
of the talks, as some investors
were disappointed that the po-
a complaint over alleged state
subsidies and unfair pricing.
The Chicago-based company
has also objected to a proposed
As 2018 Gets Going
ters largely on Embraer’s country’s military establish- tential price isn’t higher. The joint venture between Bombar- Forget Dow portfolio managers say beat-
defense business. Boeing is ment. shares closed down 4.2% at dier and Airbus SE. People fa- 25000. Every ing the market becomes eas-
sensitive to those concerns and Boeing is also willing to take $25.76. Boeing closed 4.1% miliar with the deal see that year is full of ier.
is proactively trying to address steps to protect Embraer’s higher at a record $308.84. venture as a catalyst for Boe- surprises, but History says otherwise.
them, one of the people said. brand, management and jobs, It is uncertain whether the ing’s bid in Brazil. there are a Most funds run by stock
The American company is people familiar with the matter parties will find a mutually “Boeing’s acquisition of Em- few things ev- pickers struggle to outper-
considering whether to allow have said. agreeable arrangement. But braer undercuts everything it ery investor should expect to form in years of high and
Brazil’s government to retain a As of Friday morning, Em- any deal would likely take be- said to the U.S. government in see happen in 2018. low correlation alike. Such
so-called golden share in Em- braer’s U.S. shares were trad- tween nine months and a year the trade cases,” a Bombardier With companies moving active portfolios charge
braer’s defense business, the ing at just under $27, nearly to close, one of the people said. spokesman said on Friday. less in lockstep, professional higher fees than market-
people said. The government 35% more than their price just The talks have drawn a re- Embraer, based in the city of investors will declare this a matching index funds. And
now has a golden share in the before the talks surfaced. That buke from Bombardier Inc., São José dos Campos in the “stock pickers’ market.” As- for every stock picker who
whole company, giving it veto gave the company a market Embraer’s Canadian rival. state of São Paulo, is the set managers will proclaim buys a stock, another is sell-
power over any transaction value of about $5 billion. The Bombardier faces potential Please see BOEING page B2 that the impending rise in ing; only one of them can be
interest rates means you right.
need bond funds that can With many professional

Ripple Steals Some of Bitcoin’s Thunder hold any kind of debt. After
years of smooth increases,
even a 5% decline will set off
cries of panic. And reported
investors expecting interest
rates to climb this year, you
should also expect a push to
invest in unconstrained bond
BY PAUL VIGNA almost normal in the tumultu- governed by a fractious global ternational money-transfer ser- returns will shoot upward as funds.
ous virtual-currency mania of array of technologists and an- vices, many large players such the financial crisis of 2008 is Such portfolios can, in
In 2017, bitcoin became a the past year. Ripple, like a tiestablishment libertarians. It as Citigroup Inc. and HSBC jettisoned from 10-year track theory, generate higher re-
household word among inves- bevy of other crypto startups, was created nine years ago to Holdings PLC have stayed away records. A look at these turns by ranging across the
tors. This year, it may be Rip- has benefited from the blind reduce the power of big banks and are pursuing their own trends now should help keep entire market—government
ple’s turn. hope many investors are plac- widely blamed for the finan- payment improvements. you from overreacting, or and corporate debt, inside
XRP, a five-year-old digital ing in largely unregulated and cial crisis. Ripple hasn’t disclosed how acting at all, when they tran- and outside the U.S.—to buy
currency offered by San Fran- loosely defined bitcoin-related XRP, on the other hand, is much money the banks are spire. cheap bonds wherever they
cisco startup Ripple, has businesses. What is surprising centralized around a single for- moving over its payments net- Correlations, or the extent may be found.
soared 1,135% in the past about Ripple, though, comes profit company, Ripple, that work, which offers software to to which companies move up Bear two things in mind.
month alone, quickly becoming from some of the differences has courted banks with a transfer dollars, yen and euros or down together, are at First, a jump in interest
the second-largest crypto-as- that it has with bitcoin, the promise to reduce their costs. more quickly and inexpen- their lowest in more than 25 rates is probable, not cer-
set behind bitcoin. The rally largest cryptocurrency by While some banks such as sively. It says it has signed up years, according to T. Rowe tain. Second, even if rates do
included a 32% jump in the market value. Spain’s Banco Santander SA about 100 banks, but that is a Price Group Inc. rise, unconstrained portfo-
first days of 2018. While both focus on elec- and Bank of America Corp. fraction of the 16,600 institu- Whenever stocks rise and lios are riskier than those
Such moves have become tronic payments, bitcoin is have signed up for Ripple’s in- Please see RIPPLE page B11 fall independently like this, Please see INVEST page B4
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, January 6 - 7, 2018 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Jessica Alba’s Startup Struggles Bristol


Cites Tax
Honest Company not included in the recall were

RICHARD B. LEVINE/ZUMA PRESS, ARMANDO GALLO/ZUMA PRESS


put through a process known as
loses unicorn status
as sales stall; no quick
irradiation, a technique de-
signed to kill microorganisms
that could lead to mold.
Impact
exit for shareholders In mid-July, about two BY JONATHAN D. ROCKOFF
months after the recall was an-
BY SERENA NG nounced, Honest wipes were Bristol-Myers Squibb Co.
back on store shelves, and on- said Friday it expects to pay
Sales growth at the Honest line shipments resumed. But by an extra $3 billion in taxes on
Company Inc. stalled in 2017, the fall, some customers were its overseas cash in the fourth
as product woes continued and once again complaining of quarter, a result of the U.S. tax
the consumer-goods startup co- mold, including in some of the overhaul.
founded by actress Jessica Alba U.S.-made wipes. A person The New York-based drug-
lost its unicorn status, accord- close to the company said one maker is the latest company to
ing to people familiar with the possible reason was that Hon- outline the tax bill it faces un-
matter. est’s wipes weren’t processed der the new law, which levies
Annual sales at the 6-year- with chlorine and didn’t con- a tax on profits made abroad
old company, which reached The consumer-goods vendor co-founded by the actress has been hobbled by product problems. tain certain ingredients like al- ahead of eliminating U.S. taxes
$300 million in 2016, were cohol that could have pre- on future foreign earnings.
roughly flat last year, the peo- sales rose fivefold from $60 Honest’s sales trends but said mold in some product lots. vented mold. Technology and drug com-
ple said. Meanwhile, in late Sep- million to $300 million, and the the company has been culling Honest in mid-May an- Mr. Vlahos said Honest has panies especially had been
tember, they said, Honest raised company was seen as an up- some products such as sun- nounced a voluntary recall of addressed the problem. “As keeping hundreds of billions of
funds from existing investors at start competitor to household screen and insect repellent to certain lots of the wipes, and much as I want to bulletproof dollars outside the U.S. to
a valuation of less than $1 bil- and personal-care products gi- focus on its three core catego- one of the firm’s co-founders, issues,” he said, there will be avoid paying the 35% corpo-
lion—the threshold for so-called ants such as Procter & Gamble ries of baby, beauty and house- Christopher Gavigan, appeared times “when things do come rate tax under the old U.S. tax
unicorn startups—and well un- Co. and Kimberly-Clark Corp. hold products. in an online video apologizing up.” He added that Honest has system.
der the $1.7 billion the company In 2016, Honest was in talks “We have to drive good for the problem. stepped up efforts to improve The biggest drug companies,
was valued at in 2015. to sell itself to Unilever PLC, growth on a consistent basis, “The aesthetics are unac- product testing and overall including Bristol, have $166 bil-
The comedown reflects how but the consumer-products gi- which means getting out of ceptable,” he noted, saying the quality control, hiring new staff lion in cash overseas and $501
Honest—which markets its ant ended up acquiring one of businesses we can’t win in,” Mr. mold on the wipes was similar and putting new procedures in billion in unremitted earnings
wares, including diapers, Honest’s main rivals. An initial Vlahos said. to the type found on the skin of place. The company also set up overall, Morgan Stanley esti-
household cleaners and cos- public offering was also consid- He said Honest’s diapers, citrus fruit such as oranges. Mr. an in-house lab for product-for- mates. Bristol has $8 billion in
metics, as safer and more eco- ered at one point. one of its top products, are sell- Gavigan added that the com- mulation work. cash and $26 billion in unre-
logically friendly than rival Now, faced with no quick ing well. Sales of the diapers pany had “rigorously inspected Honest didn’t disclose how mitted earnings, according to
brands—has struggled to exit for its shareholders, who at drugstores and other U.S. all inventory” to ensure that much it raised in its latest the bank’s estimates.
achieve sustainable growth af- have collectively pumped more stores rose 10.5% last year to mold wouldn’t be present in its funding round, led by existing In a filing with securities
ter being hobbled in recent than $300 million into the $46.8 million, according to data wipes going forward, and im- shareholder Fidelity Invest- regulators, Bristol said the tax
years by product problems. Santa Monica, Calif., company, from IRI, a Chicago-based mar- plemented cleaning procedures ments, but a person familiar charge “will impact” the com-
The company has conducted Honest is trying to stabilize its ket research firm. The company at its manufacturing lines. with the matter said the com- pany’s forecasted 2017 tax rate
voluntary recalls of its baby business and get back on a is also expanding its retail dis- The company’s baby wipes pany obtained about $70 mil- and earnings per share, but
powder and baby wipes, refor- growth path. Last March, it tribution; it recently started were produced by a manufac- lion. Mr. Vlahos said Honest is won’t affect the financial guid-

.
mulated its laundry detergent named a new chief executive, selling on Amazon.com Inc. turer in China. Honest halted now “fully funded” and he is fo- ance it gives that doesn’t nec-

ly
after The Wall Street Journal replacing co-founder Brian Lee Product issues, however, lin- shipments, destroyed millions cused on building up the busi- essarily comply with generally
reported on an ingredient-la- with Nick Vlahos, a consumer- ger. When Mr. Vlahos arrived at of dollars in inventory, and con- ness rather than trying to sell it accepted accounting principles.
beling issue, and battled class- products veteran from Clorox Honest in early May, he imme- tracted a manufacturer in the or take it public in the near Bristol said it “is still evalu-
action lawsuits over its ingredi- Co., and tasking the 49-year-old on diately had a problem on his U.S. to produce wipes for cus- term. “It’s why I’m here,” he ating all the provisions of the
ents and claims. executive with revamping the hands. Customers were posting tomers who ordered them from said. “I’m interested long term tax reform legislation and cur-
When Honest last raised business and improving quality images on social media of Hon- its website, according to former in creating a legacy and brand rently estimates that the net
money, in the summer of 2015, control. est baby wipes with dark spots. employees. that will test time.” impact of tax reform on the
its revenue was growing at a Mr. Vlahos, in a recent inter- Tests conducted by the com- The former employees said —Sharon Terlep contributed non-GAAP tax rate as roughly
us l,

rapid clip. From 2013 to 2016, view, wouldn’t comment on pany confirmed the presence of the lots of Chinese-made wipes to this article. neutral in 2018.”
Goldman Sachs Group Inc.
al a
e
has said it would take a $5 bil-

Drinks Seller Plays It Cool


lion charge to earnings, while
biotech Amgen Inc. has said it
ci on

expects to pay at least $6 bil-


lion because of the new law.
BY CARA LOMBARDO is also investing in cannabis. direction. Attorney General
Constellation last year spent Jeff Sessions this past week
Constellation Brands Inc. about $191 million for a 9.9% rescinded Obama-era mea-
Education
CHRIS ROUSSAKIS/BLOOMBERG NEWS
er rs

isn’t worried beer sales will stake in Canopy Growth sures that took a hands-off ap-
slow down in California now Corp., a Canadian cannabis proach to enforcing federal
that recreational cannabis is
legal, even as the Corona dis-
grower. Together they are de-
veloping nonalcoholic drinks,
marijuana laws, and President
Donald Trump’s administra- Firm Seeks
m e

tributor develops cannabis-in- though they haven’t said what tion has said federal law
fused drinks that could launch
in Canada by 2019.
the drinks might taste or look
like.
should be enforced.
Constellation’s beer sales Nonprofit
m rp

There has been little con- “We don’t have everything rose 7.8% in its latest quarter,
sensus among beer-industry
executives on whether mari-
juana legalization could canni-
fully baked nor should we or
would we at this point in
time,” Mr. Sands said.
with most of the gain continu-
ing to come from the com-
pany’s Mexican imports such
Constellation, which owns a stake in Canopy Growth, says
California’s legalization of marijuana won’t hurt beer sales there.
Standing
balize or conversely comple- Constellation expects the as Corona and Modelo. But re- BY BOWDEYA TWEH
co Fo

ment their sales. Constellation drinks to be legal in Canada sults in its wine and spirits The Victor, N.Y., company fiscal third quarter ended Nov. AND AISHA AL-MUSLIM
Chief Executive Rob Sands ar- beginning in 2019. business, which includes plans to spend $35 million on 30 was $491.1 million, up from
gued both sides of the debate The company doesn’t have brands such as Svedka Vodka the national launch of a lower- $405.9 million a year earlier. For-profit education company
on an earnings call Friday. plans to market any cannabis- and Robert Mondavi wine, calorie Corona called Corona Net sales were flat at $1.8 bil- Grand Canyon Education Inc.
The law change in Califor- infused drinks in the U.S. un- were weaker than expected. Premier, with advertising be- lion and missed Wall Street’s wants its main university to oper-
nia, Constellation’s biggest less the drug becomes legal at Comparable sales in that seg- ginning in April. At the same expectations. The company ate as a nonprofit school, less
beer market, is a “nonevent” the federal level. While more ment hardly moved. time it will roll out a product cautioned that wine and spirit than two years after withdrawing
since marijuana has already than 25 states allow it for Constellation shares, up called Corona Familiar in ma- volumes for the year would be a similar proposal to its accredi-
been widely available there for medical or recreational pur- more than 50% in the past jor Hispanic markets, a key de- at the low end of its previous tor.
medical use, he said. poses, federal policy has re- year, fell 2.6%, to $219.88, on mographic for the brand. forecast of a decline of 4% to The Phoenix-based company
But the beverage company cently inched in the opposite Friday. Constellation’s profit for its 6%. said in a securities filing Friday
that the Higher Learning Commis-
sion could vote on the application

401K for Grand Canyon University to be


n-

Practice Still Seen Lori Lucas, defined contri- classified as a nonprofit institu-
bution practice leader at in- tion as early as February. The pro-
As a Good Option vestment-consulting firm Cal- posal calls for separating the com-
Continued from the prior page lan LLC, said employers should pany from the education
no

which often charge higher in- consider adding financial well- institution, and allowing Grand
terest rates and are typically Retirement specialists say ness programs, which aim to Canyon Education to operate as a
used to purchase consumer most employers should stick help 401(k) participants better third-party provider of services to
goods rather than assets. with automatic enrollment into manage their finances. Grand Canyon University.
The findings—to be pre- 401(k) plans despite new aca- But rethinking auto enroll- A sale of Grand Canyon Uni-
sented Saturday at the Ameri- demic research that finds the ment, she said, would be a versity would allow Grand Canyon
can Economic Association’s practice appears to be driving mistake. “Auto enrollment is Education to potentially reach
BILL CLARK/ZUMA PRESS

annual meeting, a large gath- up mortgage and auto debt the most successful way to shared-services agreements with
ering of economists—are likely among participants. get people into a plan and other institutions in the future,
to attract the attention of re- Neil Lloyd, head of U.S. de- that’s a highly desirable out- the company said in the filing.
tirement scholars and policy fined contribution and financial come. I don’t think this re- The Higher Learning Commis-
makers because automatic en- wellness research at consulting search does anything to under- sion is reviewing the proposal and
rollment has been hailed as a firm Mercer, said the findings mine that.” will take action on it in the com-
solution to a retirement-sav- Sen. Chuck Schumer wants to protect retirement savings. aren’t a total surprise. He cites Recently, a number of em- ing months, a spokesman said
ing shortfall that has left 50% a client with high employee ployers have boosted the per- in an email.
of American households at 32,073 civilian employees the number includes both em- turnover that recently added centage of workers’ paychecks
risk of being unable to main- U.S. Army hired in the 12 ployee and employer contribu- auto enrollment only to reverse that are automatically diverted
tain their standard of living in
retirement, up from 45% in
2004, according to Boston Col-
lege’s Center for Retirement
months before Aug. 1, 2010,
when the federal government
adopted automatic enrollment
in its $537 billion Thrift Sav-
tions, but not market growth.)
But the auto-enrolled em-
ployees also had an average of
$1,563 more in consumer and
course after the number of
401(k) loans increased. But, he
said, the arrangement remains
“a good solution for the vast
to 401(k) plans above the
long-term standard of 3%.
Many are also automatically in-
creasing employees’ saving
BOEING
Research. The goal is to sweep ings Plan. (While not techni- auto debt than those who majority of clients.” rates by 1% a year. Continued from the prior page
millions of people who cally a 401(k) plan, the plan were hired before auto enroll- world’s third-largest commer-
wouldn’t have saved a penny operates in a similar way.) The ment. When mortgage debt is cial-jet manufacturer by reve-
for retirement into 401(k) authors compared the payroll factored in, the picture be- buy a home.” The study’s au- for net worth, depending on nue and has some 18,000 em-
plans and rely on inertia to and credit-rating records of comes more complicated. The thors and others contend that what the housing and stock ployees. It is best known for
keep them there. those employees with similar auto-enrolled employees owed having a higher mortgage may markets do.” making regional jets in the 70-
Automatic enrollment is data for the 26,803 civilians $4,131 more, on average, on not be a bad thing for many In contrast, Prof. Choi said, to 100-seat range, and will de-
fast becoming the default the Army hired in the 12 their homes than their col- employees because it can con- because cars depreciate liver the first of its larger E2
method of getting new em- months immediately after the leagues who were hired before tribute to a higher net worth quickly, “a more expensive car jets later this year. Embraer
ployees into U.S. retirement government adopted auto en- auto enrollment. over the long run. will be a bigger drag on net would expand Boeing’s product
plans. Since the Treasury De- rollment. With an average sal- This debt more than offsets Rob Austin, director of re- worth” than a cheaper car range in commercial and mili-
partment began enacting regu- ary of just over $55,000, the the extra $3,237 the auto-en- search at Alight, said the would be. tary jets and provide additional
lations that support the use of civilian employees’ earnings rolled employees contributed study shows that with auto Why do auto-enrolled par- engineering resources, said
auto enrollment in the late are fairly close to the median to the plan, including the em- enrollment “people have more ticipants tend to take on more people familiar with the U.S.
1990s, 68% of large employers household income in the U.S. ployer match. in their 401(k)s” and possibly auto and housing debt? Bri- company’s thinking.
have adopted it as of 2017, up After adjusting for differ- “A big question is whether “a little larger house.” gitte Madrian, a professor at Boeing is the world’s largest
from 58% in 2015 and 34% in ences in the economic cycle auto enrollment makes you A bigger mortgage can put Harvard’s John F. Kennedy aerospace company with a
2007, according to 401(k) re- and in characteristics of the save more overall. My reading homeowners at greater risk of School of Government and one market value of about $180 bil-
cord-keeper Alight Solutions two employee groups, includ- of the paper is that no, it default if home prices decline of the study’s five co-authors, lion. It makes commercial jet-
LLC. ing education and salary lev- doesn’t,” says John Friedman, or the owner suffers a finan- said it’s possible they borrow liners and defense, space and
In plans with automatic en- els, the study found that four an economist at Brown Uni- cial setback, he says. But in re- from their 401(k)s to finance security systems as well as mil-
rollment, 85% of eligible em- years after hire, the employees versity. The results, he said, cent decades, the long-term larger down payments. With itary aircraft, weapons, satel-
ployees participate compared who were auto-enrolled indicate that “maybe auto en- trend is that “homes have more in savings, auto-enrolled lites and helicopters.
with 66% in plans that lack the amassed an average of $3,237 rollment is helpful not because been appreciating assets” and employees may also feel —Luciana Magalhaes
feature, according to Alight. more in 401(k) contributions it helps you save more for re- having a higher 401(k) balance wealthier and able to afford a in São Paulo and
The study looked at the than those who were left to tirement but because it helps and a bigger mortgage “is not larger home, Prof. Madrian Doug Cameron in Chicago
saving and debt levels of sign up on their own. (That you put away a nest egg to bad and possibly even good said. contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | B3

BUSINESS NEWS

Subaru Goes Bigger in U.S.


To Expand on Its Success
BY CHESTER DAWSON ing line is losing Subaru own- 647,956 Subaru vehicles last
ers seeking more towing year, nearly twice as many as
Subaru Corp. has become power, seating options and ex- five years ago, the company
one of the world’s most profit- tra room. said. That gave Subaru a 3.8%
STEVE REMICH FOR THE WALL STREET JOURNAL

able car companies by selling “Our customers have been market share—on par with
Japanese-inspired wagons to asking for it,” said Wally Som- Hyundai’s 3.9%, according to
American buyers with uncon- mer, president of an epony- Autodata Corp.
ventional tastes. mous Subaru dealer near Mil- Having entered the U.S. five
Now, with its dependence waukee. “We’ve lost business decades ago when Detroit’s
on the U.S. market increasing, because we didn’t have a vehi- Big Three dominated, Subaru
the Tokyo-based auto maker is cle like this.” has evolved from marketing it-
launching the Ascent, an Subaru has tried to expand self in the 1960s as “A Cheap
eight-seater sport-utility vehi- its portfolio before. It stum- and Ugly Little Car” manufac-
cle that it hopes will appeal to bled badly the last time with a turer—as an early ad cam-
Middle America’s infatuation three-row SUV called the paign read—to one that offers
with larger and heavier trans- Tribeca, which made its debut reliable and sporty, if quirky,
Demand from retailers and manufacturers is outstripping the supply of trucks and drivers in the U.S. portation. as a 2006 model. Many cus- cars that are ubiquitous in

Freight Rates Jump


Two-thirds of new vehicle tomers saw it as cramped and many coastal Snowbelt states.
buyers in the U.S. choose SUVs ungainly, and the company The U.S. overtook Japan as
or pickup trucks, according to pulled the vehicle in 2014. Subaru’s top market in 2009,
Kelley Blue Book, up and today the company
from about half in 2013— sells four times more in

In Robust Economy
a trend that has helped the U.S. than in its home
boost overall transaction market. However, it still
prices. When the Ascent earns far more from sales
goes on sale this sum- in Japan than anywhere
mer—starting in the low else, and increased price

ANDREW HARRER/BLOOMBERG NEWS


$30,000s—Subaru will competition in the U.S.
BY JENNIFER SMITH Some drivers reported trou- join Volkswagen AG, Nis- has crimped profit
Trailing Behind ble getting their new elec- san Motor Co., Hyundai growth.
Retailers and manufacturers Shipping demand is soaring, and tronic logging devices, or Motor Corp. and other Subaru’s net profit fell
grappling with an unusually the number of trucks available to ELDs, up and running. Others foreign brands adding 25% in its last fiscal year
tight trucking market are pay- haul freight isn't keeping up said they planned to park their bigger vehicles to their to ¥282 billion ($2.51 bil-
ing the steepest prices in years trucks over the holidays. Ana- lineups. lion). The company
to keep their goods moving. Number of loads per available lysts expect some drivers will The U.S. accounts for blamed increased dis-
Freight demand had been truck, 2017 now cover fewer miles a day nearly 70% of Subaru’s counts in the U.S.,
ticking up for months, closely 12 because the devices make it global sales volume. Model includes 19 cup holders. amounting on average to
tracking the strengthening U.S. easier for law enforcement to Scandals involving ques- $1,850 per vehicle, up 22%
economy. The market got a 10 know when truckers have ex- tionable factory inspection Subaru says the Ascent is from the previous year. That

.
boost from retailers needing to ceeded federal limits on driv- protocols and fuel-economy designed to be roomier and compressed Subaru’s profit

ly
restock stores and distribution 8 ing time. numbers are severely denting more stylish than its star- margins from 17.5% to 12.4%,
centers amid the biggest jump For example, in the past few the company’s sales in Japan. crossed predecessor, capable though still comparing favor-
in holiday sales since 2011. 6 weeks the price to ship freight Its European business is stag- of taking on the Honda Pilot ably with the single-digit mar-
That wave of demand hit the between 500 miles and 750
on nant, and Subaru sold fewer or Toyota Highlander, two of gins of most rivals, including
trucking market just as a new 4
miles has shot up 30% on some than 50,000 cars in 2016 in the most popular midsize Honda Motor Co., Ford Motor
federal safety rule kicked in, routes, said Dave Menzel, chief China—the world’s largest car SUVs and both featuring Co. and General Motors Co.
leading some drivers to idle operating officer for Echo market with a total of 28 mil- plenty of cargo space and Subaru expects U.S. growth
2
their big rigs. Global Logistics Inc., a broker- lion vehicles sold that year. plush interiors. to continue with the Ascent
us l,

By the end of last week, just age. With stricter timekeeping, Subaru’s Ascent, with an “Our best business opportu- coming to market, and has
one truck was available for ev- 0 routes of that length might all-wheel drive and a promi- nity is to go big,” Subaru exec- forecast a slight sales increase
al a

J FM A MJ J A S ON D
e
ery 12 loads needing to be take two days instead of one, nent trucklike front grille, is utive vice president Takeshi for its current fiscal year
shipped, according to online Source: DAT Solutions LLC forcing companies needing designed for the preferences Tachimori said during an in- through March to 668,000 ve-
freight marketplace DAT Solu- next-day delivery to hire more- of American drivers. The terview at the Los Angeles hicles. By 2021, it envisions
ci on

THE WALL STREET JOURNAL.


tions LLC. That is the most un- expensive team drivers, Mr. model has 19 cup holders and Auto Show in November. The selling 800,000 vehicles in
balanced market since October growing at their fastest pace Menzel said. boasts nearly twice as much century-old company has North America, mostly in the
2005, after Hurricane Katrina, since 2011, according to Mas- “We’re seeing a premium on towing capacity as the com- pumped $1.5 billion over the U.S.
and compares with a roughly tercard SpendingPulse. That teams that can move loads pany’s popular Outback model, past five years to expand an “With our market share
1-to-4 ratio at the end of 2016. led some retailers to hire even quickly,” he said. a crossover wagon. Indiana plant where the As- growth, we’re no longer
er rs

Some companies are delay- more trucks to replenish stores Frigid weather across much Many Subaru dealerships cent will be built alongside niche,” said Bob Alvine, presi-
ing nonessential shipments and distribution centers. Surg- of the U.S. has also increased are welcoming the new addi- smaller models. dent of Premier Subaru in
rather than scramble to find a ing online sales have extended demand for trucks with tem- tion, saying the brand’s exist- Americans bought a record Branford, Conn.
truck. Others are paying a pre- freight demand deeper into the perature-controlled trailers
m e

mium to ensure big rigs will be holiday season, as retailers that can keep perishables from
waiting at their warehouses and delivery firms hustle to freezing. Last week the aver-
when they need them. The cost ship millions of packages to age rate for refrigerated trucks
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to hire the most common type consumers’ doorsteps by hit $2.46 on the spot market,

DEFY
of big rig shot up to $2.11 per Christmas. the highest since July 2014, ac-
mile, including a fuel sur- The new federal mandate cording to DAT.
charge, in the week ended Dec. may have exacerbated the ca- The winter storm pounding
30, a 3½-year high, DAT said. pacity crunch. Starting Dec. 18, its way up the East Coast this

Your Age.
co Fo

“There’s a shortage of most big rigs must be week is expected to boost


trucks available…there’s delays equipped with electronic de- freight rates, as icy conditions
in shipping,” said DAT analyst vices that monitor drivers’ and blinding snow make roads
Mark Montague. “Some loads hours behind the wheel. The treacherous, slowing deliver-
that have to move [right now] rule is meant to reduce acci- ies.
are paying extremely high dents stemming from driver Trucking capacity was tight
rates.” fatigue by increasing compli- through Christmas “and the
Trucking companies are re- ance with existing limits on rates are still high,” said Troy
sponding to strong demand by driving time. Cooper, chief operating officer
ordering more trucks from While most large fleets al- at XPO Logistics Inc., which
manufacturers. ready track driver hours elec- has a large trucking division
Freight demand strength- tronically, many smaller fleets and brokers freight.
ened in recent months as man- and truckers who own their Mr. Cooper said demand
ufacturing activity expanded own vehicles waited until the typically slows through Janu-
n-

and retailers stocked up for last minute to switch over ary and February, “so if it
the holidays. Year-end sales from paper logs, which offi- stays elevated, that will give
soared past expectations, cials say are easier to falsify. you a sign,” he said.
no

New-Truck Orders “It’s been building,” said ACT duced 256,000 units last year.
analyst Kenny Vieth. “You typi- December’s new orders,
Surged in Late 2017 cally expect a good year-end, which will be delivered over the
but we did see a change in the next several months, are
December marked strongest pace of orders starting in Octo- mostly replacing older vehicles
monthly tally in three years ber.” Soaring demand in the in trucker fleets. That provides
fourth quarter led to full-year firms with savings in fuel econ-
order growth of 59% after a omy and insurance costs, while
Freight-hauling firms are slump in 2016, Mr. Vieth said. also serving as a way to recruit
loading up on new trucks to The gains are expected to and retain drivers. “Drivers
meet strong demand from continue this year. In a note to would rather drive new trucks
shippers and to attract drivers. investors Thursday, analysts than old trucks,” Mr. Vieth said.
Trucking fleets in the U.S., with Stifel said “2018 will not Incentives are crucial in to-
Canada and Mexico ordered
37,500 heavy-duty trucks of
represent the ‘peak’ of this
[truck-buying] cycle, which has
day’s trucking market, where
many fleets struggle to find Take Control of Your Health.
the sort used on long-haul become a concern among in- drivers. An annual survey, re-
routes, in December, according vestors, as we believe 2019 will leased in October by the Amer- Feel 10+ years younger with the Cenegenics Elite Health
to ACT Research, which com- be stronger yet.” ican Transportation Research
piles industry statistics. That The top truck manufactur- Institute, found that “driver Program, the Gold Standard in Age Management Medicine.
was up 76% from a year earlier ers include Navistar Interna- shortage” ranked as the truck-
and marked the strongest tional Corp., Daimler AG, Pac- ing industry’s top concern for
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trucks in three years. projected that the industry pro- —Erica E. Phillips
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nearly a century after its 1902 deliveries for several years.
Cadillac sold more vehicles founding—sank 8% to 156,440. Buick, once a prominent Amer-
in China than in the U.S. last The two markets account ican brand, thrives in China. Schedule your complimentary consultation today!
year for the first time, an un- for nearly all of Cadillac’s sales, Global brand chief Johan de
expected milestone marking and the strength in China Nysschen has made China the
both the storied brand’s woes drove a nearly 16% rise globally linchpin of Cadillac’s growth
at home and its momentum for the brand’s second-best strategy since taking over in
abroad. sales year ever. However, mid-2014. But until recently he
Annual sales of General Mo- Caddy has taken a backseat in figured it would be another de-
tors Co.’s luxury brand surged a U.S. luxury market dominated cade before Cadillac’s China
51% to 175,489 vehicles in
China, where it began selling
by German brands and Toyota
Motor Corp.’s Lexus.
sales took the lead.
A Cadillac spokesman said
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decade. Cadillac’s tally for 2017 seller in China, with the De- better handle headwinds in
in the U.S.—where it domi- troit auto giant’s volume in other markets.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR
TAX REPORT | By Laura Saunders

Overhaul Gives a Lift to College-Saving Plans


Education- cades ago, allow savers to of the overhaul allows 529 SSI, benefits.
savings ac- contribute dollars after fed- Stepping It Up plan assets to be used for up Like 529 plans, 529 ABLE
counts, and eral taxes have been paid on Total contributions to and distributions from 529 plans have risen steadily. to $10,000 a year, per stu- plans allow assets to com-
Americans them. The assets are then in- dent, for private-school tu- pound tax-free. Annual contri-
who can bene- vested and can increase free $30 billion ition for kindergarten butions are capped at
fit from using of federal and state taxes. through 12th grade. $15,000, and withdrawals can
them, are big winners in the Withdrawals are tax-free if Contributions Distributions This change is a mixed be tax-free if used to pay ex-
recent tax overhaul. they are used to pay eligible blessing. It provides savers penses such as housing, legal
New curbs on state and lo- education expenses such as 20 who have 529 plans with fees and employment train-
cal tax deductions will make college tuition, books, and more flexibility, but private ing. The total assets in an ac-
these tax-sheltered 529 ac- often room and board. schools will want to know count can reach $100,000
counts more attractive. Many According to the latest about families’ 529 savings without affecting SSI benefits.
people will also benefit from data from the College Savings and may take that informa- The recent change allows
a change that now allows as- Plans Network, assets in 529 10 tion into account when mak- transfers of up to $15,000 a
sets in these plans to be used plans climbed to $275 billion ing financial-aid decisions. year from a regular 529 plan
to pay elementary and high in 2016 from $106 billion a The change “will likely af- to a 529 ABLE account. Such
school tuition. decade earlier. fect some financial aid calcu- rollovers will help expand
In addition, 529 account Most 529 plans are offered lations” for the year 2019-20, ABLE accounts because they
0
assets can now be transferred by states, and almost all according to a spokeswoman help deal with a draw-
to 529 ABLE accounts. These states have them. Typically, 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 for the National Association back: After the beneficiary’s
accounts offer tax-favored they are open to all savers, Source: College Savings Plans Network THE WALL STREET JOURNAL. of Independent Schools, death, remaining funds in an
savings for people with dis- not just their own resi- which has 1,600 member ABLE account typically go to
abilities without affecting eli- dents. So savers dissatisfied So far, no states have 529 contributions even more schools in the U.S. the state to repay benefits if
gibility for benefits such as with their own state’s offer- changed their 529 features attractive following the tax Taking 529 withdrawals the person was receiving
Medicaid. ings can go elsewhere, al- since the tax overhaul. Mr. overhaul, said David Taylor, for private-school fees also Medicaid, as many are.
“The recent tax changes though investment options Kantrowitz said Colorado a certified public accountant shrinks the time that assets The assets of regular 529
expanded the benefits for 529 are limited in most states. and New Mexico allow a full with Anton Collins Mitchell can compound tax-free, a plans, however, needn’t go to
plans, which are already About three dozen states deduction for contributions LLP in Denver. The overhaul principal benefit. the state at death. Under the
highly popular with middle- allow an income-tax deduc- to 529 accounts, while New limits deductions for state The overhaul also enabled new rules, said Mr. Kantrow-
and upper-income families,” tion or credit for savers who York and Connecticut limit income or sales and property savers to transfer funds from itz, someone could fund a 529
said Mark Kantrowitz, a col- contribute to them, and the them to $5,000 per single taxes to $10,000 per return. 529 plans to 529 ABLE ac- account for a disabled person
lege-savings analyst in Chi- amount varies widely. Seven taxpayer and $10,000 per So a write-off for a 529 con- counts. 529 ABLE accounts and transfer money as needed
cago who tracks 529-account allow deductions for 529 couple. California, New Jer- tribution can help lower benefit those who become to a 529 ABLE account. This
features. contributions to any state sey, North Carolina, Tennes- state income taxes that may blind or disabled before age arrangement offers tax-free
These accounts, which are plan; others only allow a tax see and Kentucky don’t offer no longer be deductible on a 26 without limiting their ac- growth and perhaps a state-
named after a section of the break for contributions to in- any deduction. federal return. cess to Medicaid and Supple- tax deduction, without giving
tax code enacted two de- state plans. Many taxpayers will find Another landmark change mental Security Income, or up ownership of assets.

INVEST

.
holdings of long-term debt Toulouse Business School in months will finally be more

ly
will likely be more effective France, suggests that the pain than 10 years behind us, and,
than most unconstrained bond of a decline depends not as a result, the long-term re-
funds. merely on its size, but also on turn on stocks will go up like a
Continued from page B1 Meanwhile, for stock inves- on its steepness relative to what rocket.
targeting only U.S. govern- tors, the apparent lack of risk investors have become used In fact, the S&P 500’s 10-
ment or investment-grade may be a risk in itself. to. year cumulative return would
debt. The S&P 500, including div- Consider the epic crash of leap from 82% at the end of
Unconstrained funds invest idends, has gone up for 14 Oct. 28, 1929. That day, the 2017 to 198% at the end of this
us l,

in less-stable corporations or months in a row, the longest Dow Jones Industrial Average coming November, even if
foreign governments, hoping consecutive run since 1928, ac- fell 13%, or 12.75 times its stocks go absolutely nowhere
al a
e
that these borrowers will get cording to Bank of America standard deviation, a measure for the first 11 months of 2018,
stronger, boosting the value of Merrill Lynch. And stocks’ re- of how much its returns had says Howard Silverblatt, se-
CHRISTOPHE VORLET

their debt. That can raise re- cent movements up and down recently been varying from nior index analyst at S&P Dow
ci on

turns when all goes well. Un- have been smoother than in their typical level. Jones Indices.
fortunately, as analysts at AQR most periods since 1885, ac- Nowadays, says Prof. Le That would nearly double
Capital Management LLC cording to William Schwert, a Bris, the market has been so the average 10-year gain to
have shown, it also makes finance professor at the Uni- tranquil that it would take 12% annually from 6.2%, with-
these funds behave more like versity of Rochester. only a 5% one-day drop in the out even counting dividends.
er rs

stocks, weakening their useful- A 5% or 10% decline in an Dow to match the same ex- off talk of Armageddon, and likely to be distorted this year. Stocks will then look much
ness as protection against a otherwise placid market is a treme measure of risk from you will need to focus harder In September and October more attractive in the
rate increase. lot more upsetting than a sim- that horrific day in 1929. than ever on long-term re- 2008, the depths of the finan- rearview mirror, even though
If you want a buffer against ilar fall in a more-turbulent So you should brace your- turns to keep short-term cial crisis, U.S. stocks fell 9.1% nothing will have changed but
m e

rising rates, then hoarding time. Research by David Le self. In this environment, even losses from rattling you. and 17%, respectively. the calendar. Don’t believe the
cash and minimizing your Bris, a finance professor at slight declines are apt to set And long-term returns are This fall, those apocalyptic hype.
m rp

BUSINESS AND TECHNOLOGY

Medical-Device Firms Fight Tax PATCH the threat, including rolling


co Fo

out software fixes for Melt-


down. But several also empha-
sized that customers of their
BY PETER LOFTUS Continued from page B1 products should also execute
around this is not going to be the updates on their own.
As companies celebrate ex- conventional.” Amazon said it had notified
pected savings from the U.S. Intel Corp., which domi- its web-services clients that it
tax overhaul, one industry is nates the market for chips was patching its data centers,
battling the reinstatement of that run servers and personal but that customers need to
what it sees an onerous levy: A computers, said Thursday that patch the operating systems
2.3% excise tax on sales of it was “rapidly” issuing fixes it they are running on top of
medical devices such as pace- had developed for all types of Amazon’s infrastructure.
makers and artificial knees. Intel-based computer systems, Apple weighed in late
The tax took force again on including PCs and servers, Thursday, saying all of its
n-

Jan. 1 after the expiration of a that could be vulnerable to the iPhones, iPads and Mac com-
two-year suspension that was two flaws. The company said puters are affected, though no
approved by Congress and it expects that by the end of known exploits had hit its cus-
DAVID MAUNG/BLOOMBERG NEWS

signed by President Barack the coming week it will have tomers. The company said it
no

Obama in 2015. issued updates for more than issued updates to address the
The tax originally was en- 90% of its processor products Meltdown vulnerability for its
acted with the Affordable Care of the past five years that products, including the Apple
Act in 2010 to help fund some could be vulnerable. TV, and that the Apple Watch
of its provisions, and medical- Intel said software patches wasn’t at risk. A fix for its Sa-
device makers paid it from and other fixes could affect fari web browser to defend
2013 through 2015. The status performance, though disrup- against the Spectre flaw was
of the device tax wasn’t ad- tions would be “workload-de- expected in the coming days,
dressed by the tax overhaul Employees at their stations at a Medtronic Inc. plant in Tijuana, Mexico. pendent.” It said it didn’t ex- Apple said.
enacted in December. pect the average computer Alibaba Group Holding
The medical-device industry ton Dickinson & Co., a maker Mr. Forlenza said he and suspend the tax. user to experience significant Ltd.’s cloud-services business
is now spending millions of of medication-delivery devices other industry CEOs and Ad- Mr. Lobo estimated that disruptions, and any delay on Friday said that it like
dollars on a new advertising such as insulin syringes, and a vaMed officials have been Stryker, which makes artificial would lessen over time. other big tech companies had
and lobbying campaign to member of AdvaMed’s board meeting with members of Con- hips and knees and other de- The Financial Services Infor- been working with Intel before
pressure Congress to either of directors. gress to urge action on the tax. vices, paid about $100 million mation Sharing and Analysis the disclosure of the bugs and
permanently repeal the tax or A repeal or suspension of “If reinstated, it’s going to in excise taxes in 2015, the last Center, a group that banks and had plans to fix any vulnera-
suspend it again. The industry the tax would reduce federal have a profound impact,” said year the levy was in effect, and other financial-services firms bilities by Jan. 12.
has opposed the tax from the revenues by about $1.37 billion Kevin A. Lobo, chief executive would pay about $120 million use to communicate on cyberse- “My hope is that by the
start, saying it hurts device this year, rising to about $2.7 of device maker Stryker Corp. this year if it isn’t repealed or curity issues, said it expects any time attackers learn to exploit
makers’ ability to create jobs billion in 2026, according to “We will have to make cuts suspended. The two-year mor- fixes will involve “performance this thing, the defense im-
and invest in developing new the Joint Committee on Taxa- and we will have to stop in- atorium on the tax allowed degradation” and “require more proves to the point that it’s no
devices. tion, the nonpartisan arm of vestments.” He said he has Stryker to increase its spend- processing power for affected longer a serious threat,” said
The device trade group Ad- Congress that analyzes tax spoken with members of Con- ing on research-and-develop- systems to compensate.” Werner Haas, chief technology
vaMed on Friday began run- policies. gress to urge them to repeal or ment to about 6.5% of sales Microsoft Corp., Ama- officer of Germany-based Cy-
ning TV ads in California, from 5.9% of sales in 2013, he zon.com Inc., Alphabet Inc.- berus Technology and another
Texas, New York and Pennsyl- said. owned Google, Apple Inc. and of the researchers who helped
vania, some of which have a Biotech Firm Acorda mately find a buyer. The excise tax, though, “is others moved to explain the uncover the vulnerabilities.
big industry presence. Ad- As of Friday afternoon, an important source of reve- nature of the bugs and what —Yang Jie in Beijing
vaMed said it planned to Exploring Sale Acorda had a market value of nue to support health coverage they have done to minimize contributed to this article.
spend millions of dollars on $970 million. The shares have es- and programs under the ACA,”
the campaign, which will in- sentially gone sideways in the said Eliot Fishman, senior di-
clude print and digital ads. Biotechnology company last decade and the company has rector of health policy for
“Congress has just raised Acorda Therapeutics Inc. is ex- suffered some setbacks lately. Families USA, a nonprofit
taxes on life-changing medical ploring a potential sale, according Acorda has been facing the group advocating for afford-
devices,” a voice-over says in to people who are familiar with threat of generic competition for able health care.
one ad, which shows actors the matter. its main product, multiple-sclero- Without it, “we would be
portraying patients who have The Ardsley, N.Y., maker of sis drug Ampyra, since a federal concerned about ensuring that
benefited from devices. “Now, medicines for patients with neu- court invalidated several key pat- funding for ACA health cover-
new treatments and cures rological disorders is working with ents early last year. age and programs is main-
could be out of reach for pa- investment bankers from Center- It has taken steps to conserve tained at current levels and
tients and families across the view Partners and MTS Health spending, including a restructur- that no other programs impor-
DADO RUVIC/REUTERS

country.” Partners, the people said. The ing to eliminate a fifth of the tant to families are harmed.”
AdvaMed has run ad cam- proceedings are at an early stage company’s jobs, while waiting on A proposal to repeal the tax
paigns promoting the industry and it is possible that Acorda will its most advanced drugs in devel- was included in Republicans’
before, but it is rare for it to decide not to move forward with opment to pan out. proposed legislation to dis-
run TV ads focusing on a spe- a formal auction—and that if it —Dana Mattioli mantle the Affordable Care Act
cific issue like this, said Vin- does move forward, it won’t ulti- and David Benoit that Congress failed to enact
cent A. Forlenza, CEO of Bec- last year. An illustration of Intel’s 8th generation Core i5 processor.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | B5

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The Body, the Brain, the Machines


From computing in the multiverse to ecstatic trauma therapy, get an inside view
of humanity’s future in this special-edition magazine from The Wall Street Journal.

Read More at WSJ.com/FOE

©2018 Dow Jones & Co. Inc. All rights reserved. 6DJ6146
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25295.87 s 220.74, or 0.88% Trailing P/E ratio 22.28 21.77 2743.15 s 19.16, or 0.70% Trailing P/E ratio 22.09 25.02 7136.56 s 58.64, or 0.83% Trailing P/E ratio * 27.15 24.57
High, low, open and close for each P/E estimate * 20.04 18.68 High, low, open and close for each P/E estimate * 19.25 17.65 High, low, open and close for each P/E estimate * 21.01 18.54
trading day of the past three months. Dividend yield 2.07 2.41 trading day of the past three months. Dividend yield 1.86 2.06 trading day of the past three months. Dividend yield 1.03 1.22
All-time high 25295.87, 01/05/18 All-time high: 2743.15, 01/05/18 All-time high: 7136.56, 01/05/18

Current divisor 0.14523396877348


25200 2750 7150
Session high
DOWN UP
t

Session open Close 24500 2700 7000


Close Open
t

23800 2650 6850


Session low

23100 2600 6700

22400 2550 6550

65-day moving average 65-day moving average 65-day moving average


21700 2500 6400

Bars measure the point change from session's open


21000 2450 6250
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.

Major U.S. Stock-Market Indexes Late Trading Trading Diary


Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 769,578,627 15,834,583
Industrial Average 25299.79 25112.01 25295.87 220.74 0.88 25295.87 19732.40 26.7 2.3 13.1 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 467,660,100 8,963,161
Transportation Avg 10986.83 10845.08 10911.74 57.19 0.53 10911.74 8783.74 19.9 2.8 7.2 Most-active issues in late trading Decl. volume* 288,094,038 6,305,050
Utility Average 703.83 696.74 700.74 0.22 0.03 774.47 651.14 5.9 -3.1 4.5 Volume After Hours Issues traded 3,077 337
Company Symbol (000) Last Net chg % chg High Low Advances 1,794 170
Total Stock Market 28351.56 28207.75 28349.31 181.51 0.64 28349.31 23526.88 19.8 2.4 10.5
SPDR S&P 500 SPY 18,768.0 273.71 0.29 0.11 273.85 271.63 Declines 1,171 146
Barron's 400 728.07 724.67 728.00 3.89 0.54 728.00 600.24 20.1 2.4 11.2
Cnsmr Staples Sel Sector XLP 5,468.1 56.85 -0.08 -0.14 56.95 56.85 Unchanged 112 21
Nasdaq Stock Market Industrial Select Sector XLI 4,080.8 77.60 -0.02 -0.03 77.62 77.52 New highs 252 11
Nasdaq Composite 7137.04 7097.08 7136.56 58.64 0.83 7136.56 5521.06 29.3 3.4 15.3 Nike Cl B NKE 4,022.6 64.09 0.11 0.17 64.20 63.98 New lows 22 …
Nasdaq 100 6654.98 6605.03 68.71 6653.29 5007.08 4.0 Closing tick 379 1
6653.29 1.04 32.9 16.9 iShares MSCI Emg Markets EEM 2,894.5 49.10 -0.03 -0.06 49.15 49.06
Closing Arms† 0.97 0.82
Bank of America BAC 2,419.2 30.28 -0.05 -0.16 30.35 30.16
S&P Block trades* 6,321 130
Hewlett Packard Ent HPE 2,119.5 15.05 ... unch. 15.05 15.00

.
500 Index 2743.45 2727.92 2743.15 19.16 0.70 2743.15 2263.69 20.5 2.6 10.7 Nasdaq NYSE Arca
Microsoft MSFT 2,038.6 88.13 -0.06 -0.07 88.30 88.02
1936.82 1928.79 7.82 1936.27 1667.44 1.9

ly
MidCap 400 1936.27 0.41 15.1 10.7 Total volume*1,990,176,953 201,368,530
SmallCap 600 949.20 942.83 949.18 3.85 0.41 949.18 815.62 13.0 1.4 11.8 Percentage gainers… Adv. volume*1,212,244,477 138,172,848
Decl. volume* 741,540,106 62,487,785
Other Indexes ChinaCache Intl Hldgs ADR CCIH 22.6 2.84 0.12 4.41 2.85 2.74
Issues traded 3,081 1,346
Yingli Green Energy ADR YGE 13.4 2.20 0.09 4.02 2.26 2.09
Russell 2000
NYSE Composite
Value Line
1560.07

573.16
1552.13
13104.52 13039.08 13103.23
570.90
1560.01

573.16
4.29
74.77
1.82
on
0.28

0.32
1560.01
0.57 13103.23 11148.85
573.16
1345.24

503.24
14.1
16.6
11.7
1.6
2.3
1.9
9.7
7.3
5.3
Community Health Systems CYH
Dicerna Pharmaceuticals DRNA
15.7
70.9
4.24
9.00
0.16
0.24
3.92
2.74
4.24
9.00
4.08
8.76
Advances
Declines
Unchanged
1,746
1,189
146
927
391
28
NYSE Arca Biotech 4348.31 4307.05 4333.74 12.11 0.28 4374.04 3134.03 31.9 2.6 7.7
Credit Suisse Income Fnd CIK 14.2 3.40 0.09 2.72 3.40 3.38 New highs 269 501
us l,

New lows 16 43
NYSE Arca Pharma 559.21 555.31 559.01 4.11 0.74 560.52 469.13 13.7 2.6 1.8 ...And losers
Closing tick 237 103
KBW Bank 109.15 108.17 108.90 0.23 0.21 108.90 88.02 17.4 2.1 14.9 Five Oaks Investment OAKS 17.2 3.75 -0.20 -5.06 3.99 3.70 Closing Arms† 0.90 1.24
al a
e
PHLX§ Gold/Silver 87.75 86.98 87.39 -0.40 -0.45 96.72 76.42 2.4 2.5 6.8 ABB ADR ABB 7.9 26.24 -1.39 -5.03 27.63 26.24 Block trades* 8,106 1,138
PHLX§ Oil Service 157.49 154.89 157.11 0.08 0.05 192.66 117.79 -18.5 5.1 -8.1 China Internet Nationwide CIFS 5.4 41.18 -0.97 -2.30 42.35 41.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1330.31 1316.13 1325.71 8.47 0.64 1341.69 908.65 45.9 5.8 25.3 Lexicon Pharmaceuticals LXRX 10.1 10.00 -0.19 -1.86 10.19 10.00 †(TRIN) A comparison of the number of advancing and declining
Cboe Volatility 9.54 9.00 ... 16.04 9.14 -18.6 -16.5 -22.6 issues with the volume of shares rising and falling. An
9.22 unch. Winnebago WGO 12.0 55.00 -0.95 -1.70 55.95 55.00 Arms of less than 1 indicates buying demand; above 1
 Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers


er rs

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3175.51 18.44 0.58 2.9 TiGenix ADR TIG 40.73 17.05 72.00 41.00 14.30 177.1 Ohr Pharmaceutical OHRP 0.38 -1.64 -81.34 2.18 0.35 -75.7
m e

DJ Global Index 407.52 2.56 0.63 2.6 Skyline Corp SKY 19.00 6.17 48.09 20.04 5.07 30.8 ChinaNet Online Holdings CNET 5.70 -3.64 -38.97 11.90 0.90 427.8
DJ Global ex U.S. 273.90 1.63 0.60 2.7 China Info Technology CNIT 2.58 0.56 27.72 5.20 0.57 253.4 Kala Pharmaceuticals KALA 12.26 -5.08 -29.28 26.75 11.81 ...
KBS Fashion Group KBSF 5.00 1.08 27.55 18.00 1.41 28.1 ADOMANI ADOM 3.21 -1.12 -25.87 18.31 2.35 ...
m rp

Americas DJ Americas 658.58 4.31 0.66 2.5


Brazil Sao Paulo Bovespa 79071.47 424.05 0.54 3.5 Cellular Biomedicine Grp CBMG 18.00 3.50 24.14 18.25 5.05 37.4 Core-Mark Holding CORE 24.18 -7.23 -23.02 43.94 23.95 -43.0
Canada S&P/TSX Comp 16349.44 –63.50 –0.39 0.9 Datawatch Corp DWCH 11.40 2.20 23.91 12.65 5.40 101.8 REGENXBIO RGNX 27.85 -7.35 -20.88 36.45 16.30 45.8
Mexico S&P/BMV IPC 49887.74 143.12 0.29 1.1 Alliqua BioMedical ALQA 2.52 0.48 23.53 8.48 1.73 -60.0 Novan NOVN 3.36 -0.88 -20.75 27.04 3.22 -87.0
Chile Santiago IPSA 4309.04 45.73 1.07 2.3 Technical Communications TCCO 12.45 2.35 23.27 15.40 2.25 429.8 Francesca's Holdings FRAN 5.95 -1.55 -20.67 19.50 5.94 -65.9
Everspin Technologies MRAM 9.47 1.56 19.72 25.39 6.69 23.6 Shiloh Industries SHLO 7.41 -1.60 -17.76 16.69 6.88 1.0
EMEA Stoxx Europe 600 397.35 3.67 0.93 2.1
co Fo

Momenta Pharm MNTA 17.55 2.80 18.98 19.90 11.85 7.0 Sequans Comms ADR SQNS 2.08 -0.43 -17.13 4.75 1.68 -2.3
Eurozone Euro Stoxx 397.37 4.02 1.02 3.1
Belgium Bel-20 4097.04 39.12 0.96 3.0 Newater Technology NEWA 11.29 1.78 18.72 16.25 7.32 ... Renren A ADR RENN 12.99 -2.20 -14.48 18.70 6.01 52.8
France CAC 40 5470.75 57.06 1.05 3.0 Vuzix VUZI 7.65 1.20 18.60 7.80 4.10 7.7 HTG Molecular Diagnostics HTGM 3.47 -0.56 -13.90 13.25 1.20 60.0
Germany DAX 13319.64 151.75 1.15 3.1 Sify Technologies ADR SIFY 2.54 0.39 18.14 2.55 0.69 225.6 Barnes Noble BKS 5.60 -0.90 -13.85 11.80 5.40 -47.7
Israel Tel Aviv 1535.89 … Closed 1.7 Air T AIRT 32.10 4.85 17.80 32.10 14.40 48.8 Synergy Pharmaceuticals SGYP 2.18 -0.26 -10.66 7.15 1.68 -67.6
FTSE MIB 1.11 4.2 AquaBounty Technologies AQB 7.43 1.08 17.01 30.50 0.01 ... NewLink Genetics NLNK 9.00 -1.06 -10.54 25.17 5.90 -18.8
Italy 22762.29 250.16
Netherlands AEX 558.16 4.10 0.74 2.5
Russia RTS Index 1219.89 5.72 0.47 5.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10411.40 97.00 0.94 3.7
SX All Share 0.64 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden 583.05 3.69 2.5 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9556.98 47.70 0.50 1.9
General Electric GE 78,166 -0.3 18.54 0.05 31.77 17.25 John Hancock Mult Dev JHMD 361 4173 31.11 0.19 31.27 25.31
U.K. FTSE 100 7724.22 28.34 0.37 0.5
SPDR S&P 500 SPY 63,959 -8.3 273.42 0.67 273.56 224.96 GTY Technology Hldgs Cl A GTYH 3,406 3666 9.95 0.10 11.50 9.75
n-

Asia-Pacific Advanced Micro Devices AMD 63,076 21.3 11.88 -1.98 15.65 9.42 Andina Acquisition II ANDA 287 2443 10.39 0.39 10.46 9.51
Australia S&P/ASX 200 6122.30 45.20 0.74 0.9 Bank of America BAC 53,817 -18.8 30.33 0.46 30.44 22.01 iSh Intl Dev Property WPS 161 2077 40.52 0.87 40.52 33.90
China Shanghai Composite 3391.75 6.04 0.18 2.6 iShares MSCI Emg Markets EEM 47,131 -4.0 49.13 0.86 49.14 35.84 Skyline Corp SKY 981 1944 19.00 48.09 20.04 5.07
Hong Kong Hang Seng 30814.64 78.16 0.25 3.0 Micron Technology MU 46,393 21.8 45.80 -2.30 49.89 21.49 Siliconware Precision ADR SPIL 937 1601 8.48 1.07 8.51 7.26
S&P BSE Sensex 0.54 0.3
no

