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Children’s Style

That Delivers

A TRAP
FOR A TRADER
OFF DUTY REVIEW
VOL. CCLXIX NO. 63 * * * * * * * * WEEKEND HHHH $4.00
SATURDAY/SUNDAY, MARCH 18 - 19, 2017 WSJ.com

All Eyes Turn to Tillerson’s Tough Stance on Pyongyang


DOJ Fires
What’s
Salvo at
News
World-Wide
Consumer
Bureau
T he House GOP health
plan picked up an impor-
tant endorsement from lead- BY BRENT KENDALL
ers of a large bloc of conser-
vative lawmakers after Trump WASHINGTON—The Trump
agreed to back more a strin- administration took aim at a
gent stance on Medicaid. A1 consumer finance regulator
created after the 2008 finan-
 Trump and Tillerson
cial crisis, backing a legal ef-
hardened the U.S. approach to
fort to have the structure of
North Korea, ruling out direct
the Obama-era agency de-
talks and raising the option
clared unconstitutional.
of a pre-emptive strike. A6
The Justice Department,
 Trump expressed strong
now under Trump administra-
support for NATO and said
tion leadership, filed court
he’s “not an isolationist” af-
papers on Friday opposing
ter meeting with Merkel. A7
the Consumer Financial Pro-
 The president stuck to tection Bureau, an indepen-
his wiretapping claim and dent regulator, asking a fed-
brushed off tensions that his eral appeals court to order
YONHAP/REUTERS

administration ignited with the restructuring of the


the U.K. over the matter. A5 agency.
The CFPB is fighting to
 G-20 finance ministers
keep its current setup, which
clashed over the future of
DEVELOPING STORY: A North Korean soldier photographs Secretary of State Rex Tillerson at the South Korean border Friday. A6 gives its director protection
global trade as they opened
from political interference
a two-day meeting. A7
from the White House. The

Health Plan Picks Up Votes


 George Conway, the hus- administration in February
band of Trump adviser Kelly- said that President Donald
anne Conway, is set to be Trump believes the bureau as
nominated to run the Justice currently organized is unac-
Department’s civil division. A4 countable to the public.
 Makan Delrahim, cur- The dispute stems from a
rently deputy White House The House Republican press conference with German The huddle with Mr. Trump case in which the CFPB al-
counsel, is said to be health-care plan picked up an By Louise Radnofsky, Chancellor Angela Merkel, helped flip the vote of one law- leged PHH Corp., a New Jer-
Trump’s choice to serve as important endorsement on Fri- Kristina Peterson hours after hosting 13 GOP maker who had voted against sey mortgage lender, violated
Justice’s antitrust chief. A2 day from leaders of a large bloc and Michelle Hackman lawmakers, including leaders the bill only a day earlier, the Real Estate Settlement
of conservative lawmakers, af- of the conservative Republican when it cleared the House Procedures Act by accepting
 Died: Derek Walcott,
ter President Donald Trump said that support was Study Committee. Budget Committee amid dis- kickbacks from mortgage in-
87, Nobel-winning poet. A8
Trump backed more stringent “all coming together,” and The president said that his sent from three conservative surers.
curbs on funding for Medicaid, House leaders prepared for an administration had worked Republicans. Rep. Gary Palmer The Democratic-controlled
Business & Finance as well as work requirements expected vote on the bill on overnight to persuade figures Please see TRUMP page A4 Congress that created the
for its low-income beneficiaries. Thursday. such as Rep. Mark Walker (R., CFPB after the 2008 financial
While a second conservative “You have the conservative N.C.), who leads the 170-mem-  President stands by wiretap crisis gave the agency power
 The administration faction said it would withhold groups, you have other groups; ber study committee, to back claim; no U.K. apology.......... A5 over the markets for con-
took aim at the CFPB, votes needed to build a major- everybody wants certain the House bill after agreeing to  Justice Department appeals sumer-finance products and
backing a legal effort to ity for the legislation, Mr. things,” the president said at a add the Medicaid changes. ruling on travel ban............... A5 Please see CFPB page A2
have the structure of the
consumer watchdog de-

THE MEMOIR OF AN Sony, Paramount Vie to Be A-Listers


clared unconstitutional. A1
 British Airways’ parent
As Hollywood’s two worst-performing movie studios seek new leaders,
launched a budget service

INFAMOUS MURDERER
Paramount Pictures and Sony Pictures Entertainment also face more
flying between Europe and
fundamental questions about how to turn around their businesses
the U.S. West Coast with one-
after years of underinvestment by their parent companies. B4
way fares as low as $149. A1
 Goldman’s board cut Percentage of total domestic box office
Blankfein’s pay by 4% and
tied more of it to how the PARAMOUNT SONY
bank does for its investors. B1 ‘In Cold Blood’ killer’s long-lost manuscript raises questions about his motive
7.7% ($877M) 2016 8% ($912M)
 Google said it plans to give
BY KEVIN HELLIKER his manuscript years before the celebrated
advertisers more control over 5.9 (675M) 2015 8.4 (966M)
author completed “In Cold Blood.”
where their ads appear on-
KANSAS CITY, Kan.—In the half-century As it turned out, Hickock’s manuscript
line after major clients in the
since Truman Capote published “In Cold failed to find a publisher, then seemingly 9.7 (1.1B) 2014 11.6 (1.3B)
U.K. withdrew their spots. B1
Blood,” investigative journalists and schol- disappeared, rendering it a secret that Mr.
 Brazil is investigating ars have documented countless instances of Capote took to his grave.
some of the world’s biggest inaccuracy and fabrication in the so-called Now, the Hickock manuscript has resur- 8.4 (967M) 2013 9.9 (1.1B)
meatpacking companies true-crime book. faced, and it contains an implication that
for allegedly bribing food- But only now is it emerging that Mr. Ca- likely would have infuriated not only Mr.
sanitation inspectors. A8 pote committed an arguably significant act Capote but also the Kansas Bureau of Inves- 8.2 (914M) 2012 16 (1.8B)
of omission: He neglected to mention in his tigation, whose detectives he portrayed so
 Apple said it would es- Source: Box Office Mojo THE WALL STREET JOURNAL.
book or anywhere else that one of his pri- heroically in “In Cold Blood.”
tablish two additional re-
mary sources—the killer Richard Hickock— Hickock makes no case for his innocence.
search-and-development
tried turning into a competitor, by writing Far from it, he describes in bone-chilling
centers in China. B3
his own book-length manuscript about the detail how he and Perry Smith drove across
 Glencore is reaping re-
wards from a strategy of
withholding zinc from the
market to drive up prices. B1
slaughter of the Clutter family in rural Kan-
sas in 1959.
Mr. Capote’s correspondence from that
time shows that he knew about Hickock’s
the plains of Kansas, parked Hickock’s black
Chevy sedan in the driveway of the Clutter
farm and slipped through an unlocked door
into the family home late in the night be-
New Breed of Airline
 The Dow slipped 19.93
points to 20914.62, but
literary effort. And he was worried about
it, especially since the murderer finished
fore Nov. 15, 1959. It describes how they
Please see MEMOIR page A11 Upends World Travel
major indexes posted
BY ROBERT WALL airports on both sides of the
gains for the week. B10
Need Pruning Shears or a Ukulele? Try the Library LONDON—The race to the
ocean.
Last month, Norwegian Air
i i i bottom in trans-Atlantic air- Shuttle ASA said it was expand-

Inside In a push for new patrons, books make room for beach chairs
fares intensified Friday when
the parent company of British
Airways launched a budget ser-
ing service from Europe to in-
clude additional East Coast cit-
ies, with introductory prices of
NOONAN A15 BY LUCETTE LAGNADO in an era where overdue material. vice flying between Europe and as little as $65 one way. All
books aren’t al- Now, patrons can the U.S. West Coast with one- that has added pressure on leg-
Reach Across Librarian Kelly Harris re- ways enough. stuff money into a way tickets as low as $149. acy carriers, some of which
members when prepping for At age 35, Ms. “guilt jar” on the International Consolidated have lowered their own fares.
The Aisle, the summer meant acquiring Harris is hardly circulation desk. Airlines Group SA started sell- Norwegian Air, for instance,
the hottest beach books. an old-timer, Like other librari- ing tickets for the new carrier, is offering no-frills fares this
Mr. President “As long as we had multiple though she feels ans, she also is named Level, on Friday. The spring on select dates between
copies of the big summer like one. Now di- looking beyond launch, which the company had London and New York for about
reads, people came,” Ms. Har- rector of the lending books—far signaled in December, is the lat- $610 round trip. In response,
CONTENTS Sports........................ A12 ris says. Hampton Library, beyond. est move by a large legacy air- British Airways offered a com-
Books.................... C5-10 Style & Fashion D2-3
Business News B3-4 Travel.................... D8-10 Not anymore. she waxes nostal- The Southold line to fend off heightened com- parable $620 fare.
Food......................... D4-5 U.S. News............ A2-5 Last year, the Hampton Li- gic about when Free Library in petition from discount rivals. British Airways parent IAG
Heard on Street...B10 Weather................... A12 brary in Bridgehampton, N.Y., “The Da Vinci Beach chair Southold, N.Y., is Established budget airlines took its fight with the discount-
Obituaries............... A10 Wknd Investor....... B7
Opinion.............. A13-15 World News....... A6-8
where Ms. Harris works, Code” came out in lending fishing like Southwest Airlines Co. in ers one step further late last
started lending beach chairs, 2003. There was a six-month poles and tackle boxes, and has the U.S. and Ryanair Holdings year when it announced its own
as well as sand pails and shov- hold on the blockbuster a telescope aspiring stargazers PLC in Europe for decades have low-cost, long-haul service to
> els. thriller, she says, “and people can borrow. The Ann Arbor provided short-haul service for be based in Barcelona. On Fri-
Across the country, librar- would wait.” District Library in Michigan of- cost-conscious travelers. But in day, IAG said the newly named
ies are lending out things such Those days are over, she fers musical instruments in- recent years, a new breed of Level will offer service to Cali-
as bongo drums, chimney- says, eclipsed by streaming cluding boomwhackers and discounter has started flying fornia, using airports in Los An-
s Copyright 2017 Dow Jones &
cleaning brushes, karaoke ma- media, e-books and express theremins. The Shrewsbury between the two continents, of- geles and Oakland. Among
Company. All Rights Reserved chines and cotton-candy mak- delivery. To get people in the Public Library in Shrewsbury, fering super-cheap long-haul other initial destinations are
ers in a bid to attract patrons door, she eliminated fines on Please see LEND page A10 flights to a growing array of Please see FARES page A8
A2 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Plays Wait-and-See on Growth
BY GREG IP have surged since Mr. Trump $336 billion more than it cuts rector, Mick Mulvaney, said.
Industrial
Output
More of the Same?
The Federal Reserve is a lot
less exuberant than financial
was elected president, and
confidence among both small
and large businesses has
Real GDP growth, annual change*
3%
taxes over the coming decade,
according to the Congressional
Budget Office. To satisfy dissi-
That suggests it could be
years before federal money
flows into infrastructure. If it
Flat in
markets about the economic
outlook, and the reason seems
to be fiscal policy. Investors ex-
soared. Chief executives of the
biggest companies expect
much higher sales, hiring and
2
dent Republican legislators,
the plan may have to be re-
worked to spend even less on
ever flows: Congressional Re-
publicans remain deeply skep-
tical of such spending. Paul
February
pect President Donald Trump capital spending than they did 1 health care. Ryan, speaker of the House of BY JEFFREY SPARSHOTT
and Congress just three months ago. Shares Only once health care is out Representatives, has suggested
ANALYSIS to deliver a of construction companies, for 0 of the way is Washington likely that the federal government WASHINGTON—U.S. indus-
solid boost to example, shot up on Mr. Forecast to turn to tax reform. Gary contribute as little as 2.5% to- trial production was flat in
growth. The Trump’s promise of a $1 tril- –1 Cohn, director of Mr. Trump’s ward a project’s cost. If so, the February, though underlying
Fed is much more agnostic. lion private-public infrastruc- National Economic Council, re- only projects that go forward figures suggest steady eco-
Based on what has come out of ture push. Mr. Trump is target- –2 cently said that tax reform are those that likely would nomic growth amid a pickup in
Washington lately, that agnos- ing growth in excess of 3% if would be revenue-neutral. have anyway, based on private manufacturing and mining ac-
ticism seems justified. all his plans are enacted. –3 That means any cuts to the returns. tivity.
On Wednesday, the Fed Yes, fiscal policy could af- 2007 ’09 ’11 ’13 ’15 ’17 ’19 corporate rate, after positive Even if Mr. Trump fails to Industrial production—a
raised its target range for fect the outlook, Fed Chair- feedback from economic deliver on taxes and infra- measure of output at factories,
*Measured in the fourth quarter of each year
short-term interest rates by a woman Janet Yellen told re- Note: 2017-19 are median projections of
growth, would have to be structure, his business-friendly mines and utilities—was un-
quarter of a percentage point. porters on Wednesday. “If we Federal Open Market Committee members made up through higher taxes stance, including rolling back changed from a month earlier,
Investors hadn’t expected the were to see a major shift in Sources: Commerce Dept.; Federal Reserve or less spending elsewhere. A regulation, would likely justify the Federal Reserve said Fri-
increase until officials signaled [private] spending reflecting (forecasts) lower corporate rate would more investment and growth. day. Output for January de-
it two weeks ago, and many those expectations, that could THE WALL STREET JOURNAL. justify more optimism on in- Repealing Obamacare’s taxes clined a revised 0.1% instead of
assumed that the Fed had very well affect the outlook. vestment and growth, but rev- on investment income and wa- an initially estimated 0.3%
turned more bullish on the I’m not seeing it at this point.” lower adjusted for inflation. enue neutrality makes success tering down its means-tested drop.
economy. Mr. Trump’s budget this (The levels but not the growth more elusive because it means subsidies should at the margin Overall production last
It hasn’t. The median pro- week proposed large increases rates would be higher once ex- that someone has to pay improve incentives to invest month was held in check by
jection of officials’ forecast in spending on defense and tra spending on overseas mili- higher taxes or accept much and work. Still, the benefits warmer-than-usual weather,
this year is for 2.1% growth, homeland security, but also tary operations is included.) less federal spending. For ex- would probably take several which depressed demand at
unchanged from December and largely offset them with pro- While Congress is unlikely to ample, importing industries years to show up. utilities, the Fed said. Else-
right in line with the average posed cuts to a broad array of agree to all of Mr. Trump’s are fighting House Republi- To change the central where, the report was broadly
for the last eight years. It still domestic spending programs. planned cuts, the overall pack- cans’ plan to pay for a corpo- bank’s plans, they would have positive.
expects unemployment to av- If enacted, authorized federal age suggests rumors of the rate rate reduction by taxing to spur a lot more spending “The stagnation in indus-
erage 4.5% over the next three discretionary spending, which death of austerity have been imports. and growth now. And until the trial production in February
years, down a little from 4.7% excludes entitlements such as exaggerated. And what of Mr. Trump’s in- Fed sees signs of that happen- was entirely due to another
currently, and to increase in- Medicare and Social Security, Meanwhile, Republicans’ frastructure push? “We think ing, it will stick to Plan A. weather-related contraction in
terest rates two more times both this fiscal year and next planned replacement for the order is health care, tax utilities output, with activity
this year. would be $1.07 trillion, un- Obamacare would cut federal policy and then infrastruc- The Numbers column in the mining and manufactur-
By contrast, stock markets changed in nominal terms and spending on health care by ture,” Mr. Trump’s budget di- will resume next week. ing sectors continuing to re-
cover strongly,” Andrew

U.S. WATCH
Hunter, U.S. economist at Capi-
Parade Ground: Revelers Celebrate St. Patrick’s Day tal Economics, said in a note to
clients.
Manufacturing output,
DETROIT proved, according to an early which is the biggest compo-
gauge of sentiment. nent of industrial production,
DNA Appears to Tie The University of Michigan climbed 0.5% in February to
Suspect to Murder said its preliminary reading of reach its highest level since
consumer sentiment rose to July 2008.
Detroit officials said DNA evi- 97.6 in March from February’s fi- U.S. factory activity was
dence appears to tie a suspect nal reading of 96.3. It was up stagnant through much of
involved in a gunbattle with po- 7.3% from March 2016. 2016 but appears to have ac-
lice this week to the murder of The recent rise in optimism celerated in recent months.
a Wayne State University officer reflects a turnaround from con- February manufacturing out-
in November. sumers’ attitudes in October, put was up 1.2% from the year-
The shootout on Wednes- when sentiment had matched a earlier month.
day between the 60-year-old sus- two-year low. The index reflect- “This may not be a manu-
pect, Raymond Durham, and po- ing sentiment on current eco- facturing boom, but the sector
lice left two officers injured. They nomic conditions rose 2.7% from is racking up solid growth that
were still hospitalized and im- February to 114.5, the highest is a very welcome change at
proving, police officials said Friday. since November 2000. beleaguered factories,” said
Detroit Police Chief James —Austen Hufford Michael Montgomery, U.S.
Craig said his department received economist at IHS Markit.
confirmation that DNA links Mr. BASEBALL
Durham to the scene of the mur-
der of Wayne State Police Officer New Jersey Allegiance Factory Floor
Collin Rose on Nov. 22. Chief Craig Lies With Yankees U.S. manufacturing production
described Mr. Durham as a “prime rose to the highest level since
suspect” in the murder and said The Garden State’s baseball July 2008
the investigation was continuing. loyalty goes to the Bronx. With-
Mr. Durham had yet to be out a Major League Baseball 120
charged in either shooting inci- team of their own, New Jersey Recession
dent as of Friday, and it wasn’t residents mainly root for the New
clear if he was represented by York Yankees, a Quinnipiac Uni- 110
an attorney. Chief Craig said the versity poll released Friday found.
police hadn’t yet presented evi- The New York Mets ranked
100
JOHN R. EHLKE/ASSOCIATED PRESS

dence to the Wayne County third in popularity among New


Prosecutor’s Office. Jersey residents, after the Phila-
—Kris Maher delphia Phillies. Thirty-nine percent
of fans in the state claimed the 90
ECONOMY Yankees as their preferred team.
The poll, conducted by phone
Personal Finances this month, found the Yankees’ 80

Help Boost Sentiment popularity has slipped since the 2000 ’10
last time Quinnipiac surveyed Notes: Seasonally adjusted; 2012=100
THE LUCK OF THE IRISH: The wearing of the green was on display along the parade route Friday Consumers in March felt bet- New Jersey fans, in 2012. Then, Source: Federal Reserve
as the town of Erin, Wis., marked St. Patrick’s Day. ter about the economy than 51% of respondents picked the THE WALL STREET JOURNAL.
they have in the past 17 years Yankees as their favorite team.
as their personal finances im- —Kate King

CFPB problems under the Constitu-


tion because the bureau direc-
tor isn’t sufficiently answer-
The CFPB, unlike some
other agencies, has the au-
thority to conduct its own lit-
ill-gotten financial gains. Mr.
Cordray took a much stiffer
view of the law and of the ex-
not think that,” said Lucy
Morris, a former deputy en-
forcement director of the
Trump Settles
Continued from Page One
able to the president.
“There is a greater risk
igation, meaning it doesn’t
have to rely upon the Justice
tent of PHH’s alleged viola-
tions, imposing a penalty of
CFPB who is now a partner at
Hudson Cook LLP.
On Pick for
an unusual amount of inde-
pendence. It is headed by a
single director who can be re-
that an independent agency
headed by a single person will
engage in extreme departures
Department.
This latest feud is perhaps
the most prominent since the
$109 million.
A three-judge D.C. Circuit
panel last year ruled that Mr.
The case has attracted
close legal attention, with
trade associations, consumer
Antitrust Job
moved by the president only from the president’s executive Justice Department and the Cordray’s interpretation of groups, lawmakers and attor- BY BRENT KENDALL
for cause, such as negligence policy,” the department said Federal Trade Commission the real estate law was incor- neys general from both par-
or malfeasance. in the brief, filed with the U.S. went head to head a decade rect. And it said the CFPB “vi- ties weighing in. WASHINGTON—Makan Del-
The six-year-old bureau Court of Appeals for the Dis- ago. The FTC had sought Su- olated bedrock due process Legal observers said D.C. rahim, currently deputy White
has been criticized by Repub- trict of Columbia Circuit. The preme Court review after it principles” by applying Mr. Circuit judges will likely pay House counsel and an anti-
licans since its inception for president should be able to lost a case in the lower courts Cordray’s interpretation ret- close attention to the Justice trust enforcer under George
what they see as heavy- fire the director at will, the challenging an agreement be- roactively. Department’s filing, although W. Bush, is President Donald
handed and unnecessary regu- department said. tween pharmaceutical compa- Two judges on the panel the CFPB still may enjoy bet- Trump’s choice to serve as the
lation of firms that sell loans, The CFPB declined to com- nies that it said delayed the went further, declaring the ter odds of success this time antitrust chief at the Justice
credit cards and other finan- ment. It is due to file a new entry of cheaper generic CFPB’s single-director struc- around. A majority of D.C. Department, according to peo-
cial products. legal brief in the case by the drugs. ture unconstitutional. To fix Circuit judges are Democratic ple familiar with the matter.
CFPB Director Richard end of March. The Justice Department the violation, the court gave appointees who could be The selection of Mr. Delra-
Cordray has defended the bu- Public legal disputes be- filed a brief urging the Su- the president power to re- more sympathetic to the bu- him would likely send anti-
reau’s independent structure tween different parts of the preme Court not to take the move the director for any rea- reau than the three Republi- trust policy on a less interven-
and mandate as an enforce- executive branch are rare. The FTC’s case, a move that son. can appointees on the earlier tionist path than was followed
ment agency, saying it has Justice Department repre- prompted consternation At the appeal by the CFPB, panel that ruled against the under the Obama administra-
helped consumers across the sents many government agen- within the commission. Ulti- a larger roster of the D.C. Cir- CFPB. tion, which was aggressive in
country. cies in court, so disagree- mately, the justices chose not cuit vacated that ruling and As Republicans have esca- challenging mergers it be-
The Justice Department ments would normally get to hear the FTC’s appeal. set the case for rehearing by lated attacks on the CFPB, lieved suppressed competition.
said the CFPB’s structure cre- worked out behind the scenes, The CFPB’s case against the entire court, with oral ar- PHH has raised the ante in its The announcement of Mr.
ates separation-of-powers not in dueling court briefs. PHH has underscored the guments set for May 24. Mr. case. In a recent and related Delrahim’s nomination could
power of agency Director Cordray’s term isn’t up until legal filing, the company said come as soon as this coming
THE WALL STREET JOURNAL (USPS 664-880)
Richard Cordray. July 2018. the CFPB was plagued by week, one person said.
(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) It first went to an adminis- The Justice Department in “many constitutional prob- Mr. Delrahim has a long
(Western Edition ISSN 0193-2241) trative judge who found PHH the last months of the Obama lems” and that giving the professional background in an-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays. violated the law but ordered a administration filed a brief president power to remove titrust law, though his current
Periodicals postage paid at New York, N.Y., and other mailing offices. relatively small sanction: a supporting the CFPB’s efforts the director at will won’t be White House work focuses
POSTMASTER: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. $6.4 million disgorgement of to get the case reheard. enough to resolve the case. heavily on judicial nomina-
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., 1155 Avenue of Some former CFPB officials “The appropriate remedy is to tions, including the president’s
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. said they never expected the strike down the CFPB in its selection of Judge Neil Gor-
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com CORRECTIONS  PHH case would spiral into
such a significant challenge
entirety,” lawyers represent-
ing PHH wrote.
such for the Supreme Court.
Mr. Delrahim served in the
NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
CONTACT CUSTOMER SUPPORT.
AMPLIFICATIONS on the scope of a government
agency’s powers.
The Justice Department on
Friday didn’t embrace that
Justice Department’s antitrust
division as a deputy assistant
Readers can alert The Wall Street “Did I think it would be- broader argument. attorney general from 2003 to
By web: customercenter.wsj.com Journal to any errors in news
By email: wsjsupport@wsj.com articles by emailing come the huge lightning rod —Yuka Hayashi 2005 and previously worked
By phone: 1-800-JOURNAL (1-800-568-7625) wsjcontact@wsj.com or by for the agency on whether it and Rachel Witkowski as a top Republican staffer on
Or by live chat at wsj.com/livechat calling 888-410-2667.
was constitutional? No, I did contributed to this article. the Senate Judiciary panel.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 18 - 19, 2017 | A3

U.S. NEWS

Top of the Charts


Sioux Falls has had the fastest growth in residents of any
metropolitan area in the Midwest of over 50,000 residents.
70%
LARGEST GROWTH
Sioux Falls, S.D. 63%
60
Columbia, Mo. 55

50 Fargo, N.D.-Minn. 52

40

30 U.S. 32

20

GREG LATZA FOR THE WALL STREET JOURNAL


10

0
LARGEST DECREASE
Danville, Ill. -10
–10 Youngstown-Warren-
Boardman, Ohio-Pa. -10
Weirton-Steubenville
–20
W. Va. -Ohio -15
1990 ’95 2000 ’05 ’10 ’15
Source: Bureau of Economic Analysis THE WALL STREET JOURNAL. Construction in Sioux Falls, S.D., this month. The city’s unemployment rate, at 2.8%, is among the lowest in the U.S.

Sioux Falls Prospers as Other Cities Slump


Financial firms, health house in the middle of provider, named Avera, are the
cornfields. biggest employers in the city,
care help South Dakota For decades, Sioux Falls was with some 16,000 workers com-
metro area reduce a typical regional farm city, bined. Sanford Health has also
with a still-operational slaugh- branched into medical research.
reliance on agriculture terhouse, grain elevators and a The nonprofit’s medical-re-
livestock auction. In 1980, its search team is doing ground-
BY SHIBANI MAHTANI population was about 81,000. breaking work in rare chil-
Then, in 1981, Citibank relo- dren’s diseases like Battens
SIOUX FALLS, S.D.—When cated credit-card operations to disease, a neurodegenerative
Ruth Sturm told East Coast Sioux Falls to take advantage of disorder, and Type 1 diabetes.
friends she was moving here, a relatively new state law that Now, the growth of health
many had to ask where it was. eliminated caps on interest care and the strong financial
“I got a lot of, ‘Do people live rates and fees, even if a bank’s sector have spurred other in-
in teepees?’ ” said the 26-year- headquarters was elsewhere dustries, Mr. Swenson said.
old digital strategist, who is and the account holders lived When Lawrence & Schiller,
among the 20,000 new people to out of state. Soon, other banks, now the state’s biggest ad
settle in this once-sleepy city of such as Wells Fargo, followed. agency, set up shop in Sioux
178,500 in the past five years. “Citibank’s arrival was a Falls in 1976, it was one of two
Despite the sometimes complete breakthrough,” said players, said Chief Executive
harsh weather, she now boasts Evan Nolte, former president Scott Lawrence. Now, there are
about her new home, which in- of the Sioux Falls Area Cham- at least two dozen.
cludes four breweries within ber of Commerce. “It exposed The growth has come with
walking distance and a thriv- us to the reality that we could downsides. Construction com-
ing theater and music scene. move away from agriculture The Sanford Research Lab in Sioux Falls, where work includes investigating rare children’s diseases. panies say finding workers is
“I legitimately fell in love,” and become a financial hub.” getting tougher and homes can’t
said Ms. Sturm, who grew up Dave Swenson, an economist nancial industry has “taken on nation, at 2.8%, and Sioux Falls Falls Mayor Mike Huether. be built fast enough to meet de-
in the suburbs of Washington, at Iowa State University, said a life of its own,” he added. helped make South Dakota the In 2007, the city received the mand. Residents say the popula-
D.C. “I have never seen a place Sioux Falls is a bit of a “freak” The city’s population jumped fastest-growing state economy first $400 million of what would tion of youngsters is rising
where people were honestly as that was able to grow based on 63% over the past 15 years, the in the third quarter last year, grow to $1 billion in donations to faster than the city can handle,
excited about the growth and the state’s unique law loosen- fastest growth of any metro area according to the Bureau of the regional health-care system leading to crowded day-care fa-
change in their city.” ing financial restrictions. of more than 50,000 people be- Economic Analysis. from billionaire T. Denny San- cilities and elementary schools.
Many areas of the Midwest “What was done at the time tween Ohio and North Dakota. A Growth has come without ford, a longtime South Dakota Sioux Falls economic devel-
have struggled with population was considered heresy, and it building boom downtown the traditional economic driv- resident who made his fortune opers say the only way to sus-
loss as manufacturing has de- paid off well. Much like the pushed the value of construction ers of many smaller cities, such at the helm of First Premier tain the growth is to embrace
clined and farms have needed heresy of gaming and easy di- permits to $701.8 million last as the oil boom playing out in Bank, which issued high-interest immigration and attract diverse
less labor. But Sioux Falls is on vorces in Nevada,” said Mr. year, up from $282.9 million in North Dakota, a large univer- credit cards to customers with residents, sometimes a tough
a tear after undergoing an un- Swenson. While other states 2010, city records show. sity or a state legislature. poor credit histories. sell in a city in the middle of a
likely transformation into a fi- have also loosened caps on in- The city’s unemployment “We’re a boomtown, and we The rechristened Sanford heavily conservative state where
nancial and health-care power- terest rates, the Sioux Falls fi- rate is among the lowest in the don’t have any oil,” said Sioux Health, together with another about 82% of people are white.

Gorsuch Criticizes Agency Powers As Scandal Unfolds,


BY BRENT KENDALL

WASHINGTON—Supreme
Marines Fight Online
Court nominee Neil Gorsuch, BY BEN KESLING posing these creeps,” he said.
whose confirmation hearing Other social media users
begins Monday, has been un- WASHINGTON—A small have begun to follow his exam-
usually forceful with his con- group of Marines that contends ple by posting names and pho-
cerns that judges allow gov- the official military response to tos of Marines and veterans sus-
ernment agencies too much a nude-photo and cyber-harass- pected of involvement in the
power to make policy, a red ment scandal has been too slow offending online sites.
flag for liberals who worry is pursuing a vigilante-like Gen. Neller was criticized by
that such views could weaken name-and-shame campaign in senators at a hearing last week
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

environmental, labor and hopes of forcing swifter action. for his handling of the situation.
health regulations. Both active duty and veteran But those familiar with the pro-
But in a twist, especially Marines said they have for days cess said Gen. Neller, while an-
for a nominee of President been providing names to inves- gry about the actions of some
Donald Trump, some of Judge tigators, or publishing them on Marines, also is constrained by
Gorsuch’s best-known cases the internet, identifying service military law.
criticizing the power of the members allegedly associated After victims and their allies
administrative state have with websites that have posted bypassed the normal military
come in defense of illegal im- nude photos of female Marines chain of command, the Marine
migrants, a sign that his ap- and harassed other service Corps disavowed the effort.
proach could cut in unpredict- members. “These actions are an indica-
able ideological directions. “Marine leadership hasn’t tion that many Marines, former
The way a government done much of anything the last Marines and individuals who re-
panel treated one illegal immi- six years of this,” Marine vet- spect our organization are in-
grant left such an impression Neil Gorsuch, center, has criticized federal agency power in cases that defended illegal immigrants. eran Shawn Wylde said in an censed by the recent reports of
on Judge Gorsuch that he dis- email to The Wall Street Journal. online misconduct and are mak-
cussed it at length in a speech The case stemmed from a tions inconsistent with those previously entered the U.S. il- Marine Commandant Gen. ing individual efforts to acceler-
in April last year. lawsuit by environmentalists interpretations,” he wrote of legally and were again in the Robert Neller said he first ate justice,” said Maj. Clark Car-
“Just describing what hap- challenging what they saw as the Chevron effect in a second country without permission. learned of widespread sharing penter, a spokesman for the
pened here might be enough industry-friendly pollution immigration case last year. The BIA effectively over- of nude photographs by Marines Marines. “However, we must op-
to make James Madison’s rules from Environmental Pro- In both immigration cases ruled the courts, saying such in January, and then moved to erate within the boundaries of
head spin,” the judge said at tection Agency. The agency at Judge Gorsuch took aim at the immigrants needed to leave shut down the main site in- the law.”
Case Western Reserve Univer- the time was run by Judge BIA for what he saw as play- the U.S. for 10 years before volved and launch an investiga- Mr. Wylde is himself associ-
sity School of Law. He retold Gorsuch’s mother, Anne Gor- ing bait-and-switch with ille- being eligible for resi- tion. Since then the Marine ated with a Facebook site and
the tale of Mexican immigrant such Burford. The EPA won. gal immigrants trying to navi- dency. The BIA then sought to Corps and other branches have webpage that has sometimes
Alfonzo De Niz Robles, who is The Chevron precedent ini- apply that interpretation ret- broadened the investigation. crude content.
married to a U.S. citizen, has tially benefitted Republican roactively. Mr. Wylde, who has a Face- He also has a checkered
four U.S. citizen children, and presidents seeking to lighten Judge Gorsuch, joined by book page with tens of thou- past in the Marines, acknowl-
spent about a decade trying to regulation, but has since
His concerns about two other judges, in both sands of followers, has been edging he defrauded the De-
obtain permission to stay in boosted Obama administration federal agencies stem cases barred that effort. In posting names of people alleg- partment of Veterans Affairs
the U.S., only to run up efforts to use longtime laws to one ruling he explicitly called edly affiliated with controversial of some $100,000. The Justice
against a new policy interpre- support new regulations on is-
from a 33-year-old for reconsideration of the social-media sites, including the Department said he pleaded
tation from the Board of Im- sues like climate change. Supreme Court case. Chevron precedent. group “Marines United,” attract- guilty in 2013 and was sen-
migration Appeals. To Judge Gorusch, who sits His views on the issue ing attention from investigators. tenced to four months in
Judge Gorsuch’s concerns on the Denver-based 10th Cir- make him much the opposite Mr. Wylde said he is acting prison in 2014, something his
about agency power stem cuit Court of Appeals, Chevron of Judge Merrick Garland, now because of a March 10 adversaries on social media
from a pivotal 33-year-old Su- creates problems because it gate seemingly conflicting President Barack Obama’s statement of condemnation highlight in trying to discredit
preme Court decision, Chev- can give agencies room to en- provisions on seeking U.S. res- nominee for the current Su- about the cyber harassment by his efforts.
ron v. Natural Resources De- act policies better left to Con- idency. preme Court vacancy who was Defense Secretary Jim Mattis, a He agreed to pay back the
fense Council. The case gress, without a robust review Some courts had inter- never considered by the Sen- retired Marine general. money, documents show, and
established that courts should by judges. preted the conflict in a way ate. Judge Garland is consid- “Once General Mattis came said his current campaign is a
defer to the judgment of fed- “Courts are not fulfilling that was more favorable to ered particularly deferential out the other day against this form of atonement. “I’m partly
eral agencies when interpret- their duty to interpret the law immigrants, letting them seek to agencies under the Chevron online harassment we took it as doing this as a way to make
ing ambiguous laws. and declare invalid agency ac- legal status even if they had standard. a signal to move forward in ex- up for my past,” he said.
A4 | Saturday/Sunday, March 18 - 19, 2017 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

Midterm Campaigns Are Starting Early


GOP group is running To prevent the House from once a week beginning in the Dan Sena said the strategy is
flipping, the Congressional spring of 2018 and every day superior because it defers to
ads and canvassing on Leadership Fund, the House as the vote nears. local expertise and will allow
behalf of lawmakers in GOP’s super PAC, plans to Each of the past three organizers to coordinate di-
raise and spend $100 million House elections in Mr. Bacon’s rectly with candidates.
certain swing districts during the 2018 election cy- district has been decided by The potential 2018 Demo-
cle—twice what it spent in less than 6,000 votes. cratic field against Mr. Bacon
BY REID J. EPSTEIN 2016 and eight times what it “If we can get one-third of is unsettled, but Howard W.
spent in the 2014 midterm. Trump voters who don’t tradi- Buffett, grandson of Berkshire
OMAHA, Neb.—Rep. Don The political-action com- tionally vote in a midterm, the Hathaway CEO Warren Buffett,
Bacon was sitting in church on mittee is placing paid staff in election is over and Don Bacon has been a recruiting target of
a recent Sunday when the 20 competitive House districts will easily be re-elected,” Mr. the DCCC in past election cy-
freshman Republican stole a with the goal of installing a Bliss said. cles. A former Obama adminis-
look at Facebook on his clinical Republican turnout Democrats are employing tration official who now
iPhone. He was surprised to machine to protect incum- decidedly different tactics, teaches at Columbia Univer-
see a super PAC advertisement bents yoked to a president with the Democratic Congres- sity and the University of Ne-

NATI HARNIK/ASSOCIATED PRESS


for his own re-election—which who so far has a net unfa- sional Campaign Committee braska, he said he isn’t run-
is still 20 months away. vorability rating. It is spend- funding local staff for state ning for Congress.
To try to preserve control ing $30,000 a month in each parties in 20 districts, includ- “Whomever is saying that
of the House in the face of an- district on online ads like the ing Mr. Bacon’s. must just be brainstorming
ticipated stiff headwinds, Re- one Mr. Bacon saw in church. In Omaha, the DCCC-funded names, not speaking from an
publican operatives are start- Corry Bliss, the super PAC’s official is Jacob Denniston, a informed perspective,” Mr.
ing 2018 congressional executive director, is aiming to 2016 graduate of the Univer- Buffett said in an email.
campaigns earlier than ever. replicate the success he had as sity of Nebraska. Over lunch at As for Mr. Bacon, while
The party of the sitting manager of Ohio Sen. Rob A GOP super PAC is running ads on behalf of Rep. Don Bacon. a West Omaha burger joint, “grateful that folks want to
president has lost an average Portman’s 2016 campaign. Mr. Denniston described his support me,” he said in an in-
of 25 seats in midterm elec- CLF opened its first offices later this year. school social-studies students role as helping disparate terview that he doesn’t plan to
tions since 1994 and lost ma- last month in Omaha and Des Mr. Bliss’s goal is to find who spend hours knocking on grass-roots liberal groups that get his own re-election cam-
jorities three times. Republi- Moines, where the super PAC people who voted for Mr. doors and making phone calls. have emerged since Mr. paign up and running until a
cans are focusing intently on is protecting Iowa Rep. David Trump but typically skip mid- Mr. Bliss said voters will Trump’s election. He isn’t en- year from now.
House races where their 23- Young. Two more are due to term elections. To that end, hear from a CLF volunteer on gaged in the voter targeting “People,” Mr. Bacon said,
seat majority may be most open this month in Southern his team of three aides in the phone or at their door at that CLF is doing. “obviously don’t like 365-days-
vulnerable. California. The rest will come Omaha has recruited 50 high- least once a month this year, DCCC Executive Director a-year campaigning.”

Conway’s Husband Eyed for Justice Job Trump Could Benefit


BY ARUNA VISWANATHA
AND BRENT KENDALL From Tax Legislation
WAS HI N GT O N— G e o rge BY RICHARD RUBIN disclosures found that he had
Conway, the husband of senior an estimated 2016 pretax in-
White House adviser Kellyanne WASHINGTON—The first come of $160 million, with
Conway, is set to be nominated big tax cut moving through $83.6 million of that coming
to run the Justice Depart- Congress under President Don- from rental income. That
ment’s civil division, according ald Trump would likely benefit would yield an annual tax sav-
to people familiar with the the president himself, poten- ings of $3.2 million on rental
matter. tially saving him millions of income alone if the investment
The position would put him dollars in taxes on his rental income tax were repealed.
at the forefront of defending income next year and even The White House and a
the controversial executive or- more money on other income Trump Organization spokes-
der on immigration and fight- if he wins a second term. woman declined to comment.
ing other lawsuits against the Mr. Trump’s decision to Mr. Trump’s representatives
Trump administration. continue owning his businesses criticized the 2016 analysis,
Mr. Conway, a partner at without running them means saying the income number was
Wall Street law firm Wachtell, that he is no longer considered wrong.
Lipton, Rosen & Katz, had a real-estate professional for Congress created the net in-
been in the running for other tax purposes. That increases vestment tax in the 2010
positions at the Justice De- the tax’s effect on him and en- health law with two aims: to
partment. He has worked on hances his benefit from the pay for the expansion of health
major securities-law cases and proposed repeal, which would insurance and to subject what
merger and acquisition litiga- take effect in 2018, according Democrats called “unearned
tion, according to his law-firm to accountants and tax law- income” to the same 3.8% tax
biography. yers.
Mr. Conway didn’t respond “In terms of his rental in-
to a request to comment. The
Justice Department declined to
come, he would have been
largely unaffected by repeal” if
‘There’s no just
comment. he were still a private citizen, practical way he can
Ms. Conway, a Republican
pollster who helped turn
said Tony Nitti, an accountant
at Withum Smith & Brown.
qualify as a real-estate
around Donald Trump’s presi- “There’s no just practical way professional now.’
dential campaign, has been a he can qualify as a real-estate
frequent presence on televi- professional now that he’s
sion defending Mr. Trump and president of the United States.”
MATT ROURKE/ASSOCIATED PRESS

his policies. She took on a se- The repeal of the 3.8% tax— imposed on top earners’
nior role in the campaign last known as the net investment wages. It includes rent, capital
summer, when Mr. Trump income tax—is the largest tax gains, interest and dividends.
trailed Democratic candidate cut contained in the House Re- The tax, which applies to in-
Hillary Clinton by 16 percent- publican health-care bill. It dividuals with incomes over
age points in a Wall Street would reduce federal revenue $200,000 and married couples
Journal/NBC poll. by $157.6 billion over a decade, with incomes over $250,000,
This week, Ms. Conway was with most of that flowing to took effect in January 2013.
criticized for comments she the top 1% of households. The tax’s structure created a
made in defense of the presi- George Conway with his wife, senior White House adviser Kellyanne Conway, in Washington. Repealing the tax was part gap, one that the Obama ad-
dent’s unsubstantiated of the GOP health agenda long ministration tried but failed to
claims—which he reiterated rulings that blocked Mr. from six Muslim-majority na- tive court rulings. That the before Mr. Trump won the close. Wage earners and inves-
Friday—that he was wire- Trump’s revised executive or- tions, a move the White House new order was also blocked is party’s nomination. tors paid it, but business own-
tapped by his predecessor. A der on immigration. That dis- says would help fight terror. increasing tensions between It is impossible to know ers could avoid the 3.8% tax on
bipartisan statement from the pute could arrive soon at the Among Mr. Conway’s first the White House and the how much Mr. Trump would their profits, as long as they
leaders of the Senate Intelli- Supreme Court. tasks—if confirmed soon by courts, and sets the stage for actually benefit because he were actively involved in their
gence Committee on Thursday Judges in Hawaii and Mary- the Senate—would be to man- appellate proceedings that hasn’t released his tax returns businesses.
said they have seen no evi- land halted Mr. Trump’s latest age the defense of the order. could have even higher stakes and because his financial dis- It is likely Mr. Trump fell
dence for such a claim. effort this week after finding Mr. Trump’s revised travel than the initial round of litiga- closures appear to conflate into that gap before he became
Mr. Conway’s nomination is he likely engaged in religious restrictions made several con- tion a month ago. revenue and income in places. president, assuming that his
set to come as the Justice De- discrimination when he sought cessions from his original Jan. —Shane Harris But a previous Wall Street adjusted gross income was
partment prepares appeals of to bar U.S. entry for people 27 order, in response to nega- contributed to this article Journal review of his financial high enough.

TRUMP trist Republicans have a differ-


ent set of demands. Democrats
in the closely divided Senate
oppose the GOP overhaul.
Donald Trump’s
First 100 Days
British intelligence was involved.

u North Korea: Secretary of


ter Haider al-Abadi of Iraq to
the White House.
who aren’t disabled, elderly or
parents. Some GOP-led states
have sought such provisions in
the past; they have typically
Continued from Page One Among other things, some The administration’s latest State Rex Tillerson said that u The president has invited been blocked by federal ad-
(R., Ala.) told reporters that he Senate Republicans say the bill actions and agenda at a glance Washington wouldn’t engage in members of the Congressional ministrators of Medicaid.
had been won over by the new must give more generous sup- negotiations with North Korea Black Caucus to meet him at House Minority Leader
agreement on Medicaid, which port to older, rural and low-in- and that a pre-emptive military the White House on Wednes- Nancy Pelosi (D., Calif.) said
would give states more choices come residents to help them FRIDAY strike and tougher sanctions day. Friday Republicans shouldn’t
in how they receive federal buy health insurance if they u Health-care overhaul: Presi- were among the options on the vote on their bill until the Con-
funding for the program. don’t get it at work. Centrists dent Donald Trump said he won table in dealing with Pyongyang. QUOTE gressional Budget Office esti-
But it wasn’t clear how want to tweak the House bill’s the support of an influential set “At least we have something in mates how the latest changes
many rank-and-file members new system of tax credits, tied of House conservatives for the u NATO: Mr. Trump voiced common, perhaps.” would affect Americans.
of the study committee were largely to a person’s age, GOP leaders’ health-care plan, strong support for the North —Mr. Trump, referring to “House Republicans’ contempt
on board, or whether the bill which would replace the tax agreeing to support them in Atlantic Treaty Organization and U.S. surveillance of Ms. Merkel’s for transparency matches their
has the support of enough Re- credits given under the Afford- their calls to curb Medicaid said he is “not an isolationist” phone when asked Friday about contempt for the working fam-
publicans to pass the House. able Care Act to a narrower funding and adding work re- after meeting with Chancellor his allegation that former Presi- ilies who will be devastated by
No House Democrats are ex- set of people. quirements for its beneficiaries. Angela Merkel of Germany for dent Barack Obama wiretapped Trumpcare,” she said.
pected to back the bill. Rep. Steve Scalise (R., La.), the first time since taking office. Trump Tower In another challenge to the
A smaller group of conser- who as House majority whip is u Wiretap allegation: Mr. bill, four GOP governors an-
vatives, the House Freedom charged with rounding up law- Trump dug in on his unsubstan- WHAT’S AHEAD “It’s much, much better to talk nounced their opposition to
Caucus, also could yet torpedo makers’ votes, said he was un- tiated claim that Trump Tower u On Monday, Mr. Trump is to one another—and not about the House bill, saying they be-
the legislation if all members ruffled by the prospect that was tapped by his predecessor scheduled to meet with Bill one another.” lieved it went too far in curb-
withhold their support. That the legislation could see alter- and brushed off the controversy Gates, co-founder of Microsoft —Ms. Merkel, speaking ing Medicaid programs that
group’s head, Rep. Mark Mead- ations in the Senate, as his re- ignited by the White House’s ci- Corp. Later in the afternoon, he about her meeting with Mr. they had chosen to expand.
ows (R., N.C.), said he had no sponsibility was to pass a bill tation of a news report alleging plans to welcome Prime Minis- Trump on Friday In a letter to congressional
reason to believe its “core con- out of the House. “If they want leaders, Govs. Asa Hutchinson
cerns” had been addressed. “At to make additional changes, of Arkansas, Rick Snyder of
this time, the majority of our that’s called the legislative to the people who most need made to the tax credits” to number of people participating Michigan, Brian Sandoval of
members cannot support it. process,” he said. the help, meaning lower-in- help people before they can in the program. Both methods Nevada and John Kasich of
However, we will continue to Changes in the Senate, how- come Americans and older enroll in Medicare at age 65, would significantly curtail the Ohio cited the potential for the
be in communication with the ever, would need to win House Americans,” said Rep. Carlos said Rep. Phil Roe (R., Tenn.). federal government’s contri- bill to strip people of coverage.
White House,” he said. approval, presenting GOP lead- Curbelo (R., Fla.), who is work- The proposed changes that bution, because it would send Mr. Snyder said in an inter-
The changes, aimed at ers there with the challenge of ing with Sen. John Thune (R., won conservative support in- states a fixed amount, rather view that maintaining his
drawing conservative support persuading conservatives to S.D.) on an amendment to ad- clude one that would allow than reimbursing states on an state’s Medicaid expansion was
in the House, have the poten- accept an altered bill. just the tax credits. states to choose between re- open-ended basis. a top priority. “To see that go
tial to create additional hur- “A major priority for me is House Speaker Paul Ryan ceiving federal funding for Another change would allow away could be very dramatic
dles for the legislation in the to make sure we focus more of (R., Wis.) told House Republi- Medicaid as a direct block states to impose work require- and traumatic on our citizens,”
Senate, where a group of cen- the support via the tax credits cans that “some tweaks will be grant or a sum based on the ments on adult beneficiaries he said.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, March 18 - 19, 2017 | A5

U.S. NEWS

Trump Stands By Ruling


On Revised
Wiretap Claim; Travel Ban
No U.K. Apology Is Appealed
BY CAROL E. LEE agency was asked to conduct BY BRENT KENDALL
AND PETER NICHOLAS surveillance on Mr. Trump is
“utterly ridiculous.” WASHINGTON—The Justice

IAN LOVETT/THE WALL STREET JOURNAL


WASHINGTON—President A spokesman for U.K. Prime Department formally appealed
Donald Trump stuck Friday to Minister Theresa May said Fri- a Maryland judge’s decision
his unsubstantiated claim that day that the White House had this week that blocked the im-
his predecessor wiretapped assured U.K. officials that it plementation of President
Trump Tower and he brushed won’t repeat the allegations. Donald Trump’s revised execu-
off tensions that his adminis- “We’ve made clear to the tive order barring U.S. entry
tration ignited with the United administration that these for people from six Muslim-
Kingdom by citing a media re- claims are ridiculous and they majority countries.
port alleging British intelli- should be ignored, and we’ve The appeal on Friday kicks
gence was involved. received assurances that these off a new phase in litigation
Mr. Trump, asked about the allegations will not be re- Esma Arslan, a 21-year-old who moved to Hawaii at 9, reads a Quran at the mosque in Honolulu. over whether Mr. Trump’s lat-
citation in a news conference peated,” the prime minister’s est travel restrictions improp-
with Chancellor Angela Merkel
of Germany, quipped: “As far
as wiretapping by this past ad-
spokesman said.
A White House official said
Mr. Spicer spoke with the U.K.
ambassador to the U.S., Kim
Hawaii’s Muslims Voice Fears erly target people based on
their religion. The president
says the restrictions are neces-
sary to protect the country
Darroch, on Thursday at a St. BY IAN LOVETT by religious animus toward In February, a middle- from terrorism.
Patrick’s Day event and gave Muslims. On Wednesday night, school girl in a hijab, or head Judges in Hawaii and Mary-
‘We said nothing. All an explanation similar to the HONOLULU—With only a few a federal judge agreed and put scarf, was followed off a bus land, in rulings issued only
we did was quote a one Mr. Trump offered on Fri- thousand Muslim residents, Ha- the order on hold. by a man shouting profanities hours apart this week, said Mr.
day. The official said Mr. waii may seem an unlikely place Mr. Trump, who has said at her; her family is now also Trump appeared to have been
certain very talented Spicer didn’t apologize or to challenge—and halt—Presi- the ban is necessary for na- considering leaving Hawaii. motivated by improper reli-
legal mind.’ promise not to repeat the al- dent Donald Trump’s travel ban. tional security reasons, has A Honolulu Police Depart- gious animus. Among other
legation. Only a half-dozen of refugees said he would appeal the Ha- ment spokeswoman said the in- things, the judges cited past
Another White House offi- are settled here each year. The waii ruling. The administration cidents were being investigated statements in which Mr.
cial said U.K. national security small Muslim community has Friday appealed a similar rul- as possible hate crimes. But Trump as a presidential candi-
ministration, at least we have adviser Mark Lyall Grant ex- quietly thrived, away from the ing by a Maryland judge. Muslims across the island said date voiced support for a
something in common, per- pressed his concerns to Mr. conflicts on the mainland. They For Mr. Elshikh, who is of small expressions of hate—from “Muslim ban.”
haps.” Trump’s national security ad- built a mosque in the hills over- Egyptian descent, the effects of drivers giving women in hijab The rulings weren’t final
The comment was a refer- viser, Lt. Gen. H.R. McMaster looking Waikiki, celebrated the the travel ban were personal. the middle finger at red lights decisions on the legality of the
ence to U.S. surveillance of Ms. in a telephone conversation end of Ramadan on the beach, His mother-in-law is in Syria, to men yelling at them to go revised executive order.
Merkel’s phone, which was dis- Thursday night. That official and enjoyed good relationships one of the countries targeted by back to their country—have re- Several courts blocked the
closed in 2013. said Gen. McMaster also told with neighbors in this multicul- the ban. “This is a great day for cently become commonplace. president’s first travel ban.
Mr. Trump also dismissed Mr. Grant that Mr. Spicer was tural state. Anti-Islamic threats democracy, religious and human Over 20 years in Hawaii, Mr. Rather than continue to fight
the U.K.’s fury over White pointing to public reports, not or hate speech was virtually un- rights,” Mr. Elshikh, a named Ouansafi, a Moroccan who has those cases, Mr. Trump re-
House press secretary Sean endorsing them heard of, Muslims here say. plaintiff in the lawsuit, said in a been in the U.S. for three de- wrote the executive order,
Spicer citing on Thursday a Mr. Spicer told reporters af- But that has changed in re- text message after the judge’s cades, has seen the Muslim making several concessions
Fox News commentator’s re- ter news conference that the cent weeks, as Hawaii’s Muslim order was issued. community here grow from less along the way. This week’s
port alleging that the British White House has no regrets community has found itself at Even Muslims here who don’t than 1,000 people to roughly court decisions found those
intelligence agency GCHQ was about citing the Fox News the center of the nationwide have relatives overseas say 5,000 from over 40 countries. concessions were insufficient
involved in wiretapping Trump commentary. battle over immigration and Is- that—after decades of feeling Before Mr. Elshikh arrived in because the problem of reli-
Tower, the New York building In response to a request for lam’s place in American society. safe in Hawaii and largely avoid- Honolulu in 2002, Mr. gious discrimination remained.
where the president lived and comment, Fox News referred to Anti-Muslim incidents have ing the political fray—they were Ouansafi—who is executive di- The government’s appeal
worked before moving to the an on-air statement made Fri- jumped since late last year, driven to action because they rector of the Hawaii Public will go to the Fourth U.S. Cir-
White House. day afternoon by anchor Shep- Muslims here say, and mem- have become targets in the Housing Authority—spoke at cuit Court of Appeals in Rich-
“We said nothing. All we did ard Smith, which read: “Fox bers of the community have months since the election. Friday prayers because there mond, Va.
was quote a certain very tal- News cannot confirm Judge been separated from their A Muslim cabdriver was at- was no full-time imam on the The Justice Department
ented legal mind who was the Napolitano’s commentary. Fox families by the travel ban. tacked by three men who island. Now there is a mosque didn’t respond to a request to
one responsible for saying that News knows of no evidence of The state of Hawaii—along called him “Osama” in Waikiki on all four of the most popu- comment.
on television,” Mr. Trump said. any kind that the now-presi- with the imam at the mosque late last year, said Hakim lated islands, Mr. Ouansafi The government hasn’t yet
In a statement, GCHQ, which dent of the United States was here, Ismail Elshikh—sued to Ouansafi, president of the Mus- said, and Friday prayers in Ho- filed appeals papers in the Ha-
rarely comments on media re- surveilled at any time, in any stop the revised ban from taking lim Association of Hawaii; the nolulu draw about 400 people, waii case, though it is expected
ports, said any claim that the way, full stop.” effect, saying it was motivated driver has since left the state. including tourists. to do so at some point.