India 34153.85 184.21 China Info Technology CNIT 46,087 13273.9 2.58 27.72 5.20 0.57 iSh Edge MSCI Intl Mom IMTM 466 1600 31.70 0.79 31.71 25.27
Japan Nikkei Stock Avg 23714.53 208.20 0.89 4.2 Ford Motor F 45,781 37.8 13.20 1.69 13.22 10.47 Kala Pharmaceuticals KALA 2,964 1496 12.26 -29.28 26.75 11.81
Singapore Straits Times 3489.45 –11.71 –0.33 2.5 Intel INTC 40,807 37.4 44.74 0.70 47.64 33.23 VanEck Vectors Steel ETF SLX 754 1468 48.90 0.39 49.02 35.03
South Korea Kospi 2497.52 31.06 1.26 1.2 China Pharma Holdings CPHI 39,124 17418.8 0.47 137.37 1.45 0.15 TiGenix ADR TIG 136 1231 40.73 72.00 41.00 14.30
Taiwan Weighted 10879.80 31.17 0.29 2.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies


U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Fri YTDchg Fri YTDchg

U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Europe
A consumer rate against its Money market accounts
Argentina peso .0530 18.8790 1.5 Czech Rep. koruna .04711 21.227 –0.2
benchmark over the past year 3.75% 15%
Bankrate.com avg†: 0.30% Brazil real .3097 3.2292 –2.5 Denmark krone .1615 6.1907 –0.2
3.00 Canada dollar .8057 1.2412 –1.3 Euro area euro 1.2032 .8312 –0.2
Federal-funds ableBanking,adivisionofNortheastBank 1.30% 10
Euro Chile peso .001652 605.20 –1.7 Hungary forint .003899 256.45 –1.0
s

target rate 1.20% Lewiston, ME 877-505-1933 Friday 2.25 5 Ecuador US dollar 1 1 unch Iceland krona .009648 103.65 0.1
t t
Barclays 1.30% s
Mexico peso .0522 19.1752 –2.5 Norway krone .1242 8.0505 –1.9
0.90 1.50 Yen Uruguay peso .03487 28.6800 –0.4 Poland zloty .2897 3.4520 –0.8
Wilmington, DE 888-720-8756 0
One year ago
t

Venezuela b. fuerte .100009 9.9992 –3.3 Russia ruble .01758 56.871 –1.4
Money market 0.60 Capital One 360 1.30% 0.75 WSJ Dollar index
–5 s
Asia-Pacific Sweden krona .1226 8.1549 –0.4
account yields Glen Allen, VA 877-464-0333 Switzerland franc
t 1.0261 .9746 0.02
0.00 Australian dollar .7860 1.2723 –0.6
0.30 Pacific National Bank 1.30% –10 Turkey lira .2677 3.7355 –1.6
China yuan .1541 6.4891 –0.2
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0358 27.9676 –0.6
Miami, FL 305-539-7500 Hong Kong dollar .1279 7.8188 0.1
0.00 month(s) years UK pound 1.3569 .7370 –0.4
Radius Bank 1.30% India rupee .01580 63.275 –0.9
J FMAM J J A S O ND J maturity Indonesia rupiah .0000745 13418 Middle East/Africa
–0.5
2017 Boston, MA 800-242-0272
Japan yen .008846 113.05 0.3 Bahrain dinar 2.6524 .3770 –0.02
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003009 332.38 –0.1 Egypt pound .0565 17.7085 –0.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1241 8.0579 0.1 Israel shekel .2913 3.4327 –1.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2502 3.9975 –1.6 Kuwait dinar 3.3181 .3014 –0.02
Federal-funds rate target 1.25-1.50 1.25-1.50 0.50 l 1.50 1.25 Corporate Borrowing Rates and Yields New Zealand dollar .7169 1.3949 –1.1 Oman sul rial 2.5976 .3850 0.01
Pakistan rupee .00903 110.750 0.1 Qatar rial .2747 3.640 –0.2
Prime rate* 4.50 4.50 3.75 l 4.50 1.25 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0201 49.807 –0.3 Saudi Arabia riyal .2666 3.7504 unch
Libor, 3-month 1.70 1.69 1.01 l 1.70 1.45 Singapore dollar .7557 1.3232 –1.0 South Africa rand .0812 12.3086 –0.4
Money market, annual yield 0.30 0.33 0.26 l 0.36 -0.14 Treasury, Ryan ALM 1455.726 2.332 2.259 2.332 1.818 2.016 1.063 South Korea won .0009413 1062.33 –0.5
Five-year CD, annual yield 1.50 1.19 l -0.03 Sri Lanka rupee .0065130 153.54 Close Net Chg % Chg YTD%Chg
1.48 1.53 10-yr Treasury, Ryan ALM 1720.227 2.476 2.409 2.609 2.058 1.735 0.581 0.03
30-year mortgage, fixed† 3.92 3.92 3.73 l 4.33 -0.09 Taiwan dollar .03392 29.485 –0.6 WSJ Dollar Index 85.68 0.05 0.06 –0.34
DJ Corporate 380.791 3.194 3.116 3.390 2.879 5.130 3.353
15-year mortgage, fixed† Thailand baht .03108 32.180 –1.3 Sources: Tullett Prebon, WSJ Market Data Group
3.37 3.37 2.99 l 3.47 0.07 Aggregate, Barclays Capital 1939.850 2.770 2.710 2.790 2.380 2.750 1.943 Vietnam dong .00004403 22710 ...
Jumbo mortgages, $424,100-plus† 4.32 4.32 4.21 l 4.87 -0.09 High Yield 100, Merrill Lynch 2883.269 5.422 5.583 5.890 4.948 6.485 4.998
Five-year adj mortgage (ARM)† 4.07 4.06 3.20 l 4.07 0.73
Fixed-Rate MBS, Barclays 1986.410 2.930 2.910 3.120 2.660 2.078 1.702
New-car loan, 48-month 3.23 3.29 2.85 l 3.36 0.24
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill 522.327 2.179 2.177 2.281 1.736 4.239 2.373 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 810.689 5.507 5.540 5.962 5.279 8.331 7.284 Commodities Friday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 624.14 -4.96 -0.79 629.45 532.01 10.27 -0.20


Get real-time U.S. stock quotes and track most-active Track the Markets 193.45 -0.98 195.37 -0.05

WSJ
TR/CC CRB Index -1.92 166.50 -0.22
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 61.44 -0.57 -0.92 62.01 42.53 13.80 1.69
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.795 -0.085 -2.95 3.42 2.56 -14.92 -5.35
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1320.30 0.90 0.07 1346.00 1171.90 12.66 1.07
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS


YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities.
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 0.94 45.64 30.52 Fortinet FTNT ... 92 44.10 0.10 -1.91 1157.30 887.40 Markel MKL ...248 1117.33 -1.04 1.18 23.44 20.13 ShawComm B SJR 4.1 29 23.10 0.13
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -1.04 38.24 30.63 Fortis FTS 3.7 19 36.29 0.30 2.72 211.06 153.74 MarketAxess MKTX 0.6 53 207.23 0.69 s 2.83 421.99 275.66 SherwinWilliams SHW 0.8 37 421.66 8.56
The list comprises the 1,000 largest companies based on market capitalization. 1.45 75.69 53.26 Fortive FTV 0.4 28 73.40 -0.85 -0.98 137.60 81.04 Marriott MAR 1.0 37 134.40 -1.30 3.04 48.98 36.77 ShinhanFin SHG ... 8 47.81 0.88
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading s 4.65 71.65 53.15 FortBrandsHome FBHS 1.1 25 71.62 1.49 1.82 86.54 66.75 Marsh&McLen MMC 1.8 23 82.87 0.57 1.12 192.15 137.17 Shire SHPG 0.2 30 156.86 -0.43
volume. -1.56 86.06 60.10 Franco-Nevada FNV 1.2100 78.70 0.17 2.85 244.32 191.09 MartinMarietta MLM 0.8 33 227.33 -0.67 9.49 123.94 45.70 Shopify SHOP ... dd 110.58 0.63
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 0.55 47.65 39.38 FranklinRscs BEN 2.1 15 43.57 0.27 7.13 24.22 13.83 MarvellTech MRVL 1.0 39 23.00 -0.41 3.13 164.23 116.68 SignatureBank SBNY ... 20 141.56 -0.36
$2 or higher. s 4.96 19.91 11.05 FreeportMcM FCX ... 28 19.90 0.16 s 1.18 44.49 31.29 Masco MAS 0.9 26 44.46 0.41 -2.09 188.10 150.15 SimonProperty SPG 4.4 30 168.15 1.55
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. s 3.33 54.45 39.46 FreseniusMed FMS 1.0 25 54.30 0.70 s 5.07 159.04 104.01 Mastercard MA 0.6 37 159.04 3.23 -0.56 5.89 4.52 SiriusXM SIRI 0.8 30 5.33 0.02
s-New 52-week high. standards vj-In bankruptcy or receivership or 1.56 33.08 15.42 MatchGroup MTCH ... 21 31.80 -0.33 -0.11 39.71 22.30 SkechersUSA SKX ... 23 37.80 -0.45
t-New 52-week low. lf-Late filing being reorganized under the GHI 1.87 55.43 38.18 MaximIntProducts MXIM 2.7 26 53.26 -1.13 6.61 117.65 74.32 Skyworks SWKS 1.3 19 101.23 0.46
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 1.54 26.20 18.83 GGP GGP 3.7 33 23.75 0.49 2.49 106.58 89.49 McCormickVtg MKC.V 2.0 28 103.00 0.67 2.79 63.70 46.44 SmithAO AOS 0.9 31 62.99 0.80
four quarters. requirements. assumed by such companies. 0.36 67.32 51.96 Gallagher AJG 2.5 25 63.51 0.29 1.18 106.50 89.65 McCormick MKC 2.0 28 103.11 1.00 1.46 40.43 29.76 Smith&Nephew SNN 1.4 19 35.52 0.94
FD-First day of trading. t-NYSE bankruptcy -0.84 39.32 30.22 Gaming&Leisure GLPI 6.9 20 36.69 0.20 1.12 175.78 118.52 McDonalds MCD 2.3 25 174.05 0.35 1.05 143.68 99.56 Smucker SJM 2.5 25 125.55 1.16
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -4.43 35.24 21.02 Gap GPS 2.8 15 32.55 -0.19 0.78 169.29 133.82 McKesson MCK 0.9 7 157.16 2.10 -0.75 29.44 11.28 Snap SNAP ... dd 14.50 -0.09
changes in the closing prices from 4 p.m. the previous day. s 1.83 34.79 19.91 GardnerDenver GDI ... dd 34.55 0.48 5.93 89.72 71.11 Medtronic MDT 2.2 23 85.54 1.42 2.38 181.73 140.83 SnapOn SNA 1.8 18 178.45 2.28
0.29 63.15 47.03 Garmin GRMN 3.4 16 59.74 -0.53 -4.44 29.60 15.76 MelcoResorts MLCO 1.3 44 27.75 0.18 6.23 63.80 29.53 SOQUIMICH SQM 1.4 48 63.07 1.35
Friday, January 5, 2018 YTD 52-Week Yld Net s 5.15 336.49 171.16 MercadoLibre MELI 0.2110 330.87 4.99 s 8.34 48.79 28.53 Sony SNE ... 27 48.70 1.45
% Chg Hi Lo Stock Sym % PE Last Chg 5.03 130.02 91.62 Gartner IT ... dd 129.34 2.04
YTD 52-Week Yld Net 3.13 11.00 9.01 Gazit-Globe GZT 3.6 4 10.86 0.09 1.28 66.80 53.63 Merck MRK 3.4 55 56.99 -0.06 t -2.72 53.51 46.44 Southern SO 5.0 85 46.78 0.08
% Chg Hi Lo Stock Sym % PE Last Chg -4.00 96.39 78.38 CamdenProperty CPT 3.4 54 88.38 -0.31 0.61 214.81 172.43 GeneralDynamics GD 1.6 20 204.70 -0.51 2.53 55.91 44.17 MetLife MET 3.1 dd 51.84 0.48 s 3.52 49.35 32.63 SoCopper SCCO 2.0 32 49.12 0.38
-1.70 64.23 44.99 CampbellSoup CPB 3.0 17 47.29 0.18 6.25 31.77 17.25 GeneralElec GE 2.6 23 18.54 0.01 2.88 694.48 408.97 MettlerToledo MTD ... 39 637.35 10.32 -1.73 66.98 48.71 SouthwestAir LUV 0.8 18 64.32 -0.38
ABC s 2.54 100.01 77.20 CIBC CM 4.1 12 99.88 0.82 1.06 63.73 49.65 GeneralMills GIS 3.3 22 59.92 0.51 1.54 64.36 32.38 MichaelKors KORS ... 18 63.92 -0.16 5.18 47.48 38.42 SpectraEnerPtrs SEP 7.0 15 41.59 -0.77
s 2.97 85.73 68.27 CanNtlRlwy CNI 1.6 24 84.95 0.69 7.37 46.76 31.92 GeneralMotors GM 3.5 10 44.01 -0.13 3.25 36.21 27.86 MicroFocus MFGP ... 50 34.68 -0.04 6.66 146.09 98.11 SpectrumBrands SPB 1.4 24 119.89 0.03
s 3.02 27.68 21.38 ABB ABB 2.8 26 27.63 0.18 2.27 37.37 27.52 CanNaturalRes CNQ 2.4 22 36.53 4.98 95.92 62.52 MicrochipTech MCHP 1.6 37 92.26 0.27 s 3.05 89.93 51.85 SpiritAeroSys SPR 0.4 32 89.91 1.69
3.04 39.50 30.15 AECOM ACM ... 18 38.28 -0.67
-0.72 s 4.66 33.28 23.34 Genpact G 0.7 24 33.22 0.30
s 1.09 186.17 143.20 CanPacRlwy CP 1.0 20 184.76 0.79 3.96 22.12 16.59 Gentex GNTX 1.8 17 21.78 0.31 11.38 49.89 21.49 MicronTech MU ... 7 45.80 -1.08 6.08 88.70 52.89 Splunk SPLK ... dd 87.88 -0.07
0.37 12.06 10.00 AES AES 4.8 dd 10.87 0.04 CAJ 3.7 20 38.01 7.90 57.97 46.09 Microsemi MSCC ... 37 55.73 0.96 -1.53 9.65 5.42 Sprint S ... dd 5.80 0.17
2.22 89.84 66.50 Aflac AFL 2.0 13 89.73 0.59
1.63 39.15 28.54 Canon -0.20 2.62 100.90 79.86 GenuineParts GPC 2.8 22 97.50 0.09
1.86 102.16 76.05 CapitalOne COF 1.6 14 101.43 0.01 11.29 4.39 2.60 Gerdau GGB 0.9 dd 4.14 ... s 3.10 88.41 61.95 Microsoft MSFT 1.9 30 88.19 1.08 18.66 49.56 13.84 Square SQ ... dd 41.14 3.04
-1.68 22.34 18.41 AGNC Invt AGNC 10.9 5 19.85 0.13 3.18 84.88 54.66 CardinalHealth CAH 2.9 18 63.22 -4.39 110.95 92.50 MidAmApt MAA 3.8 45 96.15 -0.43 0.52 171.18 116.63 StanleyBlackDck SWK 1.5 22 170.58 0.79
3.29 155.14 92.33 Ansys ANSS ... 48 152.45 0.63
-0.44 0.59 32.66 23.55 Gildan GIL 1.2 19 32.49 0.11
3.77 119.00 92.09 Carlisle CSL 1.3 23 117.94 -0.20 4.02 86.27 63.76 GileadSciences GILD 2.8 8 74.52 0.62 0.99 150.87 107.53 Middleby MIDD ... 26 136.29 0.62 3.80 64.87 52.58 Starbucks SBUX 2.0 30 59.61 0.68
5.21 186.37 110.30 ASML ASML 0.7 ... 182.87 2.12 4.59 24.85 15.45 Carlyle CG 9.4 14 23.95 s 5.09 7.65 5.94 MitsubishiUFJ MTU ... 11 7.64 0.06 0.98 100.90 74.45 StateStreet STT 1.7 17 98.57 0.09
-1.90 42.70 32.55 AT&T T 5.2 18 38.14 0.14
0.05 5.75 44.53 34.52 GSK GSK 5.4 31 37.51 0.65
10.77 77.64 54.29 CarMax KMX ... 19 71.04 2.79 3.31 104.90 73.22 GlobalPayments GPN 0.0 ... 103.56 -0.09 4.67 3.94 3.37 MizuhoFin MFG ... 10 3.81 0.03 5.70 22.71 16.18 Statoil STO ... dd 22.64 -0.04
3.36 59.60 39.25 AbbottLabs ABT 1.9 46 58.99 0.17 -0.11 69.89 52.65 Carnival CCL 2.7 18 66.30 3.04 11.59 7.76 MobileTeleSys MBT 6.8 12 10.50 -0.12 5.73 46.32 32.15 SteelDynamics STLD 1.4 21 45.60 -0.35
s 4.55 101.20 59.27 AbbVie ABBV 2.8 25 101.11 1.73
-0.55 1.53 51.35 34.40 GoDaddy GDDY ... dd 51.05 0.50
0.12 70.56 51.44 Carnival CUK 2.7 18 66.36 -0.42 5.09 17.87 11.64 Goldcorp GG 0.6 22 13.42 0.03 0.28 286.85 199.90 MohawkInds MHK ... 21 276.67 1.41 4.68 88.00 61.25 Stericycle SRCL ... dd 71.17 0.32
s 7.96 202.96 103.53 Abiomed ABMD ...100 202.32 3.07 s 2.78 162.05 90.34 Caterpillar CAT 1.9113 161.96 1.05 102.14 76.25 MolsonCoors B TAP 2.0 8 82.93 0.93 -0.59 93.39 65.27 Steris STE 1.4 52 86.95 0.36
2.99 158.44 112.31 Accenture ACN 1.7 28 157.67 1.29
2.52 0.30 262.14 209.62 GoldmanSachs GS 1.2 13 255.52 -1.31
4.33 88.96 56.96 Cavium CAVM ... dd 87.46 -0.89 1.64 37.20 28.81 Goodyear GT 1.7 8 32.84 0.26 1.00 47.23 39.19 Mondelez MDLZ 2.0 30 43.23 0.55 6.87 24.80 10.67 STMicroelec STM 1.0 34 23.34 -0.07
4.82 67.40 37.37 ActivisionBliz ATVI 0.5150 66.37 1.71 2.42 128.32 72.64 CboeGlobalMkts CBOE 0.8 69 127.60 1.56 122.80 105.56 Monsanto MON 1.8 22 118.60 0.67 s 4.02 161.32 116.50 Stryker SYK 1.2 34 161.06 2.32
5.32 241.02 153.28 AcuityBrands AYI 0.3 25 185.36 4.76
3.56 s 2.19 46.95 27.78 Graco GGG 1.1 75 46.21 -0.12
1.09 109.70 80.10 Celanese A CE 1.7 19 108.25 1.01 0.85 262.71 155.00 Grainger GWW 2.1 28 238.25 2.19 0.32 64.79 41.02 MonsterBev MNST ... 46 63.49 0.13 s 4.83 9.11 6.93 SumitomoMits SMFG ... 9 9.11 0.04
6.57 86.42 55.85 Adient ADNT 1.3 9 83.87 1.51 0.60 147.17 94.55 Celgene CELG ... 25 104.99 s 4.41 154.28 93.51 Moody's MCO 1.0 56 154.12 2.52 -3.09 96.08 76.60 SunComms SUI 3.0122 89.91 -0.65
5.76 186.27 105.25 AdobeSystems ADBE ... 55 185.34 2.12
-1.69 -3.54 34.72 26.72 GreatPlainsEner GXP 3.5 30 31.10 -0.36
5.20 10.37 7.09 Cemex CX ... 11 7.89 -0.06 4.62 24.20 16.37 Grifols GRFS 1.8 ... 23.98 0.50 1.22 54.25 40.06 MorganStanley MS 1.9 15 53.11 -0.02 s 1.45 41.99 32.22 SunLifeFinancial SLF 3.4 13 41.86 0.22
12.53 177.50 78.81 AdvanceAuto AAP 0.2 24 112.18 1.18 10.84 15.36 6.76 CenovusEnergy CVE 1.5 4 10.12 4.68 34.36 19.23 Mosaic MOS 0.4 28 26.86 0.04 s 3.00 38.39 27.96 SuncorEnergy SU 2.7 23 37.82 -0.30
15.56 15.65 9.42 AdvMicroDevices AMD ... dd 11.88 -0.24
-0.24 1.63 74.81 32.43 GrubHub GRUB ...107 72.97 1.09
s 4.57 106.02 60.08 Centene CNC ... 22 105.49 2.99 4.75 119.87 72.52 GpoAeroportuar PAC 2.8 23 107.64 1.29 1.70 95.30 76.92 MotorolaSol MSI 2.3 23 91.88 1.22 2.04 67.02 51.96 SunTrustBanks STI 2.4 17 65.91 0.05
3.40 7.52 5.19 AdvSemiEngg ASX 3.4 15 6.70 0.01 -1.73 30.45 24.74 CenterPointEner CNP 4.0 20 27.87 5.27 45.87 29.39 Mylan MYL ... 28 44.54 0.23 5.17 34.20 24.55 Symantec SYMC 1.0 dd 29.51 0.54
s 1.90 6.44 4.73 Aegon AEG 4.8 18 6.42 0.01
-0.12 5.41 9.38 7.42 GpoAvalAcc AVAL 4.5 14 8.96 ...
0.35 7.38 3.49 CentraisElBras EBR ... 3 5.72 0.01 s 4.40 70.16 28.35 GpoFinGalicia GGAL 0.0 20 68.75 -0.76 0.88 29.78 12.96 NRG Energy NRG 0.4 dd 28.73 0.18 2.93 39.86 26.01 SynchronyFin SYF 1.5 15 39.74 0.34
1.25 54.50 41.54 AerCap AER ... 9 53.27 0.30 1.92 27.61 13.16 CenturyLink CTL 12.7 29 17.00 1.64 26.14 22.58 NTTDoCoMo DCM ... 16 24.16 0.07 0.06 93.61 80.03 Syngenta SYT ... 41 92.90 ...
3.00 192.37 116.04 Aetna AET 1.1 34 185.81 2.44
0.03 5.06 10.82 6.89 GpFinSantMex BSMX 4.5 11 7.68 ...
4.66 73.86 47.09 Cerner CERN ... 35 70.53 1.52 3.43 27.37 17.24 GrupoTelevisa TV 0.5 49 19.31 0.15 s 1.68 3677.10 1661.54 NVR NVR ... 26 3567.00 46.49 4.33 94.80 59.41 Synopsys SNPS ...105 88.93 1.04
-2.82 207.67 139.52 AffiliatedMgrs AMG 0.4 22 199.47 0.93 4.44 408.83 292.84 CharterComms CHTR ...119 350.88 0.82 118.53 96.00 NXP Semi NXPI ... 25 118.05 0.18 1.19 62.79 48.85 Sysco SYY 2.3 28 61.45 0.61
4.38 70.93 46.56 AgilentTechs A 0.9 33 69.90 1.10
1.09 -1.04 91.03 71.18 HCA Healthcare HCA ... 12 86.93 0.97
-0.19 119.20 85.61 CheckPoint CHKP ... 22 103.42 -2.20 t -4.10 33.67 24.75 HCP HCP 5.9 17 25.01 -0.25 3.10 80.14 65.98 Nasdaq NDAQ 1.9 52 79.21 0.52
1.82 51.86 39.30 AgnicoEagle AEM 0.9 40 47.02 0.16 2.54 58.08 21.22 Chemours CC 1.3 35 51.33 0.21 -1.03 102.77 60.36 HDFC Bank HDB 0.5 ... 100.62 -0.50 0.20 75.24 57.55 NationalGrid NGG 3.5 12 58.93 0.83 TUV
s 2.66 168.97 133.63 AirProducts APD 2.3 30 168.45 1.40 2.53 56.14 40.36 CheniereEnergy LNG ... dd 55.20 6.11 41.90 29.90 NatlOilwell NOV 0.5 dd 38.22 -0.21
1.21 71.64 44.65 AkamaiTech AKAM ... 40 65.83 0.23
0.19 -1.70 44.73 28.97 HD Supply HDS ...133 39.35 -0.01 9.79 36.16 12.34 TAL Education TAL ...136 32.62 0.05
0.20 33.47 26.41 CheniereEnerPtrs CQP 5.9 dd 29.70 -0.21 3.52 22.68 14.40 HP HPQ 2.6 15 21.75 0.22 -4.03 46.34 36.45 NatlRetailProp NNN 4.6 34 41.39 -0.23 1.37 54.24 36.12 TD Ameritrade AMTD 1.6 32 51.83 -0.46
0.31 101.43 61.10 AlaskaAir ALK 1.6 12 73.74 -0.11 0.79 28.76 22.31 CheniereEnHldgs CQH 6.4349 27.91 -3.28 61.88 11.41 NektarTherap NKTR ... dd 57.76 -0.58
2.99 144.99 89.09 Albemarle ALB 1.0 30 131.72 1.50
-0.30 1.03 52.44 39.63 HSBC HSBC 3.8 79 52.17 -0.09 s 4.80 99.70 66.20 TE Connectivity TEL 1.6 21 99.60 2.22
2.16 128.94 102.55 Chevron CVX 3.4 37 127.90 -0.21 6.04 58.78 38.18 Halliburton HAL 1.4216 51.82 0.19 6.38 58.99 35.08 NetApp NTAP 1.4 25 58.85 1.04 0.40 38.50 31.28 Telus TU 4.2 23 38.02 0.17
0.41 55.43 29.21 Alcoa AA ... 35 54.09 -0.61 s 15.38 41.70 23.36 ChinaEastrnAir CEA ... 14 41.70 -0.23 377.64 225.27 Netease NTES 0.8 24 344.27 4.26
-2.75 134.37 106.89 AlexandriaRlEst ARE 2.8144 127.00 0.26 3.15 1.53 25.73 18.90 Hanesbrands HBI 2.8 13 21.23 -0.03 s 6.27 34.03 22.17 Ternium TX 3.0 10 33.57 0.01
0.38 17.85 13.38 ChinaLifeIns LFC 1.1 19 15.67 -0.16 0.18 63.40 44.52 HarleyDavidson HOG 2.9 16 50.97 ... s 9.39 210.02 128.50 Netflix NFLX ...212 209.99 4.36 s 5.44 20.48 12.67 TIM Part TSU ... 32 20.36 0.10
2.68 149.34 96.18 AlexionPharm ALXN ... 55 122.80 0.11 6.29 159.35 47.72 ChinaLodging HTHT ... 66 153.51 5.34 83.57 38.43 Neurocrine NBIX ... dd 81.73 1.45
10.60 191.75 93.00 Alibaba BABA ... 55 190.70 4.99
4.72 1.48 144.94 99.13 Harris HRS 1.6 32 143.74 1.31 0.90 80.92 66.44 TJX TJX 1.6 21 77.15 1.72
-0.46 58.83 48.70 ChinaMobile CHL 4.1 13 50.31 0.23 -1.99 58.61 46.35 HartfordFinl HIG 1.8 42 55.16 -0.24 7.30 104.88 46.35 NewOrientalEduc EDU ... 55 100.86 1.47 1.72 68.88 54.60 T-MobileUS TMUS ... 25 64.60 1.60
8.50 266.41 88.56 AlignTech ALGN ... 73 241.07 7.77 8.46 84.88 69.60 ChinaPetrol SNP 3.8 12 79.58 0.38 16.19 11.67 NY CmntyBcp NYCB 5.2 15 13.07 -0.08
-1.08 63.40 46.42 Alkermes ALKS ... dd 54.14 -0.40
0.68 1.67 116.20 80.22 Hasbro HAS 2.5 20 92.41 1.70 s 2.19 107.42 65.33 TRowePrice TROW 2.1 18 107.23 1.92
s 11.93 58.28 26.99 ChinaSoAirlines ZNH 1.3 14 58.00 3.75 -4.09 33.00 28.61 HealthcareAmer HTA 4.2120 28.81 -0.21 3.50 55.08 27.45 NewellBrands NWL 2.9 12 31.98 -0.08 7.09 43.02 28.98 TaiwanSemi TSM 2.7 20 42.46 0.97
-1.21 667.19 521.07 Alleghany Y ... dd 588.86 -4.21 1.83 53.77 45.90 ChinaTelecom CHA 2.8 14 48.34 7.58 43.74 24.41 NewfieldExpln NFX ... 20 33.92 0.08
2.53 89.81 63.81 Allegion ALLE 0.8 23 81.57 0.20 0.24 1.52 83.80 51.28 Heico A HEI.A 0.2 37 80.25 1.10 6.49 120.62 49.32 TakeTwoSoftware TTWO ...107 116.91 2.89
3.25 16.55 11.28 ChinaUnicom CHU ...138 13.97 0.05 1.38 101.40 60.00 Heico HEI 0.2 44 95.65 1.40 2.35 39.62 31.42 NewmontMin NEM 0.8197 38.40 0.14 2.67 48.85 34.33 Tapestry TPR 3.0 28 45.41 0.21
5.32 256.80 160.07 Allergan AGN 1.6 dd 172.29 0.71 CMG ... 61 313.79 s 3.61 17.40 12.10 NewsCorp B NWS 1.2 dd 17.20 0.27
4.45 266.25 209.00 AllianceData ADS 0.8 28 264.76 0.71
8.57 499.00 263.00 Chipotle 6.68 3.19 81.30 42.16 Helm&Payne HP 4.2 dd 66.70 0.30 0.06 61.83 39.59 TargaResources TRGP 7.5 dd 48.45 -1.92
-1.28 156.00 127.15 Chubb CB 2.0 17 144.26 0.26 4.94 93.50 65.28 HenrySchein HSIC ... 21 73.33 1.15 s 3.64 17.10 11.76 NewsCorp A NWSA 1.2 dd 16.80 0.21 1.99 72.23 48.56 Target TGT 3.7 14 66.55 0.70
-3.59 45.55 36.56 AlliantEnergy LNT 3.1 22 41.08 -0.17 s 3.19 36.58 31.28 ChunghwaTel CHT 4.5 24 36.57 -2.87 159.40 117.33 NextEraEnergy NEE 2.6 17 151.71 0.69
3.30 45.69 32.80 AllisonTransm ALSN 1.3 20 44.49 -0.40
0.37 3.77 79.64 49.07 Herbalife HLF 1.7 16 70.27 0.77 2.42 40.34 28.96 TataMotors TTM 0.0 15 33.87 0.18
-0.20 54.18 43.21 Church&Dwight CHD 1.5 29 50.07 0.13 -0.48 116.49 101.61 Hershey HSY 2.3 34 112.96 0.54 -1.10 45.73 34.22 NielsenHoldings NLSN 3.8 25 36.00 0.21 3.77 37.09 24.53 TechnipFMC FTI 1.6 ... 32.49 0.10
-2.71 105.36 73.04 Allstate ALL 1.5 15 101.87 1.07 CI 0.0 23 210.55 2.29 65.19 50.35 Nike NKE 1.3 28 63.98 0.54
s 3.64 30.24 18.11 AllyFinancial ALLY 1.6 14 30.22 0.50
3.67 212.46 133.52 Cigna 3.51 9.88 62.40 37.25 Hess HES 1.9 dd 52.16 1.57 s 4.43 27.45 14.56 TeckRscsB TECK 0.6 9 27.33 0.22
4.76 144.30 89.49 CimarexEnergy XEC 0.3 32 127.82 -0.84 s 4.81 15.19 12.70 HewlettPackard HPE 2.0 72 15.05 -0.01 -3.43 27.76 21.65 NiSource NI 2.8 30 24.79 -0.30 3.82 40.19 18.12 TelecomArgentina TEO 3.0 20 38.03 0.23
0.54 147.63 35.98 AlnylamPharm ALNY ... dd 127.73 -4.23 -1.29 81.98 68.24 CincinnatiFin CINF 2.7 25 74.00 8.10 40.89 22.98 NobleEnergy NBL 1.3 dd 31.50 -0.22
s 5.40 1113.58 811.50 Alphabet A GOOGL ... 37 1110.29 14.53
0.38 -0.71 81.23 55.00 Hilton HLT 0.8838 79.29 -0.96 4.40 10.53 7.50 TelecomItalia TI 2.9 ... 9.01 0.12
3.73 163.45 112.96 Cintas CTAS 1.0 36 161.64 0.47 0.06 52.06 23.46 HollyFrontier HFC 2.6 27 51.25 0.28 5.58 6.65 4.50 Nokia NOK 3.9 dd 4.92 0.03 5.13 8.66 6.27 TelecomItalia A TI.A 4.0 ... 7.58 0.12
s 5.34 1104.25 790.52 Alphabet C GOOG ... 37 1102.23 15.83 s 3.21 39.88 29.80 CiscoSystems CSCO 2.9 20 39.53 8.76 6.80 5.28 NomuraHoldings NMR ... 11 6.33 0.20
s 9.51 76.57 40.85 Altaba AABA ... dd 76.49 1.92 0.54 2.88 46.80 35.76 Hologic HOLX ... 17 43.98 0.21 s 2.85 188.62 119.67 TeledyneTech TDY ... 32 186.31 -0.81
C 1.7 15 75.41 s 2.01 151.84 107.16 Nordson NDSN 0.8 29 149.34

.
1.34 77.92 55.23 Citigroup -0.10 s 1.57 192.54 133.05 HomeDepot HD 1.8 27 192.50 1.99 -0.84 3.58 271.23 162.79 Teleflex TFX 0.5 47 257.73 3.72
0.05 35.29 17.80 AlticeUSA ATUS ... ... 21.24 -0.29 4.53 44.33 31.51 CitizensFin CFG 1.6 18 43.88 1.84 50.32 37.79 Nordstrom JWN 3.1 17 48.25 0.19
-1.41 77.79 60.01 Altria MO 3.8 9 70.40 0.20 0.20 s 4.52 35.64 27.05 HondaMotor HMC ... 11 35.62 0.16 3.98 16.85 13.06 TelefonicaBras VIV ... 22 15.42 0.11

ly
s 3.95 91.63 70.24 CitrixSystems CTXS ... 31 91.48 0.78 1.45 156.70 116.51 Honeywell HON 1.9 24 155.58 1.08 s 3.71 151.85 105.89 NorfolkSouthern NSC 1.6 24 150.27 2.89 3.62 11.64 9.37 Telefonica TEF 4.7 18 10.03 0.06
8.03 23.54 10.33 AlumofChina ACH ... 48 19.37 0.02 CLX 2.3 27 145.73 2.11 104.84 81.92 NorthernTrust NTRS 1.6 23 102.00 0.45
s 5.10 1229.14 778.48 Amazon.com AMZN ...312 1229.14 19.55 -2.02 150.40 118.41 Clorox 0.04 -0.11 38.00 29.75 HormelFoods HRL 2.1 23 36.35 -0.10 -1.71 36.19 28.10 TelekmIndonesia TLK 2.3 19 31.67 0.56
0.41 47.48 40.22 Coca-Cola KO 3.2 44 46.07 -0.01 2.78 53.32 27.61 DR Horton DHI 1.0 19 52.49 0.42 0.43 311.15 223.88 NorthropGrum NOC 1.3 23 308.22 -0.33 4.02 37.21 25.91 Tenaris TS 1.6131 33.14 0.33
3.25 7.03 4.98 Ambev ABEV ... 38 6.67 0.03 -2.11 44.75 31.45 Coca-Cola Euro CCE 2.5 25 39.01 0.05 20.65 17.26 HostHotels HST 4.0 25 19.86 3.04 56.41 53.20 NorwegCruise NCLH ... 17 54.87 0.19
2.03 67.98 56.10 Amdocs DOX 1.3 23 66.81 0.06 -0.69 0.04 s 8.93 45.76 25.45 Teradyne TER 0.6 21 45.61 1.03
1.75 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 70.84 0.62 6.12 31.85 24.40 HuanengPower HNP 6.3 30 26.53 1.01 2.75 86.90 69.53 Novartis NVS 3.2 30 86.27 0.85 1.68 389.61 225.45 Tesla TSLA ... dd 316.58 1.96
-0.64 400.99 338.30 Amerco UHAL ... 23 375.48 -4.54 8.53 72.99 31.51 Cognex CGNX 0.5 49 66.38 HUBB 2.3 26 135.93 s 1.99 54.76 32.83 NovoNordisk NVO 0.9 24 54.74 0.25
0.79 0.44 138.96 109.31 Hubbell 0.40 1.42 37.94 10.85 TevaPharm TEVA 1.8 dd 19.22
-2.71 64.89 51.35 Ameren AEE 3.2 23 57.39 -0.04
1.10 19.11 11.85 AmericaMovil A AMOV 1.8 32 17.19
1.63 19.50 12.00 AmericaMovil AMX 1.8 32 17.43 0.17
1.19 54.48 39.21 AmerAirlines AAL 0.8 13 52.65 -0.02
... 4.79 320.73 136.52 Coherent
on
3.21 76.51 51.52 CognizantTech CTSH 0.8 23 73.30
COHR ... 35 295.75
-0.04 77.27 63.43 ColgatePalm CL 2.1 29 75.42
0.62
7.02
0.09
s 6.55 264.90 186.25 Humana
1.12 118.06 83.35 JBHunt
HUM 0.6 21 264.33
JBHT 0.8 31 116.27
s 2.88 15.01 12.14 HuntingtonBcshs HBAN 2.9 18 14.98
5.97
-0.62
0.13
s 6.73 67.91 51.67 Nucor
11.32 218.67 95.17 NVIDIA
OPQ
NUE 2.2 20 67.86
NVDA 0.3 53 215.40
0.64
1.81
s 4.48 109.23 72.47 TexasInstruments TXN 2.3 25 109.12
s 3.38 58.51 43.66 Textron TXT 0.1 25 58.50
s 6.59 202.65 140.00 ThermoFisherSci TMO 0.3 34 202.39
-0.36
0.83
0.92
3.41
-3.68 16.07 10.95 ColonyNorthStar CLNS 9.8 dd 10.99 0.01 -0.83 253.44 183.42 HuntingIngalls HII 1.2 18 233.75 1.09 1.49 48.61 42.22 ThomsonReuters TRI 3.1 31 44.24 0.21
-3.77 78.07 61.82 AEP AEP 3.5 19 70.80 -0.15 2.47 42.18 34.78 Comcast A CMCSA 1.5 20 41.04 s 4.63 34.90 19.05 Huntsman HUN 1.4 16 34.83
1.78 101.65 75.06 AmerExpress AXP 1.4 19 101.08 0.23
0.37 0.48 t -1.25 37.41 32.47 OGE Energy OGE 4.1 17 32.50 -0.10 2.75 157.50 87.96 ThorIndustries THO 1.0 19 154.87 -0.61
us l,

-1.24 109.42 85.57 AmericanFin AFG 1.3 14 107.19 0.24


s 1.91 88.57 64.04 Comerica CMA 1.4 20 88.47 0.96 -0.44 75.48 50.21 HyattHotels H ... 44 73.22 -1.66 4.88 59.30 47.14 ONEOK OKE 5.3 35 56.06 -0.14 2.21 244.23 173.55 3M MMM 2.0 27 240.57 1.86
0.70 42.75 30.95 CommScope COMM ... 38 38.09 0.23 9.02 137.86 66.35 IAC/InterActive IAC ... 34 133.31 1.51 8.21 283.97 169.43 OReillyAuto ORLY ... 22 260.28 2.60 2.52 108.19 76.08 Tiffany TIF 1.9 29 106.57 -0.18
-4.17 23.98 20.09 AmerHomes4Rent AMH 1.0 dd 20.93 -0.20
1.80 67.47 57.85 AIG AIG 2.1 dd 60.65 0.25 -0.48 11.33 8.15 SABESP SBS ... 9 10.40 0.16 1.13 9.93 6.82 ICICI Bank IBN 0.8 22 9.84 0.02 1.21 75.11 57.20 OccidentalPetrol OXY 4.1573 74.55 -0.41 2.33 103.90 85.88 TimeWarner TWX 1.7 18 93.60 0.97
1.04 41.68 32.16 ConagraBrands CAG 2.2 23 38.06 0.12 6.54 173.01 115.30 IdexxLab IDXX ... 54 166.60 2.64 s 3.84 136.89 80.56 OldDomFreight ODFL 0.3 34 136.60 1.23 s 6.64 51.25 30.45 Toll Bros TOL 0.6 16 51.21 1.08
-1.51 155.28 102.51 AmerTowerREIT AMT 2.0 53 140.51 0.90
al a

s 3.58 155.70 106.73 ConchoRscs CXO ... 41 155.60 1.77 48.53 36.11 IHSMarkit INFO ... 48 45.95
e
-5.18 92.37 69.96 AmerWaterWorks AWK 1.9 33 86.75 -0.86
1.99 0.27 s 8.49 38.80 25.60 Olin OLN 2.1 86 38.60 0.87 0.39 91.42 72.59 Torchmark TMK 0.7 19 91.06 0.36
3.63 57.19 42.27 ConocoPhillips COP 1.9 dd 56.88 -0.11 3.52 19.12 13.63 ING Groep ING 3.0 ... 19.11 0.14 -0.91 87.43 65.32 Omnicom OMC 3.3 14 72.17 1.11 2.21 73.86 55.77 Toro TTC 1.2 28 66.67 0.97
0.47 173.62 110.75 Ameriprise AMP 1.9 16 170.27 0.58
3.81 97.85 71.90 AmerisourceBrgn ABC 1.6 52 95.32 1.14
-3.78 89.70 72.13 ConEd ED 3.4 20 81.74 -0.08 2.03 37.85 28.75 Invesco IVZ 3.1 16 37.28 0.45 9.03 23.20 12.82 ON Semi ON ... 25 22.83 0.05 s 3.02 60.51 45.18 TorontoDomBk TD 3.1 14 60.35 0.52
-2.77 229.27 147.95 ConstBrands B STZ.B 0.8 28 221.19 13.17 248.23 95.04 IPG Photonics IPGP ... 36 242.34 OTEX 1.5 60 34.31 TOT 5.1 17 57.77
ci on

1.82 74.50 49.18 Ametek AME 0.5 31 73.79 -0.19 -4.15 5.53 -3.81 35.80 30.88 OpenText -0.04 s 4.50 57.88 48.15 Total 0.36
3.88 191.10 150.38 Amgen AMGN 2.9 16 180.65 1.07 -3.80 229.50 146.40 ConstBrands A STZ 0.9 31 219.88 -5.91 0.67 110.67 74.80 IQVIA IQV ...340 98.56 1.28 2.52 53.14 38.38 Oracle ORCL 1.6 21 48.47 0.29 1.07 80.51 49.98 TotalSystem TSS 0.7 35 79.94 0.52
4.29 55.36 29.08 ContinentalRscs CLR ... dd 55.24 0.13 ... 64.68 40.52 IRSA Prop IRCP 4.4 15 56.50 0.83 1.15 17.63 14.94 Orange ORAN 3.3 95 17.60 0.07 s 5.26 133.87 103.62 ToyotaMotor TM ... 11 133.86 1.70
2.18 91.26 66.00 Amphenol APH 0.8 29 89.71 1.08
2.57 72.32 39.96 AnadarkoPetrol APC 0.4 dd 55.02 -0.63
5.79 256.39 175.30 Cooper COO 0.0 31 230.50 6.95 4.17 63.01 47.06 IcahnEnterprises IEP 10.9 5 55.21 -0.79 0.30 134.59 85.51 OrbitalATK OA 1.0 25 131.90 -0.03 s 6.27 79.53 49.87 TractorSupply TSCO 1.4 24 79.44 1.82
2.97 93.99 71.00 AnalogDevices ADI 2.0 44 91.67 0.37 0.79 44.76 27.74 Copart CPRT ... 34 43.53 -0.21 4.88 124.48 75.68 Icon ICLR ... 23 117.62 3.71 5.08 89.51 73.70 Orix IX ... 9 89.09 0.73 1.71 51.85 45.07 TransCanada TRP 4.0 32 49.47 -0.05
1.70 117.01 75.11 Andeavor ANDV 2.0 24 116.28 0.27 s 5.16 33.89 24.13 Corning GLW 1.8 14 33.64 -0.12 2.10 135.70 88.29 IDEX IEX 1.1 35 134.74 -0.26 -1.01 94.16 61.74 Oshkosh OSK 1.1 24 89.97 -1.31 0.11 295.00 203.72 TransDigm TDG ... 35 274.91 2.07
4.86 314.73 190.50 CoStar CSGP ... 94 311.39 2.28 -0.49 169.69 120.06 IllinoisToolWks ITW 1.9 25 166.03 -0.12 2.70 94.99 50.77 OwensCorning OC 0.9 28 94.42 0.77 s 3.57 57.04 31.35 TransUnion TRU ... 44 56.92 1.75
7.51 60.14 42.18 AndeavorLog ANDX 7.9 21 49.66 -0.25
2.85 126.50 103.55 AB InBev BUD 3.3 58 114.74 1.14 0.88 195.35 150.00 Costco COST 1.1 30 187.75 -1.35 4.43 233.54 137.40 Illumina ILMN ... 43 228.17 -4.82 -1.20 71.57 41.61 PG&E PCG ... 10 44.29 0.77 -2.57 137.95 113.76 Travelers TRV 2.2 15 132.16 -0.24
COTY 2.5 dd 20.40 1.54 35.09 27.59 ImperialOil IMO 1.6 17 31.67 PHI 6.4 12 29.35 TRMB ... 57 43.00
er rs

-2.69 12.73 10.04 AnnalyCap NLY 10.4 5 11.57 0.11 2.56 20.88 14.24 Coty 0.32 -0.16 -2.43 38.54 27.60 PLDT -0.66 5.81 43.97 28.61 Trimble 0.15
2.32 26.60 17.59 AnteroResources AR ... dd 19.44 -0.36
s 7.59 223.91 150.71 Credicorp BAP 2.2 15 223.17 3.77 5.43 153.15 92.91 Incyte INCY ... dd 99.85 1.41 0.34 147.28 113.66 PNC Fin PNC 2.1 18 144.78 0.18 0.20 10.39 6.50 TurkcellIletism TKC 2.9 15 10.22 0.23
4.15 236.39 142.04 Anthem ANTM 1.2 21 234.34 4.13 1.71 338.12 182.50 CreditAcceptance CACC ... 17 329.01 2.15 0.80 16.39 13.42 Infosys INFY 2.5 17 16.35 0.30 10.07 86.99 50.37 POSCO PKX ... 17 86.00 -0.36 2.33 3.80 2.44 TurquoiseHill TRQ ... 32 3.51 -0.04
1.40 18.34 13.28 CreditSuisse CS 4.0 dd 18.10 -0.19 0.58 96.23 74.74 Ingersoll-Rand IR 2.0 22 89.71 -0.68 1.80 119.85 94.62 PPG Ind PPG 1.5 22 118.92 1.45 s 6.43 36.96 24.81 21stCenturyFoxA FOXA 1.0 23 36.75 -0.07
1.92 152.78 109.82 Aon AON 1.1 ... 136.57 1.15 -2.68 114.97 83.96 CrownCastle CCI 3.9 90 108.03 INGR 1.7 20 140.33
9.88 64.13 38.14 Apache APA 2.2 27 46.39 -0.45 0.82 0.38 142.64 113.07 Ingredion -0.52 ... 40.20 30.44 PPL PPL 5.1 14 30.95 0.20 s 6.54 36.44 24.30 21stCenturyFoxB FOX 1.0 23 36.35 0.18
-2.63 46.85 41.87 ApartmtInv AIV 3.4135 42.56 -0.26 0.87 62.27 51.76 CrownHoldings CCK ... 16 56.74 -0.26 -3.08 47.64 33.23 Intel INTC 2.4 16 44.74 0.31 4.74 67.12 46.85 PTC PTC ...1273 63.65 0.65 1.29 25.56 14.12 Twitter TWTR ... dd 24.32 0.33
7.41 60.65 41.81 Ctrip.com CTRP ... 83 47.37 1.16 1.91 62.33 33.01 InteractiveBrkrs IBKR 0.7 52 60.34 0.79 s 4.29 143.70 84.53 PVH PVH 0.1 21 143.09 4.15 188.22 143.38 TylerTech TYL ... 54 184.39
m e

3.02 35.01 20.38 ApolloGlbMgmt APO 4.5 11 34.48 0.17 1.67 0.44
3.41 177.20 116.47 Apple AAPL 1.4 19 175.00 1.97 1.13 103.37 81.09 Cullen/Frost CFR 2.4 18 95.72 0.96 3.25 72.99 55.80 ICE ICE 1.1 26 72.85 0.60 5.66 75.69 61.93 Paccar PCAR 1.3 19 75.10 0.25 -0.30 84.65 57.20 TysonFoods TSN 1.5 17 80.83 0.61
6.81 60.89 31.86 ApplMaterials AMAT 0.7 17 54.60 0.31
s 2.73 182.30 134.06 Cummins CMI 2.4 18 181.46 -0.29 -0.38 63.95 46.95 InterContinentl IHG ... 29 63.27 -0.25 6.57 129.15 85.15 PackagingCpAm PKG 2.0 24 128.47 0.39 2.18 19.02 15.10 UBS Group UBS 3.2 17 18.79 -0.16
APTV 1.0 18 91.57 2.66 5.91 182.79 139.13 IBM IBM 3.7 14 162.49 0.79 0.79 57.53 43.08 PacWestBancorp PACW 3.9 17 50.80 0.28 -2.62 40.71 34.41 UDR UDR 3.3121 37.51 -0.05
s 7.95 91.71 56.96 Aptiv DEF
m rp

2.79 157.22 113.16 IntlFlavors IFF 1.8 30 156.87 3.11 5.54 157.65 107.31 PaloAltoNtwks PANW ... dd 152.97 3.71 1.28 52.00 45.03 UGI UGI 2.1 19 47.55 -0.05
-3.87 39.55 29.41 AquaAmerica WTR 2.2 28 37.71 -0.17 s 6.49 61.89 49.60 IntlPaper IP 3.1 29 61.70
-0.05 44.12 32.87 Aramark ARMK 1.0 29 42.72 -0.16 3.08 66.50 46.07 DISH Network DISH ... 23 49.22 -0.16 0.12 -0.21 30.19 24.65 ParkHotels PK 7.7 2 28.69 0.02 s 2.91 32.96 25.43 US Foods USFD ... 28 32.86 0.63
-2.98 116.74 96.56 DTE Energy DTE 3.3 19 106.20 0.15 25.71 18.30 Interpublic IPG 3.6 14 20.19 0.02 s 2.12 204.82 140.37 ParkerHannifin PH 1.3 26 203.81 1.38 6.39 314.86 187.96 UltaBeauty ULTA ... 30 237.96 -6.92
6.87 35.00 19.59 ArcelorMittal MT ... 5 34.53 -0.03 -0.10
s 4.01 164.55 111.90 Intuit INTU 1.0 43 164.11
-2.66 102.60 84.21 ArchCapital ACGL ... 29 88.36 -0.35 s 6.04 100.72 64.06 DXC Tech DXC 0.7171 100.63 1.45 2.10 4.79 37.72 22.98 ParsleyEnergy PE ...386 30.85 -0.15 1.17 233.42 181.59 UltSoftware ULTI ...228 220.78 -0.26
DHR 0.6 28 94.71 3.86 405.05 211.33 IntuitiveSurgical ISRG ... 49 379.01 2.09 0.93 70.39 54.20 Paychex PAYX 2.9 29 68.71 -0.21 5.54 25.39 20.09 UltraparPart UGP 2.2 26 23.99 0.03
0.25 47.44 38.59 ArcherDaniels ADM 3.2 19 40.18 -0.27 2.04 95.16 78.97 Danaher 0.59
-2.21 24.30 19.80 InvitatHomes INVH 1.4 ... 23.05
8.66 30.69 20.01 Arconic ARNC 0.8 dd 29.61 0.29 3.43 100.11 71.02 Darden DRI 2.5 25 99.31 0.79 ... 6.90 79.39 39.02 PayPal PYPL ... 61 78.70 1.97 9.98 31.06 11.40 UnderArmour A UAA ... 49 15.87 -0.05
s 4.54 75.60 52.51 DaVita DVA ... 29 75.53 -0.82 65.51 37.26 IonisPharma IONS ...340 49.89 0.41 1.12 10.04 7.04 Pearson PSO 1.4 dd 9.93 0.03 10.59 27.64 10.36 UnderArmour C UA ... 46 14.73 -0.02
0.51 245.65 87.33 AristaNetworks ANET ... 49 236.77 4.08 0.68
-2.46 41.53 32.53 IronMountain IRM 6.4 47 36.80
4.00 84.53 68.55 ArrowElec ARW ... 15 83.63 0.88 s 2.43 160.47 103.99 Deere DE 1.5 24 160.32 0.68 -0.12 s 1.22 36.99 30.32 PembinaPipeline PBA 4.7 39 36.62 -0.15 0.48 61.62 40.06 Unilever UN ... 25 56.59 0.48
1.73 4.95 3.85 IsraelChemicals ICL ... 6 4.11 0.03 s 2.89 72.78 56.53 Pentair PNR 1.9 33 72.66 UL 3.0 25 55.54
co Fo

s 3.37 35.92 26.51 AstraZeneca AZN 2.5 27 35.87 0.37 s 5.07 85.66 55.36 DellTechs DVMT ... dd 85.40 0.62 0.11 0.36 60.13 40.31 Unilever 0.43
DAL 2.2 11 55.97 8.08 14.59 10.02 ItauUnibanco ITUB 0.4 13 14.05 0.17 1.28 19.85 15.96 People'sUtdFin PBCT 3.6 21 18.94 0.10 s 2.56 139.72 101.06 UnionPacific UNP 1.9 24 137.53 1.73
-1.16 55.22 45.15 Athene ATH ... 7 51.11 0.17 -0.05 56.84 43.81 DeltaAir 0.28
3.05 68.98 52.53 DentsplySirona XRAY 0.5 dd 67.84 -1.04 120.57 101.06 PepsiCo PEP 2.7 25 118.67 0.34 2.91 83.04 56.51 UnitedContinental UAL ... 11 69.36 0.10
13.95 53.45 24.63 Atlassian TEAM ... dd 51.87 0.27
-2.52 20.23 15.59 DeutscheBank DB 1.1 dd 18.55
0.94 JKL s 5.22 77.01 50.59 PerkinElmer PKI 0.4 39 76.94 0.58 3.35 2.73 1.76 UnitedMicro UMC 3.3 19 2.47 0.03
-3.14 93.56 72.54 AtmosEnergy ATO 2.3 22 83.19 -0.79 -1.22
5.73 131.10 76.89 Autodesk ADSK ... dd 110.84 -1.23 4.13 49.25 28.79 DevonEnergy DVN 0.6 15 43.11 -0.12 10.19 48.99 25.92 JD.com JD ... dd 45.64 1.97 4.61 92.04 63.68 Perrigo PRGO 0.7 dd 91.18 0.10 7.11 128.95 102.12 UPS B UPS 2.6 31 127.62 0.39
13.98 74.19 26.80 Autohome ATHM ... 48 73.71 0.41 -0.75 147.06 105.78 Diageo DEO 2.8 27 144.93 0.21 1.31 110.03 81.64 JPMorganChase JPM 2.1 16 108.34 -0.70 6.52 81.80 60.69 PetroChina PTR 2.8 40 74.50 -0.42 -0.31 176.62 100.62 UnitedRentals URI ... 24 171.38 -0.62
s 4.99 133.85 96.08 Autoliv ALV 1.8 23 133.42 2.64 s 2.95 130.89 82.77 DiamondbkEner FANG ... 31 129.98 -0.15 s 2.41 119.84 88.11 JackHenry JKHY 1.0 38 119.78 1.14 7.68 11.71 7.61 PetroleoBrasil PBR ... 31 11.08 0.08 3.25 56.61 49.53 US Bancorp USB 2.2 16 55.32 0.34
0.95 121.77 94.11 ADP ADP 2.1 30 118.30 -0.07 -0.79 127.23 101.57 DigitalRealty DLR 3.3 91 113.00 0.72 3.31 69.35 49.31 JacobsEngg JEC 0.9 28 68.14 0.35 6.71 10.73 6.96 PetroleoBrasilA PBR.A ... 29 10.49 0.09 9.38 41.83 18.55 US Steel X 0.5 57 38.49 0.62
9.01 800.00 491.13 AutoZone AZO ... 17 775.50 14.24 1.61 78.83 57.50 DiscoverFinSvcs DFS 1.8 13 78.16 -0.09 1.76 17.95 13.55 JamesHardie JHX 1.1 31 17.92 -0.03 1.77 37.35 30.90 Pfizer PFE 3.7 23 36.86 0.07 s 3.14 132.36 106.85 UnitedTech UTX 2.1 20 131.57 1.12
-2.33 199.52 169.50 Avalonbay AVB 3.3 27 174.26 -0.35 -1.79 29.18 14.99 DiscovComm C DISCK ... 11 20.79 -0.10 s 3.74 40.12 30.24 JanusHenderson JHG 3.2 ... 39.69 0.73 -1.28 123.55 89.97 PhilipMorris PM 4.1 23 104.30 0.83 1.24 169.89 112.01 UnitedTherap UTHR ... 13 149.79 -0.04
-3.66 53.46 37.42 Avangrid AGR 3.5 23 48.73 -0.23 5.24 29.80 19.25 DiscovComm B DISCB ... 14 26.10 2.10 0.70 163.75 112.52 JazzPharma JAZZ ... 22 135.59 -1.15 1.00 102.80 75.14 Phillips66 PSX 2.7 26 102.16 0.01 3.75 231.77 156.09 UnitedHealth UNH 1.3 25 228.73 4.28
s 2.87 118.52 71.39 AveryDennison AVY 1.5 26 118.16 1.38 -1.70 30.25 15.99 DiscovComm A DISCA ... 12 22.00 -0.13 -4.30 24.13 18.05 JetBlue JBLU ... 11 21.38 -0.31 -5.25 38.39 18.10 PilgrimPride PPC ... 12 29.43 -0.04 3.85 192.75 56.15 UnivDisplay OLED 0.1 88 179.30 2.80
1.27 38.20 27.22 AxaltaCoating AXTA ...137 32.77 0.55 3.82 116.10 96.20 Disney DIS 1.5 20 111.62 -0.61 1.42 144.35 110.76 J&J JNJ 2.4 25 141.71 1.16 -0.18 66.67 52.49 PinnacleFoods PF 2.2 40 59.36 0.33 -1.22 129.74 95.26 UniversalHealthB UHS 0.4 15 111.97 -0.82
3.04 51.64 41.17 BB&T BBT 2.6 19 51.23 0.16 s 2.45 63.69 47.19 DolbyLab DLB 1.0 33 63.52 0.45 0.81 44.70 34.51 JohnsonControls JCI 2.7 22 38.42 -1.43 -3.24 92.48 75.79 PinnacleWest PNW 3.4 18 82.42 -0.09 2.00 57.55 43.55 UnumGroup UNM 1.6 13 55.99 0.24
-0.92 49.06 42.44 BCE BCE 4.7 19 47.57 -0.01 2.91 96.60 65.97 DollarGeneral DG 1.1 21 95.72 0.63 3.71 155.52 97.60 JonesLang JLL 0.5 21 154.46 0.92 2.12 199.83 125.46 PioneerNatRscs PXD 0.0247 176.51 -0.76 4.43 4.50 3.67 VEON VEON 2.7 4 4.01 0.01
s 4.67 48.15 33.37 BHPBilliton BHP 3.6 22 48.14 0.34 s 3.57 111.23 65.63 DollarTree DLTR ... 26 111.14 2.28 0.04 30.96 23.87 JuniperNetworks JNPR 1.4 17 28.51 -0.28 7.99 33.24 18.38 PlainsAllAmPipe PAA 5.4 24 22.29 -0.06 -2.18 9.12 7.44 VEREIT VER 7.2 dd 7.62 -0.04
s 5.41 42.49 28.73 BHPBilliton BBL 4.0 19 42.48 0.33 -5.21 85.30 70.87 DominionEner D 4.0 23 76.84 0.01 2.02 51.94 40.27 KAR Auction KAR 2.7 30 51.53 0.07 4.05 34.76 18.98 PlainsGP PAGP 5.3 dd 22.84 -0.16 s 2.30 76.16 48.05 VF VFC 2.4 31 75.70 0.24
-0.25 93.97 73.44 BOK Fin BOKF 2.0 19 92.09 0.07 6.00 221.58 162.18 Domino's DPZ 0.9 38 200.30 3.01 s 3.91 60.80 35.16 KB Fin KB ... 9 60.80 1.33 0.97 134.66 77.91 PolarisIndustries PII 1.9 39 125.19 -4.08 s 4.24 119.00 80.51 Visa V 0.7 44 118.86 2.78
2.55 43.17 33.10 BP BP 5.6 37 43.10 0.06 1.25 50.10 41.28 Donaldson DCI 1.5 28 49.56 0.41 4.08 22.14 16.38 KKR KKR 3.1 11 21.92 -0.07 s 4.33 162.34 115.10 Praxair PX 2.0 29 161.37 1.40 -2.45 237.77 159.98 VailResorts MTN 2.0 35 207.27 -1.76
7.46 15.50 10.60 BRF BRFS ... dd 12.10 0.55 -3.12 41.59 35.98 DouglasEmmett DEI 2.5 75 39.78 -0.28 4.56 114.43 77.92 KLA Tencor KLAC 2.1 17 109.86 2.30 4.94 2067.99 1501.21 Priceline PCLN ... 26 1823.54 16.29 7.03 13.09 7.47 Vale VALE ... 13 13.09 0.26
KT ... 13 15.88 2.04 72.23 56.12 PrincipalFin PFG 2.7 12 72.00 s 14.77 24.43 8.31 ValeantPharm VRX ... 6 23.85
n-