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A6 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
U.S. Takes Harder Line on North Korea
Threat of pre-emptive
strike sets up clash Figure in Graft Probe
with China as Tillerson Will Be Extradited
was to arrive in Beijing
SEOUL—The daughter of a
BY JONATHAN CHENG central figure in the scandal
that cost South Korea’s presi-
SEOUL—President Donald dent her job and landed the
Trump and his top diplomat de facto leader of the Sam-
hardened the U.S. approach to sung conglomerate in jail
North Korea, ruling out direct faces being sent home from
talks and raising the option of Denmark for arrest.
a pre-emptive strike in state- Chung Yoo-ra’s extradition
ments that set the stage for a was announced Friday by
potential clash with Chinese Danish authorities, who said
leaders this weekend. they would send her back for
The first-strike threat and “prosecution in her home
the U.S. deployment this month country.” Ms. Chung was ar-
of the beginnings of a missile- rested in the Danish city of
defense system in South Korea Aalborg in January.
represent a shift in balance A South Korean court last
that is expected to provoke month extended an arrest war-
Beijing, which is North Korea’s rant for Ms. Chung until 2023.
top ally. She has denied wrongdoing.
Secretary of State Rex Til- South Korea’s semiofficial
lerson, in Seoul on Friday, Yonhap News Agency reported
slammed Beijing for its oppo- that Ms. Chung would appeal
sition to the defense system, the extradition. Her lawyer

GLEN JOHNSON/ZUMA PRESS


which is aimed at protecting didn’t respond to requests for
South Korea against missile confirmation, and Danish pros-
threats from the North. ecutors said they haven’t been
Mr. Trump chimed in hours informed of an appeal.
later, saying Beijing hasn’t Since the scandal erupted
done enough to address the last year, prosecutors have
threat from Pyongyang, which identified the 20-year-old Ms.
is closing in on the ability to Rex Tillerson, center, and, to his right, U.S. Forces Korea commander Gen. Vincent Brooks, at the Korean Demilitarized Zone on Friday. Chung as a beneficiary of Sam-
mount a nuclear warhead on a sung funds given to entities
long-range ballistic missile. the longstanding one-China with the process. were his most direct state- proach puts the U.S. on a colli- tied to her mother, Choi Soon-
“North Korea is behaving policy, in which Washington North Korea has proceeded ments on North Korea since he sion course with South Korea, sil, a confidante of impeached
very badly. They have been agrees not to extend diplo- with missile tests since the inau- was sworn in last month. where an election on May 9 is President Park Geun-hye.
‘playing’ the United States for matic recognition to the gov- guration, including one staged Mr. Tillerson also took aim at expected to bring in a leader South Korean prosecutors
years. China has done little to ernment of Taiwan. Mr. Trump while the U.S. and Japanese what he described as President who will pursue more engage- allege Ms. Choi colluded with
help!” Mr. Trump tweeted. later committed to “one leaders were meeting in Febru- Barack Obama’s inaction on ment with Pyongyang. Ms. Park to extract donations
Mr. Tillerson was expected China” in a phone call with ary and a burst of midrange mis- North Korea. “Let me be very “You’re going to get a lib- from Korean conglomerates in
to arrive in Beijing on Satur- Mr. Xi in February. siles aimed at Japan this month. clear: The policy of strategic pa- eral president in South Korea exchange for political favors.
day for meetings over the Other issues of contention in- Plans for back-channel talks tience has ended,” he said. who agrees with the Chinese Ms. Choi and Ms. Park have
weekend with Chinese Presi- clude China’s trade and currency in New York between govern- During last year’s presiden- that a hard-line approach denied wrongdoing. Samsung
dent Xi Jinping as well as policy and its territorial ambi- ment representatives from tial campaign, Mr. Trump sug- doesn’t work,” said John De- admitted providing funds to
China’s foreign minister. tions in the South China Sea. North Korea and former U.S. gested he would consider a lury, an expert in Chinese and entities linked to Ms. Choi but
A spokeswoman for China’s But since Mr. Trump took officials were scuttled last wide range of policies on North North Korean affairs at Yonsei denied seeking favors in return.
Foreign Ministry on Friday office in January, the most month after the State Depart- Korea, at one point calling University in Seoul. According to a report
pointed to China’s efforts to pressing matter has been ment withdrew visa approvals leader Kim Jong Un a madman Mr. Tillerson, whose China from prosecutors this month,
promote dialogue between North Korea. Mr. Trump has for Pyongyang’s top envoy on who had to be stopped, and at visit comes at the end of a funds from Samsung were
Pyongyang, Washington and launched a White House policy U.S. relations, according to peo- another suggesting that the three-nation trip through East used to purchase a horse
Seoul, and declined to com- review—which is continuing— ple familiar with the matter. two men talk over hamburgers. Asia, said he plans to raise named Vladimir for Ms.
ment on the secretary of state’s that includes the possibility of Tougher sanctions remain an Mr. Tillerson’s statements U.S. concerns about Beijing’s Chung, who won an eques-
remarks ahead of his arrival. military force or regime option in dealing with Pyong- dimmed the prospect that the opposition to the South Ko- trian-dressage gold medal at
U.S. relations with China change to blunt the country’s yang, Mr. Tillerson said Friday. new administration could pur- rean missile-defense system, the 2014 Asian Games.
have been rocky since Mr. nuclear-weapons threat, ac- The former oil executive’s re- sue a diplomatic strategy. the Terminal High-Altitude —Eun-Young Jeong
Trump said he would review cording to people familiar marks to reporters in Seoul An emerging hard-line ap- Area Defense, or Thaad. CHIEKO TSUNEOKA/THE WALL STREET JOURNAL

More than 100 residents of Oka, a coastal northwestern city, took part Friday in an evacuation drill
that simulated a North Korean missile launch. Pyongyang’s tests have heightened fears of an attack.

On Japan’s Northwest Coast,


A Drill for Missile Threat
BY CHIEKO TSUNEOKA ter after hearing the alert. Au-
AND ALASTAIR GALE CHINA RUSSIA thorities chose strong build-
Tongchang-ri ings as evacuation centers that
OGA, Japan—Sirens blared (site of four missile would shield residents from
a warning against incoming launches on March 7) explosions and debris caused
North Korean missiles as lo- Oga by missiles landing nearby in
The Perfect Pear cals rushed to a community
center here, Japan’s first drill
NORTH
KOREA Sea of
the event of a real attack.
Some residents expressed
7.08-Carat Diamond to simulate an evacuation in
light of a rising threat. SOUTH
Japan
( E a s t S ea )
skepticism about any threat
from North Korean missiles. But
Tokyo
“Missiles appear to have KOREA several said local concerns had
Exquisite stone. Dazzling size. Timeless perfection. J A PA N
been launched!” a loudspeaker risen after a North Korean mis-
The spellbinding 7.08-carat pear-shaped diamond voice warned on Friday. sile landed about 150 miles from
in this classic platinum necklace captivates with This coastal northwestern 100 miles the city in August, followed by
its spectacular size, color, and clarity. Certified by city was one of the closest P a c i fi c O ce a n three in September and four
100 km
points in Japan to the splash- this month in the same region.
the Gemological Institute of America, the rare gem
down at sea of a series of mis- THE WALL STREET JOURNAL. After the latest launch,
showcases a near colorless G grading with VS2 clarity, siles fired by North Korea North Korea said it was training
meaning it is virtually unmarred to the naked eye. since last year. Japanese politicians to develop for an attack on U.S. bases in
Its excellent polish and symmetry further distinguish The exercise didn’t rise to the ability to strike Pyong- Japan. A U.S. air base is situ-
the level of the famed “duck yang’s missile sites if an attack ated around 120 miles north-
the sensational stone. 16” length. #30-5113
and cover” drills that a genera- on Japan appears imminent. east of Oga. A Japanese military
tion of Cold War-era American On Friday, Japan also radar station sits on a hill close
schoolchildren withstood to launched an intelligence-gath- to where the drill took place.
ostensibly protect themselves ering satellite to enhance “The drill is good to get us
against the threat of a Soviet monitoring of North Korean psychologically prepared,”
nuclear attack. By and large, missile sites. Tokyo revealed said Susumu Takano, the 77-
despite the standoff with this week that fishing vessels year-old head of the local
North Korea’s advancing mis- weren’t warned about a March neighborhood association.
sile and nuclear programs, 7 missile launch by North Ko- “But I wonder if reports of
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 18 - 19, 2017 | A7

WORLD NEWS

U.S. Trade Policy Allies Discuss NATO, Trade


Draws Pushback BY CAROL E. LEE
AND ANTON TROIANOVSKI

At G-20 Meeting WASHINGTON—President


Donald Trump expressed
strong support for the North
Atlantic Treaty Organization
BADEN-BADEN, Germany— U.S., by contrast, argues that and said he was “not an isola-
World finance chiefs clashed other markets are more pro- tionist” after meeting Friday
over the future of global trade tected than America’s and says with German Chancellor An-
on Friday, worried that protec- it wants reciprocal treat- gela Merkel for the first time
tionist tendencies could tilt ment—or fair trade. since taking office.
the global economy back into One G-20 delegate said Mr. Trump, speaking at a
the doldrums and stir up member countries presented a news conference with Ms.
cross-border tensions. united front against the U.S. po- Merkel, defended his approach
sition, with nearly all the other to the issue and said the two
By Ian Talley, parties opposing a change to leaders would later discuss
Andrea Thomas the existing language. trade issues.
and Tom Fairless “With respect to trade, we “I’m not an isolationist. I’m
support fair trade,” U.S. Trea- a free trader, but I’m also a
The confrontation at a two- sury Secretary Steven fair trader,” he said.
day meeting of finance minis- Mnuchin told the G-20. His comments on NATO
ters of the Group of 20 econo- German officials presiding were aimed at easing concerns
mies pitted the U.S., which is over the talks initially pro- that European leaders, such as
seeking to rectify what it says is posed a phrase pledging to ad- Ms. Merkel, have had about
an off-kilter global trading sys- here to “rules-based” trade, his support for the alliance.
tem, against a bloc of advanced negotiators said—terminology “I reiterated to Chancellor
and emerging-market countries that reflects the unease of Merkel my strong support for
attempting to head off what many attendees at the talks NATO,” Mr. Trump said, add-
they see as President Donald about the Trump administra- ing that member nations must
Trump’s protectionist agenda. tion’s threats to unilaterally pay their share to the alliance,
Speaking at the start of the sanction trade partners and its a long-held view. He praised
meeting in the ritzy spa town challenges to the World Trade Germany for Ms. Merkel’s
of Baden-Baden, German Fi- Organization. They fear the commitment to eventually in-
nance Minister Wolfgang U.S. may not only spark a creasing military spending.
Schäuble said “we are still in trade war, but could also up- Ms. Merkel voiced support
the process of finding a solu- end the post-World War II for the European Union, an al-
tion for the obvious and rules-based order championed liance Mr. Trump has criti-
known different views.” by America for seven decades. cized. She also sought to

JONATHAN ERNST/REUTERS
In dispute is the wording of Mr. Mnuchin, representing stress the close relations be-
a joint statement that the fi- the Trump administration at tween the U.S. and Germany.
nance ministers are scheduled his first G-20 meeting, said “There are a number of is-
to adopt on Saturday and is the administration wants to sues where we will continue to
meant to define the nature of avoid trade wars too, But cooperate very closely,” Ms.
their trade relationships. Washington also seeks to re- Merkel said.
While the so-called communi- balance cross-border flows of She said she would be happy
qué is a symbolic, nonbinding goods, services and capital. if negotiations for a free-trade Chancellor Angela Merkel and President Donald Trump at a news conference in the White House Friday.
act, it has come to embody the Japan, a longtime ally of agreement between the U.S.
balance of power in the global Washington whose trade ties and the EU were resumed. The proposed EU-U.S. trade ers. They sat next to each Trump has been critical of the
tug of war over economic pol- with China have grown expo- “It is, of course, more than deal, the Transatlantic Trade other in separate chairs. Ms. EU and NATO. German offi-
icy. Delegations have argued nentially, was a rare delegate fair that both sides that make and Investment Partnership, Merkel was leaning toward Mr. cials also have been concerned
fiercely over the carefully cali- to back the U.S. position. agreements want to benefit has long been supported by Trump. But he didn’t look at about Mr. Trump’s approach
brated text in the past, but Some officials said they from them,” Ms. Merkel said Ms. Merkel. The talks weren’t her and sat with his hands be- to trade, which favors unilat-
trade has rarely been a focus wouldn’t rule out a postpone- at the news conference. “In finished when former Presi- tween his knees. eral agreements rather than
of those debates. ment of an agreement on this spirit, I would be happy if dent Barack Obama left office. At one point, Ms. Merkel those with multiple nations.
Europe, China and Brazil trade language until G-20 we resumed the negotiations Mr. Trump, who pulled the asked the president if he Ms. Merkel, whose govern-
want the G-20 to preserve cur- leaders meet in July. between the European Union U.S. out of Mr. Obama’s 12-na- wanted to shake hands, as is ment has allowed hundreds of
rent language calling for a re- The Trump administration and the United States of tion Pacific trade agreement, customary in these instances. thousands of refugees and mi-
jection of protectionism “in all argues that the trade surpluses America.” has attacked past U.S. trade Mr. Trump didn’t respond. grants to enter Germany, also
its forms.” They see that for- of China, Germany, South Ko- She noted, however, that policy, and he hasn’t resumed Following the news confer- drew contrasts to Mr. Trump’s
mulation as a way to hem in rea and other countries repre- only the EU—rather than indi- talks with the EU on the TTIP. ence, the two leaders did policy on immigration and for-
the economic nationalism ad- sent an unfair trading system vidual member states such as After their Oval Office shake hands. eign aid.
vocated by Mr. Trump’s that isn’t adequately moni- Germany—was able to negoti- meeting, there appeared to be Mr. Trump and Ms. Merkel —Peter Nicholas
“America First” platform. The tored by the WTO or the IMF. ate trade agreements. tension between the two lead- differ on a host of issues. Mr. contributed to this article.

To Boost Arms Exports,


Portrait by renowned illustrator Joseph Adolphe.

Russia Courts U.S. Clients


WILMINGTON TRUST RENOWNED INSIGHT

Moscow claws back market share lost since Crimea annexation “How might politics affect
BY THOMAS GROVE your portfolio in 2017?”
Arms Race
MOSCOW—When Russian Russia is the world’s second-largest arms exporter but is still recovering
officials struck a deal with from a sharp drop in sales after its 2014 annexation of Crimea.
the United Arab Emirates Our annual Capital Markets Forecast explores our
last month to develop a cut- Total arms exports outlook for economies and markets, and provides an
ting-edge combat plane, they $12 billion in-depth look at the themes we see continuing to unfold
sent a clear signal: Moscow 2016
Russian annexation of Crimea

is fighting to win back lost and the potential implications for portfolios.
10 U.S.
market share in arms ex- $9.9B U.S. economy pulling ahead, with risks. We are
ports and courting major 8 optimistic about the prospect of expansion, with the passing
U.S. customers.
Moscow’s foreign arms Russia of the mantle from monetary to fiscal stimulus and President
6
sales plummeted after its $6.4B Tony M. Roth Trump’s growth-stimulating policies. This outlook is
2014 annexation of Crimea 4 M.A., J.D., LL.M. (Tax) tempered, however, by
as Ukraine, which was a ma- DOWNLOAD OUR
Chief Investment Officer, concerns over the likely toll
jor supplier of parts to Rus- 2
sian arms manufacturers, cut WTIA
that reduced tax revenue 2017 CAPITAL
off shipments in protest. 0 Tony brings his extensive MARKETS
But Russian arms exports knowledge and more than
and increased spending FORECAST
rose 16% last year, to $6.4 2000 2010 may have on our already- wilmingtontrust.com/CMF2017
20 years of experience to
billion, according to data Source: Stockholm International Peace Research Institute THE WALL STREET JOURNAL. soaring national debt.
bear on client portfolios
compiled by the Stockholm
International Peace Research portunity—that we no longer Ambassador Carlos Sor- every day. He is responsible “Income inequality”– finding the yield sweet spot.
Institute, or SIPRI, which have—to build their influ- reta, Manila’s ambassador to for strategic direction, Income is a greater portion of total return in this low-
tracks arms sales. Russian ence,” said Remy Nathan, Moscow, said his country’s quality risk management, growth, low-return environment. But there is inequality or
President Vladimir Putin said vice president of interna- military is hemmed in by and comprehensive
last year that customers had tional affairs at the Aero- U.S. export restrictions that unevenness as far as interest-bearing capabilities of stock
investment solutions.
placed orders for $56 billion space Industries Association, stipulate weapons won’t be He is part of a seasoned
dividends and bond coupons. In an effort to find value,
in future deliveries, a record a trade group that repre- used to commit human- we propose bond proxies and alternative investable ideas.
team of professionals who
for Russia. sents U.S. manufacturers. rights violations. “It’s almost
“I think they’re on an up- At the same time, Russia like when you buy the gun exemplify Wilmington Opportunity in emerging markets. Stocks are primed
ward trajectory, and I expect is also moving aggressively there is a string attached to Trust’s 114-year heritage for opportunity in emerging market economies that are
they will improve with time to increase sales to countries it,” he said. “Russia’s strat- of successfully advising moving from “older” industries like mining to newer ones
as they try to reap the gains that traditionally have been egy is very different.” our clients. For access
of the relationships they’re customers in the past, such Russia is also working to such as e-commerce and mobile hardware. This space is a
to knowledgeable
putting in place,” said Doug as Indonesia, which is close fulfill a $3.5 billion arms disparate one, making regional selectivity paramount.
professionals like Tony
Berenson, managing director to reaching a deal with a deal with Egypt that includes For more insights and guidance that seek to
at Washington-based defense Russian state-owned arms jet fighters. The raft of con- and the rest of our team,
industry consultancy Avas- firm to purchase jet fighters. tracts came about as Cairo’s contact Larry Gore at sidestep obstacles and pursue investment opportunities,
cent. Belarus, Iran and Nicaragua ties with Washington cooled 302-651-1665. visit wilmingtontrust.com/CMF2017.
Russia had long been the were among the countries following the 2013 military
world’s second-largest arms that imported more arms coup that brought President FIDUCIARY SERVICES | WEALTH PLANNING | INVESTMENT MANAGEMENT | PRIVATE BANKING
exporter behind the U.S., but from Russia last year than Abdel Fattah Al Sisi, a for-
it had been gaining ground the prior year. mer defense minister, to
and even outsold the U.S. in The Philippines is negoti- power. Officials at the Egyp-
2013 before the drop. ating an agreement that tian Embassy in Moscow
Moscow’s efforts to bounce would allow Manila to im- couldn’t be reached to com-
back have caught the atten- port Russian arms for the ment.
tion of U.S. arms makers, in first time. The deal would be The U.S. has far outsold
part because Russia is dealing striking because the Philip- Russia in Egypt and the This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This article
in some cases with countries pines is a former American U.A.E. over the past 10 years, is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of
individual circumstances. If professional advice is needed, the services of your professional advisor should be sought.
such as the U.A.E., Egypt and colony and has a military according to SIPRI. But
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
the Philippines that have long modeled along U.S. lines. Washington has been reluc-
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been major buyers of U.S. The talks come as Philip- tant to sell certain military Wilmington Trust Investment Advisors, Inc., a subsidiary of M&T Bank, is a SEC-registered investment advisor providing investment management
weapons, though some have pine President Rodrigo Du- gear, such as Lockheed Mar- services to Wilmington Trust and M&T affiliates and clients.
also purchased arms from terte has strained relations tin Corp.’s radar-evading Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington
Russia as well. with the U.S. through his F-35 Joint Strike Fighter, to Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide various fiduciary and non-
fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional
“If one of our partners abrasive remarks about for- Persian Gulf nations to en- services are offered through Wilmington Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other
like U.A.E.…starts turning on mer President Barack Obama sure that Israel maintains an business and personal banking services and products are offered by M&T Bank, member FDIC.
any given transaction to the and an antidrug campaign edge in the region. ©2017 Wilmington Trust Corporation and its affiliates. All rights reserved.
Russians, that means the that critics say has been rife —Asa Fitch in Dubai
Russians have gained an op- with extrajudicial killings. contributed to this article.
A8 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Saudis Expect U.S. to Reverse Terror Law


WASHINGTON—Saudi Ara- sideration by the new Congress
bia expects that the Trump ad- and the new administration, Tehran, Riyadh is set to start in late August.
ministration will take steps to that corrective measures will The announcement, pub-
Agree on Hajj Deal

NICHOLAS KAMM/AGENCE FRANCE-PRESSE/GETTY IMAGES


dismantle a 2016 law allowing be taken,” Mr. Falih said of lished by the official Saudi
U.S. terror victims to sue the Jasta. He didn’t specify what Press Agency, marks a rare
kingdom, according to a high- corrective measures would sat- Iranians to resume Muslim moment of consensus between
ranking government minister. isfy Saudi Arabia. pilgrimage as rivals end standoff the Sunni Muslim kingdom and
Expectations in Washington Shiite Iran, whose rivalry has
By Justin Scheck, for a congressional reversal are played out across the Middle
Elena Cherney low. Mr. Trump was an ardent DUBAI—Iran and Saudi East, often along sectarian
and Thorold Barker supporter of Jasta and called Arabia reached an agreement lines.
former President Barack to allow Iranians to partici- Last year’s talks ended be-
But chances are remote that Obama’s veto of the bill “shame- pate in this year’s hajj pilgrim- cause the two sides couldn’t
Congress will reverse the bill, ful.” A significant change would age to Mecca, resolving a agree on how Iranians would
said people in Washington fa- invite critical attention in his point of tension in the bitter obtain visas after Riyadh broke
miliar with discussions on the home state of New York, where rivalry between the regional diplomatic ties with Tehran in
issue. There has been no signal the bill—which allows victims powers. January 2016. The diplomatic
that the White House wants to of the Sept. 11, 2001, attacks to Iran barred its citizens from rupture came after Iranian
see the measure rolled back, President Donald Trump and Deputy Crown Prince Mohammed sue Saudi Arabia—has many attending last year’s annual mobs stormed Saudi diplo-
and lawmakers haven’t signaled bin Salman had lunch together in the White House on Tuesday. proponents. holy pilgrimage after the col- matic facilities in Iran to pro-
any new effort to change the Mr. Trump and the Saudi lapse of talks over its partici- test the kingdom’s execution of
law this year after a previous the state oil company, which is A favorable U.S. environ- prince didn’t discuss the law in pation with the Saudi govern- a Shiite cleric.
effort stalled—setting up a po- the world’s single biggest oil ment for Saudi investment is their meeting, Mr. Falih said. ment, a reflection of the Saudi Arabia takes pride in
tential conflict. producer, and the initial public timely, Mr. Falih said, as the But Mr. Falih expressed confi- downward spiral in ties be- its role as keeper of Islam’s ho-
In an interview with The offering is expected to be the kingdom embarks on an eco- dence that the U.S. would make tween the two countries. liest sites, located in the cities
Wall Street Journal, Saudi En- largest in history. nomic overhaul to diversify its changes because otherwise it It was the first time since of Mecca and Medina. But its
ergy Minister Khalid al-Falih Mr. Falih’s comments came economy away from depen- could face retaliation from 1990 that Iranians were ex- handling of past pilgrimages
highlighted how Congress’s after a meeting Tuesday be- dence on oil. That plan revolves other countries in the form of cluded from the hajj, a religious has provided ammunition to its
passage in September of the tween President Donald Trump around the Saudi Aramco offer- similar laws, he said. obligation that all able-bodied critics. In 2015, a deadly stam-
Justice Against Sponsors of and Saudi Arabia’s deputy ing and a strategy to invest After the bill’s passage in Muslims have to fulfill at least pede during the hajj left 769
Terrorism law, known as Jasta, crown prince. Mr. Falih said the more heavily abroad, including September, key U.S. lawmakers, once in their lifetimes. people dead, according to the
stoked tension in U.S.-Saudi re- kingdom sees a number of fa- in the U.S. concerned about such a back- On Friday, Saudi Arabia an- Saudi government.
lations and threatens to chill vorable shifts in U.S. policy Mr. Falih also warned of po- lash, proposed changes that nounced that following a meet- Other estimates put the
Saudi investment in the U.S. with Mr. Trump. He cited Mr. tential legal repercussions would limit the law’s scope ing last month between the death toll much higher. Iran has
The terror law, Mr. Falih Trump’s tougher stance toward abroad if Jasta survives. The and, lawmakers suggested, kingdom’s hajj minister and his said hundreds of its citizens
said, is one consideration in the Iran as an issue on which the Saudi government was “not would decrease the chances of Iranian counterpart, the two were among the victims, and
Saudi decision about whether two countries are now more happy” about the law, Mr. Falih retaliatory lawsuits. That effort sides had completed arrange- publicly questioned the kingdom’s
to list shares of Saudi Arabian closely aligned, and Mr. said, adding it was passed “dur- stalled and hasn’t been revived. ments for Iranians to partici- fitness to oversee the event.
Oil Co., or Saudi Aramco, in the Trump’s support for the fossil- ing the heated political period.” —Felicia Schwartz pate in the six-day hajj, which —Margherita Stancati
U.S. Mr. Falih is chairman of fuels industry. “We believe after due con- contributed to this article.

WORLD WATCH
CARIBBEAN
Brazil Accuses Meatpackers of Paying Bribes
SÃO PAULO—Brazilian au- linked to JBS was also under said participants in the scheme the government didn’t have duced in Brazil is imported by
Nobel-Winning Poet, thorities are investigating investigation. falsified sanitation certifica- enough information yet to say. the U.S. About 37,000 metric
Derek Walcott, Dies some of the world’s biggest JBS, with units on five conti- tions for beef and chicken as Brazil is second only to the tons of fresh beef were imported
meatpacking companies for al- nents, said it and its units “rig- well as for hot dogs, bologna, U.S. in beef and poultry pro- from Brazil in 2016, when the
Derek Walcott, a Nobel-prize legedly bribing food-sanitation idly follow” all regulations re- animal feed and pet food. duction, according to U.S. De- U.S. consumed about 11.7 million
winning poet known for captur- inspectors to approve sales to garding health inspection of its “The crime against the Bra- partment of Agriculture data, metric tons, according to the
ing the essence of his native Ca- domestic and foreign buyers of products and supports all efforts zilian people is grave,” said and is the world’s largest ex- USDA. The U.S. typically imports
ribbean, died on the island of St. meats that might otherwise aimed at punishing violations. Mr. Novacki, adding the Brazil- porter of chicken meat, ship- no chicken and negligible
Lucia. He was 87 years old. have failed to pass muster. BRF said that it meets all reg- ian government was also con- ping more than 4 million met- amounts of pork from Brazil.
The Caribbean’s most interna- ulations and that its products cerned about the impact on ric tons overseas in 2016. A USDA spokeswoman said
tionally famous writer, Mr. Wal- By Rogerio Jelmayer pose no risk to consumers in the country’s image abroad. Brazil’s meat sector relies the agency was in contact with
cott, “poet, playwright, and and Luciana Brazil or abroad. The company “We’re big players in the heavily on exports, shipping 30% Brazilian authorities and was
painter, died peacefully today…at Magalhaes added it was cooperating with world market, and consumers of its poultry meat and about monitoring the situation. Fed-
his home in Cap Estate, Saint authorities on the probe. can seek products from our one-fifth of its beef abroad, es- eral officials have safeguards
Lucia,” according to a statement Among the dozens of firms An Agriculture Ministry of- competitors,” he said. “We’re pecially to China. Any questions in place to protect the U.S.
released by his family. targeted are JBS SA and BRF ficial said the ministry was worried and we’re taking over the safety and quality of food supply through inspec-
The prolific and versatile poet SA, which both have substantial still investigating how much of steps” to maintain confidence Brazilian meat exports could tions of all imports, she said.
received the Nobel Prize in liter- operations outside Brazil. JBS, the affected meat and meat in Brazilian products. give an edge to U.S.-produced “We can ensure the American
ature in 1992. Mr. Walcott, who the world’s leading meatpacking derivatives were exported, When reporters at a press meat in markets where the two food supply is safe,” she said.
was of African, Dutch and Eng- company, owns Swift Foods and noting most of it was probably conference asked repeatedly countries compete, such as Hong —Jeffrey T. Lewis
lish ancestry, said his writing re- a majority share of Pilgrim’s, sold in the Brazilian market. how consumers could avoid Kong, the Middle East and Chile. and Jacob Bunge
flected the “very rich and com- both familiar U.S. brands. BRF is The official, Eumar Novacki, tainted food, Mr. Novacki said Relatively little meat pro- contributed to this article.
plicated experience” of life in the one of the world’s biggest
Caribbean. His dazzling, painterly chicken exporters.
work earned him a reputation as “[The firms under investi-
one of the greatest writers of gation] didn’t care about the
the second half of the 20th cen- quality of the meat or food”
tury. they sold, said a Federal Police
—Associated Press official, Mauricio Moscardi
Grillo. “They didn’t care at all
YEMEN about what they were selling
to consumers.”
Dozens of Refugees Shares of JBS plunged
Are Killed in Attack 10.6% on Friday, and shares of
BRF were down 7.6%. Brazil’s
At least 42 Somali refugees benchmark Ibovespa stocks in-
were killed Friday after a boat car- dex was down 2.4% on the day.
rying them apparently came under The investigation could
attack off Yemen’s coast, accord- threaten a planned initial pub-
ing to the International Organiza- lic offer by JBS for its interna-
tion for Migration. tional operations, and could
The incident occurred at cause problems for a possible
around 3 a.m. local time, accord- sale by BRF of a stake in one
JUAN FORERO/WASHINGTON POST/GETTY IMAGES

ing to spokesman Joel Millman. of its units as well, said Shin


There were 91 survivors, some of Lai, an investment strategist
whom were hospitalized, he said. at São Paulo-based research
Some survivors said they were firm Upside Investor. JBS an-
attacked by a military vessel nounced in December a reor-
near Yemen’s Hodeida port, while ganization plan that includes
others thought a helicopter that an IPO in the U.S. of shares in
flew from the vessel attacked its international businesses.
them, according to the IOM. An inspector-veterinarian
Most of the Somalis had employed by JBS at one of its
been living in a refugee camp in plants was allegedly involved
southern Yemen, the IOM said. in the scheme, documents pro-
An official from Hodeida said vided by judicial authorities
they were believed to be travel- show. Police said an executive A JBS meat plant in Lins, Brazil, in 2011. Besides the companies, Brazilian food-sanitation workers are also targets of the investigation.
ing to Sudan.
A two-year war in Yemen has
pitted Iran-backed Houthi rebels
against a military coalition led by
Saudi Arabia. A coalition spokes-
man said it hadn’t conducted
FARES ering storm.” The new competi-
tion isn’t necessarily a bad
thing, he said, if the low fares
increase the number of people
those at legacy rivals, depend-
ing on how well seats have
sold. Still, legacy carriers have
pushed down their most basic
year to service smaller U.S. cit-
ies by flying smaller, narrow-
body planes to locations such
as Stewart International Air-
operate from other European
cities. “This is just the start,”
IAG Chief Executive Willie
Walsh said.
military action in the area on Continued from Page One flying on such routes. prices to be more competitive port in New York, Green Air- The company, which also
Thursday or Friday morning. Punta Cana in the Dominican The market for trans-Atlan- with the startup rivals. port in Providence, R.I., and owns Irish carrier Aer Lingus,
—Asa Fitch Republic and Buenos Aires. Ser- tic flight was dominated for de- Low-cost trans-Atlantic Bradley International Airport said Level would start opera-
vice is to start in June. cades by a handful of U.S. and flights are typically operated near Hartford, Conn. It is these tions with two new Airbus
SYRIA IAG is basing the budget car- European airlines, many of with planes carrying more pas- new routes for which it is offer- A330 planes seating 293 pas-
rier in Barcelona partly because which have paired up with air- sengers than normal. Tickets ing introductory fares of as low sengers in economy class and
Israeli Airstrikes Met the airline’s Spanish short-haul lines on the other side of the can cost a fraction of tradi- as $65 one way. 21 premium-economy seats.
With Antiaircraft Fire budget carrier, Vueling, is based ocean to cooperate on sched- tional prices for intercontinen- Air Canada, Lufthansa and Crew from IAG’s Spanish car-
there, enabling passengers from ules and fares. British Airways Air France-KLM also recently rier Iberia will initially staff the
Israeli air force planes carried places throughout Europe to works closely with American launched no-frills subsidiaries planes.
out airstrikes in Syria on Friday, transfer to the trans-Atlantic Airlines Group Inc., the No. 1 to ferry passengers on long- The service from Barcelona
drawing fire from government flights. U.S. carrier. United Continental
A new breed of budget haul flights, including across will set off the first head-to-
antiaircraft missile batteries in The deep discounting isn’t Holdings Inc. is linked with airline has started the Atlantic, at budget prices. head contest between a net-
the most intense military ex- playing out only across the At- Deutsche Lufthansa AG, and But legacy carriers often work carrier’s budget long-haul
change between the two coun- lantic. The long-haul arm of Ai- Delta Air Lines Inc. cooperates
offering super-cheap struggle in setting up discount unit and an airline focused at
tries since the start of the Syr- rAsia Bhd., Asia’s giant budget with Air France-KLM SA. long-haul flights. units, and several efforts in the inception on discount travel.
ian conflict six years ago. carrier, is poised to link its base Those relationships have helped U.S. have failed. Incumbents in Norwegian Air has announced
The Israeli military didn’t dis- in Kuala Lumpur, Malaysia, keep routes lucrative. some cases found they couldn’t plans to expand its budget
close what it had targeted but with Honolulu later this year. The market remains attrac- match the cost structure of long-haul operations to the
said the aircraft returned safely Scoot Pte Ltd., a budget long- tive for these legacy airlines, tal flights, although passengers their budget rivals, or aban- Spanish city in June.
to their base, denying a Syrian haul affiliate of Singapore Air- but the new competition has generally have to pay extra for doned efforts once their dis- Level will offer high-speed
claim that one plane had been lines Ltd., plans to start operat- pushed down ticket prices. For amenities such as meals. count operations threatened to onboard Wi-Fi for prices start-
downed and another damaged. ing cheap flights between the both discounters and incum- Norwegian Air has been a cannibalize their regular busi- ing at about $9.65. Premium
Israel has said it reserves the Asian city state and Athens this bent airlines, prices fluctuate trailblazer. The Scandinavian ness. Lufthansa’s Eurowings economy passengers will have a
right to strike arms shipments year. with demand, so it is difficult carrier now offers service from budget arm was plagued by op- checked bag, food, seat selec-
to Hezbollah, the Iranian-backed Tim Clark, president of to assess how much any one several European cities, includ- erational missteps, including tion and movie access included
military and political group in Emirates Airline, the world’s carrier’s move affects prices ing London and Paris, to desti- long flight delays, when it first in the price of their tickets.
Lebanon that is supplying fight- largest carrier by international more generally. Fares on dis- nations such as New York, Fort began flying across the Atlan- Economy class passengers will
ers for the Assad regime. traffic, this month called low- count carriers at times can be Lauderdale, Fla., and Los Ange- tic. have the option of paying extra
—Rory Jones cost, long-haul service a “gath- on par, or even higher, than les. It expanded earlier this IAG plans to expand Level to for these items.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A9

BLOOMBERG

THE NEW YORK TIMES

FINANCIAL
TIMES

What
Competition?
When it comes to senior executives, WSJ
has 1.5x the reach of Bloomberg, 2x The
New York Times and 6x The Financial Times.

For 30 years running, The Wall Street Journal has been the No. 1 media brand
for reach and influence in American business. According to Erdos & Morgan, our
readers manage $4.6 trillion in expenditures. That’s $2 out of every $3 spent on B2B
purchases. The Wall Street Journal—we mean business.

Source: 2016–2017 Purchase Influence in American Business, Erdos & Morgan. Brand nets reflect net of print average issue audience and past 30 day use of measured digital
platforms; purchasing volumetric reflects aggregate of 47 measured categories.

© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ5243
A10 | Saturday/Sunday, March 18 - 19, 2017 * ****** THE WALL STREET JOURNAL.

OBITUARIES
T H O M A S S TA R Z L STEPHEN ROSS
1926 — 2017 1944 — 2017

‘Father of Transplantation’ Economist Created


Ways to Assess Risk
Defeated His Own Doubts
A
t age 4, Stephen Ross still the most complicated types of op-
wasn’t talking. His parents tions. His agency theory spurred
took him to a hospital for research into how incentives can
BY JAMES R. HAGERTY tially fatal mistakes worsened. tests and were assured nothing be structured to align the inter-
“With growing concern, I came to was wrong. Sure enough, he be- ests of principals (such as inves-

A
s he completed his medical believe that I was not emotionally gan talking at 5, in complete sen- tors or home buyers) with those
training in the late 1950s, equipped to be a surgeon or to tences, and never looked back. of agents (stockbrokers or real-
Thomas Starzl searched for deal with its brutality,” he wrote. After studying physics at the tors).
a way to make his name in the an- “I did not like doing the one thing California Institute of Technology “He’s probably the most bril-
nals of medicine. In an interview for which I had become uniquely and earning a doctorate in eco- liant financial economist of his
late in his life, he recalled asking qualified.” He also felt it was too nomics at Harvard University, Dr. generation,” said Richard Roll, a
himself: “What’s out there that late to turn back. Ross became one of the most cel- finance professor at Caltech who
needs development but looks im- He obtained federal funding and ebrated financial economists of worked with Dr. Ross.
possible?” pressed on with research at North- the past 50 years, frequently A group of his former students
The choice seemed obvious to western and later the University of rated as a likely Nobel Prize win- raised money a decade ago to cre-
him: transplanting organs. Colorado. In 1963, he made his ner. ate a Stephen A. Ross Prize for
He became the first surgeon to first attempt to replace a human His arbitrage-pricing theory is outstanding financial research.
transplant a human liver success- liver. The 3-year-old child, Bennie a foundation for assessing the Dr. Ross died of a ruptured
fully, in 1967, and went on to do Solis, desperately ill, died during risks and rewards of holding aorta March 3 at his home in Old
hundreds more, in dicey opera- the operation. “The surgeons stocks and other assets. He also Lyme, Conn. He was 73.
tions that could last as long as 20 stayed in the operating room for a came up with ways to value even —James R. Hagerty
hours. Tall, lean and cerebral, he long time…looking at the ground
pioneered drug therapies to fight and saying nothing,” he recalled.
the body’s rejection of foreign tis- Several more liver transplants
sue. Though less famous than son to become a surgeon. failed, and Dr. Starzl paused the D O R I S DA M M
Christiaan Barnard, who in 1967 Latin was his favorite subject in program, pending advances in 1934 — 2017
was the first to transplant a heart, eighth grade, and he was so good at techniques and drugs. His liver
Dr. Starzl was often called the “fa- it his teacher wrongly suspected him transplants resumed in 1967 and
ther of transplantation.”
Yet he was also haunted by the
children who died during or
of cheating, Dr. Starzl recalled in his
1992 memoir, “The Puzzle People.”
results gradually improved.
Feeling a lack of support for his
projects at the University of Colo-
She Built Business on
A Temporary Staffing
shortly after operations, dogged by fter serving in the Navy near rado, he moved to the University
medical turf battles and cautious the end of World War II, he of Pittsburgh at the end of 1980
regulators, and thrust into ethical earned a biology degree at and soon made the city a global
debates over how to allocate or- Westminster College in Fulton, Mo., center of transplant expertise. He

D
gans and whether it was worth do- then won medical degrees at North- talked companies into lending oris Damm, a former moti- eral Electric Co., took out a sec-
ing such costly surgery when many western University. He had four their corporate jets to rush livers vational speaker for ond mortgage on their home.
people couldn’t even get basic care. years of surgical training at Johns to recipients. Weight Watchers, got a job Her ACCU Staffing Services
“Most mortal people would have Hopkins Hospital in Baltimore. In 1990, he had coronary bypass in the 1970s as an account man- now has 13 branch offices and
given up,” said John Fung, who Stung by what he saw as a slight surgery. Worn out by travels and ager and receptionist at a small serves hundreds of companies in
heads the University of Chicago’s from one of his supervisors, he debates, he retired as a surgeon executive-search firm in Cherry New Jersey, Pennsylvania and
Transplantation Institute. moved to the University of Miami but continued researching. Prog- Hill, N.J. At the time, companies Delaware. Mrs. Damm’s insights
Dr. Starzl died March 4 at home medical school for his residency. ress, he said, had vastly exceeded were getting leaner and less will- into the regional economy drew
in Pittsburgh, a week before his During that period, he wrote, “I felt his early dreams. ing to offer long-term employ- the attention of the Federal Re-
91st birthday. His memorial service like a missile looking for a trajec- Was he the father of transplanta- ment. Some told her they didn’t serve Bank of Philadelphia, where
was attended by hundreds of col- tory.” tion? “I didn’t make that claim,” he want her help finding new execu- she served on the board from
leagues, friends and admirers, as In Miami, crime furnished more said in an interview late in his life. tives but needed temporary staff. 2001 to 2007, the last two years
well as his golden retriever, than enough gunshot wounds to With a laugh, he added: “On the So Mrs. Damm quit her job and as chairman. That meant quar-
Chooloo. train a young surgeon. He learned other hand, I haven’t rejected it.” set up a temporary-staffing firm terly trips to Washington for
Thomas Earl Starzl was born the arts of replacing blood vessels. Dr. Starzl is survived by his in 1979 on her kitchen table, with meetings that included Fed Chair-
March 11, 1926, and grew up in Le In his spare time, he experimented wife, Joy Starzl, a son and a grand- one assistant. Soon, she had cli- man Alan Greenspan and later
Mars, Iowa. His father, who wrote on dogs, devised a technique for child. Two other children died be- ents, but was struggling to meet Ben Bernanke.
science fiction as a young man, removing livers and began thinking fore him. her payroll. She had to pay the Mrs. Damm died of respiratory
settled into running a small-town about how to “install” new ones. temps weeks before clients paid failure Feb. 27 at a hospital in
newspaper. His mother had worked As his surgical skills improved,  Read a collection of in-depth her. She and her husband, Edward Camden, N.J. She was 82.
as a surgical nurse and wanted her his anxieties about making poten- profiles at WSJ.com/Obituaries Damm, a sales executive for Gen- —James R. Hagerty

FROM PAGE ONE


Coffee Art by Sam DeBey

LEND
Continued from Page One
Mass., lends pruning shears, a
weed and root remover and
other gardening tools.
In Oregon, Brendan Lax
made YouTube videos hawking
the Hillsboro Public Library’s
borrowable delights. The li-
brary’s offerings include bub-
HILLSBORO PUBLIC LIBRARY

ble machines, a gold-panning


kit and a metal detector. Mr.
Lax, whose title is “Collection
Development Librarian,” says
he tries to acquire objects
people wouldn’t think of own-
ing. “You wouldn’t go out and
buy a big industrial popcorn Brendan Lax at the Hillsboro Public Library in Oregon.
popper,” he says.
To generate buzz for the framed prints of famous paint- vival strategy but a response
chimney-cleaning brushes, Mr. ings. “You could check out a to what their communities
Lax dressed up as an old-fash- van Gogh reproduction,” she want. “We are not doing this
ioned British sweep and ad- says. “We want to be needed,” to make it through some cata-
opted a cockney accent for a says Dr. Todaro, who applauds clysm. It is not about ‘books
video where he and a col- libraries’ efforts to reinvent are over,’ ” says Eli Neiburger,
league channeling her inner themselves. deputy director of the Ann Ar-
Mary Poppins lip-synced the Lisa Downing, director of bor District Library, who adds
movie’s “Chim Chim Cher-ee” the Forbes Library in North- that libraries have questioned
song-and-dance number. ampton, Mass., says, “I feel their offerings for decades.
Lending out novel items the writing is on the wall— Early in the 20th century, he
can bring twists. In Southold, and I love being relevant.” A says, there were debates
one patron brought back a few years ago, the Forbes be- about whether libraries should
tackle box he had borrowed gan lending ukuleles. They stock popular fiction or carry
and complained he had found children’s books.
a dead fish inside. In Ann Ar- While Ann Arbor lets pa-
bor, a patron returned a rep- trons take out a sewing ma-
lica of a prehistoric woolly
One library lets chine and a spinning wheel,
mammoth tooth, which had patrons take out a books remain in demand.
been broken in many pieces “They have declined slightly,
and then meticulously glued
sewing machine and but we still circulate hundreds
back together. a spinning wheel. of thousands,” he says.
Several libraries are “lend- The library also lends ther-
ing” flower and vegetable emins, a type of electronic in-
seeds. Will they get them strument dating to the 1920s.
back? Probably not, says Re- were a hit with patrons so the The theremin’s spooky tones
becca Judd, of the Bainbridge library branched out into evoke soundtracks from old
Island branch of the Kitsap bongo drums and banjos, sci-fi and horror movies, Mr.
Regional Library, near Seattle, among other instruments. Neiburger says, and tend to
which makes available packets Recently, the library asked grate on parents after their
of seeds to grow zinnias, to- people what else they would children spend hours tinkering
matoes, spinach and carrots. like to borrow. Ms. Downing with the instrument. “It starts
The seeds are stored in the says she tries to keep an open being obnoxious,” he says,
old wooden drawers of the mind at survey responses, “and it has to go back to the
card catalog, which once such as requests for kayaks, library.”
tracked the library’s books. canoes and snowshoes, but did In Southold, library direc-
Ideally, patrons bring seeds a double take when someone tor Caroline MacArthur wants
back after their harvest, but suggested a Geiger counter. to install a book stand in the
Every child deserves to wake up with hope. Ms. Judd, the library branch There were two requests for local laundromat. Patrons
For about the same amount you spend buying coffee every morning, manager, acknowledges: kittens and puppies. While she could read during the wash
you can provide an entire year’s tuition for a girl in Kenya, giving her “There are more seeds going can’t see cats and dogs in the and dry cycles, then take
the education she needs to improve her and her family’s livelihood. out than coming in.” library, she says, “Who books home.
Sponsor a girl today and help her achieve a better tomorrow. Julie Todaro, president of knows?” Snowshoes are a se- As far as loans beyond fish-
EAST AFRICA
EastAfricaChildrensHope.org CHILDREN’S HOPE the American Library Associa- rious contender, she allows, ing poles and the telescope,
tion, a professional group, re- adding, “These programs take Ms. MacArthur has a really
calls that the Houston Public a leap of faith.” zany notion: “Maybe a beach
Library, where she worked in Some librarians say the un- bag with—I hesitate to say
the early 1970s, once lent orthodox loans aren’t a sur- it—books.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A11

IN DEPTH

MEMOIR Mack told me Capote wanted


to buy the manuscript from
him.”
Alan Schwartz, a California
Continued from Page One attorney who represents the
hogtied the terrified Clutters, Capote estate, didn’t return
Herb and Bonnie and their emails and calls seeking com-
teenagers Nancy and Kenyon, ment.
assuring them that they By that time, early 1962,
meant no harm right up until Mr. Nations had fashioned
the instant that they blasted Hickock’s writing into a book
each in the head with a shot- and sent it to Random House,
gun. apparently unaware the pub-
Hickock gleefully described lishing house already had
how, in a house the killers signed a contract with Mr. Ca-
kept dark to avoid the atten- pote to write about the Clut-
tion of neighbors, he shined a ter murders.
flashlight on each victim’s Soon after, when a package
head while Smith pulled the came back from the publisher,
trigger. Of the instant Smith Mr. Nations handed it to Ms.
emptied a shell into the face Wise and asked her to open it,
of 15-year-old Kenyon Clutter, she said. “When I asked him

F. MARTIN RAMIN/THE WALL STREET JOURNAL


Hickock wrote, “I would of what it was, he said, ‘It’s my
liked to see the embalmer fill retirement,’ ” said Ms. Wise,
that hole.” In the document, now an 81-year-old insurance
the only regret Hickock ex- agent in Wichita. But it was a
pressed was that Smith did all rejection. “As I recall, the let-
the killing. ter said Random House al-
The twist comes in why ready had Capote under con-
they did it. tract,” she said.