1.48 24.65 16.15 BT Group BT 3.4 19 18.49 0.10 1.38 103.77 75.51 Dover DOV 1.8 24 102.38 -0.72 1.73 18.82 13.71 KT 0.29 0.55 0.80
1.57 62.85 39.31 BWX Tech BWXT 0.7 31 61.44 0.38 s 5.90 75.54 64.01 DowDuPont DWDP ... 50 75.42 0.97 3.77 114.85 80.38 KSCitySouthern KSU 1.3 21 109.19 2.19 -0.70 94.67 83.24 Procter&Gamble PG 3.0 24 91.24 0.06 s 2.31 94.30 60.69 ValeroEnergy VLO 3.0 20 94.03 0.44
4.67 274.97 166.00 Baidu BIDU ... 32 245.14 -0.59 -1.61 99.47 83.23 DrPepperSnap DPS 2.4 24 95.50 -0.27 1.41 76.69 58.76 Kellogg K 3.1 31 68.94 0.21 -1.40 57.18 35.72 Progressive PGR 1.2 23 55.53 0.21 s 5.36 77.66 59.10 Vantiv VNTV ... 53 77.49 0.29
8.85 40.82 29.62 BakerHughes BHGE 2.1 dd 34.44 -0.19 3.12 46.95 29.83 DrReddy'sLab RDY 0.8 38 38.73 0.76 0.79 20.59 16.28 KeyCorp KEY 2.1 18 20.33 0.01 -3.02 67.53 48.33 Prologis PLD 2.8 19 62.56 -0.05 -0.25 114.09 76.29 VarianMed VAR ... 41 110.87 1.01
1.96 43.24 35.65 Ball BLL 1.0 60 38.59 0.24 -2.58 91.80 76.14 DukeEnergy DUK 4.3 27 81.94 -0.38 5.58 45.65 35.05 KeysightTechs KEYS ... 73 43.92 0.96 2.35 118.17 97.88 PrudentialFin PRU 2.5 12 117.68 1.17 3.60 21.88 13.32 Vedanta VEDL 10.2 22 21.58 ...
3.18 9.35 6.34 BancoBilbaoViz BBVA 4.8 13 8.77 0.09 -2.76 30.14 23.93 DukeRealty DRE 3.0 36 26.46 0.16 -3.32 78.33 67.00 KilroyRealty KRC 2.4 47 72.17 0.03 s 2.54 52.09 38.17 Prudential PUK 1.5 19 52.07 0.72 3.91 68.07 41.26 VeevaSystems VEEV ... 63 57.44 0.54
s 5.36 34.97 29.44 ENI E 5.5 34 34.97 -2.06 136.21 109.67 KimberlyClark KMB 3.3 20 118.17 -0.26 -3.57 53.28 41.67 PublicServiceEnt PEG 3.5 56 49.66 0.41 t -2.77 72.36 57.90 Ventas VTR 5.4 35 58.35 -0.30
no

s 4.56 101.72 67.68 BancodeChile BCH 2.5 20 100.93 1.80 0.44


0.17 136.10 70.32 BancoMacro BMA 0.6 15 116.08 0.86 s 3.95 112.30 81.99 EOG Rscs EOG 0.611217 112.17 1.22 -2.48 26.16 17.02 KimcoRealty KIM 6.3 34 17.70 0.02 -3.39 232.21 192.15 PublicStorage PSA 4.0 29 201.92 -1.19 -1.26 118.28 78.72 VeriSign VRSN ... 31 113.00 1.53
s 6.59 33.40 21.21 BcoSantChile BSAC 3.1 19 33.33 0.72 1.56 67.84 49.63 EQT EQT 0.2275 57.81 -1.16 4.87 23.01 16.68 KinderMorgan KMI 2.6 34 18.95 -0.06 s 3.88 34.62 18.23 PulteGroup PHM 1.0 17 34.54 0.71 0.92 98.60 75.60 VeriskAnalytics VRSK ... 36 96.88 0.85
3.82 6.99 5.25 BancoSantander SAN 2.7 14 6.79 0.04 2.79 82.99 64.42 EQT Midstream EQM 5.2 14 75.14 -0.43 2.65 45.60 26.68 Knight-Swift KNX ... 79 44.88 -0.27 4.95 36.34 27.51 Qiagen QGEN ... 83 32.46 0.22 -0.85 53.78 42.80 Verizon VZ 4.5 13 52.48 -0.12
8.65 48.74 36.15 BanColombia CIB 2.9 11 43.09 0.90 3.83 52.19 32.25 E*TRADE ETFC ... 24 51.47 0.17 0.24 57.28 35.16 Kohl's KSS 4.0 14 54.36 -0.32 2.15 81.20 53.09 Qorvo QRVO ... dd 68.03 -0.69 3.89 167.85 77.09 VertxPharm VRTX ...200 155.69 2.62
2.74 30.44 22.01 BankofAmerica BAC 1.6 17 30.33 0.14 9.50 63.60 14.93 EXACT Sci EXAS ... dd 57.53 1.39 5.13 42.35 28.71 KoninklijkePhil PHG 2.3 24 39.74 0.73 3.83 69.28 48.92 Qualcomm QCOM 3.4 25 66.47 0.44 -5.55 46.72 22.13 Viacom B VIAB 2.7 6 29.10 -0.46
s 2.52 82.22 66.75 BankofMontreal BMO 3.5 14 82.04 0.75 2.75 63.92 48.07 EastWestBncp EWBC 1.3 17 62.50 1.29 -0.90 21.59 16.51 KoreaElcPwr KEP ... 9 17.55 -0.05 1.02 40.10 30.23 QuantaServices PWR ... 21 39.51 -0.35 -3.87 49.00 28.20 Viacom A VIA 2.4 7 33.55 0.25
1.80 55.40 43.85 BankNY Mellon BK 1.8 16 54.83 0.14 s 4.83 97.56 74.78 EastmanChem EMN 2.3 14 97.11 0.60 0.10 97.77 75.21 KraftHeinz KHC 3.2 24 77.84 -0.07 1.44 112.97 90.10 QuestDiag DGX 1.8 21 99.91 0.83 5.55 15.49 7.79 Vipshop VIPS ... 36 12.37 0.36
3.04 66.78 53.86 BkNovaScotia BNS 3.7 13 66.49 0.97 3.01 82.34 66.77 Eaton ETN 1.9 13 81.39 0.62 -0.47 34.99 19.69 Kroger KR 1.8 16 27.32 0.34 1.97 21.20 14.50 VistraEnergy VST ... 0 18.68 0.19
3.78 56.86 40.15 BankofOzarks OZRK 1.5 17 50.28 0.78 s 3.46 58.42 41.40 EatonVance EV 2.1 24 58.34 0.47 5.69 71.92 49.53 Kyocera KYO ... 22 69.24 0.10 RS 4.74 132.80 79.48 VMware VMW ... 38 131.26 0.02
-1.19 11.96 9.29 Barclays BCS 2.0 dd 10.77 -0.28 s 5.17 39.84 29.70 eBay EBAY ... 6 39.69 1.12 5.61 15.06 8.28 LATAMAirlines LTM 0.5 57 14.68 0.22 0.30 23.30 16.30 RELX RENX 1.4 29 23.14 0.11 s 2.13 32.62 24.31 Vodafone VOD 3.5 dd 32.58 0.27
3.32 20.78 13.28 BarrickGold ABX 0.8 8 14.95 -0.08 2.24 137.96 117.33 Ecolab ECL 1.2 31 137.18 0.71 -16.37 63.10 35.00 L Brands LB 4.8 15 50.36 -0.64 0.21 24.03 17.64 RELX RELX 1.3 30 23.75 0.08 -3.50 90.29 71.89 VornadoRealty VNO 3.2 18 75.44 0.64
s 7.02 69.35 44.88 BaxterIntl BAX 0.9 37 69.18 0.77 s 17.22 17.24 8.44 Ecopetrol EC ... 31 17.15 0.23 3.56 17.05 11.91 LG Display LPL ... 5 14.25 -0.04 3.97 56.69 47.87 RPM RPM 2.3 21 54.50 2.14 2.55 52.48 33.53 VoyaFinancial VOYA 0.1 dd 50.73 0.39
3.75 229.69 164.94 BectonDicknsn BDX 1.4 48 222.08 1.09 t -0.41 83.38 62.03 EdisonInt EIX 3.8 14 62.98 0.69 4.78 45.30 30.90 LINE LN ... 84 42.95 -0.56 1.23 46.39 28.76 RSP Permian RSPP ... 68 41.18 0.01 2.75 136.82 108.95 VulcanMatls VMC 0.8 46 131.90 -1.48
WRB 0.8 16 69.45 -0.29 2.79 121.45 86.55 EdwardsLife EW ... 34 115.86 0.45 s 3.32 42.32 27.85 LKQ LKQ ... 26 42.02 -0.04 0.67 105.52 66.06 RalphLauren RL 1.9108 104.38
-3.07 73.17 62.00 Berkley
1.61 202.13 158.61 BerkHathwy B BRK.B ... 27 201.42 0.73 6.98 122.79 77.94 ElectronicArts EA ... 30 112.39 5.20 s 1.89 202.01 143.54 L3 Tech LLL 1.5 28 201.58 3.31 -0.61 108.29 78.37 RandgoldRscs GOLD 1.0 34 98.29
0.86
0.21
WXYZ
1.32 302980 237983 BerkHathwy A BRK.A ... 27 301525 1009.00 s 3.93 72.47 56.00 EmersonElec EMR 2.7 33 72.43 0.94 s 4.37 166.69 128.00 LabCpAm LH ... 23 166.48 4.02 1.85 91.66 70.74 RaymondJames RJF 1.1 21 90.95 0.41 4.07 156.08 102.39 WABCO WBC ... 27 149.34 0.94
4.02 61.36 47.19 BerryGlobal BERY ... 24 61.03 1.05 8.11 26.10 12.25 EnbridgeEnPtrs EEP 9.4 24 14.93 -0.16 6.70 219.70 106.08 LamResearch LRCX 1.0 18 196.40 3.02 1.27 192.41 141.28 Raytheon RTN 1.7 26 190.23 0.14 -2.35 70.09 56.05 WEC Energy WEC 3.4 21 64.87 -0.44
0.58 69.39 41.67 BestBuy BBY 2.0 17 68.87 1.59 4.17 44.52 34.39 Enbridge ENB 5.2 27 40.74 -0.03 -3.54 79.17 62.45 LamarAdv LAMR 4.6 23 71.61 0.09 -3.17 63.60 52.85 RealtyIncome O 4.6 45 55.21 -0.04 s 2.62 146.74 97.26 WEX WEX ... 73 144.93 0.33
4.35 273.87 183.43 Bio-RadLab A BIO ...315 249.05 0.56 0.15 14.01 8.01 Encana ECA 0.4 17 13.35 -0.12 s 2.21 58.00 35.81 LambWeston LW 1.3 27 57.70 0.48 3.36 130.93 71.20 RedHat RHT ... 68 124.14 0.16 -1.76 72.41 59.41 W.P.Carey WPC 6.0 45 67.69 0.17
7.51 348.84 244.28 Biogen BIIB ... 21 342.49 2.50 0.98 11.44 8.14 EnelAmericas ENIA 0.9 31 11.28 0.16 -2.26 72.20 51.35 LasVegasSands LVS 4.3 26 67.92 -0.23 -3.48 72.05 58.63 RegencyCtrs REG 3.2104 66.77 -0.02 0.65 119.12 82.44 WPP WPP 3.3 11 91.15 1.51
1.23 100.51 80.10 BioMarinPharm BMRN ... dd 90.27 -0.05 5.28 6.31 4.50 EnelChile ENIC 2.0 12 5.98 0.03 s 6.42 55.91 40.22 Lazard LAZ 2.9 16 55.87 0.21 2.43 543.55 340.09 RegenPharm REGN ... 35 385.10 2.15 0.49 93.81 69.20 Wabtec WAB 0.6 31 81.83 -1.54
3.49 64.41 40.00 Bioverativ BIVV ... 14 55.80 -0.29 2.23 27.74 18.36 EnelGenChile EOCC 7.0 14 27.51 0.41 s 8.34 192.13 132.01 Lear LEA 1.0 12 191.39 5.24 1.22 17.73 13.00 RegionsFin RF 2.1 18 17.49 -0.05 s 1.40 100.38 65.28 Wal-Mart WMT 2.0 27 100.13 0.59
6.00 47.55 41.10 BlackKnight BKI ... 70 46.80 -0.15 0.12 20.05 15.03 EnergyTransferEq ETE 6.8 21 17.28 -0.28 0.36 54.97 43.16 Leggett&Platt LEG 3.0 20 47.90 0.17 0.77 165.12 121.92 ReinsGrp RGA 1.3 13 157.13 0.49 0.41 88.00 63.82 WalgreensBoots WBA 2.2 20 72.92 1.32
s 23.81 14.10 6.65 BlackBerry BB ... 17 13.83 0.46 4.58 26.73 15.25 EnergyTransfer ETP 12.1 9 18.74 -0.08 0.25 65.70 47.81 Leidos LDOS 2.0 32 64.73 -0.07 s 3.10 89.25 68.46 RelianceSteel RS 2.0 17 88.45 -0.38 -1.73 74.20 52.29 WasteConnections WCN 0.8 53 69.71 -0.53
s 2.31 525.94 365.83 BlackRock BLK 1.9 25 525.57 4.44 9.82 19.59 14.43 EnLinkMidPtrs ENLK 9.2 dd 16.88 -0.15 5.96 54.90 34.14 Lennar B LEN.B 0.3 16 54.76 0.58 0.96 69.12 56.17 RepublicSvcs RSG 2.0 29 68.26 -0.18 1.96 88.41 69.00 WasteMgt WM 1.9 28 87.99 -0.11
3.09 35.09 28.45 Blackstone BX 5.3 14 33.01 -0.25 -1.81 87.95 69.63 Entergy ETR 4.5 dd 79.92 -0.62 s 6.86 67.63 42.39 Lennar A LEN 0.2 19 67.58 0.63 3.54 87.81 61.75 ResMed RMD 1.6 36 87.69 1.15 s 4.68 202.85 136.14 Waters WAT ... 30 202.23 2.57
s 1.01 33.40 21.51 BlueBuffaloPet BUFF ... 38 33.12 0.52 4.60 30.25 23.59 EnterpriseProd EPD 6.1 22 27.73 -0.08 s 2.51 213.98 147.54 LennoxIntl LII 1.0 30 213.48 2.50 3.30 68.89 47.75 RestaurantBrands QSR 1.3 44 63.51 -0.35 0.76 172.00 134.08 Watsco WSO 2.9 32 171.34 1.03
-1.74 222.03 63.10 bluebirdbio BLUE ... dd 175.00 -2.10 4.16 147.02 89.59 Equifax EFX 1.3 28 122.83 1.19 1.47 27.34 22.23 LeucadiaNatl LUK 1.5 17 26.88 0.04 3.04 55.00 37.66 RioTinto RIO 4.1 16 54.54 -0.16 0.60 84.19 35.36 Wayfair W ... dd 80.75 1.45
s 4.72 308.89 156.67 Boeing BA 2.2 28 308.84 12.17 -0.82 495.35 361.90 Equinix EQIX 1.8147 449.49 1.54 4.43 104.66 74.79 LibertyBroadbandC LBRDK ...523 88.93 0.43 1.39 57.67 42.92 RobertHalf RHI 1.7 22 56.31 0.33 16.82 123.00 44.15 Weibo WB ...103 120.86 4.65
8.22 55.86 37.54 BorgWarner BWA 1.2 40 55.29 1.56 -2.11 91.94 71.01 EquityLife ELS 2.2 42 87.14 -0.23 4.44 104.35 73.32 LibertyBroadbandA LBRDA ...523 88.83 0.44 1.84 210.72 137.69 Rockwell ROK 1.7 32 199.97 0.31 5.08 213.97 136.23 WellCareHealth WCG ... 27 211.32 4.81
-1.67 140.13 116.77 BostonProps BXP 2.5 40 127.86 1.38 -1.69 70.45 59.49 EquityResdntl EQR 3.2 55 62.69 -0.05 0.98 37.69 28.17 LibertyGlobal A LBTYA ...111 36.19 0.11 0.77 136.99 88.80 RockwellCollins COL 1.0 29 136.66 0.23 3.43 63.05 49.27 WellsFargo WFC 2.5 16 62.75 0.42
4.76 29.93 21.95 BostonSci BSX ... 43 25.97 0.65 1.95 7.47 5.52 Ericsson ERIC 1.6 dd 6.81 0.05 1.60 37.00 27.36 LibertyGlobal C LBTYK ...106 34.38 0.15 -0.96 54.95 38.15 RogersComm B RCI 3.1 26 50.44 0.37 t -2.20 78.17 62.21 Welltower HCN 5.6 54 62.37 -0.39
6.21 33.73 17.44 Braskem BAK 2.7 59 27.89 0.46 -0.83 270.04 218.41 EssexProp ESS 2.9 30 239.37 0.65 4.60 26.79 17.62 LibertyQVC B QVCB ... 11 25.68 0.23 1.25 48.29 32.82 Rollins ROL 1.0 56 47.11 -0.24 2.20 103.36 77.97 WestPharmSvcs WST 0.6 40 100.84 1.25
1.86 95.82 65.00 BrightHorizons BFAM ... 47 95.75 1.16 2.16 131.59 76.34 EsteeLauder EL 1.2 35 129.99 -0.24 5.00 26.79 17.24 LibertyQVC A QVCA ... 11 25.64 0.22 3.10 267.83 184.55 RoperTech ROP 0.6 39 267.02 2.16 -2.16 57.32 49.20 WestarEnergy WR 3.1 22 51.66 -0.44
3.39 75.00 52.75 BrighthouseFin BHF ... ... 60.63 1.14 0.49 277.17 208.81 EverestRe RE 2.3 35 222.35 0.58 5.14 62.41 37.92 LibertyVenturesA LVNTA ... 24 57.03 0.80 s 2.14 82.12 52.85 RossStores ROST 0.8 26 81.97 1.06 2.17 60.25 44.64 WestAllianceBcp WAL ... 20 57.85 0.72
1.00 66.10 46.01 Bristol-Myers BMY 2.6 24 61.89 0.14 -2.15 66.15 54.08 EversourceEner ES 3.1 20 61.82 0.11 -0.12 41.14 27.55 LibertyFormOne C FWONK ... ... 34.12 0.85 s 3.37 84.70 66.66 RoyalBkCanada RY 3.4 15 84.40 0.48 3.97 95.77 69.10 WesternDigital WDC 2.4 17 82.69 0.52
0.45 73.41 56.16 BritishAmTob BTI 1.7 12 67.29 0.98 4.01 32.50 14.94 Exelixis EXEL ... 65 31.62 -0.27 -0.95 39.37 27.63 LibertyFormOne A FWONA ... ... 32.41 0.65 -0.13 7.70 5.37 RoyalBkScotland RBS ... dd 7.63 -0.06 9.71 47.82 33.92 WesternGasEquity WGP 5.3 25 40.77 0.11
5.73 285.68 173.31 Broadcom AVGO 2.6 66 271.62 1.60 -3.10 42.67 33.30 Exelon EXC 3.4 17 38.19 -0.32 1.00 26.52 19.30 LibertyBraves A BATRA ... dd 22.27 0.16 1.63 133.75 84.03 RoyalCaribbean RCL 2.0 16 121.23 -1.23 7.61 67.44 42.68 WesternGasPtrs WES 7.0 39 51.75 -0.91
s 2.19 92.65 65.22 BroadridgeFinl BR 1.6 32 92.56 1.12 6.14 161.00 115.55 Expedia EXPE 0.9 50 127.12 0.98 0.90 26.20 19.30 LibertyBraves C BATRK ... dd 22.42 0.14 s 3.49 69.11 50.32 RoyalDutchA RDS.A 5.4 27 69.04 0.15 8.36 22.70 18.39 WesternUnion WU 3.4 45 20.60 1.15
0.25 44.33 32.87 BrookfieldMgt BAM 1.3 97 43.65 -0.01 0.62 66.25 51.57 ExpeditorsIntl EXPD 1.3 27 65.09 0.09 -11.89 46.51 34.72 LibertySirius B LSXMB ... 24 39.21 -3.53 s 3.63 70.79 53.10 RoyalDutchB RDS.B 5.3 27 70.77 0.40 s 4.00 110.98 57.73 WestlakeChem WLK 0.8 24 110.79 1.69
-2.23 46.88 33.96 BrookfieldInfr BIP 4.0162 43.81 0.14 s 1.84 76.37 55.80 ExpressScripts ESRX ... 13 76.01 -0.07 0.53 46.24 34.10 LibertySirius C LSXMK ... 24 39.87 0.23 4.27 127.35 78.34 Ryanair RYAAY ... 16 108.64 0.76 2.34 27.05 22.17 WestpacBanking WBK 5.8 14 24.95 0.32
1.61 52.42 41.10 Brown&Brown BRO 1.1 28 52.29 0.49 -4.06 88.56 71.34 ExtraSpaceSt EXR 3.7 32 83.90 -0.40 0.71 46.43 34.04 LibertySirius A LSXMA ... 25 39.94 0.25 3.53 116.90 87.72 SAP SAP 1.2 34 116.33 1.28 s 6.49 67.82 49.23 WestRock WRK 2.6 24 67.31 0.27
-0.68 69.15 43.72 Brown-Forman B BF.B 1.2 36 68.20 0.09 3.72 88.98 76.05 ExxonMobil XOM 3.6 28 86.75 -0.07 -2.60 45.40 37.21 LibertyProperty LPT 3.8 18 41.89 0.23 s 3.72 175.79 110.54 S&P Global SPGI 0.9 26 175.70 2.32 0.03 36.92 29.88 Weyerhaeuser WY 3.6 75 35.27 -0.05
-0.37 68.22 45.17 Brown-Forman A BF.A 1.2 35 66.99 0.17 3.78 149.50 114.63 F5Networks FFIV ... 21 136.18 -0.94 2.50 89.09 74.00 EliLilly LLY 2.6 42 86.57 1.05 -0.30 173.97 102.29 SBA Comm SBAC ...194 162.87 1.12 -0.81 23.06 18.32 WheatonPrecMet WPM 1.6 48 21.95 -0.31
6.01 73.01 43.90 BuckeyePtrs BPL 9.6 16 52.53 -0.24 3.61 98.69 56.53 FMC FMC 0.7685 98.08 0.63 3.72 99.59 75.86 LincolnElectric LECO 1.6 23 94.99 0.64 s 2.41 73.63 47.88 SEI Investments SEIC 0.8 32 73.59 0.53 -0.09 202.99 158.80 Whirlpool WHR 2.6 16 168.48 -0.34
4.26 83.75 63.87 Bunge BG 2.6 22 69.94 -0.53 s 5.89 186.90 120.03 Facebook FB ... 36 186.85 2.52 2.89 79.58 61.45 LincolnNational LNC 1.7 12 79.09 0.16 12.06 119.20 61.27 Sina SINA ... 64 112.41 2.63 6.46 32.69 26.82 Williams WMB 3.7 57 32.46 -0.09
1.14 125.82 79.07 BurlingtonStrs BURL ... 33 124.43 1.96 2.16 207.25 155.09 FactSet FDS 1.1 30 196.93 1.04 -5.53 34.75 24.27 LionsGate A LGF.A ... 33 31.94 -0.09 7.75 64.80 50.67 SINOPEC SHI 6.0 8 61.42 0.18 6.58 42.32 34.74 WilliamsPartners WPZ 5.8 27 41.33 0.03
2.25 36.54 30.45 CA CA 3.0 20 34.03 0.25 0.37 55.45 39.79 Fastenal FAST 2.3 29 54.89 0.11 -5.58 33.10 22.50 LionsGate B LGF.B ... 31 29.97 0.10 0.54 28.76 20.87 SK Telecom SKM ... 8 28.06 0.80 1.02 165.00 120.87 WillisTowers WLTW 1.4 45 152.23 0.97
1.44 25.90 16.93 CBD Pao CBD ... 70 23.91 -0.15 -3.35 145.80 119.37 FederalRealty FRT 3.1 41 128.36 -0.18 1.76 46.99 27.00 LiveNationEnt LYV ...2166 43.32 1.05 -1.06 115.34 93.92 SLGreenRealty SLG 3.3 97 99.86 1.01 1.65 6.40 4.50 Wipro WIT 0.5 34 5.56 -0.09
2.22 44.79 29.69 CBRE Group CBG ... 19 44.27 0.22 s 6.56 271.39 182.89 FedEx FDX 0.8 24 265.92 1.04 0.80 3.87 3.15 LloydsBanking LYG 2.8 21 3.78 0.01 3.38 42.50 29.54 SS&C Tech SSNC 0.7 40 41.85 0.39 1.03 53.50 30.92 WooriBank WF 2.8 9 45.15 0.42
-2.41 70.09 52.75 CBS B CBS 1.3 80 57.58 -0.42 6.95 121.14 57.56 Ferrari RACE ... 37 112.13 0.82 s 2.69 330.18 248.00 LockheedMartin LMT 2.4 27 329.68 2.96 s 4.31 244.44 159.44 SVB Fin SIVB ... 27 243.85 3.91 7.45 116.89 71.56 Workday WDAY ... dd 109.32 0.07
-3.25 71.07 53.00 CBS A CBS.A 1.2 80 57.84 -0.21 s 22.03 21.88 9.01 FiatChrysler FCAU ... 10 21.77 1.12 1.18 51.02 45.01 Loews L 0.5 18 50.62 -0.10 2.76 173.36 44.55 SageTherap SAGE ... dd 169.25 2.81 -2.96 117.95 75.80 Wyndham WYN 2.1 20 112.44 -3.29
-0.10 72.25 58.67 CDK Global CDK 0.8 35 71.21 0.09 -0.68 17.21 7.98 FibriaCelulose FBR ... 35 14.60 ... 5.41 129.51 90.35 LogMeIn LOGM 0.81097 120.70 1.85 5.74 109.19 72.55 Salesforce.com CRM ...10810 108.10 1.42 -2.43 171.06 89.60 WynnResorts WYNN 1.2 45 164.49 1.09
s 4.96 73.57 50.49 CDW CDW 1.2 27 72.94 -0.12 s 4.00 40.96 24.20 FidNatlFin FNF 2.6 18 40.81 0.55 s 1.94 94.80 70.54 Lowe's LOW 1.7 23 94.74 2.00 3.88 50.65 39.42 Sanofi SNY 3.7 22 44.67 0.77 -0.56 93.98 42.07 XPO Logistics XPO ... 76 91.08 -0.27
s 2.66 43.98 25.04 CF Industries CF 2.7 dd 43.67 0.07 1.49 96.67 75.52 FidNatlInfo FIS 1.2 59 95.49 0.54 s 1.07 80.46 47.26 lululemon LULU ... 40 79.43 -0.42 s 1.24 18.89 11.12 SantanderCons SC 0.6 10 18.85 0.23 -2.74 52.22 40.04 XcelEnergy XEL 3.1 20 46.79 -0.33
0.63 54.99 45.81 CGI Group GIB ... 21 54.67 0.65 1.22 31.83 23.20 FifthThirdBncp FITB 2.1 12 30.71 0.08 s 3.67 114.46 78.01 LyondellBasell LYB 3.1 12 114.37 1.57 s 1.43 34.80 26.92 Sasol SSL 3.5 15 34.70 0.20 2.61 34.13 26.48 Xerox XRX 3.3 dd 29.91 0.22
s 0.54 90.67 63.41 CH Robinson CHRW 2.1 27 89.57 -0.15 s 11.18 81.16 27.58 58.com WUBA ... 94 79.57 1.57 MN 13.17 72.89 37.09 Scana SCG 5.4 14 45.02 -1.31 9.98 75.14 54.99 Xilinx XLNX 1.9 31 74.15 3.66
3.92 51.73 39.48 CIT Group CIT 1.3 dd 51.16 0.12 4.87 58.84 36.62 FirstAmerFin FAF 2.6 23 58.77 1.22 9.22 87.84 61.02 Schlumberger SLB 2.7189 73.60 0.50 1.51 69.88 46.67 Xylem XYL 1.0 40 69.23 -0.13
2.46 155.29 113.90 CME Group CME 1.8 34 149.65 0.97 4.13 19.23 14.67 FirstData FDC ... 23 17.40 0.75 1.07 176.71 141.12 M&T Bank MTB 1.7 20 172.82 -0.62 1.25 52.52 37.16 SchwabC SCHW 0.6 33 52.01 0.20 0.44 26.48 16.97 YPF YPF 0.9 69 23.01 -0.28
-3.15 50.85 41.26 CMS Energy CMS 2.9 24 45.81 -0.33 1.73 105.52 84.56 FirstRepBank FRC 0.8 21 88.14 -0.33 1.50 34.65 25.15 MGM Resorts MGM 1.3 33 33.89 0.23 0.62 109.77 81.48 ScottsMiracleGro SMG 2.0 35 107.65 1.48 s 13.30 128.80 39.73 YY YY ... 22 128.10 6.17
... 55.62 39.96 CNA Fin CNA 2.3 16 53.05 0.01 2.44 71.80 25.56 FirstSolar FSLR ... dd 69.17 0.03 3.75 39.43 30.88 MPLX MPLX 6.4 40 36.80 -0.28 0.89 88.45 64.87 ScrippsNetworks SNI 1.4 18 86.14 0.18 4.58 35.32 21.16 Yandex YNDX ... 85 34.25 0.03
s 7.63 154.71 108.05 CNOOC CEO 3.3 20 154.51 0.47 -1.67 35.22 27.93 FirstEnergy FE 4.8 dd 30.11 -0.21 s 5.13 133.09 79.89 MSCI MSCI 1.1 40 133.03 1.37 2.63 50.96 30.60 Seagate STX 5.9 16 42.94 0.30 1.51 84.29 62.36 YumBrands YUM 1.4 26 82.84 0.48
0.17 17.69 10.63 CPFLEnergia CPL 2.4 22 11.52 -0.14 s 2.63 134.99 104.51 Fiserv FISV ... 32 134.58 1.32 -1.32 73.34 52.12 Macerich MAC 4.6 75 64.81 0.81 0.24 50.62 41.22 SealedAir SEE 1.3 32 49.42 -0.15 6.82 43.55 25.53 YumChina YUMC ... 29 42.75 0.25
4.21 38.06 32.82 CRH CRH 1.2 22 37.61 0.06 2.37 197.03 121.52 FleetCorTech FLT ... 34 197.00 1.54 -2.82 34.37 17.41 Macy's M 6.2 11 24.48 -0.01 2.82 71.31 45.31 SeattleGenetics SGEN ... dd 55.01 -0.52 1.26 18.08 11.14 ZTO Express ZTO ... 29 16.05 -0.07
4.93 58.35 35.96 CSX CSX 1.4 30 57.72 0.94 3.06 19.11 14.22 Flex FLEX ... 18 18.54 0.02 2.13 81.77 63.55 MagellanMid MMP 5.0 20 72.45 -0.67 -5.14 9.14 4.49 SemicondctrMfg SMI ... 35 8.12 -0.18 -2.04 37.26 29.73 ZayoGroup ZAYO ... 97 36.05 -0.25
8.21 84.72 66.45 CVS Health CVS 2.5 16 78.45 3.32 3.50 48.43 33.75 FlirSystems FLIR 1.2 30 48.25 0.64 s 5.06 59.60 39.50 MagnaIntl MGA 1.8 11 59.54 1.45 1.43 122.97 99.71 SempraEnergy SRE 3.0 24 108.45 1.03 4.13 51.23 32.56 Zillow C Z ... dd 42.61 0.48
0.56 29.57 20.55 CabotOil COG 0.8 dd 28.76 -0.15 3.41 58.37 37.04 Fluor FLR 1.6 37 53.41 0.15 2.35 131.99 88.99 Manpower MAN 1.4 19 129.07 0.37 2.05 53.30 38.71 SensataTech ST ... 29 52.16 0.38 3.93 50.91 32.63 Zillow A ZG ... dd 42.34 0.33
5.19 45.64 25.42 CadenceDesign CDNS ... 47 43.99 0.41 2.18 103.82 73.45 FomentoEconMex FMX 1.4 13 95.95 0.85 3.02 21.70 16.62 ManulifeFin MFC 3.0 15 21.49 0.09 2.06 38.22 28.67 ServiceCorp SCI 1.6 20 38.09 0.20 4.40 133.49 103.62 ZimmerBiomet ZBH 0.8 40 125.98 1.24
1.58 13.60 8.46 CaesarsEnt CZR ... dd 12.85 -0.05 s 5.68 13.22 10.47 FordMotor F 4.5 12 13.20 0.22 5.67 18.17 10.55 MarathonOil MRO 1.1 dd 17.89 -0.23 2.20 52.87 36.34 ServiceMaster SERV ... 30 52.40 0.34 0.08 52.20 38.43 ZionsBancorp ZION 1.3 19 50.87 0.02
s 7.15 60.49 32.47 CalAtlantic CAA 0.3 18 60.42 0.64 -0.58 26.30 20.25 ForestCIty A FCE.A 2.3 72 23.96 0.21 s 5.09 69.45 46.88 MarathonPetrol MPC 2.3 22 69.34 0.66 s 3.54 135.13 78.90 ServiceNow NOW ... dd 135.01 1.16 s 1.83 73.92 52.00 Zoetis ZTS 0.7 41 73.36 0.83
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | B9

NEW HIGHS AND LOWS |WSJ.com/newhighs


52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. EmergentBiosol EBS 49.25 2.7 JanusHenderson JHG 40.12 1.9 NoEuroOil NRT 8.98 7.0 RossStores ROST 82.12 1.3 SunLifeFinancial SLF 41.99 0.5 Unifirst UNF 176.15 -2.0 DigitalRealtyPfH DLRpH 26.36 -0.2
EmersonElec EMR 72.47 1.3 JasonIndustries JASN 2.82 5.8 NorthernTechsIntl NTIC 26.75 5.8 RoyalBkCanada RY 84.70 0.6 SuncorEnergy SU 38.39 -0.8 UnionPacific UNP 139.72 1.3 Dogness DOGZ 4.79 -10.5
Friday, January 5, 2018 EncompassHealth EHC 52.58 ... JPMUSMinimumVol JMIN 25.96 0.5 NovoNordisk NVO 54.76 0.5 RoyalDutchA RDS.A 69.11 0.2 TE Connectivity TEL 99.70 2.3 UnitedInsurance UIHC 18.32 2.1 EPR Prop EPR 62.16 -0.1
52-Wk % 52-Wk % 52-Wk % EnovaIntl ENVA 17.50 6.4 KB Fin KB 60.80 2.2 Nucor NUE 67.91 1.0 RoyalDutchB RDS.B 70.79 0.6 Ternium TX 34.03 ... UnitedTech UTX 132.36 0.9 EdisonInt EIX 62.03 1.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ... Nutrien
EsperionTherap ESPR 69.74 2.8 KCAPFinNts22 KCAPL 25.67 NTR 56.18 0.3 S&P Global SPGI 175.79 1.3 TIM Part TSU 20.48 0.5 UnivInsurance UVE 28.70 3.8 EducationRealty EDR 33.55 -0.7
Bio-Techne TECH 137.34 1.1 Cimpress CMPR 125.67 -1.0 ExpressScripts ESRX 76.37 -0.1 KapStonePaper KS 25.02 0.9 OldDomFreight ODFL 136.89 0.9 SEI Investments SEIC 73.63 0.7 TRI Pointe TPH 19.55 2.0 VF VFC 76.16 0.3 EmpireStateRealES ESBA 19.44 0.9
Highs Biomerica BMRA 4.50 6.5 CiscoSystems CSCO 39.88 1.4 Facebook FB 186.90 1.4 Kennametal KMT 51.07 0.5 Olin OLN 38.80 2.3 SPX SPXC 33.18 -1.0 TRowePrice TROW 107.42 1.8 Visa V 119.00 2.4 Francesca's FRAN 5.94 -20.7
BlackBerry BB 14.10 3.4 CitrixSystems CTXS 91.63 0.9 FateTherap FATE 7.25 -2.4 KenonHoldings KEN 23.96 2.5 OneMain OMF 35.11 0.4 SVB Fin SIVB 244.44 1.6 TaylorMorrison TMHC 27.38 3.5 ValeantPharm VRX 24.43 3.5 GEO Group GEO 22.78 1.0
AAON AAON 38.25 1.6
BlackRock BLK 525.94 0.9 Cohbar CWBR 6.60 1.5 FedEx FDX 271.39 0.4 KimcoRealtyPfdM KIMpM 25.19 0.4 OrionEngCarbons OEC 27.25 1.1 SandstormGold SAND 5.38 -0.8 TeckRscsB TECK 27.45 0.8 ValeroEnergy VLO 94.30 0.5 GlobalNetLease GNL 19.92 -0.4
ABB ABB 27.68 0.7
BlueBuffaloPet BUFF 33.40 1.6 Cohen&Steers CNS 47.83 -2.1 FiatChrysler FCAU 21.88 5.4 Kingstone KINS 20.80 1.7 Overstock OSTK 86.55 8.4 SantanderCons SC 18.89 1.2 TeledyneTech TDY 188.62 -0.4 Vantiv VNTV 77.66 0.4 GolubCapital GBDC 17.80 -0.1
Abaxis ABAX 55.52 11.2
Boeing BA 308.89 4.1 Comerica CMA 88.57 1.1 FidNatlFin FNF 40.96 1.4 KirklandLakeGold KL 16.76 1.2 OxfordIndustries OXM 80.58 0.8
Sasol SSL 34.80 0.6
Teradyne TER 45.76 2.3 VinaConcha VCO 39.00 1.0 HCP HCP 24.75 -1.0
AbbVie ABBV 101.20 1.7
BoydGaming BYD 37.07 4.8 ComericaWt CMA.WS 59.60 2.2 58.com WUBA 81.16 2.0 Kraton KRA 52.97 3.8 PJT Partners PJT 47.45 2.1 TexasInstruments TXN 109.23 0.8 Visteon 137.13 2.6 JM Global
Abiomed ABMD 202.96 1.5 SchnitzerSteel SCHN 35.50 2.2 VC WYIG 9.63 -3.3
BroadridgeFinl BR 92.65 1.2 ConchoRscs CXO 155.70 1.3 Fiserv FISV 134.99 1.0 LKQ LKQ 42.32 -0.1 PVH PVH 143.70 1.2 Textron TXT 58.51 1.6 Vodafone 32.62 0.8 JerniganCapital JCAP
Ablynx ABLX 26.00 3.4 SelectEnergySvcs WTTR 18.50 0.8 VOD 18.38 0.2
BrookfieldBusPtr BBU 38.84 5.3 ConTomka CTO 65.50 1.5 FiveBelow FIVE 73.55 -0.4 LPL Financial LPLA 59.85 1.6 ParkElectrochem PKE 21.19 0.7 The9 NCTY 1.38 6.6 W&T Offshore 4.39 2.8 KalaPharm
AcornIntl ATV 19.85 2.6 ServiceNow NOW 135.13 0.9 WTI KALA 11.81 -29.3
Buenaventura BVN 15.15 -1.2 ContinentalBldg CBPX 31.00 8.4 FordMotor F 13.22 1.7 L3 Tech LLL 202.01 1.7 ParkerHannifin PH 204.83 0.7 ThermoFisherSci TMO 202.65 1.7
WEX 146.74 0.2 LTC Properties LTC
AdvAcceltrApp AAAP 81.86 0.2 SherwinWilliams SHW 421.99 2.1 WEX 42.43 -0.4
BuildersFirstSrc BLDR 22.79 1.9 Cooper-Standard CPS 130.91 2.4 FortBrandsHome FBHS 71.65 2.1 LabCpAm LH 166.69 2.5 PartnerComms PTNR 6.50 0.2 TiGenix TIG 41.00 72.0
AdverumBiotech ADVM 4.45 1.1 SifyTech SIFY 2.55 18.1 WSIIndustries WSCI 6.55 -1.5 Lipocine LPCN 2.90 -8.5
CDW CDW 73.57 -0.2 Corning GLW 33.89 -0.4 FranklinCovey FC 25.35 13.5 LambWeston LW 58.00 0.8 PeabodyEnergy BTU 40.08 1.2 TitanMachinery TITN 23.75 -2.1
Aegon AEG 6.44 0.2 SilverRunII Wt SRUNW 2.49 6.5 Wal-Mart WMT 100.38 0.6 Mack-Cali CLI 21.15 0.8
CF Industries CF 43.98 0.2 Cosan CZZ 10.54 2.8 FreeportMcM FCX 19.91 0.8 LandmarkInfrPtrs LMRK 18.75 1.9 PembinaPipeline PBA 36.99 -0.4 Toll Bros TOL 51.25 2.2
AirProducts APD 168.97 0.8 Skyline SKY 20.04 48.1 Waters WAT 202.85 1.3 Novan NOVN 3.22 -20.8
CH Robinson CHRW 90.67 -0.2 Crane CR 91.39 0.3 FreseniusMed FMS 54.45 1.3 Lazard LAZ 55.92 0.4 Pentair PNR 72.78 0.2 TopBuild BLD 77.57 1.8
AirT AIRT 32.10 17.8 SodaStream SODA 73.50 -0.9 WestlakeChem WLK 110.98 1.5 OGE Energy OGE 32.47 -0.3
CNOOC CEO 154.71 0.3 Credicorp BAP 223.91 1.7 GDSHoldings GDS 24.75 5.8 Lear LEA 192.13 2.8 PerformanceFood PFGC 33.80 1.5 TorontoDomBk TD 60.51 0.9
AlbireoPharma ALBO 30.50 2.5 SolarisOilfield SOI 23.98 1.8 WestRock WRK 67.82 0.4 OhrPharm OHRP0.35 -81.3
CRISPR Therap CRSP 28.50 12.1 CueBiopharma CUE 15.50 9.1 GardnerDenver GDI 34.79 1.4 Lennar A LEN 67.63 0.9 PerkinElmer PKI 77.01 0.8 Total TOT 57.89 0.6
AllscriptsHlthcr MDRX 15.40 1.1 Sony SNE 48.79 3.1 WeycoGroup WEYS 32.99 0.1 PHH PHH 9.95 -2.3
CVR Energy CVI 39.20 3.8 Cummins CMI 182.30 -0.2 Genesee&Wyoming GWR 83.20 -0.3 LennoxIntl LII 213.98 1.2 PolymetMining PLM 1.06 10.4 ToyotaMotor TM 133.87 1.3
SoCopper SCCO 49.35 0.8 WirelessTel WTT 2.59 -1.6 SabraHealthcare SBRA 18.40 -1.4
AllyFinancial ALLY 30.24 1.7 Pool POOL 132.64 0.1 TractorSupply TSCO 79.53 2.3
Cabot CBT 65.54 4.1 CymaBayTherap CBAY 10.25 -2.1 Genpact G 33.28 0.9 LockheedMartin LMT 330.18 0.9 WisdomTreeInvs WETF 12.85 2.2 SaulCentersPfdC BFSpC 25.02 -0.2
AlonUSAPartners ALDW 18.35 2.0
CAE CAE 18.98 0.7 CytomXTherap CTMX 25.21 8.7 GIIIApparel GIII 39.21 1.3 Lowe's LOW 94.80 2.2 Praxair PX 162.34 0.9 SpiritAeroSys SPR 89.93 1.9 TransUnion TRU 57.04 3.2
XinyuanRealEst XIN 8.18 2.4 ShilohIndustries SHLO
Alphabet C GOOG 1104.25 1.5
CalAtlantic 60.49 1.1 Cytosorbents ProvidenceService PRSC 64.40 -0.4 StanleyBlackDeckUn SWP 125.40 0.4 TrilogyMetals TMQ 1.40 5.6 6.88 -17.8
CAA CTSO 7.10 2.9 GlobusMedical GMED 44.28 3.2 lululemon LULU 80.46 -0.5 YY YY 128.80 5.1 SkylineMedical SKLN
Alphabet A GOOGL1113.58 1.3 Prudential PUK 52.09 1.4 SteelPartners SPLP 20.50 0.5 Trinseo TSE 77.50 2.8 0.91 -5.5
CanadaGoose GOOS 33.96 -0.5 DXC Tech DXC 100.72 1.5 GlycoMimetics GLYC 18.85 6.4 LunaInnov LUNA 2.80 -0.4 Zafgen ZFGN 5.66 8.2 SoJerseyInd
Altaba AABA 76.57 2.6 PulteGroup PHM 34.62 2.1 StewardshipFin SSFN 10.75 1.9 21stCenturyFoxA FOXA 36.96 -0.2 SJI 30.62 -0.6
CIBC CM 100.01 0.8 Dana DAN 34.43 3.2 Graco GGG 46.95 -0.3 LyondellBasell LYB 114.46 1.4 Zoetis ZTS 73.92 1.1 Southern
Amazon.com AMZN1229.14 1.6 Qualys QLYS 64.00 0.4 StifelFinancial SF 64.63 2.7 21stCenturyFoxB FOX 36.44 0.5 SO 46.44 0.2
CanNtlRlwy CNI 85.73 0.8 DaqoNewEnergy DQ 65.50 3.6 GraphicPkg GPK 16.11 0.2 MI Homes MHO 36.98 0.5
AndinaAcqnIIRt ANDAR
ApellisPharm APLS
1.45 -1.4
25.49 -5.8
CanPacRlwy CP 186.17 0.4 DaVita DVA 75.60 0.9 GpoFinGalicia GGAL 70.16 -1.1 MSCI MSCI 133.09 1.0
Quidel
REV
QDEL
REVG
47.60 0.9 Stryker
33.15 0.1 StudentTransprt STB
SYK 161.32 1.5
6.26 1.0
21 Vianet VNET
TwoHarborsPfdC TWOpC
9.42 2.1
25.35 0.6
Lows StarwoodProp STWD 20.78 0.6
Ventas VTR 57.90 -0.5
Cars.com CARS 31.20 4.0 Deere DE 160.47 0.4 GpoSupervielle SUPV 30.75 -1.9 MagnaIntl MGA 59.60 2.5
Appian APPN 43.26 5.1 RelianceSteel RS 89.25 -0.4 SucampoPharm SCMP 18.20 -0.6 US Foods USFD 32.96 2.0 Barnes&Noble BKS 5.40 -13.8 WashingtonREIT WRE 29.18 -0.3
CasellaWaste CWST 23.57 2.8 DelekUS DK 37.42 2.0 GuangshenRail GSH 36.62 0.6 MarathonPetrol MPC 69.46 1.0
AppliedIndlTechs AIT 70.70 0.8 RichardsonElec RELL 7.00 0.1 SumitomoMits SMFG 9.11 0.4 USG USG 41.18 6.7 BridgepointEduc BPI 7.53 -4.0 Welltower HCN 62.21 -0.6
Caterpillar CAT 162.05 1.6 DellTechs DVMT 85.66 0.7 HVBancorp HVBC 18.50 0.2 Masco MAS 44.49 0.9
Aptiv APTV 91.71 3.0 RockyBrands RCKY 20.79 6.4 SummitHotelPfdE INNpE 26.19 0.8 UbiquitiNetworks UBNT 75.00 0.1 Core-Mark CORE 23.95 -23.0 WheelerREITPfdD WHLRD 18.31 -1.9
CellularBiomed CBMG 18.25 24.1 DelphiTechs DLPH 57.84 0.1 HewlettPackard HPE 15.19 -0.1 Mastercard MA 159.04 2.1
ArenaPharm ARNA 41.92 -0.6 Centene CNC 106.02 2.9 DeltaTech DELT 4.70 55.6 Hill-Rom HRC 87.64 1.8 MercadoLibre MELI 336.49 1.5
ArmstrongWorld AWI 63.95 0.9 CenturyComm CCS 34.60 1.2 DiamondbkEner FANG 130.89 -0.1 HomeDepot HD 192.54 1.0 MesabiTrust MSB 27.90 ...

Cash Prices | WSJ.com/commodities


ArrowheadPharm ARWR 5.23 0.4 CheetahMobile CMCM 14.63 -1.3 DiplomatPharmacy DPLO 23.08 10.7 HondaMotor HMC 35.64 0.5 Microsoft MSFT 88.41 1.2
AspenTech AZPN 71.44 1.1 Chemed CHE 256.57 1.3 DolbyLab DLB 63.69 0.7 HovnanianPfdA HOVNP 8.47 ... MitsubishiUFJ MTU 7.65 0.8
Friday, January 05, 2018
AstraZeneca AZN 35.92 1.0 Children'sPlace PLCE 152.70 -2.1 DollarTree Humana 264.90 2.3 MolecularTemp MTEM 12.39 10.9
Autoliv ALV 133.85 2.0
DLTR 111.23 2.1 HUM These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
ChinaCeramics CCCL 4.28 12.6 DowDuPont DWDP 75.54 1.3 HuntingtonBcshs HBAN 15.01 0.9 Moody's MCO 154.28 1.7
AveryDennison AVY 118.52 1.2 ChinaEastrnAir CEA 41.70 8.2 DuPont pfB DDpB 109.99 0.6 Huntsman HUN 34.90 1.4 MurphyOil MUR 33.09 0.8
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
AxoGen AXGN 31.15 8.4 ChinaGreenAg CGA 2.11 11.2 ENI E 34.97 1.3 IONGeophysical IO 23.25 14.8 MurphyUSA MUSA 84.79 2.0 months.
BHPBilliton BHP 48.15 0.7 ChinaInfoTech CNIT 5.20 27.7 EOG Rscs EOG 112.30 1.1 IntlPaper IP 61.89 0.2 NICE NICE 94.75 0.1
Friday Friday Friday
BHPBilliton BBL 42.49 0.8 ChinaNaturalRscs CHNR 3.63 11.1 EagleMaterials EXP 118.57 1.3 Intuit INTU 164.55 1.3 NationRiskBaseIntl RBIN 26.38 1.7
(U.S.$ equivalent) 17.1550 Wheat,Spring14%-pro Mnpls-u 7.5175
BRT Apartments BRT 12.17 3.8 ChinaPharma CPHI 1.45 137.4 EastmanChem EMN 97.56 0.6 InvestorsTitle ITIC 221.88 -1.7 Netflix NFLX 210.02 2.1 Energy Coins,wholesale $1,000 face-a 12886 Wheat,No.2 soft red,St.Louis-bp,u 4.3600
BancodeChile BCH 101.72 1.8 ChinaSoAirlines ZNH 58.28 6.9 EatonVance EV 58.42 0.8 iRhythmTechs IRTC 60.11 2.2 NewsCorp B NWS 17.40 1.6
Propane,tet,Mont Belvieu-g 0.9268 Other metals Wheat - Hard - KC (USDA) $ per bu-u 4.2050
BcoSantChile BSAC 33.40 2.2 ChinaXiniyaFash XNY 6.56 10.6 eBay EBAY 39.84 2.9 JELD-WEN JELD 42.27 2.3 NewsCorp A NWSA 17.10 1.3
Butane,normal,Mont Belvieu-g 0.9623 LBMA Platinum Price PM *959.0 Wheat,No.1soft white,Portld,OR-u 5.2675
BankofMontreal BMO 82.22 0.9 ChinaCache CCIH 4.75 13.8 Ecopetrol EC 17.24 1.4 JMP Nts2027 JMPD 25.59 ... Nordson NDSN 151.84 -0.6
NaturalGas,HenryHub-i 2.900 Platinum,Engelhard industrial 969.0
BaxterIntl BAX 69.35 1.1 ChunghwaTel CHT 36.58 1.0 EigerBioPharma EIGR 15.00 -5.5 JackHenry JKHY 119.84 1.0 NorfolkSouthern NSC 151.85 2.0
NaturalGas,TranscoZone3-i 2.870 Platinum,Engelhard fabricated
Food
1069.0
NaturalGas,TranscoZone6NY-i 49.820 Palladium,Engelhard industrial 1100.0 Beef,carcass equiv. index
NaturalGas,PanhandleEast-i 2.480 Palladium,Engelhard fabricated 1200.0 choice 1-3,600-900 lbs.-u 190.76
select 1-3,600-900 lbs.-u
Insider-Trading Spotlight NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
2.460
2.730
Aluminum, LME, $ per metric ton
Copper,Comex spot
*2230.0
3.2070 Broilers, National comp wghtd-u,w
180.58
0.9500
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys NaturalGas,HaynesvilleN.LA-i 2.810 Iron Ore, 62% Fe CFR China-s 77.1 Butter,AA Chicago 2.2375
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Shredded Scrap, US Midwest-s,m 307 Cheddar cheese,bbl,Chicago 139.00
new information about the prospects of a company. Insiders are required to report large trades to the SEC Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Steel, HRC USA, FOB Midwest Mill-s 656 Cheddar cheese,blk,Chicago 149.50
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Milk,Nonfat dry,Chicago lb. 68.00
Thomson Financial on January 5, and year-to-date stock performance of the company Metals Fibers and Textiles Cocoa,Ivory Coast-w n.a.
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6225 Coffee,Brazilian,Comp 1.2884
Engelhard industrial 1322.39 Cotton,1 1/16 std lw-mdMphs-u 0.7726 Coffee,Colombian, NY 1.4840
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Eggs,large white,Chicago-u 1.3250
Cotlook 'A' Index-t *88.80

.
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Engelhard fabricated 1421.57
Handy & Harman base 1317.15 Hides,hvy native steers piece fob-u 69.500 Flour,hard winter KC 15.40
unknown VP: vice president Excludes pure options transactions Hams,17-20 lbs,Mid-US fob-u

ly
Handy & Harman fabricated 1462.03 Wool,64s,staple,Terr del-u,w n.a. 0.60
LBMA Gold Price AM *1313.70 Hogs,Iowa-So. Minnesota-u 64.52
Grains and Feeds
Biggest weekly individual trades LBMA Gold Price PM *1314.50 Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
n.a.
0.8490
Krugerrand,wholesale-e 1373.22 Barley,top-quality Mnpls-u 4.85
Based on reports filed with regulators this past week Maple Leaf-e 1386.42 Bran,wheat middlings, KC-u 115
Steers,Tex.-Okla. Choice-u n.a.
Steers,feeder,Okla. City-u,w
Date(s) Company Symbol Insider Title
on No. of shrs in Price range ($) $ Value
trans (000s) in transaction (000s) Close ($) Ytd (%)
American Eagle-e
Mexican peso-e
Austria crown-e
1386.42
1600.01
1297.26
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
3.2550
98.8
479.8
Fats and Oils
Corn oil,crude wet/dry mill-u,w
n.a.

33.4400
Austria phil-e 1386.42 Cottonseed meal-u,w 228
Buyers Silver, troy oz. Hominy feed,Cent IL-u,w 94 Grease,choice white,Chicago-h 0.2250
Lard,Chicago-u n.a.
us l,

Dec. 28-29 Biglari Holdings BH S. Biglari DOI 1 418.78-418.95 558 417.98 0.9 Engelhard industrial 17.2500 Meat-bonemeal,50% pro Mnpls-u,w 228
Oats,No.2 milling,Mnpls-u 2.8100 Soybean oil,crude;Centl IL-u 0.3234
Engelhard fabricated 20.7000
Dec. 29 Reata Pharmaceuticals RETA R. Mcgaughy DOI 17 28.47 484 27.08 -4.4 Rice, Long Grain Milled, No. 2 AR-u,w 25.00 Tallow,bleach;Chicago-h 0.2700
Handy & Harman base 17.2500
Dec. 29 J. Traweek BI 17 28.47 484 Sorghum,(Milo) No.2 Gulf-u 8.0575 Tallow,edible,Chicago-u n.a.
al a

Handy & Harman fabricated 21.5630


e
Dec. 26-29 IMPAC Mortgage Holdings IMH R. Pickup BI 46 10.00 461 10.59 4.2 LBMA spot price £12.6600 SoybeanMeal,Cent IL,rail,ton48%-u 317.90
Soybeans,No.1 yllw IL-bp,u 9.3150
Dec. 14-22 Reed's REED J. Bello D 266 1.50 400 1.70 9.7
ci on

Dec. 14 Ramco-Gershenson Properties Trust RPT D. Gershenson CEO 25 14.58 365 14.50 -1.6 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
Dec. 11-26 German American Bancorp GABC C. Ramsey DI 10 35.13-36.00 353 35.07 -0.7 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 1/4
Source: WSJ Market Data Group
Dec. 29 Biogen BIIB M. Vounatsos CEO x 320.55 250 342.49 7.5
Dec. 26-29 Century Bancorp CNBKA J. Filler B 3 78.26-81.80 232 76.75 -1.9
Jan. 2 Zynerba Pharmaceuticals ZYNE M. Rapp B 15 12.99 195 12.50 -0.2
Exchange-Traded Portfolios | WSJ.com/ETFresearch
er rs

Dec. 28 FS Investment FSIC M. Forman CEOI 17 7.46 123 7.70 4.8


Dec. 29 M. Forman CEOI 16 7.42 121 Closing Chg YTD
Dec. 28 J. Harrow D 13 7.44 100 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Dec. 28 M. Kelly UT 10 7.49 75
VangdFTSEAWxUS VEU 56.43 0.59 3.1
Jan. 2 M. Forman CEOI 7 7.49 49 Friday, January 5, 2018 Closing Chg YTD
VUG
m e

VangdGrowth 145.18 0.84 3.2


Jan. 3 T. Gravina D 5* 7.66 38 ETF Symbol Price (%) (%)
Closing Chg YTD VangdHlthCr VHT 158.89 0.79 3.1
Jan. 2 T. Gravina D 5* 7.54 38 ETF Symbol Price (%) (%) SPDR Gold GLD 125.33 –0.10 1.4 VangdHiDiv VYM 86.97 0.45 1.6
SchwabIntEquity SCHF 35.07 0.54 2.9 VangdIntermBd BIV 83.54 –0.13 –0.3
AlerianMLPETF AMLP 11.35 –0.70 5.2
SCHB VCIT
m rp

SchwabUS BrdMkt 66.02 0.64 2.3 VangdIntrCorpBd 87.16 –0.07 –0.3


Sellers CnsmrDiscSelSector
CnsStapleSelSector
XLY
XLP
101.78
56.93
0.79
0.44
3.1
0.1 SchwabUS Div SCHD 52.05 0.62 1.7 VangdLC VV 125.60 0.64 2.5
SchwabUS LC SCHX 65.32 0.63 2.4 VangdMC VO 157.94 0.50 2.0
EnSelectSectorSPDR XLE 74.97 –0.04 3.8
Jan. 2-3 Sprouts Farmers Market SFM S. Boney D 848 24.61-24.80 20,969 24.29 -0.2 FinSelSectorSPDR XLF 28.41 0.28 1.8
SPDR DJIA Tr DIA 252.72 0.85 2.2 VangdMC Val VOE 113.43 0.38 1.7
SPDR S&PMdCpTr MDY 351.52 0.35 1.8 VangdREIT VNQ 81.05 0.05 –2.3
Dec. 27-29 Allison Transmission Holdings ALSN J. Star DI 438 43.26-43.48 19,014 44.49 3.3 GuggS&P500EW RSP 103.14 0.48 2.1
SPDR S&P 500 SPY 273.42 0.67 2.5 VangdS&P500 VOO 251.25 0.64 2.4
HealthCareSelSect XLV 85.25 0.85 3.1
SPDR S&P Div SDY 95.08 0.37 0.6 VangdST Bond BSV 79.01 0.01 –0.1
Jan. 2 Ingersoll-Rand IR M. Lamach CEO 211 88.28 18,584 89.71 0.6 IndSelSectorSPDR XLI 77.62 0.69 2.6
VCSH
TechSelectSector XLK 66.30 1.05 3.7 VangdSTCpBd 79.26 0.03 –0.1
iShIntermCredBd CIU 108.98 –0.02 –0.2
Dec. 27 Nike NKE E. Sprunk CO 226 63.05-63.10 14,262 63.98 2.3 UtilitiesSelSector XLU 51.33 –0.04 –2.6 VangdSC VB 150.01 0.37 1.5
iSh1-3YCreditBond CSJ 104.46 –0.04 –0.1
GDX VangdTotalBd BND
co Fo

VanEckGoldMiner 23.67 –0.21 1.9 81.26 –0.14 –0.4


Jan. 2-4 J. Slusher O 126 63.09-63.50 7,942 iShCoreMSCIEAFE IEFA 68.02 0.52 2.9
VangdInfoTech VGT 171.50 1.07 4.1 VangdTotIntlBd BNDX 54.30 ... –0.1
iShCoreMSCIEmgMk IEMG 59.25 0.85 4.1
Dec. 27-28 Twitter TWTR E. Williams D 546* 24.22-24.30 13,265 24.32 1.3 VangdSC Val VBR 134.56 0.32 1.3 VangdTotIntlStk VXUS 58.65 0.67 3.2
iShCoreMSCITotInt IXUS 65.13 0.63 3.2
VTI
VangdDivApp VIG 104.02 0.75 2.0 VangdTotalStk 140.37 0.59 2.3
Jan. 2 W. Parker iShCoreS&P500 IVV 275.33 0.63 2.4
American Airlines Group AAL CEO 225 52.32 11,750 52.65 1.2 iShCoreS&P MC IJH
VangdFTSEDevMk VEA 46.16 0.48 2.9 VangdTotlWrld VT 76.31 0.58 2.8
193.22 0.39 1.8
VangdFTSE EM VWO 47.86 0.89 4.2 VangdValue VTV 108.21 0.49 1.8
Dec. 28-29 Palo Alto Networks PANW J. Goetz DI 78 146.28-146.85 11,449 152.97 5.5 iShCoreS&P SC IJR 77.86 0.43 1.4
VangdFTSE Europe VGK 60.86 0.68 2.9 WisdTrEuropeHdg HEDJ 65.72 1.15 3.2
iShS&PTotlUSStkMkt ITOT 62.52 0.61 2.3
VangdFinls VFH 71.14 0.27 1.6 WisdTrJapanHdg DXJ 61.63 0.59 3.9
Jan. 2 Estee Lauder EL J. Demsey O 78 127.51-127.90 9,896 129.99 2.2 iShCoreUSAggBd AGG 109.04 –0.06 –0.3
iShSelectDividend DVY 98.94 0.21 0.4
Jan. 2 InterActiveCorp IAC G. Winiarski GC 62 127.19 7,918 133.31 9.0 iShEdgeMSCIMinEAFE EFAV 74.08 0.23 1.5

Borrowing Benchmarks | WSJ.com/bonds


Jan. 3 AutoZone AZO W. Graves O 11 743.73-749.16 7,820 775.50 9.0 iShEdgeMSCIMinUSA USMV 53.35 0.51 1.1
iShGoldTr IAU 12.69 –0.16 1.4
Jan. 2 L3 Technologies LLL M. Strianese CB 40 196.56-197.88 7,786 201.58 1.9 iShiBoxx$InvGrCpBd LQD 120.89 –0.03 –0.6
iShiBoxx$HYCpBd HYG 87.97 0.07 0.8
Jan. 2 TE Connectivity TEL T. Lynch OD 76 94.63-95.42 7,218 99.60 4.8 iShJPMUSDEmgBd
iShMBSETF
EMB
MBB
116.72
106.46
0.06
–0.05
0.5
–0.1
Money Rates January 5, 2018
Dec. 28 PRA Health Sciences PRAH D. Dockhorn O 73 90.81-91.22 6,617 90.71 -0.4 iShMSCI ACWI ACWI 74.13 0.65 2.8
Dec. 29 Applied Materials AMAT A. Salehpour O 125 51.47 6,440 54.60 6.8 iShMSCIBrazil EWZ 42.84 0.87 5.9 Key annual interest rates paid to borrow or lend money in U.S. and
iShMSCI EAFE EFA 72.35 0.56 2.9
Jan. 2 Quest Diagnostics DGX J. Davis O 64 98.68 6,303 99.91 1.4 iShMSCI EAFE SC SCZ 66.13 0.44 2.5 international markets. Rates below are a guide to general levels but
Jan. 2 Automatic Data Processing ADP J. Siegmund O 49 115.73-116.03 5,682 118.30 0.9
iShMSCIEmgMarkets EEM 49.13 0.86 4.3 don’t always represent actual transactions.
iShMSCIEurozone EZU 45.00 0.99 3.7
n-

Jan. 4 ICU Medical ICUI S. Lamb CFO 24 220.00 5,197 220.00 1.9
iShMSCIJapan EWJ 62.04 0.27 3.5 Inflation Week —52-WEEK—
iShNasdaqBiotech IBB 109.83 –0.13 2.9 Latest ago High Low
iShNatlMuniBd MUB 110.48 –0.01 –0.2 Nov. index Chg From (%)
* Half the transactions were indirect **Two day transaction IWF level Oct. '17 Nov. '16
iShRussell1000Gwth 138.95 0.91 3.2 Britain 0.50 0.50 0.50 0.25
p - Pink Sheets iShRussell1000 IWB 152.15 0.61 2.4
Australia 1.50 1.50 1.50 1.50
iShRussell1000Val IWD 126.28 0.33 1.6 U.S. consumer price index
IWO
no

iShRussell2000Gwth 190.17 0.32 1.9


Buying and selling by sector iShRussell2000 IWM 154.79 0.21 1.5 All items 246.669 0.002 2.2 Secondary market
iShRussell2000Val IWN 127.17 0.16 1.1 Core 253.492 –0.06 1.7
Based on actual transaction dates in reports received this past week iShRussell3000 IWV 161.82 0.58 2.3 Fannie Mae
iShRussellMid-Cap IWR 212.21 0.41 2.0 International rates 30-year mortgage yields
iShRussellMCValue IWS 90.15 0.24 1.1
Sector Buying Selling Sector Buying Selling iShS&PMC400Growth IJK 221.19 0.66 2.5 30 days 3.506 3.506 3.865 3.253
IVW Week 52-Week
iShS&P500Growth 157.48 0.94 3.1
Latest ago High Low 60 days 3.542 3.538 3.899 3.281
Basic Industries 61,336 10,001,908 Finance 1,196,889 28,898,319 iShS&P500Value IVE 116.27 0.30 1.8
Notes on data:
iShUSPfdStk PFF 37.97 0.03 –0.3
Business services 0 19,190,970 Health care 324,259 68,713,938 U.S. prime rate is the base rate on corporate
iShShortTreaBd SHV 110.25 ... 0.0 Prime rates
Capital goods 0 0 Industrial 689,820 53,967,561 iShTIPSBondETF TIP 113.92 –0.02 –0.1 loans posted by at least 70% of the 10 largest
iSh1-3YTreasuryBd SHY 83.78 ... –0.1 U.S. 4.50 4.50 4.50 3.75 U.S. banks, and is effective December 14, 2017.
Consumer durables 0 5,899,350 Media 0 1,048,594 iSh7-10YTreasuryBd IEF 105.15 –0.12 –0.4 Canada 3.20 3.20 3.20 2.70 Other prime rates aren’t directly comparable;
Consumer nondurables 399,605 45,001,127 Technology 19,954 38,728,389 iSh20+YTreasuryBd TLT 125.71 –0.29 –0.9 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShRussellMCGrowth IWP 124.21 0.71 3.0 Complete Money Rates table appears Monday
Consumer services 14,079 36,386,443 Transportation 0 16,449,870 PIMCOEnhShMaturity MINT 101.56 ... ... Policy Rates through Friday.
PwrShQQQ 1 QQQ 161.92 1.00 4.0
Energy 25,586 5,325,068 Utilities 61,489 1,260,908 PwrShS&P500LoVol SPLV 47.85 0.36 0.2 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; SIX Financial
BKLN Information
PwrShSrLoanPtf 23.10 –0.04 0.3 Switzerland 0.50 0.50 0.50 0.50
Sources: Thomson Financial; WSJ Market Data Group SPDR BlmBarcHYBd JNK 37.03 0.11 0.8

Mutual Funds | WSJ.com/fundresearch 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
Contra 126.80 +1.24 3.5 LSBalncd 15.44 +0.05 1.6 IncomeFd NA ... NA Growth r 38.58 +0.20 3.6 ITIGradeAdml 9.72 ... -0.3 INSTTRF202523.24 +0.09 1.7 ExtndIstPl 212.74 +0.77 1.7
Explanatory Notes Data provided by ContraK 126.73 +1.24 3.5 LSGwth 16.44 +0.08 2.2 PIMCO Funds Instl Principal Investors LTGradeAdml 10.55 -0.02 -0.9 INSTTRF203023.55 +0.10 1.9 SmValAdml 57.81 +0.19 1.4
CpInc r 10.44 +0.03 1.4 John Hancock Instl IncomeFd NA ... NA DivIntlInst 14.43 +0.11 3.8 MidCpAdml 195.70 +1.04 2.2 INSTTRF203523.86 +0.12 2.1 TotBd2 10.68 -0.01 -0.3
Top 250 mutual-funds listings based on total net assets for Nasdaq-published share DivIntl 41.17 +0.29 2.9 DispValMCI 23.76 +0.11 1.9 PIMCO Funds P Prudential Cl Z & I MorgAdml 94.14 +0.89 3.8 INSTTRF204024.18 +0.14 2.4 TotIntl 18.83 +0.13 3.2
classes. NAV is net asset value. Percentage performance figures are total returns, JPMorgan Funds TotSt 68.34 +0.44 2.5
GroCo 185.38 +1.43 3.8 IncomeP NA ... NA TRBdZ 14.53 -0.02 -0.3 MuHYAdml 11.44 ... ...INSTTRF204524.38 +0.14 2.4
assuming reinvestment of all distributions and after subtracting annual expenses. VANGUARD INSTL FDS
GrowCoK 185.35 +1.43 3.8 MdCpVal L 40.84 +0.13 1.4 Price Funds Schwab Funds MuIntAdml 14.13 ... ...IntlVal 41.08 +0.23 3.0
Figures don’t reflect sales charges (“loads”) or redemption fees. NET CHG is change BalInst 35.20 +0.13 1.4
InvGB 7.90 -0.01 -0.2 JPMorgan R Class BlChip 100.28 +1.20 4.1 S&P Sel 42.27 +0.30 2.6 MuLTAdml 11.66 -0.01 ...LifeCon 20.16 +0.05 1.0
in NAV from previous trading day. YTD%RET is year-to-date return. f-Previous day’s DevMktsIndInst 14.87 +0.10 3.0
quotation. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. t- InvGrBd 11.22 -0.01 -0.2 CoreBond 11.56 -0.01 -0.3 CapApp 28.70 +0.13 1.5 TIAA/CREF Funds MuLtdAdml 10.89 ... ...LifeGro 34.40 +0.18 2.2
LowP r 55.66 +0.35 2.1 Lazard Instl EqInc 34.08 +0.15 2.2 EqIdxInst 20.14 +0.13 2.5 MuShtAdml 15.72 ... 0.1 LifeMod 27.57 +0.11 1.6 DevMktsInxInst 23.24 +0.16 3.0
Footnotes p and r apply. NA-Not available due to incomplete price, performance or
LowPriStkK r 55.61 +0.36 EmgMktEq 20.54 +0.15 2.6 EqIndex 2.6 IntlEqIdxInst 20.79 +0.14 3.1 PrmcpAdml r138.73 +1.04 ExtndInst 86.21 +0.32 1.7
cost data. NE-Not released by Lipper; data under review. NN-Fund not tracked. NS- 2.1 73.59 +0.51 3.8 PrmcpCor 27.82 +0.20 3.4
Fund didn’t exist at start of period. MagIn 108.04 +0.73 3.3 Loomis Sayles Fds Growth 65.02 +0.78 3.8 Tweedy Browne Fds REITAdml r 114.93 +0.12 -2.2 SelValu r 31.85 +0.02 1.9 GrwthInst 74.75 +0.65 3.3
OTC 113.86 +0.86 3.7 LSBondI 13.89 +0.02 0.9 HelSci 72.55 +0.51 3.1 GblValue 28.94 +0.15 1.6 SmCapAdml 71.91 +0.26 1.6 STAR 27.31 +0.11 1.9
InPrSeIn 10.42 ... -0.1
InstIdx 249.85 +1.74 2.6
Puritn 23.89 +0.11 2.0 Lord Abbett A InstlCapG 38.37 +0.47 4.0 VANGUARD ADMIRAL STBondAdml 10.36 ... -0.2 STIGrade 10.62 ... -0.1
Friday, January 5, 2018 InstPlus 249.87 +1.75 2.6
SrsEmrgMkt 22.30 +0.21 4.2 ShtDurIncmA p 4.25 ... ... IntlStk 19.24 +0.15 3.1 500Adml 253.30 +1.77 2.6 STIGradeAdml 10.62 ... -0.1 TgtRe2015 15.49 +0.04 1.0
Net YTD Net YTD Net YTD SrsGroCoRetail 17.27 +0.14 3.8 Lord Abbett F IntlValEq 15.55 +0.09 2.8 BalAdml 35.19 +0.12 1.4 TotBdAdml 10.72 -0.01 -0.3 TgtRe2020 31.82 +0.11 1.4
InstTStPlus 60.93 +0.39 2.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpInst 43.23 +0.23 2.2
SrsIntlGrw 16.61 +0.14 2.8 ShtDurIncm 4.24 ... -0.2 MCapGro 89.39 +0.54 2.7 CAITAdml 11.78 ... ... TotIntBdIdxAdm 21.69 ... ...TgtRe2025 18.80 +0.07 1.6
American Century Inv EqtyDivd 23.24 +0.12 2.1 EdgewoodGrInst 30.70 +0.24 3.9 SrsIntlVal MidCpIstPl 213.20 +1.12 2.2
11.03 +0.06 3.2 Metropolitan West MCapVal 31.03 +0.10 2.1 CapOpAdml r159.74 +0.93 4.0 TotIntlAdmIdx r 31.50 +0.21 3.2 TgtRe2030 34.27 +0.16 1.9
Ultra 44.97 +0.45 3.6 GlblAlloc 20.11 ... 1.5 Federated Instl SmCapInst 71.91 +0.26 1.6
TotalBond 10.63 ... -0.1 TotRetBd 10.63 -0.01 -0.3 N Horiz 53.78 +0.18 2.3 EMAdmr 39.75 +0.30 4.1 TotStAdml 68.36 +0.44 2.5 TgtRe2035 21.12 +0.10 2.1
American Funds Cl A StratIncOpptyIns 10.00 ... 0.4 StraValDivIS 6.16 +0.02 0.2 First Eagle Funds
STIGradeInst 10.62 ... -0.1
TotRetBdI 10.63 -0.01 -0.3 N Inc 9.47 ... -0.2 EqIncAdml 79.24 +0.39 1.7 TxMIn r 14.85 +0.10 3.1 TgtRe2040 36.61 +0.20 2.3 TotBdInst 10.72 -0.01 -0.3
AmcpA p 32.43 +0.20 3.0 Bridge Builder Trust Fidelity GlbA 60.36 +0.25 2.2 TRBdPlan 10.00 -0.01 -0.3 OverS SF r 11.68 +0.09 3.3 ExplrAdml 90.56 +0.46 2.4 ValAdml 42.23 +0.22 2.0 TgtRe2045 23.05 +0.13 2.4 TotBdInst2 10.68 -0.01 -0.3
AMutlA p 41.59 +0.23 1.9 CoreBond NA ... NA 500IdxInst 95.91 +0.67 2.6 FPA Funds MFS Funds Class I R2020 22.91 +0.10 1.6 ExtndAdml 86.21 +0.31 1.7 WdsrllAdml 68.97 +0.39 2.8 TgtRe2050 37.10 +0.22 2.5 TotBdInstPl 10.72 -0.01 -0.3
BalA p 27.54 +0.13 1.4 Dimensional Fds 500IdxInstPrem 95.90 +0.67 2.6 FPACres 35.42 +0.15 2.1 ValueI 41.55 +0.19 1.9 R2025 17.92 +0.09 1.9 GNMAAdml 10.44 -0.01 -0.2 WellsIAdml 65.54 +0.08 0.4 TgtRetInc 13.65 +0.02 0.7 TotIntBdIdxInst 32.55 ... ...
BondA p 12.86 -0.01 -0.2 5GlbFxdInc 10.86 ... -0.1 500IdxPrem 95.90 +0.67 2.6 FrankTemp/Frank Adv MFS Funds Instl R2030 26.46 +0.14 2.1 GrwthAdml 74.75 +0.66 3.3 WelltnAdml 73.53 +0.26 1.3 TotIntBdIxInv
10.85 ... ... TotIntlInstIdx r125.98 +0.87 3.2
CapIBA p 63.51 +0.24 1.1 EmgMktVa 32.44 +0.32 3.9 ExtMktIdxPrem r 63.11 +0.24 1.7 IncomeAdv 2.39 +0.01 1.7 IntlEq 26.18 +0.19 2.8 R2035 19.40 +0.11 2.3 HlthCareAdml r 89.19 +0.66 2.9 WndsrAdml 80.86 +0.37 2.4 WellsI 27.06 +0.04 0.4 TotItlInstPlId r126.00 +0.87 3.2
CapWGrA 52.48 +0.34 2.7 EmMktCorEq 24.04 +0.23 3.5 IntlIdxPrem r 44.42 +0.27 2.9 FrankTemp/Franklin A Mutual Series R2040 27.89 +0.17 2.4 HYCorAdml r 5.95 +0.01 0.6 VANGUARD FDS Welltn 42.58 +0.15 1.3 TotStInst 68.37 +0.44 2.5
EupacA p 57.87 +0.26 2.9 IntlCoreEq 15.00 +0.09 3.2 SAIUSLgCpIndxFd 14.66 +0.10 2.7 CA TF A p 7.46 -0.01 -0.1 GlbDiscA 32.66 +0.17 2.7 Value 38.07 +0.20 2.0 InfProAd 25.57 ... -0.1 DivdGro 27.09 +0.17 2.0 WndsrII 38.87 +0.21 2.7 ValueInst 42.23 +0.23 2.0
FdInvA p 63.90 +0.45 2.7 IntlVal 21.25 +0.13 3.7 TMktIdxF r 78.25 +0.50 2.5 IncomeA p 2.41 +0.01 1.7 Oakmark Funds Invest PRIMECAP Odyssey Fds IntlGrAdml 99.99 +0.93 4.6 HlthCare r 211.49 +1.57 2.9 VANGUARD INDEX FDS Western Asset
GwthA p 51.15 +0.39 3.2 IntSmCo 21.85 +0.10 2.7 TMktIdxPrem 78.25 +0.50 2.5 RisDv A p 62.78 +0.37 2.6 EqtyInc r 32.87 +0.17 2.1 AggGrowth r 45.97 +0.31 3.7 ITBondAdml 11.32 -0.01 -0.3 INSTTRF2020 22.84 +0.08 1.4 500 253.30 +1.77 2.6 CorePlusBdI 11.82 -0.01 -0.1
HI TrA p 10.45 +0.01 0.8 IntSmVa 23.62 +0.07 2.8 USBdIdxInstPrem 11.55 -0.01 -0.3 FrankTemp/Franklin C Oakmark 87.22 +0.72 3.4
ICAA p 41.32 +0.26 2.3 US CoreEq1 23.34 +0.15 2.5 Fidelity Advisor I Income C t 2.44 +0.01 1.6 OakmrkInt 29.20 +0.14 2.2
IncoA p 23.66 +0.08 1.2 US CoreEq2 22.08 +0.13 2.4 NwInsghtI 33.05 +0.26 3.2 FrankTemp/Temp A Old Westbury Fds
N PerA p
NEcoA p
44.54 +0.30 3.2 US Small 36.55 +0.12 1.7 Fidelity Freedom
46.23 +0.27 3.6 US SmCpVal 38.57 +0.05 1.7 FF2020
GlBond A p 12.11 +0.06
16.83 +0.06 1.6 Growth A p 28.01 +0.08
1.9
2.8
LrgCpStr
Oppenheimer Y
14.81 +0.08 2.4
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
NwWrldA 68.82 +0.35 2.8 US TgdVal 25.40 +0.07 2.0 FF2025 14.65 +0.05 1.7 FrankTemp/Temp Adv DevMktY 44.59 +0.35 3.8
AEGON 6.5% Perp Cap Secs AED 6.3 .40625 Q Jun15 /Jun01
SmCpA p 57.08 +0.31 2.3 USLgVa 40.10 +0.20 2.5 FF2030 18.44 +0.09 2.1 GlBondAdv p 12.06 +0.06 1.8 IntGrowY 44.81 +0.32 2.7 Dividend announcements from January 5.
Dynagas LNG Partners DLNG 13.8 .4225 Q Jan18 /Jan11
TxExA p 13.03 -0.01 ... Dodge & Cox Freedom2020 K 16.81 +0.06 1.6 Harbor Funds Parnassus Fds Amount Payable / Teekay Corp TK 2.2 .055 Q Feb14 /Feb02
WshA p 46.70 +0.33 2.3 Balanced 109.16 +0.33 2.0 Freedom2025 K 14.63 +0.06 1.7 CapApInst 72.44 +0.75 4.3 ParnEqFd 43.70 +0.33 2.4 Company Symbol Yld % New/Old Frq Record
PIMCO Fds Instl
Teekay LNG Ptnrs un TGP 2.7 .14 Q Feb09 /Feb02
Baird Funds Income 13.75 ... -0.1 Freedom2030 K 18.41 +0.09 2.1 IntlInst r 69.69 +0.63 3.2
Stocks Teekay Offshore Pfd. B TOOpB 8.5 .5313 Q Feb15 /Feb08
AggBdInst 10.84 -0.01 -0.3 Intl Stk 48.04 +0.25 3.7 Freedom2035 K 15.58 +0.08 2.4 Harding Loevner AllAsset NA ... NA
Teekay Offshore Ptrs TOO 1.5 .01 Q Feb09 /Feb02
CorBdInst 11.19 -0.02 -0.3 Stock 210.24 +1.03 3.3 Freedom2040 K 10.95 +0.06 2.4 IntlEq NA
NA ... TotRt 10.24 -0.01 -0.3 Staffing 360 Solutions STAF 1:5 /Jan04
BlackRock Funds A DoubleLine Funds Fidelity Invest Invesco Funds A PIMCO Funds A
GlblAlloc p 20.00 ... 1.5 TotRetBdI 10.61 ... -0.2 Balanc 24.19 +0.10 1.9 EqIncA 11.15 +0.03 1.7 IncomeFd NA ... NA Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
BlackRock Funds Inst Edgewood Growth Instituti BluCh 91.18 +0.84 3.9 John Hancock Class 1 PIMCO Funds D AEGON 6.5% Perp Cap Secs AED 6.3 .40625 Q Mar15 /Mar01 S2:1: stock split and ratio; SO: spin-off.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Wells Fargo Earns New Ire


From Bank’s Overseers
BY EMILY GLAZER on the bank’s overall approach bank and the OCC over how
to catching and preventing Wells Fargo assesses risks, ac-

RAMSAY DE GIVE FOR THE WALL STREET JOURNAL


Banking regulators in problems that can harm cus- cording to people familiar
mid-2017 downgraded one tomers. with the process. During that
part of a secret assessment of The Office of the Comptrol- time, Wells Fargo has had to
Wells Fargo & Co.’s health and ler of the Currency has been bring in an outside consultant
strength, according to people weighing a new enforcement to try to revamp its proce-
familiar with the decision. action against the bank related dures and has had to undo
The assessment—known as to such risk controls, accord- some structural changes made
a bank’s CAMELS score—ranks ing to people familiar with the in response to the revelation
a firm on a variety of mea- matter. A decision could be of the sales-practices scandal
sures including capital, man- made in coming weeks and is in September 2016.
agement and liquidity. The likely to result in an enforce- That scandal led to an en-
scores are confidential and ment action, these people forcement action with regula-
can affect the level of insur- said. If this happens, Wells tors and kicked off a public
ance payments a bank must Fargo may also be required to and political firestorm around A scandal around years of overcharging customers continues to weigh on Wells Fargo.
make as well as the level of pay tens of millions of dollars the bank. It also prompted
regulatory oversight of a firm. as part of any settlement, one Wells Fargo to examine its les area during a time several to a 3 from a 2, some of these eration when assigning a com-
The reduction in the man- of these people said. businesses and practices, years ago when questionable people said. The ratings are posite rating,” according to
agement component of Wells A Wells Fargo spokes- which led last year to the dis- employee behavior was ram- ranked on a scale from 1 to 5, OCC guidelines. CAMELS
Fargo’s CAMELS score, which woman declined to comment closure of additional problems pant, according to people fa- with 5 being the worst. stands for capital adequacy,
hasn’t been previously re- on the bank’s CAMELS rating related to auto-loan and mort- miliar with the matter. The downgrade to a 3 signi- asset quality, management,
ported, reflected concerns or any potential OCC actions. gage charges to customers. The now-former executive fies that oversight “needs im- earnings, liquidity, and sensi-
about Wells Fargo’s manage- The spokeswoman said the The bank is in the process of didn’t respond to requests for provement,” based on factors tivity to market risk, accord-
ment and its ability to manage bank is “very focused on pru- refunding more than $100 mil- comment. Another Wells Fargo including the sales-practices ing to the OCC.
risk, the people familiar with dent and effective risk man- lion to customers. spokeswoman confirmed he no scandal and problems in the One particular point of con-
the decision said. agement” and continues to en- The issues continue to longer works for the bank. auto-lending and mortgage tention for regulators was that
The downgrade occurred as hance those matters. She cited weigh on the bank in a variety For regulators, the number businesses, the people said. issues related to risk manage-
Wells Fargo continued to grap- the bank’s work to centralize of ways. In 2017, Wells Fargo and scope of problems within The 2 rating had indicated ment that resulted in formal
ple with issues related to how risk-management functions for was the worst performing of different areas of the bank and “satisfactory management.” warnings to the bank hadn’t
it treats customers, after the better oversight; create a con- the biggest U.S. banks; its the difficulty its management The adjustment also in- been resolved, the people fa-
revelation in September 2016 duct-management office to shares rose 10%, 6 percentage has had in addressing them cluded a downgrade of the miliar with the decision said.
of years of improper sales protect employees and cus- points below the performance suggest problems at the core bank’s credit-risk rating to The problem for the OCC,
practices. The methods re- tomers; and build centers of of the KBW Nasdaq Bank Index of the way Wells Fargo man- “insufficient” in late 2016 due people familiar with the mat-
sulted in potentially 3.5 mil- excellence in areas like testing and 9 percentage points below ages risk, people familiar with to a lack of policies, proce- ter said, relates to the way the
lion accounts opened without and validation. that of the S&P 500. the concerns said. dures and documentation, one bank’s corporate arm manages
customers’ knowledge. An OCC spokesman de- In addition, Wells Fargo In mid-2017, the OCC down- of the people said. and oversees potential risks in
Elsewhere in the bank, clined to comment on “super- continues to make changes to graded one element in Wells It isn’t publicly known individual businesses.
more than 550,000 auto-loan visory matters pertaining to its management. The bank re- Fargo’s CAMELS rating, ac- whether the bank’s composite Regulators believe that

.
and mortgage customers were any specific institution.” cently pushed out regional ex- cording to people familiar with CAMELS rating moved up or Wells Fargo failed to build a

ly
potentially overcharged for The possibility of a regula- ecutive John Sotoodeh. He had the rating. The M component down in the past year. functioning line of defense,
products for years as well. tory sanction follows months led Wells Fargo’s retail-bank- of this rating, which stands for The management-category people familiar with the mat-
Regulators’ concerns focus of back and forth between the ing business in the Los Ange- Management, was downgraded rating “is given special consid- ter said.
on
Payday Lender Sentenced to Long Term for Racketeering
us l,

BY REBECCA DAVIS O’BRIEN stances,” U.S. District Judge P. his role in the business, which argued for a sentence of no Tucker—twice the time they ers, including $1.3 billion in
al a
e
Kevin Castel said Friday be- prosecutors argued at trial longer than 15 years. sought for Mr. Muir—citing a improper interest rates, fig-
A federal judge in New York fore delivering the sentence, was a 17-year criminal scheme Thomas J. Bath, a lawyer “multiyear effort to evade law ures that Judge Castel called
sentenced Kansas City busi- taking aim at Mr. Tucker’s rep- built on illegal partnerships for Mr. Muir, said they in- enforcement” and a longstand- “staggering.”
ci on

nessman Scott Tucker to 16 resentation of himself as an and predatory loans. Millions tended to appeal the verdict. ing pattern of criminal activ- A strong sentence, prosecu-
years and eight months in honest businessman. “Don’t of Americans took out loans At the sentencing hearing, Mr. ity, including a federal fraud tors argued in the court fil-
prison, following his convic- give me the nonsense that you through the company, with in- Bath asked for a sentence of conviction and prison term ings, would deter other payday
tion last year on an array of were transparent, that you terest rates as high as 700%, no more than seven years for two decades ago. lenders from attempting to
racketeering charges stem- were acting in the daylight.” prosecutors said. his client. According to prosecutors’ evade state caps on interest
er rs

ming from his payday lending Timothy Muir, a former Lee Ginsberg, a lawyer for Prosecutors from the Man- presentencing filings, Mr. rates by creating sham part-
empire. lawyer for Mr. Tucker’s com- Mr. Tucker, said they would hattan U.S. attorney’s office Tucker’s company took in nerships with banks and In-
“What I see here is a pany who was convicted as a appeal the verdict and the had asked Judge Castel in pre- about $3.5 billion in short- dian tribes, allegations that
scheme to extract money from co-defendant in the case, was sentence. In presentencing fil- sentencing filings to impose a term loan payments from were central to the five-week
m e

people in desperate circum- sentenced to seven years for ings, Mr. Tucker’s lawyers had 20-year sentence on Mr. more than 4.5 million custom- trial.
m rp

Futures Contracts Contract Open Global Government Bonds: Mapping Yields


Open High hilo Low Settle Chg interest
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Metal & Petroleum Futures
Contract Open
March 129.20 129.55 127.90 128.45 –1.10 117,157 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
May 131.65 131.85 130.30 130.75 –1.15 48,552
Open High hi lo Low Settle Chg interest Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. 15.18 15.24 14.98 15.08 –.17 366,810
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
co Fo

March
Jan 3.2090 3.2110 t 3.2075 3.2070 –0.0355 1,276 May 15.09 15.15 14.91 15.02 –.14 159,144 1.875 U.S. 2 1.964 s l 1.952 1.831 1.166
March 3.2585 3.2760 t 3.2225 3.2295 –0.0335 176,654 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. 2.250 10 2.475 s l 2.453 2.353 2.349
Gold (CMX)-100 troy oz.; $ per troy oz. March 26.85 26.99 t 26.80 26.80 –.07 3,525
Jan ... ... 1316.50 1320.30 0.90 183 May 27.00 27.00 26.87 26.87 … 2,169
2.750 Australia 2 1.864 t l 1.947 1.845 1.830 -10.0 -0.5 66.4
Feb 1324.40 1324.70 1314.60 1322.30 0.70 370,433 Cotton (ICE-US)-50,000 lbs.; cents per lb. 2.750 10 2.618 t l 2.657 2.608 2.753 14.3 20.4 40.4
April 1328.70 1329.30 1319.60 1327.10 0.70 76,468 March 79.15 80.05 s 77.81 78.01 –1.24 173,532
June 1333.70 1334.10 1324.60 1331.90 0.80 44,411 May 79.24 79.95 s 78.04 78.25 –1.08 54,100 1.000 France 2 -0.470 t l -0.461 -0.588 -0.625 -243.4 -241.3 -179.1
Aug 1336.80 1337.10 1330.80 1336.60 0.70 13,735 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 0.750 10 0.799 s l 0.785 0.627 0.803 -167.5 -166.7 -154.6
Dec 1347.20 1347.90 1339.80 1346.50 0.90 26,103 Jan 139.00 140.00 s 139.00 138.85 –.65 145
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 138.05 139.10 136.65 138.00 –.85 8,128 0.000 Germany 2 -0.610 t l -0.609 -0.719 -0.733 -257.5 -256.1 -189.9
Jan ... ... ... 1084.85 –12.55 3
0.500 10 0.443 s l 0.435 0.320 0.233 -203.2 -201.8 -211.7
March 1093.25 1098.00 1080.50 1082.20 –12.55 36,633
June 1088.45 1088.45 1073.70 1074.40 –12.65 1,737
Interest Rate Futures 0.050 Italy 2 -0.199 t l -0.187 -0.325 -0.149 -213.9 -131.5
-216.3
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan 963.00 970.50 s 963.00 971.20 5.10 172
2.050 10 1.996 t l 2.010 1.710 1.939 -47.9 -44.3 -41.0
March 152-100 152-210 151-210 151-260 –16.0 767,158
April 968.80 975.50 s 963.70 975.20 5.00 77,768 June 151-050 151-170 150-240 150-240 –16.0 197 0.100 Japan 2 -0.135 t l -0.134 -0.135 -0.195 -209.9 -208.5 -136.1
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan ... ... ... 17.205 0.016 41
0.100 10 0.062 s l 0.056 0.045 0.063 -241.3 -239.7 -228.6
123-215 123-280 123-150 123-165 –5.0 3,295,285
n-

March
March 17.265 17.325 s 17.130 17.285 0.016 151,388 June 123-110 123-160 123-045 123-060 –5.5 6,403 2.750 Spain 2 -0.398 t l -0.391 -0.370 -0.273 -236.3 -234.2 -143.9
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Feb 61.90 62.04 61.09 61.44 –0.57 456,748 March 115-277 116-002 115-245 115-255 –2.2 3,089,228
1.450 10 1.507 t l 1.531 1.412 1.492 -96.8 -92.2 -85.7
March 61.80 61.96 61.07 61.41 –0.49 386,465 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 1.750 U.K. 2 0.503 s l 0.488 0.491 0.103 -146.1 -146.4 -106.3
April 61.64 61.80 60.97 61.30 –0.43 171,495 March 106-295 106-310 106-285 106-290 –.2 1,829,578
4.250 10 1.248 s 1.237 1.258 1.387 -121.6 -96.2
no

l -122.7
May 61.42 61.55 60.82 61.15 –0.37 130,355 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
June 61.19 61.28 60.58 60.93 –0.30 270,350 Jan 98.588 98.590 t 98.585 98.588 … 257,694 Source: Tullett Prebon
Dec 58.91 59.08 s 58.48 58.93 –0.02 254,481 98.585 98.590 s t 98.580 98.585 … 195,928
Corporate Debt
Feb
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Feb 2.0801 2.0802 t 2.0492 2.0587 –.0183 149,082 March 97.688 t 97.531
97.906 97.594 –.219 25,704
March 2.0614 2.0636 2.0343 2.0432 –.0164 98,262 1 Month Libor (CME)-$3,000,000; pts of 100%
in that same company’s share price.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 98.4675 98.4675 98.4675 98.4650 –.0025 4,610 Investment-grade spreads that tightened the most…
Feb 1.8095 1.8099 1.7806 1.7858 –.0209 129,225 Eurodollar (CME)-$1,000,000; pts of 100% Spread*, in basis points Stock Performance
March 1.8290 1.8291 1.8030 1.8077 –.0193 89,541 Jan 98.3050 98.3075 t 98.3000 98.3025 … 279,488 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 98.1850 98.2050 98.1800 98.1900 … 1,452,506
Feb 2.877 2.887 t 2.746 2.795 –.085 304,415 June 98.0100 98.0300 t 98.0000 98.0050 –.0050 1,286,741 Bunge Limited Finance BG 3.250 Aug. 15, ’26 100 –43 n.a. … …
March 2.809 2.817 t 2.693 2.745 –.068 293,077 Dec 97.7950 97.8150 t 97.7750 97.7800 –.0100 1,449,152 Woolworths WOWAU 4.550 April 12, ’21 82 –17 n.a. ... ...
April 2.696 2.696 t 2.602 2.650 –.046 161,192 Intesa Sanpaolo Spa ISPIM 5.710 Jan. 15, ’26 230 –12 n.a. ... ...
May 2.695 2.695 t 2.607 2.655 –.037 129,357 Currency Futures
July 2.761 2.767 t 2.688 2.735 –.030 51,285
Leggett & Platt LEG 3.500 Nov. 15, ’27 102 –12 n.a. 47.90 0.36
Oct 2.771 2.771 t 2.697 2.747 –.029 89,535 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 187 –12 n.a. 7.63 –0.78
Jan .8865 .8866 t .8830 .8841 –.0031 2,307 Burlington Northern Santa Fe BNSF 4.950 Sept. 15, ’41 86 –11 n.a. ... ...
Agriculture Futures March .8897 .8902 t .8854 .8869 –.0031 229,326
Canadian Dollar (CME)-CAD 100,000; $ per CAD Dollar General DG 4.150 Nov. 1, ’25 75 –10 n.a. 95.72 0.66
Corn (CBT)-5,000 bu.; cents per bu. Jan .8017 .8088 s .8000 .8061 .0057 1,115 Hess HES 7.125 March 15, ’33 252 –10 n.a. 52.16 3.10
March 350.75 352.25 t 350.25 351.25 .25 815,487 March .8015 .8101 s .7999 .8067 .0056 127,491
July 367.50 369.00 t 366.75 367.50 –.25 247,045 British Pound (CME)-£62,500; $ per £ …And spreads that widened the most
Oats (CBT)-5,000 bu.; cents per bu. Jan 1.3556 1.3580 1.3528 1.3569 .0011 3,009
March 245.50 250.00 s 245.50 248.50 2.75 4,814
Viacom VIA 5.875 Feb. 28, ’57 376 24 362 33.55 0.75
March 1.3582 1.3615 1.3555 1.3597 .0011 201,828
May 249.75 253.00 s 249.00 252.00 2.00 1,803 Swiss Franc (CME)-CHF 125,000; $ per CHF Bofaml BAC 4.125 Jan. 22, ’24 73 14 54 … …
Soybeans (CBT)-5,000 bu.; cents per bu. March 1.0308 1.0317 1.0269 1.0301 –.0009 73,279 General Motors GM 4.875 Oct. 2, ’23 121 14 102 44.01 –0.29
Jan 960.00 966.50 s 960.00 961.50 2.25 1,776 Australian Dollar (CME)-AUD 100,000; $ per AUD Oracle ORCL 2.500 May 15, ’22 37 12 n.a. 48.47 0.60
March 968.00 977.00 s 967.50 970.75 3.00 349,007 Jan .7859 .7869 s .7836 .7870 .0005 1,279
Soybean Meal (CBT)-100 tons; $ per ton. Credit Agricole S.A. ACAFP 4.000 Jan. 10, ’33 157 9 n.a. ... ...
Feb .7863 .7872 s .7837 .7868 .0003 570
Jan 315.90 318.90 s 315.80 317.90 2.10 1,370 March .7863 .7874 s .7834 .7868 .0004 119,752 Nike NKE 2.375 Nov. 1, ’26 59 9 n.a. 63.98 0.85
March 319.80 323.30 s 319.60 321.90 2.10 181,782 June .7862 .7867 s .7838 .7868 .0004 574 Philip Morris International PM 3.250 Nov. 10, ’24 72 7 n.a. 104.30 0.80
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Intel INTC 2.450 July 29, ’20 10 6 n.a. 44.74 0.70
Jan 33.73 33.74 33.66 33.65 –.09 1,039 March .05120 .05154 s .05092 .05148 .00022 194,678
March 33.86 34.10 s 33.70
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
33.76 –.11 215,202 June .05028 .05060 s .05016 .05068 .00021 160 High-yield issues with the biggest price increases…
Euro (CME)-€125,000; $ per € Bond Price as % of face value Stock Performance
Jan 1152.00 1152.00 1152.00 1156.50 9.00 13 Jan 1.2075 1.2089 1.2030 1.2054 –.0024 7,341
March 1169.00 1185.00 1168.00 1180.50 9.50 8,807 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
March 1.2122 1.2133 1.2071 1.2099 –.0023 546,845
Wheat (CBT)-5,000 bu.; cents per bu. Iheartcommunications IHRT 9.000 March 1, ’21 73.250 2.25 71.500 ... ...
March 433.00 433.75 t 427.50 430.75 –3.25 287,240
May 445.50 446.25 t 440.25 442.75 –3.75 87,937 Index Futures Mallinckrodt International Finance MNK 4.750 April 15, ’23 83.000 1.94 79.180 … …
Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index Endo Finance ENDP 5.375 Jan. 15, ’23 83.250 1.88 78.500 … …
March 439.25 439.75 433.75 437.50 –2.25 183,374 SUPERVALU SVU 7.750 Nov. 15, ’22 101.000 1.88 n.a. 20.89 –0.19
March 25067 25274 s 25059 25269 216 150,856
May 452.50 453.00 447.00 451.00 –2.00 61,184
June 25093 25282 s 25089 25282 212 198 PetSmart PETM 8.875 June 1, ’25 67.750 1.63 60.750 ... ...
Wheat (MPLS)-5,000 bu.; cents per bu.
March 627.00 628.00 624.00 626.75 –1.00 36,328 S&P 500 Index (CME)-$250 x index Continental Resources CLR 4.900 June 1, ’44 100.500 1.25 n.a. 55.24 0.24
633.00 633.50 s 629.50 632.25 –.50 13,543 March 2726.00 2742.90 s 2724.40 2742.60 18.80 53,037
May Teck Resources TCKBCN 5.400 Feb. 1, ’43 102.375 1.23 n.a. ... ...
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Murray Energy MURREN 11.250 April 15, ’21 56.188 1.19 n.a. ... ...
Jan 148.950 148.950 t 145.700 146.625 –2.400 8,096 March 2725.00 2743.25 s 2723.75 2742.50 18.75 3,107,934
March 145.225 145.225 t 141.150 141.975
Cattle-Live (CME)-40,000 lbs.; cents per lb.
–3.575 23,660 June 2728.00 2745.75 s 2726.75
Mini S&P Midcap 400 (CME)-$100 x index
2745.25 19.00 32,109
…And with the biggest price decreases
Feb 121.850 121.925 t 119.250 119.250 –3.000 113,010 March 1931.70 1938.90 s 1929.40 1937.90 7.90 90,842 Noble Holding International NE 6.050 March 1, ’41 69.250 –2.25 68.271 … …
April 123.450 123.500 t 120.825 120.850 –2.975 101,655 Mini Nasdaq 100 (CME)-$20 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. California Resources CRC 8.000 Dec. 15, ’22 85.750 –1.75 81.500 20.79 –1.42
March 6608.0 6671.0 s 6599.8 6667.8 64.3 267,029
Feb 71.500 71.650 70.900 71.425 .050 79,756 MEG Energy MEGCN 6.375 Jan. 30, ’23 89.250 –1.75 n.a. ... ...
June 6625.8 6689.8 s 6619.5 6686.8 64.5 918
April 76.150 76.250 s 75.575 76.075 –.025 76,004 Chesapeake Energy CHK 8.000 June 15, ’27 98.875 –1.63 97.000 3.99 –1.48
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (ICE-US)-$100 x index
Jan 456.90 462.90 s 455.00 461.30 4.50 697 March 1557.50 1562.60 1551.80 1561.90 4.90 22,842 Park Aerospace Holdings AVOL 5.250 Aug. 15, ’22 97.750 –1.50 99.500 ... ...
March 454.10 460.70 s 451.70 459.10 5.00 4,786 Mini Russell 1000 (ICE-US)-$100 x index Jurassic Holdings III NESCOL 6.875 Feb. 15, ’21 86.000 –1.50 n.a. ... ...
Milk (CME)-200,000 lbs., cents per lb. March 1514.60 1519.20 s 1513.00 1519.20 9.90 268 EP Energy EPENEG 8.000 Feb. 15, ’25 78.500 –1.44 73.000 ... ...
Jan 14.02 14.08 13.93 13.94 –.11 3,474 U.S. Dollar Index (ICE-US)-$1,000 x index Ensco ESV 5.200 March 15, ’25 88.938 –1.44 85.500 6.71 –1.61
Feb 13.52 13.58 t 13.41 13.44 –.18 3,540 March 91.55 91.83 91.51 91.67 .09 51,251
Cocoa (ICE-US)-10 metric tons; $ per ton. June 91.25 91.49 91.22 91.34 .09 1,086 *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.
March 1,887 1,904 1,866 1,895 –10 141,570 Note: Data are for the most active issue of bonds with maturities of two years or more
May 1,892 1,905 1,869 1,898 –10 52,929 Source: SIX Financial Information Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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December while still signaling third consecutive month and at “I don’t think this report, dis-

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March delivery, the global Yields rise as bond prices fall. Some investors and ana- billion of debt for the coming
no

benchmark, dropped 45 cents, The 10-year yield has lysts said the report didn’t week, adding new supply.
or 0.7%, to $67.62 a barrel on climbed recently as U.S. stock significantly change their pic-
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COMMODITIES ceived geo- ployers added 148,000 jobs in have set investor expectations
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risk to sup- economists surveyed by The port, making it seem initially CLASS ACTIONS
ply because of antigovernment
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Saturday/Sunday, January 6 - 7, 2018 * ***** THE WALL STREET JOURNAL.

MARKETS
Stocks Get Off to a Strong Start in 2018 Stoxx Europe 600
Dow industrials gain 3.5% increases are on tap for 2018.
Nasdaq 2% The jobs report was “not a
2.3% during the week; Stocks in the U.S. and around the big driver,” said Justin Wiggs,
S&P 500 posts four 3.0 world reached milestones and managing director in equity
multiyear highs this past week. 1 trading at Stifel Nicolaus, add-
records in a row S&P 500 ing that with leadership
2.5 changes pending at the Fed-
0
BY CORRIE DRIEBUSCH Jan. 2 eral Reserve, it could take sev-
AND DAVID HODARI Nasdaq closes above eral meetings to ascertain
7000 for the first time –1 where the central bank is go-
2.0
The Dow Jones Industrial Tues. Wed. Thur. Fri.
ing in terms of its rate-in-
Average notched its best start crease policy.
to a year since 2003 as further DJIA Some money managers are
1.5 Nikkei
signs of a solid economic more concerned about stock-
backdrop helped push stocks 5% market valuations. Mr. Court-
to new highs during the week. Jan. 4 ney said he is increasingly
1.0 Dow hits 25000 4
The strong start to 2018 worried about how pricey cer-
builds on last year’s remark- for the first time 3 tain companies have become
able gains, which were pow- relative to their earnings and
ered by investors’ optimism 0.5 2 is considering moving money
over the global economy and a 1 from U.S. markets to interna-
belief that central banks won’t tional stocks.
hurt markets and economic 0.0 0 Companies in the S&P 500
growth by withdrawing stimu- Tues. Wed. Thur. Fri. Thur. Fri. currently trade at an above-
lus too quickly. average price relative to their
The S&P 500 posted four past 12 months of earnings.
fresh records in four consecu- 10-year Treasury yield WSJ Dollar Index Hang Seng International stocks joined
tive trading sessions in the 2.50% 86.0 3% the U.S. in the early-year rally
past week, rising 2.6%, its big- over the past week. The Stoxx
gest weekly gain since Decem- 2.48 85.8 Europe 600 rose 0.9% Friday,
ber 2016 and its best start to 85.6
2 putting its weekly gain at 2.1%.
2.46
the year since 2006. The Dow, Japan’s Nikkei Stock Aver-
which catapulted above 25000 2.44 85.4 age closed up 4.2% for the
1
for the first time Thursday, week at another 26-year high.
ended the week up 2.3%, its 2.42 85.2 South Korea’s Kospi gained
best four-day start to the year 2.40 85.0 0 1.3% Friday after falling Thurs-
since 2003. day, putting its weekly ad-
Tues. Wed. Thur. Fri. Mon. Tues. Wed. Thur. Fri. Tues. Wed. Thur. Fri.
On Friday, the Dow indus- vance at 1.2%. China’s Shang-
trials rose 220.74 points, or hai Composite ended the week
0.9%, to a record close of Gold U.S crude-oil price Australia’s S&P/ASX 200 up 2.6%, its largest weekly rise

.
25295.87. The S&P 500 gained since July 2016. Meanwhile,
$1,325 a troy ounce $62.50 a barrel 1.0%

ly
19.16 points, or 0.7%, to Hong Kong’s Hang Seng Index
2743.15. The Nasdaq Compos- 1,320 62.00 rose 3% in the past week,
0.5
ite also ended the week at a reaching a fresh 10-year high.
1,315 61.50
record, adding 58.64 points, or on 0
The dollar rose against both
0.8%, on Friday to 7136.56 as 1,310 61.00 the euro and the yen on Fri-
technology stocks continued to –0.5
day. The WSJ Dollar Index,
rise sharply. Technology com- 1,305 60.50 which measures the U.S. cur-
panies in the S&P 500 ended rency against a basket of 16
us l,

1,300 60.00 –1.0


the week 4.2% higher, making others, was up less than 0.1%.
the sector one of the best-per- Tues. Wed. Thur. Fri. Tues. Wed. Thur. Fri. Tues. Wed. Thur. Fri. U.S.-traded crude oil for
al a
e
forming groups in the index. Sources: FactSet; WSJ Market Data Group (dollar index) THE WALL STREET JOURNAL. February delivery slipped 0.9%
“Over the last year or so, Friday to $61.44 a barrel after
we had low interest rates, low sees more than $2 billion in ployment rate held at a 17- Despite the weak December 10-year U.S. Treasury note closing at a three-year high on
ci on

inflation, accelerating global client assets. year low. Wage growth, which jobs number, analysts and climbed to 2.476% from Thursday. Recent gains in the
growth, stellar earnings, and Those factors aren’t show- many investors look to as a traders said they don’t expect 2.452% on Thursday. Yields price of oil have boosted shares
all that translated to a perfect ing many signs of changing in sign of inflation, remained rel- the disappointment to halt rise as bond prices fall. So far of oil-and-gas companies, lift-
environment for stocks,” said early 2018, analysts say. atively subdued, with hourly stocks’ run higher or signifi- this year, Treasury yields have ing the S&P 500’s energy sec-
Tim Courtney, chief invest- On Friday, data showed the wages improving modestly last cantly change expectations for risen slightly, and U.S. policy tor 3.9% in the past week.
er rs

ment officer of Exencial pace of U.S. hiring slowed in month and rising 2.5% from a interest-rate increases in 2018. makers have signaled that —Lucy Craymer
Wealth Advisors, which over- December even as the unem- year earlier. The yield on the benchmark three short-term interest-rate contributed to this article.