New motive Income-tax case


In Mr. Capote’s telling— A month after Mr. Nations
which echoed the case prose- gave state officials the copy
cutors presented at trial— of Hickock’s letters, federal
Hickock and Smith entered ‘But I can’t back out, I’ve taken the money. I’ve spent some of it. prosecutors in Topeka
the house believing that Mr. brought income-tax evasion
Clutter kept $10,000 in a safe, Besides I thought, I know too much.’ charges against the journalist.
based on a tip Hickock had re- The case was related to an al-
ceived from a cellmate during leged payoff to Gov. Fred Hall
a recent stint in prison. Once Richard Hickock’s handwritten manuscript on the Clutter murders suggests the killers were paid for the job. that Mr. Nations was accused
they discovered no such safe of handling in 1955, when he
existed, they could have fled script at the request of The was in an earlier job as the
with little chance of getting Wall Street Journal, Michael politician’s executive secre-
caught, since the Clutters Stone, a Columbia University tary. The $10,000 bribe was
didn’t know their identities psychiatrist specializing in allegedly paid by Kansas law-
and since limited investiga- the study of killers, said, “I yers to arrange parole for
tive resources would have don’t believe for a minute someone who had performed
been devoted to a robbery that they got paid to do it.” an illegal abortion that re-
that left nobody hurt and that Also improbable is that the sulted in death. Mr. Nations
fetched only $40. The mur- Hickock manuscript would was charged with tax evasion
ders made no sense. In inter- have remained undiscovered, on his alleged $5,000 cut.
views following the publica- and the story surrounding it When Mr. Capote learned,
tion of “In Cold Blood,” Mr. untold. As a book that created via the KBI, of the indictment
Capote theorized that Smith the so-called nonfiction novel, against Mr. Nations, he ex-
snapped at the sight of an in- launched the true-crime genre pressed delight. “Remember
tact family—something he and made Mr. Capote an icon Mack Nations, the newspaper
had never had. of 20th-century American lit- bastard who has caused me so
In his manuscript, however, erature, “In Cold Blood” much trouble?” he wrote in a
Hickock suggested that some- spawned articles, books and March 1962 letter to Random
one named Roberts paid them films galore. Two years ago, House founder Bennett Cerf.
to kill one or more of the the Weinstein Co. optioned “Well, he has been arrested
Clutters. Describing the mo- television rights to “In Cold for income tax evasion!” The
ment he and Smith parked in Blood,” and last fall, Sundan- letter was reprinted in “Too
the Clutter drive, Hickock ceTV announced plans for a Brief a Treat: The Letters of
wrote, “I was going to kill a four-part documentary on the Truman Capote,” a book ed-
person. Maybe more than one. Clutter murders. ited by Capote biographer
Could I do it? Maybe I’ll back Yet the story of Hickock’s Gerald Clarke and published
out. But I can’t back out, I’ve literary project has escaped in 2004.
taken the money. I’ve spent attention of even Capote Mr. Nations was acquitted
some of it. Besides, I thought, scholars, even though Hick- after a trial. But his career at
I know too much.” ock’s partner in that project the Wichita Eagle was over,
Two handwritten pages was the late Mack Nations, a and legal expenses had ruined
later, with the Clutters now prominent Kansas journal- him financially, according to
held hostage, Hickock de- ist. “I didn’t know about any his son. Mr. Nations moved to
scribed a sense of urgency Hickock manuscript, and I’d Colorado, took charge of a
mounting as he and his part- never heard of Mack Nations,” small newspaper and died in a
ner searched the house. “We said Ralph Voss, who spent single-car accident in 1968,
were running short on time,” years researching his ac- two years after “In Cold
Hickock wrote. “It was almost claimed 2011 book, “Truman Blood” became an interna-
two o’clock and our meeting Capote and the Legacy of In tional sensation.
Cold Blood.” After its rejection, Mr. Na-
Officials of the KBI and tions’ manuscript remained
Kansas attorney general’s of- for years with Ms. Wise.
The implication likely
ASSOCIATED PRESS

fice declined to respond to Eventually, Ms. Wise said she


would have infuriated questions about the Hickock delivered the manuscript to
manuscript, or any suggestion Mr. Nations’ mother. Called
Mr. Capote and also that a person named Roberts “High Road to Hell,” the man-
the KBI detectives. ordered the killings. uscript found its way back to
In 1962, Mr. Nations sent to A captured Richard Hickock is led out of jail in Las Vegas in 1960. His handwritten manuscript, lost him in Colorado, where his
Kansas authorities a copy of before now, describes the murder of the Clutter family and his days on the run with Perry Smith. son recalled seeing it on his
the manuscript he had re- father’s desk shortly before
with Roberts was about an ceived from Hickock. That fell Nations, suggest that Kansas stallments to Mr. Nations, Mr. Capote hired a power- his death. “After he died, no-
hour away. We didn’t want to into the possession of Robert prison and law-enforcement who would fashion it into a ful Kansas law firm to seek an body ever saw it again,” said
miss that. Five thousand Hoffman, a lawyer in the Kan- officials sought to thwart the book-length manuscript, ac- exception for himself to the Michael Nations.
bucks is a lot of dough.” sas attorney general’s office Hickock/Nations book while cording to the younger Mr. ban, according to documents The journalist’s son be-
The reasons to discount who successfully batted down enabling Mr. Capote’s. Nations and to prison corre- at the Kansas Historical Soci- lieves it is no coincidence that
Hickock’s claim go beyond his Hickock’s and Smith’s appeals “Capote was telling the spondence on file at the Kan- ety. That effort was success- the federal charges against
lack of credibility as a patho- for clemency. When he died, story that Kansas authorities sas Historical Society. ful, and in January 1962 Mr. his father came a few weeks
logical liar. If he and Smith the copy passed to his son, wanted told, and Mack Na- Over the following months, Capote paid his first visit to after state officials received a
were paid to kill the Clutters, Kurt Hoffman. After the Jour- tions was telling a story that Hickock sat on death row Smith and Hickock at the pen- copy of the Hickock manu-
why didn’t they use that in- nal learned of it, the younger they wanted to silence,” said writing about 200 pages by itentiary. script. “They trumped it up to
formation to try negotiating Mr. Hoffman agreed to let the Houston probation officer Mi- hand, putting his initials in put a stop to that book,” said
their way off death row? Why Journal review the manu- chael Nations, son of the late the top corner of some pages. the younger Mr. Nations, who
were they dirt poor before script. Mack Nations. Whether he saw himself as Rejected book in recent months has posted
and after the crime? Why did In early 1961, a year after competing with Mr. Capote That same month, state several long YouTube videos
Hickock, later in the manu- Hickock and Smith were con- isn’t known. At that point, prison officials requested in which he theorizes that the
script, describe the killings Mack Nations deal victed of killing the Clutters, Hickock hadn’t seen Mr. Ca- from Mr. Nations a full copy Clutter killings might have
with no mention of a Roberts? A look at the history of the Mack Nations visited the Kan- pote in more than a year, not of the raw manuscript he had been a paid hit and his father
And how to explain the role of Hickock/Nations project sug- sas State Penitentiary in Lan- since the author had traveled received in installments from the victim of a coverup.
Floyd Wells, the former cell- gests that its obscurity isn’t sing to write stories about to western Kansas for the Hickock. Mr. Nations complied The only piece of Hickock’s
mate of Hickock’s (and former necessarily an accident. Docu- death row for his employer, Clutter-murders trial. In the on Feb. 1, 1962, although in a writing that Mack Nations
Clutter employee) who testi- ments on file at the Kansas the Wichita Eagle. While he film “Capote,” the author is cover letter to Mr. Hoffman in ever published was a short
fied that his jailhouse talk of Historical Society in Topeka was interviewing Hickock the portrayed as a constant visi- the Attorney General’s office story in a long-defunct maga-
a cash-stuffed safe was what and the New York Public Li- idea of a book arose, and ulti- tor to death row. In fact, an he expressed dismay that the zine called Male in late 1961,
got Hickock obsessed with the brary, along with letters of mately they agreed to a joint execution date and almost ban prohibiting him from vis- in which Hickock came off as
Clutters? Mr. Capote and interviews venture. Hickock would write two years passed without Mr. iting or corresponding with unrepentant and repugnant.
After reviewing the manu- with people who knew Mr. his story and mail it in in- Capote paying any visits to Hickock had been lifted for The Male magazine story ac-
the eastern Kansas prison Mr. Capote. “I can’t help but knowledged that Smith and
where Smith and Hickock feel the attorney general’s of- Hickock killed the Clutters but
awaited the gallows, docu- fice played a little politics in made no mention of anyone
ments at the Kansas Histori- opening the penitentiary to paying them to do the killing.
cal Society show. Truman Capote while all Smith and Hickock were
It was only after KBI Detec- other reporters, including my- hanged in 1965.
tive Alvin Dewey, chief inves- self, are prohibited from mak- Ms. Wise said Mr. Nations
tigator in the Clutter case, ing such visits,” he said in the once remarked to her that
STEVE SCHAPIRO/CORBIS/GETTY IMAGES (CAPOTE); NATIONS FAMILY

wrote to Mr. Capote in May letter, acquired by Gary McA- “there was something fishy
1961 informing him of the voy, a Capote scholar and the about the Clutter case. But he
Hickock-Nations project that author of a coming book wouldn’t say what.” She de-
Mr. Capote made plans to about the Clutter case. scribed the late journalist as a
visit death row, according to Meanwhile, Mr. Capote gregarious raconteur who also
the letter, now in the Capote tried getting his own copy of had a penchant for secrecy.
collection at the New York the Hickock manuscript, ac- In the lengthy section of
Public Library. By then, how- cording to Shirley Wise, then “In Cold Blood” devoted to
ever, he faced an obstacle: A a general assignment reporter the Clutter killers’ five years
few months after Hickock be- at the Wichita Eagle. “Capote on death row, Mr. Capote por-
gan sending his story to Mr. called the Eagle asking for trayed Hickock as a vain hood
Nations, Kansas prison offi- Mack Nations, and I answered who spent his time reading
cials imposed a new ban on the phone,” said Ms. Wise, erotic literature and legal
Truman Capote, author of ‘In Cold Blood,’ shown outside the Clutter visits and correspondence be- who was also Mr. Nations’ manuals on how to seek clem-
home in Holcomb, Kan., in 1967, was given access to the killers tween the media and death- girlfriend back then. “I trans- ency. He never mentioned
during their time on death row. Journalist Mack Nations, right, row inmates. The reason for ferred the call to Mack, and I that Hickock tried publishing
worked on Hickock’s manuscript and tried to have it published. the ban isn’t clear. heard him say, ‘Hell, no!’ his own book about the case.
A12 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
HEARD ON MARCH MADNESS

‘Nova Is Hung Up on Phones


THE FIELD

BY ANDREW BEATON AND


BEN COHEN

THE NIGHT BEFORE every game


in the NCAA tournament, the play-
ers on Villanova’s basketball team
will hear knocks on the doors of
their hotel rooms. They’re being
robbed.
Beast Mode Looks But the thief is one of their
coaches—and he wants their tech-
Into the Black Hole nology. He confiscates all their
Marshawn Lynch on Friday was electronics and removes the Wild-
reportedly contemplating a return cats from the modern world: no
to his Bay Area gridiron roots for laptops, no tablets and, worst of
an Oakland Raiders team that has all, no cell phones.
long been nostalgic for formerly “I feel naked without it,” says
great running backs. freshman guard Donte DiVincenzo.
Despite sitting out all of last The Wildcats have the best
year while officially retired, the five- chance of any reigning NCAA tour-
time Pro Bowl rusher is widely ru- nament champion in the last de-
mored to be orchestrating a return cade to win back-to-back titles, ac-
to the NFL from the Seattle Sea- cording to statistical models. The
hawks, who own his rights but No. 1 overall seed has only gotten
would be obligated to pay him $9 better after Kris Jenkins’s buzzer-
million this year unless they release beating, championship-winning
or trade him. three in last year’s all-time classic
The Raiders are said to be inter- title game against North Carolina.
ested. In many respects, that is no They cruised past Mount St.
surprise given the franchise’s proud Mary’s on Thursday and play No. 8
history of giving one-last-chance to seed Wisconsin in an intriguing
veteran ball carriers. round-of-32 game on Saturday.
The Raiders once courted a 47- At this point, every one of their
year-old Jim Brown, then the NFL’s strategies is worth examining.
all-time leading rusher, and subse- Their most unusual tactic some-
quently signed 30-something backs times comes as a shock to players.
Roger Craig, Eric Dickerson and It often produces anxiety, and it
Maurice Jones-Drew. None of those has even inspired resistance tac-
prior moves worked out for the tics. That’s what happens when
Raiders, as the trio combined for you take phones away from college
just 1,415 yards in three seasons. students. “They’re kids,” said Vil-
The Raiders are also said to be lanova coach Jay Wright. “They
CLOCKWISE FROM TOP LEFT: ELAINE THOMPSON/ASSOCIATED PRESS; RONALD MARTINEZ/GETTY IMAGES; CHRISTIAN PETERSEN/GETTY IMAGES

kicking the tires on another deco- don’t know how to focus.”


rated but aging running back in Wright has been enforcing this
Adrian Peterson. technology curfew for so long that
Lynch will be 31 this season. He he doesn’t remember exactly when
has totaled 9,112 yards in an NFL it started. He says his cell-phone
career that began in 2007. sequester may even go back to his
If a deal is done, Lynch would be time at Hofstra, where he was the
returning to the city where he led coach until 2001, which is six
Oakland Technical High School to a years before the first iPhone was
championship. He later starred in released.
college at nearby Berkeley for the By now, the players know what
California Golden Bears. to expect. Before every road game, Villanova’s Josh Hart after last year’s national title. Coach Jay Wright takes the team’s phones away before each game.
A transaction may be made eas- usually around 10 or 11 p.m., a Vil-
ier by the common history of the lanova staffer will go from hotel preseason trip to Spain over the It also helps that the nights before stash them in a cabinet during
clubs’ general managers. Reggie room to hotel room collecting all summer when he got a knock on games are when the phones of col- team meetings, according to a
McKenzie of the Raiders and the of the players’ electronics. The his hotel room door asking him to lege-basketball players blow up team spokesperson.
Seahawks’ John Schneider worked rush to retrieve their devices surrender his devices. He remem- the most. It’s when people “ask for No. 2 seed Duke used to take
together in the Green Bay Packers’ starts as soon as the players wake bers thinking: “Wait, why?” this, ask for that,” Wildcats junior its’ players phones the night be-
front office. up—even before team breakfast. The reason is simple: There is Phil Booth said. Without their fore games, according to a person
The Raiders were 12-4 in 2016, A night night without phones is mounting evidence that sleep is vi- phones, the players are left with familiar with the matter, but that
using a pass-heavy offense that about as long as Villanova’s play- tally important to athletes, and no- the televisions in their hotel was back when phones were
sputtered when quarterback Derek ers can last. They scramble to body struggles getting to bed at a rooms, and each other. mostly used as phones. The ban
Carr suffered a broken leg in week scroll through a full night’s worth reasonable hour more than young “The only thing to do,” Jenkins was rescinded several years ago.
16. Latavius Murray, who signed of text messages and Snapchats— people. Electronics are a scourge said, “is fall asleep.” This year, though, the Blue Devils
this week with the Vikings, led the because they know they’re about to sleep because of the wave- Other programs have experi- enacted a new piece of legislation:
team with 788 rushing yards. to have their phones stolen again. lengths of blue light that interrupt mented with this idea. But few no phones at team meals.
Ironically, Lynch could potentially That happens when they enter circadian rhythms and mess with have taken such drastic measures. The Wildcats say they abide by
be saying hello again to Oakland as the locker room before games. No our body clocks. But cell phones Michigan State coach Tom Izzo Wright’s more draconian law—but
the Raiders prepare to leave the phones in the locker room means are especially bad: 20% of people banned phones during team meet- there have been exceptions.
city for Las Vegas, a move that is no personal music, and that means between 19 and 29 years old are ings and bus rides in 2013. But he Years ago, Wright says, he
pending a vote by league owners. the players have to do something woken by an email, phone call or wasn’t willing to get any more ex- sniffed out a bait-and-switch
However the vote goes, owner crazy: talk to each other. text message several times every treme. “If I took the phones away scheme that involved at least one
Mark Davis said the team will play Villanova freshman forward Dy- week, according to a 2011 poll by the whole time, my guys would player handing over dummy de-
in Oakland for at least two more lan Painter remembers his bewil- the National Sleep Foundation. die,” Izzo said. The No. 9-seeded vices so he could keep the real
seasons. derment the first time his phone That can’t happen when Vil- Spartans are now allowed to have one. Wright even came up with a
—Michael Salfino was taken. The Wildcats were on a lanova’s players aren’t reachable. their phones on the bus, but they term for it: “fake phones.”

Weather
STRATEGY
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

BLUNDER OR BRILLIANCE?
d t
Edmonton 10s <0
V
Vancouver 50s 20s 0s
C gary
ary
Calgary 10s
p
Winnipeg
Seattle 30s 20s

l Montreal 30s
Helena Ottawa
P d
Portland Bismarckk
Eugene
Billings 40s A g t
Augusta 40s BY ANDREW BEATON
Boise T t 50s
40s Mpls./St.. Paul
Pau Toronto Albany
A b
bany t
Boston
60s oux FFalls
ll l
Buffalo rtford
Hartford 60s
Milwaukeek Detroit Pierre Sioux
P IN THE FINAL minute of
Cleve d
Cleveland New Yorkk
ew Y 70s
Ch
Chic
Chicago
Reno Salt Lake
lt Lak
Lake Cityy
kee C
Cit Che
h y
Cheyenne Deses Moines
Pittsburgh
Pit b h P hil d lphi
h
Philadelphia
Thursday’s Northwestern-
Omahah 80s
Sacramento 80s 50s Denver 50s
Indianapo
p
Indianapolis
h
Washington on
n D.C.
DC
Vanderbilt thriller, Commo-
90s
San Francisco
70s CColorado Topek
k
Topeka p g d Charleston
Kansas Springfield Charles
h dores guard Matthew
d City h
Richmond d 100+
LLas p
Springs
70s Wichita h
hit St.. Louis
L
Lou LLouisville
Lou Fisher-Davis committed
Ve g
Vegas l i h
Raleigh
Nashville
h ill what is being hailed as a
Los A
Ange l
Angeles 60s Charlotte
Chh
90s Santaa FFe Oklahoma
kl Cityy Memphisphi blunder for the ages.
Ph
Phoenix A b q q
Albuquerque C b
Columbia
San Diego LLittlee Rockk A t
Atlanta Warm Rain But maybe that analysis—
Tuc
Tucson El Paso
Ft. Worth D
Birminghamh based on decades of conven-
Dallas Cold T-storms
JJackson
k
bil
Mobile Jacksonville tional basketball wisdom—is
80s 80s
-0s A ti
Austin
Houston t Stationary completely wrong.
Snow
0s ew Orleans
New l d
Orlando With 17 seconds left, Van-
80s an Antonio
San A Tampa
10s Anchorage
A h g Honolulu
l l Showers Flurries derbilt had taken a one-
Miami
20s 30s 70s point lead. On the ensuing
Ice inbound pass, Fisher-Davis
quickly fouled on purpose— Matthew Fisher-Davis of Vanderbilt was blamed for the loss.
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
seemingly thinking his team
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 57 42 s 75 45 s Frankfurt 56 49 r 59 47 c
trailed by one. Northwestern frequently. They think about get off their average shot to
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice guard Bryant McIntosh hit it a different way: Would end the game, Northwestern
Orlando 79 55 s 80 49 s Geneva 52 44 r 61 40 pc
Today Tomorrow Philadelphia 44 34 sn 46 27 pc Havana 79 64 s 79 61 s both free throws to take the you rather have your of- would have a 49% at win-
City Hi Lo W Hi Lo W Phoenix 95 66 s 95 66 s Hong Kong 73 69 sh 75 68 c
Anchorage 22 10 pc 27 5 pc Pittsburgh 45 33 r 47 29 pc Istanbul 52 47 pc 55 45 sh
lead. Northwestern won the fense, or the other team’s ning, giving Vanderbilt a
Atlanta 67 40 sh 63 41 s Portland, Maine 35 20 s 38 23 c Jakarta 90 75 c 89 76 t game 68-66. “He’s down offense, decide the game? 51% chance, in this back-of-
Austin 83 60 c 82 59 pc Portland, Ore. 53 33 r 57 41 pc Jerusalem 65 48 pc 57 43 pc about it,” Vanderbilt coach This is all based on the the-envelope estimation.
Baltimore 50 34 sh 50 31 pc Sacramento 68 51 c 69 53 c Johannesburg 84 52 s 78 50 pc Bryce Drew said. “He made fact that Vanderbilt was far But what about after the
Boise 68 47 r 60 43 pc St. Louis 57 35 s 61 51 pc London 59 52 sh 59 51 c
Boston 38 30 pc 37 30 sn Salt Lake City 81 54 pc 72 52 c Madrid 71 41 s 74 46 s a mistake.” from a guarantee to win. foul? The game can play out
Burlington 37 17 c 37 18 pc San Francisco 65 53 c 66 53 c Manila 90 76 pc 90 75 s However, the fact is that Northwestern had time to a number of ways, but the
Charlotte 70 37 sh 61 32 pc Santa Fe 76 39 s 78 40 s Melbourne 84 61 s 88 69 s Fisher-Davis, intentionally get a good shot off—one idea is that fouling creates
Chicago 46 29 pc 54 44 s Seattle 50 36 r 51 37 pc Mexico City 73 47 pc 74 45 pc
Cleveland 44 34 sn 44 33 pc Sioux Falls 48 38 s 68 36 s Milan 71 47 pc 72 49 pc or not, may have given his that would likely win it con- various scenarios. Even if
Dallas 82 62 pc 84 63 s Wash., D.C. 54 37 sh 52 35 pc Moscow 47 35 c 47 38 r team a better chance at win- sidering it was a one-point both free throws go down,
Denver 79 49 s 78 46 pc Mumbai 92 78 s 94 78 s ning. And it’s a play that game with little time left. Vanderbilt’s offense still has
Detroit
Honolulu
46 31 sn 47 33 pc
82 69 s 83 72 s
International Paris
Rio de Janeiro
57
81
49 sh
72 t
58 46 c
80 71 t could change basketball if That’s why the numbers a chance to win the game.
Houston 81 59 pc 82 59 pc Today Tomorrow Riyadh 82 65 s 90 62 pc people weren’t so quick to say that if Fisher-Davis To be sure, this relies on
Indianapolis 45 30 c 53 39 pc City Hi Lo W Hi Lo W Rome 62 51 pc 64 48 pc make him a pariah. didn’t foul, the Commodores a simplistic set of assump-
Kansas City 62 43 pc 78 56 pc Amsterdam 54 48 r 55 47 c San Juan 82 72 sh 83 72 sh
Las Vegas 90 63 s 88 65 pc Athens 62 51 s 68 54 pc Seoul 58 32 pc 62 36 s This strategy seems to- had just over a 50% proba- tions—the numbers can go
Little Rock 72 47 pc 73 57 pc Baghdad 82 56 c 70 52 t Shanghai 58 50 c 59 52 c tally insane, and there likely bility to win. Consider that either way, depending on
Los Angeles 75 53 pc 74 54 pc Bangkok 92 78 t 93 80 pc Singapore 87 78 c 88 77 pc isn’t a single NBA or college the Wildcats only needed a the quality of the foul
Miami 77 59 pc 82 62 s Beijing 70 37 s 68 48 pc Sydney 76 73 sh 79 71 sh
Milwaukee 44 30 pc 46 38 s Berlin 46 33 r 49 46 r Taipei 74 67 pc 73 67 sh coach that would try it. two-pointer and they hit shooter and whether a team
Minneapolis 44 31 pc 58 36 pc Brussels 56 50 r 54 48 c Tokyo 55 45 pc 58 46 s Except to the rest of the 49% of their twos this sea- thinks its offense or defense
Nashville 65 34 pc 60 43 s Buenos Aires 73 54 s 74 57 s Toronto 35 26 sf 40 26 pc world, it isn’t so crazy. In- son. They also, conveniently, is better. What’s ultimately
New Orleans 77 60 pc 76 57 pc Dubai 87 75 s 91 77 s Vancouver 48 36 sh 48 35 s
New York City 38 30 sn 40 29 sf Dublin 55 49 sh 55 45 r Warsaw 45 33 r 45 36 pc ternational basketball teams hit 49% of shots in this spe- clear is that this was by no
Oklahoma City 76 59 pc 83 63 s Edinburgh 53 47 sh 53 39 c Zurich 50 46 r 60 41 c try these things far more cific game. So if they could means a fatal blunder.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A13

OPINION
THE WEEKEND INTERVIEW with Thomas Sowell | By Tunku Varadarajan

The Education of an American Sage


T
Stanford, Calif. of my life, there’s virtually no way I admired: “Oh, Milton Friedman,
homas Sowell is sitting in could have followed the same path certainly. He was one of the few
my chair. He’d driven in that I did.” people I know who had both genius
to Stanford University Having dodged a calamitous ed- and common sense.” (Friedman,
from his home 50 miles ucation solely on the advice of a who died in 2006, was Mr. Sowell’s
away, and since he’s 86 worldly child, it isn’t surprising colleague at the Hoover Institution,
years old, the least I could do was that Mr. Sowell—who went on to where I also work.)
to let him choose between the two earn degrees from Harvard, Colum- Growing up, Mr. Sowell admired
seats in my office. So he parks be- bia and the University of Chicago Joe DiMaggio, Joe Louis and Frank-
hind my desk on the lovely chair before teaching at some of the lin D. Roosevelt. Later, he says, he
that swivels, and I face him, country’s finest universities—has “realized what tremendous damage
hunched and immobile, on the had a lifelong distaste for the FDR had done. But I think two out
other side—a fitting way to inter- “ideologues” who have come to run of three is not bad!”
view one of America’s great sages. America’s schools. I press him on the sportsmen,
This feels like the perfect time The nomination of Betsy DeVos wondering how they came to be
to ask Mr. Sowell to ruminate on as education secretary, and the the idols of a cerebral economist.
the things that have mattered most possibility of promoting charter He talks with visible awe of DiMag-
to him. He’d announced, at the end schools nationwide, so energized gio. “There’s a famous moment in
of 2016, that he would give up the Mr. Sowell that he “briefly came the World Series—1947—between
newspaper column he’d written for out of retirement to write two col- the Yankees and the Dodgers. The
ZINA SAUNDERS

Creators Syndicate for more than umns in support—because I Dodgers are leading. Joe DiMaggio
25 years, a retirement that sug- thought that this is a moment that comes up with runners on the base,
gested the end of an era. Before might not come again in our life- and he hits a blast, 415 feet to left
that Mr. Sowell, an economist and time, and I mean even the younger field. The Dodgers outfielder
conservative, had written columns people’s lifetime. If we lose it now, catches right up against the 415-
for another news service, Scripps- we may have lost it forever.” foot sign. If that had been a home
Howard, but had quit after an edi- Mr. Sowell has what he calls “my run, that would have put the Yan-
tor changed a line about carbon reservations” about Donald Trump, kees ahead.
monoxide emissions to read as one but he gives the president credit “DiMaggio by this time is round-
for being “the first Republican ing second base. He gives a little
who’s made any serious attempt to kick of the dust and goes on back
The scholar and longtime get the black vote by addressing to enact school choice, Mr. Sowell world, the ones that are lagging in. That was the biggest outburst
columnist discusses his problems that affect most blacks says, “he would have some hope behind are those where their lead- there had been from DiMaggio in
who are trying to do the right of beginning the process of peel- ers always tell the same story: that his career. It wasn’t that violent a
rise from poverty and the thing—such as education, which is ing away black votes from the it’s other people holding you back, kick, just enough to barely raise a
country’s ‘degeneration’ such low-hanging fruit.” Republi- Democrats. It doesn’t have to be a and that therefore you need to little dust. I still remember that
cans have “no reason whatever to majority of the black vote. If stand against those other people self-control all these years later.”
into ‘grievance culture.’ be worried about teachers unions, there’s a narrow race for Con- and resist their culture. But that And Joe Louis? “He was a gen-
because the teachers unions aren’t gress, and you can reduce the culture may be the key to success.” tleman, who carried himself in a
going to vote for them anyway,” he black support for the Democrats Here Mr. Sowell pivots to 18th- certain way that inspired respect.
about “carbon dioxide.” This says. “They’re spending millions of from 90% to 80%, that could be century Scotland and the philoso- I’m not a big fan of the role model
caused an indignant Mr. Sowell to dollars trying to get Democrats the difference.” pher David Hume: “Hume urged thing, but it has its effect.”

H
terminate his contract—perhaps elected.” Scots to learn the English lan- Mr. Sowell recalls a time when
the original source of his fearsome But the good that can be done is ow has America changed guage,” he says. “He didn’t do he was “quite young, maybe 5
reputation among editors. (When I, obvious to Mr. Sowell. “The most over Mr. Sowell’s lifetime? that because his job was that of years old, down in North Carolina.”
as an editor for this page, was successful schools for educating “Oh my God,” he responds, an ethnic leader. He did it because One day, a kid told him that he had
handed a Thomas Sowell piece to black kids have been a few charter “that is truly a depressing subject.” he was an intellectual.” Yet it “some big secret down in his base-
work on back in 2001, my boss schools,” he says. “There are liter- He laments the “huge degenera- helped bring progress to his ment that he wanted to show me. I
whispered to me: “Careful, it’s ally tens of thousands of kids on tion” and what he sees as the homeland. “One of the most mi- said, ‘What’s down there?’ and he
Sowell. Don’t change anything.”) waiting lists for charter schools in spread of “the grievance culture to raculous advances of a people oc- said, ‘Just go down in the base-
Thomas Sowell was born into New York alone. You needed some- low-income whites—and even to curred in Scotland from the 18th ment, you’ll see.’ He had me go
poverty in North Carolina, in 1930. body who was going to fight to places like Great Britain.” century into the 19th,” Mr. Sowell down first—which I shouldn’t have
At age 9, he moved with his mother break through these caps that have An idea has taken root “that says. “A wholly disproportionate done, but I did, and he ran back up-
to Harlem, in New York, to live been put on the number of charter you’re entitled to certain things, share of the leading British think- stairs, closed the door, and locked
with relatives who promised a bet- schools.” that you don’t necessarily have to ers was Scottish. I mean Adam me in that pitch-black basement.”

T
ter life for the boy. There he visited Mr. Sowell has stopped swivel- earn them,” he says. “There’s a be- Smith in economics, Hume in phi-
a library for the first time, and ing in my chair, and he looks lief that something’s wrong if you losophy, Sir Walter Scott in litera- he furious young Tom pushed
though he’s not entirely sure, he straight at me to make his next don’t have what other people ture, James Watt in engineering. and kicked at the door, and
thinks the first books he borrowed point. “You see, in order to get have—that it’s because you’re ‘dis- You can run through the whole forced it open. “I think I was
from this “wondrous” institution these reforms, you would have to advantaged.’ A teenage dropout list. A people who were really far angrier than I ever had been—that
were “The Story of Doctor Dolittle” go against the dogmas not only of mother is told she has a disadvan- behind in one century had sud- I’d ever been before or since. He
and “Alice in Wonderland.” educators, but of the American in- tage. But if you’re going to call the denly come out of nowhere and was standing there and I came at
A family friend called Eddie—a telligentsia in general,” he says. negative consequences of chosen were on the forefront of human him and just hit him as hard as I
boy roughly Mr. Sowell’s age—had “The teachers unions complain that behavior ‘disadvantage,’ the word progress.” could. The punch must have landed
taken it upon himself to help the charter schools really have is corrupt beyond repair and useful Could black Americans one day just right, because he went down
callow little Southerner navigate skimmed off the cream. Of course only for propaganda purposes.” be like the Scots? “They can be,” and out. He was prone on the
his new metropolitan minefields. “I that’s nonsense, because people are Has there been any change for says Mr. Sowell, “and for those ground, limp as a dishrag. and I
was assigned to a junior high chosen by lottery. In another sense, the better? “Oh, yes, yes, yes,” he who haven’t gotten into this corro- was going to hit him again. I could
school in a really very bad part of there’s a point there, because these says. “In fact, for blacks who have sive new culture, they’re already have killed him. But something
Harlem, and Eddie told me, ‘You are the parents who care about education and who have not suc- doing that. But it’s going to be very stopped me, a thought in my head.
don’t have to go there. You can ask what’s going to happen to their cumbed to a new lifestyle—the hard. Both the media and academia “ ‘Joe Louis wouldn’t do that,’ I
to be sent to a different school.’ kids. These people are just desper- grievances, and the coarseness rep- promote the idea that people fall said to myself.”
That’s what he’d done. And then I ate to get into the charter schools. resented by rap music—it’s gotten behind because others are holding
followed him to Stuyvesant”—a se- They don’t want to be raising a tremendously better. What’s dis- them back.” Mr. Varadarajan is a fellow at
lective high school for smart kids. bunch of little thugs.” heartening, though, is that when I ask Mr. Sowell to talk about Stanford University’s Hoover Insti-
“He led me. If you take Eddie out If a Republican could manage you study ethnic groups around the some of the public figures he’s tution.

New York’s Investigated Mayor Gets Away Scot-Free


New York Mayor de Blasio has insisted all by Mr. Bharara last month, the mayor homeless that never seem to square planeload of passengers waiting 20
Bill de Blasio could along that there was nothing to see jetted to the Democratic National when Mr. de Blasio gives figures for minutes.
hardly be blamed if here: “We did everything right,” he Committee’s winter meeting in At- those to whom his government is There’s a maxim that a person
he celebrated St. told a local TV station at the end of lanta. His welcome was chilly. providing shelter. who can’t do the small things well
Patrick’s Day with a January. “My team did everything “They’re not happy he’s here,” one There are also the little things— shouldn’t be trusted with the big
few cold ones and a right. I did everything to abide by Democratic source told the New York for instance, time. In 2015, the things either. It’s a timeworn truth
long sigh of relief. the law and comport ourselves in an Post. Nothing quite sticks out like a mayor missed half of the St. Pat- that Mayor de Blasio has worked
CROSS
COUNTRY This week showed ethical fashion.” Still, it’s hard not to 6-foot-5 man standing alone at a rick’s Day parade in Queens because hard to fulfill since taking the city’s
New York’s mayor to raise an eyebrow at the details. party with people who don’t care a he didn’t show up soon enough. (He reins in 2014. But no heavy hitter
By Elisha
be one lucky lepre- Mr. de Blasio’s nonprofit, Cam- whit about him. explained that there had been “some has stepped up to challenge his re-
Maldonado
chaun. paign for One New York, essentially Now that the prosecutors have stuff we had to deal with.”) The year election. If New York can’t come up
With re-election supported his pet projects, like elim- backed off, this year’s mayoral cam- before that he was so late to a with better mayoral competition in
coming this November, Mr. de Blasio inating income inequality, creating paign may turn out to be pretty con- morning memorial service for a the next few months, we’ll soon
had faced a litany of inquiries, both universal prekindergarten, building ventional—meaning Mr. de Blasio 2001 airliner crash that he missed watch Mr. de Blasio’s second inaugu-
state and federal, into his past politi- affordable housing, tackling police seems destined to win. Still, a the moment of silence. (He’d had a ration—provided that the mayor
cal fundraising. Did the mayor and brutality, and getting horse-drawn strong challenger would have plenty “very rough night, woke up slug- shows up in time to take the oath.
his cohorts violate election law by carriages full of Central Park sight- of ammunition: gross mismanage- gish.”) Then Mr. de Blasio’s tardi-
funneling hundreds of thousands of seers off city streets. (The animal- ment of the city’s Administration for ness to board a commercial flight Ms. Maldonado is a member of
dollars through upstate county com- rights group Nyclass came out heav- Children’s Services, numbers of out of JFK Airport left an entire the New York Post’s editorial board.
mittees? Did he trade government fa- ily against Mr. de Blasio’s rival in the
vors for donations to his now-defunct 2013 mayoral race.) Hizzoner raised

Notable & Quotable: Mere Fiscal Christianity


nonprofit? Manhattan’s U.S. Attorney $4.3 million for the nonprofit before
Preet Bharara—a prosecutor with a shutting it down last year, saying it
reputation for taking down politi- had done its job. A serious question,
cians on corruption charges—seemed though, is why it donors were From James Freeman’s Best of as they attempt to justify big gov- government that is much more hu-
to be circling Mr. de Blasio. largely people and groups with some the Web, WSJ.com, March 17: ernment. It’s not necessarily per- mane than the one that Jesus en-
sort of business or special interest suasive. countered. This raises the interest-
before the city. Nicholas Kristof of the New York The ancient book has numerous ing question of what Jesus would
Bill de Blasio seems Perhaps the shadiest was a spe- Times is having fun implying that admonitions to perform charity and say about our contemporary politi-
cial deal to lift deed restrictions on Speaker of the House Paul Ryan’s various condemnations of greed, cal debates. Perhaps he would gaze
destined for re-election a Lower East Side nursing home, effort to replace ObamaCare is at but it’s not easy to find a passage in approvingly upon the $4 trillion an-
now that prosecutors thereby allowing its owners to make odds with Mr. Ryan’s Catholic faith. which Jesus says that government nual federal budget and intone,
a $72 million profit by selling the The column is of a piece with the is the best vehicle to provide aid, or “Whatever you do to the least of my
say he won’t be charged. building, which will now be turned “Jesus was a socialist” arguments that anyone should force others to appropriations, you do to me.” But
into luxury condos. The deed-change that bounce around the left half of donate. would he still say that after examin-
was heavily backed by a local of the the social media universe. Even casual readers of the Bible ing all the line items? Beyond ques-
All that has changed. Mr. Bharara Service Employees International Without wrestling with any diffi- may notice that Jesus doesn’t get tions of specific allocations for
is now unemployed, fired by Presi- Union, which conveniently heavily cult questions of faith or logic, Mr. along all that well with the political Planned Parenthood and the like,
dent Trump last week after refusing backed Mr. de Blasio for mayor. Kristof simply casts the federal bu- authorities of his time and (spoiler would Jesus see even a relatively
to resign. Then on Thursday federal There’s also a lobbyist who worked reaucracy in the role of Jesus. Then alert!) his relationship with govern- benign government like ours as su-
and state prosecutors announced for the company that bought the the Timesman proceeds to suggest ment ends rather badly. Back then, perior to individual acts of charity
that they wouldn’t charge Mr. de building and had raised funds for the through satire that by seeking to re- tax collectors were not presumed to in comforting the afflicted?
Blasio after all. A statement from mayor and donated $10,000 to the duce outlays and improve incentives be the dedicated public servants In contrast to Mr. Kristof’s drive-
Mr. Bharara’s successor, the acting Campaign for One New York. But ev- in federal programs, Mr. Ryan is de- that we appreciate so much today. by, John Gehring nicely limns the is-
U.S. attorney, cited the “totality of eryone, of course, denies everything. fying the will of his God. Of course And in our own time, social conser- sues at the heart of this debate in a
the circumstances here.” A longer The SEIU says it didn’t know the if federal agencies were ever actu- vatives who think the U.S. govern- 2015 piece for the National Catholic
letter from the Manhattan district building would be sold. Mr. de Blasio ally given the statutory mission to ment has become hostile to reli- Reporter. . . . Mr. Gehring refers to
attorney, Cyrus Vance Jr., noted that says he found out about the deal do as Jesus would do, Mr. Kristof gion—Christianity in particular— a 2012 lecture Mr. Ryan delivered at
the campaign activity appeared from the news. would be as horrified as anyone. should consider what Jesus had to Georgetown University. “Simply put,
“contrary to the intent and spirit of While the investigations were go- But this seems to be a political sea- put up with. I do not believe that the preferen-
the laws” but said that under state ing on, Mayor de Blasio tried to shore son when people who spend much Fortunately, in part because of tial option for the poor means a
law “the parties involved cannot be up his cred with national progres- of the year driving religion out of the influence of the Bible on Amer- preferential option for big govern-
appropriately prosecuted.” sives. Hours after being interviewed public life abruptly drag it back in ica’s founders, we enjoy a form of ment,” said the Speaker.
A14 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Tillerson Tells the Korean Truth Fed’s Sole Policy Should Be a Stable Dollar

R
ex Tillerson caused a stir Friday on his Trump Administration, which has to figure out Jason Furman (“What Should the from 2008-2015 in lost income on
first trip to Asia by—are you sitting a way to stop the North’s progress or accept a Fed Do Next? Follow the Leader,” op- their savings accounts, CDs and
ed, March 9) says “the Fed should be bonds. At the same time, it has
down?—telling the truth about North new existential threat to America’s homeland.
judged by its results.” He then says it eroded the value of these savings
Korea and China. The Secre- That’s the story behind Mr. has achieved its mandate of “stable through inflation.
tary of State may be a rookie A warning to China that Tillerson’s language, which prices,” which it defines as “2% infla- In 1966 former Fed Chairman Alan
diplomat, but he can’t do any the U.S. wants action seems aimed at both the tion.” Since when does 2% annual in- Greenspan wrote: “In the absence of
worse on North Korea than his North and its political patrons flation equal stable prices? This the gold standard, there is no way to
recent predecessors in both against a nuclear North. in Beijing. means that the Fed’s goal is for what protect savings from confiscation
political parties have. Mr. Tillerson noted that costs $1 today to cost $1.22 10 years through inflation. There is no safe
“Let me be very clear: The China has been punishing from now, or put another way, for $1 store of value. . . .The financial policy
policy of strategic patience has ended,” Mr. Til- South Korea economically because Seoul is de- today to have the purchasing power of the welfare state requires that
lerson said, referring to the Obama Administra- ploying America’s Thaad missile-defense sys- of 82 cents 10 years from now. This there be no way for the owners of
tion policy of waiting for North Korea to give up tem. “This is not the way for a regional power is not stable prices. wealth to protect themselves.”
The Founding Fathers tried to The Fed’s sole policy should be to
its nuclear ambitions or collapse. A day earlier to help resolve what is a serious threat to every-
keep our currency from being manip- keep the purchasing power of the
he criticized “20 years” of a “failed approach” one,” he said, referring to China. “We instead ulated for political purposes by set- dollar stable, favoring neither infla-
to the North’s nuclear ambitions. urge China to address the threat that makes ting a gold standard. They wanted a tion nor deflation. If it can’t do this,
He’s right about the failure. Going back to Bill Thaad necessary.” fixed value, the way an acre is an it should simply dissolve itself and
Clinton and diplomat Robert Gallucci’s Agreed He added that no U.S. tools are off the table acre, an inch an inch, a pound a suggest we go back on a gold stan-
Framework in 1994, three American administra- to defend itself and its allies—implicitly includ- pound. It took about $20 to purchase dard, because judging by its results
tions have sought to bribe Pyongyang into giving ing military force. And he said that if China can’t one ounce of gold from about 1792 so far, it has failed.
up its nuclear program and coax China to help. stop North Korea, then further nuclearization is until 1913, when the Fed was created. MICHAEL BIRD
They engaged in years of multi-government talks possible in the region. Far from being reckless, In 1913 gold was $20.67 per ounce. St. Anthony, Minn.
and offered cash or other concessions for North this merely recognizes that a Pyongyang regime Now gold is about $1,196 per ounce,
Korean promises that it never fulfilled. which means, relative to gold, the I am delighted to see that Mr. Fur-
with nuclear-tipped missiles may drive the vot-
value of the dollar has decreased man notes that the Fed actually does
President George W. Bush even took North ing public in South Korea and Japan to support 98%. Using the Consumer Price In- have three mandates. The third, of-
Korea off the list of terror-sponsoring states af- their own nuclear deterrent rather than rely as dex, it now takes almost a dollar ten-forgotten one—moderate long-
ter the North tested its first nuclear weapon in they do now on the U.S. ($.98) to purchase what $.04 would term interest rates—has not been
2006. And even as it came to light that Pyong- None of this is cheery stuff, but Mr. Tillerson’s have purchased in 1913. This is not met by the Fed despite Mr. Furman’s
yang had helped Syria build the beginnings of candor is appropriate for the threat and the mo- stable prices. assertions. Moderate means “not ex-
a nuclear program. Bush-era diplomats Condo- ment. He and President Trump are trying to per- Mr. Furman says the Fed “was the treme.” We have had near record low
leezza Rice and Christopher Hill have a lot to an- suade China that the new Administration is seri- first central bank to cut interest long-term rates for nearly a decade
swer for after they persuaded President Bush to ous about stopping the North before it could rates to zero.” Since price controls at the hand of the Fed. Record lows
give up a pressure campaign against the North explode a nuclear weapon over U.S. territory. have, over and over again, proven a is an extreme condition, not moder-
that was showing signs of success. China has ignored U.S. pleas in the past, so the bad idea, why is the Fed controlling ate. Also, the Fed has no right to
interest rates instead of the market? promote any inflation as that is
President Obama tried to coax the North with test will be getting Beijing to believe the new Ad-
The Fed’s policy has dramatically counter to the second mandate of
a similar invitation, but by then the Kim family ministration isn’t bluffing. driven up the prices of stocks and “price stability.” The Fed therefore is
regime had decided to build a nuclear-weapons The White House has several options, such as real estate while it has simultane- out of sync with two of its three
stockpile along with the missiles to deliver them. barring Chinese companies that do business ously cost retirees and poorer peo- mandates.
That’s when Mr. Obama settled on the “strategic with the North from the U.S. financial system ple who don’t invest in stocks or BRUCE JOHNSON
patience” doctrine that has now left the North and shooting down the North’s next missile real estate more than $1 trillion Riverwoods, Ill.
close to achieving the ability to destroy Seoul, launch. The starting point is recognizing that the
Tokyo or Seattle. world needs to change its failed strategy, and
All of this has been dumped in the lap of the good for Mr. Tillerson for saying so.
Missiles Pose Dire Threat to Electricity Grid
Iran’s New Crackdown Arthur Herman is right on when he
describes the threat of North Korea’s
communications, computers, cell
phones, refrigeration, sanitation,

I
missiles and a way to destroy them transportation . . . it would set us
ran will hold another Potemkin election in Mousavi have been under house arrest since (“There’s a Way to Stop a North Ko- back to the year 1910.”
May, and we can already predict the media 2011. Having hinted at freeing them during his rean Missile Attack,” op-ed, March In addition to deploying additional
narrative if one of the so-called hard-liners campaign, Mr. Rouhani has kept mum on their 13). In addition to our deployment of missile defense systems along our
wins the Iranian Presidency. cases since coming to office in the Thaad and Aegis missile defense East Coast and Gulf Coast (we cur-
The blame will lie with the Christians, journalists 2013. systems to protect South Korea and rently have interceptors in Califor-
Trump Administration for Then there is the crack- Japan (along with our troops), he nia), we should reinstate the EMP
failing to show sufficient re-
and opposition leaders down on Christians. The Is- calls for a boost-phase intercept. Commission, which testified to the
spect for “moderate” incum- are the latest targets. lamic Revolutionary Guard However, If North Korea, Iran or House Armed Services Committee
bent Hasan Rouhani. Except other “bad actors” sent a missile about this dire threat and recom-
Corps late last month arrested
armed with a small nuclear device to- mended ways to protect our electric-
Mr. Rouhani’s rule hasn’t been two Iranian Catholics in ward our coast and detonated it many ity grid, among other things. Alas, it
moderate. northwestern Iran and seized their Bibles and miles up in the atmosphere, it would was disbanded in 2009.
Witness the latest repression targeting the prayer books. The incident came to light in a create an electromagnetic pulse KARNA SMALL BODMAN
mullahs’ usual suspects. Tehran’s Prosecutor- Fox News report last week. (EMP) that would “fry” all the elec- Former Senior Director
General on Sunday announced it had sentenced It isn’t clear if the two Catholics, a mother tronics on the ground. As the former National Security Council
a couple to death because they had founded a and son, are converts, though that seems likely. head of our Ballistic Missile Defense (Reagan White House)
new “cult.” The announcement was short on de- Historic Christian communities such as Assyri- System told me, “we would have no Naples, Fla.
tails, but the charges could mean anything from ans and Armenians are afforded second-class
running a New Age yoga studio to a political- protection under Iranian law, while apostasy by
discussion club. Muslims is punishable by death. Despite some How Asset Forfeiture Ensnares the Innocent
The authorities have also detained Ehsan early rhetoric about tolerance, Mr. Rouhani has
Dave Erchull is correct that the then “charged” at civil trial with
Mazandarani, a reporter with the reformist been unwilling or unable to improve conditions current use of civil asset forfeiture wrongdoing. And when found liable
newspaper Etemad (“Trust”), according to the for religious minorities. is abhorrent (Letters, March 10). The for wrongdoing, the properties were
New York-based Committee to Protect Journal- There is also the status of some half a dozen abusive misuse of this practice, how- seized. In this way, government pun-
ists. The nature of the charges against Mr. Ma- U.S. and U.K. dual citizens who have been taken ever, is even worse than he realizes. ished distant criminals by at least
zandarani isn’t clear, and his relatives say he hostage by the regime while visiting Iran. These Contrary to Mr. Erchull’s claim stripping them lawfully of these
is on hunger strike in Tehran’s Evin Prison. He include father and son Baquer and Siamak Na- that “the original intent of civil as- properties.
had previously served most of a two-year sen- mazi, both U.S. citizens, and Nazenin Zaghari- set forfeiture was to combat orga- Yet today civil asset forfeiture is
tence on trumped-up security charges. Ratcliffe, a British citizen who is serving a five- nized crime and drug trafficking,” used to seize the properties of per-
Mr. Mazandarani’s detention followed last year sentence on secret charges. the original intent of civil forfeiture sons who are clearly within the ju-
week’s arrest of dissident reporter Hengameh Nearly four decades after it was born, the Is- in fact was to punish only wrongdo- risdiction of domestic courts. The le-
ers who are personally outside of gal fiction that the wrongdoers are
Shahidi, who also faces “national-security” lamic Republic remains an unbending tyranny.
the jurisdiction of the country’s inanimate properties is today used
charges. Ms. Shahidi has been an adviser to Me- The Trump White House shouldn’t spend en- courts. Civil asset forfeiture was simply to save law-enforcement offi-
hdi Karroubi, one of two pro-democracy candi- ergy hunting for moderate negotiating partners originally used only if and when per- cials the trouble of having to win
dates in 2009’s fraudulent election. Mr. Kar- in the Islamist regime because there aren’t any. sons suspected of criminal activities criminal convictions against sus-
roubi and opposition leader Mir Hossein They’re under arrest. could not be arrested and brought to pected flesh-and-blood wrongdoers
trial to face prosecution. Unable to before taking their properties. This
convict faraway suspected criminals, convenience, in turn, encourages
The De Blasio Standard civil forfeiture created the legal fic-
tion that these suspected wrongdo-
law-enforcement agencies to regard
far too many innocent property own-

P
rosecutors on Thursday smoothed New Blasio and his associates—some of whom took ers’ inanimate properties are the ers as suspected wrongdoers.
York Mayor Bill de Blasio’s path to re- leaves of absence from City Hall—devised a “co- wrongdoers. With the inanimate DONALD J. BOUDREAUX
properties (and only these proper- Professor of Economics
election this year by publicly exonerating ordinated campaign plan” that steered dona- ties) being within a domestic court’s George Mason University
him of misconduct. The mayor tions through county commit- jurisdiction, these properties were Fairfax, Va.
is lucky that prosecutors didn’t He gets off the hook for tees to state Senate
apply to him the same stan- behavior progressives candidates. They did this be-
dards that he and his fellow
progressives routinely apply to
cause union contribution lim-
denounce on the right. its for county committees How to Inculcate a Well-Rounded Graduate
conservatives. were 10 times higher than for In response to “The Liberal-Arts “To educate the body to the neglect
Acting U.S. Attorney Joon candidates. ‘Bubble’ Didn’t Always Cause Such of the mind and the soul makes a
Kim said in a statement that federal prosecutors District Attorney Cyrus Vance Jr. explained Trouble” by James Piereson and Na- man beastly. To educate the mind to
won’t bring criminal charges after investigating in a letter that the mayor’s coordinated cam- omi Schaefer Riley (op-ed, March 11): the neglect of body and soul leads to
I would agree that a liberal-arts edu- dead intellectualism. To educate the
the mayor and associates who solicited donations paign “creates an end run” around contribution
cation was never intended to provide soul to the neglect of mind and body
for his 2013 campaign and the now defunct non- limits and appears “contrary to the intent and students with a sheltered general results in fanaticism.”
profit Campaign for One New York. The latter si- spirit of the law.” But the DA could not prove studies degree. True liberal-arts edu- AARON AMMERMAN
phoned contributions from individuals and unions mens rea—a guilty mind—since an election law- cation in our world today should Lexington, Ky.
with business before the city—what liberals call yer had approved the run-around. train students to excel in a specific
“dark money”—into political advocacy. All of this underscores the double standard field while placing an additional em-
One inquiry centered on a deputy city com- of progressives who complain that the Supreme phasis on teaching them how to think Pepper ...
missioner who lifted deed restrictions on a for- Court’s 2010 Citizens United decision has al- critically about the world in which
mer AIDS nursing home, which allowed a com- lowed corporations to skirt contribution limits. they live. The end result is a well-
And Salt
pany with ties to one of Mr. de Blasio’s patrons Also recall how Milwaukee’s District Attorney rounded graduate who is prepared THE WALL STREET JOURNAL

to sell the property to a luxury condo devel- was exalted for harassing Wisconsin Gov. Scott for his or her field of study but who
also has learned the important “soft
oper at a $72 million profit. Mr. Kim said pros- Walker’s supporters based on dubious claims of
skills,” which include being able to
ecutors were unable to prove criminal intent illegal campaign coordination that were never think independently, solve problems,
given the “high burden of proof” and “clarity proven and rejected by the courts. effectively discuss and debate issues
of existing law.” While prosecutors were right to base their and work in a healthy way with oth-
Last year the Supreme Court tossed former judgments on the evidence and law, they vio- ers. Most employers will admit that
Virginia Governor Bob McDonnell’s corruption lated legal decorum with public exonerations these characteristics are lacking in
conviction, holding that the “basic compact un- that will help Mr. de Blasio politically. “Although our current workforce. To quote John
derlying representative government assumes it is rare that we issue a public statement about Wesley Hughes, who was the founder
that public officials will hear from their constit- the status of an investigation, we believe it is ap- of my alma mater Asbury University:
uents and act appropriately on their concerns.” propriate in this case at this time, in order not
Whether or not Mr. de Blasio offered a quid pro to unduly influence the upcoming campaign and Letters intended for publication should
quo under the McDonnell standard, he was will- Mayoral election,” noted Mr. Kim, who seems to be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
ing to give donors the impression that he would have adopted FBI Director Jim Comey’s new or emailed to wsj.ltrs@wsj.com. Please
do what he could to help. standard of disclosure. include your city and state. All letters
The Manhattan District Attorney has also The next time Senator Elizabeth Warren are subject to editing, and unpublished
been investigating allegations that the mayor howls about conservative “shadow groups,” will letters can be neither acknowledged nor
returned.
evaded state contribution limits. In 2014 Mr. de Mr. de Blasio ride to their defense? “I’m the muse of tax loopholes.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A15

OPINION

Reach Across the Aisle, Mr. President


that Congress is so exhausted as an by triumphalist House Democrats,
institution, everyone’s ideologies so ignored the teaching of history and
played out, that they’re all just play- passed ObamaCare without a single
ing a part, going through the mo- Republican vote. The Democrats
DECLARATIONS tions, mindlessly replicating past bat- would get all the credit. In time they
By Peggy Noonan tles in hope of some new reward. got all the blame. Republicans had

A
Really, this week, that’s how it no incentive to bail them out.
ll the emphasis seems to looks to me. But the health-care system, as
be on cutting. We will cut I am among those who think it Ohio Gov. John Kasich has observed,
CPB, NPR, NEA. absurd that Republicans on Capitol is crucial. The Democrats must be in
Why aren’t we talking Hill decided to throw their initial at- on the process to achieve “true and
about growing and build- tention on a hopelessly complex and lasting reform.”
ing and knocking down barriers? convoluted health-care bill, and for No doubt Democrats would clean
Why aren’t we talking about jobs procedural reasons so obscure they up the program along more liberal
and a boom and reforming regula- sound like Stockholm syndrome: “We lines than Republicans, which would
tion and taxes so people can build must pay for the cuts or we blow up please their progressive base. But it

ASSOCIATED PRESS
and invest? in reconciliation.” How can you ex- would also please many in Mr.
Is cutting the absolute No. 1 pri- pect people to follow you when they Trump’s base.
ority right now? In a country that is, can’t even understand the marching If it worked, Mr. Trump would
in Pope Francis’ famous character- orders, or why they should take the crow he’s made the first big biparti-
ization of the modern world, “a field hill? And focusing on the replace- san deal in a generation—it’s a new
hospital after battle”? Is that what ment only highlighted party fissures. Donald Trump and House Minority Leader Nancy Pelosi on Inauguration Day. day. It might help on future biparti-
the Republican party wants to lead The party leadership appears to san efforts, such as infrastructure
with? Why isn’t the priority unleash- have lost control of events. They come to see as an entitlement. Some leadership. That may be changing. spending. And he can make it up to
ing, getting past limits, pushing to- view politics as the art of the possi- look at the country around them and Wednesday night he told Tucker Republicans with conservative regu-
ward dynamism and expansion? ble, which it is, but they have a see crises—in employment, drug Carlson on Fox News that the bill is latory and tax reform.
highly constricted sense of the pos- abuse, family formation, education. “very preliminary” and can be “ne- It would be no scandal if the pres-
sibilities. They put me in mind of the This is no time to make things gotiated” down the road. “We will ident threw in with Democrats and
For health-care reform observation that a great leader has harder for people, even for a while. take care of our people or I’m not moderate Republicans at the expense
more in common with an artist than Some are merely practical: Obama- signing it, OK?” Which is interesting of Republican leadership. He’s al-
to succeed, it requires an economist. Economists drill deep Care helped some of their constitu- because it contradicted Speaker Paul ways been philosophically unreliable,
buy-in and compromise in narrow fields, but the artist’s view ents and jerked others around with Ryan, who said March 6: “It’s not his commitments ever-changeable.
is more expansive; he’s more able to lost coverage and jacked-up deduct- that this is open for negotiation.” Everyone knows this. The American
from both parties. grasp the big picture, and see how it ibles. A fix can’t just spread the mis- The president should confound people hired him knowing it.
is changing. The GOP leadership ery around in a new way. expectations, pivot, and turn to the His supporters would forgive a
needs a greater artistic sense. Maybe So far they’re called moderates. I Democrats for a bipartisan deal. failed attempt to replace ObamaCare
All these old arguments—we have they can put in for a grant from the asked one of these, an officeholder Here is the tradition. If you are along Republican lines. But they
to have them now? Why? Because NEA before it’s too late. who cares about mental-health Franklin Roosevelt in 1935 and you wouldn’t forgive a bad bill that suc-
it’s important for a party to prove it The leadership’s foes on the right needs and the opioid epidemic, if he want to create Social Security—an ceeds.
doesn’t know what time it is? comport themselves like the original was experiencing himself as a popu- act that affects Americans very per- In a telephone interview Mr. Ka-
How about a little prudence and uncompromised men. They are, to list. He said he has in the past been sonally—you get the other party in sich said, “Ronald Reagan made
patience? The priorities should be their credit, almost alone in their called a “positive populist.” which he on it. You need them co-owning it, deals with Tip O’Neill on Social Se-
jobs, growth, social cohesion and an willingness to declare their philo- liked: It suggested a realistic yet invested in it. You want the Ameri- curity.” All the big reforms of the
atmosphere, in Washington, of con- sophical predicates and resultant generous assessment of the actual can people saying, “Congress did past—of welfare, of the Pentagon—
structiveness. We don’t need any policy commitments. But they are lives of his constituents, joined with this,” not “the Democrats did this,” were bipartisan efforts. Progress will
new culture wars—we’ve got enough, supporting players in the drama, “a can-do spirit that we can help because if they say the latter the re- come when both parties end “the
thanks! Is the worst thing that could their numbers are not growing, and each other individually and with the form will always divide. FDR got 81 civil war” over health care. Biparti-
happen in the world right now that a there’s something exhausted about government.” But “negative popu- Republicans to vote for it in the sanship must come back if things are
kid from New Jersey can come into them, too. lism,” carries the connotation of House, and 284 Democrats. The to work.
Manhattan and see an off-Broadway There is a third group emerging darkness and resentment: “Someone same with Medicare in 1965: Lyndon As he spoke I thought: a biparti-
show seeded with a $30,000 grant that doesn’t have a name. They see took something from me.” So he Johnson did all he could to get the san deal on health care would also
from the National Endowment for themselves not as philosophers or sticks with the label Republican. GOP on board. A majority of House be a boost to the national morale. It
the Arts? No, that’s not the worst ideologues but as people who live in President Trump should have Republicans supported it. wouldn’t be about constricting and
thing that could happen! reality. Some are tough-eyed: Ameri- been the leader of this group but Barack Obama, full of himself af- cutting. It would feel expansive, con-
The worst that could happen is cans will never give up what they’ve threw his lot with the congressional ter his 2008 victory and surrounded structive, even hopeful.

Would You Rather See Trump’s Tax Return or Have Saturday Off?
By Amity Shlaes Couzens publicly trashed Mellon’s special Senate committee to investi- how much tax people like Andrew days a week. If the choice was be-

A
argument. “You have produced no ev- gate the Bureau of Internal Revenue, Mellon paid. tween relishing a plutocrat’s embar-
mericans tend to be interested idence that lowering the rate of sur- thereby gaining access to Mellon’s For months the papers entertained rassment and Saturday off, most
in presidential tax returns tax to a minimum of 25 percent will tax history. readers with reports of various workers took the Saturday.
partly because presidents tend increase the income from the surtax,” Mellon then made another rash Americans’ tax bills and guesses at Mellon’s tax touch became so pop-
to be wealthy. But our tradition of Couzens wrote Mellon. There was no decision. He authorized his tax offi- the level of income from which the ular that there was much support
tax privacy shields the returns of evidence, he said elsewhere, that re- cers to scrutinize Couzens’s returns. tax was derived. Film star Charlie when in 1926 he and President Calvin
wealthy Americans from prying eyes. ducing surtaxes on the rich “would be Chaplin had paid $345 in tax, but Coolidge slashed the top income-tax
That wasn’t always the case. In good for the country as a whole.” how much he’d made was a mystery. rate to 25%. The same 1926 legisla-
1924 Congress passed a tax law that The ordinarily sage Mellon made Make the economy roar The wealthy J. Ogden Armour of Ar- tion repealed the Peeping Tom rule—
included what was known as a “Peep- the error of hitting back personally. like it did in the 1920s mour & Co. in Chicago did not appear with surprisingly little notice.
ing Tom” provision. It required that “It is reported in the newspapers that to pay any taxes at all. Why not? Tax cuts did indeed fill the Trea-
the names of all taxpayers, and the all your capital is now in tax-exempt and the issue will go away. Maybe that was a story. But many sury’s coffers, as Mellon supposed
amount of tax they paid, be made securities and I have not seen any de- Americans found themselves a bit they would. And after the rate cuts
public. Unbelievably, the information nial from you,” he wrote to Couzens. embarrassed at this airing of tax the rich bore a greater share of the
was posted on the walls at regional “This means, if it means anything, The move backfired when his investi- laundry. “This is the annual snooping tax burden. The Peeping Tom story
tax offices. that you pay no income tax.” gators discovered that the senator festival under government auspices,” of the 1920s suggests what President
The Peeping Tom provision at first Couzens, no dummy, saw his had overpaid, not underpaid. concluded the New York World. Trump might do today: prioritize tax
grabbed more attention than the rest opening. If Mellon brought up his The 1924 tax deal reflected the The public was less interested in cuts. Presiding over an expanding,
of the 1924 law. But other parts of tax returns, Couzens could bring up Mellon-Couzens feud. The old-time the tax strategies of the rich than productive economy, he may find
the legislation—income-tax rate cuts, Mellon’s. “So long as you have en- Republicans got a rate cut, though they might have been for other rea- that stories about his tax returns no
specifically—ultimately proved more tered into the record of my securi- not as dramatic as the one they sons. The economy expanded dra- longer hold the headlines.
consequential. That has relevance for ties,” he wrote Mellon, “will you sought: The new top rate was 46%. matically during the mid-1920s. Pro-
President Trump’s tax policy. please tell us what your securities The progressives got the Peeping ductivity was so strong that big Miss Shlaes is the author of the bi-
The Peeping Tom story starts in are?” Couzens demanded, and got, a Tom provision—a chance to learn companies let employees work five ography “Coolidge” (Harper, 2013).
1922, when the top income-tax rate
was 58% and income taxes were lev-
ied only on the wealthy. Although
lower than the previous 73% rate, it
was still not generating the kind of
Russia’s Yahoo Hack Shows Risk of Spies Run Amok
revenue lawmakers expected. Many To save Rachel nel and priorities of the intelligence linked to Shaltai-Boltai, a hacker their national security. On the con-
of the wealthiest Americans took to Maddow embar- services are in charge. group that exploits stolen data to trary, their neighbors clamor to be
dumping money into tax-exempt mu- rassment, it should Secret information is the obses- embarrass and blackmail Russian part of NATO. Their grafting leaders
nicipal bonds, a strategy to which the be noted that Don- sion of such states, and of the people politicians and business officials. have led them into four wars, in
progressive wing of the Republican ald Trump was not who staff them. They crave hidden Only one of the four defendants Chechnya, Georgia, Ukraine and
Party did not object. president when the data with which to blackmail, under- named by the Justice Department is Syria. Relations with key trade part-
The progressives believed the so- Russia-sponsored mine or discredit their enemies. Who likely to see a U.S. courtroom: Karim ners like France and Germany have
BUSINESS
lution to the revenue problem was to hack of Yahoo oc- are their enemies? Truth tellers, for- Baratov, a Canadian resident alleg- been consigned to the dumpster.
WORLD
raise rates again, or shame the curred in 2014. eign and domestic, of any kind, in- edly hired by the FSB to crack open, Their economy is weighed down by
By Holman W.
wealthy into paying more tax. The He was president cluding those similarly selfishly mo- looting and corruption. Even as
Jenkins, Jr.
loudest voice among them belonged this week when the tivated. Policy debate barely exists fracking devastates the Kremlin’s
to Michigan Sen. James Couzens, a Justice Department in Russia. For such states, delivering When intelligence agencies conventional oil and gas revenues,
millionaire who had made his money indicted two Russian officials and two adequate results for their peoples, or Russia is cut off by sanctions from
at Ford Motor Co. Russia-backed freelance hackers for even for significant internal constit- use their powers for Western technology to develop its
Treasury Secretary Andrew Mel- these cybercrimes. uencies, is not the priority. Using se- domestic fights and self- own fracking potential.
lon, even wealthier than Couzens, Ms. Maddow, an MSNBC host, cret information—kompromat—to Mr. Trump untweeted himself
had a different plan for increasing would seem to be at high risk of get- wage war on anybody who threatens advancement, look out. back into the world of the credible
revenues. Mellon reasoned that the ting this information backward in their power is the main agenda. this week with his revision of his
government was like a railway owner her urgency to deliver a scoop on That’s the real story of this week’s phone-tapping allegations. When he
and should charge only “what the the evils of Mr. Trump. Justice Department charges in the using the stolen data, a handful of tweeted that President Obama had
traffic will bear.” Lower rates, he What this week’s Yahoo indict- Yahoo attack that violated 500 mil- specific Google and Yahoo accounts tapped his phone lines, he didn’t re-
thought, would bring more business ments really show is the squalor of a lion private accounts. of persons of interest to Russia’s FSB. ally mean President Obama and he
activity, and therefore more revenue. state like Russia’s, where the person- Two of the indictees not only Mr. Baratov, 22, has been easily iden- didn’t mean phone lines—he meant
work for the FSB, the Russian suc- tified by private cybersleuths U.S. spy agencies, in their broad sur-
cessor agency to the Soviet-era KGB, through social media postings show- veillance efforts, taking undue inter-
they work for the division that is ing off his fancy cars and through his est in Trump associates.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY supposed to cooperate with Amer- ownership of websites offering email- We already know as much from
Rupert Murdoch Robert Thomson ica’s FBI on cybercrime investiga- cracking services. His tradecraft, their interception and leak of infor-
Executive Chairman, News Corp Chief Executive Officer, News Corp tions. What’s more, one of these offi- ahem, is apparently low-grade. mation about a phone call between
Gerard Baker William Lewis cials, the former hacker and now Intelligence agencies are neces- former Trump adviser Mike Flynn
Editor in Chief Chief Executive Officer and Publisher Russian major Dmitry Dokuchaev, sary and useful national assets, but and the Russian ambassador. We
Matthew J. Murray DOW JONES MANAGEMENT: was himself arrested recently on we should not kid ourselves about know from the New York Times that
Deputy Editor in Chief Mark Musgrave, Chief People Officer; what the Moscow press calls “trea- the tendencies on display here. Espe- the outgoing Obama administration
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS: Anna Sedgley, Chief Operating Officer & CFO;
son” charges, allegedly for passing cially when intelligence professionals hoped to aid such leakage by making
Michael W. Miller, Senior Deputy; Katie Vanneck-Smith, President information to the CIA. A plausible involve themselves in domestic po- sure any damaging information was
Thorold Barker, Europe; Paul Beckett, OPERATING EXECUTIVES: version, told in the Russian media litical fights, or use their powers to circulated in unusually wide fashion
Washington; Andrew Dowell, Asia; Ramin Beheshti, Product & Technology;
Christine Glancey, Operations;
and by Western cybersecurity ex- pursue narrow bureaucratic or per- among its loyalists in government
Jason P. Conti, General Counsel;
Jennifer J. Hicks, Digital; Frank Filippo, Print Products & Services; perts, is that Maj. Dokuchaev was sonal interests, any similarity to before leaving office.
Neal Lipschutz, Standards; Alex Martin, News; Steve Grycuk, Customer Service; among many criminals working in- James Bond flies out the window. “There are no free passes for for-
Ann Podd, Initiatives; Matthew Rose, Enterprise; Kristin Heitmann, Transformation;
Stephen Wisnefski, Professional News
side Russia’s intelligence bureau- In Russia’s case, we’re talking eign state-sponsored criminal behav-
Nancy McNeill, Advertising & Corporate Sales;
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International cracy. For personal profit, he sold in- about slobs and sociopaths who have ior,” Acting Assistant Attorney Gen-
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: formation to intermediaries that nothing to fear from the law because eral Mary B. McCord said in
Almar Latour, Publisher; found its way to the CIA. they are the law, and thus don’t nec- unveiling this week’s Yahoo-related
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: Also apparently implicated in the essarily invest heavily in finesse, dis- indictments.
Joseph B. Vincent, Operations; Christopher Lloyd, Head; case are various rivalries inside the cretion or good judgment. For the It will inevitably be necessary
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Kremlin intelligence establishment Russian people, turning their state from time to time to test whether
EDITORIAL AND CORPORATE HEADQUARTERS: as well as inside the Russian cyber- over to siloviki, or politicians de- that proposition also applies to do-
1211 Avenue of the Americas, New York, N.Y., 10036 crime underworld with which it scended from the intelligence ser- mestic state-sponsored criminal be-
Telephone 1-800-DOWJONES
overlaps. Maj. Dokuchaev has been vices, has not noticeably improved havior.
A16 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

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© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | B1
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Goldman Chief Took 4% Pay Cut in 2016


Decline in cash bonus to $4 million from $6.3 million million of his stock-based bo- tied to their own, also had
last year, while his salary re- nus is in the form of units that pushed in the years following A Payday Rivalry
put Blankfein’s total mained the same at $2 million. are awarded based on Gold- the financial crisis for banks Annual pay award for heads of two largest investment banks
behind that of Morgan The Goldman CEO, who man’s returns over the next to de-emphasize cash bonuses
Goldman CEO Lloyd Blankfein Morgan Stanley CEO James Gorman
took the role more than a de- few years. In 2014 and 2015, in favor of awards paid in
Stanley CEO Gorman cade ago, joins Citigroup Inc.’s only half of Mr. Blankfein’s bo- company shares. $25 million
Michael Corbat as the only nus hinged on future returns In another nod to share-
BY LIZ HOFFMAN CEO of a big Wall Street firm in this way. Before that, none holders, Goldman based its bo- 20
to get a pay cut for 2016. Bank did, though any stock-based nuses for 2016 on returns that
Goldman Sachs Group of America Corp.’s Brian Moy- bonus gets more valuable if will be judged relative to its
Inc.’s board cut Chief Execu- nihan, J.P. Morgan Chase & the share price rises. banking peers, not on an abso- 15
tive Lloyd Blankfein’s pay by Co.’s James Dimon and Mor- The changes come after just lute basis. That may actually
4% and tied more of it to how gan Stanley’s James Gorman 66% of shareholders approved bring higher payouts in the
the bank does for its investors, all got raises. Mr. Gorman, the bank’s pay plan last year, short term; Goldman has 10
a sign that even the powerful whose firm is a fierce rival of an unusual rebuke. Goldman’s posted better returns on eq-
and profitable Wall Street firm Goldman, outearned Mr. directors “viewed this out- uity than most rivals in recent
isn’t immune to investor pres- Blankfein for the first time come as an indication that fur- years, but has repeatedly 5
sure. since he became Morgan Stan- ther engagement was needed” fallen short of the 11% abso-
Mr. Blankfein received $22 ley CEO in 2010. and spent the fall getting feed- lute figure needed for Mr.
0
million in total pay for 2016, Goldman also tied more of back from investors. Blankfein and other top execu-
according to a regulatory fil- Mr. Blankfein’s pay to the Shareholders, who generally tives to receive their maxi- 2010 ’11 ’12 ’13 ’14 ’15 ’16
ing Friday. His cash bonus fell bank’s performance. All $16 like to see executives’ fortunes mum bonus. Source: the companies THE WALL STREET JOURNAL.

Funds Offer Google


New Way Promises
To Invest Brands
In Property More Say
Wall Street is offering in-
dividuals a new way to in-
vest in commercial real es-
tate as protection from
swings in the stock market.
On Ads
But the approach also carries BY JACK NICAS
its own risks.
These funds largely invest Google on Friday said it
directly in property, rather plans to give advertisers more
than in real- control over where their ads
MICHAEL BUCHER/THE WALL STREET JOURNAL

estate in- appear online after major cli-


vestment ents in the U.K. withdrew their
trusts, or spots because some ads ran
REITs, before extremist videos on its
which are YouTube site.
THE pools of Tensions between Google,
INTELLIGENT properties the world’s biggest advertising
INVESTOR that trade platform, and its advertisers
JASON ZWEIG like stocks. have increased over the past
Their key several days following a report
selling point showing ads by the British
is high income derived from government and several com-
rental payments. They have David Miller, a Princeton University professor by day, reviews projects or ideas in which top Citigroup executives have concerns. panies—including French cos-
also been less prone than metics giant L’Oréal SA and

The Soul of Citigroup


REITs to big price moves. British grocery chain J Sains-
“A lot of investors will bury PLC—appeared before
trade in and out of REITs videos supporting terrorist
based on what’s happening groups.
elsewhere in the markets
rather than what’s going on
Former banker turned ethicist consults on issues of business and morality In response, many advertis-
ers, including the British gov-
in real estate,” says Gerry ernment, pulled their spending
Casimir, portfolio manager BY CHRISTINA REXRODE Miller, who spent years in Dr. Miller’s role at Citi- mother, your mentor, the from YouTube and the Google
of the $24.5 billion TIAA banking before going to sem- group is strategic. He media and—if you’re in- Display Network, a network of
Real Estate Account, avail- Can a big bank have a inary, acknowledges the di- doesn’t walk the trading clined—your maker think? more than 2 million websites
able to retirement-plan par- conscience? Citigroup Inc. chotomy—and the ribbing floor, hold office hours at Dr. Miller also tries to get that partner with Google to
ticipants. In a fund that in- hired one. from friends and colleagues call centers or even have an the bank to look beyond pro- serve ads.
vests directly in commercial David Miller is an on-call who thought he had sold his office. Instead, he reviews grams such as whistleblower The British unit of France’s
property, however, you get ethicist the bank consults on soul when he agreed to work projects, ideas and locations hotlines and compliance Havas SA, the world’s sixth-
“returns that reflect the per- weighty questions of right with Citigroup. where top executives have training to human impulses. largest ad-agency holding
formance of investment real and wrong, “You need banking, just concerns. The problem, he adds, isn’t company, said it was suspend-
estate, rather than the va- WEEKEND supplementing like you need pharmaceuti- The bank describes his the bad apples. Rather, it is ing all advertising on YouTube
garies of the stock market.” PROFILE its armies of cals,” says the 60-year-old role as providing “advice and how easy it is for good em- and the Google Display Net-
Most of these portfolios lawyers and New Jersey native. “And input to senior manage- ployees to justify bad deci- work for its clients in the U.K.,
are known as interval funds, compliance of- pharma can save lives, or it ment.” His conversations sions when they face gray- including Domino’s Pizza Inc.
a quirky structure offered ficers. A Princeton University can kill and cause addic- with top executives like zone questions. and British mobile operator
through financial advisers professor by day, Dr. Miller tions.” Chief Executive Michael Cor- Citigroup, with a reputa- O2, because it couldn’t be as-
that allows investors to buy has worked with Citigroup If the topic is philosophi- bat filter through the organi- tion for ethical problems be- sured that the “environment is
daily but sell only once a intermittently for the past cal, the stakes aren’t. As Citi- zation. fore and after the financial safe, regulated to the degree
quarter. Fees are stiff, gener- three years to tackle abstract group President James Forese At a meeting with manag- crisis, brought on Dr. Miller necessary and additive to their
ally running at least 2.5% an- issues about banking and pointed out in a 2015 industry ing directors, for example, at the behest of Mr. Corbat. brands’ objectives.”
nually. morality. conference, the bank made $1 Mr. Corbat raised an idea The CEO was surprised when Havas SA said its British
“Individuals aren’t Those are squishy topics million in revenue from dubi- that came from Dr. Miller. In employee surveys found unit’s policy was “a temporary
Yale…they need liquidity,” for Wall Street, where ag- ous foreign-exchange trading an uncertain situation, Mr. some workers weren’t com- move made by the local team”
says Ramin Kamfar, chief ex- gression is a virtue and mak- and paid roughly $2.5 billion Corbat said, ask the four fortable escalating concerns and that Havas didn’t change
Please see INVEST page B7 ing money a necessity. Dr. in penalties. M’s: What would your Please see SOUL page B2 its use of Google globally.
Google, a unit of Alphabet
Inc., said in a blog post that it

Glencore Masters the Zinc Market and Revival Ensues has “heard from our advertis-
ers and agencies loud and
clear that we can provide sim-
pler, more robust ways to stop
BY SCOTT PATTERSON down production amounting fect,” he said. duction to lift prices. 8% of global mined output, ac- their ads from showing
AND TIMOTHY PUKO to 4% of global production of While the prices of zinc and On the earnings call, Mr. cording to Macquarie, ahead of against controversial content.”
zinc. Prices for the metal have other commodities have been Glasenberg said zinc prices Teck Resources Ltd. (6%) and The company said it has
No one in the world mines climbed 70% since as demand powered by Chinese demand, had fallen so low in 2015 that Vedanta Resources PLC (4%). started reviewing its policies
more zinc than Glencore PLC. has outpaced supply, outper- analysts said zinc’s greater it made more sense to keep it Glencore also controls and “will be making changes
No one in the world trades forming copper (up 15%) and buoyancy was a demonstration in the ground for the long run. about half the world’s trading in the coming weeks to give
more of this essential metal aluminum (up 20%) during a He credited zinc’s price rise of zinc metal and the raw ma- brands more control over
for making steel. And no one broad-based global commodi- with Chinese demand and terial that makes it, excluding where their ads appear across
has gotten richer, taking mines ties rally. “voluntary cutbacks” of supply domestic Chinese production, YouTube and the Google Dis-
out of production and with-
holding refined zinc from the
market to drive prices higher.
Chief Executive Ivan Gla-
Mr. Glasenberg is outspo-
ken about Glencore’s approach
to managing supply and thus
market prices, something that
70%
Zinc’s price rise since 2015 when
like Glencore’s, “one of the
leaders in that area.”
Analysts agreed. The price
rally has “been driven by Glen-
according to Wood Mackenzie
and other analysts, roughly
the same level it last publicly
disclosed in 2011.
play Network.”
The advertising industry is
starting to demand more
transparency and say over
senberg says his company is is typically verboten for min- Glencore said it would trim output core’s decision,” said Vivienne The company began mining placement of their ads after
reaping the rewards of a bold ing executives, who are wary Lloyd, a metals analyst at in- zinc in the 1980s, when the several reports showing big
and risky strategy that helped of complaints about market vestment bank Macquarie firm was run by the late finan- brands being promoted along-
reverse the mining-and-trad- power. Group Ltd. cier Marc Rich. Its acquisition side hateful content and fabri-
ing behemoth’s downward spi- “When we cut back our zinc of one company’s market Glencore has said it can pull of miner Xstrata in 2013 ex- Please see GOOGLE page B2
ral and turn it into a profit- production, we looked at the power that is rare in the com- it off because it combines one panded its production assets
INDEX Insider-Trading Spotlight.... B4
making machine. benefit it had on the rest of modity market. Other miners of the world’s largest mining in a heavily traded metal that Bond Tables................................... B7 Markets Digest............................ B6
Zinc prices jumped 7% on our zinc production,” Mr. Gla- such as Rio Tinto PLC and BHP divisions with a savvy com- is expected to become more Cash Prices..................................... B8 Money Rates................................. B4
the day in October 2015 when senberg said on an earnings Billiton Ltd., which have large modity-trading house. widely used in developing Dividend News............................ B8 Mutual Funds............................... B4
Exchange-Traded Funds...... B4 New Highs & Lows................... B8
the Switzerland-based com- call last month. The result for positions in iron ore, have de- Glencore is the world’s larg- economies such as India and Futures.............................................. B7 Stock Listings............................... B5
pany said it was shutting prices: “A very positive ef- cided against pulling back pro- est zinc miner, accounting for Please see ZINC page B2 Heard on the Street.............. B10 Weekend Investor..................... B7
B2 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE


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

A
Aer Lingus.............A1,A8
AirAsia...................A1,A8
Air Canada.............A1,A8
Air France-KLM.....A1,A8
I
International Business
Machines ............. B1,B2
International
Consolidated Airlines
Ryanair Holdings........A1
S
Samsung Electronics..A6
Singapore Airlines A1,A8
AmTrust Shares Slide 19%
Akzo Nobel..................B3 Group ........................ A1
Skadden, Arps, Slate,
Meagher & Flom.......B2
Insurer will restate were “immaterial” errors last surer is controlled by the Kar- AmTrust had overstated prof-
month, saying it would need funkel family, which includes its by setting aside inadequate
American Airlines Group
..........................A1,A8,B3
J Snap...........................B10 three years of earnings more time to file its 10k an- Chief Executive Barry D. Zys- reserves for underwriting
JBS..............................A8 Sony.............................B4
Amgen.......................B10
Johnson & Johnson....B1 Sony Pictures and delay filing annual nual report with the Securities kind. Over the past few years, losses, as filings with regula-
AmTrust Financial Entertainment..........B4 and Exchange Commission. AmTrust has moved from a tors showed “adverse develop-
Services.....................B2
JPMorgan Chase.........B1
Southern ................... B10 report following errors But AmTrust now says it niche insurance firm into one ment” in reserves for several
Apple...........................B1 L Southwest Airlines can’t meet the extended dead- of the country’s largest work- years. Barron’s is owned by
B Lions Gate ............................... A1,B3 BY GEOFFREY ROGOW line of this week and that its ers’ compensation insurers, News Corp, publisher of The
Entertainment..........B4 State Street................B2
Bank of America.........B1 AND MICHAEL RAPOPORT financial results going back to according to SNL Financial LC. Wall Street Journal.
Lucasfilm.....................B4 Swatch Group ........... B10
BHP Billiton................B1 2014 shouldn’t be relied upon. A surge in gross written in- Last month, when AmTrust
BRF..............................A8 M T Shares of AmTrust Finan- AmTrust said it would file its surance premiums and net op- first disclosed accounting er-
C Marvel EntertainmentB4 Teck Resources...........B1 cial Services Inc. fell 19% Fri- report “as soon as practicable.” erating earnings has helped fuel rors, it also took a charge of
Medtronic....................A3 Tortoise Capital
Chainalysis..................B9 day to a 52-week low after the In a statement Friday, a surging stock price. AmTrust $65 million against its fourth-
Chipotle Mexican GrillB3 Metro-Goldwyn-Mayer Advisors....................B9
.....................................B4 Toshiba......................B10
company said it would re- AmTrust said it was “disap- is up 60% over the past five quarter 2016 earnings because
Citigroup......................B1 state its last three years’ pointed” to have a further de- years and has a market capital- of adverse development in re-
Comcast.......................B4 Morgan Stanley..........B1 U
MuleSoft...................B10 worth of earnings and further lay in filing its annual report, ization of over $3 billion. serves on some product lines.
D UBS Group...................B9
delay filing its annual report. but the company reiterated its On Friday, AmTrust fell $4.03 AmTrust said Friday it isn’t
Delta Air Lines A1,A8,B3
N United Continental
Holdings.........A1,A8,B3 The New York property and previous assertions that it re- to close at $17.58. The shares making any further revisions to
Deutsche Lufthansa Nintendo......................B3
Nokia...........................B3 US Airways.................B3 casualty insurance firm said mains “financially strong” and hit a 52-week low of $17.10 dur- reserves and that its insurance
............................... A1,A8
DreamWorks Animation Norwegian Air Shuttle V Thursday there were errors in is “making the necessary im- ing the day and are now down companies’ filings with regula-
.....................................B4 .....................................A1 Vanguard Group..........B2 the timing of when it had re- provements in our finance and 36% so far this year. tors include reserve disclosure
E P Vedanta Resources.....B1 corded some revenue and bo- accounting resources.” Articles published by Bar- and demonstrate that they
Paramount Pictures....B4 Verizon Communications nuses. The firm first said there Founded in 1998, the in- ron’s have questioned whether have adequate reserves.
Elliott Management ... B3
Pershing Square Capital .....................................B3
Eurowings..............A1,A8
Management.............B3 Viacom.........................B4
G Volkswagen.................B3
Pixar Animation Studios
General Electric .......... B4 W
.....................................B4
Glencore ...................... B1
Porsche Automobil Walt Disney................B4
Goldman Sachs Group B1
Holding......................B3 Y
Green Street Advisors
.....................................B7 R Yahoo...........................B3
Griffin Capital.............B7 Rio Tinto ..................... B1 Yext ........................... B10

INDEX TO PEOPLE
A Gorman, James...........B1 P
Ackman, William ........ B3 Gorsky, Alex................B1 Parry, Matt..................B9
Anderson, Caleb..........D6 Greensted, Richard.....B2 Piech, Ferdinand ......... B3
B H R
Bakish, Bob.................B4 Hayek, Nayla.............B10 Rometty, Ginni............B1
Baradaran, Natasha....D7 Hayek, Nick...............B10 Rothman, Tom ............ B4
Bikoff, Sasha .............. D6 Hurley, Patty...............B2 S
Blankfein, Lloyd..........B1 J Sanderse, Menno........B2

MICHAEL BUCHER/THE WALL STREET JOURNAL


Bogle, John.................B2 Jayne, Thomas............D6 Shane, David...............D4
C K Shields, Kevin.............B7
Carlino, Mario.............D4 Kamfar, Ramin............B1 Shirinian, Natalie ....... D6
Carrier, Jesse..............D6 Koch, Bill.....................D4 Smyth, Matthew........D6
Casimir, Gerry.............B1 Snowden, John ........... B7
L
Cook, Tim....................B1 Stringer, Tom..............D6
Leifer, Bennett ........... D7
Corbat, Michael...........B1 T
Lloyd, Vivienne...........B1
D Thummel, Rob.............B9
M Tucker, Suzanne..........D6
Dimon, James.............B1
Mandel, Rob................D4
Dorin, Ian....................D4 W
Mayer, Marissa...........B3
E McGukin, Drew...........D6 Waldman, Adam.........D4
Elhage, Samih.............B3 Walsh, Willie..............A8
Miller, David................B1 A worker scrapes off excess zinc from steel parts at a plant in New Jersey. At about $2,800 a ton, zinc prices are historically high.
Wong, Jarvis...............D7
F-G Morris, Jennifer Jean.D6

ZINC
Moynihan, Brian ......... B1 X
Feinberg, Ken..............B2 Glencore’s zinc strategy has it—to send supply and demand But Wood Mackenzie esti-
Forese, James.............B1 N-O Xu, Lin.........................B1 risks. As prices rise and pro- into a surplus or deficit. mates that about 200,000 tons
Gianopulos, Jim..........B4 Nussbaumer, MichelleD6 Y duction becomes more profit- Mr. Glasenberg said in Feb- of zinc sit unsold there, show-
Glasenberg, Ivan.........B1 Overstreet, Dennis.....D4 Yoshida, Kenichiro......B4 able, other miners are more ruary that Glencore calculated ing that even when zinc is
Continued from the prior page likely to increase output or re- that reducing its zinc produc- produced, Glencore doesn’t
China. Zinc is a key ingredient start idled operations, pump- tion to one million annual tons have to sell it. A Glencore

SOUL Mr. Greensted, who wasn’t a


good fit for the bank, ac-
cording to Mr. Greensted and
confirmed by Dr. Miller. The
in U.S. pennies and is used as
an antirust coating on many
automobiles.
At about $2,800 a ton, zinc
ing more supply into the mar-
ket, said Morgan Stanley
analyst Menno Sanderse.
If demand in China cools un-
from 1.5 million annual tons
could move the price “a cer-
tain amount for you to get the
benefit.”
spokesman declined to com-
ment on the estimate.
Glencore also enjoys low
production costs at its zinc
Continued from the prior page two remain friends and are prices are historically high, expectedly, prices could plunge. Analysts at Macquarie esti- mines, which can pump out
about possible wrongdoing. still in touch. though still about 35% below Mr. Glasenberg has said he ex- mate that the zinc market is in the metal at essentially zero
Mr. Corbat was also moti- While in London, Dr. their peak in late 2006. pects demand in China to re- a short supply of about expense in part due to added
vated by the banking indus- Miller’s wife, Karen, left her The rising costs can trans- main strong, but he also said in 500,000 tons a year, equal to revenue it gets from gold by-
try’s image problem. “If you job as an attorney at Skad- late into higher auto prices February: “We don’t under- the amount Glencore cut in products.
look today at what the poll den, Arps, Slate, Meagher & and make steel used for con- stand China, exactly what may 2015. The company’s zinc shut-
numbers say, what the gen- Flom LLP to teach law and struction more expensive. In or may not happen from one Glencore has ways of offset- downs were announced at
eral population says, there is ethics at Notre Dame Law the lightly regulated global day to the next.” ting revenue it might lose about the same time it
distrust of banks,” Mr. Cor- School’s London campus. zinc market, there are few Mr. Glasenberg has said from the production cuts. It launched a comeback plan
bat said in an interview. Soon Dr. Miller felt a similar rules governing a company’s Glencore also tried to lift cop- says its trading arm can make from a disastrous summer in
Despite that, Dr. Miller be- tugging. market share beyond some per and coal prices with sup- money no matter which direc- 2015, when investors con-
lieves banks can change. “To When he penned a letter countries’ antitrust regula- ply cuts, though with less ef- tion commodity markets are cerned about its high debt
make the assumption that an to announce he was going to tions for mergers. fect on those larger markets. moving in, making up for sent the firm’s share price
organization cannot be more study theology at Princeton, Instead, international com- Zinc traders often compare weaker commodity prices. down to record lows.
ethical than it was is to give he was embarrassed to use modity traders and miners gen- Glencore to the Organization Glencore’s zinc supremacy Glencore returned to profit
up before you start,” said the the word “calling.” erally resist cutting output for of the Petroleum Exporting is illustrated at its San Juan in 2016, with net earnings of
professor, who declined to “I never thought of Dave fear of losing market share to Countries because, like the oil de Nieva plant in northern $1.4 billion thanks in part to
say how much the bank pays as a scholar,” said Patty Hur- competitors. Miners like BHP cartel in the 1970s and 1980s, Spain on the Bay of Biscay. zinc, which was responsible
him. “It is not naive. It is a ley, a longtime friend. “He and Rio Tinto say they have fo- it controls what is known as The world’s second-largest for 26% of its mining arm’s
realistic and necessary goal.” was a sales guy, he was a cused on producing the cheap- marginal supply. That means it zinc smelter produces about a earnings before interest, taxes,
people person. And then he est iron ore instead of holding can produce enough of a prod- half million tons of nearly depreciation and amortization,
was learning Greek and He- back output to increase prices. uct—or withhold enough of pure metal a year. according to securities filings.
brew, and he loved it.”
Citi’s global reach Dr. Miller assumed he
posed an unusual
challenge in dealing
would return to finance, but
ended up pursuing a doctor-
ate in ethics. After the Sept.
GOOGLE with millions of sites in our
network and 400 hours of
video uploaded to YouTube ev-
with local customs. 11 attacks, he spent nine Continued from the prior page ery minute, we recognize that
months working overnight cated news stories, some of we don’t always get it right,”
shifts at Ground Zero as a which garner significant audi- Google said in its post Friday.
volunteer chaplain. ences. “We know we can and must do
At Princeton, where Dr. During his doctoral studies, The videos that sparked the more.”
Miller runs the university’s Dr. Miller also began advising most recent controversy, re- Advertisers can also black-
Faith & Work Initiative, he senior executives. While he vealed in stories in the Times list certain YouTube channels
works from a cramped room has worked with different of London, were made by sup- or sites in the Google network.
RUBEN SPRICH/REUTERS

piled with books by John companies, Citigroup posed porters of terrorist groups, in- Google is planning to ask ad-
Bogle and John Calvin, Mar- unusual challenges including cluding Islamic State and a vi- vertisers and ad agencies what
tin Luther and Martin Luther operations in nearly 100 olent pro-Nazi group, and additional controls they want,
King Jr. Posters advertise countries where local cus- were broadly condemned. but it declined to comment
Q&As he conducted on the toms produce varying stan- Procter & Gamble Co., the further on potential changes.
intersection of faith and work dards of right and wrong. world’s top advertising Havas UK, which spends
with Mr. Bogle, the founder Last month, Citigroup spender, has publicly com- WPP Chief Executive Martin Sorrill said that Google and about $217 million annually on
of Vanguard Group, and for- confirmed that it, along with plained in recent months Facebook must take more responsibility in screening content. digital advertising in the U.K.,
mer pay czar Ken Feinberg. other banks, is being investi- about problems in the digital- said it decided to pull its You-
That wasn’t always his ca- gated over whether it im- ad industry, including ads be- British Advertisers, a British they are appropriate for ad- Tube spending because Google
reer trajectory. As an under- properly hired the adult chil- ing placed next to inappropri- ad-industry trade group, called vertising before placing ads on couldn’t guarantee Havas ads
graduate at Bucknell Univer- dren of foreign officials in ate content. P&G’s marketing on Google to immediately pull them. But those checks can would only run next to appro-
sity, he studied business and Asia, where it can be a com- chief, Marc Pritchard, has from its inventory of ad slots miss many videos because of- priate content.
helped run fraternity parties mon practice but can violate called on advertisers to in- any YouTube videos or web- fensive content can be nu- Martin Sorrell, chief execu-
and a rock-concert commit- U.S. laws. crease pressure on the effec- sites that “it cannot guarantee anced. tive of the world’s largest ad
tee. His career featured The bank has embraced tive digital-ad giants, Google as a safe environment for ad- Google policies prohibit it agency, WPP PLC, said in a
stints at International Busi- Dr. Miller’s idea of three and Facebook Inc., which to- vertising.” The group also from showing ads on a variety statement that Google and
ness Machines Corp., State lenses to apply in ethical de- gether account for roughly pushed Google to study of websites or videos, includ- Facebook must take more re-
Street Corp. and what was cision-making, an approach half of world-wide digital-ad whether it should first review ing those that are porno- sponsibility in screening con-
then Midland Securities in influenced by Plato and Aris- revenues, according to esti- videos before placing ads on graphic, promote illegal be- tent on which they place ads.
London. totle: Is it right, good and mates from research firm them, rather than automati- havior or incite violence. “They cannot masquerade as
Dr. Miller’s poise im- fitting? Citigroup executives eMarketer. cally placing ads on videos af- Google also allows advertisers technology companies, partic-
pressed colleagues at Mid- composed their own three Advertisers are also con- ter they are uploaded. “Google to exclude their ads from be- ularly when they place adver-
land, which in the early questions: Is it in our clients’ cerned about the accuracy of should ensure that content is ing shown next to certain top- tisements,” he said.
1990s was struggling. “You interest, does it create eco- data fed to them by Google quarantined until properly cat- ics or categories of sites, such In an email to clients Fri-
walk into a room where you nomic value, and is it sys- and Facebook about their ads. egorized,” the group said. as content that is sexual, pro- day, WPP said Google “deploys
would think, ‘Oh God, I can’t temically responsible? The companies say they are L’Oréal and Sainsbury, two fane or discusses tragedies. brand safety technology but it
deal with this guy, he’s im- Citigroup is sharing the auditing their metrics. of the companies whose ads Google said it employs is not infallible.…We have
maculate, he’s tall, he looks idea with employees and On Friday, the British gov- appeared during the videos thousands of people to stop communicated at the highest
like a movie star and had plans to work it into training ernment demanded that supporting terrorist groups, violations of its ad policies. levels with Google and are
this 200-watt smile,’ ” said manuals. It is also posting Google officials provide an didn’t respond to requests for The company said that last working toward a solution in
Richard Greensted, who the questions in its mission explanation soon about how comment. year it removed more than respect of un-curated content,
worked with him at Midland. statement and at its offices it will prevent ads from ap- Google said it already em- 100,000 websites from its ad if there is one.”
“But he was very, very good around the world, including pearing on inappropriate con- ploys software to automati- inventory and blocked ads —Nick Kostov, Jenny Gross
at putting people at ease.” in big letters in the lobby of tent. cally scan YouTube video titles from more than 300 million and Suzanne Vranica
Dr. Miller eventually fired its Manhattan headquarters. The Incorporated Society of and images to decide whether YouTube videos. “However, contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 18 - 19, 2017 | B3

BUSINESS NEWS

Apple’s Cook Slipping


Top five smartphone
vendors in China

To Deepen
Shipments, in millions
2015 2016 Change

BERND THISSEN/AGENCE FRANCE-PRESSE/GETTY IMAGES


Oppo s122%

Chinese Ties
Huawei s22%

Vivo s97%

Apple t23%
BY TRIPP MICKLE at the China Development Fo-
rum, a gathering of China’s se- Xiaomi t36%
Apple Inc. launched a new nior leadership and global
round in its charm offensive in business executives that be- 0 40 80
China, announcing two addi- gins Saturday. Mr. Cook has Note: 2016 data are preliminary
tional research-and-develop- visited China numerous times, Source: IDC
ment centers ahead of but it will be his first speech Tim Cook, shown last month, is slated to speak to China’s leaders and global business executives. THE WALL STREET JOURNAL.
speeches Chief Executive Tim to the forum, which is hosted
Cook is scheduled to give at a by an arm of the State Council, pearance at what is scheduled Greater China, which includes half the devices’ battery life supported 4.8 million jobs in
major Chinese government China’s cabinet. The guest list to be a closed-door event Taiwan and Hong Kong, fell remained. Apple said a limited China.
conference. of the event, which is held at points up Apple’s balancing 17% in its latest fiscal year to number of phones were af- Longer term, though, Ap-
The new centers, to be set the Diaoyutai State Guest- act in a huge market for its $48.49 billion, as Huawei fected and offered free re- ple’s business is out of step
up in Shanghai and Suzhou, house in Beijing, also includes products; while the company Technologies Co. and other placement batteries for those with the Chinese government’s
bring Apple’s total commit- International Business Ma- champions values at home Chinese companies gained devices. goal to reduce its dependence
ment to R&D facilities in China chines Corp. CEO Ginni Rom- such as individual privacy and share against its iPhone—al- China is a critical manufac- on expensive foreign technol-
to more than 3.5 billion yuan, etty and Johnson & Johnson media accuracy, it must also though Apple said sales stabi- turing hub for Apple—a fact ogy, and facilitate the develop-
or about $500 million, the CEO Alex Gorsky. deal with a Chinese govern- lized in the most recent quar- that triggered criticism during ment of homegrown competi-
company said Friday in an an- The Apple chief is also ment that tightly limits speech ter in mainland China. the election campaign last tors like Huawei, Xiaomi Corp.,
nouncement issued only in slated to make introductory and other individual freedoms. Apple last year was forced year from then-candidate Don- Oppo and Vivo.
Chinese. Apple currently oper- remarks at the event on Mon- Apple confirmed Mr. Cook’s to halt its online music and ald Trump, who said Apple “Apple is annoying to China
ates a center in Beijing and day for a session titled “Secu- scheduled appearances. book services in China because should make more products in because it’s selling phones and
last year committed to open- rity and Governance in Cyber- The company is grappling they violated local media the U.S. The vast majority of sending money back to the
ing another in Shenzhen. space” featuring Xu Lin, who with rising pressure from rules. The company also faced its products sold world-wide United States,” said Roger Kay,
Mr. Cook is expected to as head of China’s Cyberspace homegrown rivals and a string criticism from local consumer are made in China by contract an analyst at Endpoint Tech-
mention those commitments Administration presides over of other setbacks in China, its groups last year amid reports manufacturers such as Fox- nologies Associates Inc. “It’s
in a speech on innovation and the nation’s internet censor- most important market out- that iPhones were spontane- conn Technology Group, and competing with Xiaomi and
corporate social responsibility ship system. Mr. Cook’s ap- side the U.S. Its sales in ously shutting down even as Apple says it has created and Huawei, and that’s an irritant.”

For Amgen, Positive Data on Drug Does Little for Stock


BY JONATHAN D. ROCKOFF Researchers found, in a search note. Kettering Cancer Center’s Cen- the benefits to patients. Repatha had met the goals of
AND BETSY MCKAY study following 27,564 pa- To persuade health plans ter for Health Policy and Out- Repatha, among the new in- its study, but released the spe-
tients over 2.2 years, that Re- and drug-benefit managers to comes, said after reviewing jectable cholesterol-fighting cific findings only on Friday at
Amgen Inc. on Friday re- patha reduced the risk of pay for Repatha, Amgen has the trial data. agents known as PCSK9s, was a medical meeting.
ported widely anticipated data deaths, heart attacks and ”Now that Repatha has approved in 2015 after studies Amgen is “very confident”
on its new cholesterol-lower- strokes by 20% compared with proven a meaningful reduction showed it cut levels of bad that doctors will view the re-
ing drug Repatha, showing it
reduced the risk of deaths,
standard treatment with statin
drugs. Repatha lowered the
The high price of the in cardiovascular events, we
expect payers to remove oner-
cholesterol. Unclear was
whether that LDL-cholesterol
sults as “practice-changing”
and incorporate Repatha into
heart attacks and strokes. But risk of a wider array of heart- cholesterol treatment ous barriers” to patient access, reduction also reduced the risk their care of patients whose
the positive findings failed to
persuade Wall Street that
related events by 15%.
The risk reduction, al-
has been an issue Joshua Ofman, an Amgen se-
nior vice president, said Fri-
of heart-related events, such
as heart attacks and strokes.
cholesterol remains high de-
spite treatment with a statin
health-care insurers would be- though significant, may still with health plans. day. Without such evidence, or who can’t tolerate a statin,
gin easing access to the expen- not be enough to overcome In 2016, Repatha sales to- health plans have limited ac- said Sean Harper, Amgen’s
sive drug. reservations about a drug that taled $141 million, including cess to Repatha, as well as to chief of research and develop-
A 6.4% drop in Amgen’s lists for more than $14,500 a $101 million in the U.S. rival drug Praluent from ment.
share price underscored a year, according to analysts. offered to refund the cost to Amgen has been striking so- Sanofi SA and Regeneron Doctors not involved in the
mounting challenge for drug “It is likely that the major- payers for patients who suffer called value-based reimburse- Pharmaceuticals Inc., in favor study said that determining
companies once they have se- ity of restrictions” on coverage a heart attack or stroke. About ment deals with health plans of much-cheaper statin pills. which patients can benefit
cured regulatory approval for such as requiring prior autho- 4.9% of trial subjects suffered like Cigna and Harvard Pilgrim Shares in Sanofi and Regen- most from PCSK9 inhibitors
a new medicine: getting health rization, will remain, Barclays’ one of the events, Peter Bach, Health Care that tie the pay- eron also fell Friday. will still be critical, given their
plans to pay for it. Geoff Meacham said in a re- director of Memorial Sloan ments the company receives to Amgen said last month that high cost.