HEARD ON THE STREET


m e
m rp

Email: heard@wsj.com FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

The Wage Outlook Gets Brighter


co Fo

Smartphone Suppliers
Rising wages have been
one important missing ele- Solid, but Slower
ber.
There is good evidence
More cash for workers could
boost consumer spending
Get a Hang-Up Call
ment of the economic expan- U.S. payrolls, change from that January will be rela- and make a slight dent in in- Fewer people are willing a phone to produce better
sion. Now there is evidence a year earlier tively strong, too. The corpo- come inequality. to pay more for flashier images. It shipped 69% more
worker pay will start to pick rate tax cut is giving busi- Stronger wage growth is smartphones. That is bad handset lenses in the first 11
up. 3.5 million nesses more wherewithal to exactly what Federal Reserve news for many of Asia’s months of 2017 than it did
December was another 3.0 compete with each other for policy makers want. If it component makers. in the year-earlier period.
solid month for employment, 2.5 workers. In a recent report, comes, they will be embold- Smartphone shipments Taiwanese lens maker Lar-
2.0
with the Labor Department Strategas Research listed 79 ened to keep raising rates haven’t really been increas- gan Precision has likewise
1.5
reporting on Friday that the U.S. companies that publicly this year, perhaps by more ing globally since 2015 and seen its share price double
n-

1.0
economy added 148,000 jobs, announced they were giving than the three increases they could even decline this year in the past two years.
0.5
but it is also clear that hir- out bonuses, increasing have penciled in. for the first time, analysts at Shares in Hong Kong-listed
0
ing is slowing. wages or taking other em- For companies, it would Nomura reckon. Despite the AAC Technologies Hold-
The slower pace may be 2015 ’16 ’17 ployee-friendly steps since be more of a mixed bag. On stagnant market backdrop, ings, which makes smart-
no

more a reflection of supply Source: Labor Department the tax cut passed into law. the one hand, they would many component suppliers phone speakers, have tripled
than demand. With the un- And minimum-wage levels need to pay workers more; have done well over the past over the period.
employment rate at a low for over two years. But De- were just boosted in several on the other, they are get- two years, as have their But the bright weather
4.1% in December versus cember 2016 was a strong big states, including Califor- ting a windfall from tax cuts, share prices. may be coming to an end.
4.7% a year earlier, it is month, meaning last month nia and New York. and workers with more cash The reason? Smartphone The iPhone X hasn’t been
harder for companies to find needed to be strong to If the start of the year is may mean better sales. manufacturers have been selling as well as hoped. In
qualified workers. match that pace. On a strong, wage gains could For investors, a combina- packing ever more features China, domestic smartphone
The good news in the monthly basis, hourly earn- soon approach 3% compared tion of higher rates and ris- into devices and charging makers are also seeing weak
numbers was wages. Average ings gained 0.3% in Decem- with a year earlier. Higher ing labor costs could be higher prices for them. The demand, with consumers
hourly earnings were up ber from a month earlier, on wages would start to solve challenging, but it would most prominent example is balking at paying higher
2.5% in December versus a the high end of recent one of the riddles about the probably be better than the Apple’s iPhone X, which fea- prices for new phones.
year earlier, hewing to a monthly gains. Wages in- economy since unemploy- alternatives. tures an edge-to-edge screen Sunny has already seen ship-
trend that has been in place creased just 0.1% in Novem- ment reached low levels. —Justin Lahart and a three-dimensional ments of its handset lenses
camera system for facial rec- slow in recent months.
ognition and costs $999. The shares of Sunny, Lar-

Drug Industry Is Primed for Deals These feature upgrades


have been a big boost for
component suppliers. Take
Hong Kong-listed Sunny Op-
gan and AAC have pulled
back since November, but
still trade at elevated levels.
Sunny trades at 25 times
Nearly a decade ago, a with drugs that are close to tical Technology Group, this year’s expected earn-
wave of megamergers Bigger Fish generating revenue and have which makes camera lenses ings, and based on market
gripped the pharmaceutical Consensus analyst forecasts for 2018 sales strong enough sales poten- for smartphones. Its share forecasts its profit will rise
industry. In 2018, conditions tial to move the needle for price has jumped sixfold by nearly 50%.
are right for a sequel. Roche bigger outfits. over the past two years. It’s time for investors to
Back then, concerns about Balance sheets within this The company has bene- look at Sunny and its peers
growth and tougher regula- Pfizer group are generally strong fited from the trend to add through a new lens.
tions spurred deals like enough to absorb larger- an extra lens at the back of —Jacky Wong
Pfizer’s $68 billion acquisi- Novartis
scale transactions, while
tion of Wyeth and Merck & debt capital remains ex-
Co.’s $41 billion acquisition
of Schering-Plough.
Merck
tremely cheap. And company
executives finally have clar-
OVERHEARD
Today, growth concerns ity on U.S. tax policy. There
are rising, and several other AbbVie is no shortage of opportuni- When Kraft Foods agreed Easter. Cash prizes for finding
factors, including consolida- ties for partnering. More to buy Britain’s Cadbury seven them are worth up to £2,000,
tion in other parts of health Amgen than 20 branded drug com- years ago it wasn’t taken well about $2,700. Like golden tick-
care, are setting the stage panies have projected 2018 by the locals. Cadbury was no ets, you have to buy them
0 20 40 $60 billion
for another wave of deals. revenue above $10 billion, cottage operation with its $19 first, in theory.
Source: FactSet
Drugmakers have relied according to FactSet. billion valuation, but to some it Some supermarket employ-
on price increases for a big Now, consolidation among crease net, realized price in The main obstacles to was as if Slugworth was pur- ees are channeling Veruca Salt
portion of their recent insurers and pharmacy-bene- the U.S.,” analysts at Leerink deals are regulatory approval chasing Willy Wonka’s choco- and allegedly opening the eggs,
growth, but those are get- fit managers means drug- Partners said. and integration concerns, late factory. according to the Sun newspa-
ting harder to push through. makers are seeing a smaller Buying up smaller biotech which are particularly im- With sales slumping, per. Customers say they have
True, pharmaceutical compa- share of those increases than startups has also helped portant because the compa- though, Cadbury is taking a found tampered and partially
nies boosted list prices as in recent years, while money boost growth rates for big nies in question are so large. page out of Roald Dahl’s play- unwrapped eggs, an unappetiz-
usual when the calendar paid as rebates to pharmacy- pharmaceutical companies. For big pharma, a new set book by planting white choco- ing prospect for people who
turned to the new year, but benefit managers increases. But years of brisk acquisi- of challenges could lead to a late Creme Eggs among the were just seeking to satisfy
raising prices doesn’t pack “Biopharma companies now tions means that there is a familiar solution. usual variety between now and their sweet tooth.
the same punch. have a reduced ability to in- relative scarcity of targets —Charley Grant
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Life after 200 Can we grow


mph. New meat without
challenges animals? A book
for ace racer on the future of
Danica Patrick cultured cells
C11 C6

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, January 6 - 7, 2018 | C1

.
ly
on
us l,
al a
e
ci on
er rs

Hierarchy
m e
m rp

IN PRAISE OF
co Fo

Established, traditional order is under assault from freewheeling, networked

I
disrupters. But society craves centralized leadership, too, writes Niall Ferguson.
t is a truth universally acknowledged chies. Some Anglophile viewers of “The Crown” may May. “I was wrong about that.”
n-

that we now live in a networked thrill at the quaint stratification of Elizabeth II’s Far from being a utopia in which we all become
world, where everyone and every- England, but the nearest approximations to royalty equally empowered “netizens,” free to tweet truth to
thing are connected. The corollary is in America have lately been shorn of their gilt and power, cyberspace has mutated into a nightmare
that traditional hierarchical struc- glamour. Political dynasties of the recent past have realm of ideological polarization, extreme views and
no

tures—not only states, but also been effaced, if not humiliated, by the upstart Donald fake news. The year 2016 was the annus horribilis of
churches, parties, and corporations— Trump, while Hollywood’s elite of exploitative men the liberal internet, the year when the network plat-
are in various states of crisis and de- forms built in Silicon Valley were used not only by
cline. Disruption, disintermediation, Donald Trump’s election campaign but also by the
and decentralization are the orders of It turns out that proponents of “Brexit” in the United Kingdom to
the day. Hierarchy is at a discount, if not despised. we need towers as ends that appalled their creators. In 2017, research
Networks rule not only in the realm of business. (including some by Facebook itself) revealed the psy-
In politics, too, party establishments and their ma- well as town squares. chological harm inflicted by social media on young
chines have been displaced by crowdfunded cam- people, who become addicted to the network plat-
paigns and viral messaging. Money, once a monop- forms’ incessant, targeted stimuli.
oly of the state, is being challenged by Bitcoin and Most alarming was the morphing of cyberspace
other cryptocurrencies, which require no central is in disarray. The spirit of the age is revolutionary; into Cyberia, not to mention the Cyber-caliphate: a
banks to manage them, only consensus algorithms. the networked crowd yearns to “smack down” or dark and lawless realm where malevolent actors
But is all this wise? In all the excitement of the “shame” each and every authority figure. ranging from Russian trolls to pro-ISIS Twitter us-
age of hyper-connection, have we perhaps forgotten Nevertheless, recent events have called into ques- ers could work with impunity to subvert the insti-
why hierarchies came into existence in the first tion the notion that all will be for the best in the Please turn to the next page
place? Do we perhaps overestimate what can be most networked of all possible worlds. “I thought
achieved by ungoverned networks—and underesti- once everybody could speak freely and exchange in-
mate the perils of a world without any legitimate hi- formation and ideas, the world is automatically go- Mr. Ferguson’s new book, “The Square and the
Tower: Networks and Power, from the Freemasons
erarchical structure? ing to be a better place,” Evan Williams, a co- to Facebook,” will be published by Penguin Press
True, few dare shed tears for yesterday’s hierar- founder of Twitter, told the New York Times last on Jan. 16.

ILLUSTRATION BY PETER OUMANSKI

INSIDE

EVERYDAY MATH
A tasty look at the
math of exponentials,
via lots of macarons.
C2

ESSAY EXHIBIT BOOKS ESSAY


An ambitious reform plan A dazzling diversity of An epic, elegant biography How do we move from our
by India’s Modi just houseboats—like the captures the complexities of faltering selves to a virtuous
got a wake-up call. Exbury Egg (above). the Vietnam War era. ideal? Gradually. A few tips.
C3 C12 C5 C4
ISTOCK (STEAK)
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C2 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

The Chaos of Networks


Continued from the prior page state of nature, in which malign actors exploit opportunities to
tutional foundations of democracy. As Henry Kissinger has spread virus-like memes and mendacities. Worse, they may end up
rightly observed, the internet has re-created the human state of entrenching a new but unaccountable hierarchy. For here is a truth
nature depicted by 17th-century English philosopher Thomas that is too often glossed over by the proponents of networked gov-
Hobbes, where there rages a war “of every man against every ernance: Many networks are hierarchically structured.
man” and life (like so many political tweets) is “nasty, brutish, Nothing illustrates this better than the way the internet has
and short.” evolved from being an authentically distributed, decentralized net-
We should not be surprised. Neither history nor science pre- work into one dominated by a few giant technology companies:
dicted that everything would be awesome in a world of giant, on- Facebook, Amazon, Netflix and Alphabet’s Google—the so-called
line networks—quite the contrary. And now that it becomes clear FANGs. This new hierarchy is motivated primarily by the desire to
that a networked world may be sell—above all, to sell the data
an anarchic world, we begin to that their users provide. Domi-
EVERYDAY MATH: see—as previous generations nance of online advertising by
saw—the benefits of hierarchy. Alphabet and Facebook, cou-
EUGENIA CHENG The word hierarchy derives pled with immunity from civil
from ancient Greek (hierarchia, liability under legislation dat-
literally the “rule of a high ing back to the 1990s, have cre-
An Exponential priest”) and was first used to
describe the heavenly orders of
ate an extraordinary state of af-
fairs. The biggest content
Approach to angels and, more generally, to
characterize a stratified order
publishers in history are regu-
lated as if they are mere tech-
Too Many Sweets of spiritual or temporal gover-
nance. Up until the 16th cen-
nology startups; they are a new
hierarchy extracting rent from
tury, by contrast, the word the network.
EVERY YEAR, I bake dozens “network” signified nothing The effects are pernicious.
of macarons to share with more than a woven mesh made According to the Pew Research
friends over the holidays— of interlaced thread. Center, close to half of Ameri-
and to eat myself. After my For most of history, hierar- cans now get their news from
festive baking marathons, I al- chies dominated social net- Facebook, whose incentive is
ways seem to eat a fixed pro- works, a relationship exempli- to promote news that holds
portion each day of however many egg- fied by the looming Gothic the attention of users, regard-
white-and-ground-almond sweets I have left. tower that overshadows the less of whether it is true or
We could model the situation by saying Tuscan town of Siena’s central false, researched by profes-
that I eat one-fifth of the total remaining piazza. This is roughly how sional journalists or cooked up
stash, rounded to the nearest whole maca- most people think about hierar- by Russian trolls. Established
ron. I might start with 50 and eat 10 that chies: as vertically structured publishers—and parties—were

.
day, then eat eight of the remaining 40 the organizations characterized by too powerful for too long, but

ly
next day, and so on. By the time 10 are left, centralized and top-down com- is it really a better world if
I’ll finally be eating a sensible number of mand, control and communica- there are no authorities to
macarons a day. My dilemma is that making tion. Historically, they began separate real news from fake,
a big batch of macarons is more efficient, on with family-based clans and or decent political candidates
but when I have so many of them left over, tribes, out of which more com- from rogues? The old public
I eat too many of them too quickly. plicated and stratified institu- sphere had its defects, but the
The math involved here is the math of tions evolved: states, churches, new one has no effective gate-
us l,

exponentials. corporations, empires. keepers, so the advantage now


Exponentials arise when the rate at which The crucial incentive that fa- lies not with leaders but with
a quantity changes is proportional to the vored hierarchical order was misleaders.
al a
e
quantity itself at the time. In mathematical that it made the exercise of The alternative is that an-
terms, an exponential is a continuous func- power more efficient. Centraliz- other pentarchy of great pow-
ci on

tion that satisfies the stipulation that the ing control in the hands of the ers recognizes their common
rate of change of the quantity “y” at time “t” “big man” eliminated or at interest in resisting the threat
is proportional to the value of “y” at time least reduced time-consuming posed by Cyberia, where jihad-
“t.” If the quantity is increasing, we have ex- arguments about what to do, ism and criminality flourish
ponential growth. In a viral video, for exam- which might at any time esca- alongside cyberwarfare, to say
er rs

ple, if each person who sees it passes it on late into internecine conflict. nothing of nuclear prolifera-
to five new people each day, the daily rate at The obvious defect of hierar- tion. Conveniently, the archi-
which new people see it is five times the chy—in the mid-19th century tects of the post-1945 order
number of people who have already seen it words of Lord Acton, “power created the institutional basis
m e

the day before. In nine days, then, the num- corrupts, and absolute power for such a new pentarchy in
ber can rise from five to almost two million. corrupts absolutely”—was not the form of the permanent
m rp

So it’s under- by itself sufficient to turn hu- members of the United Nations
standable that in ev- manity away from the rule of Security Council, an institu-
Applying eryday language we “big men.” tion that retains the all-impor-
the 20% tend to use the word There have been only two tant ingredient of legitimacy,
“exponentially” to eras of enhanced connected- despite its gridlocked condi-
rule to a
co Fo

mean “very fast”— ness, when new technology tion throughout the Cold War.
big batch of but that isn’t what helped social networks gain the It is easy to be dismissive of
“exponentially” tech- upper hand. The second is our the UNSC. Nevertheless,
macarons. nically means in own age. The first began almost whether or not these five great
math. Often, the rate exactly half a millennium ago, powers can make common
of growth is just a in 1517, and lasted for the better cause once again, as their pre-
small percentage of part of three centuries. decessors did in the 19th cen-
the total amount. Money in a bank savings When the printing press tury, is a great geopolitical
account, for example, might get you 1.25% empowered Martin Luther’s question of our time. The hier-
interest a year. heresy, a network was born. archical Chinese leader Xi Jin-
As for my macarons, they aren’t multi- Luther’s dream was of a ping likes to talk about a “new
plying each day (alas) but decreasing— “priesthood of all believers.” model of great power rela-
what’s called exponential decay. The princi- The actual result of the Refor- tions,” and it may be that the
n-

ple is the same, but the rate of “growth” is mation he inspired was not North Korean missile crisis will
now a negative proportion of the amount harmony, but 130 years of po- bring forth this new model. But
present. To stay realistic, we can add a con- larization and conflict. But it the crucial point is that the
dition for the end, when the numbers be- proved impossible to kill Prot- North Korean threat cannot be
no

come too small. For example, to our princi- estant networks, even with removed by the action of net-
ple of eating one-fifth of the macaron stash mass executions. Hierarchy works. A Facebook group can
each day, we could add a condition saying had to be restored in the form no more solve it than a tweet
that once I’m down to five, I eat one a day of the princely states whose storm or a hashtag.
until they’re all gone. According to this power the Peace of Westphalia Our age may venerate online
model, a batch of 25 will disappear on day affirmed, but this restoration networks, to the extent of mak-
12, a batch of 50 on day 16. was fleeting. ing a company such as Face-
Radioactive decay also works exponen- Like the Reformation, the book one of the most valuable
tially. A short calculation shows that once 18th-century Enlightenment in the world. Yet there is a rea-
you’ve figured out the proportional rela- was a network-driven phenom- son why armies have command-
tionship between the quantity of a radioac- enon that challenged estab- ing officers. There is a reason
tive substance and its rate of change, its lished authority. The amazing why orchestras have conduc-
FROM TOP: STOCK MONTAGE/GETTY IMAGES; UIG/GETTY IMAGES; NETFLIX/EVERETT COLLECTION; NOAH BERGER/ASSOCIATED PRESS

half-life is constant. That is, no matter thing was how much further tors. There is a reason why, at
when during the decay of the material you the tendrils of the Enlighten- great universities, the lecturers
start counting, the time it takes until only ment extended: as far afield as are not howled down by social
half remains will always be the same. In the Voltaire’s global network of justice warriors. And there is a
case of my macarons, the half-life seems to correspondents, and into the DISRUPTION AND STRUCTURE have competed across reason why the last great ex-
be about 3.5 days. depths of Bavaria, where the centuries. From top: The printing press helped Martin periment in networked organi-
I could add another real-life condition to secret network known as the Luther challenge the established Catholic Church; the zation—the one that began
my macarons experiment: Is there a limit to Illuminati was founded in 1776. Congress of Vienna reset order in Europe after the with the Reformation—ended,
the number of macarons I can eat in one In Britain’s American colo- Napoleonic Wars; Netflix’s popular ‘The Crown’ attests to eventually, with a restoration of
day? There are also limits to our viral video nies, Freemasonry was a key fascination with the British monarchy; Mark Zuckerberg’s hierarchy.
example: the size of the audience. A better network that connected many Facebook benefits from leading a hierarchy and a network. There is hope for hierarchies
mathematical model in the video case, for of the Founding Fathers, includ- yet. “The Crown” is not mere
example, says that the rate of growth is ing George Washington and the fiction; the hierarchy of the
proportional to both the number of people crucial “node” in the New England revolutionary network, Paul Re- monarchy has continued to elevate the head of the British state
who have seen the video and the number of vere. At the same time, the American revolutionaries—Franklin, above party politics. In a similar way, the papacy remains an object
people who haven’t yet. A function that be- Jefferson, Lafayette—had all kinds of connections to France, land of authority and veneration, despite the tribulations of the Roman
haves like this is called the logistic function of the philosophes. The problem in France was that the ideas that Catholic Church. Revolutions repeatedly sweep the countries of the
and is built from exponentials. Early on, it went viral were not just “liberty, equality and fraternity,” but also Middle East, yet the monarchies of the region have been the most
behaves as if the number of past video the principle that terror was justifiable against enemies of the peo- stable regimes.
watchers is simply growing exponentially, ple. The result was a descent into bloody anarchy. Even in the U.S., ground zero for disruptive networks, there
but then it dramatically slows down. This is Those who lived through the wars of the 1790s and early still is respect for hierarchical institutions. True, just 32% of
why viral videos burst into our conscious- 1800s learned an important lesson that we would do well to re- Americans still have “a great deal” or “quite a lot” of confidence
ness and then seem to vanish. learn: Unless one wishes to reap one revolutionary whirlwind af- in the presidency and 12% feel that way about Congress, accord-
As for my macarons, I’ve found that the ter another, it is better to impose some kind of hierarchical order ing to a 2017 Gallup poll. But for the military the equivalent per-
best solution is my freezer. I now freeze on the world and to give it some legitimacy. At the Congress of centage is 72% (up from 50% in 1981), for the police it is 57%, for
them in boxes of 10. Using the 20% rule to Vienna, the five great powers who defeated Napoleon agreed to churches 41%, and for the Supreme Court 40%. By comparison,
start, I eat two for each of the first two days, establish such an order, and the “pentarchy” they formed pro- just 16% of Americans have confidence in news on the internet.
TOMASZ WALENTA

then one on the third day. Then I switch to vided a remarkable stability over the century that followed. We humans have been designed by evolution to network—man
my one-a-day rule for the last five. Each box Just over 200 years later, we confront a similar dilemma. Those is a social animal, of course—but history has taught us to revere
lasts me eight days, so I can make my 50 who favor a revolutionary world run by networks will end up not hierarchy as preferable to anarchy, and to prefer time-honored
macarons last 40 days instead of just 16. with the interconnected utopia of their dreams but with Hobbes’s hierarchs to upstart usurpers.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | C3

REVIEW

India’s Reforms
Risk a Failure
To Launch
DIVYAKANT SOLANKI/EPA-EFE/SHUTTERSTOCK

A RARE SEAPLANE ride to a Hindu temple capped Indian Prime Minister Narendra Modi’s charismatic campaign swing in his home state on Dec. 12, but a narrow election win rocked his party.

A surprise setback unsettles needs, have been buffeted and are making it idea, he said, was to hit tax evaders and black- several cities staged protests and strikes as the
known. Farmers, who still shoulder a large marketers, who presumably deal almost exclu- measures were rolled out. “If the government
Prime Minister Modi’s plans to

.
chunk of India’s economy, have become more sively in cash, while creating an incentive for In- doesn’t simplify GST, take my word the govern-
rapidly transform the economy

ly
restive as inflation has outrun the price sup- dia’s large informal economy to take up cashless ment won’t win the 2019 elections,” says Sanjay
ports and subsidies they receive; increasingly, e-commerce. But the surprise move was tremen- Jagnani, whose family owns a textile business
they are demanding more. dously disruptive for many regular Indians and and who has generally supported Mr. Modi’s
BY BILL SPINDLE
The wake-up call in Gujarat may temper Mr. businesses, while illicit operators found ways party. “The public will not understand. If they
AND KRISHNA POKHAREL
on
Modi’s zeal for more ambitious moves that are around it, later analyses showed.
central to his economic plans—particularly to Mr. Modi followed that with an overhaul of
don’t change, we will protest again.”
The struggles of India’s giant population of
PRIME MINISTER Narendra Modi of India boost investment in manufacturing and spin off the country’s tax system, introducing a nation- farmers has presented the BJP with defections
us l,

capped a week of barnstorming for last month’s some big companies, such as the national airline wide Goods and Services Tax that replaced a from longtime supporters. Rural incomes ha-
election in his home state by flying over cheer- —before the 2019 vote. For those ef- ven’t kept pace with price increases of
ing constituents in a seaplane—a rarity in his forts to get traction, more painful re- goods and services. Access to water is
al a
e
country, and the kind of feel-good campaign forms are likely needed, to make em- a growing problem. The BJP has tried
flourish that has helped make him one of the ployment laws more flexible and reduce to resist the timeworn measures of
ci on

most popular leaders in India’s history. the bureaucratic and legal barriers to boosting additional price supports, sub-
But on the ground in the state of Gujarat, acquiring land for factories. sidies and debt forgiveness. But Rahul
where Mr. Modi headed the government for “It’s going to be a tightrope walk for Gandhi, the newest head of the dynastic
ALTAF QADRI/ASSOCIATED PRESS

more than a decade, political reality is consid- the government, definitely not a cake- clan that has led the rival Congress
erably more complicated. A self-billed dramatic walk like earlier days,” says Arun Go- Party, surprised observers with Con-
er rs

reformer, the prime minister launched two big palan, vice president of research at the gress’s ability to muster new electoral
efforts that hit the economy hard last year, Mumbai-based financial firm System- support around these issues. “We voted
taking a toll on growth and raising protests. atix Shares & Stocks. for the BJP in earlier elections because
The dynamics suggest a pause in the pace of The Gujarat results were largely of we were deluded,” said 45-year-old
m e

reform, which matters hugely to foreign inves- Mr. Modi’s own making. A 2014 sweep farmer Nagenbhai Patel, as he attended
tors and the global economy. India is in the in national elections delivered Mr. Modi a Congress Party rally.
m rp

midst of surpassing both the U.K. and France to a government fully under his control, a CHILDREN JOINED farmer protests in New Delhi in July. A 24-year-old Gujarati activist,
rank as the world’s fifth-largest economy, and is first for his party. He promised his “Gu- Hardik Patel, became a focus of the
on track to outpace China to become the most jarat Model” writ large, rebranded as the “Modi patchwork of state and federal fees and assess- election by leading a protest movement among
populous country by 2025. How fast and thor- Model”—that is, attract foreign investment, cut ments. But the new system, intended to simplify the group known as Patidars, a farming caste
oughly its complex, hidebound and often-cor- through bureaucracy to increase the ease of do- things, was itself complex—and the rollout was that has grown into a wider political force as
co Fo

rupt economy can transform into a more effi- ing business, focus on economic growth as op- hampered by glitches. younger members migrate to cities because of
cient engine of job growth is critical not only to posed to redistribution and raise India’s profile Both measures, whatever their long-term a lack of rural jobs.
Mr. Modi but also to India’s place in the new in- abroad. In Gujarat, the combination had helped merits, dealt India’s economy a one-two punch Modi and the BJP have put their best spin on
ternational order. drive a state economy that routinely outper- in 2017. Growth dipped to a three-year low of the election, pointing out that a win is a win and
The ruling party pulled out a win in the De- formed the rest of the country. As long as it de- 5.7% by midyear. Though it rebounded some, it vowing to carry on with reform. But overhauling
cember vote in Gujarat—but just barely, and the livered that growth—double-digit during some is well below the roughly 10% growth many the country’s vast array of subsidies and hand-
close call underscored some nationwide issues years—the politics worked splendidly. economists believe the economy needs. India outs to farmers, a BJP priority aimed at getting
for Mr. Modi. Viewed as an invincible juggernaut But as Mr. Modi introduced some of the must create almost a million new jobs a month the government’s budget in order, may wait. In-
just months ago, his Bharatiya Janata Party was same reform-minded boldness at the national to keep up with the rapid growth of its work- stead, the BJP will likely have to address the de-
given a run for its money in a state it had domi- level—attempting to address entrenched chal- ing-age population. mands of farmers across the country for debt
nated for more than two decades. lenges such as corruption and tax evasion—he Even in longtime BJP strongholds, such as forgiveness and price supports.
While the affection many voters feel for the has bumped into opposition even where he is the textile markets in the Gujarati port city of “Now the BJP will be more cautious,” says
Indian leader remains strong, as his first term most beloved. Surat, some criticized the party for being slow Sanjay Kumar, director of the Centre for the
n-

nears its end next year they are increasingly Economic reforms kicked into high gear in to respond to complaints. Gujarat’s textile and Study of Developing Societies, which conducts
asking him to deliver—and making him sweat dramatic fashion late in 2016 when Mr. Modi diamond industries are dominated by small and electoral polling. “They will try to react to any
when he doesn’t. Small and medium-size busi- scrapped large currency notes worth almost medium-size companies that couldn’t adjust simmering unrest in the population as soon as
nesses, critical to generating the jobs India 90% of the country’s currency in circulation. The quickly to the double blow. Business districts in possible—sooner than they have been doing.”
no

EVERYONE NEEDS SOME PERSONAL SPACE


they looked almost like carved dec- parts of adjacent travelers, you would
BY MICHAEL GRAZIANO
orations. see an overall trend toward buffering
In more recent decades, psycholo- the front of the face and especially
WE ALL HAVE an invisible, protec- gists have conducted a vast number the eyes. As always, the eyes are the
tive bubble around us. Personal of studies around the human phe- epicenter of self-protection.
space, margin of safety, bad breath nomenon of personal space. The The most recent wave of research
zone—whatever you call it, we have most consistent finding out of this on personal space focuses on the
it constantly switched on like a literature is that personal space ex- brain mechanisms. Specific areas of
force field. It comes in layers, some tends with anxiety. If you score high the brain contain neurons that moni-
layers close to the skin like a body- on stress, or if the experimenter tor the space around the body and
suit, others farther away like a stresses you ahead of time—maybe track objects. These neurons are al-
quarantine tent. you take a test and are told that you most like radar, firing off signals
Elaborate networks in the brain failed it—your personal space grows when something looms close, their
monitor those protective bubbles with respect to other people. If activity rising to a frenzied peak if
and keep them clear of danger by you’re put at ease, or the object touches.
subtly, or sometimes drastically, ad- the experimenter flat- When those neurons be-
ISTOCK

justing our actions. You walk through ters your self-esteem Anxiety come highly active, they
a cluttered room weaving effortlessly BIRDS have been found to have their own buffer zones. ahead of time, your per- extends feed directly into our
around furniture. A pigeon swoops sonal space shrinks. In movement control, sub-
past your head in the street and you centric, a bubble of space that moves enough to measure it to the meter. at least some studies, the bubble. tly adjusting our move-
duck. You stand a little further from as they move, and it serves a spe- The flight zone is not the same as women have an espe- ment or, in extreme
your boss than your friend, and cific function. He called it an escape fear. It’s also not the same thing as cially large personal cases, causing flinching
much closer to your lover. Usually distance, or a flight zone. running or flying away. It’s neither space when approached or cringing.
hidden under the surface of con- When a wildebeest sees a poten- an emotion nor a behavior. It can by men—presumably fueled by our All this machinery impacts the
sciousness, occasionally rising into tially dangerous animal—a lion, or certainly come with these proper- culturally learned expectations. rest of our lives: our sense of self,
awareness, personal space affects ev- perhaps Hediger with a tape measure ties, but the flight zone is a specific When tested at finer precision, our ability to use tools, our culture
ery part of human experience. walking around the veld—it doesn’t spatial computation that can pro- personal space tends to stick out far- and our social and emotional behav-
In the 1950s, the director of the simply run. This isn’t a simple stimu- ceed in the animal’s head in absence ther in front than at the sides or be- ior—in other words, what it means
Zurich Zoo, Heini Hediger, saw the lus-response proposition. The animal of any obvious fear or escape. hind. When people are crowded to- to be human.
evolutionary roots of this behavior seems to make a geometric assess- Animals can have a buffer even gether in the subway and the balloon
in his careful studies of animals. ment. It remains calm until the threat with respect to other animals of the of personal space is compressed, you Dr. Graziano is a professor of neu-
Many animals have a territory based enters a protected zone, and then the same species. One of Hediger’s most can see its intrinsic shape particu- roscience and psychology at Prince-
on external landmarks. Hediger no- wildebeest moves away and rein- famous photographs was of a line of larly well. If you could sneak around ton University. His new book is
ticed that most animals construct a states the flight zone. That escape seagulls sitting on a log, spaced in with a tape measure and record the “The Spaces Between Us” (Oxford
second kind of territory that is ego- distance is apparently consistent such perfectly even increments that average distance between the body University Press).
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C4 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
Cleveland State University paired 112 partici-
pants with a stranger (actually an actor) in the
same room. After a while, the pair heard a crash
in the next room and cries of, “Oh, my foot.
Damn, I think it’s broken. Oh, Jesus, it hurts.
Ow-ow-ow…” What the participant did next was
rated on a scale of 1 (doing nothing) to 10 (go-
ing to the other room and offering help).
When the stranger/actor “remained in his
seat and essentially ignored the crash,” accord-
ing to the study, participants helped at a level
of 6.21. It was a different story if the stranger
“looked up from his work and said, ‘Jesus, what
was that?’ and walked into the control room
and asked, ‘What happened? Are you OK? Let
me help you!’ ” In that case, participants sprang
into action, helping at a level of 9.05.
In another study, psychologists at the Uni-
versity of Western Ontario and Oxford Univer-
sity looked at how role models can inspire peo-
ple to make blood donations. They paired each
unsuspecting partici-
pant with an actor,
Moral and had them com-
plete what was really
reminders a bogus study. Then
reduce the pair was sent
across the building to
cheating. get paid for partici-
pating. Along the
way, they were bound
to walk by a table
with “Give Blood”
posters. If the participant saw his or her com-
panion sign up for the blood drive, 18 out of 27
participants signed up, too. When the day came
to donate, nine of them even gave blood. But in
the control condition, in which the participant
walked alone by the blood drive table, not one
person ended up giving any blood.
Education in self-awareness. For several
decades, psychologists have found that in
emergencies, we are unlikely to help if the

.
people around us aren’t doing anything to

ly
help. This includes when someone is crying out
in pain from a serious electric shock or even
when a bully is beating up a child. Why? One
on important part of the story is that we are
afraid of embarrassing ourselves in front of
WESLEY BEDROSIAN

complete strangers.
The fear of being embarrassed (or shamed,
us l,

ostracized, ridiculed and so on) isn’t just a relic


from our middle-school years. It is a serious ob-
stacle to our helping other people, and we don’t
al a
e
always realize the powerful role it can play.

We Can Encourage
By learning from the psychological research,
ci on

we can respond differently the next time we


hesitate in an emergency. We can remind our-
selves that someone’s life is more important
than what a stranger thinks of us.
In a classic 1978 study published in the

Our Better Angels


er rs

Personality and Social Psychological Bulletin,


researchers at the University of Montana had
12 students attend a lecture on how groups
can inhibit helping. Then as the students
m e

were leaving the building, they would see a


(rigged) emergency in the form of a bike ac-
m rp

cident. What did they do? The vast majority


(67%) helped, even when others in the situa-
tion did not. That’s impressive. With a con-
Social science points to several ways we can be more virtuous people trol group of 15 students who had not gone to
the lecture, only 27% helped. The lecture
co Fo

overnight but slowly and gradually. one. They had the same opportunity to cheat, made a big difference.
BY CHRISTIAN B. MILLER
Moral reminders. Often we know the right but before they took the test, they had to sign To find out if the effect would last more
thing to do, but we get distracted or lose sight an honor code. Did that make a difference? than one day, the researchers tested another
GOING ALL THE WAY back to Plato, Confucius of what really matters. Moral reminders help These students ended up solving just 3.1 prob- group of students (60 in the lecture group, 20
and the Bible, writers have talked about the get us back on track. And the more often we are lems. Cheating disappeared, thanks to the moral in the no-lecture one). This time, the emer-
twin poles of human character—virtue and reminded, the more natural it will be to think of reminder about the importance of honesty. gency was finding someone slumped against
vice. We’re familiar with the extreme examples what is right and wrong the next time. Role models. Role models can help us see a wall two weeks after the lecture. The effect
of each, from Jesus and Gandhi on the one In one 2008 study by Nina Mazar, On Amir the world in a new way. They can be some of lasted, though to a smaller degree: 42% of
hand, to Nero and Hitler on the other. and Dan Ariely, researchers used three groups the people closest to us—my role models in- those who attended the lecture helped, com-
But the broad categories of virtue and vice of roughly 35 student participants each. One clude my parents and my college roommate. Or pared with 25% of students who had not been
don’t describe most of us very well. While group took a 20-problem test and had to submit they can be people we don’t know, such as the to the lecture.
there may be some outliers on either end, it to the person in charge when they were done. Polish sewer worker Leopold Socha, who saved So the next time you’re out for a walk and
most of us fall somewhere in the middle, in The test was graded, and each student was paid 10 Jews from the Nazis by protecting them un- hear what sounds like a bicycle crash—or even
n-

that great bulging center of the classic bell 50 cents for each correct answer. These stu- derground for more than a year. They can even if someone just drops some papers on the
curve. Given our mixed characters, we tend to dents solved an average of 3.4 problems. be examples from stories, like the good Samar- floor at work—remember not to be too timid
be neither good enough to count as virtuous A second group took the same test—but itan or the bishop who forgives Jean Valjean in or embarrassed to respond. Our world needs
nor bad enough to count as vicious. they got to grade it themselves, recycle their “Les Misérables.” more people willing to take the first step, so
no

Hence we are confronted with what I call the work sheets and report how many they got Role models reshape our imagination, serve that others may follow.
character gap. There is the virtuous person we “correct.” In other words, they knew they as great sources of wisdom and advice, and per-
should be. There is who we actually are. And could lie to earn more money, with no chance haps most important, inspire us to change our Dr. Miller is A.C. Reid Professor of Philoso-
there is a big difference between the two. of getting caught. This group reported getting lives and become better people. phy at Wake Forest University. His most re-
The good news is that our characters aren’t an average of 6.1 problems right. Clearly, there Research supports the importance of role cent book, “The Character Gap: How Good
carved in stone. Social science suggests several was some cheating going on. models. In a 1984 study in the Journal of Per- Are We?” has just been published by Oxford
ways we can all become better people, not The really interesting group was the third sonality and Social Psychology, psychologists at University Press.

WORD ON THE STREET: BEN ZIMMER


It’s Warmer Together! ‘Cuffing Season’ Heats Up
THE FRIGID WEATHER affecting marital level, “the old ball and a 2010 paper in the Journal of were terms she heard used collo-
much of the country is actually a chain.”) It comes out of African- Social and Personal Relation- quially among friends in Harlem,
boon for online dating. Match.com American slang in the New York ships (and “relationshop” where she had grown up, and on
reports that its peak season runs area, hitting it big in 2013 when showed up on Urban Diction- campus at City University of New
from Dec. 26 to Feb. 14, when the the rapper Fabolous released ary as early as 2005). York’s Brooklyn College, where she
dating site experiences a 42% the song “Cuffin Season.” As for “cuffing season,” the had recently graduated.
spike in member registrations. The following spring, the earliest known example (as “The notion of ‘cuffing season’
There’s even a name for the expression showed up in lists documented by Paul McFedries was like, who can you get to be
cold months when people seek out of slang terms compiled by the on his site Wordspy) comes your winter love interest or part-
companionship, though it’s not ex- students of Connie Eble, a pro- from Twitter, dating back to ner, to bear the cold weather of
actly the most romantic expres- fessor of English at the Univer- November 2008. Holley Mur- the season with you?” Ms. Murchi-
sion: “cuffing season.” sity of North Carolina, Chapel chison, who was hosting a son told me.
Collins Dictionary, which put Hill. The undergraduates de- show called “Cuz We Said So” “I think on a deeper level it
“cuffing season” on its shortlist fined “cuff” as “form a rela- on Brooklyn College Radio, speaks to how people really do
ISTOCK

for 2017 Word of the Year, defines tionship,” as in: “It’s cuffing tweeted, “Tonight’s topic: ‘Wif- want intimacy in their relation-
the phrase as “the period of au- season. Can we spend some ing’ some1 for the winter aka ships,” she continued. “It’s like, oh,
tumn and winter, when single peo- time together?” sociology at the University of Cali- ‘Cuffin Season,’ yay or nay?” people don’t want to be lonely, even
ple are considered likely to seek Since then, “cuffing season” has fornia Berkeley, told National Pub- I got in touch with Ms. Murchi- if it’s just for a three-month span in
settled relationships rather than entered the lingo of dating apps lic Radio earlier this week. son, who went on to found an Oak- the winter. You can put a name on
engage in casual affairs.” like Tinder. Twentysomethings While Tinder may have intro- land, Calif.-based communications it, and then go be free again.”
Why “cuffing”? The underlying have grown used to finding mates duced “swiping,” many other agency and speaker collective
image likens being in an exclusive on Tinder and similar apps by a terms characterizing the modern called Oratory Glory, which helps Answers
relationship to wearing handcuffs. simple swipe (left to reject, right dating world arose before the pop- young artists and entrepreneurs to the News Quiz on page C13:
(Think of similarly playful expres- to accept), an approach that en- ular app was launched in 2012. tell their stories. She recalls that
sions for establishing relationships, courages “relationshopping,” as “Relationshopping,” for instance, at the time of the radio program, 1.D, 2.A, 3.C, 4.B, 5.B, 6.C, 7.A,
like “getting hitched,” or on the Sklyer Wang, a Ph.D. candidate in was investigated by researchers in “cuffing” and “cuffing season” 8.C
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, January 6 - 7, 2018 | C5

The Vietnam That Never Was


As war began, a lonely voice argued that winning local support—not battles—was key to victory
The Road Not Taken
By Max Boot
Liveright, 715 pages, $35

BY ROBERT D. KAPLAN

EDWARD LANSDALE (1908-87) was


one of America’s most important mili-
tary thinkers and practitioners, and
yet he is barely known to the wider
world. In “The Road Not Taken,” Max
Boot aptly calls him “the American
T.E. Lawrence”: eccentric, rebellious
and charismatic, a man who had an
uncanny way of bonding with Third
World leaders and who believed that
the art of war was, as Mr. Boot puts
it, “to attract the support of the
uncommitted.”
He changed the course of history in
the Philippines by leading a fight
against Marxist guerrillas there in the
1950s and played a key role in the
early stages of the Vietnam War—
though with tragically less success.
Had Lansdale’s advice been taken, Mr.

.
Boot argues, South Vietnam might still

ly
have fallen to the communists, but far
fewer than 58,000 Americans would
have died there. “The Road Not Taken”
is an impressive work, an epic and ele- on
gant biography based on voluminous
archival sources. It belongs to a genre
of books that takes a seemingly
us l,

obscure hero and uses his story as a


vehicle to capture a whole era.

GETTY IMAGES
Lansdale grew up in Detroit, the
al a
e
son of a businessman who worked in
the auto industry. As the father’s
ci on

fortunes rose, Mr. Boot tells us, the HEARTS AND MINDS A U.S. soldier of the Seventh Marine Regiment and a Vietnamese family near Cape Batangan, Vietnam, in 1965.
family moved from a working-class
neighborhood to the suburbs. Lansdale for American officialdom at the time, is motivated to join your side. “Lans- the country, and the U.S. would step Collins wanted to cut the South Viet-
attended UCLA, where he earned a was to get to know the indigenous dale was one of the few Americans of into their imperial-like role. In 1954, namese army in half, partly because, in
degree in English and participated in people and to treat them as equals. He this period who had read Mao following the French defeat, Vietnam his view, it was costing U.S. taxpayers
er rs

ROTC, receiving a reserve commission believed that the answers to Washing- Zedong’s works,” Mr. Boot notes. was divided into two parts, with the too much money. Lansdale, by con-
in the Army. During World War II, he ton policy questions emanate upward Quoting Mao, Lansdale said that one northern part governed by a lethally trast, wanted it to take control of rural
joined the Office of Strategic Services, from the foreign terrain itself. As one must “keep the closest possible rela- areas being vacated by the anti-
though not as an overseas operative. Filipino remarked: “Ed had a way, he tions with the common people.” On a French, communist Vietminh and then
m e

Stateside, he gathered intelligence and could make a friend of everybody small scale, that meant being “courte- Lansdale, quoting Mao, to integrate local militias into the
recruited agents. “Not much in the except Satan.” ous and polite.” In a larger and more national army so as to provide a Viet-
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way of heroics,” he later said, “but it In the Philippines, where guerrillas lethal dimension, it meant avoiding said one must ‘keep the namese solution—and not a foreign
was truly fascinating work for me.” were attempting to overthrow the gov- indiscriminate violence. Lansdale closest possible relations one—to communist aggression.
About a year later he was accepted ernment, it did not take long for Lans- hated airborne strikes because they By 1955, Lansdale and his small
back into the Army and, near the war’s dale to realize that the “blunderbuss” killed civilians. He gave Filipino sol- with the common people.’ team were writing a counterinsur-
end, shipped out to the Philippines, approach of the Filipino security forces diers cheap cameras to photograph gency blueprint for South Vietnam.
co Fo

where he remained for a few years was making enemies of the very rural the enemy they had just killed: This The core of it was, as one might
after the war, returning there again in population that needed to be won simple plan made casualty figures aggressive regime that combined expect, an approach centered on
1950 as an adviser to the government over. He not only befriended Ramon more accurate and encouraged the nationalism and communism and was protecting the local population and
(and reporting to the CIA). Magsaysay, the Philippine defense troops not to shoot women and chil- soon fomenting guerrilla attacks in the winning its support, not winning large
Like Lawrence of Arabia and Kit minister, but literally moved in with dren. By the early 1950s he had come pro-Western south. “battles” and claiming conquered acre-
Carson among the Indians, Lansdale him. They spent days at a time to hate the mentality of body counts First, Lansdale alienated the U.S. age. The strategy could only succeed,
immediately grasped that wars can be together out in the mountainous jun- and other statistical reductions of war Ambassador, J. Lawton Collins, one of Lansdale believed, with credible civil-
about cultural expertise as much as gles until they both thought as one. that would later defeat the United the few generals who had seen action ian governance. And so he befriended
battle formations. “I have always felt,” It was in the Philippines, while States in Vietnam. in both the European and Pacific the leaders of various South Vietnam-
he said, “that if you are going to fighting the Marxist Huks, that Lans- On the heels of victory in the Philip- theaters during World War II and who, ese sects—political and tribal—as well
report on something, don’t take the dale coined the phrase “civic action,” pines, Lansdale headed for South Viet- partly because of that experience, as the prime minister, Ngo Dinh Diem,
word of other people, go out and eye- a reference to the need for giving the nam, where his worst enemies would inhabited a military mind-set that was, just as he had befriended Magsaysay
ball it.” His technique, natural to his rural population a stake in the out- be not the Vietnamese but American Mr. Boot says, “unsuited to the com- in the Philippines. He was accused of
n-

larger-than-life personality yet unusual come of an insurgency war so that it officials. The French would soon leave plexities and difficulties of Vietnam.” Please turn to page C6

A Portrait of Elaine de Kooning


no

ward? Are those folded arms a meta- cated to her work as her husband was life—born in 1918, she died just short Curtis, a former staff writer at the Los
A Generous Vision phorical walling off? Then there’s the to his. (Whether she was in any way as of her 71st birthday, in 1989—remem- Angeles Times, acknowledges the diffi-
By Cathy Curtis dramatic contrast of the dark and light potent, innovative or significant an art- bered as a generous spirit who seems culties she encountered in writing
Oxford, 292 pages, $34.95 planes behind each figure. Are the two ist is not the question.) Her portraits to have known everyone from Arshile Elaine de Kooning’s biography. We
as isolated as the composition implies? were acclaimed; she was commissioned Gorky and Jackson Pollock to Frank learn that little of her correspondence
BY KAREN WILKIN Cathy Curtis’s “A Generous Vision: has survived and that the many note-
The Creative Life of Elaine de Koon- books and journals she filled over de-
ing,” the first biography of the photo’s cades, along with the preparatory
THERE’S A FREQUENTLY reproduced, primly dressed woman, makes the am- notes for a memoir left incomplete
disconcerting photograph of Willem biguous subtext of Burckhardt’s por- when she died, mysteriously disap-
and Elaine de Kooning made in 1950 by trait impossible to ignore. The book peared from where they were suppos-
Rudy Burckhardt. Posed on opposite makes clear that far from being de- edly securely stored. There are numer-
sides of the frame, the couple turn to- fined as Willem de Kooning’s wife, ous extant interviews conducted
ward each other but look in different throughout Elaine’s life, beginning in
directions, separated by dark and light the 1960s, but she was a notoriously
zones that split the image vertically. Anxiety-driven Abstract unreliable subject who embellished and
Willem, in an open-necked work altered anecdotes, playing fast and
shirt—clearly studio clothes—faces an Expressionism dominated loose with dates and sequences; she
enormous canvas smudged with what the art world, but she took habitually subtracted two years from
seems to be a preliminary charcoal her age, for example. Ms. Curtis’s care-
to freewheeling figuration.
LENORE SEROKA/BRIDGEMAN IMAGES

drawing. He looks down, reaching for a ful research allows her to raise perti-
paint tube on his palette. Elaine stands nent questions about many stories and
in front of the pale canvas, arms correct others, but she also presents
folded, staring past her husband, hold- Elaine was a force to be reckoned with alternative versions of some of the
ing what might be a pencil. With a in her own right, neither a worshipful better-known incidents, gleaned from
fashionable short haircut, wearing a acolyte nor, as was common among the sources who were often vague about
narrow skirt and a prim sleeveless couple’s peers, the breadwinner who when things happened. These some-
blouse buttoned to the collar, she made it possible for the Great Man to times opposing quotations from a wide
seems dressed for the office—like a ca- pursue his art. Elaine always acknowl- variety of Elaine’s friends, colleagues
pable Gal Friday in a late-1940s movie. edged her husband’s importance as a INDEPENDENT Far from being defined as the wife of a celebrated artist, and relations, threaded through the
There are no clues that she too is a painter and spoke often of how much Elaine de Kooning (1918-89) was a force to be reckoned with in her own right. text, enliven the book.
painter. The photograph could be read she learned from him, describing him Since it was impossible to establish
as a double portrait of a bohemian as “more alert visually than anyone I to paint President John F. Kennedy in O’Hara and Wayne Thiebaud, who de- a firm, accurate chronology, “A Gener-
artist and his rather conventional, sub- ever met.” Most important, she said, the last year of his life. She was a val- lighted in connecting people and was ous Vision” has been organized “the-
servient companion, except for the he taught her “that painting was not ued teacher and an insightful, nimble remarkably helpful to young artists matically,” which means that each
woman’s impenetrable gaze. Instead of about presenting literary ideas, but writer about art and artists whose new to New York. chapter moves loosely through time.
the expected adoring focus on the cre- [about] the wordless part of the brain.” published criticism attests to her acute Characterizing her subject as “a Titled as specifically as “Life With Bill”
ative male, we are presented with an But she was a notably powerful, inde- eye, independent mind and sharp wit. quicksilver personality who lived in the and “Painting the President,” or as
enigma. Is she looking beyond the man pendent personality and a deeply en- And she was a formidable presence in moment and reveled in impulsive ad- elastically as “Illuminating Art” and
in front of her or is she turning in- gaged painter, as ambitious and dedi- the New York art world for most of her ventures and constant activity,” Ms. Please turn to page C7
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘I did not become a vegetarian for my health, I did it for the health of the chickens.’ —Isaac Bashevis Singer

Making Livestock Obsolete


Meadow, with backing from Hong
Clean Meat Kong’s Horizons Ventures, on the
By Paul Shapiro theory that people will more readily
Gallery, 241 pages, $26 wear cultured animal products than
eat them. An executive in the conven-
BY MATTHEW SCULLY tional leather industry asks a ques-
tion we can easily imagine applying to
every livestock commodity: “Why
RUN THROUGH anyone’s list of “dis- grow the whole cow when all I want
ruptive” innovations in the works is the skin?” Then there is the book’s
today and they begin to seem like most striking update: In a 2017 fund-
small-time stuff as we contemplate ing round for Memphis Meats, already
“Clean Meat: How Growing Meat supported by the British private-
Without Animals Will Revolutionize equity investor Jeremy Coller, new
Dinner and the World.” Driverless investors included not just Bill Gates,
cars, virtual reality, robots—these are Jack and Suzy Welch, and Richard
interesting possibilities. But slaugh- Branson but Cargill Inc., the world’s
ter-free flesh for humanity, meat largest supplier of ground beef.
without misery, dinner without death: One challenge that the startups
Now we’re talking “transformational.” will never face is costly raw material:
Who would not wish—all the more We’re told that the cells from one live
so if it meant giving up nothing—to cow, left to graze in peace, could be
make the abattoirs of the world fall “enough to make about 175 million
GETTY IMAGES

silent? Suppose, as Paul Shapiro asks Quarter Pounders.” Why should we be


us to imagine, that after 10,000 or so surprised if Cargill aims to get in
years of raising other creatures for early on such possibilities?
the killing, and some 60 years of rais- Conventional livestock companies
ing them in the pitiless conditions of are invested ultimately in protein pro-
factory farms, we produced meat and still want meat, and, Mr. Shapiro con- startup companies, and in five or so imagining blobs of “lab meat” duction and its profits, not in the in-
other animal products from cultured cedes, as nations begin to prosper years customers can decide for them- expanding in petri dishes, we should efficiencies and suffering entailed in
cells, with no further need of the ani- “the first thing they do is add more selves whether they are up for a bite. picture clean-meat factories with confining, hauling and killing animals.
mals themselves, or at least no need meat to their diet.” On that score, it was wise to drop rows of culturing vats—resembling If cellular agriculture can produce the
that required their suffering. With so many animals treated, as the term “in vitro” meat, which didn’t breweries where, he likes to point protein without the animals, and if
A bit of muscle tissue placed in historian Yuval Noah Harari writes in have anyone slavering for a sample out, we already rely on cell cultivation the demand is there, in what respect
some tank akin to a fermenter, a me- a foreword, “not as living creatures when, in 2013, the first cultured ham- without even thinking about it. would the businesses and reputations
dium supplying nutrients to keep the who can feel pain and distress but as burger hit the pan. That experimental The comparison leads him to of these companies not be far better

.
cells replicating, electrical currents to machines for producing meat, milk, patty—made by scientists at Holland’s wonder if one day we might even see off? Indeed, as Bruce Friedrich of the

ly
warm and stimulate them, and, poten- and eggs,” the moral costs long ago Maastricht University, with a donation the meat-making equivalent of your Good Food Institute put it to Mr. Sha-
tially, we’re looking at real meats, in- became untenable. Citing a trend in from Google’s Sergy Brin covering the local craft-beer house, cozy little “car- piro, citing the distribution channels,
distinguishable from the accustomed modern history—innovation to the $330,000 cost—was judged to be OK neries” to replace butcher counters, brand influence and scientific knowl-
fare of the fussiest gourmands. Tissue benefit of humanity and to merciful
on in taste but not quite there. We’re told although this, Mr. Shapiro concedes, edge of established companies: “Who
engineering for medical purposes effect for other creatures—Mr. that the meat is getting closer in is just a reverie until some technical better to create the best chicken nug-
today yields human skin, bone and Shapiro essentially asks: Why not use flavor and texture and that a burger obstacles are met. Industrial-size bio- gets without chickens than Perdue?
cartilage. If the technologies can also real machines to make animal prod- might soon be made for $11. It’s close reactors, able to produce at scale, do Who better to create real Spam with-
us l,

produce animal flesh, at scale and at ucts instead of using animals as enough to have moved the enterprise not yet exist. The method for now can out pigs than Hormel?”
a competitive price, why say no? though they were machines? To assume that the entrepreneurs
A brisk and engaging case, “Clean As kerosene replaced whale oil in and scientists described in “Clean
al a
e
Meat” advocates without overselling, lamps and factories, and the combus- Manufacturing meat without raising animals will Meat” cannot one day match precisely
anticipating our uneasiness with a tion engine replaced “horse power,” the beef, pork, chicken, duck and all
ci on

process that many will at first glance perhaps biotechnology can now spare soon shift from fantasy to reality. Early investors the rest that carnivores demand is a
reject as “unnatural.” An odd objec- those vast multitudes of factory farm include Bill Gates, Richard Branson and Cargill Inc.— bet against human ingenuity. Con-
tion, given that all but a slight animals. We could begin to appreciate sider how close plant-based alterna-
percentage of meats now come from pigs, cows, chickens and others as already the world’s largest supplier of ground beef. tives to meat, milk and eggs have
factory farms, and those places aren’t creatures instead of just commodities, come already. Not for nothing has
er rs

exactly a picture of nature’s wonders leaving behind practices that nobody Tyson Foods acquired a 5% stake in
in all their glory. will miss, with changes worth making from philanthropy to venture capital, make only ground meat; duplicating a the startup Beyond Meat, through a
No one is better acquainted with even if one cared only about the with even the Dutch scientists forming steak is a tougher proposition without venture fund focused, as Tyson
the wretched reality of factory farms economic benefits. a startup, Mosa Meat. channels to do the work of blood announced, on “breakthrough tech-
m e

than Mr. Shapiro, a longtime execu- Take the savings alone and the Mr. Harari notes the billions spent vessels in delivering nutrients and nologies,” including clean meat.
tive at the Humane Society of the investment thesis begins to write to scan the first human genome to oxygen to the deeper cells. And “Eat Meat, Not Animals”—a slogan
m rp

United States. But here he spares us itself: Growing clean meat would achieve what can be done now for immortalized cell lines, for each of the future, Mr. Shapiro hopes. It
the details, allowing the sins of live- reduce to the merest fraction the cur- hundreds of dollars. He and Mr. species, will have to be established will take a while, and he speculates
stock producers to stay in the back- rent inputs in time, fuel, land use and Shapiro plausibly argue that the eco- and perhaps shared. that the hardest sell for clean meat
ground of an affirmative, moral- water required for industrial farming. nomics can work even better in a As a cost-efficient source of nutri- will turn out to be the “foodies,” who,
action-made-easy approach that And it would eliminate entirely the technological pursuit of boundless ents to grow the cells, we learn, plant though ever in search of new adven-
co Fo

invites their careful attention as well pollution, pathogens, bacteria, growth commercial application and lesser proteins show promise. Leading the tures in cuisine, say that they would
as ours. Maybe the most subversive hormones and antibiotics that have complexity. What might meat produc- way is San Francisco-based Hampton miss the thought of actual farm
thought in the book is that cellular already made healthier and more tion look like, if they are correct? The Creek, the maker of plant-based prod- animals living upon the earth to make
meat could be the industry’s greatest humane alternatives to animal prod- current method takes a biopsy of ucts like Just Mayo. It has lately ven- their pork loins, lamb chops, foie gras
opportunity instead of its undoing. ucts a growth industry. muscle and fat tissue, selects the tured into the field with the aim of and other favorites. Having given
Modern “mass confinement” live- Such a transformation would fulfill most promising starter cells, and sub- becoming the “world’s largest meat little attention before to what
stock production is designed for the prophecy of, amazingly enough, jects them to conditions that mimic company by 2030” and to that end existence is like for those creatures,
hyper-efficiency, but only in the con- Winston Churchill in a 1931 essay the growth processes of a living crea- directs a third of its budget to suddenly they’ll feel a void. Perhaps
text of the massively inefficient enter- titled “Fifty Years Hence”: “We shall ture. As the cells proliferate, a liquid research and development. Cultured they are too accustomed to what has
prise of using 50 billion or 60 billion escape the absurdity of growing a medium feeds them vitamins, miner- meat can also grow with healthy sub- been called “the taste of a bitter life”
creatures per year, world-wide, to whole chicken in order to eat the als, amino acids and sugars. Scaffold- stitutes for the saturated fats that in every factory-farm product. What-
convert plant protein into nutrition- breast or wing, by growing these ing material, as in regenerative medi- leave arterial plaque. As long as we’re ever science can come up with to
ally inferior animal protein. Some 70% parts separately under a suitable cine, serves in place of the connective rethinking meat, reasons a cardiolo- please every palate, it will surely be
n-

of all agricultural land supports meat medium. . . . The new foods will from tissue, providing anchor points gist who co-founded the Bay Area’s an improvement on that.
production, mostly to grow feed, and the outset be practically indistin- around which the cells organize. All of Memphis Meats Inc., why not make it
the industry accounts for at least as guishable from the natural products, this in bio-reactors that stimulate the a preventer of heart disease instead Mr. Scully, a former presidential
much carbon emission as the global and any changes will be so gradual as cells to build muscle fiber. The bio- of a prime cause? speechwriter, is the author of
no

transportation sector. Pure reason to escape observation.” He was off a reactor, “a fancy word for a steel As a gateway product, meanwhile, “Dominion: The Power of Man,
might devise a different system, but bit in timing, but today, Mr. Shapiro drum,” will be the centerpiece of the cultured leather will soon be on offer the Suffering of Animals, and
it’s not reason at work: Most people reports, this process is well along at industry, Mr. Shapiro says. Instead of from the Brooklyn-based Modern the Call to Mercy.”