Nintendo’s New Console Catches On DR® CHIPPERS


BY TAKASHI MOCHIZUKI month, but one person famil-
iar with production said 2.5
now at our Lowest
TOKYO—Nintendo Co. has
decided to at least double
planned production of its
million or more is likely.
Nintendo plans to discuss
the Switch’s March sales and
Prices EVER!
FRANCK ROBICHON/EUROPEAN PRESSPHOTO AGENCY

Switch console in the coming the outlook for the coming fis-
fiscal year owing to strong de- cal year when it reports its
mand, people briefed on the latest earnings on April 27.
plans said. The company tends to offer
The move suggests that the conservative forecasts to avoid
Switch, which went on sale the need for downward revi-
globally March 3, is on track sions.
for a debut year similar to Sales of the original Wii
that of Nintendo’s popular Wii console, which hit the market
system a decade ago. If so, it in November 2006, reached 20
would deliver a badly needed million units by the end of
hit for a company whose pre- 2007 after two holiday sea-
vious console, the Wii U, fell sons. Its motion-sensor con-
far short of expectations. Strong demand for the Switch will mean stepped-up production. trollers and fitness board at-
The Switch, a hybrid prod- tracted many first-time
uct designed for use both at now planning to manufacture reached to generate interest console players.
home and on the go, has been 16 million or more Switches, from outside software produc- Sales of the Switch could
scarce in stores since it went up from an initial plan for ers, who in turn can deliver a pick up further when more
on sale. Nintendo hasn’t pro- eight million, said people fresh stream of titles to keep games go on sale. Nintendo
vided any sales figures, but its briefed on the plans. consumers interested in the saved some of its popular
North American unit described Even after accounting for device. franchises for later releases.
the initial momentum as the inventory, that suggests Nin- Nintendo has been fending Among those scheduled for
strongest in the company’s tendo believes it can sell sig- off pressure from some inves- this year are the third-person
history. nificantly more than 10 million tors who say the Kyoto-based shooter game “Splatoon,”
The company’s shares, units during the 12-month pe- company should get out of the planned for summer, and an • Chip big branches up to 5.75" LOWEST
which gained 1.7% in Tokyo on riod, they said, beating expec- console business and focus on action game featuring Mario thick! PRICES
Friday, are up sharply since tations of many analysts. making games using its collec- the plumber for the holiday
• Self-feeding models available. EVER!
March 2, the day before the A Nintendo spokesman de- tion of famous characters. season.
Switch’s launch. clined to comment. Nintendo Chief Executive A game in the “Legend of No more force-feeding! Starting
In the fiscal year starting First-year sales above 10 Tatsumi Kimishima has said Zelda” franchise was already • Powerful engines spin big at just
next month, assemblers under million would clear the thresh- the company would ship two released simultaneously with
contract with Nintendo are old that analysts say must be million units globally this the Switch. fly-wheels (up to 62 lbs.), $
79999
generating massive chipping
PTO
BUSINESS WATCH force!
• Models that shred yard and
MODELS TOO!

garden waste as well as


CHIPOTLE MEXICAN GRILL nesses linked to its restaurants about €1.14 billion ($1.22 billion) tries Inc., according to people fa- CHIP branches.
in 2015 exposed underlying prob- based on Friday’s share price. miliar with the matter.
Burrito Maker Has lems with Chipotle’s operations Under agreements with other Elliott, which has had a stake
Board Openings and customer service. Efforts to heirs in the Piech and Porsche since 2016, had wanted Akzo to
win back customers have been families, they have the first op- separate its specialty-chemicals
Chipotle Mexican Grill Inc. halting. tion to buy Mr. Piech’s shares. business, a move the company
said four of its directors won’t —Imani Moise The sale would be the final said it would consider last week
seek reelection this year, in the step in Mr. Piech’s withdrawal as it rejected a $22.1 billion take-
wake of a deal with activist in- VOLKSWAGEN from the role of power broker at over offer from PPG. But now El-
vestor William Ackman. Volkswagen. He resigned as liott wants Akzo to consider a
At the end of last year, the Heir of Car Designer chairman of the supervisory sale too, though only at a price
burrito maker reached a settle- Looks to Cash In board in 2015 after a bitter feud above the €83 a share ($89.04)
ment to give Mr. Ackman’s Per- with his family over his efforts PPG offered, the people said.
95481X © 2017

shing Square Capital Manage- Ferdinand Piech, whose to oust then-Chief Executive In its rejection, Akzo said
ment LP two seats and grandfather designed the original Martin Winterkorn. PPG’s bid “substantially underval- FREE SHIPPING 6 MONTH TRIAL
announced the appointment of VW Beetle, is in talks with the —William Boston ues” the company. On Friday an
two additional independent direc- remaining heirs to sell most of Akzo spokesman said: “We have SOME LIMITATIONS APPLY
tors. Mr. Ackman disclosed a big his shares that control Volks- AKZO NOBEL firmly rejected the proposal from
stake in Chipotle in September. A wagen AG, the family holding PPG in the interests of all of our Call for FREE DVD and Catalog!
Chipotle representative said the said Friday. Activist Investor stakeholders, including our share-
changes announced Friday “are Mr. Piech, who turns 80 this Gives Sale a Nudge holders, due to a range of sub- TOLL-FREE
the product of individual deci- year, owns about 14.7% of the stantial issues including signifi-
sions and are in no way part of
our agreement” with Pershing
common stock of Porsche Auto-
mobil Holding SE, the family
Activist investor Elliott Man-
agement Corp. owns a stake in
cant timing and delivery risk. We
will not speculate on what may
877-202-1061
and Mr. Ackman. holding that controls about 52% Akzo Nobel NV and is pushing happen in the future.” DRchipper.com
After years of strong sales of Volkswagen voting stock. the Dutch paint maker to engage —Dana Mattioli
growth, a series of food-borne ill- Mr. Piech’s shares are worth in talks with suitor PPG Indus- and David Benoit
B4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BUSINESS NEWS

Sony, Paramount Try to Get Off the B List


BY BEN FRITZ according to documents re-
leased in a corporate hack.
As Hollywood’s two worst- Sony still controls film rights
performing movie studios seek to Spider-Man.
new leaders, Paramount Pic- Paramount and Sony ha-
tures and Sony Pictures En- ven’t bought assets to aug-
tertainment also face more ment their movie businesses
fundamental questions about in the past decade.
how to turn around their busi- Paramount previously dis-
nesses after years of underin- tributed movies from Marvel
vestment by their parent com- and DreamWorks Animation
panies. and considered trying to buy
Paramount has consistently both, employees said. Instead,
ranked last at the box office Marvel and DreamWorks were

HOPPER STONE/COLUMBIA PICTURES/EVERETT COLLECTION


among Hollywood’s six major acquired by Disney and Com-
studios since 2013 and Sony cast, respectively. Sony Pic-
Pictures has been No. 5 or No. tures executives discussed
4, according to industry data. buying Metro-Goldwyn-
Paramount’s profits have Mayer, whose James Bond
declined for five straight movies Sony had distributed
years, most recently reaching for years. Instead MGM reor-
a loss of $445 million for the ganized itself into an indepen-
fiscal year ended September. dent venture. Other potential
Sony Corp. doesn’t report its acquisitions targets for Sony
motion-picture profit sepa- included DreamWorks Anima-
rately from television, but re- tion and pay-cable network
cently took a write-down of Starz, according to employees.
nearly $1 billion at its studio. Lions Gate Entertainment
It also reduced profit projec- Corp. ended up buying the
tions for movies after a series Sony recently took a write-down of nearly $1 billion at its studio. Above, a scene from ‘Ghostbusters.’ network.
of box-office disappointments. “There was a cautious busi-
Viacom Inc. abandoned thanson Research. “You need sumer-products and theme- the studio management to groundwork has been laid for ness philosophy where we did
plans to sell 49% of Paramount to build a good farm system parks businesses and last year take those resources and pro- meaningful, long-term re- not want to take big swings,”
last year and Sony has denied and then you need to execute.” bought DreamWorks Anima- duce returns for sharehold- form,” said a Sony Pictures said a former Sony Pictures
rumors it is looking to sell its For instance, Walt Disney tion SKG Inc. The investments ers,” Mr. Bakish said in an in- spokesman. executive. Many at the studio
studio. Both companies are Co.’s multibillion-dollar acqui- have boosted Universal’s prof- terview. Sony finance chief Ken- have also expressed frustra-
looking to turn around their sitions of Pixar Animation its, and employees say this Sony isn’t as close to find- ichiro Yoshida said last month tion at the lack of synergy
movie businesses under new Studios, Marvel Entertain- has helped improve morale. ing a new CEO for its studio, a that the struggles of the Japa- with Sony’s biggest entertain-
management, but face formi- ment and Lucasfilm LLC have Rather than increase larger job than Paramount as nese company’s studio stem ment asset: the PlayStation.
dable challenges, current and provided most of the fran- spending, new Viacom Chief it also includes a television partly from decisions “to raise The company could have used
former employees say. chises that have helped it Executive Bob Bakish wants business in which it has in- short-term cash in exchange the videogame console’s huge
Their struggles illustrate dominate the movie business the studio to focus on films vested. But since Tom Roth- for long-term cash flow when global footprint to launch a
the importance of long-term in recent years. Universal Pic- related to shows and talent on man was named head of Sony the electronics units were Netflix-like streaming service
investments and strategic ac- tures for years lingered at the its cable networks such as Pictures’ motion-picture unit struggling.” featuring Sony Pictures con-
quisitions in the film business bottom of the box-office rank- MTV and Nickelodeon. in 2015, he has sought to im- He cited the company’s de- tent, they note.
at a time when franchises and ings until Comcast Corp. Viacom is negotiating with prove results by increasing cision to sell its 25% interest Paramount and Sony have
recognizable brands generate bought it from General Elec- former Fox studio executive the focus on international in the merchandise rights to each made two or three such
the biggest profits. “The tric Co. in 2011. Jim Gianopulos to lead Para- markets and trying to bring Spider-Man to Marvel in 2011. movies annually for the past
movie business has become a The cable company upped mount, according to people PlayStation games to the big Under the deal, which also re- few years, while studios such
story of haves and have-nots,” annual production spending to familiar with the matter. screen, although box-office re- solved longstanding legal dis- as Disney and Universal have
said Michael Nathanson, se- about $1.2 billion from $850 “There are significant re- sults haven’t improved. putes, Marvel made a net pay- made between four and eight
nior analyst at MoffettNa- million, invested in its con- sources and it will be up to “We are confident that the ment of about $180 million, such movies.

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
TotalBond 10.53 +0.02 0.6 MFS Funds Class I Prudential Cl Z & I InfProAd 25.65 +0.04 0.7 WdsrllAdml 65.88 -0.07 5.7 TgtRe2020 29.40 +0.03 4.0 DevMktsIndInst 12.65 +0.02 7.7
Explanatory Notes Data provided by Fidelity Selects ValueI 38.53 -0.06 6.3 TRBdZ 14.13 +0.02 1.0 IntlGrAdml 75.33 +0.0511.9 WellsIAdml 62.97 +0.07 2.1 TgtRe2025 17.10 +0.01 4.6 ExtndInst 76.33 +0.17 5.0
Biotech r 204.79 -2.4117.7 Mutual Series Schwab Funds ITBondAdml 11.24 +0.03 0.5 WelltnAdml 70.09 -0.04 3.9 TgtRe2030 30.71 +0.02 5.2 GrwthInst 62.81 -0.03 9.6
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of ITIGradeAdml 9.65 +0.01 0.7 InPrSeIn 10.45 +0.02 0.7
First Eagle Funds GlbDiscA 32.01 -0.04 4.7 S&P Sel 36.73 -0.05 6.7 WndsrAdml 73.81 -0.29 6.6 TgtRe2035 18.75 +0.01 5.7
at least $500 million each. NAV is net asset value. Percentage performance figures LTGradeAdml 9.99 +0.04 0.2 InstIdx 217.50 -0.29 6.7
are total returns, assuming reinvestment of all distributions and after subtracting GlbA 57.36 +0.10 5.7 GlbDiscz 32.61 -0.04 4.8 TIAA/CREF Funds VANGUARD FDS TgtRe2040 32.10 +0.02 6.3
FPA Funds Oakmark Funds Invest EqIdxInst MidCpAdml 173.63 +0.07 6.6 DivdGro 25.03 +0.03 6.8 TgtRe2045 20.11 +0.01 6.5 InstPlus 217.53 -0.28 6.7
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. 17.64 -0.02 6.3
MuHYAdml 11.01 ... 0.8 TgtRe2050 32.35 +0.01 6.4 InstTStPlus 53.55 -0.03 6.4
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date FPACres 33.95 -0.07 4.1 EqtyInc r 31.94 -0.08 5.0 Tweedy Browne Fds HlthCare r 205.04 -0.9511.0
MuIntAdml 13.90 +0.01 0.7 TgtRetInc 13.08 +0.01 2.1 MidCpInst 38.36 +0.02 6.6
return. 3-YR%RET is trailing three-year return annualized. FrankTemp/Frank Adv Oakmark 76.24 -0.25 5.2 GblValue 26.63 +0.05 6.3 INSTTRF2020 20.95 +0.02 4.0
MidCpIstPl 189.17 +0.07 6.6
MuLTAdml 11.35 +0.01 0.5 TotIntBdIxInv 10.75 +0.01 -0.7
IncomeAdv 2.33 ... 3.1 OakmrkInt 24.86 +0.01 9.5 VANGUARD ADMIRAL INSTTRF2025 21.03 +0.01 4.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e MuLtdAdml 10.89 ... 0.8 SmCapInst 64.28 +0.16 4.1
FrankTemp/Franklin A Old Westbury Fds 500Adml 220.42 -0.29 6.7 INSTTRF2030 21.08 +0.01 5.1 WellsI 25.99 +0.03 2.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, MuShtAdml 15.76 ... 0.5 Welltn
SmCapIstPl 185.53 +0.44 4.1
CA TF A p 7.32 +0.01 0.9 LrgCpStr 13.69 +0.01 6.7 BalAdml 32.32 ... 3.9 INSTTRF2035 21.14 +0.01 5.7 40.58 -0.02 3.9
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r PrmcpAdml r 117.95 -0.23 8.4 STIGradeInst 10.64 +0.01 0.5
Fed TF A p 11.96 ... 0.6 Oppenheimer Y CAITAdml 11.55 +0.01 0.7 INSTTRF2040 21.19 +0.01 6.3 WndsrII 37.13 -0.04 5.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not REITAdml r 116.81 +0.46 -0.1 TotBdInst 10.62 +0.02 0.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IncomeA p 2.35 ... 3.0 DevMktY 35.32 +0.1010.5 CapOpAdml r 134.41 -0.48 8.2 SmCapAdml 64.28 +0.15 4.1 INSTTRF2045 21.26 +0.01 6.5 VANGUARD INDEX FDS TotBdInst2 10.58 +0.02 0.2
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. RisDv A p 55.62 +0.26 5.7 IntGrowY 37.06 +0.05 6.9 EMAdmr 33.23 +0.0811.6 STBondAdml 10.42 +0.01 0.2 LifeCon 18.96 +0.02 2.8 500 220.38 -0.29 6.7 TotBdInstPl 10.62 +0.02 0.2
FrankTemp/Franklin C Parnassus Fds EqIncAdml 72.02 -0.04 5.3 STIGradeAdml 10.64 +0.01 0.5 LifeGro 30.52 +0.02 5.7 ExtndIstPl 188.37 +0.43 5.0 TotIntBdIdxInst 32.25 +0.02 -0.7
Income C t 2.38 ... 3.3 ParnEqFd 41.26 ... 5.0 ExplrAdml 85.79 +0.13 6.7 TotBdAdml 10.62 +0.02 0.2 LifeMod 25.18 +0.02 4.3 SmValAdml 53.29 +0.11 2.5 TotIntlInstIdx r106.81 +0.19 8.4
Friday, March 17, 2017
FrankTemp/Temp A PIMCO Fds Instl ExtndAdml 76.33 +0.17 5.0 TotIntBdIdxAdm 21.49 +0.01 -0.7 PrmcpCor 23.89 -0.11 7.7 TotBd2 10.58 +0.02 0.2 TotItlInstPlId r106.83 +0.18 8.4
Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GlBond A p 12.38 +0.02 3.8 AllAsset NA ... NA GNMAAdml 10.46 +0.01 -0.3 TotIntlAdmIdx r 26.71 +0.05 8.4 SelValu r 30.42 -0.05 5.7 TotIntl 15.97 +0.03 8.4 TotStInst 59.67 -0.05 6.4
Growth A p 25.12 -0.05 6.6 HiYld 8.86 ... 1.7 GrwthAdml 62.81 -0.02 9.6 TotStAdml 59.66 -0.04 6.4 STAR 24.88 +0.01 5.1 TotSt 59.63 -0.04 6.4 ValueInst 37.86 -0.07 4.5
American Century Inv HiYldBd 7.70 ... 2.0 TMktIdxF r 68.65 -0.05 6.4
FrankTemp/Temp Adv TotRt 10.07 +0.02 1.0 HlthCareAdml r 86.49 -0.4011.0 TxMIn r 12.63 +0.02 7.6 STIGrade 10.64 +0.01 0.5 VANGUARD INSTL FDS Western Asset
Ultra 38.21 ... 9.5 StratIncOpptyIns 9.92 ... 1.5 TMktIdxPrem 68.65 -0.04 6.4 HYCorAdml r 5.85 ... 1.5
GlBondAdv p 12.33 +0.02 3.8 PIMCO Funds A ValAdml 37.86 -0.07 4.5 TgtRe2015 14.98 +0.02 3.2 BalInst 32.33 +0.01 3.9 CorePlusBdI NA ... NA
American Funds Cl A Del Invest Instl USBdIdxPrem 11.45 +0.02 0.2
AmcpA p 29.08 -0.03 6.8 Value 20.50 +0.02 4.2 USBdIdxInstPrem 11.45 +0.02 0.2 Harbor Funds IncomeFd NA ... NA
AMutlA p 38.63 -0.25 5.4 Dimensional Fds Fidelity Advisor I CapApInst 62.56 +0.0310.4 PIMCO Funds D
BalA p 25.76 ... 4.2 5GlbFxdInc 10.91 +0.01 0.4 NwInsghtI 29.06 -0.01 8.8 IntlInst r 63.14 +0.23 8.1 IncomeFd NA ... NA
BondA p 12.72 +0.02 0.4 EmgMktVa 27.45 +0.0214.6 Fidelity Freedom Invesco Funds A PIMCO Funds Instl
-0.03 3.1 IncomeFd NA ... NA
Insider-Trading Spotlight
CapIBA p 59.83 +0.10 4.7 EmMktCorEq 19.78 +0.0513.9 FF2020 15.70 ... 4.7 EqIncA 10.85
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
CapWGrA 47.06 +0.01 7.8 IntlCoreEq 12.54 +0.01 7.5 FF2025 13.50 ... 5.1 John Hancock Class 1 PIMCO Funds P
EupacA p 49.18 +0.08 9.0 IntSmCo 18.70 +0.04 8.3 FF2030 16.75 ... 6.1 LSBalncd 14.90 ... 4.6 IncomeP NA ... NA new information about the prospects of a company. Insiders are required to report large trades to the SEC
FdInvA p 57.97 -0.01 6.8 IntSmVa 20.54 +0.04 8.0 FreedomK2020 14.62 +0.01 4.7 LSGwth 15.58 +0.01 6.0 Price Funds within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
GwthA p 45.58 -0.01 8.4 US CoreEq1 20.38 -0.01 5.8 FreedomK2025 15.34 +0.01 5.1 John Hancock Instl BlChip 80.18 -0.0710.4
HI TrA p 10.35 ... 2.0 US CoreEq2 19.51 -0.02 4.8 FreedomK2030 15.79 ... 6.1 DispValMCI 22.58 +0.01 5.2 CapApp 27.68 +0.02 5.7
Thomson Financial on March 17, and year-to-date stock performance of the company
ICAA p 38.40 -0.22 6.4 US Small 34.36 +0.13 1.5 FreedomK2035 16.46 ... 6.7 JPMorgan Funds EqInc 32.79 -0.05 4.2 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
IncoA p 22.31 +0.03 3.7 US SmCpVal 37.15 +0.10 -0.6 FreedomK2040 16.49 ... 6.8 MdCpVal L NA ... NA EqIndex 64.10 -0.09 6.7 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
N PerA p 38.70 +0.04 9.5 US TgdVal 24.24 +0.04 1.0 Fidelity Invest JPMorgan R Class Growth 59.00 -0.0210.8 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
NEcoA p 39.87 ...10.9 USLgVa 36.66 -0.11 4.5 Balanc 23.18 -0.02 5.3 CoreBond NA ... NA HelSci 66.35 -0.2112.3 unknown VP: vice president Excludes pure options transactions
NwWrldA 56.73 +0.0910.3 Dodge & Cox BluCh 74.77 -0.0811.0 JPMorgan Select Cls InstlCapG 32.32 -0.0210.5
SmCpA p 49.80 +0.12 8.3 Balanced 107.79 -0.18 4.3 Contra 108.05 -0.0310.5 CoreBond NA ... NA IntlValEq 13.71 +0.02 7.0
TxExA p 12.73 +0.01 0.6 Income 13.69 +0.02 0.7 ContraK 107.99 -0.0310.5 USLgCpCorPls NA ... NA IntlStk 16.81 +0.03 9.9 Biggest weekly individual trades
WshA p 42.94 -0.18 5.3 Intl Stk 41.79 -0.04 9.7 CpInc r MCapGro 81.70 +0.17 8.4
10.01 -0.01 3.9 Lazard Instl Based on reports filed with regulators this past week
AMG Managers Funds Stock 195.49 -0.66 6.1 DivIntl 35.90 +0.02 7.8 MCapVal 29.98 ... 3.2
EmgMktEq 17.85 +0.0811.8
YacktmanFd I 22.89 ... 7.0 DoubleLine Funds GroCo 150.85 +0.0210.3 N Horiz 47.75 +0.1310.3 No. of shrs in Price range ($) $ Value
Loomis Sayles Fds
Baird Funds TotRetBdI NA ... NA GrowCoK 150.72 +0.0210.3 N Inc 9.35 +0.01 0.3 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
LSBondI 13.90 +0.01 3.0
AggBdInst 10.70 +0.01 0.4 TotRetBdN NA ... NA InvGB 7.78 +0.01 0.4 OverS SF r 9.82 +0.01 8.3
11.04 +0.01 0.5 Federated Instl Lord Abbett A
CorBdInst
BlackRock Funds A StraValDivIS 6.20 +0.01 5.3
InvGrBd
LowP r
11.09
51.65
+0.01 0.5
+0.02 4.4
ShtDurIncmA p 4.30 ... 0.6
R2015
R2020
14.76
21.42
... 4.1
+0.02 4.9
Buyers
GlblAlloc p 18.99 ... 4.5 Fidelity Lord Abbett F R2025 16.36 ... 5.5 Mar. 13-14 TransDigm Group TDG R. Small DI 105 231.20-234.27 24,452 240.05 -3.6
LowPriStkK r 51.61 +0.02 4.4
BlackRock Funds C ShtDurIncm 4.29 ... 0.6 R2030 23.91 +0.01 6.1
500IdxInst 83.61 -0.11 6.7 MagIn 97.67 -0.39 6.9 Mar. 10 Herbalife HLF C. Icahn BI 372 51.35 19,119 56.45 17.3
GlblAlloc t 17.26 ... 4.3 500IdxInstPrem 83.61 -0.11 6.7 Metropolitan West R2035 17.37 +0.01 6.6
OTC 93.20 -0.1411.9
BlackRock Funds Inst 500IdxPrem 83.60 -0.11 6.7 Puritn 21.74 -0.02 5.6
TotRetBd 10.52 +0.01 0.2 R2040 24.84 +0.01 7.0 Mar. 8-10 Navistar International NAV C. Icahn BI 423 25.37-25.92 10,831 27.49 -12.4
TotRetBdI 10.51 +0.01 0.2 SmCapStk
EqtyDivd 23.58 -0.06 4.6 ExtMktIdxPrem r 58.29 +0.13 5.0 SrsEmrgMktF 17.92 +0.0513.9 46.68 +0.16 3.9 Mar. 9 Restaurant Brands International QSR A. Van Damme DI 141 54.29 7,661 54.45 14.2
GlblAlloc 19.10 ... 4.5 IntlIdxPrem r 38.02 +0.07 7.6 TRBdPlan 9.90 +0.02 0.3 Value 35.67 -0.07 6.0
SrsInvGrdF 11.10 +0.02 0.5 Mar. 9-13 Calavo Growers CVGW L. Cole CEO 95 55.00-56.92 5,360 58.30 -5.0
Mar. 13-15 Tandy Leather Factory TLF J. Pappas DI 482 7.25-7.30 3,498 7.75 -4.3
Mar. 2 La Jolla Pharmaceutical LJPC K. Tang DOI 100 34.64 3,464 35.88 104.7
Exchange-Traded Portfolios | WSJ.com/ETFresearch Mar. 9-10 Fifth Street Finance FSC L. Tannenbaum B 595 4.37-4.43 2,622 4.59 -14.5
Mar. 13-14 L. Tannenbaum B 533 4.50-4.51 2,402
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Mar. 8 Chesapeake Energy CHK A. Dunham D 500 5.24 2,622 5.29 -24.6
iShRussell1000Gwth IWF 114.23 –0.06 8.9 Mar. 10-14 Compass Diversified Holdings CODI A. Offenberg UT 150 16.49-16.71 2,495 16.50 -7.8
Friday, March 17, 2017 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell1000ETF IWB 132.58 –0.11 6.5 Mar. 9-13 Seritage Growth Properties SRG B. Berkowitz BI 53 44.24-45.63 2,423 44.42 4.0
Closing Chg YTD iShRussell1000Val IWD 116.63 –0.27 4.1
ETF Symbol Price (%) (%) iShCoreS&PMdCp IJH 172.72 0.09 4.5 iShRussell2000Gwth IWO 162.25 0.27 5.4 Mar. 10-13 PIMCO Dynamic Credit & Mortgage Income Fund PCI E. Roman AI 95 20.53-20.54 1,950 21.00 3.9
AlerianMLPETF AMLP 12.60 –0.71 ... iShCoreS&PSmCpETF IJR 69.79 0.56 1.5 iShRussell2000ETF IWM 138.46 0.40 2.7 Mar. 15 ICU Medical ICUI G. Lopez DO 12 155.60 1,867 158.30 7.4
CnsmrDiscSelSector XLY 87.36 0.14 7.3 iShS&PTotlUSStkMkt ITOT 54.58 –0.04 6.4 iShRussell2000Val IWN 119.23 0.45 0.2
iShCoreUSAggBd AGG 107.89 0.21 –0.2 iShRussell3000ETF IWV 141.25 –0.09 6.2 Mar. 10 LCI Industries LCII J. Gero D 10 101.12 1,011 102.95 -4.5
CnsStapleSelSector XLP 54.98 –0.27 6.3
iShSelectDividend DVY 92.33 0.20 4.2 0.04
DBGoldDoubleLgETN DGP 22.71 0.46 12.9 iShRussellMid-Cap IWR 188.39 5.3 Mar. 9-10 American Assets Trust AAT E. Rady CEOI 24 40.99-41.24 1,007 42.33 -1.7
iShEdgeMSCIMinEAFE EFAV 65.88 0.30 7.6 iShRussellMCValue IWS 83.54 0.07 3.9
DBGoldDoubleShrt DZZ 5.97 –0.33 –12.9
iShEdgeMSCIMinUSA USMV 48.26 0.29 6.7 iShS&PMC400Growth IJK 192.34 0.15 5.6 Mar. 9 DDR Corp DDR T. Ahern D 76 13.11 996 13.09 -14.3
DeutscheXMSCIEAFE DBEF 29.58 0.20 5.4
iSharesGold IAU 11.82 0.08 6.7 –0.02
EnSelectSectorSPDR XLE 69.80 –0.07 –7.3 iShiBoxx$InvGrCpBd LQD 116.82 0.23 –0.3
iShS&P500Growth IVW 132.23 8.6 Mar. 13 Occidental Petroleum OXY V. Hollub CEO 15 62.72 941 64.09 -10.0
FinSelSectorSPDR XLF 24.45 –0.97 5.2 iShS&P500ValueETF IVE 105.71 –0.38 4.3
iShiBoxx$HYCpBd HYG 87.08 0.03 0.6 iShS&PMC400Value IJJ 149.84 0.10 3.2
–0.03
GuggS&P500EW
HealthCareSelSect
RSP
XLV
91.06
75.16 –0.54
5.1
9.0
iShJPMUSDEmgBd
iShMBSETF
EMB
MBB
113.04
105.92
0.41
0.23
2.6
–0.4
iShUSPfdStk PFF 38.46 0.16 3.4 Sellers
IndSelSectorSPDR XLI 65.68 0.55 5.6 iShSilver SLV 16.47 0.43 9.0
iShMSCIACWIETF ACWI 63.51 –0.05 7.3
iShTIPSBondETF TIP 113.81 0.22 0.6 Mar. 14 Planet Fitness PLNT C. Esserman DOI 14,775 20.44 302,001 20.19 0.4
iShIntermCredBd CIU 108.41 0.18 0.2 iShMSCIEAFESC SCZ 54.14 0.37 8.6
iSh1-3YTreasuryBd SHY 84.38 0.05 –0.1 Mar. 14 P. Lecomte DOI 14,775 20.44 302,001
iSh1-3YCreditBond CSJ 105.01 0.04 0.1 iSharesMSCIEAFEETF EFA 62.23 0.26 7.8
iSh3-7YTreasuryBd IEI 122.41 0.16 –0.1 iShMSCIEmgMarkets EEM 39.49 –0.18 12.8
iSh7-10YTreasuryBd IEF 104.73 0.27 –0.1 Mar. 14-16 Wal-Mart Stores WMT S. Walton DOI 3,000 70.34-70.86 211,497 69.89 1.1
iShCoreHiDividend HDV 85.30 –0.04 3.7 iShRussellMCGrowth IWP 104.43 0.11 7.2 Mar. 14-16 A. Walton BI 3,000 70.34-70.86 211,497
iShMSCIEurozoneETF EZU 37.25 –0.11 7.7
iShCoreMSCIEAFEETF IEFA 57.86 0.24 7.9 PwrShQQQ 1 QQQ 131.69 –0.03 11.1 Mar. 14-16 J. Walton BI 3,000 70.34-70.86 211,497
iShMSCIJapanETF EWJ 51.83 0.33 6.1
iShCoreMSCIEmgMk –0.02 13.0 PwrShS&P500LoVol SPLV 43.85 0.37 5.5
IEMG 47.95 iShNasdaqBiotech IBB 295.28 –1.11 11.3 Mar. 10 Financial Engines FNGN M. Martin DI 4,109 43.85 180,185 42.30 15.1
iShCoreS&P500ETF IVV 239.59 –0.20 6.5 iShNatlMuniBdETF MUB 108.11 0.06 –0.1 PwrShSrLoanPtf BKLN 23.25 –0.09 –0.5
SPDRBloomBarcHYBd JNK 36.63 –0.03 0.5 Mar. 8-9 Facebook FB M. Zuckerberg CEOI 381 137.69-138.53 52,499 139.84 21.5
SchwabIntEquity SCHF 29.82 0.13 7.7
SchwabUS BrdMkt SCHB 57.61 –0.09 6.3 Mar. 8-10 Marsh & McLennan Cos MMC D. Glaser CEO 488 73.11-73.34 35,743 75.14 11.2

Borrowing Benchmarks | WSJ.com/bonds SchwabUS LC


SPDR DJIA Tr
SCHX
DIA
56.86
208.86
–0.11
–0.08
6.8
5.7
Mar. 16
Mar. 8
Oracle
Arista Networks
ORCL
ANET
M. Hurd
K. Duda
CEO
OI
700
200
46.44
123.53
32,511
24,706
45.66
128.10
18.8
32.4
SPDR GldTr GLD 116.99 0.22 6.7
Money Rates March 17, 2017 SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
314.22
237.03
0.07
–0.17
4.1
6.0
Mar. 13 Monster Beverage MNST M. Hall OD 488 46.34 22,591 46.47 4.8
SPDR S&P Div SDY 88.96 0.17 4.0 Mar. 14-16 Stamps.com STMP K. Huebner P 145 127.71-133.23 19,037 128.80 12.3
Key annual interest rates paid to borrow or lend money in U.S. and TechSelectSector XLK 53.34 0.23 10.3 Mar. 7-8 Dr Pepper Snapple Group DPS L. Young CEO 196 94.12-94.53 18,469 95.59 5.4
international markets. Rates below are a guide to general levels but UtilitiesSelSector XLU 51.23 0.61 5.5
Mar. 10-14 Public Storage PSA R. Havner CEOI 83 218.95-220.05 18,220 222.49 -0.5
VanEckGoldMiner GDX 22.67 –0.44 8.4
don’t always represent actual transactions. VangdInfoTech VGT 135.79 0.01 11.8 Mar. 8 E. Reyes CFO 65 225.09 14,631
VangdSC Val VBR 123.94 0.17 2.4 Mar. 10-14 Glaukos Corp GKOS J. Silverstein DI 383 44.54-46.13 17,339 48.89 42.5
Inflation Week —52-WEEK— VangdDivApp VIG 91.44 0.31 7.3
Latest ago High Low VangdFTSEDevMk VEA 39.34 0.15 7.7 Mar. 13-14 Newell Brands NWL M. Franklin D 340 48.13-48.48 16,434 48.42 8.4
Feb. index Chg From (%) VangdFTSE EM VWO 40.06 –0.10 12.0 Mar. 8-9 FleetCor Technologies FLT R. Clarke CEO 100 160.68-162.55 16,091 162.23 14.6
level Jan. '17 Feb. '16 Britain 0.25 0.25 0.50 0.25 VangdFTSE Europe VGK 51.63 0.14 7.7
Australia 1.50 1.50 2.00 1.50 VangdFTSEAWxUS VEU 47.98 0.06 8.6 * Half the transactions were indirect **Two day transaction
U.S. consumer price index VangdGrowth VUG 121.96 –0.07 9.4 p - Pink Sheets
Secondary market VangdHlthCr VHT 139.43 –0.56 10.0
All items 243.603 0.31 2.7 VangdHiDiv VYM 78.93 –0.06 4.2
Core 251.143 0.42 2.2 0.22
Fannie Mae VangdIntermBd
VangdIntrCorpBd
BIV
VCIT
83.05
85.73 0.21
–0.0
0.0
Buying and selling by sector
International rates 30-year mortgage yields VangdLC VV 109.25 –0.15 6.7 Based on actual transaction dates in reports received this past week
VangdMC VO 140.19 0.02 6.5
30 days 3.758 3.853 3.865 2.806 VangdMC Val VOE 102.75 –0.03 5.7
Week 52-Week
Latest ago High Low 60 days 3.790 3.887 3.899 2.832 VangdREIT VNQ 82.44 0.46 –0.1 Sector Buying Selling Sector Buying Selling
Notes on data: VangdS&P500 VOO 218.56 –0.20 6.5
VangdST Bond BSV 79.50 0.08 0.1
Basic Industries 1,990,196 18,917,784 Finance 8,680,820 125,023,493
Prime rates U.S. prime rate is effective March 16, 2017.
U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 79.46 0.10 0.1 Business services 788,949 26,447,959 Health care 6,976,954 63,521,766
U.S. 4.00 3.75 4.00 3.50 loans posted by at least 70% of the 10 largest VangdSC VB 133.98 0.16 3.9 Capital goods 0 0 Industrial 598,750 32,762,716
VangdTotalBd BND 80.58 0.20 –0.3
Canada 2.70 2.70 2.70 2.70 U.S. banks; Consumer durables 0 30,909,451 Media 52,341 20,102,017
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 53.73 –0.09 –1.0
Japan 1.475 1.475 1.475 1.475 VangdTotIntlStk VXUS 49.76 –0.02 8.5 Consumer nondurables 10,041,265 123,417,152 Technology 718,021 158,042,611
lending practices vary widely by location.
VangdTotalStk VTI 122.57 –0.06 6.3
Policy Rates Complete Money Rates table appears Monday
VangdTotlWrld VT 65.69 0.03 7.7
Consumer services 734,321 150,601,915 Transportation 421,816 14,251,993
through Friday.
Euro zone 0.00 0.00 0.00 0.00 VangdValue VTV 97.01 –0.26 4.3 Energy 6,197,358 3,083,657 Utilities 323,925 12,286,351
Sources: Bureau of Labor Statistics; SIX Financial WisdTrEuropeHdg HEDJ 62.02 0.27 8.0
Switzerland 0.50 0.50 0.50 0.50 Information WisdTrJapanHdg DXJ 51.56 –0.41 4.1 Sources: Thomson Financial; WSJ Market Data Group
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | B5

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 MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 0.71 28.55 14.04 JoyGlobal JOY 0.1 dd 28.20 -0.02 21.28 84.48 66.43 Salesforce.com CRM ...308 83.03 -0.49 3.77 8.46 6.23 BlackBerry BBRY ... dd 7.15 -0.02
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 1.49 29.21 21.18 JuniperNetworks JNPR 1.4 19 28.68 0.16 9.55 44.58 36.81 Sanofi SNY 3.6 22 44.30 -0.27 25.12 227.75 139.18 Broadcom AVGO 1.8 dd 221.18 -1.18
The list comprises the 1,000 largest companies based on market capitalization. 7.09 47.03 35.68 KAR Auction KAR 2.8 29 45.64 0.12 0.10 33.31 24.85 Sasol SSL 2.6 18 28.62 0.01 2.08 34.99 29.12 CA CA 3.1 17 32.43 0.08
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading s 29.36 45.86 26.45 KB Fin KB ... 10 45.65 -0.04 -7.37 76.41 65.08 Scana SCG 3.6 16 67.88 0.20 9.04 81.36 61.22 CBOE Holdings CBOE 1.2 35 80.57 0.12
volume. 18.00 18.50 11.63 KKR KKR 3.5 34 18.16 -0.19 -5.24 87.84 71.34 Schlumberger SLB 2.5 dd 79.55 -0.10 11.44 67.49 43.88 CDK Global CDK 0.8 38 66.52 ...
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 19.16 17.16 12.88 KT KT ... 13 16.79 -0.16 s 8.59 43.65 23.82 SchwabC SCHW 0.7 33 42.86 -0.67 15.88 61.00 37.80 CDW CDW 1.1 24 60.36 -0.24
$2 or higher. -0.85 100.69 79.05 KSCitySouthern KSU 1.6 19 84.13 -1.73 -3.47 98.82 65.80 ScottsMiracleGro SMG 2.2 31 92.23 0.20 7.73 81.16 65.57 CH Robinson CHRW 2.3 22 78.92 0.71
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 1.90 87.16 70.73 Kellogg K 2.8 39 75.11 0.35 1.59 52.83 42.01 SealedAir SEE 1.4 19 46.06 0.18 8.01 127.60 89.00 CME Group CME 2.1 28 124.59 -0.15
s-New 52-week high. standards vj-In bankruptcy or receivership or 0.44 19.53 10.21 KeyCorp KEY 1.9 23 18.35 -0.12 -9.58 7.74 3.84 SemicondctrMfg SMI ... 2 6.89 -0.02 30.48 50.31 24.36 CSX CSX 1.5 26 46.88 -0.72
t-New 52-week low. lf-Late filing being reorganized under the 6.70 39.36 25.49 KeysightTechs KEYS ... 18 39.02 -0.10 10.06 114.66 92.95 SempraEnergy SRE 3.0 21 110.76 0.60 s 26.33 32.00 22.63 CadenceDesign CDNS ... 45 31.86 0.23
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 0.26 78.33 58.05 KilroyRealty KRC 2.0 25 73.41 1.31 12.97 45.30 32.07 SensataTech ST ... 29 44.00 -0.46 5.25 17.97 14.35 Carlyle CG 4.0 dd 16.05 -0.40
four quarters. requirements. assumed by such companies. 16.77 138.87 111.30 KimberlyClark KMB 2.9 22 133.26 -1.27 9.19 32.21 22.86 ServiceCorp SCI 1.7 34 31.01 0.13 s 8.66 127.64 94.42 Celgene CELG ... 51 125.77 -0.85
FD-First day of trading. t-NYSE bankruptcy -9.42 32.24 21.46 KimcoRealty KIM 4.7 51 22.79 ... 8.44 41.49 32.41 ServiceMaster SERV ... 36 40.85 0.16 19.51 67.50 47.01 Cerner CERN ... 31 56.61 0.26
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 2.75 23.36 16.63 KinderMorgan KMI 2.3 85 21.28 -0.28 19.33 94.72 59.77 ServiceNow NOW ... dd 88.71 -0.09 13.16 341.50 214.06 CharterComms CHTR ... 21 325.81 2.09
changes in the closing prices from 4 p.m. the previous day. 9.32 5.82 2.88 KinrossGold KGC 4.7 dd 3.40 -0.04 2.69 21.84 17.92 ShawComm B SJR 4.4 21 20.60 0.05 s 20.08 102.24 74.34 CheckPointSftw CHKP ... 24 101.42 -0.50
YTD 52-Week Yld Net -18.00 59.67 33.87 Kohl's KSS 5.4 13 40.49 ... 16.61 316.66 239.48 SherwinWilliams SHW 1.1 27 313.38 2.05 -0.75 79.60 63.87 CincinnatiFin CINF 2.7 21 75.18 0.48
Friday, March 17, 2017 s 2.88 31.53 23.00 KoninklijkePhil PHG 2.7 18 31.45 0.08 s 8.06 125.93 85.86 Cintas
% Chg Hi Lo Stock Sym % PE Last Chg 15.46 43.98 30.57 ShinhanFin SHG ... 9 43.46 -0.22 CTAS 1.1 27 124.87 5.63
YTD 52-Week Yld Net 6.98 28.37 17.36 KoreaElcPwr KEP ... 4 19.77 0.64 s 56.26 67.39 24.96 Shopify SHOP ... dd 66.99 2.00 13.27 34.53 25.80 CiscoSystems CSCO 3.4 18 34.23 ...
% Chg Hi Lo Stock Sym % PE Last Chg 1.58 62.53 38.31 Citigroup C 1.1 13 60.37 -0.78 -14.37 39.22 28.29 Kroger KR 1.6 18 29.55 0.23 3.00 31.35 15.70 SilverWheaton SLW 1.24061 19.90 -0.17 16.32 87.99 60.15 CitrixSystems CTXS ... 24 82.72 0.15
2.78 39.75 18.34 CitizensFin CFG 1.5 18 36.62 -0.48 s 13.98 56.74 41.23 Kyocera KYO ... 19 56.74 0.16 -5.43 229.10 166.65 SimonProperty SPG 4.2 30 168.02 -1.38 26.93 81.14 35.15 Cognex CGNX 0.4 47 80.75 0.38
NYSE 14.60 140.47 111.24 Clorox CLX 2.3 28 137.54 -0.47 43.89 12.02 5.81 LATAMAirlines LFL ... dd 11.77 0.09 -0.97 62.69 47.61 SixFlags SIX 4.3 48 59.38 0.44 4.52 63.23 45.44 CognizantTech CTSH ... 23 58.56 -0.85
13.48 43.71 34.07 Coach COH 3.4 22 39.74 0.07 -22.27 88.77 47.93 L Brands LB 4.7 13 51.18 1.21 s 10.18 52.26 36.90 SmithAO AOS 1.1 28 52.17 0.34 8.50 38.44 29.34 Comcast A CMCSA 1.7 21 37.46 -0.22
10.44 23.90 18.72 ABB ABB 3.2 25 23.27 0.14 1.37 47.13 39.88 Coca-Cola
-1.95 40.72 26.46 AECOM ACM ... 34 35.65 -0.43 KO 3.5 28 42.03 -0.22 -3.81 14.36 9.84 LGDisplay LPL ... 11 12.36 -0.07 3.82 35.38 26.96 Smith&Nephew SNN 2.4 19 31.23 0.34 0.74 60.61 40.93 CommerceBcshrs CBSH 1.5 22 58.24 -0.05
14.87 54.54 30.55 Coca-Cola Euro CCE ... 18 36.07 -0.13 5.17 51.48 30.90 LINE LN ...110 35.77 0.11 8.19 157.31 122.05 Smucker SJM 2.2 24 138.55 -0.17 6.56 40.57 25.91 CommScope COMM ... 35 39.64 -0.14
-1.38 13.32 10.49 AES AES 4.2 dd 11.46 0.16 11.13 87.58 59.44 Coca-Cola Femsa KOF 2.5 27 70.61 0.63 11.41 171.24 116.97 L3 Tech LLL ... 19 169.46 1.59 t-20.18 29.44 18.90 Snap SNAP ... ... 19.54 -0.35 s 10.97 61.70 39.86 Copart CPRT ... 19 61.49 0.22
4.21 74.50 62.34 Aflac AFL 2.4 11 72.53 0.13 13.02 75.38 63.43 Colgate-Palmolive CL 2.2 27 73.96 0.06
0.19 43.89 36.10 AT&T T 4.6 20 42.61 0.17 11.97 145.00 112.16 LabCpAm LH ... 21 143.75 -0.43 0.94 181.73 145.17 SnapOn SNA 1.6 19 172.88 -0.01 8.81 224.79 174.49 CoStarGroup CSGP ... 78 205.09 -1.68
-12.20 16.09 9.70 ColonyNorthStar CLNS 8.2 34 13.10 -0.03 11.62 43.47 28.75 LambWeston LW ... 19 42.25 0.26 17.98 34.84 19.46 SOQUIMICH SQM 4.9 32 33.80 0.48 4.81 178.71 138.57 Costco COST 1.1 31 167.81 0.75
4.60 71.06 51.01 AXIS Capital AXS 2.2 13 68.27 -0.05 4.77 75.00 36.27 Comerica CMA 1.3 27 71.36 -0.53 7.04 63.38 41.45 LasVegasSands LVS 5.1 27 57.17 0.65 14.48 34.17 23.62 Sony SNE ... dd 32.09 0.20 22.65 50.37 37.36 Ctrip.com CTRP ... dd 49.06 0.06
17.65 45.84 36.76 AbbottLabs ABT 2.3 49 45.19 0.21 17.51 11.22 6.01 SABESP SBS 0.6 10 10.20 -0.16 10.12 47.09 26.21 Lazard LAZ 3.4 15 45.25 -0.71 3.01 54.64 46.20 Southern SO 4.4 20 50.67 0.48 10.24 64.74 43.28 DISH Network DISH ... 21 63.86 0.64
4.90 68.12 54.80 AbbVie ABBV 3.9 18 65.69 -0.21 12.05 71.79 31.27 CSC CSC 0.8 dd 66.58 -2.21 9.55 149.00 97.35 Lear LEA 1.4 11 145.01 -1.76 13.12 39.50 24.90 SoCopper SCCO 0.9 36 36.13 0.13 9.58 65.83 55.00 DentsplySirona XRAY 0.6 32 63.26 0.16
6.91 125.72 107.14 Accenture ACN 1.9 19 125.22 1.12 4.73 41.68 33.08 ConagraBrands CAG 1.9 29 41.42 -0.06 3.48 54.62 44.02 Leggett&Platt LEG 2.7 18 50.58 0.41 6.70 59.68 35.42 SouthwestAirlines LUV 0.8 15 53.18 -0.97 32.14 96.38 57.68 DexCom DXCM ... dd 78.89 1.51
-9.75 280.89 193.06 AcuityBrands AYI 0.2 30 208.34 -1.09 -1.61 147.55 95.87 ConchoRscs CXO ... dd 130.47 0.30 5.49 54.97 37.79 Leidos LDOS 2.4 22 53.95 0.21 -6.02 50.48 40.19 SpectraEnerPtrs SEP 6.4 15 43.08 0.05 3.59 114.00 73.12 DiamondbackEner FANG ... dd 104.69 1.25
24.27 76.09 39.66 Adient ADNT 1.5 dd 72.82 -1.08 -8.88 53.17 38.19 ConocoPhillips COP 2.3 dd 45.69 -0.15
-9.89 177.83 132.98 AdvanceAuto AAP 0.2 25 152.40 -1.01 23.06 53.79 39.68 Lennar A LEN 0.3 13 52.83 -0.14 s 16.34 143.20 105.16 SpectrumBrands SPB 1.2 26 142.32 -0.02 -1.20 30.80 23.85 DiscoveryComm B DISCB ... 15 28.80 0.75
4.07 81.88 68.76 ConEd ED 3.6 19 76.68 0.36 21.74 42.66 32.09 Lennar B LEN/B 0.4 11 42.00 -0.09 1.77 62.90 41.27 SpiritAeroSys SPR 0.7 16 59.38 0.65 2.19 29.91 23.66 DiscoveryComm A DISCA ... 14 28.01 -0.14
s 28.17 6.48 4.39 AdvSemiEngg ASX 3.9 17 6.46 0.13 5.51 173.55 144.00 ConstBrands A STZ 1.0 27 161.75 -0.29 12.31 172.61 130.34 LennoxIntl LII 1.0 27 172.03 -0.08 1.78 9.65 3.12 Sprint S ... dd 8.57 -0.04 2.13 29.07 22.43 DiscoveryComm C DISCK ... 14 27.35 -0.05
3.98 6.09 3.36 Aegon AEG 4.8 28 5.75 -0.09 -13.00 60.30 26.85 ContinentalRscs CLR ... dd 44.84 0.28 -1.92 99.93 72.55 DollarTree DLTR ... 20 75.70 0.17
9.25 49.66 31.45 AerCap AER ... 9 45.46 -0.17 13.29 27.34 15.32 LeucadiaNatl LUK 0.9 81 26.34 -0.32 26.78 18.17 8.42 Square SQ ... dd 17.28 0.07
11.55 201.83 141.67 Cooper COO 0.0 32 195.14 1.41 1.97 60.12 44.01 Level3Comm LVLT ... 31 57.47 0.44 14.51 136.90 100.61 StanleyBlackDck SWK 1.8 20 131.33 0.19 s 7.80 56.77 41.29 Dunkin' DNKN 2.3 27 56.53 0.89
6.28 136.50 104.59 Aetna AET 1.5 21 131.80 -1.26 12.24 28.36 18.21 Corning GLW 2.3 8 27.24 -0.04 2.19 38.61 21.52 E*TRADE ETFC ... 18 35.41 -0.42
12.05 179.85 130.48 AffiliatedMgrs AMG 0.5 19 162.81 -3.19 -2.46 42.26 31.80 LibertyProperty LPT 4.2 16 38.53 0.28 2.32 23.46 18.18 StarwoodProp STWD 8.5 15 22.46 0.07
6.12 31.60 17.94 Coty COTY 2.6 dd 19.43 0.12 14.15 86.14 64.18 EliLilly LLY 2.5 33 83.96 -1.03 1.15 83.49 50.59 StateStreet STT 1.9 16 78.61 -2.00 7.65 56.97 31.34 EastWestBancorp EWBC 1.5 18 54.72 -0.10
17.01 54.82 38.89 AgilentTechs A 1.0 34 53.31 0.26 3.89 173.79 121.38 Credicorp BAP 2.3 13 164.00 0.38 13.51 34.43 22.30 eBay EBAY ... 5 33.70 0.60
2.55 73.31 35.27 LincolnNational LNC 1.7 14 67.96 -1.37 -4.06 19.27 14.50 Statoil STO 5.0 dd 17.50 0.05
0.88 60.10 35.00 AgnicoEagle AEM 0.9 45 42.37 0.12 7.97 16.17 10.01 CreditSuisse CS ... dd 15.45 -0.14 13.75 91.81 61.10 ElectronicArts EA ... 22 89.59 -0.61
9.96 30.79 21.00 LiveNationEnt LYV ... dd 29.25 0.22 1.97 74.63 63.26 Steris STE 1.6 42 68.72 0.15
-3.66 111.88 81.17 Agrium AGU 3.6 17 96.87 0.07 -20.97 18.95 10.23 CrescentPoint CPG 2.5 dd 10.74 -0.22 5.10 391.07 311.95 Equinix EQIX 2.1218 375.64 -2.53
12.58 4.42 2.47 LloydsBanking LYG 4.8 21 3.49 -0.03 37.62 15.74 5.11 STMicroelec STM 1.5179 15.62 0.12
-2.98 150.45 124.02 AirProducts APD 2.7 21 139.53 1.56 -0.39 28.30 9.29 CrestwoodEquity CEQP 9.4 dd 25.45 0.15 s 8.82 272.18 217.14 LockheedMartin LMT 2.7 21 271.98 14.24 10.20 4.83 Ericsson ERIC 6.9 99 6.66 0.02
5.22 101.43 54.51 AlaskaAir ALK 1.3 14 93.36 -0.78 4.04 s 10.73 133.02 102.87 Stryker SYK 1.3 30 132.66 1.16
3.49 102.82 79.38 CrownCastle CCI 4.2 95 89.80 0.18 0.81 48.05 37.25 Loews L 0.5 24 47.21 -0.16 -0.65 8.30 5.43 SumitomoMits SMFG ... 10 7.59 -0.01 8.57 125.40 90.21 ErieIndemnity A ERIE 2.6 30 122.09 -2.64
s 23.39 106.53 60.34 Albemarle ALB 1.2 25 106.21 2.20 2.55 57.49 47.73 CrownHoldings CCK ... 15 53.91 0.13 47.75 23.49 3.64 Exelixis EXEL ... dd 22.03 0.16
17.45 84.00 64.87 Lowe's LOW 1.7 24 83.53 0.31 5.14 85.98 66.66 SunCommunities SUI 3.3298 80.55 0.30
24.54 39.78 20.00 Alcoa AA ... dd 34.97 -0.41 3.86 96.62 51.43 Cullen/Frost CFR 2.4 20 91.64 -0.07 15.82 133.55 96.58 Expedia EXPE 0.9 76 131.20 0.47
2.07 57.16 44.85 Luxottica LUX 1.8 28 54.81 1.05 -3.75 40.57 30.38 SunLifeFinancial SLF 3.5 9 36.97 -0.24
-0.77 120.96 87.10 AlexandriaRealEst ARE 3.0 dd 110.27 0.40 s 13.05 155.51 104.30 Cummins CMI 2.7 19 154.51 0.52 6.50 57.35 46.42 ExpeditorsIntl EXPD 1.4 24 56.40 0.30
5.01 97.64 69.82 LyondellBasell LYB 3.8 10 90.08 -0.27 -5.54 33.79 25.31 SuncorEnergy SU 3.2119 30.88 0.15
20.27 109.87 73.30 Alibaba BABA ... 47 105.61 -0.02 -2.68 42.45 24.70 DCP Midstream DCP 8.4 23 37.35 -0.31 -5.38 80.02 64.45 ExpressScripts ESRX ... 12 65.09 0.26
3.62 173.72 107.01 M&T Bank MTB 1.9 21 162.09 -2.40 -0.75 31.49 22.07 SunocoLogistics SXL 8.7 23 23.84 -0.39
3.71 667.19 478.40 Alleghany Y ... 21 630.67 -4.56 2.43 102.96 84.77 DTE Energy DTE 3.3 21 100.90 0.69 s 2.81 149.11 93.64 F5Networks FFIV ... 27 148.79 0.97
s 17.94 75.62 61.47 Allegion -4.34 30.62 20.14 MGM Resorts MGM ... 14 27.58 0.79 5.21 61.69 35.10 SunTrustBanks STI 1.8 16 57.71 -0.65
ALLE 0.8 32 75.48 0.33 11.34 88.01 70.07 Danaher DHR 0.6 24 86.67 0.27 3.26 39.43 25.98 MPLX MPLX 5.8 dd 35.75 -0.75 s 21.55 140.34 106.31 Facebook FB ... 43 139.84 -0.15
13.03 282.59 184.50 Allergan AGN ... 6 237.38 -2.04 -3.17 38.05 23.25 SynchronyFin SYF 1.5 13 35.12 -0.71
5.42 79.43 59.50 Darden DRI 2.9 22 76.66 1.26 23.55 109.29 70.16 MSCI MSCI 1.2 36 97.33 -0.34 11.68 89.13 74.52 Syngenta SYT 2.5 35 88.28 -0.20 10.41 52.64 37.70 Fastenal FAST 2.5 30 51.87 0.62
7.23 251.19 185.02 AllianceData ADS 0.8 33 245.01 -0.08 5.61 78.77 54.50 DaVita DVA ... 16 67.80 0.06 10.44 105.70 67.74 MSC Industrial MSM 1.8 27 102.04 0.71 -2.30 28.97 16.02 FifthThirdBncp FITB 2.1 14 26.35 -0.30
-4.69 25.12 20.75 AllianceBernstein AB 12.0 10 22.35 -0.30 -4.75 57.07 45.19 Sysco SYY 2.5 29 52.74 0.43
7.19 112.18 74.91 Deere DE 2.2 24 110.45 -0.28 -9.44 94.51 62.48 Macerich MAC 4.4 92 64.15 -0.47 s 41.77 99.97 47.69 TAL Education TAL ... 96 99.45 3.77 10.83 118.30 92.81 Fiserv FISV ... 28 117.79 0.53
4.41 40.99 34.08 AlliantEnergy LNT 3.2 24 39.56 0.43 21.53 83.23 58.04 DelphiAutomotive DLPH 1.4 19 81.85 -0.42 -2.33 85.45 62.82 MacquarieInfr MIC 6.6 43 79.80 16.91 16.98 11.39 Flex FLEX ... 31 16.80 -0.06
8.25 38.17 25.88 AllisonTransm ALSN 1.6 29 36.47 0.01 1.73 9.89 76.77 54.54 TE Connectivity TEL 1.9 13 76.13 0.02
-5.45 52.76 32.60 DeltaAir DAL 1.7 8 46.51 -0.90 -14.72 45.50 28.55 Macy's M 4.9 15 30.54 0.13 21.88 26.65 17.91 Tegna TGNA 2.1 13 26.07 0.03 23.27 38.33 27.95 Fortinet FTNT ...248 37.13 -0.16
s 11.78 83.09 64.36 Allstate ALL 1.8 18 82.85 -0.04 5.14 20.94 11.19 DeutscheBank DB 1.1 dd 19.03 -0.57 4.41 35.98 28.73 Gaming&Leisure GLPI 7.8 21 31.97 0.90
2.67 81.77 63.40 MagellanMid MMP 4.4 22 77.65 -0.73 1.00 34.12 30.31 Telus TU 4.6 16 32.17 0.14
11.20 23.62 14.84 AllyFinancial ALLY 1.5 10 21.15 -0.44 -11.23 50.69 24.57 DevonEnergy DVN 0.6 dd 40.54 -0.18 1.47 47.21 32.76 MagnaIntl MGA 2.5 6 44.04 -0.38 7.98 56.19 38.40 Garmin GRMN 3.9 19 52.36 ...
11.15 76.55 59.48 Altria MO 3.2 10 75.16 -0.14 10.23 28.04 15.32 Ternium TX 3.4 19 26.62 -0.70
11.69 117.84 99.46 Diageo DEO 2.1 23 116.09 1.19 s 16.59 103.90 57.26 Manpower MAN 1.7 16 103.61 0.49 s 37.97 16.52 9.15 TIM Part TSU 1.7 35 16.28 -0.11 s 11.17 22.12 14.66 Gentex GNTX 1.6 18 21.89 -0.18
23.21 13.85 7.22 AlumofChina ACH ... 37 12.58 -0.67 -8.95 62.88 37.96 Dick's DKS 1.4 19 48.35 0.15 1.63 19.52 12.55 ManulifeFin MFC 3.5 13 18.11 -0.25 -3.56 103.10 65.38 GileadSciences GILD 3.0 7 69.06 0.52
12.22 6.34 4.70 Ambev ABEV ... 24 5.51 -0.02 5.44 83.64 71.50 TJX TJX 1.3 23 79.22 ...
4.71 113.21 85.50 DigitalRealty DLR 3.6 47 102.89 -0.52 -10.69 19.28 9.65 MarathonOil MRO 1.3 dd 15.46 -0.09 s 13.36 32.76 22.75 TaiwanSemi TSM 2.9 16 32.59 0.18 18.69 37.20 24.31 Goodyear GT 1.1 8 36.64 -0.17
4.94 55.51 46.29 Ameren AEE 3.2 20 55.05 0.70 -2.47 74.33 48.68 DiscoverFinSvcs DFS 1.7 12 70.31 -0.69 0.87 54.59 32.02 MarathonPetrol MPC 2.8 23 50.79 -0.39 9.96 18.00 14.27 Grifols GRFS 2.2 20 17.67 0.31
11.06 15.95 11.02 AmericaMovil AMX 1.9 91 13.96 0.36 0.71 61.83 26.46 TargaResources TRGP 6.4 dd 56.47 -0.35
7.23 112.89 90.31 Disney DIS 1.4 20 111.76 0.05 8.37 992.00 811.05 Markel MKL ... 31 980.17 -0.45 -24.84 84.14 54.12 Target TGT 4.4 12 54.29 -0.30 -1.72 44.73 30.05 HDSupply HDS ... 42 41.78 0.39
12.36 15.93 10.83 AmericaMovil A AMOV 1.9 90 13.82 0.32 -2.35 96.88 66.50 DollarGeneral DG 1.4 16 72.33 -0.87 s 11.17 75.23 59.11 Marsh&McLennan MMC 1.8 22 75.14 0.46 s 28.87 100.55 76.14 Hasbro HAS 2.3 23 100.25 1.01
-4.84 54.56 43.66 AmCampus ACC 3.5 62 47.36 0.29 5.84 44.79 26.97 TataMotors TTM 0.0 20 36.40 -0.30
0.69 78.97 68.71 DominionRscs D 3.9 22 77.12 0.32 -4.32 243.98 150.75 MartinMarietta MLM 0.8 32 211.95 1.58 5.69 33.76 6.55 TeckRscsB TECK 0.3 12 21.17 -0.45 12.88 183.00 146.23 HenrySchein HSIC ... 28 171.25 0.08
5.57 71.32 57.89 AEP AEP 3.6 53 66.47 0.46 16.07 192.01 116.91 Domino's DPZ 1.0 43 184.83 -0.79 9.61 37.38 29.11 Masco MAS 1.2 24 34.66 0.01 6.16 42.97 32.64 Hologic HOLX ... 36 42.59 0.09
6.98 82.00 57.15 AmericanExpress AXP 1.6 14 79.25 -0.52 -2.25 11.79 6.95 TelecomItalia TI 3.0 16 8.69 0.11
7.22 47.68 30.25 Donaldson DCI 1.6 28 45.12 0.01 s 9.28 113.50 86.65 Mastercard MA 0.8 31 112.83 0.16 -2.61 9.69 5.61 TelecomItalia A TI/A 4.4 13 7.10 0.13 -3.21 102.38 75.71 JBHunt JBHT 1.0 25 93.95 -0.51
8.92 97.00 66.78 AmericanFin AFG 1.3 13 95.98 -0.21 5.33 40.79 29.26 DouglasEmmett DEI 2.4 70 38.51 0.31 9.29 107.84 88.64 McCormick MKC 1.8 28 102.00 0.52 3.86 14.74 8.04 HuntingtonBcshs HBAN 2.3 20 13.73 -0.19
10.53 23.98 15.07 AmerHomes4Rent AMH 0.9 dd 23.19 0.38 21.70 198.89 136.53 Teleflex TFX 0.7 39 196.12 0.85
6.37 82.56 61.64 Dover DOV 2.2 24 79.70 0.36 9.41 108.26 89.14 McCormickVtg MKC/V 1.8 28 101.86 1.16 10.76 15.69 11.28 TelefonicaBras VIV ... 21 14.82 -0.16 14.23 77.46 45.00 IAC/InterActive IAC ... dd 74.01 0.21
-4.43 67.47 48.41 AIG AIG 2.1 dd 62.42 -0.49 11.90 64.50 47.51 DowChemical DOW 2.9 20 64.03 0.17 5.69 131.96 110.33 McDonalds MCD 2.9 24 128.64 29.57 153.94 74.16 IdexxLab IDXX ... 62 151.95 0.33
0.66 23.48 11.43 8.15 Telefonica TEF 6.3 22 11.36 0.13
9.77 118.26 98.87 AmerTowerREIT AMT 2.1 59 116.01 0.92 5.43 98.80 81.05 DrPepperSnap DPS 2.4 21 95.59 -0.82 5.33 199.43 114.53 McKesson MCK 0.8 16 147.93 -0.90 13.95 41.00 28.70 IHSMarkit INFO ... 82 40.35 -0.47
5.31 85.24 67.02 AmerWaterWorks AWK 2.0 29 76.20 0.46 6.21 34.65 24.69 TelekmIndonesia TLK 0.5 17 30.97 0.06
-8.37 54.73 39.65 DrReddy'sLab RDY 0.7 45 41.49 -0.23 23.84 94.40 69.25 MeadJohnson MJN 1.9 30 87.63 -0.12 -8.65 37.21 22.96 Tenaris TS 1.6333 32.62 0.10 23.05 124.27 76.22 IPG Photonics IPGP ... 25 121.46 1.30
-6.64 50.11 40.81 Amerigas APU 8.4 40 44.74 -0.13 s 10.69 81.54 61.12 DuPont DD 1.9 28 81.25 0.64 5.84 76.96 59.36 Mednax MD ... 20 70.55 0.79 -12.02 65.78 45.18 IcahnEnterprises IEP 11.4 dd 52.44 -0.03
18.72 135.20 84.92 Ameriprise AMP 2.3 17 131.71 -2.89 s 21.38 31.07 18.07 Teradyne TER 0.9 dd 30.83 ...
5.44 87.31 72.34 DukeEnergy DUK 4.2 26 81.84 0.22 15.44 89.27 69.35 Medtronic MDT 2.1 29 82.23 0.40 -2.41 93.50 69.49 Tesoro TSO 2.6 14 85.34 0.21 25.29 186.88 119.37 Illumina ILMN ... 51 160.42 0.96
11.95 94.50 68.38 AmerisourceBrgn ABC 1.7 15 87.53 -0.47 -3.54 28.99 21.11 DukeRealty DRE 3.0 29 25.62 0.14 8.54 66.80 51.59 Merck MRK 2.9 46 63.90 -0.28 47.56 153.15 62.63 Incyte INCY ...274 147.96 -0.48
11.75 55.48 43.28 Ametek AME 0.7 25 54.31 0.21 5.47 60.14 41.22 TesoroLogistics TLLP 6.8 28 53.59 -0.92
-0.56 33.40 26.15 ENI E 5.3 dd 32.06 -0.19 -0.98 58.09 36.17 MetLife MET 3.0 87 53.36 -0.66 -7.20 58.16 31.90 TevaPharm TEVA 4.0210 33.64 -0.29 -2.76 38.45 29.50 Intel INTC 2.9 17 35.27 0.13
6.16 71.98 54.94 Amphenol APH 0.9 27 71.34 -0.10 -4.62 109.37 69.66 EOG Rscs EOG 0.7 dd 96.43 0.60 15.12 489.92 331.34 MettlerToledo MTD ... 34 481.83 1.67 -0.44 41.40 31.96 InteractiveBrkrs IBKR 1.1 29 36.35 -0.43
-9.29 73.33 43.52 AnadarkoPetrol APC 0.3 dd 63.25 -0.15 -1.69 50.93 34.00 Textron TXT 0.2 14 47.74 0.09
-11.59 80.61 56.46 EQT EQT 0.2 dd 57.82 0.27 -11.98 58.63 34.92 MichaelKors KORS ... 9 37.83 0.09 11.90 161.66 137.40 ThermoFisherSci TMO 0.4 31 157.89 -0.13 8.12 128.45 99.20 Intuit INTU 1.1 41 123.92 -0.43
5.98 136.08 98.28 AB InBev BUD 3.0159 111.75 0.90 1.17 82.99 69.15 EQT Midstream EQM 4.4 15 77.58 -0.36 3.94 110.01 85.04 MidAmApt MAA 3.4 39 101.78 0.56 s 18.24 752.20 562.60 IntuitiveSurgical ISRG ... 40 749.83 6.30
10.33 11.29 9.83 AnnalyCap NLY 10.9 9 11.00 0.05 -0.73 45.68 38.23 ThomsonReuters TRI 3.2 22 43.46 -0.33
5.27 82.10 62.70 EastmanChem EMN 2.6 14 79.17 0.28 8.60 7.01 4.16 MitsubishiUFJ MTU ... 11 6.69 -0.03 s 7.72 192.36 163.05 3M MMM 2.4 24 192.36 2.05 24.06 32.47 19.51 JD.com JD ... dd 31.56 0.02
11.66 35.74 20.52 AnteroMidstream AM 3.2 28 34.48 -0.24 9.18 74.35 54.30 Eaton ETN 2.1 17 73.25 -0.10 5.29 3.87 2.69 MizuhoFin MFG ... 8 3.78 0.02 7.12 95.64 79.00 JackHenry JKHY 1.3 29 95.10 0.35
-0.72 30.66 23.07 AnteroResources AR ... dd 23.48 -0.15 s 19.36 94.00 56.98 Tiffany TIF 1.9 26 92.42 2.44
9.55 47.83 31.78 EatonVance EV 2.4 22 45.88 -0.95 16.90 10.91 7.09 MobileTeleSys MBT 3.5 17 10.65 0.44 2.10 99.29 68.97 TimeWarner TWX 1.6 20 98.56 0.10 23.61 160.00 95.80 JazzPharma JAZZ ... 21 134.77 -1.08
17.04 170.79 114.85 Anthem ANTM 1.5 18 168.27 -0.15 6.99 126.17 107.74 Ecolab ECL 1.2 30 125.41 0.59 58.74 61.51 33.69 Mobileye MBLY ...134 60.51 -0.23 -10.08 23.15 14.76 JetBlue JBLU ... 9 20.16 0.14
s 6.62 119.88 99.67 Aon AON 1.1 23 118.91 -0.33 18.29 37.27 25.29 Toll Bros TOL 0.9 17 36.67 -0.41
-1.33 10.29 7.65 Ecopetrol EC ... 35 8.93 -0.03 15.28 233.70 175.52 MohawkIndustries MHK ... 18 230.20 -1.20 6.60 79.53 52.46 Torchmark TMK 0.8 17 78.63 -0.08 s 20.35 95.27 66.88 KLA Tencor KLAC 2.3 17 94.69 0.49
-19.30 69.00 46.15 Apache APA 2.0 dd 51.22 0.14 10.57 80.61 67.44 EdisonInt EIX 2.7 20 79.60 0.42 1.10 112.19 89.40 MolsonCoors B TAP 1.7 11 98.38 0.15 5.34 97.77 75.86 KraftHeinz KHC 2.6 33 91.98 -0.79
-2.73 47.91 39.14 ApartmtInv AIV 3.3288 44.21 0.08 10.13 62.49 40.43 Toro TTC 1.1 29 61.62 0.42
0.75 121.75 81.12 EdwardsLife EW ... 36 94.40 1.45 7.18 116.04 84.79 Monsanto MON 1.9 31 112.76 0.25 0.32 54.44 40.98 TorontoDomBk TD 3.7 10 49.50 -0.21 -1.11 36.35 29.37 LKQ LKQ ... 20 30.31 -0.10
18.75 24.00 14.25 ApolloGlobalMgmt APO 7.8 11 22.99 -0.19 8.70 64.36 48.45 EmersonElectric EMR 3.2 26 60.60 0.37 18.74 114.03 87.30 Moody's MCO 1.4 87 111.94 -1.60 s 19.63 127.44 72.00 LamResearch LRCX 1.4 23 126.48 0.51
6.76 35.83 28.03 AquaAmerica WTR 2.4 24 32.07 0.88 -1.98 52.04 43.55 Total TOT 5.2 20 49.96 0.12
-30.49 26.36 16.86 EnbridgeEnPtrs EEP 13.2 dd 17.71 -0.05 6.56 47.33 23.11 MorganStanley MS 1.8 15 45.02 -1.31 8.91 56.54 44.71 TotalSystem TSS 0.7 31 53.40 -0.52 15.56 79.09 58.68 LamarAdvertising LAMR 4.3 25 77.70 1.06
5.01 38.30 31.38 Aramark ARMK 1.1 29 37.51 0.25 -2.21 45.77 36.55 Enbridge ENB ... 21 41.19 -0.52 -0.55 34.36 22.77 Mosaic MOS 3.8 35 29.17 0.18 16.55 87.47 54.53 LibertyBroadbandA LBRDA ... 13 84.45 0.18
23.70 9.37 3.88 ArcelorMittal MT 2.2 19 9.03 -0.09 -4.26 123.18 97.80 ToyotaMotor TM ... 10 112.21 -1.03
-8.94 13.85 5.36 Encana ECA 0.6 dd 10.69 -0.11 2.21 87.55 62.76 MotorolaSolutions MSI 2.2 26 84.72 -0.43 1.64 49.77 36.76 TransCanada TRP 4.2164 45.89 -0.22 15.74 88.12 54.45 LibertyBroadbandC LBRDK ... 14 85.73 0.30
-2.04 47.88 34.55 ArcherDaniels ADM 2.9 21 44.72 -0.13 0.48 93.31 62.78 Endurance ENH 1.6 19 92.84 -0.04 9.79 49.90 25.20 NCR NCR ... 27 44.53 0.14 22.13 37.69 26.16 LibertyGlobal A LBTYA ... 24 37.36 0.23
48.33 30.69 16.75 Arconic ARNC 0.9 ... 27.50 0.18 -3.58 294.38 214.65 TransDigm TDG ... 29 240.05 2.89
21.80 10.08 7.02 EnelAmericas ENIA 1.5 17 10.00 0.04 s 47.31 18.56 9.84 NRG Energy NRG 0.7 dd 18.06 0.17 22.66 38.46 25.93 TransUnion TRU ... 58 37.94 0.19 23.33 37.00 25.86 LibertyGlobal C LBTYK ... 24 36.63 0.13
32.38 128.93 57.89 AristaNetworks ANET ... 51 128.10 0.96 10.03 29.52 18.35 EnelGenChile EOCC 3.1 8 21.39 -0.13 6.29 28.43 21.96 NTTDoCoMo DCM ... 15 24.18 0.06 3.32 42.63 19.10 LibertyLiLAC A LILA ... 15 22.69 ...
5.68 75.88 58.09 ArrowElec ARW ... 13 75.35 0.26 0.59 125.49 103.45 Travelers TRV 2.2 12 123.14 0.40
-1.81 20.05 6.37 EnergyTrfrEquity ETE 6.0 20 18.96 -0.03 23.37 2081.96 1478.04 NVR NVR ... 20 2059.05 0.71 24.93 10.87 6.35 TurkcellIletism TKC 19.9 15 8.62 0.13 9.83 44.95 19.33 LibertyLiLAC C LILAK ... 15 23.25 -0.07
13.79 125.00 105.50 AshlandGlobal ASH 1.3 dd 124.36 1.31 -0.56 43.50 27.65 EnergyTrfrPtrs ETP 11.9 dd 35.61 -0.49 5.50 74.97 56.50 NationalGrid NGG 5.1 16 61.54 0.78 -4.69 26.98 17.62 LibertyQVC B QVCB ... 9 19.30 -1.50
6.58 101.32 76.33 Assurant AIZ 2.1 11 98.97 0.38 -0.31 3.80 2.44 TurquoiseHill TRQ ... 18 3.22 -0.07
-14.77 10.33 3.40 Enerplus ERF 1.1 6 8.08 -0.16 4.99 43.63 26.86 NatlOilwell NOV 0.5 dd 39.31 0.16 -7.48 25.25 13.72 Twitter TWTR ... dd 15.08 -0.11 0.10 27.25 17.24 LibertyQVC A QVCA ... 9 20.00 -0.07
12.34 35.04 25.55 AstraZeneca AZN ... 24 30.69 0.17 -4.40 19.89 10.51 EnLinkMidPtrs ENLK 8.9 dd 17.61 -0.27 0.36 53.59 39.86 NatlRetailProp NNN 4.1 37 44.36 0.54 20.56 45.17 34.26 LibertyVenturesA LVNTA ... 14 44.45 0.26
8.61 55.00 43.25 Athene ATH ... 6 52.12 -1.60 9.51 175.77 120.33 TylerTech TYL ... 68 156.35 -0.02
2.64 82.08 66.71 Entergy ETR 4.6 dd 75.41 0.46 s 30.88 55.68 33.47 NewOrientalEduc EDU ... 37 55.10 0.90 0.26 77.05 55.72 TysonFoods TSN 1.5 12 61.84 -0.16 11.66 33.21 13.13 LibertyBraves A BATRA ... ... 22.88 0.16
7.80 81.97 68.51 AtmosEnergy ATO 2.3 22 79.93 0.47 0.55 30.25 23.56 EnterpriseProd EPD 6.0 23 27.19 -0.19 -9.55 17.68 13.74 NY CmntyBcp NYCB 4.7 14 14.39 0.03 10.25 24.88 12.45 LibertyBraves C BATRK ... ... 22.70 0.16
-8.83 126.31 93.31 Autoliv ALV 2.3 16 103.16 -1.72 2.36 17.44 11.93 UBS Group UBS 3.7 19 16.04 -0.22
0.96 83.27 57.32 EnvisionHlthcr EVHC ...355 63.90 -0.42 8.44 55.45 42.58 NewellBrands NWL 1.6 41 48.42 0.01 s 15.39 88.73 56.02 LincolnElectric LECO 1.6 30 88.47 0.64
-7.47 819.54 705.30 AutoZone AZO ... 17 730.77 8.92 -0.85 38.61 32.79 UDR UDR 3.3124 36.17 0.10
15.13 136.97 109.09 Equifax EFX 1.1 34 136.12 1.08 -14.86 50.00 30.88 NewfieldExpln NFX ... dd 34.48 -0.40 s 6.66 49.34 39.20 UGI s 27.05 31.61 14.36 LogitechIntl LOGI 1.8 27 31.47 0.07
4.92 192.29 158.32 Avalonbay AVB 3.1 25 185.86 0.96 UGI 1.9 18 49.15 0.80 -1.46 81.81 54.00 lululemon LULU ... 31 64.04 0.20
7.60 83.19 65.87 EquityLife ELS 2.5 40 77.58 0.14 -3.61 46.07 24.59 NewmontMining NEM 0.6 dd 32.84 0.03 -1.97 27.94 22.19 US Foods USFD ... 29 26.94 -0.01
12.20 46.74 35.42 Avangrid AGR 4.1 21 42.50 0.37 -1.44 75.49 58.28 EquityResdntl EQR 3.2 61 63.43 0.04 9.02 132.62 110.49 NextEraEnergy NEE 3.0 21 130.23 0.33 29.36 200.90 117.60 MarketAxess MKTX 0.7 57 190.05 -0.73
14.48 82.11 68.55 AveryDennison AVY 2.0 23 80.39 0.61 7.86 24.50 18.38 UltraparPart UGP 2.5 27 22.37 0.24
0.28 237.50 200.01 EssexProp ESS 3.0 37 233.15 0.19 1.64 55.94 40.28 NielsenHoldings NLSN 2.9 31 42.64 -1.38 6.83 91.07 60.87 Marriott MAR 1.4 33 88.33 0.27
-3.28 51.50 38.16 Avnet AVT 1.6 15 46.05 -0.17 -33.29 47.95 18.80 UnderArmour A UAA ... 44 19.38 -0.44
12.38 97.48 75.30 EsteeLauder EL 1.6 30 85.96 0.38 13.71 65.44 49.01 Nike NKE 1.2 25 57.80 0.20 16.22 16.72 9.05 MarvellTech MRVL 1.5403 16.12 0.05
s 19.89 33.06 24.27 AxaltaCoating AXTA ...251 32.61 0.33 -28.17 46.20 17.37 UnderArmour C UA ... 41 18.08 -0.09
9.05 240.51 169.19 EverestRe RE 2.1 10 235.99 0.32 3.16 49.67 38.45 NipponTelegraph NTT ... 12 43.40 0.04 s 21.16 50.01 38.41 Unilever -6.86 34.76 24.92 Mattel MAT 5.9 28 25.66 0.29
-0.40 49.88 32.22 BB&T BBT 2.6 17 46.83 -0.48 UN 2.8 25 49.75 -0.09
18.28 46.14 33.38 MaximIntProducts MXIM 2.9 26 45.62 0.26
6.70 60.44 50.56 EversourceEner ES 3.2 20 58.93 0.39 6.14 26.94 21.17 NiSource NI 3.0 24 23.50 0.13 s 22.65 50.22 38.58 Unilever UL 2.8 25 49.92 -0.09
1.20 49.03 41.83 BCE BCE 5.0 13 43.76 0.63 1.47 37.70 29.82 Exelon EXC 3.6 29 36.01 0.03 -11.04 42.03 28.82 NobleEnergy NBL 1.2 dd 33.86 -0.05 16.67 20.00 11.90 MelcoCrownEnt MPEL 1.9 55 18.55 0.72
6.71 41.79 23.40 BHPBilliton BHP 4.2 41 38.18 0.27 2.23 111.38 77.29 UnionPacific UNP 2.3 21 105.99 0.54 35.32 216.70 111.12 MercadoLibre MELI 0.3 69 211.29 -0.27
-2.43 94.81 68.09 ExtraSpaceSt EXR 4.1 27 75.36 0.68 13.51 6.31 4.04 Nokia NOK 5.3 dd 5.46 0.01 -8.36 76.80 37.41 UnitedContinental UAL ... 10 66.79 -0.77
4.80 37.44 20.36 BHPBilliton BBL 4.9 36 32.97 0.27 -9.15 95.55 80.31 ExxonMobil XOM 3.7 44 82.00 -0.07 13.39 6.80 3.33 NomuraHoldings NMR ... 16 6.69 0.04 15.79 76.50 46.98 MicrochipTech MCHP 1.9199 74.28 0.16
-8.29 38.68 28.67 BP BP 7.028566 34.28 0.26 -5.66 120.44 100.05 UPS B UPS 3.1 28 108.15 0.35 17.70 26.23 9.35 MicronTech MU ... dd 25.80 -0.24
8.19 62.84 36.72 FMC FMC 1.1 39 61.19 0.80 -8.37 62.82 35.01 Nordstrom JWN 3.4 22 43.92 -0.39 18.57 134.28 56.01 UnitedRentals URI ... 19 125.19 -0.09
t-19.99 18.12 11.77 BRF BRFS ... dd 11.81 -0.99 10.10 183.64 145.48 FactSet FDS 1.1 21 179.94 0.17 6.14 125.00 78.15 NorfolkSouthern NSC 2.1 20 114.71 -0.64 -2.46 57.97 29.68 Microsemi MSCC ... dd 52.64 -0.08
-9.68 33.50 19.14 BT Group BT 2.9 13 20.80 0.31 6.46 56.61 38.48 US Bancorp USB 2.0 17 54.69 -0.34 4.39 65.91 48.03 Microsoft MSFT 2.4 31 64.87 0.23
-5.18 171.08 126.02 FederalRealty FRT 2.9 44 134.75 1.75 5.02 253.80 191.04 NorthropGrumman NOC 1.5 20 244.25 3.97 12.97 41.83 12.77 US Steel X 0.5 dd 37.29 ...
-9.30 68.59 38.16 BakerHughes BHI 1.2 dd 58.93 0.69 4.51 201.57 145.00 FedEx FDX 0.8 29 194.59 1.48 3.72 83.58 66.93 Novartis NVS 3.6 27 75.55 -0.12 8.18 150.87 100.58 Middleby MIDD ... 28 139.35 -0.25
0.07 82.24 67.51 Ball BLL 0.7 50 75.12 0.37 3.49 114.44 96.89 UnitedTech UTX 2.3 19 113.45 1.11 s 90.48 35.73 8.88 Momo MOMO ... 50 35.01 0.28
25.77 11.63 5.45 FiatChrysler FCAU ... 9 11.47 -0.11 -5.13 57.81 30.89 NovoNordisk NVO 1.9 16 34.02 -0.16 6.04 172.14 124.53 UnitedHealth UNH 1.5 23 169.70 -1.60
11.96 7.67 5.14 BancoBilbaoViz BBVA ... 14 7.58 -0.05 s 13.60 38.65 30.62 FidelityNatlFin FNF 2.6 21 38.58 0.38 8.74 68.00 44.81 Nucor NUE 2.3 28 64.72 0.12 0.95 46.40 39.21 Mondelez MDLZ 1.7 44 44.75 -0.13
0.44 74.02 58.40 BancodeChile BCH 3.8 14 70.76 -2.04 12.88 139.77 99.72 UniversalHealthB UHS 0.3 17 120.08 -0.62 4.80 55.50 40.30 MonsterBeverage MNST ... 39 46.47 -0.41
-10.22 14.50 10.00 FNFV Group FNFV ... 7 12.30 -0.05 1.75 55.64 37.15 NuSTAREnergy NS 8.6 40 50.67 -0.88 8.74 50.27 29.79 UnumGroup UNM 1.7 12 47.77 -0.55
s 10.33 24.22 17.83 BcoSantChile BSAC 4.5 16 24.13 0.19 8.18 83.86 61.25 FidelityNtlInfo FIS 1.4 47 81.83 -0.12 9.99 37.41 27.27 OGE Energy OGE 3.3 22 36.79 0.17 10.17 50.40 33.60 Mylan MYL ... 46 42.03 -0.46
16.22 6.08 3.60 BancoSantander SAN 3.9 13 6.02 -0.06 0.59 11.09 7.99 VEREIT VER 6.5 dd 8.51 0.05 5.37 107.54 73.62 NXP Semi NXPI ... dd 103.27 -0.13
32.46 61.59 27.58 58.com WUBA ... dd 37.09 -0.36 -8.00 59.47 27.35 ONEOK OKE 4.7 32 52.82 -0.42 1.12 66.91 48.05 VF VFC 3.1 18 53.95 -0.20
3.41 42.58 31.06 BanColombia CIB 3.1 10 37.93 0.29 12.26 16.67 9.90 FirstData FDC ... 35 15.93 -0.22 18.74 57.41 28.45 ONEOK Partners OKS 6.2 23 51.07 -0.69 5.60 72.52 61.19 Nasdaq NDAQ 1.8114 70.88 -0.28
12.49 25.80 12.05 BankofAmerica BAC 1.2 18 24.86 -0.36 s 15.66 90.63 72.77 Visa V 0.7 36 90.24 0.20 19.25 43.14 22.50 NetApp NTAP 1.8 38 42.06 -0.14
3.20 97.43 63.97 FirstRepBank FRC 0.7 25 95.09 -0.30 -10.02 78.48 61.01 OccidentalPetrol OXY 4.7 dd 64.09 0.27 17.17 194.05 124.00 VailResorts MTN 2.2 43 189.00 2.77
5.20 78.00 58.24 BankofMontreal BMO 3.5 10 75.66 -0.44 1.26 36.60 29.33 FirstEnergy FE 4.6 dd 31.36 0.23 t-27.79 4.78 2.29 Och-Ziff OZM 1.7 dd 2.39 -0.12 35.37 308.66 130.82 Netease NTES 1.4 22 291.50 8.23
1.12 49.54 35.44 BankNY Mellon BK 1.6 15 47.91 -0.56 32.94 11.70 3.70 Vale VALE 5.7 14 10.13 -0.30 17.21 146.50 84.50 Netflix NFLX ...346 145.11 0.72
14.63 176.42 133.64 FleetCorTech FLT ... 34 162.23 -1.76 29.13 33.35 15.79 Olin OLN 2.4 dd 33.07 ... 0.85 71.40 46.88 ValeroEnergy VLO 4.1 14 68.90
4.83 62.89 46.35 BkNovaScotia BNS 4.0 10 58.37 -0.43 -2.21 52.50 39.13 Flowserve FLS 1.6 42 46.99 0.07 0.35 10.38 14.68 10.54 NewsCorp A NWSA 1.6 dd 12.65 0.01
1.15 38.09 28.11 OmegaHealthcare OHI 7.8 17 31.62 0.07 7.62 111.84 83.53 Valspar VAL 1.3 27 111.51 0.36
3.36 12.05 6.76 Barclays BCS 3.5 20 11.37 0.01 2.08 58.37 44.05 Fluor FLR 1.6 27 53.61 -0.41 -0.20 89.66 75.61 Omnicom OMC 2.6 18 84.94 0.10 9.75 15.22 10.90 NewsCorp B NWS 1.5 dd 12.95 0.05
s 11.66 252.09 193.33 Bard CR BCR 0.4 36 250.85 1.29 9.04 66.24 50.52 Vantiv VNTV ... 49 65.01 0.95 12.65 127.50 73.80 Nordson NDSN 0.9 26 126.22 -0.56
17.90 100.57 73.45 FomentoEconMex FMX 1.4 29 89.85 1.13 18.75 46.99 37.62 Oracle ORCL 1.7 22 45.66 -0.07 15.11 94.48 67.92 VarianMed VAR ... 26 91.52 1.63
17.96 23.47 13.04 BarrickGold ABX 0.6 34 18.85 -0.06 6.74 79.43 50.90 FootLocker FL 1.6 15 75.67 -0.13 4.82 17.78 13.98 Orange ORAN 5.3 64 15.87 0.08 -0.42 91.14 61.32 NorthernTrust NTRS 1.7 21 88.68 -1.31
16.44 52.33 39.56 BaxterIntl BAX 1.0 6 51.63 0.20 29.71 16.36 5.00 Vedanta VEDL 1.3 dd 16.11 -0.19 20.64 55.59 34.16 NorwegianCruise NCLH ... 18 51.31 -0.12
2.89 14.22 11.07 FordMotor F 4.8 11 12.48 -0.22 s 16.39 102.72 67.04 OrbitalATK OA 1.3 22 102.11 0.92 s 22.33 49.83 23.88 VeevaSystems VEEV ...103 49.79 0.75
11.02 186.11 146.57 BectonDickinson BDX 1.6 31 183.79 2.42 5.57 24.22 17.79 ForestCIty A FCE/A 1.6 dd 22.00 0.01 -1.48 82.58 61.38 Orix IX ... 8 76.68 -0.71 -0.63 120.92 33.00 NVIDIA NVDA 0.5 42 106.07 2.26
9.29 73.17 52.72 Berkley WRB 0.7 15 72.69 0.13 -3.21 76.80 56.20 Ventas VTR 5.1 38 60.51 0.05 -1.51 292.84 248.02 OReillyAuto ORLY ... 26 274.20 2.14
5.53 30.32 18.00 ForestCity B FCE/B 1.3 dd 28.42 -0.08 20.29 62.79 45.46 OwensCorning OC 1.3 18 62.02 -0.41 -5.60 56.95 46.01 Verizon VZ 4.6 16 50.39 0.35
6.08 266445 205074 BerkHathwy A BRK/A ... 18 258952 -1967.00 3.66 34.66 29.14 Fortis FTS 3.8 17 32.01 0.03 9.58 67.13 56.39 PG&E PCG 2.9 24 66.59 0.57 1.82 94.97 56.74 OldDomFreight ODFL 0.5 25 87.35 -0.46
6.04 177.86 136.65 BerkHathwy B BRK/B ... 18 172.82 -1.26 -12.31 44.95 26.50 VermilionEnergy VET 5.2 dd 36.98 -0.29 19.51 16.06 8.11 ON Semi ON ... 35 15.25 0.01
11.09 59.92 43.00 Fortive FTV 0.5 24 59.58 0.07 11.11 46.13 25.50 PLDT PHI 3.6 16 30.61 0.36
3.26 52.97 34.12 BerryPlastics BERY ... 22 50.32 -0.04 28.07 17.41 10.21 Vipshop VIPS ... 41 14.10 -0.28 11.54 35.07 24.48 OpenText OTEX 1.3 8 34.47 -0.09
14.18 64.47 52.05 FortBrandsHome FBHS 1.2 24 61.04 -0.04 6.32 131.83 77.40 PNC Fin PNC 1.8 17 124.35 -1.37 s 17.62 93.00 49.76 VMware
7.19 49.40 28.76 BestBuy BBY 3.0 12 45.74 1.24 8.10 81.16 53.31 Franco-Nevada FNV 1.4 95 64.60 -0.04
VMW ... 33 92.60 0.53 21.44 56.73 30.76 PTC PTC ... dd 56.19 -0.08
21.92 65.15 40.80 POSCO PKX ... 18 64.07 -0.52 0.73 111.72 86.35 VornadoRealty VNO 2.7 24 105.13 0.83
8.25 209.50 130.17 Bio-RadLab A BIO ...208 197.31 -3.65 6.67 44.35 30.56 FranklinRscs BEN 1.9 14 42.22 -1.69 10.27 117.00 89.64 PPG Ind PPG 1.5 62 104.49 0.87 8.79 70.12 48.17 Paccar PCAR 1.4 47 69.52 0.63
7.59 204.00 135.00 Bio-RadLab B BIO/B ...207 197.05 -6.95 1.84 42.96 22.75 VoyaFinancial VOYA 0.1 dd 39.94 -1.11 2.52 57.53 35.56 PacWestBancorp PACW 3.6 19 55.81 0.20
-3.26 17.06 8.76 Freeport-McMoRan FCX ... dd 12.76 -0.06 8.63 39.92 32.08 PPL PPL 4.3 13 36.99 0.25
5.82 42.19 28.50 BlackKnightFin BKFS ... 60 40.00 0.65 -6.94 138.18 104.04 VulcanMaterials VMC 0.9 40 116.47 0.08 3.22 63.03 51.06 Paychex PAYX 2.9 29 62.84 0.21
0.31 47.52 38.05 FreseniusMed FMS 1.1 20 42.34 -0.07 4.89 115.40 82.10 PVH PVH 0.2 13 94.65 0.82
0.61 399.46 317.60 BlackRock BLK 2.6 20 382.85 -7.15 10.22 118.50 84.48 WABCO WBC ... 29 117.00 -0.70 9.15 44.52 34.00 PayPal PYPL ... 37 43.08 0.68
-6.65 32.10 22.86 GGP GGP 3.8 18 23.32 -0.15 8.89 96.87 56.45 PackagingCpAm PKG 2.7 19 92.36 -0.05
13.17 31.69 22.45 BlackstoneGroup BX 6.1 20 30.59 -0.01 2.32 66.10 53.66 EWEC Energy WEC 3.5 20 60.01 0.30 -2.79 20.13 13.80 People'sUtdFin PBCT 3.6 20 18.82 -0.06
9.57 57.82 43.17 Gallagher AJG 2.7 25 56.93 0.07 -7.39 165.69 113.70 PaloAltoNtwks PANW ... dd 115.81 -1.17
2.94 18.95 13.30 BoardwalkPipe BWP 2.2 15 17.87 -0.12 5.30 72.89 55.77 W.P.Carey WPC 6.4 34 62.22 1.10 14.74 27.79 17.15 PilgrimPride PPC ... 13 21.79 0.14
7.40 30.74 17.00 Gap GPS 3.8 14 24.10 0.17 13.64 160.23 99.10 ParkerHannifin PH 1.7 25 159.10 0.86
15.69 185.71 122.35 Boeing BA 3.2 24 180.10 1.91 s 10.29 112.42 84.54 Gartner -6.85 89.18 65.54 Wabtec WAB 0.5 23 77.33 0.11 20.91 1775.00 1148.06 Priceline PCLN ... 42 1772.63 -1.35
IT ... 51 111.47 -0.02 -9.88 39.82 21.01 ParsleyEnergy PE ... dd 31.76 0.60 1.11 75.19 62.72 Wal-Mart WMT 2.9 15 69.89 -0.55
4.30 38.54 27.02 BoozAllen BAH 1.8 23 37.62 0.38 16.67 10.97 8.30 Gazit-Globe GZT ... 3 10.08 0.13 -19.02 13.20 7.04 Pearson PSO 10.5 dd 8.09 -0.01 0.97 30.25 20.71 Qiagen QGEN ... 86 29.38 0.05
8.42 44.24 27.52 BorgWarner BWA 1.3 84 42.76 -0.89 s 11.94 194.00 127.74 GeneralDynamics GD 1.7 20 193.27 11.46 88.59 58.40 WasteConnections WCN 0.8 58 87.60 0.76 27.86 69.12 43.79 Qorvo QRVO ... dd 67.42 -0.80
2.62 2.23 33.24 25.12 PembinaPipeline PBA 4.5 32 32.02 -0.20 3.71 73.90 56.05 WasteMgt WM 2.3 28 73.54 0.43
5.89 144.02 113.69 BostonProperties BXP 2.3 41 133.19 0.73 -5.44 33.00 28.19 GeneralElec GE 3.2 29 29.88 0.13 12.13 66.99 50.37 Pentair PNR 2.2 22 62.87 0.23 -11.73 71.62 49.67 Qualcomm QCOM 3.7 18 57.55 -0.80
12.94 25.65 17.78 BostonScientific BSX ... 94 24.43 0.14 16.52 162.53 127.12 Waters WAT ... 24 156.59 0.14 14.50 126.55 67.54 RandgoldRscs GOLD 1.1 36 87.41 -0.46
-1.80 72.95 58.70 GeneralMills GIS 3.2 23 60.66 -0.15 s 6.46 111.52 98.50 PepsiCo PEP 2.7 26 111.39 0.25
-4.67 23.15 10.82 Braskem BAK 3.9 12 20.22 -0.12 23.25 8.49 3.73 WeatherfordIntl WFT ... dd 6.15 -0.18 3.60 452.96 325.35 RegenPharm REGN ... 50 380.29 -12.30
4.28 38.55 27.34 GeneralMotors GM 4.2 6 36.33 -0.75 s 9.82 57.35 45.35 PerkinElmer PKI 0.5 27 57.27 1.15
-3.68 77.12 46.01 Bristol-Myers BMY 2.8 21 56.29 -1.02 -0.67 105.97 86.61 GenuineParts GPC 2.8 21 94.90 5.58 151.93 86.75 WellCareHealth WCG ... 27 144.73 1.25 3.13 69.81 52.00 RossStores ROST 0.9 24 67.65 0.34
0.63 -16.50 133.93 68.69 Perrigo PRGO 0.9 dd 69.50 -1.37 6.46 59.99 43.55 WellsFargo WFC 2.6 15 58.67 -0.65
-10.03 29.14 20.66 BrixmorProp BRX 4.7 24 21.97 0.16 25.16 4.39 1.45 Gerdau GGB 0.6 dd 3.93 -0.13 1.53 81.80 61.81 PetroChina PTR 0.9128 74.83 0.25 1.83 89.67 66.09 Ryanair RYAAY ... 15 84.78 1.53
4.49 71.74 56.40 BroadridgeFinl BR 1.9 28 69.28 -0.01 4.02 32.20 23.55 Gildan GIL 1.4 14 26.39 0.52 80.19 59.39 Welltower HCN 5.2 37 67.28 -0.01 8.70 118.38 102.29 SBA Comm SBAC ...190 115.65 -0.49
0.03 -11.87 12.55 4.98 PetroleoBrasil PBR ... dd 8.91 -0.28
10.15 37.52 31.61 BrookfieldMgt BAM 1.5 18 36.36 -0.26 9.76 45.58 37.20 GlaxoSmithKline GSK 5.4 90 42.27 -2.50 88.30 64.50 WestPharmSvcs WST 0.6 43 82.71 0.49 5.85 52.60 40.12 SEI Investments SEIC 1.1 26 52.25 0.05
0.01 -4.43 11.77 3.93 PetroleoBrasilA PBR/A ... dd 8.42 -0.33
9.80 37.38 26.07 BrookfieldInfr BIP 4.7 33 36.75 0.03 15.30 81.56 58.54 GlobalPayments GPN 0.0 48 80.03 -2.70 57.50 47.19 WestarEnergy WR 2.9 23 54.83 0.18 26.36 37.48 26.15 SS&C Tech SSNC 0.7 56 36.14 -0.29
0.33 5.67 37.39 29.17 Pfizer PFE 3.7 29 34.32 -0.11
-2.45 45.77 34.23 Brown&Brown BRO 1.2 24 43.76 0.27 6.38 38.00 28.11 GoDaddy GDDY ... dd 37.18 -0.29 s 23.51 114.46 86.78 PhilipMorris PM 3.7 25 113.00 6.77 53.84 29.72 WestAllianceBcp WAL ... 21 52.01 0.51 14.87 198.83 82.90 SVB Fin SIVB ... 27 197.19 2.39
0.30
3.26 55.31 45.17 Brown-Forman A BF/A 1.5 18 47.76 0.48 12.65 20.38 11.91 Goldcorp GG 1.6 56 15.32 7.96 47.82 29.60 WesternGasEquity WGP 4.0 30 45.72 0.10 -12.55 29.76 20.89 Sabre SABR 2.6 26 21.82 0.12
-0.02 -7.49 90.87 73.67 Phillips66 PSX 3.2 27 79.94 0.25
4.16 51.55 43.72 Brown-Forman B BF/B 1.6 18 46.79 0.11 1.88 255.15 138.20 GoldmanSachs GS 1.1 15 243.94 3.71 67.44 38.51 WesternGasPtrs WES 5.6 31 60.94 0.95 10.89 83.42 58.73 ScrippsNetworks SNI 1.5 15 79.14 -0.34
-4.28 10.31 59.11 40.43 PinnacleFoods PF 1.9 33 58.96 0.14
11.79 61.74 41.19 Brunswick BC 1.1 20 60.97 0.03 5.05 262.71 201.94 Grainger GWW 2.0 25 243.97 -6.08 22.70 18.07 WesternUnion WU 3.4 41 20.40 0.19 22.79 49.79 18.42 Seagate STX 5.4 27 46.87 -0.36
-1.11 6.66 83.92 70.11 PinnacleWest PNW 3.1 21 83.23 0.68 s 20.04 68.08 39.48 WestlakeChem WLK 1.1 22 67.21
0.77 75.10 61.37 BuckeyePtrs BPL 7.4 16 66.67 -0.79 5.67 32.74 25.85 GreatPlainsEner GXP 3.8 18 28.90 0.07 26.44 75.36 32.40 SeattleGenetics SGEN ... dd 66.72 -0.02
0.21 2.62 199.83 131.36 PioneerNatRscs PXD 0.0 dd 184.79 1.43
13.29 82.66 53.50 Bunge BG 2.1 17 81.84 0.18 -1.39 9.04 7.05 GpoAvalAcciones AVAL 5.1 11 7.83 12.99 26.88 20.32 WestpacBanking WBK 5.1 17 26.53 0.17 4.20 209.22 155.67 Shire SHPG 0.9119 177.53 -2.60
-0.02 -3.56 33.95 19.76 PlainsAllAmPipe PAA 7.1 76 31.14 -0.36
12.54 97.94 51.19 BurlingtonStores BURL ... 32 95.38 0.30 15.02 10.13 6.73 GpFinSantandMex BSMX 5.9 13 8.27 0.07 -9.49 36.59 20.64 PlainsGP PAGP 7.0 dd 31.39 -0.30 3.17 56.12 32.04 WestRock WRK 3.1 99 52.38 -0.07 2.95 164.23 113.53 SignatureBank SBNY ... 21 154.63 -0.96
10.94 19.63 11.00 CBD Pao CBD 0.1 dd 18.36 0.16 26.42 29.34 19.69 GrupoTelevisa TV 0.4 50 26.41 -0.11 8.03 104.25 70.14 PolarisIndustries PII 2.6 27 89.01 -1.80 10.34 34.37 26.55 Weyerhaeuser WY 3.7 26 33.20 -0.54 20.45 5.53 3.74 SiriusXM SIRI 0.7 38 5.36 0.03
14.42 36.74 24.11 CBRE Group CBG ... 21 36.03 -0.18 14.28 88.62 67.00 HCAHoldings HCA ... 12 84.59 0.34 6.29 89.00 67.29 PostHoldings POST ...129 85.45 0.87 -4.98 194.10 145.91 Whirlpool WHR 2.3 15 172.71 0.02 31.17 99.38 57.11 Skyworks SWKS 1.1 21 97.93 -0.18
5.30 69.55 49.92 CBS A CBS/A 1.1 25 68.25 -0.38 1.35 36.81 27.61 HCP HCP 4.9 23 30.12 0.10 -4.26 20.27 15.21 Potash POT 2.3 33 17.32 0.03 -1.83 56.82 38.34 WhiteWaveFoods WWAV ... 46 54.58 -0.05 21.94 66.46 45.07 Splunk SPLK ... dd 62.37 0.12
5.23 68.59 48.88 CBS B CBS 1.1 24 66.95 -0.35 20.22 74.04 57.55 HDFC Bank HDB 0.6 ... 72.95 -0.67 0.96 125.00 106.31 Praxair PX 2.7 23 118.32 1.20 -8.25 32.69 14.60 Williams WMB 4.2 dd 28.57 -0.06 -0.55 11.37 7.24 Staples SPLS 5.3 dd 9.00 0.24
-6.96 37.17 20.77 CF Industries CF 4.1 dd 29.29 0.58 18.33 17.81 11.31 HP HPQ 3.0 12 17.56 -0.09 9.64 64.65 38.03 PrincipalFin PFG 2.8 14 63.44 -0.76 3.02 42.32 17.08 WilliamsPartners WPZ 8.7 dd 39.18 -0.65 0.47 61.64 50.84 Starbucks SBUX 1.8 29 55.78 0.98
-1.21 50.58 40.88 CGI Group GIB ... 13 47.45 -0.23 1.82 44.18 28.62 HSBCHoldings HSBC 10.3 63 40.91 -0.50 s 8.23 92.00 79.10 Procter&Gamble PG 2.9 27 91.00 3.62 13.08 9.00 Wipro WIT 0.6 19 10.03 -0.17 2.14 40.17 21.57 SteelDynamics STLD 1.7 23 36.34 0.91
-0.44 15.59 38.30 23.77 WooriBank WF 3.5 9 36.99 0.54
-1.19 44.10 28.33 CIT Group CIT 1.4 dd 42.17 -0.01 -6.12 58.78 33.26 Halliburton HAL 1.4 dd 50.78 -0.14 s 13.55 40.47 30.54 Progressive PGR 1.7 23 40.31 0.28 9.23 128.94 71.52 Stericycle SRCL ... 41 84.15 0.87
7.42 46.25 38.78 CMS Energy CMS 3.0 23 44.71 0.32 -5.98 30.42 18.91 Hanesbrands HBI 3.0 14 20.28 -0.23 -3.43 54.87 41.67 Prologis PLD 3.5 23 50.98 0.28 28.55 93.35 65.79 Workday WDAY ... dd 84.96 -0.08 28.51 31.10 16.25 Symantec SYMC 1.0 10 30.70 -0.03
7.40 44.88 29.38 CNA Fin CNA 2.2 14 44.57 0.30 6.70 63.40 41.63 HarleyDavidson HOG 2.3 16 62.25 -0.22 5.63 114.55 66.51 PrudentialFin PRU 2.7 11 109.92 -1.70 10.33 86.72 62.60 Wyndham WYN 2.8 15 84.26 0.17 20.86 73.08 46.16 Synopsys SNPS ... 37 71.14 0.38
-5.20 138.36 109.30 CNOOC CEO 2.6 dd 117.51 0.45 s 9.60 112.69 73.32 Harris HRS 1.9 21 112.31 0.66 s 9.65 44.11 29.14 Prudential PUK 3.4 22 43.63 0.15 14.57 54.70 22.23 XPO Logistics XPO ...105 49.45 -0.70 -7.59 47.41 26.37 TD Ameritrade AMTD 1.8 25 40.29 -0.11
6.62 16.75 9.70 CPFLEnergia CPL 1.7 29 16.42 0.02 2.37 50.26 38.92 HartfordFinl HIG 1.9 22 48.78 -0.03 1.94 47.41 39.28 PublicServiceEnt PEG 3.8 26 44.73 0.32 7.74 45.42 38.00 XcelEnergy XEL 3.3 20 43.85 0.27 11.53 192.94 36.68 TESARO TSRO ... dd 149.99 -3.26
1.98 36.83 25.82 CRH CRH 2.8 21 35.06 -0.15 -12.17 85.78 55.75 Helmerich&Payne HP 4.1 dd 67.98 -0.25 -0.45 277.60 200.65 PublicStorage PSA 3.6 33 222.49 1.95 28.00 7.69 5.72 Xerox XRX 3.4 dd 7.36 -0.05 10.42 65.41 36.27 T-MobileUS TMUS ... 38 63.50 1.11
-0.04 106.67 69.30 CVS Health CVS 2.5 16 78.88 -0.68 5.39 117.79 87.92 Hershey HSY 2.3 33 109.01 -0.46 29.05 24.05 16.60 PulteGroup PHM 1.5 13 23.72 -0.09 -0.73 54.99 38.93 Xylem XYL 1.5 34 49.16 0.41 -7.84 79.00 62.97 TRowePrice TROW 3.3 15 69.36 -2.58
-4.32 26.74 20.02 CabotOil COG 0.4 dd 22.35 0.08 -22.52 65.56 45.37 Hess HES 2.1 dd 48.26 -0.33 6.92 38.82 21.60 QuantaServices PWR ... 29 37.26 -0.22 s 41.21 23.82 15.00 YPF YPF 1.3 dd 23.30 -0.25 17.69 60.20 33.06 TakeTwoSoftware TTWO ...725 58.01 -0.50
-2.51 90.91 75.36 CamdenProperty CPT 3.7 17 81.96 0.67 -1.25 24.88 15.38 HewlettPackard HPE 1.1 12 22.85 0.21 7.79 100.00 68.91 QuestDiag DGX 1.8 22 99.06 0.34 0.85 68.98 56.17 YumBrands YUM 1.9 16 63.87 0.05 22.37 287.39 178.19 Tesla TSLA ... dd 261.50 -0.55
5.64 13.54 7.41 Cameco CCJ 2.8 dd 11.06 -0.10 3.79 60.49 41.55 Hilton HLT 1.0 56 57.92 -0.29 7.18 83.04 61.21 QuintilesIMS Q 0.61 30.37 23.79 YumChina YUMC ... ... 26.28 0.05 s 12.65 82.44 56.08 TexasInstruments TXN 2.4 24 82.20 0.49
...170 81.51 1.10
-2.10 67.89 52.59 CampbellSoup CPB 2.4 37 59.20 0.37 s 11.58 149.99 119.20 HomeDepot HD 2.4 24 149.60 0.87 7.58 18.34 14.92 RELX RENX 3.5 24 18.03 0.07 5.14 18.45 11.14 ZTO Express ZTO ... ... 12.69 -0.19 -5.86 97.25 61.50 TractorSupply TSCO 1.3 22 71.37 -0.54
8.08 92.22 71.15 CIBC CM 4.4 7 88.19 -0.34 6.34 32.17 24.03 HondaMotor HMC ... 14 31.04 -0.15 7.18 19.84 16.19 RELX RELX 3.3 26 19.26 0.06 1.31 35.65 23.25 ZayoGroup ZAYO ... dd 33.29 0.69 5.21 32.19 22.68 Trimble TRMB ... 61 31.72 -0.09
7.06 73.28 55.73 CanNtlRlwy CNI 1.7 20 72.16 -0.05 9.76 127.52 105.25 Honeywell HON 2.1 21 127.16 0.80 s 4.51 56.40 44.64 RPM RPM 2.1 36 56.26 0.32 17.90 133.21 95.63 ZimmerBiomet ZBH 0.8 83 121.67 2.26 -6.69 71.69 40.45 TripAdvisor TRIP ... 55 43.27 0.20
2.70 35.28 24.75 CanNaturalRes CNQ 2.6 dd 32.74 -0.08 0.32 44.68 33.18 HormelFoods HRL 1.9 21 34.92 -0.07 -10.98 46.92 27.14 RSP Permian RSPP ... dd 39.72 0.47 0.88 56.50 39.80 Zoetis ZTS 0.8 39 54.00 -0.43 9.91 31.75 23.33 21stCenturyFoxA FOXA 1.2 19 30.82 0.06
3.09 157.34 119.50 CanPacRlwy CP 1.0 14 147.18 0.27 23.16 34.56 26.69 DR Horton DHI 1.2 14 33.66 -0.19 -10.65 114.00 75.62 RalphLauren RL 2.5 46 80.70 -0.34 11.08 31.30 23.88 21stCenturyFoxB FOX 1.2 18 30.27 0.07
s 10.77 31.23 27.18 Canon CAJ 4.5 25 31.17 0.15 -2.12 20.21 14.30 HostHotels HST 4.3 18 18.44 0.20 -19.94 46.96 26.70 RangeResources RRC 0.3 dd 27.51 -0.18
NASDAQ s 13.29 289.27 187.90 UltaBeauty ULTA ... 44 288.81 2.49
1.13 96.92 58.02 CapitalOne COF 1.8 13 88.23 -1.98 13.44 37.79 22.84 HuanengPower HNP 9.8 7 29.54 0.11 12.46 81.92 44.22 RaymondJames RJF 1.1 20 77.90 -0.01 8.49 20.43 17.30 AGNC Invt AGNC 11.0 11 19.67 0.11 6.75 224.07 174.36 UltimateSoftware ULTI ...270 194.65 -0.55
15.48 87.85 62.70 CardinalHealth CAH 2.2 20 83.11 0.28 3.21 125.93 97.35 Hubbell HUBB 2.3 23 120.45 -0.34 s 10.54 156.97 120.24 Raytheon RTN 1.9 21 156.97 3.31 16.00 108.92 81.41 Ansys ANSS ... 36 107.29 0.07 -0.94 169.89 97.52 UnitedTherap UTHR ... 9 142.08 2.97
-1.70 116.40 96.55 Carlisle CSL 1.3 28 108.42 0.40 1.35 36.75 26.79 HudsonPacProp HPP 2.8147 35.25 0.82 4.14 72.30 52.72 RealtyIncome O 4.2 53 59.86 0.80 s 13.99 128.43 90.43 ASML ASML 0.9 ... 127.90 1.71 s 33.18 91.64 53.81 VCA WOOF ... 36 91.43 -0.04
-4.19 69.11 45.06 CarMax KMX ... 19 61.69 -1.85 7.29 220.49 150.00 Humana HUM 0.7 56 218.90 -0.35 20.01 85.01 68.54 RedHat RHT ... 64 83.65 -0.45 36.06 49.70 31.71 ActivisionBliz ATVI 0.6111 49.13 0.03 13.38 91.99 74.01 VeriSign VRSN ... 25 86.25 -1.19
s 10.72 57.96 42.94 Carnival CCL 2.4 15 57.64 0.10 16.03 220.68 135.42 HuntingtonIngalls HII 1.1 18 213.72 3.56 -2.96 85.35 61.90 RegencyCtrs REG 3.0 69 66.91 0.43 s 23.37 130.30 90.35 AdobeSystems ADBE ... 55 127.01 4.66 0.02 87.40 75.72 VeriskAnalytics VRSK ... 23 81.19 0.84
s 10.57 56.87 43.45 Carnival CUK 2.5 15 56.60 0.17 19.92 23.40 12.20 Huntsman HUN 2.2 17 22.88 0.33 4.81 16.03 7.53 RegionsFin RF 1.7 17 15.05 ... -2.52 71.64 47.80 AkamaiTech AKAM ... 36 65.00 0.37 24.77 103.73 71.46 VertxPharm VRTX ... dd 91.92 -0.44
0.18 99.46 69.03 Caterpillar CAT 3.3 dd 92.91 0.06 -3.62 58.05 44.30 HyattHotels H ... 35 53.26 -0.29 3.24 132.79 90.17 ReinsuranceGrp RGA 1.3 12 129.91 -0.02 -0.22 162.00 109.12 AlexionPharm ALXN ... 70 122.08 -0.33 18.31 50.81 37.90 Viacom A VIA 1.8 13 45.55 -0.50
16.76 93.05 60.59 Celanese A CE 1.6 15 91.94 0.44 12.55 8.81 6.30 ICICI Bank IBN 1.8 19 8.43 -0.35 3.55 88.58 65.10 RelianceSteel RS 2.2 20 82.36 -0.27 s 16.35 113.00 68.25 AlignTech ALGN ... 48 111.85 1.38 23.65 46.69 33.94 Viacom B VIAB 1.8 12 43.40 -0.64
13.82 9.51 5.49 Cemex CX ... 18 9.14 0.03 9.57 15.66 9.26 ING Groep ING 5.8 ... 15.45 -0.14 8.71 150.74 107.27 RenaissanceRe RNR 0.9 13 148.09 0.10 6.71 62.50 28.80 Alkermes ALKS ... dd 59.31 0.33 6.49 4.51 3.12 VimpelCom VIP 4.8 9 4.10 ...
10.24 10.13 7.20 Cencosud CNCO 2.0 15 9.26 0.38 2.93 33.46 23.02 Invesco IVZ 3.6 15 31.23 -1.45 11.08 63.84 45.56 RepublicServices RSG 2.0 36 63.37 0.31 s 10.09 874.42 672.66 Alphabet A GOOGL ... 31 872.37 2.37 8.68 34.70 24.17 Vodafone VOD 3.8 dd 26.55 0.17
-18.31 16.82 11.66 CenovusEnergy CVE 1.2 dd 12.36 -0.10 2.85 96.24 77.93 IDEX IEX 1.5 26 92.63 -0.09 15.46 73.46 55.13 ResMed RMD 1.8 31 71.64 0.36 s 10.40 853.40 663.28 Alphabet C GOOG ... 31 852.12 3.34 -5.65 121.55 96.94 WPP WPPGY 4.4 15 104.41 -0.60
21.38 75.57 50.00 Centene CNC ... 22 68.59 -0.01 10.65 136.02 98.32 IllinoisToolWks ITW 1.9 24 135.50 1.02 14.25 57.98 37.24 RestaurantBrands QSR 1.3 28 54.45 0.15 13.66 860.86 538.58 Amazon.com AMZN ...174 852.31 -1.11 3.81 88.00 75.73 WalgreensBoots WBA 1.7 23 85.91 0.24
12.34 28.18 20.46 CenterPointEner CNP 3.9 28 27.68 0.09 3.44 20.47 13.42 Infosys INFY 2.1 16 15.34 -0.43 s 10.17 62.05 43.38 ReynoldsAmer RAI 3.3 15 61.74 0.41 s 6.15 62.10 54.12 Amdocs DOX 1.4 23 61.83 0.04 25.86 58.79 17.73 Weibo WB ...109 51.10 -0.04
-12.83 7.70 1.59 CentraisElBras EBR ... 27 5.98 -0.20 7.93 82.17 59.10 Ingersoll-Rand IR 2.0 14 80.99 0.44 11.88 47.11 26.38 RioTinto RIO 5.8 18 43.03 0.10 0.84 399.16 307.80 Amerco UHAL ... 17 372.68 -2.36 13.13 81.67 34.99 WesternDigital WDC 2.6 dd 76.87 -0.27
-0.55 33.45 22.37 CenturyLink CTL 9.1 20 23.65 0.28 -3.97 140.00 104.19 Ingredion INGR 1.7 18 120.00 0.27 1.56 50.98 34.34 RobertHalf RHI 1.9 19 49.54 0.16 -10.64 50.64 24.85 AmericanAirlines AAL 1.0 9 41.72 -0.41 -4.00 35.58 27.67 WholeFoods WFM 1.9 21 29.53 0.06
57.31 35.79 5.82 Chemours CC 0.31158 34.75 0.11 s 8.83 61.98 45.88 ICE ICE 1.3 26 61.40 -0.15 16.06 157.30 107.17 Rockwell ROK 1.9 27 155.99 0.37 15.32 184.21 133.64 Amgen AMGN 2.7 16 168.61 -11.50 6.28 133.40 112.59 WillisTwrsWatson WLTW 1.6 42 129.96 0.66
-8.51 119.00 92.25 Chevron CVX 4.0 dd 107.68 -0.18 8.80 50.51 34.63 InterContinentl IHG 1.2 26 48.23 0.38 6.24 99.34 78.54 RockwellCollins COL 1.3 18 98.55 0.24 14.65 84.24 52.17 AnalogDevices ADI 2.2 28 83.26 0.54 s 27.37 110.31 82.51 WynnResorts WYNN 1.8 46 110.19 4.02
33.51 31.59 21.38 ChinaEastrnAir CEA ... 9 29.84 -0.49 5.82 182.79 142.50 IBM IBM 3.2 14 175.65 -1.59 9.51 45.50 37.03 RogersComm B RCI 3.4 26 42.25 -0.17 20.87 141.02 89.47 Apple AAPL 1.6 17 139.99 -0.70 -0.48 62.24 41.53 Xilinx XLNX 2.2 26 60.08 0.03
s 24.63 16.20 10.07 ChinaLifeIns LFC 2.0 42 16.04 0.01 12.11 143.64 111.74 IntlFlavors IFF 1.9 26 132.10 3.16 9.24 37.29 26.21 Rollins ROL 1.2 48 36.90 0.04 s 21.72 39.38 19.46 AppliedMaterials AMAT 1.0 20 39.28 0.23 20.48 47.00 33.93 Yahoo YHOO ... dd 46.59 -0.02
7.44 63.89 51.73 ChinaMobile CHL 3.4 14 56.33 0.77 -3.20 58.86 39.23 IntlPaper IP 3.6 24 51.36 -0.10 15.22 214.44 159.28 RoperTech ROP 0.7 33 210.94 -0.01 10.79 96.05 67.50 ArchCapital ACGL ... 18 95.60 0.10 17.34 25.00 14.60 Yandex YNDX ... 75 23.62 -0.12
7.94 81.64 60.24 ChinaPetrol SNP 3.1 17 76.66 -0.48 5.00 25.33 21.32 Interpublic IPG 2.9 16 24.58 -0.03 7.21 76.01 55.39 RoyalBkCanada RY 3.7 10 72.59 -0.35 23.17 35.16 20.51 Atlassian TEAM ... dd 29.66 0.27 -1.12 39.99 20.87 Zillow A ZG ... dd 36.04 -0.20
31.58 36.29 25.60 ChinaSoAirlines ZNH 1.8 8 33.83 -0.48 8.00 22.15 19.80 InvitationHomes INVH ... ... 21.60 0.12 9.22 7.60 3.91 RoyalBkScotland RBS ... dd 6.04 0.08 16.50 89.18 49.82 Autodesk ADSK ... dd 86.22 -0.51 -0.30 39.88 19.63 Zillow C Z ... dd 36.36 -0.33
6.29 55.85 42.29 ChinaTelecom CHA 2.5 12 49.03 1.45 7.94 41.50 30.75 IronMountain IRM 6.3 79 35.06 0.49 s 19.21 98.46 64.95 RoyalCaribbean RCL 2.0 16 97.80 0.81 s 2.27 105.20 84.36 ADP ADP 2.2 28 105.11 0.86 1.67 48.33 23.02 ZionsBancorp ZION 0.7 22 43.76 -0.60
13.51 13.26 9.89 ChinaUnicom CHU 2.0 51 13.11 0.03 6.33 5.02 3.52 IsraelChemicals ICL ... dd 4.37 0.01 -3.09 56.39 46.42 RoyalDutchA RDS/A 7.1 49 52.70 0.28 s 7.16 64.89 42.57 B/EAerospace BEAV 1.3 21 64.50 0.11
6.69 481.63 352.96 Chipotle CMG ...497 402.58 1.63 19.07 13.65 7.19 ItauUnibanco ITUB 0.5 12 12.24 -0.30 -3.40 59.56 47.08 RoyalDutchB RDS/B 6.7 52 56.00 0.38 7.43 201.00 155.28 Baidu BIDU ... 36 176.62 0.05 NYSE MKT
4.53 140.56 116.65 Chubb CB 2.0 16 138.10 0.37 5.09 93.98 57.05 JPMorganChase JPM 2.1 15 90.68 -0.96 s 12.65 97.77 71.39 SAP SAP 1.3 29 97.36 0.02 2.61 56.86 33.51 BankofOzarks OZRK 1.3 21 53.96 -0.46 13.96 65.67 52.71 BritishAmTob BTI 4.6 9 64.20 0.79
8.40 38.47 31.28 ChunghwaTelecom CHT 5.1 21 34.20 0.07 -2.70 63.42 40.93 JacobsEngineering JEC 1.1 30 55.46 -0.41 20.88 133.08 95.07 S&P Global SPGI 1.3 16 129.99 -1.75 -2.36 52.33 38.58 BedBath BBBY 1.3 8 39.68 0.01 10.14 50.53 31.02 CheniereEnergy LNG ... dd 45.63 0.30
13.37 53.68 42.55 Church&Dwight CHD 1.5 29 50.10 -0.01 -1.01 17.30 13.04 JamesHardie JHX 1.3 27 15.74 -0.26 4.86 64.80 42.64 SINOPECShanghai SHI 2.7 7 56.76 -0.78 5.70 307.33 205.43 Biogen BIIB ... 16 276.09 -2.87 6.90 33.33 25.87 CheniereEnerPtrs CQP 5.5 dd 30.81 -0.46
13.87 154.83 115.03 Cigna CI 0.0 21 151.89 0.10 11.15 129.00 106.36 J&J JNJ 2.5 22 128.06 -0.40 18.76 25.21 18.93 SK Telecom SKM ... 11 24.82 -0.33 9.73 102.49 73.45 BioMarinPharm BMRN ... dd 90.90 -0.06 8.40 24.70 16.26 CheniereEnHldgs CQH 0.3303 24.25 0.74
-11.02 146.96 91.33 CimarexEnergy XEC 0.3 dd 120.92 -0.13 1.89 46.17 32.48 JohnsonControls JCI 2.4 dd 41.97 0.20 1.64 120.63 92.51 SLGreenRealty SLG 2.8 47 109.31 1.10 3.94 54.20 40.00 Bioverativ BIVV ... ... 49.37 -1.34 -11.05 36.85 29.26 ImperialOil IMO 1.5 12 30.92 -0.10
B6 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
20914.62 t 19.93, or 0.10% Trailing P/E ratio * 21.36 18.00 2378.25 t 3.13, or 0.13% Trailing P/E ratio * 24.89 23.61 5901.00 s 0.24, or 0.004% Trailing P/E ratio * 26.02 21.45
High, low, open and close for each P/E estimate * 17.92 16.48 High, low, open and close for each P/E estimate * 18.35 17.05 High, low, open and close for each P/E estimate * 20.32 18.09
trading day of the past three months. Dividend yield 2.33 2.58 trading day of the past three months. Dividend yield 1.97 2.23 trading day of the past three months. Dividend yield 1.12 1.27
All-time high 21115.55, 03/01/17 All-time high: 2395.96, 03/01/17 All-time high: 5904.03, 03/01/17