The Road Not Taken in Vietnam


Continued from page C5 brother, Ngo Dinh Nhu, a paranoid, countryside by reducing communist The most iconic moment of Mr. tently are standing in the way of
bribing the sect leaders, but as a Brit- Mussolini-esque figure, and about his infiltration through protected commu- Boot’s biography comes in 1961, when Vietcong targets or are they to be
ish officer once said about Lawrence, wife, the scheming Madame Nhu. Even nities. Indeed, Diem’s assassination led Lansdale, just back from Vietnam, protected and helped?” Westmore-
he “could certainly not have done what so, he advised President John F. Ken- to a situation in South Vietnam that briefs the new defense secretary, Rob- land would choose the former option.
he did without the gold, but no one nedy to keep Diem in power. went from bad to worse, with massive ert McNamara. Lansdale “unceremoni- For his part, Lansdale ended his
else could have done it with ten times ously dumped his cargo of dirty weap- involvement with Vietnam in 1968.
the amount.” ons caked with mud and blood, on the He brought out “In the Midst of
It was Lansdale’s genius to intuit in secretary’s immaculate desk.” He told Wars” in 1972—Mr. Boot calls it a
the 1950s that, despite the great set- McNamara that these very weapons “deliberately opaque” memoir—and
piece victories just a few years had been used “just a little bit ago died of a heart ailment 15 years later,
before—at El Alamein and Stalingrad, before I got them.” Lansdale then at the age of 79.
for example—the future would be less talked about how and why an enemy Mr. Boot’s full-bodied biography
one of conventional warfare than of with tattered pajamas and sandals was does not ignore Lansdale’s failures
guerrilla fighting. He advised the Ken- “licking” South Vietnamese soldiers and shortcomings—not least his diffi-
nedy administration that it needed a who had been generously supplied cult relations with his family—but it
new ambassador in South Vietnam with equipment by the United States. properly concentrates on his ideas
who could “influence Asians through “Always keep in mind,” Lansdale told and his attempts to apply them in
understanding them sympathetically” McNamara, that the struggle was not Southeast Asia. In Mr. Boot’s judg-
and who would be alert to the guer- about weapons and the material things ment, the American war there “would
rilla tactics being employed to topple of life but about “ideas and ideals,” have been more humane and less
South Vietnam. His advice was which the communists had in abun- costly” if McNamara, Westmoreland
ignored. Writing much later from dance. McNamara listened stone-faced, and other American officials had
hindsight, after tens of thousands of uncomprehending. After all, Lansdale’s taken his advice. “The Road Not
body bags had come home, Walt Ros- ideas could not be reduced to the logic Taken” gives a vivid portrait of a
MSFRIC

tow, Lyndon Johnson’s national secu- of mathematics by which the defense remarkable man and intelligently
rity adviser, would say that Lansdale’s secretary lived and breathed. challenges the lazy assumption that
counsel represented “a kind of last STRANGE BEDFELLOWS Front row, from left: Gen. John. W. O’Daniel, Amb. G. Lansdale was also alienated by failed wars are destined to fail or that
chance” to avoid the ensuing tragedy. Frederick Reinhardt and Ngo Dinh Diem. Lansdale tips his hat behind Reinhardt. President Johnson’s military com- failure, if it comes, cannot be saved
From the beginning, Diem had been mander, Gen. William Westmoreland, from the worst possible outcome.
a difficult ally for the U.S. In the 1950s, The administration ignored Lans- U.S. escalation, high body counts, and another hero of World War II, who
Lansdale argued that Diem, for all his dale’s advice and toppled Diem in No- a terror-stricken population. The war oversaw the build-up of conventional Mr. Kaplan is the author of “The
faults, represented the best available vember 1963, after which came infight- continued in such a way through 1968, U.S. forces in Vietnam. In the Return of Marco Polo’s World,” to
option for a non-communist govern- ing, more coups, and the collapse of when Gen. Creighton Abrams would mid-1960s, Lansdale wrote in a letter: be published in March. He is a
ment in Saigon. He was, however, the strategic-hamlet program, a strat- turn the strategy in a direction vaguely “Are paddy farmers in a combat zone senior fellow at the Center for a
increasingly concerned about Diem’s egy that had worked to pacify the akin to Lansdale’s intentions. to be shot just because they inadver- New American Security.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | C7

BOOKS
‘Freedom is my pleasure’ (‘La liberté, c’est mon plaisir’). —Robert de La Rochefoucauld

A Gentleman Among the Maquis


The Saboteur
By Paul Kix
Harper, 286 pages, $27.99

BY CAROLINE MOOREHEAD

THAT ROBERT de La Rochefoucauld,


descendant of the illustrious François
who gave France his “Maxims,” was
extremely brave, there is no doubt. As
a young member of the Resistance in
World War II, he carried out perilous
acts of sabotage, blowing up train
stations and munitions factories, and
killing Nazi officers with guns, knives
and (once) with his bare hands. He
also escaped several times from Ger-
man captivity, on one occasion jump-
ing from a moving truck en route to
his own execution. But it is for an odd,
ill-judged episode that took place when
he was in his late 70s that he is best
remembered in France, and this forms
both the prelude and the epilogue to
Paul Kix’s biography, “The Saboteur.”
La Rochefoucauld was not yet 17 in
June 1940, when the German army
broke through the Maginot Line and
Marshal Pétain signed the armistice
that split France in two. The south of
COURTESY OF THE LA ROCHEFOUCAULD FAMILY

the country fell, at least nominally,


under Vichy rule; the north and the
coast to the west were occupied by the
Germans. His family’s ducal estate out-

.
side Soissons was commandeered by a

ly
German unit, with whom his mother
and brothers and sisters cohabited in
icy silence. It took Robert two years to
make his way via the Pyrenees and on
Spain to London.
There—since he was bold, deter-
mined and very fit—he was soon re- SCRAPBOOK Clockwise from top left: A photo of Robert de La Rochefoucauld with his girlfriend and friends at a dinner after the war; Robert with his
us l,

cruited by SOE, the Special Operations fellow parachutists; his father, Olivier, during World War I; and his ‘comrades de guerre.’
Executive, which trained foreign na-
tionals before dropping them back into was set up by the French, with German Papon, the secretary general in the last described and documented, much Papon eventually died a free man, hav-
al a
e
their home countries as spies, radio help, but not as a joint enterprise, and prefecture of the Gironde between helped by the remarkable sleuthing of ing served just three years of a 10-year
operators, saboteurs and coordinators his claim that 75,000 Resistant fighters 1942 and 1944, not been finally Serge and Beate Klarsfeld, who devoted sentence. For his part, La Rochefou-
ci on

for supplies parachuted in by the Allies would “die at the hands of the Ger- brought to trial in 1997, after 14 years their lives to uncovering French war cauld was much reviled. The memoir
to bolster the local resistance. Having mans” seems somewhat high. The of bitter political wrangling. crimes against the Jews. Confronted by he wrote, “La Liberté, c’est mon plai-
learned about weapons, explosives and author’s account is most compelling as More than many other countries, a powerful array of historians, Papon sir” (2002), which says little about the
hand-to-hand fighting, and having been a portrait of France under German France has engaged in what historians argued that he had simply been obey- incident, was largely ignored.
subjected to punishingly tough physical occupation, when collaborationist have called “memory wars,” bitterly ing orders and that he was in fact “The Saboteur,” as Mr. Kix describes
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challenges during his escape from journalists such as Robert Brasillach— debating the events that took place in nothing but a victim of “the saddest it, is a work of “narrative nonfiction,”
France, La Rochefoucauld was given a who referred to the French Republic as their country during the years of occu- chapter in French legal history.” and it is written in a novelistic style,
cyanide pill to use as last resort and a “syphilitic strumpet”—and Pierre pation. De Gaulle’s determination to with much reported speech and many
dropped from a Halifax plane into Bur- Drieu La Rochelle openly championed put France back on its feet as rapidly references to smells, sights, thoughts
m e

gundy, dressed as a French laborer. the invaders and vilified the Jews of as possible, and to cast its inhabitants The young noble blew up and feelings not actually possible to
For the next two years he led a re- France. Mr. Kix rightly describes, at not as treacherous collaborators but corroborate. Given La Rochefoucauld’s
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sourceful and intrepid life, gathering some length, the often-neglected Alli- heroic resisters, effectively helped con- train stations, killed Nazis peculiar intervention in Papon’s trial, it
information on the German troops, ance network, the group La Roche- ceal—right up until the 1980s—the barehanded and escaped might have been interesting to hear
carrying out a number of specific mis- foucauld connected with after para- guilt of some of the worst offenders. more about the accommodations and
sions and training others to do the chuting into France near the Massif Maurice Papon was one of them. It an expected execution. ambiguities of the war years, most of
same. By age 21, he had survived three Central. The Alliance network fed cru- was under his watch in Bordeaux—he all the complicated loyalties that could
co Fo

arrests, a great deal of torture and cial information to the Allies and was was, among other things, responsible lead a lion of the resistance to defend
long periods on the run. He ended up headed by a remarkable young woman, for Jewish affairs—that 1,560 Jews It was here that La Rochefoucauld a convicted collaborator. This book
as a commando mopping up pockets of Marie-Madeleine Fourcade: By the end were handed over to the Germans and entered the story. Appearing for the does little to explain the decades of
German resistance in the Gironde estu- of the war, the network had seen deported to the death camps in the defense, he gave evidence that a mem- willful amnesia that settled over
ary, though liberation saw him conva- almost half of its agents either killed east. Not only did Papon zealously ber of the resistance had told him that swathes of French society. But it pro-
lescing from a shattered knee, after or deported to concentration camps. implement Vichy’s anti-Semitic de- Papon had given warnings about forth- vides a lively picture of a brave man,
being blown up by a mine. Military After the war was over, La Roche- crees, but he “dejudaised” the city— coming raids against the Jews. He for whom patriotism, nobility and duty
honors followed. foucauld married, had children and re- that is to say he stole from its Jewish called him a “brave” man. And when were immutable principles of life.
Mr. Kix has consulted numerous di- turned to his family estates. Modestly, citizens, including some 64 proper- Papon, found guilty of “crimes against
aries, interviewed survivors and spent he seldom mentioned his war. And ties. Only in late 1943 and 1944, humanity,” was awaiting an appeal, La Ms. Moorehead is the author, most
much time with La Rochefoucauld’s there his reputation might have stood, doubtless seeing the way the wind Rochefoucauld slipped him his own recently, of “A Bold and Dangerous
family and friends. For the most part that of a valiant fighter during what was blowing, did he begin to make passport, on which Papon was able to Family: The Remarkable Story of
his research is meticulous, though the writer Jean Guéhenno memorably gestures toward the resistance. flee to Switzerland. Though caught, an Italian Mother, Her Two Sons,
n-

small errors have crept in—the Milice called “les annèes noires,” had Maurice In the dock, Papon’s crimes were at extradited and finally sent to jail, and Their Fight Against Fascism.”
no

The Generous Vision of Elaine de Kooning


Continued from page C5 Brooklyn schooldays (museum going, garde centers as Black Mountain Col- members of the movement, as a partic- feature articles titled “X Paints a Pic-
“Loft Life, Speaking Out, and European portrait painting, and athletics), her lege and Provincetown, and provides ipant in the debates at The Club (an ture,” illuminating combinations of
Vistas,” they recount sometimes tenu- decision to attend art school after a capsule portraits of many of the artists, artists’ salon on Eighth Street) and the interviews and discussions of tech-
ously related events in overlapping, disappointing semester at Hunter writers, critics, dealers and curators Cedar Tavern, and was known for nique, accompanied by photographs of
occasionally repetitive sequences that College, and her precocious entry into who inhabited that world—many of keeping pace with the hard drinkers of the artist at work and in the studio. It
can be hard to follow, at best, and the burgeoning New York the era. Yet despite her in- could be argued that Elaine’s writing
downright confusing, at worst. Obtain- vanguard art scene. Typi- clusion in exhibitions such about art is stronger than her paint-
ing images for reproduction presented cally, the story of how as the recent “Women of ings. (Twenty-nine of her essays and
additional difficulties. Most of Elaine’s and when the 18- or 20- Abstract Expressionism,” reviews, together with selections from
work, we learn, is in private collections year-old Elaine Fried met the label is not accurate. her letters and journals, were collected,
and impossible to locate or unavailable. Willem de Kooning, As a mature painter, Elaine by the critic Rose Slivka, as “The Spirit
ARTHUR SWOGER/NATIONAL PORTRAIT GALLERY/SMITHSONIAN INSTITUTION

Nonetheless, Ms. Curtis describes which Ms. Curtis calls “a used uninhibited Ab Ex of Abstract Expressionism,” published
many works of art in detail, often quasi-mythical event,” gestures, working rapidly in 1994.) Describing a Nicolas Poussin
discussing color and other crucial varies. Elaine was in- and energetically, and loaned by the Louvre to an exhibition at
elements to make points about Elaine’s volved with the painter granting line and areas of Wildenstein Gallery, on 64th Street, this
attitudes or evolution. We are told that Milton Resnick at the color equal independence, downtown resident called it “a perfect
these paintings are “reproduced time—sometime between but her urgent touches picture . . . worth walking all the way
elsewhere, often online,” but that 1936 and 1938—but was, were always in the service for.” In a posthumous tribute to Gorky,
doesn’t make reading long passages of apparently, instantly of free reference. While who died in 1948, she praised him for
unverifiable description interesting. smitten by both Willem, never literally rendered, dismissing the concept that “originality
Fortunately, some two-dozen paintings who also had other com- the stance and features of in art is measured in terms of rejection
could be reproduced in color, so there’s mitments, and his work. her portrait subjects are of tradition” and pointed out the con-
some evidence of the trajectory of (Resnick is quoted as say- always recognizable, as nections between a late Gorky canvas
Elaine’s work. ing that Willem seduced are the athletes in her and the rhythms of Jacques-Louis
A strong, willful, competitive Elaine “by teaching her sports paintings and the David’s last painting. Close study of the
woman emerges from these pages, art.”) Elaine moved in animals in her bullfight Gorky, she says, helps us to see the
someone who both needed and often with him in 1939. They and cave-art pictures, co- David freshly.
deserved constant admiration for her married in 1943. Ms. Cur- alescing out of flurries of Elaine de Kooning comes vividly
intelligence, energy, wit and good tis details the many peo- unfettered strokes. alive in “A Generous Vision.” (Oddly
looks. Ms. Curtis is frank about her ple both de Koonings had TABLE TALK Frank O’Hara, Elaine de Kooning and Franz Perhaps the most com- enough, Willem de Kooning doesn’t.)
subject’s appetite for alcohol and male affairs with, throughout Kline at New York’s Cedar Tavern, ca. 1957. pelling section of “A Gen- Most refreshing is her resistance to
attention. Contradictions abound. their marriage, both be- erous Vision” is the chap- being pigeonholed. Just as she can’t be
Elaine was a demanding but generous fore and after they separated in 1957, whom Elaine painted. An anxiety- ter devoted to Elaine’s writing. Hired by labeled an Abstract Expressionist, her
friend, self-indulgent but ready to help but they never divorced. When Willem driven Abstract Expressionist approach Thomas B. Hess (later one of her many own statements (and enthusiasm for
others, extravagant but able to live in became incapacitated, through the dominated among the senior artists, lovers), the assistant editor of ART- tangible male admiration) make it
penury (albeit with overdrafts), an combined effects of alcoholism and but Elaine and some younger painters, news, then a distinguished publication, impossible to call her a feminist. As I
abominable cook who loved entertain- Alzheimer’s disease, Elaine moved to such as Grace Hartigan and Jane Frei- she began by writing short reviews—as said, contradictions abound. That’s
ing—and more. We learn about the in- Long Island to supervise his care. licher, as well as the older Fairfield did Fairfield Porter and other artist part of what made her interesting.
fluence of Elaine’s mentally unstable Ms. Curtis evokes the alcohol-fueled Porter, were experimenting with free- colleagues—basing her conclusions on
but culturally and intellectually ambi- New York art world in the 1940s, as wheeling figuration. Elaine was, of studio visits made in advance of the Ms. Wilkin is an independent curator
tious Irish Catholic mother, about her well as the atmosphere of such avant- course, closely associated with leading exhibitions. She soon began writing and critic.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘Everyone wishes to be saved, but few will use those means which religion prescribes.’ —Abelard, to Héloïse

FICTION CHRONICLE: SAM SACKS MYSTERIES: TOM NOLAN

Breaking
The Cloud of Unknowing
THE NOVELIST
Into
Dana Spiotta ob-
served, harshly but
perceptively, that
Big Trouble
“desire makes us RECKLESS YOUNG
ugly unless the other people—and their
person is lost to it too.” In Jamie hapless parents—
Quatro’s hot-blooded first novel, lead L.A. private de-
“Fire Sermon” (Grove, 208 pages, tective Elvis Cole
$24), Maggie Ellmann, a scholar of into another dan-
Christian mysticism, has started an gerous case in Robert Crais’s “The
extramarital flirtation with a poet Wanted” (Putnam, 322 pages,
named James Abbott, and if their $28). In Mr. Crais’s latest story fea-
coquetry is too bookish to be ugly, it turing Cole and his partner, Joe
definitely crosses into the ridiculous. Pike, Cole concerns himself with 17-
The two email sweet nothings about year-old Tyson Connor: an indiffer-
T.S. Eliot and C.S. Lewis. Maggie ent, introverted student who has
effuses over the “erotic language” of taken to wearing expensive clothes,
medieval women visionaries. “Do you hanging out at “celebutante” clubs
read much apophatic literature?” and carrying large rolls of cash.
James asks, in a come-on for the ages. Cole’s client is Tyson’s frantic
His missive ends, “p.s.: let’s not talk mother, a type he knows well: “I had
about our spouses?” met a hundred parents like [her],
While attending an academic con- and seen the same fearful confusion
ference their courtship culminates in in their eyes. Like people who didn’t
a passionate fling—“It was other- know how to swim, watching their
worldly, ecstatic in a religious sense.” children drown.”
But afterward Maggie guiltily breaks The mother fears her son is
off contact and pours her confessions selling drugs. But instead, Cole
GETTY IMAGES

into a journal, unsure whether to re- finds, Tyson has gotten in over his
nounce her attraction to James or head as one-third of a youthful
pursue him at the cost of her family burglary ring breaking into rich
and the peril of her soul. Or maybe, people’s homes. Unbeknownst to

.
she muses, the way to salvage her there will one day be two literatures, where one finds two groups of people: news. In the foreground is a curious the burglars, they’ve stolen some-

ly
soul is to dive headlong into the “one for Christian consumption and the homeless, and nannies supervis- story of a Christmastime reunion in thing that its wealthy owner is
flames of an affair: “Forbidden love as the other for the pagan world.” Ms. ing bundled-up children. Struggling to Cornwall involving two estranged sis-
tutelage. As if God wants us to feel it, Quatro commendably seeks to close fill the long hours between nap time ters, Sophia and Iris, Sophia’s nebbishy
requires it, in order to reach us.” the divide, but pagan rites still take
on and dinner, they too find themselves son, Art, and a mysterious woman Teenage burglars end up
Ms. Quatro’s attempt with “Fire up all the space. “confined to the world’s edge.” named Lux, whom Art has hired to im-
Sermon” is to meld a story of midlife In Leila Slimani’s “The Perfect Ms. Slimani is brilliantly insightful personate his ex-girlfriend. in danger after stealing
adultery with an enquiry into the fate Nanny” (Penguin, 228 pages, $16), a about the peculiar station nannies as- Threaded through the tale are an item the wealthy victim
us l,

of religious faith in the secular world. prizewinner and succès de scandale in sume within the households of work- darting flashbacks to Sophia’s and
Maggie, a semi-lapsed Catholic going France, Myriam Charfa, a harried ing families, at once intimate and sub- Iris’s youth, recounting their ideologi- is desperate to recover.
through the motions of a dutiful mar- mother-of-two in Paris’s wealthy servient. Louise wields incredible cal disputes. While Iris was protesting
al a
e
riage, has found in her feelings for tenth arrondissement, hires a power, molding her charges, directing nuclear proliferation, Sophia, a self-
James something nearing the inten- “Sphinx-like” woman named Louise to their affections and overseeing their made businesswoman, was making a desperate to retrieve—desperate
ci on

sity of divine communion, and as the care for her children. The effect on safety, yet her position hangs on the bundle selling Afghan coats. Back in enough to hire two unscrupulous
novel delves into her memories and the household is miraculous. Louise is the present, we discover that Art’s operatives (“one big, one bigger”)
feelings it tries to bridge two ideas: tidy and efficient. The children adore girlfriend has left him over his “de- who prove over and over that
First, that Christian belief is far more her. Myriam, who returns to work as Lending substance to an fault to selfishness” (he takes more they’re willing to kill to fulfill
rooted in sex and the body than many a lawyer, feels rejuvenated. “Louise interest in the natural world than in their assignment.
er rs

realize; and second, that even illicit has pushed back the walls. She has often-silly tale of adultery social justice). The unspoken sugges- The book alternates Cole’s first-
passions contain the seeds to spiritual made the cupboards deeper, the draw- is a serious enquiry into tion is that the turmoil and bitterness person account with third-person
transcendence. ers wider. She has let the sun in.” of today’s conflicts are anything but chapters charting the deadly
It’s a daringly unguarded experi- But as the children age, the bal- Christian faith. novel. Activists have always sparred thugs’ progress. When Tyson
m e

ment that matches some of its over- ance of dependency shifts and Louise, with the conscientiously apolitical for flees, Cole (and that evil duo) pur-
wrought silliness (apophatics, indeed) saddled with debts by her deceased the moral high ground. Periods of sue. In time, Cole calls in the re-
m rp

with generous samplings of poems husband, begins to face the truth of whims of her employers. When Myr- intense political fracture are as cycli- doubtable Joe Pike, whose partic-
and sermons, as well as Ms. Quatro’s her expendability. In a stripped-down iam and her husband bring Louise on cal as the seasons. ular expertise proves invaluable in
own fine turns of phrase. Does love translation by Sam Taylor, the novel their vacation to Greece—a busman’s Ms. Smith is about as close as you protecting clients—not to mention
“exist independently,” Maggie won- proceeds gradually but ineluctably to holiday for her—she is consumed by can come in fiction to a sure thing. his partner.
ders in her journal, “a potential fire the scene foreshadowed in the pro- “the burning and painful conviction Her writing is so reliably fresh and Cole, of course, has plenty of
co Fo

hovering in the middle space between logue, the murder of both children in that her happiness belongs to them. amusing that even her lesser books expertise too, and he dresses the
us, appearing only when we looked at their bathtub. That she is theirs and they are hers.” are crammed with delights. (Winter, part: “Faded stone-washed jeans,
one another?” The murders have understandably So knotted is their relationship that it she writes here, is “an exercise in blue mesh sneakers, and a blue-and-
Still, a frustrating imbalance per- commanded the novel’s publicity takes the slash of a knife to resolve it. remembering how to still yourself white rayon Hawaiian shirt. . . . De-
sists. As is usually the case in contem- efforts, but in truth Ms. Slimani Ali Smith continues her planned then how to come pliantly back to tective couture.” Under a dark sport
porary fiction, faith is honored more mostly leaves them off the page. Seasonal Quartet with “Winter” (Pan- life.”) So far, the installments in this coat he conceals (when needed) a
in the breach than the observance, Despite its packaging, “The Perfect theon, 322 pages, $25.95), following quartet have been lesser books. Ms. .38-caliber revolver. Hidden beneath
and while we get a vivid picture of Nanny” is less a thriller than a socio- last year’s celebrated novel “Autumn.” Smith’s boundless inventiveness the gun is his empathetic heart,
the love Maggie transfers from God to logical study, and it doesn’t shock so Although its characters are entirely works best within a stricter frame- which has Cole serving as father fig-
James, it’s hard to see what God did much as usefully destabilize current different, “Winter” joins its predeces- work—the sublime “How to Be Both” ure, romantic knight and avenger of
for her in the first place. Churchgoing, bourgeois customs of parenthood. sor in delivering an up-to-the-minute (2014) being a good example. the dead as much as private eye. Not
worship and even prayer are all but Brilliantly observed phenomena cap- snapshot of a Great Britain splintered “Winter,” for all its pleasures, feels that those extra attributes slow his
absent. Was she ever a real believer ture the times. One chapter, tinged by politics and alienated by technol- shapeless and haphazard. Though pace. “The Wanted” is a firecracker
n-

or did she just play one in academia? with existentialism, describes city ogy. In the background is the “usual maybe those are qualities that best of a book—a great way to jumpstart
Maggie quotes T.S. Eliot’s worry that parks during frigid winter afternoons, comforting hysteria” of the national represent the age today. the new year.
no

Facing Fate at Stalin’s Orders


by a true story and deals with the ing with urine and dysentery”) or in within the seams of history, in those Deception and betrayal are central
Red Sky at Noon murder of two teenagers on a Mos- Moscow’s halls of power (“the bu- places where we do not know exactly themes in the novel, which in the
By Simon Sebag Montefiore cow bridge shortly after the Soviet reaucrat who never saw the sun, a what happened but can surmise what second half turns into a love story.
Pegasus, 397 pages, $25.95 Union’s victory in World War II. condition known to Stalin’s familiars could have happened. Benya begins an affair with an Italian
As “Red Sky” opens in January as ‘the Kremlin tan’ ”). The reader can As Hitler’s forces converge on Sta- nurse who tends to him after he is
BY ELLIOT ACKERMAN 1940, Benya Golden—who also appreciate the historian Montefiore lingrad, the landscape is bleak, violent wounded, and Stalin’s daughter,
appeared in the trilogy’s two earlier rendering good service to the novelist and portentous. “The red earth was Svetlana, is seduced by a war corre-
books—finds himself imprisoned in Montefiore. Benya’s story takes place already baking and the sun was just spondent back from the frontlines.
‘POWER IS ALWAYS personal,” the Kolyma gulag. A victim of Stalin- Mr. Montefiore, who is heralded for
Simon Sebag Montefiore wrote in ist paranoia, Benya is being worked to his two biographies of Stalin, puts
“The Romanovs,” his 2016 history of death in a gold mine scratched into a that knowledge on full display in the
the Russian royal family. “In any frozen Siberian hillside when an imagined intrigue between the dicta-
court, [it] is as fluid as human person- opportunity for redemption and free- tor and his daughter. The results are
ality.” Mr. Montefiore is one of those dom presents itself in the form of some of the most memorable scenes
rare creators who cuts across forms— in the book.
whether it be history, fiction or docu- The vivid interplay between a war
mentary film—to get at the true na- Sent from Siberia to the story and a love story, and between
ture of those powerful personalities. the Kremlin and the frontline, grants
His latest work, “Red Sky at Noon,” is Eastern Front, a political the novel its momentum. Like so
a novel that imagines the interior lives prisoner marches west much historical fiction, “Red Sky at
of some of the historical figures who Noon” keeps readers turning pages
regularly populate his other works, as toward ‘a horizon on fire.’ not to learn the end but to better
well as the lesser common figures understand the individuals who
upon whose backs history is so often brought about this end. In this re-
GETTY IMAGES

written. The final volume in his so- Hitler’s invasion of Russia. The pan- spect, Mr. Montefiore acts as both a
called Moscow Trilogy, “Red Sky at icked Red Army retreat results in novelist and a historian. He inserts
Noon” is the worthy conclusion to Stalin’s Order 227, more widely fictional characters into true events
these three partially linked novels, all known as his “Not One Step Back!” FORWARD Red Army troops storm a Stalingrad apartment block in 1941. and imbues those characters (both
of which serve as vivid companions to policy, which calls for every man—in- real and imagined) with fully created
Mr. Montefiore’s histories. cluding those in the penal battal- within the ranks of the war’s lesser- rising when they mounted their interior lives. In so doing, he has
“Sashenka” (2008), the trilogy’s ions—to hold the line against further known horse-cavalry detachments horses and rode across the grasslands written a gripping adventure, a com-
first book, covered nearly a half cen- German advances. Benya joins a bat- and among the small handful of towards a horizon that was on fire.” pelling history and a work that adds
tury of history beginning with the talion of Cossacks and convicts that Italians dispatched alongside the The source of that fire is not just the humanity to stories we thought we
days before the Russian revolution. will fight the Nazis so that they might Germans on the Eastern Front, while sun, but the onslaught of Germany’s already knew.
That novel, which was about the redeem themselves by shedding blood Stalin’s counteroffensive as viewed military machine. When Benya’s band
eponymous protagonist’s secret life, for the Motherland. from inside the Kremlin features his- of Cossacks is decimated in an ill- Mr. Ackerman is the author of
was equal parts political thriller and Mr. Montefiore’s chapters flash torical characters including the dicta- fated cavalry charge, its remnants are “Dark at the Crossing,” a finalist
love story. “One Night in Winter” with detail, whether about life in the tor himself. These two dominant nar- assigned to a suicide mission that for the National Book Award. His
(2014), which followed, was inspired gulag (“the stinking bucket overflow- rative strains in the novel are set could alter the course of the war. next novel is “Waiting for Eden.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | C9

BOOKS
‘After all, we make ourselves according to the ideas we have of our possibilities.’ —V.S. Naipaul

Tourists in Their Own Country


A State of Freedom
By Neel Mukherjee
Norton, 278 pages, $25.95

BY TOBY LICHTIG

IN THE OPENING paragraph of Neel


Mukherjee’s powerful new novel, a
man checks out of a fancy Indian
hotel. Something is wrong, he cannot
concentrate. People are staring at
him. “The news had spread,” he real-
izes. “It was then that he broke
down and wept for his son.”
It’s a confident beginning—and an
invitation, in lesser hands, to mawk-
ishness. But the risk pays off. Over
the following 20 pages, as we run
through the previous day’s events—a
trip taken by the man and his 6-
year-old boy to the Taj Mahal and
Fatehpur Sikri—we are haunted by
this teasing half-knowledge. What
has happened?
In the end, revelation turns out
to be less effective than apprehen-
sion. Indeed, the one bum note in
this otherwise exemplary novel—
exquisitely written, cleverly struc-
tured, powerfully resonant to the
very final line—is when we find out.
GETTY IMAGES

It’s in the haunting that Mr.


Mukherjee has us rapt.
“A State of Freedom” is made up of

.
five discrete chapters—five short sto- GATEWAY Buland Darwaza, the entrance to the abandoned city of Fatehpur Sikri, the ancient capital of the Mughal Empire.

ly
ries, each in its own style, that sym-
metrically overlap, sending echoes when the man—originally from Lakshman, will get their own chap- deeply memorable in this vision of a nemesis, the family’s “maidservant”
one through the next. Characters Calcutta, now resident in the United ters. It emerges they are brothers, Beckettian vagrant shackled, quite Milly, who grows up in rural Bengal,
recur, now in the background, now States, and feeling dislocated, like “a
on brought from the boondocks to the literally, to his liberty. amid penury and violence. She be-
the foreground. Themes are estab- tourist in his own country”—has a city in search of employment. Flanking this chapter are two oth- comes a domestic slave at successive
lished, then return in slightly altered disorientating experience at Fatehpur The novel ends with Ramlal’s ers focused on the upstairs-down- postings before eventually gaining her
guise, depending on whose tale we Sikri. The ancient capital of the plunge (“because everything is air ev- stairs of a wealthy family. In the first, freedom, carried out in a cupboard by
us l,

are following. Ideas of migration (in- Mughal Empire, a city of tombs and erything pouring up around . . . ”), our narrator—another returnee, this the man she will marry. We learn re-
ternal and external), identity, friend- memorials to the dead honoring “an while Lakshman’s story is at its core, time a resident of Britain, who is vealingly little about this union. Now
ship, status and appetite mean very order of things . . . residing under the both structurally and emotionally. It living in a Mumbai slum, and made
al a
e
different things to different people. visible world and as vivid as the real is a stunning chapter, capable of be- happy by the “generosity and kind-
Styles and registers ebb and flow. one,” has a profoundly disorienting ing read as a stand-alone short story. An intricately woven ness” of her new employers, she can
ci on

The opener is written in realist vein, effect on him, much as the Marabar It begins with a bear cub, found in dream of a better life for her daugh-
though there is a feverish, dream- caves had on Mrs. Moore in “A Pas- a remote village. Here, the ne’er-do- novel-in-stories about ter. It is an emancipation of sorts.
like quality (“a man materialised be- sage to India.” The dimness inside the well Lakshman decides to train it. He privilege and poverty, This hugely affecting tale, which
hind him”). The final chapter is an Turkish Sultana’s house “play[s] is pathetically clueless but gets help could also work as a stand-alone, tes-
unpunctuated stream of neo- havoc with his perception. Shapes and from a qalandar (a Sufi mystic), who freedom and entrapment, sellates beautifully with its compan-
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modernism (“there are days when colours got unmoored and reco- specializes in such matters. The cub, in modern Indian life. ion pieces. The result is a profoundly
there is nothing only waiting only alesced into different configurations.” Raju, is defanged and pierced above intelligent and empathetic novel of
time and hunger”). In between there A sense of foreboding descends—one the nose (the descriptions are heart- privilege and poverty, advancement
is plenty of fine-grained social ob- that seems specifically tied to India: breaking); he is gradually taught to compiling a cookbook of “real” Indian and entrapment. Mr. Mukherjee con-
m e

servation, a mixture of tenses, of “His son was American, so he was not dance. Lakshman and Raju then hit recipes—is visiting his parents in stantly makes us grapple with our
first- and third-person narration. We growing up, as his father had, with the road. Mumbai. There are staffing problems understanding of free will and self-
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discern a deliberate patterning: The the gift of ghost stories.” A love-hate relationship develops. (“cooking-aunty” is temperamental), determination, the contingency of
odd chapters and the even ones Two incidents—visitations—will Raju is both a burden and a liveli- which bring out the family’s differ- worldview in a seething and populous
speak to one another. prove central. In one the man “nar- hood, a drain on his master’s re- ences. The son, now used to Western country that offers great opportunity
The tonal variety and architectural rowly avoid[s] witnessing” a “terri- sources and “the only freedom he has ways, feels uncomfortable about the and far greater desperation. “A State
arrangement aren’t just there for aes- ble accident” when a construction ever known.” They have good days naked hierarchies of class and caste. of Freedom” is always moving, some-
co Fo

thetic effect. “A State of Freedom” de- worker falls to his death: “He saw, and bad, often going hungry. Laksh- We are treated to sumptuous descrip- times horrifying, never gratuitous.
liberately forces us to make connec- for the briefest of flashes, a patch of man is proud, irascible, incompetent tions of food and a brilliant scene in That it has so far been ignored by all
tions, and to notice when there are dusty earth stained the colour of old and vicious; he has been bound by which our narrator visits a poor the major British literary prizes is
none, when any sense of unity is scab from the blood it had thirstily strict social codes and a tragic past. village and unwittingly puts everyone nothing short of a scandal.
nothing but a chimera. This, more drunk.” A little later, stuck in traffic, With his “freedom” comes a soften- to trouble (“I had failed to imagine
broadly, is how the novel haunts us. he is approached by a beggar with a ing, seen in sporadic moments of how other people live”). Mr. Lichtig is the politics and
The spirit of E.M. Forster (“only dancing bear. Both the worker, tenderness with the bear. Mr. In the follow-up—or flip-side—we fiction editor of the Times
connect”) is evoked in the opening named Ramlal, and the bear-wallah, Mukherjee has created something trace the fortunes of cooking-aunty’s Literary Supplement.

CHILDREN’S BOOKS: MEGHAN COX GURDON


n-

Of African Chiefs and Chinese Emperors


no

IN THE early 19th but in other respects the men and of a silly adult emperor strutting no years, or days, or hours. The sun formidable shouter, biter and pillager
century, as Ameri- women in this story are shown with about in the nude with his courtiers rose and fell without anyone knowing (of other people’s suppers). He’s also
cans moved west and admirable nuance, as the principal pretending that they see magnificent how much time had passed, as there a brilliant storyteller. “When Sven
Napoleon Bonaparte actors in their own lives and era clothes, the clever child-emperor in was no way of telling.” Resolving to told a story, all of the other Vikings
bestrode Europe, a rather than as moving parts in a this version knows very well that he’s address this problem, the Jade stopped to listen,” we read as, to the
young Zulu warrior modern-day morality play. A sequel is donning stained robes of old sacking. Emperor summons the animals of his admiration of his parents, the boy
was rising to prominence in southern planned for this first installment of It is a trap to catch his thieving advis- kingdom and announces a great race. conjures scenes of dragons, longboats
Africa. His name was Shaka, and such Shaka’s story, which itself marks the ers, who are plundering the royal The first 12 creatures to make it and heroes on horseback. Isabel
were his gifts as a military and politi- launch of a welcome historical coffers. “Honest people,” the minis- across the river will have a year Roxas uses mostly green in her illus-
cal tactician that he was able to build graphic-novel series set in Africa. ters are told, “will see [the clothing’s] named after them. In gorgeous naif trations, which adds to the book’s
a small Zulu chiefdom into a kingdom artwork, we see the black-bearded quirky charm: Hair and beards are
that he ruled until his murder in 1828. emperor throwing his arms wide in green, and so are the scenes in Sven’s
It endures today. Many of the details his colorful robes, his tiered red head- stories. But then comes a day when
of the great man’s life and exploits dress a visual echo of a nearby no one has time to listen to the
belong as much to legend as to the littlest Viking because an even
contentious historical record, a point smaller one has arrived: “A fair
important to keep in mind for young In a twist, a child ruler maiden? No, a warrior princess!” Can
readers of “Shaka Rising” (Story anyone tame the ferocious newcomer,
Press Africa, 90 pages, $24), an knows very well that his glaring from her crib? As it happens,
exciting graphic-novel account of the shameless courtiers will yes, there is someone, and not such a
warrior’s early life illustrated by Luke little Viking anymore either.
W. Molver and written by Mr. Molver agree to anything he says. A goggle-eyed gladiator returns to
and Mason O’Connor. the arena for a second adventure in
In this telling, the South American “Julius Zebra: Battle With the Brit-
slave trade forms the bloody back- pagoda. Rat arrives first, having failed ons!” (Candlewick, CCLXXIII pages,
drop to Shaka’s youth. The trade’s to wake his best friend, Cat, and $15.99), a cartoon-dappled chapter
ABRAMS

regional supplier, the Ndwandwe having forded the river on the back of book by Gary Northfield. This sequel
kingdom, is pressing ever southward Ox. Ox wins second place, and so it to 2016’s “Julius Zebra: Rumble With
and inland from its center (in what is goes, animal after animal, until Cat the Romans!” brims with goofy humor
now Mozambique). In procuring fresh As a book-starved 8-year-old dur- true splendor, while the dishonest will arrives, too late to make the zodiac and preposterous plot turns. Its pages
victims, its hunters are destabilizing ing China’s Cultural Revolution, Ying see only burlap sacks.” Well, of and spitting mad. And that is why, numbered according to the Roman
the region’s clans and alliances. Chang Compestine was thrilled to get course, the ministers—splendid in children, through “all the many years system, the story follows Julius Zebra
Mr. Molver’s pictures will leave her hands briefly on a copy of one of their Ming headwear—fall for the leading up to this day . . . rats have and his fellow animal-combatants—
readers ages 10 and older in no doubt Hans Christian Andersen’s most scheme. Mr. Roberts makes wonderful always fled from cats!” Cornelius the warthog, Felix the ante-
as to the nature of Shaka’s friends famous tales. The story stayed with use of red lacquered screens to frame The old story of a newborn lope, et al.—from the Colosseum in
and foes amid this tumult. The hero’s her, adapting itself to things she saw and set off the action in this elegant usurper disrupting an older sibling’s Rome, where they fail to win their
half-brothers, Dingane and Sigujana, and thought in China, and arrives and satisfying story. enjoyment of power unfurls with freedom from the fickle Emperor
wear sneers of cold command that now sumptuously fitted with David An ancient folk tale that explains great good humor in Alexandra Pen- Hadrian, to the rebellious, woad-
bespeak their ambition and treachery. Roberts’s striking illustrations (see the origins of the Chinese zodiac fold’s picture book “The Littlest daubed imperial outpost of Britannia.
Shaka’s tribal protectors and allies, above) as a picture book: “The Chi- plays out in rich colors in the picture- Viking” (Knopf, 34 pages, $17.99). As Julius and his companions join in
meanwhile, have clear brows and wise nese Emperor’s New Clothes” book pages of Christopher Corr’s Ideal for toddlers and young children fresh bouts of (bloodless) combat,
expressions. These visual cues will (Abrams, 32 pages, $17.99). In this “The Great Race” (Frances Lincoln, who are soon to confront the reality readers ages 7-11 will pick up bits of
help children unfamiliar with the set- picture book for 6- to 10-year-olds, 32 pages, $17.99). “Long ago, in very of a new baby brother or sister, this classical language and history in this
ting to keep track of the characters, the old story has a new twist: Instead ancient China,” it begins, “there were entertaining tale follows little Sven, a zany entertainment.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C10 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘The many great gardens . . . of literature and poetry . . . all make the point as clear as possible: The soul cannot thrive in the absence of a garden.’ —Thomas More

Eye in the Sky FIVE BEST: A PERSONAL CHOICE

Blackbird
planes also made some overflights of
North Korea when the USS Pueblo
Lucy Hughes-Hallett
By James Hamilton-Paterson was hijacked in 1968 and its crew
Pegasus, 224 pages, $26.95 taken prisoner. Then, after just a year on gardens in fiction
of service, they were replaced by the
BY DANIEL FORD SR-71. The Air Force’s Blackbird had
a second crew member to handle to the sea. Every week Helen takes
electronics and navigation. It also Villette a “jour de repos,” lying in bed all
WHEN IT ZOOMED into history in carried more fuel, making it a bit lon- By Charlotte Brontë (1853) day, gathering her strength for the
the late 1960s, the Blackbird was the ger and heavier than its predecessor. next tea party. Everything is

1
fastest and most expensive plane This is where Mr. Hamilton- AT THE turning point of “pleasant” and “agreeable,” except
ever to take off under its own Paterson shines. He explains this im- Charlotte Brontë’s other that beyond the garden some un-
power, soar on the lift provided by possibly complex aircraft in terms masterpiece (less loved but, in couth people (like the fascist
its own wings and land on its own that anyone can understand. The my opinion, greater than “Jane guards on the Italian border a few
tires—though, to be sure, only on Blackbird was largely made of tita- Eyre”), Lucy Snowe buries a bundle miles away) are acting in a most
certain runways. nium. Well and good, except that of love letters in a garden hemmed unseemly way. And except that, al-
It came in two versions: the A-12, most aerospace tools are plated with in by the buildings of the Belgian though the first world war comes
built for the Central Intelligence cadmium, an element that eats tita- girls’ school where she teaches. The and goes without upsetting the
Agency (13 copies) in 1967; and the garden is a place of repression, couple unduly, the second one kills
somewhat beefier SR-71, built for the haunted by the ghost of a medieval them. Giles Waterfield’s novel is MS. HUGHES-HALLETT, an
U.S. Air Force (32 copies) a year later. If a missile targeted nun who, according to legend, was an acutely perceptive portrait of a award-winning biographer, is the
They were designed to do the same buried alive there for breaking rules marriage in which one partner’s author of the novel ‘Peculiar Ground.’
work—to serve as spy planes over the the Blackbird spy containing female sexuality. But it is life is destroyed by the other’s
territory of Cold War enemies and plane, the pilot could also an erotic space. The bolder girls kindly solicitude. Finzi-Continis are doubly outsiders.
friends alike. But the specs were so have assignations there, and Lucy As Jews, they are excluded from
different that parts from one couldn’t simply—poof!—outrun it. watches yearningly as her fellow- public institutions. As rich
be used in the other. teacher M. Paul strolls along its The Go-Between landowners, they are resented by
As James Hamilton-Paterson tells alleyways smoking a suggestive By L.P. Hartley (1953) middle-class Jews like the
us in “Blackbird: A History of the nium—as does the lead in a pencil. So cigar. Madame Beck, the narrator’s father. Sequestered

3
Untouchable Spy Plane,” a single both cadmium and lead were banned, proprietor—with her “shoes of THERE ARE two gardens at within their garden walls, they
SR-71 cost “an astronomical $34 along with chlorine in the wash wa- silence” and “face of stone”—is Brandham Hall. There are the deal with Mussolini’s racial laws
million (roughly $250 million apiece ter, another titanium enemy. And always on the watch. At times, Lucy sunlit lawns surrounding the by ignoring them, just as they
at today’s rates).” He finds the price even soap! “Any new-born baby given imagines that even the flowers are house, where, in 1900, the grown- never speak of the son’s failing
tag unacceptably high, since the ear- its first bath,” the author notes, “is staring at her. In happier stories, ups play croquet. Further off, there health and ignore the narrator’s
lier U-2 spy plane cost only $1 million more robustly treated than was this things planted return to light as is the abandoned kitchen garden gauche courtship of the capricious
or so. aircraft designed to fly at over three green shoots. In “Villette,” after where a deadly nightshade daughter of the house. This
But the U-2 was easily shot down, times the speed of sound.” planting her letters, Lucy dreams flourishes, its shoots loaded with sophisticated fable about mortality

.
as Gary Powers discovered to his cost Mach 3, the SR-71’s top speed, is “strangely of disturbed earth, and of poisonous berries and “dull, and about the evanescence of

ly
and President Eisen- about 2,100 miles an hair, still golden and living, obtruded purplish, hairy, bell-shaped beauty is memorable for its elusive
hower’s embarrassment hour. The plane gener- through coffin-chinks.” flowers.” There, at the book’s heroine, its evocative setting and,
in 1960. The Blackbird ated so much heat that climax, the child Leo is horrified to above all, its meditative,
promised to be the wings had to
on see a couple lying on the ground, melodious prose.
immune to be corru- The Long Afternoon “two bodies moving like one.” L.P.
such cata- gated so By Giles Waterfield (2000) Hartley’s meticulously paced
strophe, since that they could narrative of adult passion and Look At All Those Roses

2
AN ENGLISH COUPLE move
us l,

no jet fighter of expand and con- childish corruption carries a By Elizabeth Bowen (1941)
the day could get tract, and the crew to the French Riviera in 1912. tremendous charge. Ordinary

5
anywhere near its had to wear refriger- Henry has given up his job in phenomena—a heat wave, a THE ROSES in Elizabeth
al a
e
altitude. As for sur- ated space suits so that the colonial service because his birthday cake—bear a significance Bowen’s short story are so
face-to-air missiles, if a they wouldn’t fry. Put health is “delicate” (though lurking just beyond the reach of “overcharged with colour”
ci on

Blackbird were targeted, its another way, a Blackbird could certainly more robust than Helen definition, as disquieting as that they seem to burn. There’s
pilot could simply accelerate and— fly from New York to London in less likes to believe). They lead a familiar things glimpsed in a bad nothing delicate or fresh about
poof!—leave the missile behind. Like than two hours. languid and elegant life. Wisteria dream. One can catalog the them. “They disturbed with
the U-2, the Blackbird was a product It’s a surprise to learn that, like cloaks the veranda, and the garden themes—the wastage of lives in fragrance the dead air” (the
of Lockheed’s fabled “Skunk Works” the author, the Air Force brass hated descends down the mountainside war, the emotional price paid for arrestingly odd phrasing is typical
er rs

and its resident genius, the engineer the aircraft. (They preferred to spend the maintenance of social of Bowen). To the couple obliged to
Kelly Johnson. money on warplanes that could shoot hierarchies. But, like the pagan seek help there after their car has
Even putting price aside, Mr. down the enemy.) The SR-71 Black- myths to which Hartley alludes, broken down, the rose garden
Hamilton-Paterson finds the whole bird spied out the Yom Kippur War of this book has an irreducible around a cottage in a remote part
m e

Blackbird project absurd. A spy plane 1973, the Falklands War of 1982 and mystery at its core. of rural England “looked like a trap
wasn’t needed, he argues, quoting I.F. the U.S. punitive strike on Libya in baited with beauty, set ready to
m rp

Stone to the effect that the Cold War 1986. Then the Air Force killed it, spring.” Edward walks off to find a
was “a gigantic hoax” and using Stan- when 30 SR-71s were still opera- The Garden of garage. Lou—hobbled by her good
ley Kubrick’s satiric “Dr. Strangelove” tional. Because the generals wouldn’t the Finzi-Continis manners—is left at the mercy of
to claim that the U.S. was in the grip spend the money to destroy them, By Giorgio Bassani (1962) what are obviously (to anyone who
of a “mutually sustained paranoia” they all went to museums. has read the Brothers Grimm) a

4
co Fo

from 1946 to 1991. Maybe, but it sure Despite the trashing he gives the THE ACTION takes place in witch and her familiar, or perhaps a
didn’t feel that way at the time. Blackbird in the pages of his book, 1938-39. The place is Ferrara, princess and her goblin attendant,
The CIA’s A-12, it is true, had Mr. Hamilton-Paterson relents a bit Italy, famous for its or—and this is the most frightening
virtually no useful spying life by the toward the end, quoting Richard Renaissance palaces and infamous option—a pair of ordinary, if
time it went into service in 1967. Graham, an SR-71 pilot, to the effect for the outrages that fascists unfortunate, females whose
President Kennedy, a few years be- that it was “the greatest aircraft ever committed there. Most of the husband or father has gone
fore, had promised to end spy flights flown.” Indeed, it was. And wasn’t characters are Jewish. Many of missing. What exactly, one
over the Soviet Union, and satellite that worth a few billion dollars? them will die in the camps. Giorgio wonders, is the fertilizer that
GETTY IMAGES

photography was getting better and Bassani treats the impending makes the roses so floriferous?
better. The A-12s were used instead Mr. Ford is the author of “Incident historical disaster as an Bowen wrote some fine ghost
GETTY IMAGES

to locate North Vietnamese missile at Muc Wa: A Story of the Vietnam obscenity—something not to be stories, but this one has no ghost,
sites, which were killing a shocking War,” which was filmed as “Go CULTIVATED Holkham Hall in brought onstage—and focuses unless perhaps the roses
number of U.S. fighter pilots. The Tell the Spartans.” Norfolk, England. instead on an unrequited love. The themselves are revenants.
n-

Best-Selling Books | Week Ended Dec. 31


no

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology


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 NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
Leonardo da Vinci 1 3 The Pioneer Woman Cooks 6 1 Dog Man and Cat Kid (Dog Man 4) 1 New Turtles All the Way Down 6 5 representing about 85% of the nation’s book sales.
Walter Isaacson/Simon & Schuster Ree Drummond/William Morrow & Company Dav Pilkey/Graphix John Green/Dutton Books for Young Readers Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
The Wisdom of Sundays 2 – Grant 7 2 The Getaway (DWK #12) 2 1 Dork Diaries 12 7 7 retailers, and food stores. E-book data providers
Oprah Winfrey/Flatiron Books Ron Chernow/Penguin Press Jeff Kinney/Amulet Books Rachel Renée Russell/Aladdin Paperbacks include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
Obama: An Intimate Portrait 3 8 Astrophysics for People in a Hurry 8 9 Origin 3 3 Year One 8 – fiction and nonfiction lists in all formats
Pete Souza/Little, Brown and Company Neil deGrasse Tyson/W. W. Norton & Company Dan Brown/Doubleday Books Nora Roberts/St. Martin’s Press include adult, young adult, and juvenile
titles; the business list includes only
The Whole30 Fast & Easy Cookbook 4 – Killing England 9 5 The Rooster Bar 4 2 Wonder (Movie Tie-In Edition) 9 9 adult titles. The combined lists track
Melissa Hartwig/Houghton Mifflin Bill O’Reilly and Martin Dugard/Henry Holt & Company John Grisham/Doubleday Books R. J. Palacio/Alfred A. Knopf Books For Young Readers sales by title across all print and e-book
formats; audio books are excluded. Refer questions
The Subtle Art of Not Giving a F*ck 5 – StarWarsTheLastJediTheVisualDictionary 10 – Wonder 5 4 The Midnight Line 10 10 to Peter.Saenger@wsj.com.
Mark Manson/HarperOne Pablo Hidalgo/DK Publishing R. J. Palacio/Alfred A. Knopf Books For Young Readers Lee Child/Delacorte Press

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

Hidden Figures 1 5 Elf Pets 1 – Two Kinds of Truth 1 – Dog Man and Cat Kid (Dog Man 4) 1 New Tribe of Mentors: Short Life Advice 1 1
Margot Lee Shetterly/HarperCollins Publishers Chanda A. Bell /CCA & B Michael Connelly/Little, Brown and Company Dav Pilkey/Graphix Tim Ferriss /Houghton Mifflin
The Little Book of Mindfulness 2 – The Sun and Her Flowers 2 1 The People vs Alex Cross 2 – The People vs. Alex Cross 2 5 Principles: Life and Work 2 2
Dr Patrizia Collard/Octopus Books Rupi Kaur/Andrews McMeel Publishing James Patterson/Little, Brown and Company James Patterson/Little, Brown and Company Ray Dalio/Simon & Schuster
Astrophysics for People in a Hurry 3 – Scout Elf Express Delivers 3 – Twisted 3 New Two Kinds of Truth 3 – You Need a Budget 3 New
Neil deGrasse Tyson/W. W. Norton & Company, Inc. Chanda A. Bell /CCA & B Helen Hardt/Waterhouse Press, LLC Michael Connelly/Little, Brown and Company Jesse Mecham/HarperBusiness
10% Happier 4 – Milk And Honey 4 5 The Wanted 4 New Origin 4 4 Total Money Makeover 4 3
Dan Harris/HarperCollins Publishers Rupi Kaur/Andrews McMeel Publishing Robert Crais/Penguin Publishing Group Dan Brown/Doubleday Books Dave Ramsey/Thomas Nelson
Kindness Boomerang 5 1 Astrophysics for People in a Hurry 5 9 The Alice Network 5 – Twisted 5 New Extreme Ownership 5 5
Orly Wahba/Flatiron Books Neil deGrasse Tyson/W. W. Norton & Company Kate Quinn/HarperCollins Publishers Helen Hardt/Waterhouse Press Jocko Willink/St. Martin’s Press
Make Your Bed 6 – Leonardo da Vinci 6 4 Darker: Fifty Shades Darker 6 6 The Wanted 6 New Emotional Intelligence 2.0 6 9
Admiral William H. McRaven/Grand Central Publishing Walter Isaacson/Simon & Schuster E L James/Knopf Doubleday Publishing Group Robert Crais/G.P. Putnam’s Sons Travis Bradberry & Jean Greaves/TalentSmart
Uninvited 7 – The Subtle Art of Not Giving A F*ck 7 – American Gods 7 – Darker: Fifty Shades Darker 7 7 Creating Great Choices 7 –
Lysa TerKeurst/Thomas Nelson, Inc. Mark Manson/HarperOne Neil Gaiman/HarperCollins Publishers E L James/Vintage Jennifer Riel & Roger Martin/Harvard Business Review
The Radium Girls 8 – Hidden Figures 8 – The Good Daughter 8 – The Getaway (DWK #12) 8 1 Fast/Forward 8 –
Kate Moore/Sourcebooks Margot Lee Shetterly/William Morrow & Company Karin Slaughter/HarperCollins Publishers Jeff Kinney/Amulet Books Julian Birkinshaw & Jonas Ridderstråle/Stanford
Thanks, Obama 9 – The Wisdom of Sundays 9 – Origin 9 3 The Rooster Bar 9 3 The Power of Moments 9 10
David Litt/HarperCollins Publishers Oprah Winfrey/Flatiron Books Dan Brown/Knopf Doubleday Publishing Group John Grisham/Doubleday Books Chip Heath and Dan Heath/Simon & Schuster
Modern Romance 10 – You Are A Badass 10 – The Hideaway 10 – The Alice Network 10 – The Daily Stoic 10 –
Aziz Ansari & Eric Klinenberg/Penguin Publishing Group Jen Sincero/Running Press Book Publishers Lauren K Denton/Thomas Nelson, Inc. Kate Quinn/William Morrow & Company Ryan Holiday & Stephen Hanselman/Portfolio
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | C11

REVIEW

‘I just wasn’t
having quite
as much fun
with it
anymore.’

goal, she adds, just the success it


represents.
One of her goals is writing
books. Her first book, “Danica—
Crossing the Line,” published in
2006, told the story of her rise.
Ms. Patrick grew up in Roscoe,
Ill., the daughter of two small-
business owners. Her father raced
motorcycles and snowmobiles, and
she was “fascinated by his knowl-
edge of engines and the technical
engineering aspects of engines
and body frames,” she writes in
her memoir. Then her parents
bought her a go-kart, and at age
10 she started racing. Her father
helped coach her, and at age 12
she won her first of three national
championships in go-karting.
“The exhilaration I felt when I
stepped on the pedal of my first
go-kart was enough to hook me
for life,” she writes. “I felt a free-
dom unlike anything I had experi-
enced before that day.” (In 2015,
her parents started a go-kart team
in Indianapolis to teach other kids
how to race.)
She dropped out of high school
in her junior year to race cars in
England. She returned to the U.S.