Current divisor 0.14602128057775


21000 2380 5860

20500 2340 5750

20000 2300 5640

Session high
DOWN UP 19500 2260 5530
65-day moving average
t

Session open Close


65-day moving average 65-day moving average
Close Open 19000 2220 5420
t

Session low
18500 2180 5310

Bars measure the point change from session's open


18000 2140 5200
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
* 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 MKT 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 MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*2,305,447,099 78,409,401
Industrial Average 20980.51 20911.07 20914.62 -19.93 -0.10 21115.55 17140.24 18.8 5.8 8.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume*1,030,320,616 45,878,225
Transportation Avg 9196.79 9129.54 9145.50 -35.58 -0.39 9593.95 7093.40 13.2 1.1 6.6 Most-active issues in late trading Decl. volume*1,196,833,921 31,723,842
Utility Average 700.34 693.42 696.64 3.63 0.52 720.45 625.44 5.8 5.6 9.8 Volume After Hours Issues traded 3,119 341
Company Symbol (000) Last Net chg % chg High Low Advances 1,808 187
Total Stock Market 24724.31 24638.07 24661.64 -16.48 -0.07 24868.78 20583.16 17.2 5.9 7.9
Frontier Communications FTR 136,164.2 2.47 -0.001 -0.04 2.47 2.43 Declines 1,214 138
Barron's 400 630.09 625.87 629.51 1.07 0.17 635.07 491.89 22.5 4.6 6.5
Denbury Resources DNR 31,920.6 2.33 … unch. 2.33 2.33 Unchanged 97 16
Nasdaq Stock Market Lloyds Banking Group ADR LYG 21,485.5 3.50 0.01 0.15 3.51 3.49 New highs 143 6
Nasdaq Composite 5912.61 5890.42 5901.00 0.24 0.004 5904.03 4594.44 23.0 9.6 11.3 SPDR S&P 500 SPY 18,890.2 237.08 0.05 0.02 238.23 236.96 New lows 20 2
Nasdaq 100 5423.28 5406.81 -3.32 5416.25 4201.05 11.2 Closing tick 418 15
5408.76 -0.06 22.6 13.9 Urban Outfitters URBN 9,757.7 23.61 … unch. 23.61 23.60
Closing Arms† 2.00 1.14
Raymond James RJF 9,739.6 77.90 … unch. 77.90 77.87
Standard & Poor's Block trades* 8,966 343
Procter Gamble PG 9,070.6 91.00 … unch. 91.24 90.81
500 Index 2385.71 2377.64 2378.25 -3.13 -0.13 2395.96 2000.54 16.0 6.2 8.6 Nasdaq NYSE Arca
Pfizer PFE 7,064.2 34.45 0.13 0.38 34.45 34.27
MidCap 400 1734.20 1725.55 1731.14 2.92 0.17 1758.27 1412.12 21.1 4.2 8.0 Total volume*2,967,149,899 265,701,685
SmallCap 600 850.31 839.84 849.54 5.46 0.65 862.21 663.96 25.2 1.4 8.0 Percentage gainers… Adv. volume*1,337,688,157 78,180,731
Decl. volume*1,567,680,935 186,741,997
Other Indexes Aralez Pharmaceuticals ARLZ 35.7 2.37 0.12 5.33 2.50 2.25
Issues traded 3,019 1,322
Russell 2000 1393.18 1380.69 1391.52 5.49 0.40 1413.64 1075.70 26.3 2.5 5.4 Sprouts Farmers Market SFM 446.9 23.10 1.08 4.90 23.10 21.02
Advances 1,682 838
NYSE Composite 11621.57 11582.47 11589.01 -11.22 -0.10 11661.22 9973.54 13.4 4.8 3.8 Destination Maternity DEST 7.5 4.65 0.17 3.79 4.65 4.48 Declines 1,174 453
Value Line 522.07 519.76 521.55 0.74 0.14 529.13 435.06 15.4 3.0 1.8 Endeavour Silver EXK 12.2 3.23 0.11 3.53 3.24 3.12 Unchanged 163 31
NYSE Arca Biotech 3587.55 3545.66 3570.71 -18.32 -0.51 3636.31 2818.70 25.9 16.1 9.1
MicroVision MVIS 19.6 2.15 0.07 3.37 2.15 2.08 New highs 170 159
New lows 31 12
NYSE Arca Pharma 517.06 514.14 514.17 -2.39 -0.46 554.66 463.78 5.0 6.8 1.0 ...And losers
Closing tick 438 15
KBW Bank 96.59 95.18 95.34 -1.05 -1.09 99.33 60.27 44.8 3.9 10.6 Pulmatrix PULM 350.7 2.62 -0.47 -15.21 3.18 2.36 Closing Arms† 1.68 4.14
PHLX§ Gold/Silver 84.33 82.03 82.55 -0.70 -0.85 112.86 66.10 16.0 4.7 -7.1 Gold Standard Ventures GSV 86.7 2.54 -0.09 -3.42 2.60 2.45 Block trades* 9,332 1,459
PHLX§ Oil Service 170.34 168.02 168.06 -0.30 -0.18 192.66 148.37 3.0 -8.6 -15.4 ViewRay VRAY 15.3 5.84 -0.18 -2.99 6.02 5.83 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 1006.12 1002.14 1004.60 1.79 0.18 1004.65 630.77 48.8 10.8 20.8 ASB Bancorp ASBB 38.0 35.85 -1.10 -2.98 36.95 35.85 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 11.38 10.78 0.07 25.76 10.58 -19.5 -19.7 -10.3 issues with the volume of shares rising and falling. An
11.28 0.62 Richmont Mines RIC 5.3 7.00 -0.20 -2.78 7.22 7.00 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers


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 2704.60 0.68 0.03 6.8 MuleSoft Cl A MULE 24.75 7.75 45.59 ... ... ... Esperion Therapeutics ESPR 23.67 -5.98 -20.17 35.14 9.40 52.7
The Global Dow Euro 2370.85 –0.51 –0.02 4.9 Pulmatrix PULM 3.09 0.75 32.05 6.98 0.50 3.0 BioAmber BIOA 2.55 -0.59 -18.79 6.50 2.23 -48.4
DJ Global Index 348.70 –0.01 –0.004 6.9 Diffusion Pharmaceuticals DFFN 3.16 0.71 28.98 15.50 1.94 -68.4 AmTrust Financial AFSI 17.58 -4.03 -18.65 28.48 17.10 -31.9
World DJ Global ex U.S. 230.58 0.22 0.09 7.8 Northern Technologies NTIC 19.30 3.70 23.72 19.30 10.00 54.8 Yingli Green Energy ADR YGE 1.88 -0.39 -17.00 5.30 1.85 -62.4
Americas DJ Americas 572.95 –0.90 –0.16 6.0 Viveve Medical VIVE 5.25 1.00 23.53 10.50 3.75 ... Rosetta Genomics ROSG 4.00 -0.80 -16.69 18.60 3.73 -75.1
Brazil Sao Paulo Bovespa 64209.94 –1572.91 –2.39 6.6 Norsat International NSAT 9.80 1.75 21.74 9.95 5.01 90.4 AXT AXTI 5.55 -1.05 -15.91 8.65 2.43 116.0
Canada S&P/TSX Comp 15490.49 –71.92 –0.46 1.3 Arbutus Biopharma ABUS 3.40 0.55 19.30 5.48 2.35 -14.1 Global Eagle Ent ENT 3.50 -0.59 -14.43 9.73 3.46 -60.0
Mexico IPC All-Share 48593.44 536.88 1.12 6.5 Wilhelmina International WHLM 8.47 1.37 19.30 14.12 6.00 21.2 Altisource Asset Mgmt AAMC 63.10 -10.40 -14.15 89.12 11.40 342.8
Chile Santiago IPSA 3600.81 27.81 0.78 11.7 Cancer Genetics CGIX 2.95 0.45 18.00 3.35 1.10 5.7 Auxilio AUXO 4.64 -0.76 -14.07 5.85 2.25 67.2
0.16 RGC Resources RGCO 22.50 3.43 17.99 22.51 14.17 53.7 GSV Capital GSVC 4.63 -0.72 -13.46 6.25 4.41 -25.8
Europe Stoxx Europe 600 378.32 0.59 4.7
Euro zone Euro Stoxx 368.33 1.03 0.28 5.2 Ekso Bionics Holdings EKSO 3.26 0.48 17.27 7.18 2.53 -45.5 CorMedix CRMD 1.80 -0.27 -13.04 4.54 1.35 -29.1
Belgium Bel-20 3799.86 21.73 0.58 5.4 Hawthorn Bancshares HWBK 22.95 3.35 17.09 23.15 13.36 59.7 Destination XL Group DXLG 2.40 -0.35 -12.73 5.88 2.35 -51.8
France CAC 40 5029.24 15.86 0.32 3.4 AstroNova ALOT 15.55 2.25 16.92 16.41 12.40 6.1 LSB Industries LXU 8.83 -1.25 -12.40 15.50 4.52 -34.8
Germany DAX 12095.24 12.06 0.10 5.3 Ocean Power Techs OPTT 2.34 0.33 16.42 15.65 1.37 -4.9 Qualstar QBAK 7.29 -1.03 -12.38 10.00 2.16 182.6
Closed –3.0 Global Self Storage SELF 5.19 0.71 15.85 5.96 4.26 7.0 Exa Corp. EXA 13.80 -1.89 -12.05 16.89 11.12 18.7
Israel Tel Aviv 1426.86 …
Italy FTSE MIB 20074.28 –35.48 –0.18 4.4
Netherlands AEX 516.24 1.71 0.33 6.8 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10245.80 77.80 0.77 9.6
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 561.50 –1.12 –0.20 5.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 8698.53 31.05 0.36 5.8
Frontier Communications FTR 166,088 481.5 2.47 -1.59 5.75 2.31 Investar Holding ISTR 410 5534 21.75 0.69 22.50 14.56
U.K. FTSE 100 7424.96 9.01 0.12 3.9
Advanced Micro Devices AMD 150,165 141.4 13.49 -1.17 15.55 2.60 Caladrius Biosciences CLBS 3,017 5221 5.73 12.35 8.68 2.65
Asia-Pacific DJ Asia-Pacific TSM 1560.74 2.49 0.16 9.7 Bank of America BAC 99,838 6.7 24.86 -1.43 25.80 12.05 MidWestOne Fincl Group MOFG 781 4561 34.64 -5.74 39.20 25.49
Australia S&P/ASX 200 5799.60 13.80 0.24 2.4 Direxion Jr Gold Bull 3X JNUG 83,765 44.1 6.72 -9.31 33.29 3.77 Veritiv Corp. VRTV 1,538 3256 52.40 -10.96 62.60 34.10
China Shanghai Composite 3237.45 –31.49 –0.96 4.3 Finl Select Sector SPDR XLF 81,565 34.0 24.45 -0.97 25.30 17.31 Norsat International NSAT 131 2449 9.80 21.74 9.95 5.01
Hong Kong Hang Seng 24309.93 21.65 0.09 10.5 SPDR S&P 500 SPY 69,423 -8.9 237.03 -0.17 240.32 198.65 iShares Global Utilities JXI 657 2265 47.39 0.45 49.81 42.85
India S&P BSE Sensex 29648.99 63.14 0.21 11.4 iShares MSCI Emg Markets EEM 64,118 25.9 39.49 -0.18 39.65 31.70 Provident Bancorp PVBC 135 2193 21.00 7.69 21.40 13.21
Japan Nikkei Stock Avg 19521.59 –68.55 –0.35 2.1 Ford Motor F 53,131 60.3 12.48 -1.73 14.22 11.07 SPDR MSCI USA Strat QUS 105 2003 68.94 0.25 69.66 58.79
Singapore Straits Times 3169.38 5.86 0.19 10.0 VanEck Vectors Gold Miner GDX 48,187 -33.1 22.67 -0.44 31.79 18.58 Raymond James RJF 13,305 1953 77.90 -0.01 81.92 44.22
South Korea Kospi 2164.58 14.50 0.67 6.8 Microsoft MSFT 43,774 90.5 64.87 0.36 65.91 48.04 ACNB ACNB 122 1573 30.95 -0.48 32.85 21.36
Taiwan Weighted 9908.69 70.86 0.72 7.1 * 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. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .02870 34.840 –2.7
A consumer rate against its 30-year mortgage, Rate Vietnam dong .00004389 22784 0.1
5.00% Argentina peso .0643 15.5585 –2.0
benchmark over the past year 8% Brazil real .3235 3.0916 –5.0 Europe
Bankrate.com avg†: 4.24% Yen
s

4.00 Canada dollar .7491 1.3350 –0.7 Czech Rep. koruna .03974 25.163 –2.0
TrustCo Bank 3.99% 4
Chile peso .001510 662.10 Denmark krone .1444 6.9234
–1.1 –2.1
4.00% Albany, NY 518-436-9043 .0003431 2914.25 1.0738 .9313
3.00 0 Colombia peso –2.9 Euro area euro –2.0
t Fidelity Bank Trust 4.00% Ecuador US dollar 1 1 unch Hungary forint .003481 287.29 –2.4
3.00 Friday 2.00 .0524 19.0772 .009206 108.63
t

Dubuque, IA 563-557-2300 –4 Mexico peso –8.0 Iceland krona –3.8


30-year fixed-rate s
WSJ Dollar index Peru new sol .3077 3.250 –3.1 Norway krone .1180 8.4750 –2.0
mortgage 2.00 American Trust Savings Bank 4.08% 1.00 s
–8 Uruguay peso .03540 28.2500 –3.7 Poland zloty .2508 3.9876 –4.8
One year ago
t

t Dubuque, IA 800-373-1841 Euro Venezuela b. fuerte .100150 9.9851 –0.1 Russia ruble .01748 57.193 –6.6
1.00 0.00 –12
10-year Treasury Camelot Mortgage Group, Inc. 4.13% Asia-Pacific Sweden krona .1132 8.8351 –3.0
note yield 1 3 6 1 2 3 5 710 30 2016 2017 Switzerland franc 1.0015 .9985 –2.0
Franktown, CO. 303-814-2310 Australian dollar .7705 1.2979 –6.5
0.00 month(s) years Turkey lira .2759 3.6244 2.9
Commercial Bank 4.13% China yuan .1447 6.9093 –0.5
A M J J A S O N D J FM maturity Ukraine hryvnia .0372 26.8645 –0.8
Hong Kong dollar .1288 7.7617 0.1
2016 2017 Thomasville, GA 229-226-3662 UK pound 1.2397 .8066 –0.4
India rupee .01527 65.486 –3.6
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000749 13347 –1.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008874 112.69 –3.7 Bahrain dinar 2.6525 .3770 –0.05
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003168 315.64 –5.4 Egypt pound .0554 18.0455 –0.5
Federal-funds rate target 0.75-1.00 0.50-.75 0.25 l 1.00 0.75 Corporate Borrowing Rates and Yields Macau pataca .1256 7.9647 0.6 Israel shekel .2750 3.6364 –5.5
Malaysia ringgit .2254 4.4375 –1.1 Kuwait dinar 3.2806 .3048 –0.3
Prime rate* 4.00 3.75 3.50 l 4.00 0.75 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7018 1.4249 –1.3 Oman sul rial 2.5974 .3850 0.01
Libor, 3-month 1.15 1.12 0.62 l 1.15 0.92 Pakistan rupee .00954 104.800 0.4 Qatar rial .2746 3.642 0.04
Money market, annual yield 0.34 0.29 0.22 l 0.34 -0.06 Treasury, Ryan ALM 1423.175 2.143 2.213 2.237 1.141 –2.104 2.556 Philippines peso .0199 50.186 1.2 Saudi Arabia riyal .2666 3.7504 –0.01
Five-year CD, annual yield 1.27 1.26 1.17 l 1.29 -0.06 10-yr Treasury, Ryan ALM 1686.254 2.500 2.582 2.609 1.366 0.032 2.696 Singapore dollar .7133 1.4020 –3.1 South Africa rand .0786 12.7239 –7.1
30-year mortgage, fixed† 4.24 4.29 3.43 l 4.33 -0.12 South Korea won .0008857 1129.04 –6.5
DJ Corporate n.a. n.a. 3.362 n.a. n.a. n.a. n.a. Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065647 152.33 2.6
15-year mortgage, fixed† 3.40 3.44 2.70 l 3.50 -0.07 Aggregate, Barclays Capital 1879.010 2.700 2.770 2.790 1.820 0.523 2.469 Taiwan dollar .03275 30.533 –5.9 WSJ Dollar Index 90.55 –0.10–0.11 –2.57
Jumbo mortgages, $424,100-plus† 4.81 4.84 4.02 l 4.88 0.37 High Yield 100, Merrill Lynch 2731.193 5.660 5.696 6.975 5.200 12.022 3.045 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.55 3.53 2.97 l 4.03 -0.01
Fixed-Rate MBS, Barclays 1935.940 3.020 3.080 3.120 1.930 –0.189 2.454
New-car loan, 48-month 3.32 3.33 2.87 l 3.38 0.36
HELOC, $30,000 4.88 4.75 4.29 l 4.92 -0.29
Muni Master, Merrill 502.276 2.239 2.256 2.516 1.297 –0.423 2.600 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 763.036 5.770 5.870 6.290 5.134 8.301 6.119 Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 564.39 1.83 0.33 589.81 460.32 16.25 -0.50


ONLINE 184.48 0.24 195.82 4.61 -4.17

WSJ
TR/CC CRB Index 0.44 165.22
Crude oil, $ per barrel 48.78 0.03 0.06 54.45 35.70 23.68 -9.20
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 2.948 0.046 1.59 3.93 1.79 54.59 -20.84
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1229.80 3.30 0.27 1364.90 1127.80 -1.91 6.94
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | B7

WEEKEND INVESTOR

INVEST Active Strategies


Haven’t Died.
Continued from page B1
ecutive of Bluerock Real Es-
tate, referring to universities
whose investing horizon is
theoretically perpetual. His
firm manages the $616 mil-
lion Total Income+ Real Es-
tate Fund.
They’ve Evolved
The latest entrant to the BY DAISY MAXEY Active is also changing to of-
business: On March 9, North- fer comprehensive solutions for
Star/Townsend Institutional Low-cost passively managed today’s investors—even blend-
Real Estate Fund registered mutual funds and exchange- ing, in some cases, with passive
with the Securities and Ex- traded funds have dominated management. These solutions
change Commission to offer the investment world in recent include funds that invest in
$1 billion of shares. years at the expense of active baskets of ETFs, target-date
Such interval funds offer strategies. funds and smart-beta, or factor,
to buy shares back from in- Investors pulled a net $342.4 funds. Such funds may have
vestors at predetermined billion from U.S.-based actively some index components, but
dates and amounts, typically managed funds last year, while they are assembled and moni-
at least 5% of their shares pouring a record $505.6 billion tored with active decisions.
four times a year. The idea is into U.S. passively managed One active strategy gaining
to offer enough liquidity for funds, according to Morning- steam: More financial advisers
investors to get some of star Inc. are dynamically allocating as-
their money back over time, But some industry observers sets within portfolios. They
but not enough for them to expect active strategies will re-
yank it all back at one time. main a viable business for the
You also gain entreé to foreseeable future thanks to
‘Active will never die.
CHRISTOPHE VORLET

portfolios that normally growth in the institutional asset


won’t accept commoners. pool, which includes pension or The world isn’t going
Kevin Shields, chief execu- endowment funds that seek
tive of Griffin Capital Co., above-market returns, and inno-
to be all indexed.’
which manages the $1.5 bil- vation by active fund managers. John Rekenthaler, Morningstar
lion Griffin Institutional Ac- “Active will never die,” says
cess Real Estate Fund, says capital appreciation, which set of eyes” to help ensure John Snowden, portfolio John Rekenthaler, vice presi-
an investor would need a can be fickle. “integrity and fairness” in manager of the $230 million dent of research at Morning-
minimum of $65 million to But it is also an artifact of how the assets are priced, Resource Real Estate Diversi- star Inc. “The world isn’t go- are allocating to various mu-
be eligible to participate in how markets work. Stocks says Mr. Casimir. fied Income Fund, says the ing to be all indexed, and it’s tual funds, ETFs, separately
the property pools in which and bonds publicly trade TIAA has been doing this fund takes the forecast of clearly not going to be all ac- managed accounts and alter-
his fund holds a stake. His some 250 days a year. Com- successfully for decades. But the coming month’s pricing tive. It’s going to be both.” native assets and strategies.
fund’s minimum is $2,500. mercial real estate tends to most of the interval funds on commercial property as So what types of active That dynamic trading by ad-
Commercial real estate re- be privately appraised once are younger; several are too estimated by Green Street strategies will survive? Ex- visers and strategists is “in
turned an average of 6.93% every three months. Stock new to have weathered the Advisors, a research firm, perts say it will be those that many ways a form of active
annually over the 10 years prices would look smoother, storm of 2007-09. and divides it by the number bring unique insights, infor- management as well,” says Tim
ended Dec. 31, according to too, if investors could trade They use different tech- of days in the month. The re- mation that eludes others, Buckley, chief investment officer
the National Council of Real only four times a year. niques to bridge the gap be- sulting number is added or complex products that can’t be at Vanguard Group, the asset
Estate Investment Fiducia- And how these funds tween quarterly appraisals subtracted to the fund’s daily duplicated, or tailored portfo- manager renowned for its low-
ries, almost identical to the value their shares, in the ab- on the underlying private net asset value. The share lio solutions. cost index funds. “It’s moved
6.95% return on the S&P 500 sence of a public market for properties and daily valua- price is later adjusted as ap- Around the world, there re- from the portfolio manager in
stock index. much of their assets, is a de- tions of the funds’ shares. propriate when actual values main many areas of complexity many cases to the adviser.”
Property is much less vol- parture from the traditional Mr. Kamfar of Bluerock become available. Any ad- and illiquidity and many prod- Meanwhile, the number of
atile than common stocks, techniques of mutual funds. says his fund uses internal justments rarely exceed a ucts with which investors have strategists who are paid to
however. Historically, the These portfolios rely on models and “daily observable fraction of a percent, says limited experience, says An- create portfolios of ETFs for
fluctuations in the returns of quarterly valuations by ap- inputs” to estimate interim Mr. Snowden. drew McCollum, managing di- advisers is increasing as ETFs
commercial real estate are praisers provided by the values. Bluerock then re- Such techniques might rector of investment manage- proliferate.
between one-third and one- property pools they invest views the daily pricing after hold up fine in a downturn, ment at consulting firm And investors themselves
tenth as jagged as those of in. In addition, TIAA engages actual valuations come in at but we won’t know for cer- Greenwich Associates. These are actively trading index funds
stocks, according to TIAA. an independent fiduciary to quarter end. Mr. Kamfar says tain until one hits. Patience areas—which include emerging and ETFs, says Vanguard
That’s partly because check the validity of any re- that approximately 90% of is a prerequisite with these markets, small-cap stocks and founder John Bogle. “When you
much of the return on prop- ported change to a prop- the time, any adjustments funds, and not just because specialty fixed income such as look at what investors are do-
erty comes through steady erty’s value in excess of 6% a are no more than one penny you can get your money out distressed credit—play to the ing with the funds, they’re trad-
rental income, rather than year. That provides “another a share. only quarterly. strengths of active managers. ing, they’re turning them over.”