.
a few years later, in 2001.

ly
She wasn’t the first woman to
make it into racing; the first fe-
male Nascar driver was Sara
on Christian in 1949. But she has be-
come one of the most prominent.
Once she finishes her last two
races, there will be no full-time
us l,

female drivers in Nascar’s top


racing series, out of about 40
drivers total.
al a
e
She plans to spend more time
on her athleisure line of clothing,
ci on

called Warrior by Danica Patrick.


She says she has always enjoyed
sewing, if only for practical rea-
TIM KLEIN FOR THE WALL STREET JOURNAL

sons. “Since I’m 5-foot-1 and a


half, I need to hem a lot of stuff,”
er rs

she says with a laugh.


She’s also just released a new
fitness and wellness book, “Pretty
Intense.” Two years ago, she de-
m e

cided to freeze her eggs; she


wanted to keep her options for
m rp

having children open. “It’s an in-


surance policy,” she says. The
monthlong process involved hor-
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE mone treatments and rest, and led

Danica Patrick
to her gaining 5 pounds.
co Fo

Even that small amount of


weight made a difference on her
100-pound frame. After the treat-
ment, she started working out
twice a day, eating a natural, pro-
tein- and vegetable-based diet,
The famed race-car make any sudden adjustments.
Races can last three or four hours.
in 2010. She was the first woman
to hold the lead during the India-
track, I don’t go to the track and
watch races,” she says. “I don’t go
meditating and walking in nature
to relax. About a third of the book
driver is ready for a “It doesn’t really look like napolis 500 in 2009, and scored to the shop and work on cars.” covers her mindfulness practice
new career track we’re doing much…but basically the highest finish for a woman in As a Nascar driver, she gets a and mental motivation.
we do a marathon every week- the Daytona 500 in 2013, at salary as well as money from en- She’s ready for her next chap-
DANICA PATRICK knows that end,” she says. “So I guess if I eighth place. dorsements, purse winnings and ter, including in her personal life.
driving a race car may not look all want to keep my fitness up this She decided to leave racing to sponsorships. Full-time drivers Last month, she and her boyfriend
n-

that athletic. But it’s actually an year, I’m going to have to do a pursue other interests, including a typically get anywhere from $1 of five years, fellow racer Ricky
arduous job, she says. Moving marathon every Sunday.” clothing line, a wine label and a million to $20 million a year. She Stenhouse Jr., broke up. After
your hands and feet, even in small Ms. Patrick, 35, recently fin- writing career. “Honestly, racing is hopes that going out on her own spending the holidays with her
ways, requires strength and con- ished her last season as a full- something I enjoy, and I love it will give her more freedom to do parents and sister in Indianapolis
no

centration given the intense gravi- time race-car driver. (She will do sometimes,” she says, but “I just what she wants. “I’ll never be a and finishing her book tour, she’ll
tational pressure and extreme two final races this spring.) She wasn’t having quite as much fun billionaire driving a race car, but head back to her house in Arizona.
heat inside a car going more than started racing full-time in the with it anymore.” After some re- with all these other companies I For now, she says, she’s enjoying
200 miles an hour. And drivers U.S. a dozen years ago in IndyCar flection, she realized she wasn’t as could be…so let’s get on with having less on her plate. “I’m the
have to keep themselves tense at (the racing body that includes the passionate about the sport as she this,” she says. “The sky’s the creator of my schedule now, and
all times during a race, ready to Indianapolis 500), then in Nascar thought. “If I’m not at the race- limit.” The money isn’t really the more so moving forward.”

MOVING TARGETS: JOE QUEENAN


The Slow Creep of Slowed-Down Products
LAST WEEK, Apple apologized to it with a newer, fancier model. Here Burn? Obvious. The last time I took Lately I just load up on reliable old
millions of customers for deliber- are a few examples: the device into the shop, the service General Tso’s Chicken. Luckily, that
ately slowing down some of its Teakettles. For decades I’ve rep deliberately inserted a speed- yummy concoction hasn’t lost its
older iPhones. To make it up to been brewing my wife a heaping reducing device that makes it im- edge—yet.
owners, it offered people with cer- pot of English Breakfast tea every First, the possible for the user to make any My shoes. This one really grinds
tain out-of-warranty models re- morning in about three minutes iPhone. Now, real cardiovascular headway. my gears. I used to average a city
placement batteries at the dirt- flat. Now it takes an hour. After I Fast-acting pain relievers. Time block a minute, no matter what
cheap price of $29. Apple insists it read about Apple’s tactics, I sus- shoes and was, I’d pop a couple of these shoes I wore. Now it takes me two
slowed down the phones to pre- pected that underhanded behavior teakettles. suckers into my mouth and my hours to go around the block. Ex-
serve overall performance as bat- might be taking place elsewhere. So headache would vanish in 10 min- planation? I removed the innards
teries age and never went out of its I took the kettle apart. Sure utes flat. Now it takes three hours from my double-E’s, and there,
way to sabotage the older models. enough, burrowed deep inside the before the discomfort starts to lodged between the insole and the
I’m not sure the public is convinced. device’s otherwise primitive design, fade. I got a chemistry major at sole itself, was a sliver of reinforced
It would be hopelessly naive to I found a tiny sensor attached to the local community college to an- concrete. You think Apple is bad?
think that other companies never the heating surface that not only alyze the medications, and sure Talk to these guys.
secretly install technology to make slows down the boiling process but enough, the cheaper varieties all This creeping slowpokedness
older models work less efficiently. makes it almost impossible to hear contain a mysterious ingredient doesn’t stop at everyday products. I
In my own experience, I have found the whistle. I now believe the tea- known as ipodtassium that derails don’t know how they did it, but I
a dozen products that I use on a kettle company is trying to get me the effects of the other contents so think someone has figured out a
daily basis whose speed and effi- to junk my trusty model and switch that it takes hours for relief to way to slow down Major League
ciency has slowed down alarmingly. over to more upscale, expensive kick in. Nasty. Baseball to the point that you might
I now suspect that in many tea-making products such as Mister Soy sauce. Since I was a want to switch to another sport.
cases, the manufacturer surrepti- Camomile and the Assam-ilator. child, I would drown my bland Sounds like the work of the North
tiously introduced some form of Exercise bicycles. Why does it sesame noodles in soy sauce American Soccer Association or the
SERGE BLOCH

time-bomb technology that would take two hours to burn off 125 calo- and see dinner perk up in a Jai-Alai Confederation to me.
hamstring the unit to such an an- ries, even with the controls set to jiffy. Now it takes 15 minutes I also think someone got to pro-
noying degree that I would replace Level 40 on the Himalayan before I notice any difference. fessional golf.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C12 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
EXHIBIT

All
Aboard

Bert’s Barges. This boat, moored on Regent’s Canal in East London, is actually a one-bedroom hotel suite, with a full kitchen and walk-in shower.

.
ly
HOUSEBOATS USED TO BE for the
very poor or very rich. Now, floating
structures come in many forms, includ-

CLOCKWISE FROM TOP: BERT’S BARGES; CHRISTINE FRANCIS; NIGEL RIGDEN


ing hotels, spas and work spaces. “Rock
on
the Boat” (Gestalten, $60), edited by
Robert Klanten and Maximilian Funk
us l,

with text by Alisa Kotmair, showcases a


al a

range of water-based projects. The


e

quiet, open space out on the water is of-


ci on

ten a big draw. “In the world where the


ability to disengage from the constant
whir of modern life is a rare luxury, a
houseboat provides its owner with a
er rs

chance to reconnect with nature, and


reclaim a sense of independence that is
becoming increasingly difficult to
m e

achieve on land,” writes Ms. Kotmair. Left: The Exbury Egg, an art and design project in southern England, served as
artist Stephen Turner’s home for 12 months. Above: This custom-made house-
m rp

—Alexandra Wolfe
boat, on Lake Eildon in Victoria, Australia, has an interior of 936 square feet.
co Fo

PLAYLIST: ABIGAIL MARSH ASK ARIELY: DAN ARIELY

Cue Up the Angst The Right Way to End a Workout


On a 4-mile run, a scholar ponders her future,
courtesy of a song by the Black Eyed Peas
Dear Dan, new phone. Why am I thinking differently about
Abigail Marsh, 41, is an associate Love?” a few times, the juxtaposi- As a personal trainer, I work with older adults who spending the gift money versus what’s in my sav-
professor of psychology and neu- tion of the upbeat music and say they want to exercise every day. But after a few ings account? —Ron
roscience at Georgetown Univer- stark lyrics reflected how I felt. sessions at the gym, many of them don’t come back.
sity. She is the author of “The Fear The song opens gently until a How can I get them to stick with their exercise pro- An essential feature of money is that it’s fungible: this
n-

Factor” (Basic). She spoke with strong beat kicks in with ominous gram? —Hal means that each dollar is in principle worth the same.
Marc Myers. symphonic strings. The song’s Yet, in reality, our minds create separate “accounts”
melody is beautiful and bright. There are lots of ways to make exercise into a habit, for different sources of income and expenses, and we
The daffodils were out when I Then the rap lyrics sung by but to start with I would change the way you end spend money based on what we think is reasonable
no

started my four-mile run in April will.i.am and Justin Timberlake your sessions—and I would try to engineer the expe- for each account. Behavioral econ-
2004. I was engaged and had just begin: “Wrong information al- rience so that it makes people feel good at the omists call this “mental ac-
moved to Washington, D.C., from ways shown by the media / Nega- end. Research on the “peak-end rule” shows counting.” When you got
Boston to take a job with the Na- tive images is the main criteria / that when people evalu- some extra end-of-
tional Institutes of Health. The Infecting the young minds faster ate an experience, year money, it felt
first song on my iPod than bacteria / Kids they pay partic- like this money be-
that morning was the wanna act like what ular attention longed to a differ-
Black Eyed Peas’ Jitters they see in the cinema to the end. ent account from
“WHERE IS THE before a / Whatever happened In re- our standard sav-
LOVE?” The song was
new to me. marriage. to the values of human-
ity?”
search pub-
lished in
ings.
This is clearly not
As I ran, I was ex- The song’s last verse 2016 in the an ideal way to think
cited about this new returns to the opti- Journal of about spending. I
stage of my life. My fi- mism of the melody: Sport & Exer- would put the year-
ancé, Jeremy, who was in the Ma- “We only got (one world, one cise Psychology, end money in your
rines, had just returned from his world) / That’s all we got (one Panteleimon Ek- saving account for
deployment in Iraq. I also was ea- world, one world).” kekakis, Zach- a month or two,
ger to start my research project Jeremy soon returned to his ary Zenko let the money “get
on child psychopathy. former self, and we married in Au- and I used” to its new
The other side of me was anx- gust. One day we were in our car showed that mental account
ious. My work at NIH would delve and I had him listen to “Where Is when people (more accurately
into the darkest parts of human the Love?” He liked it but it didn’t ramp down to let you get used
nature. And Jeremy and I had strike him the way it struck me. the intensity to it), and only then
been separated for nine months. I didn’t hold that against him. of the exercise at decide what to do with
When he returned, there was at He knows I have a strong nostalgia the end, they feel it. My guess is that in two
first a hardness I hadn’t known in for the song. It takes me back to happier after the months you will feel less in-
the years since we met. As I ran that run, when everything seemed exercise session and expect to enjoy future exercise clined to splurge on the phone.
and listened to “Where Is the bright but a little uncertain. more. So, when an experience ends on a more posi-
tive (or at least a less negative) note, we remember Dear Dan,
the whole as better and are more likely to want to What are the odds that my New Year’s resolution to
repeat it. eat healthily every day will stay with me until the
summer?—Yoram
Dear Dan,
I’ve wanted to buy a new iPhone for a while, and Very close to zero. If I were you and I wanted to in-
I’ve been holding off so that crease the odds of success, I would make the resolu-
I can save for a vacation Have a tion more clear-cut, and I would allow myself a way
dilemma
JO HALE/GETTY IMAGES

with my wife. But recently, I to eat less healthily from time to time without feel-
got some extra money as an ing like I’ve failed. For example, to make your reso-
end-of-the-year gift from my for Dan? lution more specific, replace “eating healthily” with
JASON SCHNEIDER

job. I’m tempted to use this Email cutting out baked goods (for maximum effect, be
money for my vacation and AskAriely specific and include both breads and sweets). And to
the money I have been sav- give you a way to enjoy life without feeling like a
THE BLACK EYED PEAS, photographed in 2004. ing in the bank toward a
@wsj.com failure, take the sabbath as a day off from your diet.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the National Museum of Mathematics

1. NBC goose that throws off crucial


tapped profits. How many did Americans With the
Hoda Kotb buy last year? Australian
to replace Open coming soon,
Matt  A. 62.5 million the coach has some
Lauer as  B. 625 million tennis puzzles to
permanent  C. 6.25 billion challenge the team.
co-anchor of  D. A lot, but nobody actually
the “Today” show’s knows
7 a.m.-to-9 a.m. block. Who’s her
co-host?
6. Spectre and Meltdown have
 A. Robin Roberts people worried. Why?
 B. Lara Spencer
 C. Katie Couric  A. These two ”Transformer”
 D. Savannah Guthrie superheroes flopped in their
movie debut over Christmas.
 B. The mysterious hacking
2. Antigovernment protests duo is blamed for massive
erupted in Iran. Where did they ransom attacks on computers.
start?  C. The two hardware Tennis Exhibition
vulnerabilities could affect most Novak, Roger and Rafa play an exhibition in which played 15 sets, Roger has played 14 sets and Novak
 A. Mashhad modern computing devices. two play a set and the winner stays on court to play has played 9 sets.
 B. Isfahan  D. The last two living the waiting player. At the end of the event, Rafa has What pair played in set number 13?
 C. Tehran descendants of Rin Tin Tin have
 D. London failed to reproduce.
Losing Streak
Maria will be playing a singles match, and to win the least two. At six games apiece, a set is decided by a
7. George Weah was declared match, she must win two out of three sets. In tennis, a tiebreaker in which the first player to win seven or more
3. North Korea’s Kim Jong Un game is won by the first player to win four or more points by a margin of at least two wins the set.
and President Trump made the winner of Liberia’s
points by a margin of at least two. A set is won by the What is the longest streak of consecutive points
remarks about nuclear buttons, presidential election. Previously
first player to win six or seven games by a margin of at possible for Maria to lose in a match and still win it?
but a statement from South he starred in what other arena?
Korea’s presidential palace said ILLUSTRATION BY LUCI GUTIÉRREZ
 A. Soccer
officials were ready to meet with
the north. Name that palace.  B. Cricket + Learn more about the National Museum of Mathematics (MoMath) at momath.org
 C. Soap operas
 A. Gracie Mansion  D. Philosophy SOLUTIONS TO LAST WEEK’S PUZZLES
 B. The Green House Last Shift Finally! Varsity Math
 C. The Blue House

.
C D A H L I A C A B L E E L L I C E S P A C Y S O A P S In Breakfast, Lunch, or
 D. 10 Downing Street 8. Sometimes a cigar is just a L I B R A R Y T A H O E S C O R S E T
Dinner?, Malcolm is

ly
R E T A I N C O P E U A
FROM TOP: EVAN AGOSTINI/INVISION/ASSOCIATED PRESS; ISTOCK

MA J O R G E N E R A L L Y O D E T T E
cigar—but what else has it N O S H OW B A L S A M E R A
finishing lunch. To see
A N I N O N E M R I N G A D AM N U T A D A T A C D R O M
become lately? L O C I O D O R WA T E R MA I N L Y the proof required in
M I N K S A S P O N G E D U C K B L I N D L Y M O O S E
4. Annual U.S. sales of which on P A C E S T R A N G E R A G R E E D S P A G O N O T R A D E The 2018 Puzzle, go to
item dropped for the first time  A. The logo of the American B L U R T E D D H O D L
S H A
A
L
L
AMA
G O R E
S T A L L
T R I O S
D E E M E
S O L
D
D WSJ.com/puzzles.
since the financial crisis? Society of Freud Impersonators L I P S I H E R O N R Y
L E A P
A A R P
Y E A R L
T I V
Y
O S
B O O
S K
K
I
F A I R L
R T S
Y

 B. A weapon in the fight I N S O L A T E L E A K


O R I E N T D I G I N S T I R A I M
S P A N I E L S A T E D D I A B L O For previous weeks’
 A. Bourbon against bedbugs D E C A F B O A R D G AM E L Y
us l,

S C A R E S C P L A N E F I R E C H I E F L Y M E R E B A B E puzzles, and to discuss


 B. Cars  C. The basis of a sport T A U T T T H E E C C N A N O D E N I L E A L I R U D E R strategies with other
R H O G E N O V A G I L L I S
 C. Homes whose object is to keep the E S D O T E E A R T H Y C AMA R O T R A F F I C L I G H T L Y solvers, go to
al a

WSJ.com/puzzles.
e
E L I C I T S E N T I N S N E E R E D
 D. All of the above stogie lit longest R H I N O P R E S T O A S E E T O S T A G G A L D E N S
 D. A sculpture by Damien The shifted letters spell BACKSLIDERS.
ci on

Hirst, who has dipped cigars in


brass and chocolate. ACROSS 2. DAH + LIA (rev.) 6. CALEB (hid.) 11. RETIN + A (rev.) 13. O + PEC 14. NONE (2 defs.) 15. RING (2 defs.) 16. MINSK (first
5. For supermarkets, rotisserie letters) 17. SPONGE (“pigeons” anag. minus “i”) 18. PAC + E 19. S + T + RANGER 20. BLUR + TED 24. HE(RO)NRY (“or” rev.)
chickens are a species of golden 27. INSOLATE (anag.) 30. LEA + K 32. CA(RE)SS 34. PAN + EL 35. TAUT (“taught” hom.) 36. THE + E 37. DO(T)E 38. EARTHY
(anag.) 39. RH(IN)O 40. P(R)ESTO
DOWN 1. CRAM + P 2. DEN + ALI 3. sHANKERS 4. INN + ATE 5. ACES (anag.) 6. COMPARED (anag.) 7. A(PRO)N 8. BINGE (anag.)
To see answers, please 9. LUNGED (2 defs.) 10. EA(GEt)RLY 12. TIN CUP (anag.) 19. S(TIL)ETTO (“lit” rev.) 20. B-LISTER 21. HOLLERS (2 defs.) 22. ONE-
er rs

turn to page C4. ACT (anag.) 23. INCA + SH 25. ET + CHER 26. ANCHOR (anag.) 28. AU + DIS 29. O(R + TO)N 31. K + ENYA 33. STEP (rev.)
m e

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk


m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 38 Savings option
18 19 20 21
40 Books with A A
legends
22 23 24 25 44 Brings up B B
45 Kia sedans
26 27 28 29
C C
co Fo

46 Justin of “This
30 31 32 33 34 Is Us”
35 36 37 38 39 40 41
49 “Taras Bulba”
author D D
42 43 44 45 46 51 Conscientious
47 48 49 50
52 Jeanne ___ E E
(“La Pucelle
51 52 53 54 55 56 d’Orléans”) F F
54 When la lune
57 58 59 60 61 62 63

64 65 66 67 68
shines
55 Aunt in “National
G G
Lampoon’s
69 70 71 72 73 Vacation” H H
74 75 76 77 56 Salon stock

78 79 80 81 82 83
57 Hitcher’s hope I I
n-

58 Tract measure
84 85 86 87 88 89 59 Machinist’s
hammer part
J J
K K
90 91 92 93 60 First Gospel
94 95 96 97 98 99 62 Four-time
no

winner of the
100 101 102 103 104 105 106 Outstanding L L
Talk Show Host
107 108 109 110
Emmy Rows Garden | by Patrick Berry
111 112 113 114 63 Supporters’
shouts Answers fit into this flower garden F Poisonous plant whose name Land developer’s purchases
115 116 117 118
65 Play unfairly in two ways. Row answers read means “fair lady” Toast spread
66 Donizetti’s “___ horizontally from the lettered Valuable items destroyed Students’ needs in schoolhouses
Resolutions | by Harold Jones di Lammermoor” markers; each Row contains two by Calvinists during the of yore
70 “___ grip!” consecutive answers reading left Reformation Celeb at a book signing
Across 48 Messenger that 90 “The Last Jedi” Down to right (except Rows A and L,
works with character 71 Strikers in G Equestrian whip that has no lash Fire marshal’s priority
1 Stock holders 1 Happens, to cricket, e.g. which contain one answer reading (2 wds.)
49-Across 91 Not as it should Joaquín Medium Blooms
5 Make ___ at 73 Rapturous across the nine protruding spaces). Neither large nor small (Hyph.)
(try to pick up) 49 See 48-Across be 2 Honorifics for Behind in the game
76 Cap projection Blooms are six-letter answers that
10 Pig turner 50 “The Last Jedi” 92 Well-secured attys. H New York hotel where Hoover Lately formed
character 77 Implored fill the shaded and unshaded
14 Where the Mavs playground 3 Fixed and Eisenhower spent their
equipment? 79 Proceed without hexagons, reading either clockwise Hourlong TV shows, often
play 51 Dash 4 Person with final years (2 wds.)
counterpart 94 Denny’s dish help or or counterclockwise. Bloom clues “The Heartbreak Kid” actor
18 Frank O’Connor a pistol instructions are divided into three lists: Light, Speakeasy’s distilling container Charles
short story 52 Andrea ___ 97 Take note of
(ill-fated ship)
5 Whiz 80 Verb that Medium and Dark. Answers to I Type of fame most people don’t No longer flowed (2 wds.)
collection “___ 99 Flowed into 6 Goalie’s gear want
53 Prettified sounds like a Light clues should be placed in Like many shorelines
of Variations” 100 Company with 7 Buttonholes letter
57 Enjoy hexagons with white centers; Cowboy who gets the big
19 Spiny flora HydroFit and 8 Visit on 81 Avoids a tag, University of California campus
immensely SkyRise products Medium answers belong in the bucks?
20 Barber work vacation perhaps in Orange County
60 Newsstand buy, 101 Disney film that hexagons with gray centers; and J Superfan’s means of wearing
21 About 9 Polite address 82 Itch Citrus-flavored soda brand
22 The boxy Kia
for short takes place Dark answers belong in hexagons the team colors (2 wds.)
61 Origami class? 10 Makes glittery 83 Concert venue in with black centers. All three Bloom Cornerstone inset
Soul, e.g.? during the Han Easily distracted (Hyph.)
64 “New Jack City” dynasty 11 Reads over NYC lists are in random order, so you “The Twelfth of Never” singer
24 Action to 84 Supporters’ side K Turnpike pull-offs (2 wds.) Johnny
co-star 102 List-shortening 12 Hot states must use the Row answers to
become an 85 Contrite feeling Place to buy staples (2 wds.)
emancipated 65 Present-day letters 13 Almond or figure out where to plant each Brooks caned him on the Senate
song? caramel 86 This might begin L What an animal that lacks floor
minor? 104 1972 #2 hit for Bloom.
67 More scheming Bill Withers 14 Yellowstone with E side-to-side jaw movement Scorekeeper’s units
26 2017 World
Series MVP 68 Script unit 107 Entertainment herd 87 Sounded off Rows probably is Where “Bonanza” was set
George Springer, 69 Guild of cargo for those 15 Before birth 88 Many a Little A Ocean liner now permanently Light Blooms Caveat ___ (warning to buyers)
for one haulers? awaiting 16 First American Leaguer docked at Long Beach (2 wds.) Roofer’s need
27 Veggie burger 72 Arles article surgery? to go into space 89 “Way cool!” Dark Blooms
B Yellow pages? (2 wds.) Posthumous Rock and Roll Hall
protein 73 Prefinal versions 109 One who twice 93 Be excessive Soak up
Bond girl portrayer in “Dr. No” of Fame inductee Kurt
28 Ordering aids 74 Basket height wonders where 17 LAPD rank 95 Ford Field team Restraint for a horse’s head
(2 wds.) Full-price payers
29 Tight bunch? 75 Spelunking spots his Wonder 20 Ready for 96 Psychic gift, Like soap in a dispenser
went? business briefly C Beachfront construction projects Rarely in office, as a reporter
30 DDE’s WWII 77 Tissue layer Brought on
command 111 Org.’s kin 23 Beets or turnips 98 Pouchlike parts that don’t require permits State with the motto “North to
78 San Rafael Swell the Future” Polar sheet (2 wds.)
31 Wrapped setting 112 Deep valleys 25 Group that 101 Epitome of 1867 book subtitled “Kritik
garments 113 “Send My Love checks bags at stubbornness der Politischen Ökonomie” Sam for whom Sam’s Club is Aura surrounding a saint
79 Belong
33 Least loony (To Your New the airport: 103 Trig may be a (2 wds.) named Large numbers of people
80 His 1975 Abbr.
35 Trash generated autobiography Lover)” singer prerequisite D Title first held by reality show Major League team with a halo “The Terminator” heroine Sarah
by proofers’ was edited by 114 Ventimiglia of 28 Birdbrained for it contestant Richard Hatch in its logo Illinois city that symbolizes
insertions? Toni Morrison “This Is Us” 32 Allude 105 Double pinochle, (2 wds.) Shellfish slurped from a shell Middle America
39 Spring 81 Prefix with 115 Team begun as 33 Ticket recipient, e.g.
Partnership contract, of a sort Looked on in disbelief Forcibly took
41 Aussie springer metric or phonic the New Jersey maybe 106 Amorous god
Americans 34 Sock section
(2 wds.)
42 Awls and 84 Container for a 107 No-star review
Get the solutions to this week’s Journal Weekend Puzzles in next
s

needles, e.g. 116 Funnyman Foxx 35 Navy noncom 108 Ballpark figure: E List that begins a recipe
bishop’s
43 Cabin in the beverage? 117 Time being 36 Suffer Abbr. Name shared by an “SCTV” actor Saturday’s Wall Street Journal. Solve crosswords and acrostics
woods? 88 Events for select 118 Doesn’t last 37 Palm Sunday 109 Outlaw and a fast food chain founder online, get pointers on solving cryptic puzzles and discuss all of the
47 Previous customers forever period 110 Ruby of movies (2 wds.) puzzles online at WSJ.com/Puzzles.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
GOREY’S ‘Haunted in
America’ (1990), at left;
below, the artist
photographed in 1977 on the
set of Broadway’s ‘Dracula.’

breadth of these works will


be publicly displayed. The
museum has gone on to ex-
pand its own Gorey holdings.
In 2015 it bought Gorey’s col-
orful “Haunted in America”—
a 1990 watercolor, pen-and-
ink illustration, first used as
a book cover. Ms. Monroe
says a major reason was that
the watercolor shows some
affinity with the folk land-
scapes that Gorey collected,
featuring abandoned build-
ings and deserted settings.
The section also includes Go-
rey’s Atget photo of spidery
trees on a Parisian boule-
vard.
Gorey himself was a pho-
tography subject. Scottish-
born photographer Harry
Benson, known for his por-
traits of the Beatles and
Andy Warhol, photographed
Gorey in his cluttered New
York apartment. The exhibi-
tion includes a previously un-
published, wryly macabre im-
age from that shoot—Gorey
posing with bald mannequins
and a spare forearm in a
ICONS Manhattan department store.

A Connoisseur of the Eerie


In conjunction with the exhibition, the mu-
seum will screen on March 3 a rough cut of a
long-awaited film about Gorey. Near the end
of Gorey’s life, filmmaker Christopher Seufert

.
recorded dozens of hours of footage of Gorey

ly
A new Edward Gorey exhibit creations, “highlighting the intersections be-
tween Gorey’s imaginary worlds and the
The show includes two of his furs: a lynx
coat from around 1970, and a very unusual
at home with his art and his 26,000 books,
and has combined that with interviews with
showcases the collection of worlds around him,” says Ms. Monroe. yellow-dyed coyote coat. “Gorey was 6 feet disciples like children’s book author Daniel
the master of the macabre Gorey (1925–2000), who grew up in Chi-
on
cago, had a distinctive style characterized by
4,” says Ms. Monroe. “So that’s a lot of yel-
low-dyed coyote.” In a section dealing with
Handler, also known as Lemony Snicket. “Go-
rey was one of the funniest people on the
crosshatch drawings of hu- Gorey’s larger interest in an- planet,” says Mr. Seufert, now 50 years old.
BY J.S. MARCUS
manoid animals, which he imals, works from his own “He was a tall, gruff, menacing figure, but
us l,

liked to complement with art collection on display in- when you talked to him, he was light and
THE THRILLING, chilling, eerie and witty im- nonsense verse. The style clude Manet’s 1869 etching campy and constantly cracking jokes.”
ages of Edward Gorey are a benchmark of was already on full display “Cat and Flowers.” Ms. Mon- Gorey was a ballet enthusiast and attended
al a
e
20th-century American graphic art. New Eng- in his early 30s, when he roe says, “Gorey felt remorse just about every performance of any work by
land museum-goers will soon get to see what published “The Doubtful at wearing fur and refused the celebrated choreographer George Bal-
ci on

thrilled Gorey, when the Wadsworth Athe- Guest,” about a penguin-like to later in life.” anchine at the New York City Ballet. The exhi-
neum Museum of Art in Hartford, Conn., creature who invades the Gorey collected American bition includes a 1971 program he designed
mounts “Gorey’s Worlds,” featuring his per- home of an Edwardian fam- folk art—the exhibition in- for the troupe.
sonal collection of artworks and objects, ily. The Hartford show fea- cludes anonymous, mid-19th- And then there were the cats. Many of the
along with rare examples of his own draw- tures some of the book’s century landscapes—and a works in Gorey’s art collection have animal
er rs

ings. original drawings. His audi- few artists whose careers imagery, like his Delacroix etching, from 1846,
The exhibition is rich in works on paper by ence widened in the 1970s as overlapped with his, like ec- which shows a tiger sleeping in a desert, and
a range of French artists, from Eugène Delac- he worked for Broadway centric American Donald Ev- his Edvard Munch lithograph, showing a
roix and Édouard Manet of the 19th century (costumes and sets for
Atget, Manet ans, best known for painting woman and a bear in a mysterious embrace.
m e

to Jean Dubuffet of the 20th. Gorey also had “Dracula”) and, a bit later, sets of postage stamps of While Gorey’s personal life remains a mys-
a passion for the pioneering French photog- designed the opening se- and a yellow fictional countries. Gorey tery—“he resisted being called gay or
m rp

rapher Eugène Atget (1857-1927). Gorey’s


spare, strange drawings find an echo in At-
quence of PBS’s “Mystery!”
series.
coyote coat. also bought the work of an-
other eccentric, English car-
straight,” says Mr. Seufert—Ms. Monroe says
Gorey’s cats were his family. He had up to six
get’s barren, surreal views of Paris, says the Although he was thought toonist Glen Baxter; a typical shorthairs at any given time, she says, with
show’s curator, Erin Monroe, associate cura- of as an eccentric recluse, drawing shows a hard-to- names like Maude and Agrippina, the mother
tor of American art at the Wadsworth. Gorey was engaging and even jovial, says Ms. identify landscape with the title, “The Dese- of Roman emperor Nero. In one of the Benson
co Fo

“Gorey’s Worlds,” featuring 130 objects, Monroe. In his New York years, he would fre- cration of the Tennis Courts Has Produced a photos on view, Gorey is at work at his Man-
runs from Feb. 10 to May 6, before traveling quent Midtown Manhattan’s Gotham Book Very Difficult Situation.” hattan desk, with one cat looking on while
this summer to the Tacoma Art Museum in Mart, a legendary bookstore that closed in Gorey bequeathed the core of his art col- another gazes out the window. A third is
Washington. The Hartford version inter- 2007, and Lincoln Center, where he could be lection to the Wadsworth, much to the mu- wrapped around his shoulders, like a fur stole
sperses Gorey’s collected art with his own seen in one of his signature fur coats. seum’s surprise, and this is the first time the come to life.

FROM TOP: WADSWORTH ATHENEUM MUSEUM OF ART, AMERICAN PAINTINGS AND DRAWINGS PURCHASE FUND; JACK MITCHELL/GETTY IMAGES

MASTERPIECE: ‘LOVELIEST OF TREES, THE CHERRY NOW’ (1896), BY A.E. HOUSMAN


n-

A VITAL CALL TO SEIZE THE DAY


trees, the cherry now / Is hung with bloom ends with a sub-
no

BY WILLARD SPIEGELMAN
along the bough, / And stands about the tle suggestion of
woodland ride / Wearing white for Easter- menace. Why
FOR PEOPLE scared away from poetry by bad tide.” The tree sports delicate blossoms, but does he not re-
high-school teaching, or a fear of missing the why is it “wearing” them, as if it were a hu- peat “white”?
“hidden” meanings lurking beneath the sur- man being? And “hung”? Blossoms grow on Why that fore-
face, here’s a piece of advice: Do not worry. branches; “hung” suggests someone decorated boding “snow”?
Poetry need not be hard. the tree, not for Christmas but for another Some readers
Appreciating it requires only two things: an holiday in the Christian calendar, the one sig- think the young
eye for figures of speech (saying something a naling sacrifice and springtime renewal. man now feels
little slant); and an ear for music, rhythms Rhyme unites things, at the end of lines obliged to enjoy
and forms. Accessible poems can be deep; and also internally (“white” and “tide,” for ex- the cherry in
seemingly complex ones can be shallow. ample). Gentle alliteration (“bloom” and wintry cold as
An example of the former: A.E. Housman’s “bough”; “woodland,” “wearing” and “white”) well as spring-
cherished and much anthologized “Loveliest makes for other connections. time mildness.
of Trees, the Cherry Now,” from Then images disappear in fa- It’s hard to
“A Shropshire Lad,” his 1896 book
of lyrics about eros, friendship,
A prime vor of mathematical calculation:
“Now, of my threescore years and
prove them
wrong, but it’s
nature, and life’s transience. The example ten, / Twenty will not come more appropriate
book was popular with British that again, / And take from seventy to figure “snow”
soldiers who went to the trenches springs a score, / It only leaves as purely meta-
in World War I. George Orwell, accessible me fifty more.” phorical. A youth
one of the least sentimental of poems can You can almost see him count- has wised up, and
20th-century writers, called
Housman’s work “the poems
be deep. ing on his fingers. Readers who
don’t recognize the Old Testa-
now understands
that death will
which I and my contemporaries ment phrase from Psalm 90 about put an end to ev-
used to recite to ourselves, over the span of human life may get erything. Spring
and over, in a kind of ecstasy” at Eton after confused. A 20-year-old speaker now figures leads inexorably to
the Great War. he has but 50 more chances to enjoy nature’s winter. The fragile blooms of stanza one now scholarship. A textual critic, he said, is “like a
With three quatrains, four-beat lines and pristine charms. take on a figurative chill, even though it is dog hunting for fleas.” But he also said: “Ex-
easy “aabb” rhymes, this little poem looks He makes a decision. Appreciatively, almost still spring. The poem’s first word, its only ad- perience has taught me, when I am shaving of
transparent. Its theme, a perennial favorite, is heroically, he will venture forth: “And since to jective in the superlative, never recurs. And if a morning, to keep watch over my thoughts,
a version of “carpe diem” (“seize the day,” look at things in bloom / Fifty springs are lit- you look and listen carefully, you notice that because, if a line of poetry strays into my
from Horace, Roman master of exquisite for- tle room, / About the woodlands I will go / To the end of the last line subtly echoes the end memory, my skin bristles so that the razor
mal arrangements). Like any great poet, Hous- see the cherry hung with snow.” A reader of the first: There’s “now” in “snow.” ceases to act.” Poetry is of the body.
man takes a cliché, enlivens it, and makes it alert to the old distinction between “will” and Housman (1859-1936) was a textual editor, He also made a more relevant remark, with
his own. Even the ordering of his stanzas is “shall” might detect a deepened resolution. one of the most distinguished classical schol- which all writers and readers of poetry would
effective. The first deals with a tree and the Most interesting, Housman brings back sa- ars of any age. His life as a closeted gay man agree: “Poetry is not the thing said, but a way
second with a young speaker. The first is all lient earlier words: “bloom,” “springs,” inspired Tom Stoppard’s 1997 play “The In- of saying it.” In other words, it ain’t what you
about space, the second about time. In the “woodlands,” “about,” “cherry” and “hung vention of Love,” which contrasts this suppos- say, it’s the way that you say it.
DAVID GOTHARD

third, nature and humanity, space and time, with.” After all, this poem concerns life’s tem- edly dry scholar with his more flamboyant
come together. poral repetitions. contemporary, Oscar Wilde. Mr. Spiegelman’s books include the essay
The first quatrain acknowledges nature’s Repetition does not mean that things stay Housman was a man of passion, as fervent collections “Seven Pleasures” and “Senior
temperate, seasonal beauty: “Loveliest of the same. Time moves linearly, too. Housman about poetry as he was scrupulous about Moments.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Décor values: Dan Neil tests


What’s in the latest Toyota
and out for Prius—with
2018 mounting dismay
D6 D10

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, January 6 - 7, 2018 | D1

Gene Pool 1 Gene Pool 2


Wool Topcoats Down Jackets
Formal, professional, Sporty, cozy, too
too flimsy for casual for the
the cold office

The
.
Crossbred ly
on
us l,

Coat
al a
e
ci on

Menswear designers are engineering outerwear


er rs

that combines the tailoring of a camel-hair coat


with the high-tech heat of a puffer
m e
m rp

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI


co Fo
n-

HIGH-MILEAGE HYBRID A coat like this one by Isaia goes the distance on both the style and warmth fronts. Quilted Wool Overcoat with Aqua Treated Fabric, $2,750, Isaia, 212-262-6798
no

Liberty Fairs, a clothing trade show. What he coats as it does jeans today. But nowadays a
BY JACOB GALLAGHER
needed was a coat that was both well-insulated business-appropriate cashmere overcoat doesn’t

A
and tailored. So out shopping he went, eventu- have the same draw, said Mr. Kalenderian, un-
COUPLE OF WINTERS ago, staring ally finding his “just right” solution: a thigh- less it’s as storm-ready as a slicker, or as blus-
at the coats in his closet, Eitan length, down-filled overcoat from Arc’teryx Vei- ter-busting as a parka. “You need something
Abraham felt a certain kinship with lance, a performance outerwear-focused warm at night when you go out to dinner, but
Goldilocks and her too-hot, too-cold company based in Vancouver. Sleek as a classic you don’t want to look silly or out of step.”
porridge dilemma: He knew he’d be Macintosh topper on the outside, covertly insu- These twin desires for tailoring and warmth
freezing in his Billy Reid topcoat, a tailored wool lated on the inside, it promised to do it all. have spawned a new kind of double-duty coat,
number that wouldn’t stand up to New York Increasingly, men like Mr. Abraham are realiz- with menswear labels engineering handsome
City’s nose-numbing freeze, and thought he’d ing they do not have to compromise, either on hybrids that combine a nice cut with a sleek
look ridiculous in a cocoon-like down parka. “In creature comforts or on style, when it comes to layer of cozy heat. “When you’re going outside,
a Canada Goose coat, I always feel like a kid in a winter coat. Tom Kalenderian, the executive you just put on one thing instead of two or
one of those Christmas movies—like a ‘Sorry, vice president and general merchandise manager three,” Takanori Kasuga, the director of design
my mom made me put my coat on’ sort of sad of men’s at Barneys New York, remembers a behind Arc’teryx Veilance said of his motives
look,” said Mr. Abraham, 32, the organizer of time when the store sold as many cashmere top- Please turn to page D2

[ INSIDE ]

PORRIDGE IS HOT WHAT I DID ON MY SUMMIT VACATION CRIMSON ALSO RISES PLAY THE POUNDS AWAY
Chefs are giving it a savory, buzzy rethink Once a battle zone, mountainous Columbia Red is resurgent in fashion. A historian In fitness, the ‘gamification’ trend makes
without going against the grain D5 is luring travelers again D7 traces the power color’s roots D3 working out feel less dreary D9
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

YOU’RE GETTING WARMER


Continued from page D1
for stitching a slender down lining inside
a traditional trench-coat silhouette. He’s
not the only one playing with recombinant
DNA. Ermenegildo Zegna bolstered its

WESTON WELLS FOR THE WALL STREET JOURNAL, STYLING BY JACOB GALLAGHER, GROOMING BY JOSEPH CARRILLO, MODEL: HENRY WINSHIP/WILHELMINA (MODEL); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (COATS)
classic high-necked cashmere coat with a
down filling, and Brunello Cucinelli gave
its single-breasted cashmere balmacaan a
synthetic-insulated center. Even a
straight-shooting essentials label like Club
Monaco recently opted to line a dapper
overcoat with a quilted cold barrier.
This concept has roots in the 1990s,
when Italian menswear labels began exper-
imenting with waterproofing wool and
cashmere. Isaia’s “Aqua Cashmere” and
Loro Piana’s “Storm System” are two ex-
amples of high-tech (and high-priced)
treatments used to make coats relatively
invincible to damp weather. If you’re
caught in a blizzard that would turn lesser
outerwear into a soggy Labradoodle, the
snow mysteriously slides off the shoulders
of your “Storm System” coat.
Yet, as Gianluca Isaia, the CEO of Isaia,
explained in an email, even a wool or cash-
mere coat made in weatherproofed fabric
has its shortcomings. “A traditional top-
coat can achieve a level of warmth compa-
rable to down but with a major downside:
weight,” wrote Mr. Isaia. “Your topcoat
weighs on your shoulders a lot more.”

A best-of-both-worlds coat
really earns its stripes as a
dressier alternative to a frumpy

.
ski parka or a sheeny down

ly
jacket, atop a casual outfit.

His brand landed on a solution to


lighten the load: three-in-one coats that
on
combine an unusually trim outer layer and
an insulated down center that can be
us l,

zipped out (the “three” references the


number of ways you can wear the pieces—
al a
e
the outer layer alone, the inner layer
alone, or as one combined piece). Other
ci on

companies such as Z Zegna, Fay and


Canali have riffed on this sartorial for-
mula with their own popular, neatly-tai-
lored versions.
Yet not everyone loves the idea of zip-
er rs

ping or snapping that added layer in or


out of a coat, especially when you’re bar- COLD SNAPPY Reversible Cashmere and
reling out the front door to an early-morn- Nylon Coat, $5,895, Brunello Cucinelli, 212-
ing meeting or business dinner and have 334-1010; Scarf, $325, drakes.com; Officine
m e

no patience for extra steps. Générale Sweater, $350, and Shirt, $270,
That’s where the double-duty topcoat mrporter.com; Mr P. Pants, $180, mrporter.com
m rp

comes in: These iterations take the time-


consuming, zip-in-zip-out step out of the
process of bundling up. Such coats often
look distinctly sophisticated, too: While
the shoulders might be softer and the
co Fo

length a bit shorter, by and large, the cuts


resemble that of a classic camel-hair top-
coat. Yet no one will accuse you of ap-
pearing stuck in the past. When you pop
the collar or your coat flaps open in the
HANDSOME
wind, a nice glint of down-lining or
quilted fill peeks out. HYBRIDS
“A coat has to look just as good with a
pair of jeans and a chunky turtleneck as it
does with a beautiful dark dressy suit,” This new breed of coverup looks
said Mr. Kalenderian, nodding to men’s spiffy in multiple iterations, from
demands for chameleon-like coats that
classic topcoats to duffle coats and
serve multiple fashion purposes and
n-

occasions. double-breasted peacoats


Case in point: Joe Peters, 33, the head
of marketing for Vasque Footwear, craved
an outerwear option that would garner
no

nods of approval when he traveled to Man- Galvanic Down Insulated 3-layer Gore-Tex Texture Twill Topcoat (With Quilted Lining),
hattan for work yet wouldn’t get him la- Coat, $1,400, veilance.arcteryx.com $550, clubmonaco.com
beled as a try-hard in Saint Paul, Minn.,
his more conservative home base. He
found that an Arc’teryx Veilance jacket
achieves all that, with the added (and sur-
prising) benefit of being a conversation
starter no matter where he is, thanks to its
lack of noticeable branding. “Ninety-five
percent of people I meet don’t know what
it is, which is part of the charm,” said Mr.
Peters.
For many, though, a best-of-both-worlds
coat really earns its stripes as a dressier
alternative to a frumpy ski parka, or a
sheeny down jacket atop a casual outfit.
Such coats can too often skew slovenly. In-
stead, a snow-resistant wool peacoat or a
neat mac reinforced with down can
stealthily elevate a basic weekend outfit.
As Mr. Isaia said, “You should be able to
feel sophisticated even when you’re being
casual.” And look good and feel warm all Double Wool Peacoat with Removable Down Cashmere Down-Filled Jacket, $3,495, Rain System Camel Coat, $4,595,
at the same time. Collar, $1,585, Moncler, 646-768-7022 Ermenegildo Zegna, 212-421-4488 Loro Piana, 212-980-7961

OTHER FEATS OF RECOMBINANT DNA // NOT ALWAYS MORE THAN THE SUM OF THEIR PARTS

EL CAMINO  MULLET  INTERROBANG  SHAMPOO-CONDITIONER 


The Chevrolet coupe questionably This “party in the back,” a favorite Useful for rhetorical put-downs, this A match made in heaven for those
combines a muscle car’s sleekness haircut for hockey players, has been crossbreed of an exclamation point who have very, very little storage
with the practicality of a truck. reported for disturbing the peace. and question mark speaks volumes. space in their showers.
NEASDEN CONTROL CENTRE

SPORK  BRUNCH  RAZZLES 


Spoon meets fork, but they don’t The in-between meal caught on in Candy that transforms into chewing
meet cute. A guy named Samuel W. ways “linner” and “dinack” (dinner gum: Hailed as a brilliant invention
Francis patented it in 1874. plus midnight snack) never did. by everyone with an oral fixation.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | D3

STYLE & FASHION


’Written
in Blood’
Lipstick, $24,
ritueldefille
.com


’The Red Studio’ by Henri
Matisse (1911), $18 for a  
14” x 11” print, art.com Atlantique Ascoli Richard Ginori
Top, $845, Plates, $110 each,
neimanmarcus.com Barneys New York,
IN THE AIR 888-222-7639

Cherry’s On Top

Boots, $778,
trade-mark.com

Red—a color associated with wealth and happiness, but also with fury, BALENCIAGA
passion and certain defiant handmaids—is again ascendant
THE AL SMITH DINNER, a cently conjured up lipstick-red
white-tie fundraiser for Catholic dresses in crisp cotton taffeta.
charities, has been an annual “The silhouette is sweet,” said
ritual in American politics for Ms. Vassar, “but the color makes
72 years. For the first time last it feel sexy.”
year, a woman, the actress Pa- The hue has long been associ-
tricia Heaton, presided over the ated with prestige, in part be- 

JOSHUA SCOTT FOR THE WALL STREET JOURNAL, STYLING BY GABRIEL RIVERA (NECKLACE, BERET, LIPSTICK, SHIRT, DRESS, COAT, EARRINGS); DAVID CHOW FOR THE WALL STREET JOURNAL (SHOE); DAN AND CORINA LECCA (BROCK COLLECTION)
ceremonies. She wore what she cause red dyes were so expen- Laulhère & Fivestory Beret,
described as a “cardinal red” sive. Spain’s control of the trade $130, fivestoryny.com
VALENTINO dress. In the hierarchy of the in cochineal, a crimson dye the
Catholic Church, red is reserved Aztecs extracted from insects,
for the upper echelons: cardi- helped make the country a world
nals, whose distinctive vest- power during the Renaissance.

.
ments gave that shade its name, Cosmetics lines such as the
Dress, $995,

ly
Burberry, 212- and the pope. Was Ms. Heaton Los Angeles-based Rituel de Fille
407-7100 suggesting it was high time still prize carmine, as cochineal is Necklace, $1,995,
women were allowed into this
on also known, for its rich intensity. foundrae.com
exclusively male preserve? After co-founder Katherine Ra- 
She was certainly on trend: mos rejected synthetic dyes
Scarlet, vermilion and burgundy (“they looked like melted popsi-
burned brightly in the last few cles”), she used carmine to create
us l,

seasons of designer collections. a fiery shade that complements a


 The red dress is claiming the range of skin-tones, from porce-
al a
e
BIDKhome spotlight, in iterations from ro- lain to tawny to dark. The Fenty
Hourglass, $66, mantic (Giambattista Valli, Val- Beauty by Rihanna line also of-
ci on

wayfair.com
entino) to modern (Stella McCa- fers a multi-skin-tone-flattering
rtney, Sonia Rykiel) to sporty red in its Stunna Lip Paint.
(Miu Miu). In interior design, the Clearly attention-getters,
bright shade has reassumed its crimson clothes were often se-
role as a key accent. “Baby pink lected for portraiture to empha-
er rs

is out, and red is back in where size the sitter’s importance, said
it belongs,” said Dallas interior Dr. Valerie Steele, author of “The
designer Michelle Nussbaumer. Red Dress” and director of the
m e

To understand why red rules Museum at the Fashion Institute


requires unpacking its cultural of Technology in New York. As a
significance. In language, it con- young princess, for example,
m rp

CHRISTIAN DIOR
veys heightened emotion: We see Elizabeth I was painted in a red
red when we’re angry, raise a red dress. Yet, for all its links to es-
flag when alarmed, roll out the tablishment rule, the color is
red carpet when extending a par- also associated with the red flags
co Fo

ticularly warm welcome, and of socialism and an upstart polit-


have a red-letter day when things ical radicalism that goes back to
go splendidly. Red is not a color the French Revolution. Donning VAQUERA
to be ignored. a red dress might not be the
“Red is powerful but also same as staging a coup, but it
pure,” said Laura Vassar, the co- does send a signal that the
designer of Brock Collection, wearer intends to be heard.
who, with Kristopher Brock, re- —Nancy MacDonell


Earrings, $345,
rebeccaderavenel
n-

.com
BROCK COLLECTION
no

 
Coat, $2,890, Sportmax, New York design collective Vaquera did

212-674-1817 a ‘Handmaid’s Tale’-themed show
‘Ruby’ by Joanna Hardy, $125,
inspired by Margaret Atwood’s 1985
thamesandhudsonusa.com
dystopian novel and the Hulu series.

THE COMMANDMENTS
OF CLEAN
Get evangelized at this Midwest ‘laundry camp’

AS A COMPULSIVE collector of and-water solution to zap the oili-


vintage fashion, I often despair at ness. He then applied a drop of
finding incredible clothes compro- stain remover with a horsehair
mised by stains. So when my sister, brush (he favors Stain Solution, $18,
who lives in Saint Paul, Minn., in- and Stain Brush, $10, both made by
vited me and ten of her friends and The Laundress and sold in his
relatives to an evening known as shop). His tip? Brush gently; undue
“laundry camp,” I heeded the call. scouring can damage fabric.
No one asked me to build a fire We watched the BBQ stain vanish
at this campsite, held in a vintage as he recounted, in his sweet South-
designer clothing store called Mona ern drawl, how he’d indulged as a
Williams at the Mall of America. child in the fad of wearing multiple
The owner Patric Richardson polo shirts layered one atop the
CRISTINA SPANO

(dubbed “the Laundry Evangelist”) next—in his case, eight at a time.


greeted us in a pressed gingham His mother refused to wash them
shirt and khaki pants with Robert except on laundry day, so his grand-
Plant hair. We’d been told to bring mother taught him the basics. Later,
hopelessly stained items along, and while getting a degree in marketing,
he swiftly went to work on the in- apparel and textiles at the Univer- pered mesh laundry bag and using leave a residue, and he makes and balls for static-free laundry.
tensely grass-stained white overalls sity of Kentucky, he developed true the “hot/fast” cycle. Avoid the “deli- sells his own soap flakes, using just The 3-hour camp had sped by,
my niece offered up, using a vine- expertise. cate” cycle; it won’t spin out excess a meager tablespoon per load. and we’d witnessed a miracle: the
gary concoction. Like any man of the cloth, Mr. water and a soggy garment will Send dryer sheets to the hereaf- banishing of the grass stain.
Vinegar, it turns out, is a god- Richardson has commandments: stretch when hung to dry. Once dry, ter. They also leave a residue, he in- Laundry Camp is held on Tues-
send. He dazzled us further by re- Thou shalt not dry clean. Even a steam or lightly press it. toned. Instead, use a ball of tinfoil day nights; sessions are free but re-
moving BBQ sauce from a napkin, suit or overcoat, he believes, can be Be frugal. Mr. Richardson es- in the dryer to remove static elec- quire a reservation at monawil-
starting with a spritz of a vinegar- washed by tucking it into a zip- chews most detergents, which can tricity. I also use felted-wool dryer liams.com. —Kyle Ericksen
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

EATING & DRINKING


MESSAGE IN A BOTTLE AUTHOR JOANNA SCUTTS ON ANCHOR DISTILLING COMPANY’S OLD POTRERO HOTALING’S 11 YEAR OLD SINGLE MALT RYE WHISKEY

History—and a Glimmer of Hope—in a Glass


JUST AFTER FIVE O’CLOCK in the city supervisor, whose father
morning on April 18, 1906, what owned the eponymous liquor com-
came to be known as the San Fran- pany, so he likely knew full well
cisco earthquake trembled down that the warehouse was not saved
the coast from southern Oregon to by divine mercy but by the calcu-
Los Angeles and inland as far as lations of capital: thousands of
Nevada. “Rumors of great disaster barrels; tens of thousands of dol-
from an earthquake in San Fran- lars. Men pumped seawater from a
cisco, but know nothing of real mile away for two full days, then
facts,” President Roosevelt wrote kept going with sewer water. The
anxiously to the Governor of Cali- warehouse survived, and the whis-
fornia, eager for some solid key didn’t explode to fuel the fire
ground to stand upon. There was further. Several less well-con-
no reply. In his next message, after nected saloon and liquor-store
the rumors had collapsed into owners had their stocks of booze
facts, the President struggled to destroyed by law enforcement, and
believe them. “It was difficult at submitted claims to Congress
first to credit the catastrophe that seeking reimbursement for some
has befallen San Francisco,” he ad- 30,000 dollars’ worth of alcohol
mitted. Nobody could. According poured—or perhaps, spirited—
to the U.S. Geological Survey, it away in the name of public safety.
would be half a century before the If any part of San Francisco
science of plate tectonics could ex- could be called “over frisky,” it
plain what had happened, geologi- was the area around the Hotaling
cally speaking, to shake San Fran- warehouse. This was deep in the
cisco all but off the map. Quite Barbary Coast, the notorious port
literally, it could not be under- district packed with bars, brothels,
stood. How could it not be an act opium dens and dance halls. Many
of God—or the devil? of its dives were killed off by the
This event came to mind this fires, but its seedy allure survived.
fall, all too poignantly, as fires Cleaned up just enough by those
raged in northern and southern who spied an opportunity, it came

.
California—and again when my ed- roaring back a few months later.

ly
itor at The Wall Street Journal (Today the warehouse is home to
sent me a bottle of the Anchor two private-equity firms, an or-
Distilling Company’s Old Potrero ganic-food startup and an Isabel

F. MARTIN RAMIN/THE WALL STREET JOURNAL; ILLUSTRATION BY ANGELA SOUTHERN


Hotaling’s 11 Year Old Single Malt on Marant store.)
Rye Whiskey. This rye aged in What remains of all this in the
“three once-used charred-oak bar- glass? The Hotaling’s 11 Year Old is
rels” is intended to commemorate smooth and sweet, with more of
us l,

the 1906 earthquake and the fire bourbon’s unctuousness than rye’s
that followed, and, on a more sting of pepper. Vanilla comes at
heartening note, celebrate the re- you in a cloud, but it quickly burns
al a
e
birth of the city. itself out, leaving a little caramel,
The bottle’s label quotes an exu- a little buttery oak. Perhaps a little
ci on

berant little rhyme, which also ap- char, the faintest whiff of burning.
pears on a brass plaque on the dis- Looking for some citrus to balance
tiller’s former Jackson Street it, I shook in drops of orange bit-
warehouse, making it probably the ters (Angostura, better than
most enduring work by its author, Regan’s in this instance), then
er rs

Charles K. Field. It poked fun at tried the more complex Fee Broth-
the moralizers who saw the 1906 ers Whiskey Barrel-Aged bitters,
earthquake and fire as judgment aromatic with citrus oil and spice.
on the city as a modern Sodom: One of my more adventurous fel-
m e

low drinkers tried the Bitter Truth


If, as they say, God spanked the Bittermens Xocolatl Mole, which
m rp

town took things in the not-unpleasant


For being over frisky to the legend on label and plaque, niences and necessities,” had “dogs, cats, canary birds, parrots direction of molasses cookies.
Why did He burn the churches Field spontaneously composed the within a day or two “been rele- and monkeys.” The poet imbues In the end I liked this whiskey
down ditty after a night spent at the gated to conditions of primitive this act of love with the power to best, aptly enough, in a rough Old
And save Hotaling’s whiskey? Berkeley faculty club shortly after life,” according to the U.S. Army run the terrible film in reverse: Fashioned: light turbinado sugar,
co Fo

the earthquake, as the guest of a officer in charge of relief efforts. Citizens are “unbereaved,” and the water and a slip of tangerine peel
A journalist, poet and literary professor and fellow Bohemian In the post-earthquake “Emer- city, just weeks after being muddled with the Fee Brothers bit-
man-about-town, Field was an ac- named Jerome B. Landfield. gency Edition” of Sunset maga- brought low, is “already uprising.” ters and stirred with the rye
tive member of the Bohemian In San Francisco after the earth- zine, Field contributed another Did Charles Field really believe around a big ball of ice. The fresh
Club, the men-only arts club quake, fire roared through the poem. “The Choice” was far less the city was destroyed by a venge- citrus cut through the vanilla and
founded in 1872 by San Francisco buckled streets for four days and breezy than his rhyme about the ful Fiend, as he would have it in smoke and created a drink with a
Chronicle reporters, which has nights. Lost buildings can be whiskey. It describes “the Fiend” the latter poem—or a God with a lighter heart. It dispelled, for the
counted Ambrose Bierce, William counted, but lost lives, in such a torching San Francisco with his sense of humor and a taste for sin- moment, any thoughts of disas-
Randolph Hearst and Richard conflagration, only guessed at. For breath, and demanding that its cit- gle malt, as in the former one? A ter—surely the most important
Nixon among its members. He had years the estimate stood around izens choose between “life or trea- disaster on such a scale would thing a good whiskey, like a good
migrated west from Vermont to at- 700, but likely it was three or four sure.” They abandon their inani- make anybody superstitious, make story, can do.
tend the newly established Stan- times that. The disaster stripped mate possessions in favor of it easy to believe in a divine, hid-
ford University, graduating a de- the city of its class distinctions rescuing their pets; in a factual den calculus. Did we deserve this? Joanna Scutts is the author of “The
n-

cade before the earthquake and and laid bare the shared human footnote, the editor backed up the Either this loss, or this whiskey? Extra Woman: How Marjorie Hillis
becoming a booster and ready my- suffering. Half a million people, poem’s claim that the refugees Field was friends with Dick Led a Generation of Women to Live
thologizer of the school. According “deprived of all modern conve- went out of their way to save Hotaling, another Bohemian and a Alone and Like It” (Liveright).
no

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Roast Lamb Chops With Brussels Sprout Slaw


KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA; ILLUSTRATION BY JOE MCKENDRY

COOKING FOR his family has been a sort chops, but I find it easier than pan sear-
of second culinary education for chef Ed- ing on the stove top, and it doesn’t cre-
ward Lee. “At home you cook by feel, so ate a mess,” said Mr. Lee. The marinade
dishes come out different every time,” he of honey, soy sauce, fish sauce, coriander
said. “And there’s something great about and garlic caramelizes as it cooks, for a
imperfection.” flavorful, lightly browned exterior. The
This lamb chop recipe checks a few of shredded sprouts in the slaw retain a
Mr. Lee’s boxes when it comes to cooking nice bite and the pomegranate seeds
at home: keeping mess to a minimum, re- bring a pop of tartness and color.
ducing the ratio of time spent to flavor You’ll likely commit this method to
gained, and overall wholesomeness. With memory doing it just once. After that,
The Chef a punchy, pretty Brussels sprout-pome- tweak at will, adjust the level of salty to
Edward Lee granate slaw, the quick-roasting chops sweet, dial up the spice or grate some
make a great dinner-party dish, too. other green for the slaw. The goal here is
His Restaurants “People don’t think to bake lamb delicious, not perfect. —Kitty Greenwald
610 Magnolia and
MilkWood in TOTAL TIME: 30 minutes SERVES: 4
Louisville, Ky.,
Succotash in 4 cloves garlic, minced 4 teaspoons fresh lime 1/
4 cup pomegranate seeds

National Harbor, 2 tablespoons honey juice 3 cups finely shredded


Md., and 1 teaspoon ground 2 teaspoons fish sauce Brussels sprout leaves
Succotash DC in coriander 5 tablespoons olive oil 1 tablespoon rice vinegar
Washington, D.C. 1 teaspoon red chile flakes 12 lamb loin chops, 1-11/4 Kosher salt and freshly
2 tablespoons soy sauce inches thick ground black pepper
What He’s
Known For 1. Preheat oven to 425 degrees. Make mari- rare, about 6 minutes more.
Highly personal nade: In a medium bowl, whisk together garlic, 2. While lamb cooks, make slaw: In a medium
takes on Southern honey, coriander, chile flakes, soy sauce, lime bowl, toss pomegranate seeds with shredded
dishes, often juice, fish sauce and 2 tablespoons olive oil. Brussels sprouts. Season slaw with remaining
referencing the Toss lamb chops with marinade, massaging olive oil, rice vinegar, and salt and pepper to
Korean cooking he marinade into meat. Arrange chops evenly taste, and toss to combine.
grew up on across a large sheet pan and marinate at 3. Remove lamb chops from oven and let
room temperature at least 10 minutes. Roast meat rest at least 3 minutes. Distribute chops
chops until they start to brown, 5 minutes, among 4 plates, with slaw alongside. Serve LEAF ME COLD Shredding plus a little acid, oil and salt is all the ’cooking’
then flip and continue roasting until medium- immediately. Brussels sprout leaves need to make a palatable and punchy slaw.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 6 - 7, 2018 | D4A

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D4B | Saturday/Sunday, January 6 - 7, 2018 NY * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | D5

EATING & DRINKING

Please, Sir, I Want Some More


Oliver Twist was ahead of his time. Embracing humble porridge as a canvas for creativity, chefs are pushing the limits, too

BY ELIZABETH G. DUNN
Coconut Milk Rice Porridge
With Tatsoi

O
VER THE last
decade-plus, ACTIVE TIME: 35 minutes TOTAL TIME: 2 hours
Danish food en- SERVES: 4-6
trepreneur
Claus Meyer 1 (3-inch) piece fresh plus more as needed
has done a very good job of ginger, peeled and 2 bird’s eye or
promoting New Nordic Cui- roughly chopped cayenne chiles,
sine around the world. Who 1 lemongrass stalk, stemmed and halved
knew porridge would be the tough outer layers lengthwise without
next big thing? removed separating halves
Mr. Meyer himself has 1 jalapeño, stemmed (optional)
been surprised to see the 2 cloves garlic 5 kaffir lime leaves
number of New Yorkers lin- Juice of 1 lime (optional)
ing up at Grain Bar, his mar- 2 tablespoons palm 2 tablespoons fish
ket stall in Grand Central sugar or light sauce
Terminal, for bowls of brown sugar Fine sea salt
sprouted and cracked rye, 1 cup jasmine rice 4 ounces young tatsoi,
2 (13.5-ounce) can mache or celery
1/
barley and freekeh, bolstered
with chicken and cabbage, or coconut milk, leaves
tender greens and Havgus shaken before 1/
4 cup chopped roasted

cheese. “They come for lunch opening peanuts


and dinner even more than 3 quarts chicken 2 teaspoons toasted
they do for breakfast!” Mr. or vegetable stock, white sesame seeds
Meyer said. It makes perfect
sense to me: Few foods are 1. Using a mortar and pestle or food processor, pul-
as undeniably appealing as a verize ginger, lemongrass, jalapeño and garlic to a
warm, brothy porridge. chunky paste. Stir in lime juice.
Simmered until soothing 2. In a 5-6 quart pot over medium-high heat, com-
and spoonable, porridge is bine paste with palm sugar, rice, coconut milk,
essentially a Stone Age dish, chicken stock, bird’s eye chiles and kaffir lime leaves,
an easy way of softening ce- if using. Bring to a gentle simmer then reduce heat

.
real grains in order to access and cook, stirring occasionally to prevent rice from

ly
their calories. Many Ameri- sticking to bottom of pan, until rice is extremely soft,
cans think of it as a sweet, tender and breaking apart, 1½-2 hours. Add water or
somewhat stodgy breakfast, stock to thin to desired consistency as needed. Dis-
but chefs across the country on card chiles and kaffir lime leaves. Stir in fish sauce.
are liberating porridge from Season with salt and more fish sauce to taste.
that pigeonhole, looking way 3. To serve, ladle porridge into bowls and top with
beyond oatmeal and coming tatsoi, peanuts and sesame seeds. Porridge can be
us l,

up with savory, indulgent stored in an airtight container in the refrigerator up


spins. to 1 week. Warm over medium-low heat and add
For the heirloom grain enough water or stock to thin to original consistency.
al a
e
porridge on the breakfast —Adapted from “The Book of Greens” by Jenn Louis
menu at Little Park in New with Kathleen Squires
ci on

York City, Chef Andrew Car-


mellini trades the old brown
sugar and cinnamon treat-

BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY EUGENE JHO, PROP STYLING BY VANESSA VAZQUEZ
ment for hen of the woods Savory Oats
mushrooms, poached eggs TOTAL TIME: 40 minutes SERVES: 2
er rs

and pine nuts. Porridge de-


fies its homely roots at the 2 cups vegetable mushrooms, wine vinegar
Morris, a bistro in San Fran- stock stemmed and Kosher salt and
cisco, where Gavin Schmidt 1 cup steel-cut oats sliced freshly ground
m e

2 tablespoons extra- 1 fennel bulb, cored black pepper


virgin olive oil and finely diced 11/2 cups water
m rp

4 ounces shiitake 1 tablespoon red- 2 large eggs


Few foods on earth
are as undeniably 1. Add stock to a medium mering, 3-4 minutes. Reduce
saucepan over medium heat, heat to maintain a bare simmer.
appealing as a and bring to a simmer. Add Crack each egg into a small
co Fo

warm and brothy oats and simmer, partially cov- bowl and gently tip into sauce-
ered, stirring occasionally, until pan. Turn heat off and cover.
porridge. oats are thick and creamy but Let eggs cook until whites are
still hold their shape, about firm and yolk is still soft, about
30 minutes. 4 minutes. Use a slotted spoon
folds Dungeness crab meat 2. Meanwhile, in a medium skil- to lift egg from water and
and carrot-lemongrass sauce let, heat olive oil over medium transfer to a plate.
into a creamy broken-rice ce- heat until shimmering. Add 4. To serve, divide oats be-
real for a winter starter. mushrooms and fennel and tween 2 bowls. Spoon mush-
Savory broken-rice por- cook until soft and golden, rooms and fennel over porridge
ridges known as congees or about 10 minutes. Stir in vine- and top each bowl with a
jooks (among many names) gar. Season with salt and pep- poached egg. Season with salt
have long been a dietary sta- per to taste. Remove from heat. and pepper to taste.
n-

ple throughout Asia, and 3. In a small saucepan, heat —Adapted from Jesse Schenker
chefs at restaurants all over water over high heat until sim- of 2 Spring, Oyster Bay, N.Y.
the American culinary spec-
trum have taken particular
no

inspiration from that tradi-


tion. In Cambridge, Mass.,
Barley Porridge With Chanterelles, Baby Onions and Pork
TOTAL TIME: 40 minutes SERVES: 4 CRAFTED
BY
Tracy Chang updates her
3 cup pearl barley
2/
grandmother’s congee with
local grains at her Japanese 2 cups chicken stock or
tapas restaurant, Pagu. At
Blackbird in Chicago, Ryan
water
1 cup beer MASTER
KNIFE
Pfeiffer includes a lobster 1¼ teaspoons flaky sea
congee with trout roe, lime, salt, plus more for
and chestnut broth as a seasoning
course on his $125 tasting
menu. Jenn Louis sometimes
1/
3 cup grated hard cheese

such as aged Gouda or MAKERS


SINCE
serves savory porridges at Grana Padano
Ray, her Israeli-inspired res- 2 tablespoons unsalted
taurant in Portland, Ore., and butter
she includes a Thai-style co-
conut-milk rice congee in her
latest cookbook, “The Book
4 pearl onions, quartered
3 tablespoons water
Freshly ground black
1814.
of Greens.” pepper CLASSIC
The surge of interest fits 1 tablespoon extra-virgin
7" Nakiri
into a broad dietary trend olive oil
embracing fiber- and antioxi- 2 pork sausages, casings Sale: $79.99
dant-loaded whole grains. removed Thru: 1/31/18
Think of these porridges as 3½ ounces chanterelle or
soupy cousins to the more maitake mushrooms,
salady grain bowls that have cleaned and trimmed
become a staple of better- 2 tablespoons apple cider
for-you cafés and fast-casual vinegar
menus. Chopped flat-leaf parsley,
Jesse Schenker, chef-part- for garnish
ner of 2 Spring in Oyster Bay,
New York, further situates 1. In a food processor or 3. While porridge cooks, in a rooms to saucepan with onions.
the porridge trend within blender, pulse the pearl barley small saucepan over medium Cook, stirring, until well com-
what he sees as a prevailing just until grains are reduced in heat, combine onions, 1 table- bined, 1 minute. Season with
appetite for simple foods. size by a quarter to a half. spoon butter and water. Season vinegar, salt and pepper to
“It’s becoming glaringly obvi- 2. In a large saucepan over high with salt and pepper. Cook until taste.
ous to me that what sells is heat, combine chicken stock, onions are tender, 4-5 minutes. 5. To serve, divide porridge
really good French fries, beer and salt, and bring to a 4. Heat olive oil in a medium evenly among 4 bowls. Spoon
great pasta, pieces of good boil. Add barley. Reduce heat to skillet over medium-high heat. sausage and pork mixture over
fish, pot pies and grain medium and simmer, stirring Add sausage, breaking up meat porridge and top with chopped
dishes,” he said. “Trying to occasionally, until thick and into small pieces with a wooden parsley. Sprinkle flaky salt over
do more with humble ingre- creamy, about 40 minutes. Add spoon. Add mushrooms and top to finish.
dients like oats has really grated cheese and 1 tablespoon cook until browned, 3-4 min- —Adapted from “The Nordic
worked for me.” butter, and stir until smooth. utes. Add sausage and mush- Kitchen” by Claus Meyer
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING


What’s Fading,
What’s Flourishing
RIP the white kitchen? Make way for metals you want to look
unpolished? We polled over 100 design pros for predictions
on what’s trending and ending in 2018. Here’s the consensus

OUT IN

Literal Nature Distilled Flora and Fauna


“Predictable [floral] prints and repeats don’t Meanwhile, abstractions of nature are heat-
add any excitement to upholstery, but they ing up. “Nature will always fascinate,” Mr.
were very popular with the maximalist trend Dunn observed, “and bio-mimicry is an intui-
last year,” said New York textile designer Mi- tive next step in bringing the outdoors inside in
chele Dopp of the bold botanicals that got an abstract and visceral way.” Rebecca At-
tangled into the more-is-more aesthetic. wood’s Blooms Wallpaper, at right, exemplifies
Rhode Island furniture and lighting de- the trend, evoking nature with randomly scat-
signer Asher Dunn said of classic, tered biomorphic shapes. “An all-over organic
chintz applications, “I actually have very approach to pattern feels more honest than
fond memories of the traditional floral rigid patterns that you can see stop and start,”
upholstery in my grandparents’ home, but said Ms. Dopp, who took a cue from stone
florals have run their course.” veining for one of her recent textile designs.

Moody Gray Hues Earthy Pastels


“It’s like ‘Fifty Shades of Grey’ in a lot of “This year will bring more soft pastels, gentle
Pinterest images,” lamented Boston designer colors that appear in nature, and oak-hued wood
Erin Gates of the smoky-colored paint phase finishes,” predicted New York Designer Ámbar
that once seemed cool. “Without any con- Margarida. Fellow New York designer Ghislaine

.
trast, gray can feel tired and uninspiring,” Viñas pointed out that these pastels aren’t pure

ly
cautioned Johanna Uurasjarvi, creative di- but rather have been muddied with earthier tones
rector at West Elm. “We’re long overdue for in the mixing process—see Benjamin Moore’s Silver
the return of color in décor.” But will the drab Marlin and Farrow and Ball’s Cinder Rose and
habit be hard to quit? “The only gray we see
on Cooking Apple Green, shown right. “We’ll see mint
standing the test of time is very subtle,” said East greens mixed in with jades and sages and other
Hampton architect Erica Broberg Smith: “Off white with a combinations working off some very grounded
tinge of cool gray will outlast the dark and heavy trend.” mustard tones,” she added.
us l,

Perfect Posturing Not Broken, Just Bent


al a
e
So long, strict linearity. “There’s an uncom- “Curvy is a natural expression of maximalism: luscious
fortable neatness that comes with hard spaces, unabashed layering and sensuous shapes,” said Anna
ci on

lines that people are opting away Brockway, co-founder of design site
from these days,” said New York Chairish, which predicted rounded fur-
designer Tina Ramchandani, in- nishings for 2018. Soft lines, like those in
voking the boxiness of Midcentury this swerve-legged desk by Marmol
Modern credenzas as well as sofas Radziner for McGuire, out this spring,
er rs

with rigid cushions and unbending “feel more fluid and casual,” said Ms.
arms. “Everyone used to show off Ramchandani, who finds herself inspired
their overly formal living room with lately by Vladimir Kagan’s curvaceous so-
stringently shaped furniture that no one ever sat in. Now fas. “U-shaped chairs, for example, hug you, creating a cozier,
m e

people think of that as unwelcoming and outdated.” more inviting space,” added Houston designer Nina Magon.
m rp

High-Polish Hardware Tarnish Appreciation


Spit-shined drawer pulls, faucets, and even sinks are “For a more relaxed, residential environment, we lean
starting to look like glaring mistakes. “Slick metals toward living metals that show someone actually lives in
seem as though they belong in a diner with bad vinyl the home,” said Mr. Savage of finishes that develop char-
co Fo

furniture,” said Nashville designer Jonathan Savage of acter over time, like these unlacquered-brass shower con-
treated metals such as chrome and titanium, which re- trols by Waterworks. Pale composite white bronze, which
main impersonal and pristine no matter how often they also patinates, is seeing more use. “It’s richer and more
are touched. “Rose gold faucets and shiny copper can substantial than nickel,” said New York designer Alan Tank-
also read as cheap and trendy,” warned Boston’s Ms. sley. The au courant will say goodbye to stainless steel
Gates. “Anything that looks bright and new and like it kitchen sinks and choose living metals such as copper, said
was mass produced in China yesterday is something San Francisco designer Grant Gibson. “There’s something
we run away from,” said interior designer Chad nostalgic about metals that have warmth and evolve with
James, also of Nashville. the oils of someone’s hands,” added Mr. James.
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY AMY WILSON (ARRANGEMENT); © DAVID HOCKNEY, PHOTO: © TATE, LONDON 2017 (INSPIRATION)

Lab-Like Kitchens Pigmented Pantries


Many of the designers we surveyed forecast a 2018 “For 2018 we can expect to see an increase of color in
n-

expiration date for kitchens that resemble forensic labs, kitchen designs, from the cabinetry to the sink
heavy on stainless steel, gray or—the most overplayed materials,” said Houston’s Nina Magon, who foresees ba-
tone—white. “I feel like white kitchens are so expected sins in granite and concrete as well as copper. U.S. com-
these days that we’re just tired of seeing them,” said panies are offering exuberantly toned enamel stoves,
no

Dallas interior designer Jean Liu. “They can also be which have long warmed French and English kitchens. Vi-
scary, especially for families with children. From counter king, the maker of the stove in this Colorado kitchen by
tops to cabinets, keeping them clean is a challenge.” designer Thom Filicia, offers ranges in apple red, cobalt
Conceded North Carolina designer MA Allen: “The all- blue and Bordeaux. BlueStar offers appliances in 750 color
white kitchen is such a classic, it’s hard to say it’s options. “Kitchens are treated more like living and dining
reached its peak, but in 2018 I think people will want a rooms,” said New York designer Vanessa Deleon. Their
more unique look of their own.” design is following the general wave of layered eclecticism.

F. MARTIN RAMIN/THE WALL STREET JOURNAL (FABRIC, WALLPAPER, PAINT, PLANT); ERIC PIASECKI/OTTO (“IN” KITCHEN); GETTY IMAGES (“OUT” KITCHEN)

FLOWER SCHOOL

TOGETHER ALONE
Floral designer Lindsey Taylor riffs on the alienation in a David Hockney portrait
WHAT BETTER way to shapes and hues: tur-
cleanse the spirit for a new quoise, teal, green
year than the roomfuls of col- and a white round
orful work by British artist vase that resembled
David Hockney at New York’s the phone on the
Metropolitan Museum of Art floor. I cut a few
(until Feb. 25)? As the jump- white lilies to mimic
ing-off point for this month’s those in the painting.
arrangement, I chose “Mr and I cut two more short
Mrs Clark and Percy” and turned them
(1970-71), one of his early away, a stand-in for THE INSPIRATION
double portraits. It depicts, in Percy, who gazes in-
the intimacy of their London differently out the White lilies turned away suggest the
bedroom, Mr. Hockney’s window. A delightful aloof kitty in David Hockney’s ‘Mr and
newly married friends, fash- mix of yellow, fuchsia Mrs Clark and Percy’ (1970-71).
ion designer Ossie Clark and and red tulips, deli-
textile designer Celia Birtwell, cate, busy yellow mi- Vessels, designer’s own
with Percy, their cat mosa and branches of
The couple and even Percy, magenta beautyberry mingle hair and judging eyes.
though ostensibly relating to to represent blond Celia and On the surface, this vivid
each other, struck me as curi- her dress. The green ceramic, painting conveys peace, but
ously isolated. To express a nod to Ossie’s clothes, hold beneath, it explores the hu-
that, I gathered ceramic ves- flesh-colored anemones, their man condition: Even together,
sels of varying heights, dark centers alluding to his we are alone. THE ARRANGEMENT
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | D7

ADVENTURE & TRAVEL


That Touch
of Minca
Off-limits during Colombia’s long-running
guerrilla conflict, this bohemian mountain
town now specializes in soft adventure
galows and artsy guesthouses
BY GABRIELLE LIPTON
line the dirt roads. In be-

J
tween the stalls predictably
ONI MITCHELL‘s selling fried empanadas and
“Both Sides Now” packaged ice cream cones,
played in my head new shops and cafes stock
as I watched the fresh baguettes, cannabis-in-
sunset from the fused massage oils and home-
Cerro Kennedy peak in Co- made passion fruit liqueur.
lombia’s Sierra Nevada The town can be traversed
range. From one side of the in about 10 minutes, but the
mountaintop, I could see the network of trails threading its
coastal cities of Santa Marta edges buzz from dawn until
and Barranquilla some dusk with hikers who come
10,000 feet below, their or- here to explore the jungle’s
ange lights blinking along waterfalls and lookout points
the Caribbean Sea. From the and stop at fincas (farms) for
other, I saw clouds spiraling exceptional coffee and tama-
through the snow-capped les along the way. Those
ridges like a pinched can- who’d rather not go by foot
dle’s smoke. can sign up for vehicle tours:
The view was well-earned: motorcycles and boxy Land
My friend and I spent seven Cruisers totter down muddy
hours hiking up to the peak mountain roads, taking travel-
from Minca, a small mountain ers into the El Dorado Bird
town that serves as a gateway Reserve, home to 300 aviary

.
to the Sierra Nevada. We species and one of Colombia’s

ly
could have hired motorcycles most diverse ecosystems.
(with drivers) to chauffeur us At this rate, some say that
up and back down, but that Minca is shaping up to be
would have meant speeding the next Ubud in Bali or Tu- on
past the dozen or so water- lum on Mexico’s Yucatán
falls pouring down through Peninsula—a modern bohe-
the jungle and the orange- mia for travelers who like to
us l,

blossomed trees vibrating caption their sunrise photos


with thousands of butterflies. with yoga mantras and cap

DANIEL DOMINGUEZ WETTER (3); MAP BY JASON LEE


Besides, the gentle ascent and their sunsets with moderate
al a
e
lack of cell service made the partying. Last year, the Co-
lombian government funded
ci on

the paving of the road up to


Minca is shaping up Minca from Santa Marta—a
historic coastal city—slash-
as a modern bohemia ing the drive from a few
for travelers who cap hours to 45 minutes. Yet, at
er rs

the ribbon-cutting, President


their sunsets with Juan Manuel Santos named
moderate partying. Minca the “ecological capi-
tal” of the Magdalena region.
m e

Local officials tout a long list


long walk meditative. That of sustainability require- LUSH LIFE From top: A
m rp

night we bunked down at the ments for hotels and guest- hacienda in Colombia’s Sierra
bare-bones guesthouse at the houses and government Nevada range near Minca; the
peak and woke to a sunrise funding for local conserva- dining area at Casa Viejas, set
just as captivating. tions efforts. Both residents on a historic coffee farm.
Eleven years ago, we and authorities repeatedly
co Fo

wouldn’t have been able to cite the importance of slow from Bogotá. Mr. Echeverri
get up there at all. From the and careful growth rather moved to Minca in 2014 to
mid-1990s to 2006, Minca and than rapid expansion. Even found the craft brewery Ne-
its surrounds were a base and so, after just a few days in vada Cerveceria, which occu-
battleground for the Revolu- Minca, I sensed that the pies an old Catholic church on
tionary Armed Forces of Co- town might already be the 125-year-old organic cof-
lombia (FARC) during the stretching at its sides. fee finca La Victoria. Inside
country’s long-running civil On a sunny morning, I took the brewery, a statue of the
conflict. Over the last decade, a run down a small road, Virgin Mary still stands be-
a Colombian military offen- sharing it with home builders hind the metal casks holding
sive led to peace talks with on horseback carrying wood Mr. Echeverri’s three types of
FARC, and an accord in 2016 to their projects, then went to beers. Each one is named af-
has cultivated a new calm in buy some fruit. As I rifled ter a local species, such as the
n-

this corner of Colombia. Yet through a crate of banana Happy Coca pale ale brewed
Minca seems to have slipped bunches, a young man doing with (nonnarcotic) coca
onto the tourist map only the same asked me about my leaves, a tradition carried on concrete floors are made
within the last two years. plans for the day, later reveal- from the finca’s original own- from riverbed sand, the
no

Venturing into the Sierra


Nevada has long been diffi-
ing he was a guide. “And
you’re not going to offer to
ers who used coca for bitter-
ness in lieu of hops. It’s a
walls fashioned out of repur-
posed wood and cane and OUT WITH THE COLD
cult. Some parts are still dan- guide me?” I joked. “Not to- small operation, producing the gardens kept lush and In with the blue.
gerous (armed groups con- day—I’m going that way,” he around 120,000 bottles a year, wild. The shared rooms offer
tinue to occupy some areas), answered, pointing to a part but known as some of Colom- white hammocks comfortable
while others require permis- of the jungle to which no bia’s best beer. enough for sleeping or twin
sion from indigenous groups roads led. “I heard about Following the stream up- beds draped in mosquito
that often deny it to anyone some new waterfalls, and I’m ward through the finca leads nets, while private quarters
except accredited research- going to go try to find them. to Casa Viejas, a surprisingly come with natural-stone
ers. But Minca, set in the The ones around here are al- chic lodge that makes a per- bathrooms and, most unex-
foothills of the range, makes ready too crowded.” suasive argument for green pectedly, toile comforters—a
an increasingly comfortable Among the locals who wel- living. Less than a year old, reminder, along with the de-
base for forays into the come the tourist boom is Lu- it feels much older and cent wine list, that the three
mountains. In town, a grow- cas Echeverri, a former tele- blends in deliberately with owners are French.
ing number of gardened bun- communications executive the mountain scenery. The Charline Prioult, one of
the owners and a former en-
gineer from Brittany, walked
THE LOWDOWN // PEACE, QUIET AND COFFEE IN COLOMBIA’S SIERRA NEVADA me around the property one
morning, brainstorming
Car
aribbe
ibb an
ibbe taxi for the 45-minute dirt road much closer hikes, head to La Miga about building a sauna and
Sea Santa Marta
drive up to Minca. to town, and offers Panaderia bakery and massage hut. “We came to Elevate the everyday with a champagne check-in,
Minca
polished-concrete min- cafe. Carrera 66; Colombia two years ago and Forbes Five-Star Eau Spa and no resort fee.
Cartagena
Staying There On the imalism and private 57-322-5008993. Fol- stayed in Minca for three
COLOMBIA upper edge of the cof- trails leading to water- low a tour of one of months looking for a spot
Detail fee finca La Victoria falls. From $55, min- Colombia’s oldest run- with water, electricity and a
4TH NIGHT FREE*
just outside Minca, the casweetharmony.com. ning coffee factories at view,” she said. “We heard a *Subject to availability, blackout dates apply. Valid January 1 - 31st, 2018.
new Casa Viejas offers Finca La Victoria, with lot of stories from when the
the nicest rooms Eating There For a meal at El Bistro de FARC were here. Now people FOR RESERVATIONS CALL 844 207 9103
Getting There Santa around, along with warm chocolate break- la Victoria and a beer are really happy to help with OR YOUR TRAVEL PROFESSIONAL .

Marta’s Simon Bolívar views of the moun- fast bread and hearty at Nevada Cerveceria. tourism. But it needs to be
International Airport of- tains down to the sandwiches to take on 57-321-8150662. controlled. Minca is a sacred
fers flights to and from ocean, hiking trails and place. We need to preserve
Bogotá and Medellín. bird watching tours. It it.”
Or, from Cartagena, is, however, a half-hour That evening, I made my
head east to Santa hike uphill from way to the sunset lookout
Marta via any one of Minca’s center, so if point a short climb up from
the four-hour buses you’d rather not walk, Casa Viejas. As I meandered
from the Cartagena Bus you’ll need to hitch a up a winding dirt road, a dark
Terminal (approximately ride on the back of fog set in. Fireflies appeared
$15). With its handful one of the motorcycle- by the hundreds, stringing
of cultural attractions, taxis. From $45 a the air with flickering lights.
100 SOUTH OCEAN BLVD. MANALAPAN FL 33462
Santa Marta is worth a night, www.casaviejas- It was even better than the
#EAUMOMENTS EAUPALMBEACH.COM
day or two of explora- minca.com. Sweet Har- sunset—and no seven-hour
tion. From there, hire a mony is set back on a A coffee roaster at Finca La Victoria. hike required.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL


TRAVELERS TALE NOVELIST LYNN FREED ON HER FIRST WILDLIFE OUTING IN SOUTH AFRICA

A Too-Close Encounter on an African Safari


I CAN NEVER WATCH a nature hardly breathing. The radio crack-
show without thinking: Everybody’s led on. The other guides were too
somebody’s lunch. And every time it far away to help, it seemed. So
occurs to me, I find myself glad not there we were with the night
to have to spend my life avoiding be- noises of the bush, a huff from the
ing gobbled up by something higher lion down on the riverbed, the arc
on the food chain. of the spotter’s light, left to right.
The closest I’ve come to being And then suddenly, without
eaten was on my first trip into the warning, the guide reached for the
African bush. Even as a child in key again and the engine roared to
South Africa, I had never seen ani- life. Instantly, the lionesses were
mals in the wild. My parents went; up, but this time he didn’t back
we stayed behind. But now, de- down. Still holding the rifle, he
cades on, here I was at last. gunned the engine and plunged us
We were seven in the Land precipitously down the river bank,
Rover: the guide and I in front, my down toward the lion. Before we
sister and brother-in-law behind reached him, the Land Rover
me, and, on a raised bench at the swerved left and roared up the riv-
back, an Israeli paratrooper and
his wife. On a platform behind
them sat the African game spotter.
It was late afternoon and the sun He unsnapped the rifle.
was about to sink. The African sun The lionesses were up in a
does not subside gently through a
dramatic sunset; it simply plunges flash. ‘We’re surrounded.’
to the horizon in about 30 min-
utes, sending the world quite
quickly from light to dark. erbed. No one looked back to see if
It was during those 30 minutes the lions were chasing us. And no
that we were parked on a high river one spoke, not even me.

PING ZHU
bank, watching a lion and two lion- Not until we were safely back
esses roll around on the dry river- at the camp, showered and
bed. All afternoon we’d been driving changed and sitting around the

.
around in search of game, but had ing much. spotter turned on his flashlight. In gine came to life, both lionesses fire as the guide took orders for

ly
seen little more than a few spring- I looked back at my sister. She its beam her eyes seemed to catch were up in a flash. So, he switched drinks, did the Israeli paratrooper
bok and some birds—no sign until was an old hand at the bush. She’d fire. She loped casually toward the it off again, reached for the walkie- speak for the first time. “I have
now of any of the Big Five (lion, paddled down the Zambezi in a ca- river bank, and then was up it in a talkie and pressed the button. “Ons landed behind enemy lines,” he
leopard, rhinoceros, elephant, Cape noe, slept in tents, gone on bush
on few leaps, stopping at the top to is omring. Waar is jy?” This, too, we said, “I have hidden all night in a
buffalo), the Mona Lisas and Last treks. I’d done none of this. In my look around, about 20 feet away. could understand: “We’re sur- tree. But never until now have I
Suppers of the bush. 15 years in America I’d seen noth- The other lioness followed, leap- rounded. Where are you?” known such fear.”
We sat in silence, watching the ing more menacing than a small ing the bank and settling herself “If one of them jumps, you duck “Agh no,” said the guide, flash-
us l,

trio laze in the last of the sun. Be- black bear. And so, until now, I’d on the other side of us. Then both, and I’ll cover you,” my brother-in- ing me a look that clearly said,
lieve me, it can be boring watching never really experienced the bore- as if in a ballet, sank to a crouch. law said to my sister. “And me?” I You keep out of this—my job is on
animals not eating each other. One dom of the wild except in the 8mm “Uma eqa, ngizomshaya,” the said to the guide, “What do I do?” the line. “Those lions were only
al a
e
forgets that they have to eat at all, cinés my father had taken—lion, spotter said softly. I looked back at All we could see as the flash- bluffing. They don’t go for human
or what, or whom. “How long are leopard, rhinoceros—mostly out of my sister. We understood some light swung from one side to the flesh.”
ci on

we going to stay here?” I said to focus, and, very occasionally, a Zulu. “Shaya” means “hit.” “What’s other were two pairs of yellow
the guide. He clenched his jaw. His chase, a kill. going on?” I said to the guide. eyes, one left, one right. The lion- Ms. Freed is the author, most
job was to delight us, this much I The light was almost gone, Slowly, he unsnapped the rifle esses were down in the crouch recently, of “The Last Laugh”
had gathered. Still, it really was casting the world in silhouette. from the dash. Holding it ready again. “You must shut up!” the (Farrar, Straus & Giroux) and “The
boring sitting there in the chilly One of the lionesses stood up, with one hand, he turned the key guide hissed. Romance of Elsewhere: Essays”
er rs

gloom, watching lions doing noth- stretched, glancing toward us. The with the other. As soon as the en- I shrank as low as I could go, (Counterpoint Press).
m e
m rp
co Fo
n-
no
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 6 - 7, 2018 | D9

GEAR & GADGETS

Let the
Games Begin
’New Year, new you’? Cue eye roll. Boring
workouts wear thin by February, but these playful
new classes—injected with competition—will
bolster your resolutions

JOEY GUIDONE; BROOKLYN BOULDERS (CLIMBER)


.
ly
on
us l,

made me want to work out more, the chance to race competitive even more appealing when you forward to. And it seems the trend
BY EMILY ABBATE
and I never sat in the room won- classmates and best personal re- consider that about 92% of people isn’t about to exhaust itself any-
dering how much time is left until cords in treadmill sprints. Between never see their New Year’s resolu- time soon. According to a review
al a
e
IMPATIENT TO ESCAPE a mundane this is over.” intervals, members steal glances at tions through according to re- by Brigham Young University,
exercise routine of running, Andrew While hitting the “dreadmill” an overhead leaderboard as it con- search from the University of more health apps than ever in the
ci on

Feigelman stepped into Throwback alone or listening to the same stantly updates their “splat Scranton, while gyms continue to Apple store offer elements of play.
Fitness in Midtown Manhattan, a pumped-up Spin class instructor points”—earned by spending time make millions off those who sign Take Spar, an app that lets users
retro gym that aims to make work- yodel commands over Beyonce in the heart rate zone where the up in January, go twice and never challenge friends to athletic feats
outs a game—and felt like he was loses its charm over time, turning most calories are burned. return. for a pot of cash; winner takes all.
stepping back through time. Be- fitness into a competitive game That desire for competition “Competition shifts the main As bored fitness seekers con-
er rs

neath a poster of Schwarzenegger helps ensure no two workouts are with a side of sweat can make you objective from the more obscure tinue to patronize boutique stu-
hulking out in his ’80s action-star alike. Injecting your exercise with work harder to attain an ever- goal of general fitness to a simple dios to get their play fix, demand
prime and Ferris Bueller in full re- an element of play might help you evolving set of goals. In 2016, re- one: Get more points now,” said for instructors is growing. Throw-
cline, the New York native was pursue your passionate 2018 New searchers from the University of Dr. Don Vaughn, a neuroscience back co-founders Ryan Wilke and
m e

greeted by a trainer decked out like Year’s fitness resolution be- Pennsylvania found that contests postdoctoral fellow at UCLA. Gami- Brian Gallagher recently partnered
yond...tomorrow. encourage a higher participation fication helps us transcend our with the National Academy of
m rp

“Adults need playtime, too,” rate than solo pursuits, where “impatient biology,” Dr. Vaughn Sports Medicine to create a certifi-
said Dr. Bonnie Marks, a psycholo- your only companion is a smart- said, by giving us short-term cation course for anyone hoping to
‘Adults need playtime, too. gist at NYU Langone Health. “The watch indifferently blinking out highs—win or lose—that keep us teach Throwback’s method—one
Finding those slices of joy kind of intensity that these classes your stats. In an 11-week study of motivated and determined to that hasn’t yet gotten old for Mr.
offer gets your endorphins going. nearly 800 people, those moti- chase long-term fitness goals. Feigelman. “The class helped peo-
is what’s important.’
co Fo

And as a result, they can help re- vated by competitive classes exer- Gaming your workouts can ple bond while working as hard as
duce stress, lower blood pressure cised 90% more than those sweat- make them feel less like a chore possible,” he said. “That’s what
and potentially reduce your risk ing it out alone. Such classes seem and more like something to look kept me going back for more.”
a junior high Phys Ed. coach: crew for heart disease. Finding those
cut, high socks, varsity tee, whistle slices of joy is what’s important.”
around his neck. Pop music blared About 50 blocks and a genera- MAKING FUN OF FITNESS // WORKOUTS THAT EXEMPLIFY THE ‘GAMIFICATION’ TREND
as Mr. Feigelman, 31, was intro- tion away from Throwback’s ana-
duced to intense variations on relay log workouts, the recreation cen- Brooklyn Boulders LazRfit SoccerShape
races, basketball and dodgeball in- ter Asphalt Green offers “AG6,” a New York Los Angeles Miami
spired by the days of recess past. heart-pumping, high-tech experi- Augmented reality This laser-tag-in- Founded by soccer
The sweat session culminated in ence with stations designed to and indoor climbing spired class starts pros, this class com-
an unconventional game of basket- make participants feel immersed are married in an ex- with a dynamic bines strength train-
ball. Divided into two teams, play- in a videogame. Under blacklight, perience called Time warm-up followed by ing and cardio with
n-

ers earned a shot on their oppo- Spandex-clad weekend warriors Trial, in which chal- two rounds of play. fun, challenging drills.
nents’s basket only by completing high-five, stomp and slam medi- lengers chalk up, Class-goers wear Leave your shin
a quick circuit of push-ups, sit-ups cine balls against glowing dots as jump on the wall, and special vests and guards at home and
and mountain climbers. The 45- they move across a life-size game aim to beat the clock guns while weaving prepare to get
no

minute workout left Mr. Feigelman board, advancing from one exer- as they slap virtual between wooden ob- sweaty—most
gassed—and his team victorious. cise to the next. targets on their way stacles and exploiting classes are held out-
“I was sore for days,” he said, And at more than 500 locations to the top. $32/day hiding spots in pur- side at local Miami
masochistically content. “The ac- across the country, running fanatics pass, brooklynboul- suit of one another. parks and beaches.
tual workout was fun. The games can jog into an OrangeTheory for ders.com $29/class, lazrfit.com $20, soccershape.org The incline at Brooklyn Boulders.

TECH NOSTALGIA

impossibly sturdy compact with a just cool. If you’re going to wear a

FLASHBACK fixed-length 28mm lens. It had no


zoom, no frills, no laissez-faire
camera around your neck, after all,
it might as well be handsome.
“point and shoot” mode that leaves But the X100F is more than that.
New fixed-lens cameras recall the simple charmers of the past it up to the camera to figure things As I played with it, quickly snap-
out. A fixed lens forces you to be in- ping photos that got the most out
tentional—to move in to capture of it, the camera became second na-
what you want. ture. Every knob and dial clicked
My mom took it everywhere, noisily into place, a sign that it had
from the Loire Valley of France, to done its job. Manual focus and ap-
THEN NOW Skid Row in downtown Los Angeles, erture rings offered total control,
shooting sharp, gorgeous images of while auto mode was equally satis-
châteaux and vagrants. It was all fying when I felt too lazy to live in
the camera she ever needed until it the past. The Acros mode success-
stopped working. “I thought it fully simulated the richness of
F. MARTIN RAMIN/ THE WALL STREET JOURNAL

was special,” she told me. I kept black-and-white film and the 35mm
it on a shelf and always consid- view made me more thoughtful
ered getting it fixed, but it about compositions.
seemed like too much effort. After carrying it for a full day,
Then I didn’t have to. Leg- from home to a museum and finally
endary brands like Leica, Olym- a neighborhood cocktail bar where I
pus, and Pentax have now released kneeled on the hardwood floor to
SHOOTOUT How does a state-of-the-art digital cameras that overtly recall snap an insanely cute pit bull
Fujifilm X100F (right) stack up against their analog ancestors—both in named Pat Benatar (studded collar
mom’s 1970s-era Olympus Pen? solid design and the way they work. and all), I had trouble putting it
Of these, the Fujifilm X100F, the lat- down. Given its limitations, the
est iteration in a cultishly beloved X100F is not for everyone. But for a
MODERN CAMERAS, data storage The digital age has spoiled us to overnight. Still, my best pictures series, caught my eye. Like my certain kind of person who wants to
and software allow you to immor- the point that the options seem are almost always those taken using mom’s Pen, it’s built like a tank— do one thing exactly right, while
talize pretty much any situation in overwhelming. A versatile single- the simplest, most practical means, substantial in the hand but slim still exploiting the convenience of
any configuration, nearly infinitely. lens reflex (SLR) camera with an ar- something that dates back to my enough to fit in a pocket. Its gleam- digital, it’s nearly perfect. It’s all the
Even the pros didn’t have all that senal of lenses is downright afford- childhood when my mom gave me ing silver magnesium-alloy body camera I need. $1,299, fujifilm.com
20 years ago. able, turning everyone into an ace her 1970s Olympus Pen—a sleek, with a black, finely textured grip is —Paul Schrodt
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, January 6 - 7, 2018 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS


POWERED UP, GOING
NOWHERE America’s top-
selling plug-in hybrid can
only travel about 25 miles on
battery-power alone.

TOYOTA
RUMBLE SEAT DAN NEIL

2017 Prius Prime: The 3,375 Pound Weakling

.
ly
DID MOZART ever write a allows them to drive some or all of
on Consider the case of Chevrolet’s ful in the eyes of the wind tunnel. it couldn’t have a bigger battery?
clunker? Did Jerry Rice ever drop their commutes on electric power; Volt and Bolt: The former, a beau- Following the laminar flow across That way the car could provide
a pass? Of course they did and, by should the day take them further, tifully engineered PHEV sedan the roof, we encounter the Prius limited all-electric range and only
the way, Mozart was absolute crap the gas-powered engine can take with real-car performance and a Prime’s signal flourish: the con- then, if necessary, turn on the gas.
us l,

on crossing routes. over. No range anxiety. practical EV range of 53 miles, has toured glass in the hatch flaring to Ron Gremban, of the advocacy
Likewise, Toyota has a glorious But the best use of these ma- sustained respectable sales since meet the curved wing of the deck- group CalCars, built the first
history of car design in which the chines depends on the human 2011, despite historically low gas lid spoiler/tail-light assembly, en- proof-of-concept Prius PHEV con-
al a
e
Prius Prime ($34,189, as tested) equation. With the Prime that prices. But as soon as the all-elec- crusted with ruby LED’s. It all con- version in 2004 using technology
plays no part. This plug-in version meant faithful, once or even twice- tric Chevy Bolt (238 miles range) tributes to the Prius Prime’s from EnergyCS in Monrovia, Ca.
ci on

of the beloved Prius hybrid has a daily charging at my Level 2 home hit showrooms in 2017, it started excellent 0.25 coefficient of drag. Toyota’s engineers (and law-
Samsonite-sized battery tucked in charger (about 2 hours at 240V) in devouring Volt sales. In November The other side of my brain can’t yers) weren’t amused by people
its bum, which allows it to move order to keep it in its electric Bolt outsold Volt nearly 2-to-1. believe what I’m thinking. What a hacking the Prius, I recall, and
on electrons alone for up to 25 happy place. Sure, within this The Chevy case should worry scow. The Prime looks like erotic were dismissive of PHEV technol-
miles before it must summon the carmakers counting on PHEVs to disappointment in gel-cap form. ogy. The company argued that the
er rs

chthonic forces of its 1.8-liter, 95- ease or delay their transition to To its credit, Toyota never re- return on investment wasn’t there,
hp inline four. electrification. If consumers have a ally wanted to build a plug-in given the added cost, complication
That makes the Prius Prime a The Prime’s problem is better option, they will take it. Prius. This story goes back to and weight, all to eke out a few
plug-in hybrid electric vehicle, or fundamentally one of The Prime’s problem is funda- 2003 and the release of its second- miles of EV range that would
m e

PHEV, like the Chevrolet Volt, ex- mentally one of packaging, which generation Prius, the hybrid that never pay for itself. The Prius was
cept that the Toyota isn’t a patch packaging, which is a pretty is a pretty way to say the battery changed the world. It was so good, already remarkably efficient.
m rp

on the Chevy. Let me count the way to say the battery is too is too small to do any good. The the hybrid mechanism so robust, The Prime only proves how
ways: The Prime has only four Prime, like its siblings, is built on that EV enthusiasts wondered why right they were.
seats to the Volt’s five; the Volt is small to do any good. Toyota’s New Generation Vehicle
peppy and fun to drive, while the Architecture rather than a dedi-
Prime feels like it’s towing Noah’s cated platform. This cost-saving
co Fo

Ark; and, critically, the Prime’s all- brief, blessed window, the Prime is decision constrained the space and
electric range is less than half that extremely efficient, with an EPA- configuration available to the bat-
of the Volt—my observed average rated fuel economy of 133 mpg-e teries. As it is, the Prime’s lithium-
was closer to 16 miles. (gas and electric equivalent). But ion pack consumes nearly 5 more
Toyota took a halfhearted swing beyond these easily exceeded lim- cubic feet of cargo space than a
at PHEV with its previous genera- its, it reverts to just another Prius, standard Prius, as well as the rear-
tion Prius, using a barely-there 4.4 albeit one lugging around 300 center seat position.
kWh battery providing an official pounds of dead weight. In a 3,375-pound car (300
range of 11 miles. The 2017 Prius Five years ago, I regarded the pounds more than standard Prius)
Prime, with a new name to go with frequent charging required by that juice doesn’t take you very far
its bad-acid styling, roughly dou- PHEVs to be a reasonable expecta- or very fast. In EV mode the Prime
bles those capacities, and yet it’s tion of consumer behavior. But af- accelerates to 60 mph in a shock-
nowhere near enough. From its ter testing a dozen plug-in-capable ingly deliberate 12 seconds. In hy-
n-

torpid performance to its fretful cars I realize how easy it is to fall brid mode (121 hp system net), it’s
user experience—watching your behind on charging and how both- a bit quicker—10.2 seconds. These
EV range evaporate like spilled ersome it can be. In my experience full-throttle exertions fill the cabin
ether anytime you touch the accel- the threshold of aggravation is with the keening of engine, mo- 2017 TOYOTA PRIUS PRIME ADVANCED
no

erator—the Prime seems to be less around 40 miles of EV range. In tors, transmission and power elec-
an endorsement of PHEV than a cars with less EV range—like that trics, a chamber orchestra of me-
repudiation. BMW i8—I experience a microcos- chanical lament. Oof. That will Base Price $27,995 System Net Power 121 hp
What follows represents a mic version of range anxiety. lighten your foot. Price, as Tested $34,189 Length/Width/Height/Wheelbase
change of heart: Being an advocate Moreover, this complicated But you’re probably wondering Powertrain Gas-electric hybrid sys- 182.9/69.3/57.9/106.3 inches
for vehicle electrification, I have technology—requiring not one but about the styling. Yeah. One hemi- tem: naturally aspirated 1.8-liter Curb Weight 3,375
regarded PHEV to be practical two power sources on board, gas sphere of my brain celebrates the DOHC inline four cylinder with vari- 0-60 mph 10.2 seconds
transitional technology in the next and electric, with all the cost and rationalism of the Prius form. The able valve control and automatic EPA Fuel Economy 133 mpg-e
decade. After all, a large majority maintenance of both—seems des- car’s low snout, high scuttle, raked stop/start; front wheel drive; contin- EV Mode Range 25 miles
of car owners in the U.S. drive tined to be pushed aside by long- windscreen and roof peak directly uously variable transmission Cargo Capacity 19.8 cubic feet
fewer than 30 miles a day. A PHEV range battery-electric vehicles. over the front seats are all beauti-

BOOKSHELF

TIMELY READS TO HELP YOU GET AHEAD IN 2018


Why a perfectly timed marriage has better odds of skirting divorce—and other geeky observations on the tick, tick, tick that heals all wounds

Why Time Flies: A Mostly When: The Scientific A Man and His Watch
Scientific Investigation Secrets of Perfect Timing By Matthew Hranek
By Alan Burdick By Daniel H. Pink Elevator pitch From the $40
Elevator pitch Ever wondered why time Elevator pitch Minutes are precious— Casio G-Shock worn for decades
seems to move so fast? In this witty, re- and easier than ever to waste. Daniel H. by sculptor Tom Sachs to the
latable exploration, New Yorker writer Pink’s deeply researched but never bor- Rolex Daytona that Paul Newman
Alan Burdick probes for scientific an- ing study could be a turning point. Col- wore behind the wheel (on which
swers but settles for the philosophical: lege students and business managers his wife inscribed the warning
Time is an enigma even the brightest of alike may find new ways to organize “Drive Slowly”), Matthew Hranek
JOSHUA SCOTT FOR THE WALL STREET JOURNAL

us may never comprehend. Still, he gives their schedules and ease difficult deci- reminds us that timepieces are
us reason to think deeply about how this sions by using the “hidden pattern” of more than just instruments with
precious resource tick away. time to their advantage. which we watch the hours slip by; each has its own tale.
Very brief excerpt “The most commonly used noun in Ameri- Very brief excerpt “Our lives present a never-ending stream of Very brief excerpt “I used to cut out my favorite watches
can English is time. But if you ask a scientist who studies time when decisions—when to change careers, deliver bad news...or from magazines, tape them around my wrist, and wear them in
to explain what time is, he or she invariably will turn the ques- get serious about a project or person. But most of these deci- the privacy of my own room. With a little imagination I could
tion on you: ‘What do you mean by time?’” sions emanate from a steamy bog of intuition and guesswork.” have any watch I wanted—as long as I could find a picture of it.”
Surprising factoid Every country has a “master clock” at the Surprising factoid Someone who gets married at 25 years old Surprising factoid One of the modest watches featured, a glow-
International Bureau of Weights and Measures in Paris. Some is 11 percent less likely to get divorced than someone married at in-the-dark Timex, was given to a Hollywood maître d’ by Bill Mur-
clocks don’t exactly agree, but these discrepancies are a matter age 24. But after age 32, the odds of divorce increase by 5 per- ray (from his own wrist) when he noticed the man’s classic Baume
of a few nanoseconds—or billionths of a second. cent each year “for at least the next decade.” & Mercier watch was ”no good in the dark.” —Jason Diamond

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