Global Government Bonds: Mapping Yields


Futures Contracts | WSJ.com/commodities Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Metal & Petroleum Futures Contract Open selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Open High hilo Low Settle Chg interest
Contract Open Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Open High hi lo Low Settle Chg interest Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
May 29.35 29.40 29.35 29.38 –.02 975
Copper-High (CMX)-25,000 lbs.; $ per lb. 1.125 U.S. 2 1.317 t l 1.336 1.190 0.867
July 29.55 29.55 29.55 29.55 –.05 1,608
March 2.6600 2.6830 2.6480 2.6795 0.0140 1,561
Cotton (ICE-US)-50,000 lbs.; cents per lb. 2.250 10 2.502 t l 2.540 2.418 1.898
May 2.6765 2.6965 2.6580 2.6915 0.0140 133,354
Gold (CMX)-100 troy oz.; $ per troy oz. May 78.09 78.60 77.90 78.36 .19 159,872 5.250 Australia 2 1.836 s l 1.826 1.862 1.949 51.9 48.9 108.2
Dec 75.30 75.64 s 75.10 75.63 .17 63,325
March 1227.10 1230.90 1227.10 1229.80 3.30 38 4.750 10 2.869 s l 2.827 2.814 2.565 36.7 28.7 66.7
April 1226.20 1231.50 1224.00 1230.20 3.10 182,880 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
June 1229.30 1234.40 1227.30 1233.20 3.00 150,773 May 177.55 181.60 175.55 180.95 3.45 8,390 0.000 France 2 -0.468 s l -0.482 -0.504 -0.393 -178.4 -181.9 -126.0
July 170.25 173.50 170.25 173.25 1.95 1,725 0.250 10 1.107 s 1.087 1.042 0.574 -145.4
Aug 1233.00 1237.50 1231.20 1236.60 3.00 32,245 l -139.5 -132.4
Dec 1238.30 1243.60 1238.30 1243.00 2.90 31,488
Feb'18 1242.20 1245.50 1242.20 1246.30 2.90 6,631 Interest Rate Futures 0.000 Germany 2 -0.767 s l -0.794 -0.814 -0.458 -208.3 -213.1 -132.6
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.250 10 0.433 t l 0.450 0.305 0.230 -206.8 -209.1 -166.8
March 776.85 778.40 776.80 777.80 9.15 28
April 777.95 778.00 775.20 776.25 9.15 7
March 148-300 149-280 148-300 149-240 16.0 858 0.300 Italy 2 -0.017 s l -0.030 -0.036 -0.016 -133.3 -136.7 -88.3
June 147-150 148-200 147-150 148-140 18.0 641,311
June 765.70 779.95 764.50 775.80 9.15 27,432 1.250 10 2.361 s l 2.352 2.171 1.269 -14.1 -18.8 -62.8
Sept 775.00 780.00 774.90 776.40 9.15 430 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. March 124-045 124-175 124-040 124-125 5.0 21,721 0.100 Japan 2 -0.257 t l -0.257 -0.242 -0.200 -157.4 -159.3 -106.7
March 977.10 977.10 973.80 962.00 4.70 5 June 123-120 123-280 123-115 123-240 5.0 3,091,334 0.100 10 0.077 t l 0.080 0.090 -0.051 -242.4 -246.1 -194.9
April 958.80 966.60 953.60 963.00 4.60 39,189 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 117-140 117-190 117-130 117-177 2.0 46,512 2.750 Spain 2 -0.153 s l -0.155 -0.249 0.033 -147.0 -149.1 -83.4
March 17.300 17.360 17.280 17.379 0.083 620 June 116-305 117-072 116-295 117-045 2.0 2,943,038 1.500 10 1.863 t l 1.879 1.624 1.428 -63.9 -66.1 -47.0
May 17.340 17.425 17.230 17.413 0.083 142,383 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 108-107 108-112 108-107 108-105 .2 12,814 1.750 U.K. 2 0.078 t l 0.094 0.086 0.478 -123.9 -124.3 -39.0
April 48.79 49.20 48.60 48.78 0.03 103,677 June 107-307 108-015 107-305 108-005 .5 1,420,766 4.250 10 1.248 t l 1.251 1.302 1.456 -125.4 -128.9 -44.2
May 49.29 49.71 49.10 49.31 0.07 558,362 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
June 49.64 50.10 49.50 49.73 0.10 292,221 March 99.218 t 99.213
99.218 99.215 … 112,453 Source: Tullett Prebon
July 49.95 50.37 49.80 50.04 0.10 125,578 April 99.110 t 99.105
99.110 99.110 … 471,060 Corporate Debt
Sept 50.23 50.66 50.12 50.38 0.10 144,498 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec 50.36 50.78 50.27 50.52 0.09 238,685 June 90.469 90.641 90.391 90.531 .125 31,796
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100% that same company’s share price. Here’s a look at both for two companies in the news.
April 1.5046 1.5168 1.4979 1.5085 .0042 77,539
May 1.5114 1.5234 1.5056 1.5151 .0041 91,855
April
July
99.0125 99.0125
98.8275 98.8275
99.0125 99.0100 –.0025
98.8275 98.8300 …
1,775
1,197
Investment-grade spreads that tightened the most…
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Spread*, in basis points Stock Performance
Eurodollar (CME)-$1,000,000; pts of 100%
April 1.5919 1.6094 1.5860 1.5989 .0047 60,223 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
April 98.7975 98.8100 98.7950 98.8025 .0025 224,848
May 1.6090 1.6257 1.6046 1.6148 .0028 121,630 June 98.6800 98.6900 98.6750 98.6800 … 1,609,662
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Bank of America BAC 8.000 Jan. 30, ’49 126 –31 236 24.86 –1.43
Sept 98.5300 98.5500 98.5300 98.5400 … 1,246,547
April 2.908 2.965 2.882 2.948 .046 127,264 Dec 98.3900 98.4200 98.3900 98.4050 –.0050 1,423,662
JPMorgan Chase JPM 4.500 Jan. 24, ’22 64 –23 86 90.68 –1.05
May 2.977 3.020 2.943 3.004 .037 274,219 Credit Agricole ACAFP 7.875 Jan. 23, ’49 455 –19 457 ... ...
June 3.048 3.088 3.014 3.072 .035 124,229
July 3.105 3.145 3.080 3.138 .034 117,997
Currency Futures Wells Fargo WFC 2.150 Jan. 30, ’20 47 –17 n.a. 58.67 –1.10
Sept 3.116 3.159 3.093 3.149 .033 83,251 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Apple AAPL 2.500 Feb. 9, ’25 48 –12 57 139.99 –0.50
Oct 3.150 3.169 3.110 3.164 .031 112,899 April .8835 .8897 .8826 .8888 .0045 235 Nucor NUE 4.000 Aug. 1, ’23 100 –12 105 64.72 0.19
June .8864 .8920 .8847 .8911 .0046 196,515
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD Intel INTC 4.800 Oct. 1, ’41 104 –8 n.a. 35.27 0.37
April .7514 .7521 .7480 .7501 –.0003 451 Medtronic MDT 3.150 March 15, ’22 63 –8 68 82.23 0.49
Corn (CBT)-5,000 bu.; cents per bu.
June .7518 .7526 .7485 .7506 –.0003 116,084
May 366.25 367.75 364.50 367.50 1.50 611,414
July 373.50 375.00 372.00 375.00 1.50 351,206
British Pound (CME)-£62,500; $ per £ …And spreads that widened the most
April 1.2368 1.2415 1.2334 1.2407 .0038 315
Oats (CBT)-5,000 bu.; cents per bu. Royal Bank Scotland RBS 7.640 Sept. 29, ’49 1724 390 1320 6.04 1.34
June 1.2392 1.2435 1.2353 1.2426 .0038 254,534
May 250.50 252.50 247.00 250.00 .75 4,638
July 240.50 244.00 239.75 243.00 1.75 1,008 Swiss Franc (CME)-CHF 125,000; $ per CHF Credit Agricole S.A. ACAFP 7.875 Jan. 23, ’49 472 19 451 ... ...
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.0094 1.0115 1.0066 1.0081 –.0011 43,576 Seagate Hdd Cayman STX 4.750 June 1, ’23 273 11 262 … –0.76
May 1001.50 1004.50 994.25 1000.00 –1.50 310,793 Australian Dollar (CME)-AUD 100,000; $ per AUD
April .7674 .7712 .7660 .7704 .0039 240
CVS Health CVS 2.800 July 20, ’20 79 10 n.a. 78.88 –0.85
July 1011.00 1014.25 1004.25 1010.00 –1.50 165,746
Soybean Meal (CBT)-100 tons; $ per ton. May .7672 .7708 .7656 .7700 .0040 327 Transcanada Trust TRPCN 5.300 March 15, ’77 233 10 230 ... ...
May 329.60 329.90 326.50 328.90 –.40 180,899 June .7667 .7705 .7650 .7695 .0039 118,980
Cisco Systems CSCO 2.500 Sept. 20, ’26 75 8 69 34.23 ...
July 332.80 333.10 329.80 332.20 –.40 90,513 Sept .7644 .7692 .7641 .7684 .0040 832
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN International Business Machines IBM 2.875 Nov. 9, ’22 73 8 73 175.65 –0.90
May 32.27 32.53 32.20 32.30 .04 191,855 June .05125 .05174 .05119 .05173 .00025 173,314 Citigroup C 6.300 May 15, ’49 256 7 261 60.37 –1.28
July 32.54 32.80 32.48 32.59 .05 97,617 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. April 1.0788 1.0799 s 1.0745 1.0758 –.0007 1,308 High-yield issues with the biggest price increases…
May 981.50 994.50 976.00 991.50 8.50 10,224 June 1.0819 1.0831 1.0777 1.0791 –.0007 387,647
Bond Price as % of face value Stock Performance
July 1008.50 1019.00 1002.00 1016.50 8.50 1,081
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
May 434.75 437.75 433.00 436.25 .25 233,896
Mini DJ Industrial Average (CBT)-$5 x index Tullow Oil TLWLN 6.000 Nov. 1, ’20 97.904 4.90 95.000 ... ...
July 449.50 452.75 448.00 451.50 .50 110,304
Wheat (KC)-5,000 bu.; cents per bu. March 20938 20975 20915 20972 … 36,017 Walter Investment Management WAC 7.875 Dec. 15, ’21 63.593 2.34 76.500 1.10 –8.33
May 449.75 454.25 448.75 453.50 3.50 98,156
July 461.00 466.00 460.75 465.25 3.50 74,762
June 20882 20929 20857 20863 –19 131,208 Concordia International CXRCN 9.500 Oct. 21, ’22 25.500 2.00 37.938 ... ...
Wheat (MPLS)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index Frontier Communications FTR 6.875 Jan. 15, ’25 82.688 1.60 81.750 2.47 –1.59
May 547.75 549.50 544.50 549.00 1.00 32,843 June 2375.80 2382.00 s 2373.50 2375.20 –3.90 44,645
July 553.75 554.50 550.75 554.00 .75 17,736 Sept 2373.50 2376.70 s 2370.60 2372.00 –4.20 6 Hornbeck Offshore Services HOS 5.875 April 1, ’20 61.000 1.50 n.a. 3.20 –5.04
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index W&T Offshore WTI 8.500 June 15, ’19 81.500 1.50 n.a. 2.83 –1.39
March 130.525 131.450 130.275 131.325 .775 3,290 March 2382.25 2385.75 s 2379.00 2385.80 … 729,989
May 129.450 130.650 s 129.175 130.375 .950 18,278
June 2379.25 2382.25 s 2372.75 2375.25 –3.75 2,805,086
Icahn Enterprises IEP 6.000 Aug. 1, ’20 104.000 1.25 103.777 52.44 –0.06
Cattle-Live (CME)-40,000 lbs.; cents per lb.
April 119.275 119.750 118.650 119.325 .125 71,345 Mini S&P Midcap 400 (CME)-$100 x index Ferrellgas Partners FGP 8.625 June 15, ’20 95.750 1.00 95.000 6.07 1.34
June 109.625 110.000 s 109.050 109.675 .250 143,201 March 1730.40 1730.50 1727.00 1729.74 … 10,254
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
April 69.500 69.775 68.775 69.050 –.850 41,076
June 1728.50 1733.30 1724.30 1728.60 1.10 94,748 …And with the biggest price decreases
June 77.800 78.275 77.150 77.325 –1.350 79,266
Mini Nasdaq 100 (CME)-$20 x index
March 5411.8 5423.0 s 5405.8 5425.3 … 80,721 Iheartcommunications IHRT 10.625 March 15, ’23 75.000 –2.50 n.a. ... ...
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
May 363.10 364.90 360.50 361.80 –1.70 3,809 June 5415.8 5425.3 s 5407.0 5408.5 –6.5 232,395 Valeant Pharmaceuticals International VRXCN 7.000 Oct. 1, ’20 89.500 –1.58 94.250 ... ...
July 371.50 373.00 370.60 372.00 –1.70 869 Mini Russell 2000 (ICE-US)-$100 x index
Milk (CME)-200,000 lbs., cents per lb. Gulfmark Offshr* GLF 6.375 March 15, ’22 50.500 –1.50 55.000 0.40 10.56
March 1384.40 1390.00 1383.80 1383.95 –2.85 72,011
March 15.70 15.73 15.70 15.73 .05 4,894
June 1384.50 1393.50 1377.70 1390.50 4.60 539,916
Ultra Petroleum UPL 6.125 Oct. 1, ’24 69.250 –1.50 80.250 ... ...
April 15.00 15.31 14.92 15.28 .32 4,598
Cocoa (ICE-US)-10 metric tons; $ per ton. Mini Russell 1000 (ICE-US)-$100 x index Bill Barrett BBG 7.000 Oct. 15, ’22 93.530 –1.22 93.750 4.49 0.67
May 2,034 2,046 2,006 2,013 –14 115,875 March 1320.80 1320.80 1318.20 1322.39 1.99 4,222
July 2,045 2,053 2,014 2,022 –13 69,381
PHI PHII 5.250 March 15, ’19 94.952 –1.17 95.750 12.80 3.64
June 1318.50 1321.10 1316.20 1317.30 –1.50 7,450
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Scientific Games International SGMS 10.000 Dec. 1, ’22 104.625 –1.13 104.280 … ...
March 140.45 140.45 140.45 140.80 1.05 13 June 100.07 100.28 99.97 100.12 –.07 73,256 Teck Resources TCKBCN 6.250 July 15, ’41 101.500 –1.00 101.000 ... ...
May 142.25 142.40 140.40 142.05 .60 93,188 Sept 99.92 100.10 99.83 99.96 –.07 839
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. *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.
May 18.30 18.38 t 17.50 18.17 –.08 300,205 Note: Data are for the most active issue of bonds with maturities of two years or more
July 18.24 18.29 t 17.50 18.10 –.07 177,371 Source: SIX Financial Information Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
B8 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

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
MKT 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. AmTrustNts AFSS 22.84 -8.5 GuggMSCIEMEq EWEM 30.63 3.0 PwrShFTSERAFIDevMk PDN 29.32 0.3 Celgene CELG 127.64 -0.7 iShMSCIEAFESC SCZ 54.25 0.4 Snyders-Lance LNCE 40.67 0.7
BRF BRFS
BioAmberWt BIOA/WS
11.77 -7.7
0.03 -63.3
HartfordMultiDvxUS RODM
HartfordMultiGlbSC ROGS
25.55
27.77
0.5
0.1
PwrShRussMCGrw PXMG
PwrShS&P500LoVol SPLV
34.19
44.01
0.2
0.4
NYSE Arca lows - 12 CenterstateBks CSFL
CentralGarden CENT
26.62
37.80
0.6
0.4
iShMSCIEmMkAsia EEMA
iShMSCIEuropeSmCp IEUS
60.25
47.53
0.1
0.3
SolarSeniorCap SUNS
StarBulkCarriers SBLK
18.46
11.54
2.2
4.1
Friday, March 17, 2017 BioAmber BIOA 2.23 -18.8 IQ50%HdgFTSEEur HFXE 18.34 -0.2 ProShHdgReplic HDG 43.95 0.4 PathS&P500VIXMT VXZ 27.41 -0.8 CentralGardenA CENTA 35.35 -0.1 iShMSCIGlbImpact MPCT 51.32 0.5 StateAutoFin STFC 27.89 0.3
52-Wk % 52-Wk % 52-Wk % ClipperRealty CLPR 13.25 -4.7 IQAgribusSmall CROP 33.33 0.3 ProShS&P500xFin SPXN 48.27 0.5 iPathS&P500VIXST VXX 15.57 -1.2 CheckPointSftw CHKP 102.24 -0.5 IturanLocation ITRN 29.60 1.6 StonegateBank SGBK 48.53 1.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DXC Tech DXCw 66.48 -3.2 DirexDevMktBear3 DPK 19.32 -0.7 Cintas CTAS 125.93 4.7 SunshineBancorp SBCP 20.47 2.0
InnovatorIBD50Fund FFTY 25.76 0.3 ProShShtVIXST SVXY 144.28 1.2 J&JSnackFoods JJSF 139.54 1.8
EastmanKodakWt KODK/WS 1.15 -12.8 DirexTechBear3 TECS 12.74 -0.3 Coca-Cola Bottl COKE 195.74 0.9 SussexBancorp SBBX 26.45 2.3
GrahamHoldings GHC 590.90 0.3 ReynoldsAmer RAI 62.05 0.7 iShAggrAllocation AOA 50.08 ... ProShrUlConsmrGd UGE 44.29 0.6 JanusSocGlbQual SGQI 27.29 2.3
ProShShMSCI EAFE EFZ 29.54 -0.2 CommunityBkrs ESXB 8.50 4.3
NYSE highs - 143 GpoAeroportSur
HRG Group
ASR
HRG
169.50
19.50
1.9
-0.3
RiceMidstream RMP
RingCentral RNG
26.42
28.00
-1.5
-0.2
LionsGate A LGF/A
Manning&Napier MN
25.18 -0.9
5.50 -1.8
iShGrwthAllocation AOR
iShCoreMSCIEAFEETF IEFA
42.41
57.99
0.3
0.2
ProShUltFTSEEurope UPV
ProShUltMSCIEAFE EFO
43.00
101.19
0.7
0.5
ProShUltVIXST UVXY 15.83 -2.3 Copart CPRT 61.70 0.4
KLA Tencor
Kopin
KLAC
KOPN
95.27
3.97
0.5
3.9
TetraphasePharm TTPH
TexasInstruments TXN
8.69
82.44
5.2
0.6
Och-Ziff OZM 2.29 -4.8 ProShrUltShFTSEEur EPV 43.74 -0.2 CorvusPharm CRVS 20.90 0.4 TwoRiverBancorp TRCB 18.20 1.7
AdamsDivEquityFd ADX 13.85 -0.2 Harris HRS 112.69 0.6 RosettaStone RST 9.48 2.5 iShCoreMSCIEurope IEUR 43.87 0.1 ProShUltMSCIEM EET 65.99 -0.6 LamResearch LRCX 127.44 0.4
RubiconProject RUBI 5.65 0.7 ProShrUS MSCI EAFE EFU 30.78 -0.5 DNB Financial DNBF 35.15 5.2 US Concrete USCR 71.35 0.6
AdvSemiEngg ASX 6.48 2.1 Heico HEI 88.05 1.3 RoyalCaribbean RCL 98.46 0.8 iShModAllocation AOM 36.34 0.1 ProShrUlTech ROM 122.61 0.8 LaureateEduc LAUR 13.70 3.8
Snap SNAP 18.90 -1.8 ProShrUSSemi SSG 18.25 -0.9 Dunkin' DNKN 56.77 1.6 UltaBeauty ULTA 289.27 0.9
AdvancePierre APFH 30.85 1.2 HewlettPackardWi HPEw 17.13 1.7 SAP SAP 97.77 ... iShCurHdgMSCIUS HAWX 24.48 -0.1 PureFISEMobilePymt IPAY 28.31 0.1 LibertyExpediaA LEXEA 47.13 0.7
YingliGreenEner YGE 1.85 -17.0 ProShrUSTech REW 25.35 -0.4 ElbitSystems ESLT 121.22 0.2 UltraClean UCTT 15.64 2.4
AerojetRocket AJRD 22.91 2.4 Hill-Rom HRC 70.22 1.7 SchwabC SCHW 43.65 -1.5 iShCurHdgMSCIEAFE HSCZ 27.14 0.2 PureFundsVideoGame GAMR 34.08 0.1 LincolnElectric LECO 88.73 0.7
ProShsVIXMTFut VIXM 33.26 -0.8 EmclaireFin EMCF 31.50 8.8 Ultratech UTEK 29.56 0.1
Albemarle ALB 106.53 2.1 HomeDepot HD 149.99 0.6 9.95 7.2 iShCurHdMSCIEurozn HEZU 28.26 0.2 SPDREUROSTOXXSC SMEZ 51.26 0.3 LogitechIntl LOGI 31.61 0.2
Allegion ALLE 75.62 0.4 Ingevity NGVT 60.99 1.0
ScorpioBulkers SALT
Shopify SHOP 67.39 3.1 NYSE Arca highs - 159 iShCurrHdMSCIGrmny HEWG 27.37 ... SPDRACWILowCarbon LOWC 80.69 0.1
ProShsVIXSTFut VIXY 12.99 -1.1 EntegraFin
Entegris
ENFC
ENTG
24.25
23.40
3.9
4.1
MGPIngredients MGPI 56.17 1.5 UplandSoftware UPLD
VCA WOOF
14.50
91.64
3.3
...
ALL 83.09 ... iShCurHdgMSCISpain HEWP 22.29 0.6 SPDRMSCIJapanStrat QJPN 69.10 1.2 MIIIU 10.13 -0.3
Allstate
AltisourceResid RESI 14.92 2.4
InstalledBldg IBP
IntegerHoldings ITGR
52.60
40.95
0.6
2.0
SilverBayRealty SBY
SiteOneLandscape SITE
21.73
45.87
0.7
0.9
ALPSIntlDivDogs IDOG
ARKInnovationETF ARKK
25.61
23.81
0.4
...
iShIntlSelDividend IDV 31.60 0.3 SPDRMSTech MTK 68.72 0.1 NYSE MKT highs - 6 F5Networks FFIV 149.11 0.7
MillAcqn Un
MKS Instrum MKSI 70.20 0.9 VangdIntlHiDiv VYMI 61.19 0.2
Aon AON 119.88 -0.3 iShUSConsumerGoods IYK 121.06 -0.2 SPDRS&PHlthCareEqp XHE 56.08 1.2 Facebook FB 140.34 -0.1 magicJackVocal CALL 8.90 7.9 VangdTotIntlStk VXUS 49.88 ...
ICE ICE 61.98 -0.2 SmithAO AOS 52.26 0.7 AdvShKIMKorea KOR 25.82 5.4 AberdChileFd CH 6.65 0.3
ArborRealty ABR 8.04 0.1 iShU.S.Technology IYW 135.42 ... SPDRS&PSft&Svs XSW 59.35 ... FirstCommFinl FCFP 13.85 3.4 MakeMyTrip MMYT 36.85 2.1 VSInvVIXMedTerm ZIV 58.68 0.8
JELD-WEN JELD 32.50 1.0 SpectrumBrands SPB 143.20 ... AdvShQAM Equity QEH 28.69 ... Chase CCF 98.30 5.7
AsiaTigersFund GRR 10.62 1.0 iShEdgeMSCIMultInt INTF 25.09 ... SchwabFundIntLrgCo FNDF 26.78 0.1 FT CapStrength FTCS 44.27 0.5 MarlinBusSvcs MRLN 26.70 -1.1 VSInverseVIXSTerm XIV 74.62 1.3
JabilCircuit JBL 28.83 1.9 StellusCapInvt SCM 14.82 1.9 BarcETNFIEnhEur50 FEEU 102.62 0.3 DGSE DGSE 1.52 2.0
AxaltaCoating AXTA 33.06 1.0 iShEdgeMSCIMlIntSC ISCF 26.61 0.3 SchwabFundIntlSmCo FNDC 30.67 0.4 FT DevMkts FDT 52.24 ... MentorGraphics MENT 37.29 0.1 VerintSystems VRNT 41.35 -1.2
KB Fin KB 45.86 -0.1 Stryker SYK 133.02 0.9 BarclaysETN FI Enh FLEU 123.60 0.3 GSE Systems GVP 3.85 8.5
BcoSantChile BSAC 24.22 0.8 iShEdgeMSCIUSAMom MTUM 83.12 0.2 SchwabIntEquity SCHF 29.88 0.1 FT DevMktsXUS FDTS 36.01 ... MercurySystems MRCY 40.01 1.9 Videocon d2h VDTH 11.22 -0.2
KCG Holdings KCG 18.42 2.0 SwissHelvFd SWZ 11.54 1.4 BarcETN+FIEnhGlHY FIGY 145.47 0.7 NorsatIntl NSAT 9.95 21.7
252.09 0.5 iShEuropeETF IEV 41.84 0.2 SPDR MSCI exUS CWI 34.20 ... FT EuropeAlpha FEP 32.02 0.2 MiddlefieldBanc MBCN 44.75 7.2 WhiteHorseFin WHF 13.70 4.5
Bard CR BCR KoninklijkePhil PHG 31.53 0.3 TAL Education TAL 99.97 3.9 CambriaGlbValue GVAL 22.35 0.4 SachemCapital SACH 5.29 -4.8
FT Intl IPO FPXI 28.74 0.6 WynnResorts WYNN 110.31 3.8
BlackHillsUn BKHU 73.86 0.3 KornFerry KFY 32.52 0.2 TIM Part TSU 16.52 -0.7 ColumbiaEMCoreXCh XCEM 25.25 0.4 iShMtgRealEstCap REM 45.21 0.8 SPDREmMktSmlCp EWX 45.44 ... Mindbody MB 28.15 -0.7
53.05 0.4
BlackHills
BlkRkSci&Tech BST
BKH 67.02
20.20
0.5
-0.1
Kyocera KYO 56.74 0.3 TaiwanSemi TSM 32.76 0.6 ColumbiaIndiaCnsmr INCO 38.15 -0.9 iShFloatingRateBd FLOT
iShGlobal100 IOO
50.86
82.25
...
...
SPDR S&P IntTech IPK
SPDR S&P exUS GWL
38.54
27.73
0.2
0.1
NYSE MKT lows - 2 FT LC GrwthAlpha FTC
FT Nasd100Tech QTEC 60.35 0.2
Mocon
Momo
MOCO
MOMO
22.75
35.73
11.5
0.8
YintechInvt YIN 21.47 -0.6
LockheedMartin LMT 272.18 1.5
CEB CEB 79.70 -0.1 MainStreetCap MAIN 37.75 1.5
TaylorMorrison TMHC
Teradyne TER
22.06
31.08
-0.4
...
ColumbiaIndiaSC SCIN
DeutscheXMSCIAWxUS DBAW
18.05
25.46
-0.1
0.2 iShMSCIChileCapped ECH 42.72 0.4 Whiskey&SpiritsETF WSKY 26.56 1.3 ContangoO&G MCF
JRjr33 JRJR
5.62 -3.0
0.50 -5.2
FT NasdSmartphone FONE
FT NasdFood&Bev FTXG
46.21
20.87
0.4
...
MonarchCasino MCRI 29.24 1.5 Nasdaq lows - 31
Canon CAJ 31.23 0.5 Manpower MAN 103.90 0.5 3M MMM 192.36 1.1 DeutscheXAllxUSHiD HDAW 26.08 1.2 iSharesMSCIEAFEETF EFA 62.35 0.3 UBS FIEnhGlbHY FIHD 141.18 0.3 MoneyGram MGI 16.52 -0.9 AmTrustFinSvcs AFSI 17.10 -18.6
FT RiverFrDynDev RFDI 56.60 0.4
Carnival CCL 57.96 0.2 iShMSCIEmgMktSC EEMS 45.90 0.3 VanEckGreenBd GRNB 24.97 0.1 NMI Holdings NMIH 12.40 -0.8
Carnival CUK 56.87 0.3
Marsh&McLennan MMC
Mastercard MA
75.23
113.50
0.6
0.1
Tiffany TIF
TownsquareMedia TSQ
94.00
13.01
2.7
1.6
DeutscheXMSCIEMHdg DBEM
DeutscheXMSCIEur DBEU
20.79
26.97
...
0.3 iShMSCIFranceETF EWQ 26.18 -0.1 VanEckMornIntlMoat MOTI 31.22 0.2 Nasdaq highs - 170 FT RiverFrDynEur RFEU
FT SwitzAlpha FSZ
56.54
44.92
0.4
0.2
NN NNBR 24.30 7.3
ArgosTherap ARGS
CatalystBiosci CBIO
1.00 -16.7
5.02 -5.5
CementosPacasm CPAC 10.85 1.6 Maximus MMS 62.35 0.6 TransportadGas TGS 14.34 1.4 DeutschextrMSCIEur DBEZ 28.49 0.2 iShMSCIJapanSC SCJ 66.81 0.7 VanEckPoland PLND 16.45 0.9 AAON AAON 37.05 1.2 NationalBeverage FIZZ 78.67 1.3 Cherokee CHKE 7.70 -2.5
FirstService FSV 58.56 1.4
CherryHillMtg CHMI 19.14 2.7 Meritor MTOR 17.15 -1.1 TriplePtVent TPVG 13.99 1.4 DeutscheXMSCIGerm DBGR 26.69 ... iShMSCINetherlands EWN 26.95 0.1 VanEckSemiconduc SMH 79.22 0.3 ASBBancorp ASBB 37.35 10.8 NorthernTechsIntl NTIC 19.30 23.7 CumulusMedia CMLS 0.43 -16.6
Five9 FIVN 18.19 7.1
ChimeraInvt CIM 19.86 1.7 MethodeElec MEI 46.35 1.8 TrueBlue TBI 27.85 ... DeutscheXMSCSKorea DBKO 26.48 0.6 iShMSCIPacificxJp EPP 44.61 0.2 VangdInfoTech VGT 136.30 ... ASML ASML 128.43 1.4 Novanta NOVT 27.55 3.4 DestMaternity DEST 4.45 -9.7
FlexSTOXXGlbESGImp ESGG 83.85 0.5
ChinaLifeIns LFC 16.20 0.1 NRG Energy NRG 18.56 1.0 TwoHarborsInv TWO 9.66 1.3 DeutXS&PHdgGlb DBIF 24.66 0.6 iShMSCIPolandCap EPOL 22.56 0.9 VangdCnsmrDiscr VCR 138.22 0.1 AdobeSystems ADBE 130.30 3.8 Nutrisystem NTRI 53.95 2.6 DestinationXL DXLG 2.35 -12.7
GSI Tech GSIT 9.68 5.7
Cinemark CNK 44.55 1.0 Natuzzi NTZ 2.89 -0.4 UGI 49.34 1.7 DirexDevMktBl3 DZK 56.17 0.6 iShMSCISpainCapped EWP 30.00 0.2 VangdAWxUSSC VSS 102.29 0.1 AlcentraCapital ABDC 13.61 1.4 NuvNasd100Dyn QQQX 21.58 0.6 FalconStorSftw FALC 0.33 2.9
UGI Galapagos GLPG 82.14 1.6
CitigrpCapXIIIPf CpN 26.75 0.6 NewOrientalEduc EDU 55.68 1.7 Unilever UN 50.01 -0.2 DirexKRBull3 KORU 35.83 1.5 iShMSCISwedenETF EWD 31.70 0.1 VangdFTSEDevMk VEA 39.44 0.2 AlignTech ALGN 113.00 1.2 Gentex GNTX 22.12 -0.8 OxfordImmunotec OXFD 15.82 2.4 GlobalBrokerage GLBR 1.45 -15.4
EngGr-Cmg CIG 3.84 0.8 NewResidInvt NRZ 17.12 0.8 Unilever UL 50.22 -0.2 DirexTechBull3 TECL 67.86 0.2 iShMSCISwitzerland EWL 32.22 0.1 VangdFTSE Europe VGK 51.76 0.1 Alphabet A GOOGL 874.42 0.3 GlbXMSCISuperDiv EFAS 16.48 1.5 PaneraBread PNRA 239.00 1.1 GlobalEagle ENT 3.46 -14.4
CerveceriasUnid CCU 24.75 1.3 NewMarket NEU 454.68 0.8 Visa V 90.63 0.2 EmgMktInternetEcom EMQQ 28.16 0.5 iShMSCIEAFEValue EFV 50.54 0.2 VangdFTSEAWxUS VEU 48.07 0.1 Alphabet C GOOG 853.40 0.4 GlbX Robotics&AI BOTZ 17.29 0.9 ParkeBancorp PKBK 21.75 2.1 HanwhaQCELLS HQCL 7.25 -6.0
Copa CPA 111.37 0.8 NextEraEnergy NEP 33.86 1.0 VeevaSystems VEEV 49.83 1.5 FIEnhancedEur50ETN FIEU 106.36 0.5 iShMSCIWorldETF URTH 78.43 -0.2 VangdTotlWrld VT 65.85 ... AlphaMarkActiveMgd SMCP 24.49 0.2 GoldenOcean GOGL 8.30 2.5 PeoplesBncpNC PEBK 30.23 6.0 iPathLgBdBull DLBL 63.12 -0.8
Cubic CUB 55.35 4.0 OCI Partners OCIP 10.25 -2.0 VMware VMW 93.00 0.6 FidelityMSCIIT FTEC 41.30 0.1 iShRussellTop200Gr IWY 62.05 ... VelocityShVIXVarLS LSVX 30.99 0.6 Amdocs DOX 62.10 0.1 GrandCanyonEduc LOPE 69.81 0.3 PinnacleEnt PNK 18.67 1.1 MER Telemgmt MTSL 0.63 -6.8
Cummins CMI 155.51 0.3 OrbitalATK OA 102.72 0.9 VoceraComm VCRA 24.46 3.7 FT DJ GlbSelDiv FGD 24.67 0.4 iShGlobalTechETF IXN 123.99 ... WisdTrAPxJp AXJL 64.06 0.1 AmNtlBcsh AMNB 39.40 5.6 GpoFinGalicia GGAL 35.89 -1.1 Pixelworks PXLW 4.89 5.9 MarathonPatent MARA 1.07 -12.3
DominionRscsUn DCUD 54.16 0.6 PNM Resources PNM 37.48 2.8 VoyaEM HiIncm IHD 8.61 0.9 FT DJ Internet FDN 88.57 0.1 iShGloblFinancials IXG 62.46 -0.8 WisdTrEM HiDiv DEM 41.33 0.4 AntaresPharma ATRS 2.90 -0.7 HalozymeTherap HALO 15.20 -1.0 Pool POOL 121.31 1.2 PHI PHII 12.08 3.6
DuPont DD 81.54 0.8 ParTechnology PAR 7.25 3.9 VoyaInfrIndls IDE 14.33 1.0 FTHorizonMgdVolDom HUSV 21.94 0.4 iShGlobalConsDiscr RXI 96.28 0.1 WisdTrEuropeHdg HEDJ 62.17 0.3 AppFolio APPF 26.10 3.6 Hasbro HAS 100.55 1.0 PwrShDynTech PTF 44.40 0.6 Perfumania PERF 1.25 -3.8
EtnVncSrFltRte EFR 15.58 1.0 PennyMacMtgInvPfdA PMTpA 25.05 0.7 WageWorks WAGE 80.50 1.3 FT Chindia FNI 31.91 -0.4 iShNATech-Software IGV 127.49 0.2 WisdTrEuropeHdgSM EUSC 27.86 0.5 AppliedMaterials AMAT 39.38 0.6 HawthornBcsh HWBK 23.15 17.1 PwrShNasdInternet PNQI 94.60 0.3 PlayaHotels PLYA 10.30 0.8
EtnVncTxAdvOpp ETO 23.90 2.1 Penumbra PEN 84.80 6.3 Walker&Dunlop WD 42.73 2.6 FT TechAlphaDEX FXL 42.19 0.1 JanusVelVolLC SPXH 33.34 0.4 WisdTrEurQualDiv EUDG 23.14 0.7 ADP ADP 105.20 0.8 HealthcareSvcs HCSG 43.91 0.5 PrincplMillennials GENY 26.83 1.6 RamacoRscs METC 9.55 -4.6
EtnVncByWrFd ETV 15.54 1.0 PepsiCo PEP 111.52 0.2 WstAstVarRte GFY 16.98 0.1 FT USEquityOpp FPX 57.94 -0.1 HancockDevIntl JHMD 26.69 1.9 WisdTrGlbXMexico XMX 26.04 0.1 AveXis AVXS 85.98 15.4 ICU Medical ICUI 159.05 1.5 ProvidentBancorp PVBC 21.40 7.7 Rentech RTK 0.51 -11.3
EtnVncTxMgdEqu ETY 11.20 0.5 PerkinElmer PKI 57.35 2.0 WestlakeChem WLK 68.08 0.1 FlexShIntQualDiv IQDE 23.51 0.9 HancockTech JHMT 34.47 ... WisdTrGlbHiDiv DEW 45.47 0.3 B/EAerospace BEAV 64.89 0.2 IXYS IXYS 13.60 3.8 PrudentialBancorp PBIP 18.22 4.1 RokaBioscience ROKA 3.55 -3.8
EnzoBiochem ENZ 7.63 6.8 PhilipMorris PM 114.46 0.3 YPF YPF 23.82 -1.1 FlexShIntQuDivDyn IQDY 25.96 0.3 JPM DivRetGlEq JPGE 54.38 0.3 WisdTrIntlEquity DWM 50.03 0.3 BankofCommerce BOCH 11.00 10.0 Ichor ICHR 19.36 -0.3 QuantennaComms QTNA 25.45 2.5 RosettaGenmcs ROSG 3.73 -16.7
EquusTotReturn EQS 2.42 4.8 PioneerFR PHD 12.44 ... FlexShIntlQualDiv IQDF 24.40 0.4 JPM DivRetIntl JPIH 27.53 ... WisdTrIntlHdg HDWM 26.53 0.4 BeaconRoof BECN 50.61 0.8 Identiv INVE 7.29 6.8 RGC Resources RGCO 22.51 18.0 SeaSpine SPNE 6.31 4.2
Everi EVRI
FidelityNatlFin FNF
4.31
38.65
5.7
1.0
PlyGem
Procter&Gamble PG
PGEM 20.00
92.00
0.8
-0.5
NYSE lows - 20 FlexShMDevMktxUS TLTD
GaveKalLdrDevWorld KLDW
60.52
28.73
0.2
0.5
MSMktVectRupee INR
NatixisSeeyondIntl MVIN
40.68
41.19
0.4
0.5
WisdTrIntlHdgQual IHDG
WisdTrIntHdgSCDiv HDLS
28.55
26.06
0.3
0.3
BioTelemetry BEAT
Blackbaud BLKB
27.90
77.16
-0.2
...
InterNAP INAP
IntuitiveSurgical ISRG
3.60
752.20
0.9
0.8
ROBOGlblRobotics ROBO
ReconDAXGerm DAX
32.25
27.11
0.6
0.1
SmithMicro
SunshineHeart SSH
SMSI 1.10 1.8
3.13 -3.9
FullerHB FUL 52.49 1.7 Progressive PGR 40.47 0.7 AmTrustNts AFST 22.46 -6.7 GlbXMSCIArgentina ARGT 27.70 -0.4 OShFTSEAsiaPacQlty OASI 27.65 0.4 WisdTrIntlHiDiv DTH 40.65 0.2 BobEvansFarms BOBE 61.78 1.0 Investar ISTR 22.50 0.7 Repligen RGEN 35.36 3.5 Sunworks SUNW 1.34 -8.2
GMS GMS 34.26 2.8 Prudential PUK 44.11 0.3 AmTrustFinPfdE AFSIpE 23.12 -6.7 GSActiveBetaEM GEM 30.28 0.1 OppESGRevenue ESGL 28.23 ... WisdTrIntlLC Div DOL 45.71 0.2 BuildersFirstSrc BLDR 15.85 -0.8 iSectorsPostMPT PMPT 25.34 0.4 RevolutionLight RVLT 7.92 13.3 TransWorldEnt TWMC 2.35 -9.6
Gartner IT 112.42 ... RPM RPM 56.40 0.6 AmTrustFinPfdF AFSIpF 20.91 -7.4 GSActiveBetaEurope GSEU 27.65 0.6 OppGlbESGRevenue ESGF 27.23 0.3 WisdTrIntlMC Div DIM 60.40 0.5 CB FinSvcs CBFV 29.40 10.8 iShCoreMSCITotInt IXUS 54.94 0.2 RocketFuel FUEL 4.25 4.9 VS2xVIXMedTerm TVIZ 23.00 -1.8
GasLogPartners GLOP 24.85 ... Raytheon RTN 156.97 2.2 AmTrustFinPfdA AFSIpA 21.43 -8.3 GSActiveBetaIntlEq GSIE 26.21 ... PwrShDynSemicon PSI 41.42 0.7 WisdTrIntlSC DLS 65.92 0.6 CabotMicro CCMP 73.80 3.1 iShMSCIACWIETF ACWI 63.72 ... RuthsHospitality RUTH 20.00 1.5 VS2xVIXShortTerm TVIX 34.30 -2.6
GeneralDynamics GD 194.00 1.4 ResourceCapPfdB RSOpB 23.69 0.3 AmTrustFinPfdC AFSIpC 23.00 -6.3 GuggDefEqty DEF 41.88 0.2 PwrShDynSoftware PSJ 51.93 0.4 WisdTrJapanSC DFJ 67.70 0.7 CadenceDesign CDNS 32.00 0.7 iShMSCIACWIexUSETF ACWX 43.67 0.1 SelectBancorp SLCT 11.22 2.4 VSVIXMedTerm VIIZ 9.55 -0.6
GlobusMedical GMED 29.23 4.3 RexnordPfdA RXNpA 56.90 -0.1 AmTrustFinPfdB AFSIpB 21.80 -7.6 GuggFronMkts FRN 12.89 ... PwrShDynLC Grwth PWB 34.63 0.2 WisdTrUSExport WEXP 28.43 1.3 CalamosGlblTot CGO 11.87 -0.3 iShMSCIACxJpn AAXJ 63.04 ... SignatureBankWt SBNYW 124.00 3.3 VSVIXShortTerm VIIX 26.33 -1.1
GoldmanSachsBDC GSBD 25.59 0.8 Rexnord RXN 24.55 -0.2 AmTrustFinPfdD AFSIpD 22.85 -8.3 GuggIntlMltAst HGI 16.09 0.3 PwrShDevMkt xUS PXF 40.21 0.1 WorkplaceEquality EQLT 32.97 -0.1 Cavium CAVM 72.73 -0.2 iShMSCIEAFEESGOpt ESGD 60.12 0.4 SilganHoldings SLGN 61.38 0.9 XcelBrands XELB 3.40 4.2

Dividend Changes
Dividend announcements from March 17.
Amount Payable / Amount Payable / Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Increased Guggenheim S&P 500 Fncls RYF 2.0 .1974 Q Mar31 /Mar21 PwrSh Contrarian Opps CNTR 0.2 .01334 Q Mar31 /Mar21 SPDR S&P 600 SCp Gr SLYG 0.6 .32014 Q Mar27 /Mar21
Guggenheim S&P 500 Growth RPG 0.7 .1529 Q Mar31 /Mar21 Pwrsh FTSE Dev Mkt xUS PDN 0.3 .01839 Q Mar31 /Mar21 SPDR S&P 600 Small Cap SLY 1.2 .35371 Q Mar27 /Mar21
Independent Bank INDB 1.9 .32 /.29 Q Apr07 /Mar27 Guggenheim S&P 500 Top 50 XLG 1.9 .7792 Q Mar31 /Mar21 PwrSh FTSE US1500 S-M PRFZ 0.1 .02948 Q Mar31 /Mar21 SPDR S&P Bank KBE 1.0 .10972 Q Mar27 /Mar21
MTGE Investment MTGE 10.7 .45 /.40 Q Apr27 /Mar31 Guggenheim S&P 500Hlthcr RYH 0.4 .157 Q Mar31 /Mar21 PwrSh Intl Div Achievers PID 0.4 .01675 Q Mar31 /Mar21 SPDR S&P Biotech XBI 0.1 .0197 Q Mar27 /Mar21
W. P. Carey Inc. WPC 6.4 .995 /.99 Q Apr17 /Mar31
Guggenheim S&P 500Util RYU 3.3 .69 Q Mar31 /Mar21 PwrSh Russ 1000 Equal Wt EQAL 0.4 .02591 Q Mar31 /Mar21 SPDR S&P Capital Markets KCE 2.8 .32779 Q Mar27 /Mar21
Washington Trust Bancorp WASH 2.9 .38 /.37 Q Apr13 /Apr03 Guggenheim S&P MC 400 EW EWMC 1.3 .1873 Q Mar31 /Mar21 PwrSh S&P 600 Low Vol XSLV 0.4 .04016 Q Mar31 /Mar21 SPDR S&P Dividend SDY 2.0 .43735 Q Mar27 /Mar21
Reduced Guggenheim S&P Midcap 400 RFG 1.1 .3833 Q Mar31 /Mar21 PwrShrs FTSE RAFI ex-U.S. PXF 0.4 .04022 Q Mar31 /Mar21 SPDR S&P Gl Dividend WDIV 1.7 .27336 Q Mar29 /Mar21
New York Mortgage Tr NYMT 12.6 .20 /.24 Q Apr25 /Mar27 Guggenheim S&P Midcap 400 RFV 1.3 .1973 Q Mar31 /Mar21 PwrShrs Glbl Agriculture PAGG 0.4 .02798 Q Mar31 /Mar21 SPDR S&P Hlth Care Svcs XHS 0.1 .02152 Q Mar27 /Mar21
Guggenheim S&P SC 600 EW EWSC 1.2 .1536 Q Mar31 /Mar21 PwrShrs QQQ Tr Series 1 QQQ 0.8 .27415 Q Apr28 /Mar21 SPDR S&P Homebuilders XHB 0.7 .0663 Q Mar27 /Mar21
Initial Guggenheim S&P Scap 600 RZG 0.5 .1309 Q Mar31 /Mar21 PwrShrs Zacks Micro Cap PZI 7.8 .35479 Q Mar31 /Mar21 SPDR S&P Insurance KIE 1.3 .28219 Q Mar27 /Mar21
Morgan Stanley Pfd. K MSpK .30469 Apr17 /Mar31 Guggenheim S&P Smlcp 600 RZV 1.2 .1992 Q Mar31 /Mar21 PwrShs Ex Trd FTSE RAFI PRF 0.3 .07716 Q Mar31 /Mar21 SPDR S&P Intl Div Curr HDWX 2.3 .25097 Q Mar29 /Mar21
Guggenheim S&P500 EW Tech RYT 0.8 .2327 Q Mar31 /Mar21 PwrShs Glbl Lstd Prvt Eq PSP 3.9 .11681 Q Mar31 /Mar21 SPDR S&P Intl Dividend DWX 2.4 .22313 Q Mar29 /Mar21
Funds and investment companies Health Care Sel Sector XLV 1.5 .27384 Q Mar27 /Mar21 PwrShs S&P Intl Dev Hi IDHD 1.9 .12627 Q Mar31 /Mar21 SPDR S&P Intl Energy IPW 3.0 .13455 Q Mar29 /Mar21
BLDRS Asia 50 ADS Index ADRA 0.4 .03136 Q Apr28 /Mar21 Industrial Select Sector XLI 1.8 .2967 Q Mar27 /Mar21 PwrShs SP SmCp Cons Discr PSCD 0.1 .01616 Q Mar31 /Mar21 SPDR S&P Intl Finl IPF 1.3 .06937 Q Mar29 /Mar21
BLDRS Dev Mkts 100 ADS ADRD 2.7 .14331 Q Apr28 /Mar21 iPath GEMS Asia 8 ETN AYT 1.0 .0326 M Mar22 /Mar21 PwrShs WldrHll Prgrs Ergy PUW 0.7 .04609 Q Mar31 /Mar21 SPDR S&P Intl Health Care IRY 3.2 .378 Q Mar29 /Mar21
BLDRS Emerg Mkts 50 ADS ADRE 0.2 .02065 Q Apr28 /Mar21 iPath GEMS Index ETN JEM 4.4 .1059 M Mar22 /Mar21 Real Estate Sector SPDR XLRE 2.5 .19771 Q Mar27 /Mar21 SPDR S&P Intl Industrial IPN 0.2 .01673 Q Mar29 /Mar21
BLDRS Europe 100 ADS ADRU 3.1 .15677 Q Apr28 /Mar21 Matls Select Sector SPDR XLB 1.3 .16403 Q Mar27 /Mar21 Renaissance IPO ETF IPO 0.4 .02173 Q Mar27 /Mar21 SPDR S&P Intl Materials IRV 1.6 .08564 Q Mar29 /Mar21
Cnsmr Staples Sel Sector XLP 2.1 .28985 Q Mar27 /Mar21 OSh FTSE Eur Quality Div OEUH 1.5 .03317 M Mar23 /Mar21 S&P Intl Cons Staples IPS 1.6 .16678 Q Mar29 /Mar21 SPDR S&P Intl Tech IPK 0.1 .00948 Q Mar29 /Mar21
Consumer Disc Sel Sector XLY 1.2 .26054 Q Mar27 /Mar21 PowerSh Dyn Biotech PBE 0.5 .05552 Q Mar31 /Mar21 SPDR Aero & Dfns XAR 0.7 .125 Q Mar27 /Mar21 SPDR S&P Intl Telecomm IST 0.6 .03886 Q Mar29 /Mar21
Energy Select Sector SPDR XLE 2.4 .41902 Q Mar27 /Mar21 PowerSh Dynamic Pharm PJP 0.2 .03683 Q Mar31 /Mar21 SPDR DJ Glbl Real Estate RWO 2.2 .25724 Q Mar29 /Mar21 SPDR S&P Intl Utilities IPU 2.5 .09906 Q Mar29 /Mar21
Fidelity Core Div ETF FDVV 3.6 .244 Q Mar23 /Mar21 PowerSh Dynamic Retail PMR 0.3 .02313 Q Mar31 /Mar21 SPDR DJ Intl Real Estate RWX 5.0 .19844 Q Mar29 /Mar21 SPDR S&P Metals & Mining XME 0.5 .03972 Q Mar27 /Mar21
Fidelity Div Rising Rates FDRR 2.8 .199 Q Mar23 /Mar21 PowerSh FTSE RAFI EM PXH 0.3 .01342 Q Mar31 /Mar21 SPDR DJ REIT RWR 2.6 .60809 Q Mar27 /Mar21 SPDR S&P MidCap 400 ETF MDY 1.0 .82281 Q Apr28 /Mar21
Fidelity Low Vol Factor FDLO 1.6 .107 Q Mar23 /Mar21 PowerSh S&P 500 Hi Beta SPHB 0.5 .04619 Q Mar31 /Mar21 SPDR DJIA Tr DIA 2.3 .40817 M Apr17 /Mar21 SPDR S&P O&G Exp & Prd XOP 0.8 .07387 Q Mar27 /Mar21
Fidelity Momentum Factor FDMO 1.2 .081 Q Mar23 /Mar21 PowerSh WildrHil Clean PBW 1.4 .01339 Q Mar31 /Mar21 SPDR EAFE Fossil Fuel Fr EFAX 1.4 .22603 Q Mar29 /Mar21 SPDR S&P Oil&Gas Equi XES 0.5 .02347 Q Mar27 /Mar21
Fidelity MSCI Con Staples FSTA 2.0 .162 Q Mar23 /Mar21 PowerShares Div Achievers PFM 0.4 .02346 Q Mar31 /Mar21 SPDR EM Fossil Fuel Free EEMX 1.6 .2398 Q Mar29 /Mar21 SPDR S&P Pharmaceuticals XPH 0.3 .02696 Q Mar27 /Mar21
Fidelity MSCI Cons Disc FDIS 1.1 .094 Q Mar23 /Mar21 PowerShares DWA Mom Low DWLV 1.0 .06425 Q Mar31 /Mar21 SPDR Em Mkts Div ETF EDIV 0.7 .05057 Q Mar29 /Mar21 SPDR S&P Regional Bkg KRE 1.2 .17365 Q Mar27 /Mar21
Fidelity MSCI Engy Index FENY 2.5 .121 Q Mar23 /Mar21 PowerShares DWA Utilities PUI 2.6 .17753 Q Mar31 /Mar21 SPDR EURO STOXX 50 FEZ 0.8 .07062 Q Mar29 /Mar21 SPDR S&P Retail XRT 1.0 .10797 Q Mar27 /Mar21
Fidelity MSCI Financials FNCL 1.5 .135 Q Mar23 /Mar21 PowerShares India PIN 1.6 .08825 Q Mar31 /Mar21 SPDR EURO STOXX 50 Curr HFEZ 0.8 .07254 Q Mar29 /Mar21 SPDR S&P Semiconductor XSD 0.6 .09054 Q Mar27 /Mar21
Fidelity MSCI Hlth Care FHLC 1.4 .125 Q Mar23 /Mar21 PowerShares S&P 500 Mom SPMO 0.2 .01507 Q Mar31 /Mar21 SPDR Gender Diversity SHE 1.7 .2729 Q Mar27 /Mar21 SPDR S&P Software & Svcs XSW 0.2 .02607 Q Mar27 /Mar21
Fidelity MSCI Industrials FIDU 1.8 .155 Q Mar23 /Mar21 PowerShares S&P 500 Qual SPHQ 0.3 .02258 Q Mar31 /Mar21 SPDR Global Dow DGT 1.3 .25033 Q Mar27 /Mar21 SPDR S&P Tech Hardware XTH 0.4 .0638 Q Mar27 /Mar21
Fidelity MSCI Info Tech FTEC 1.0 .101 Q Mar23 /Mar21 PowerShares S&P 500 Value SPVU 0.6 .04471 Q Mar31 /Mar21 SPDR Morgan Stanley Tech MTK 0.7 .12149 Q Mar27 /Mar21 SPDR S&P Telecom XTL 1.3 .2272 Q Mar27 /Mar21
Fidelity MSCI Matls Index FMAT 1.7 .133 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDLV 0.6 .04375 Q Mar31 /Mar21 SPDR MSCI USA Strat QUS 1.7 .29829 Q Mar27 /Mar21 SPDR S&P Transportation XTN 0.7 .09394 Q Mar27 /Mar21
Fidelity MSCI Real Est FREL 2.8 .165 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDMO 3.9 .23084 Q Mar31 /Mar21 SPDR Russ 1000 Low Vol ONEV 1.6 .27867 Q Mar27 /Mar21 SPDR SP1500 Momentum Tilt MMTM 1.7 .41722 Q Mar27 /Mar21
Fidelity MSCI Telecom Svs FCOM 2.8 .22 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDHQ 0.5 .02655 Q Mar31 /Mar21 SPDR Russ 1000 Momentum ONEO 1.1 .19629 Q Mar27 /Mar21 SPDR SSGA US LC Low Vol LGLV 1.6 .34208 Q Mar27 /Mar21
Fidelity MSCI Utilities FUTY 2.9 .245 Q Mar23 /Mar21 PowerShs Dev EuroPacific FXEP 0.4 .02383 Q Mar31 /Mar21 SPDR Russ 1000 Yd Focus ONEY 2.5 .44437 Q Mar27 /Mar21 SPDR SSGA US SC Low Vol SMLV 1.5 .35912 Q Mar27 /Mar21
Fidelity Nasdaq Cmp-Trckg ONEQ 0.6 .35 Q Mar23 /Mar21 PowerShs Dynamic LC Val PWV 0.3 .02717 Q Mar31 /Mar21 SPDR Russell 1000 ETF ONEK 1.7 .4672 Q Mar27 /Mar21 SPDR STOXX Europe 50 FEU 3.2 .25923 Q Mar29 /Mar21
Fidelity Quality Factor FQAL 1.2 .084 Q Mar23 /Mar21 PowerShs KBW P&C Ins KBWP 0.4 .06241 Q Mar31 /Mar21 SPDR Russell 2000 ETF TWOK 1.1 .23005 Q Mar27 /Mar21 SPDR Wells Fargo Pfd PSK 3.7 .40 Q Mar27 /Mar21
Fidelity Value Factor ETF FVAL 1.5 .108 Q Mar23 /Mar21 PS FTSE Intl Low Beta Eq IDLB 0.4 .02534 Q Mar31 /Mar21 SPDR Russell 3000 ETF THRK 1.6 .71561 Q Mar27 /Mar21 Technology Sel Sector XLK 1.5 .20524 Q Mar27 /Mar21
Finl Select Sector SPDR XLF 1.4 .0879 Q Mar27 /Mar21 PS KBW Banks KBWB 0.5 .06168 Q Mar31 /Mar21 SPDR S&P 1000 ETF SMD 1.2 .27819 Q Mar27 /Mar21 Utilities Sel Sector SPDR XLU 3.0 .38719 Q Mar27 /Mar21
FTSE RAFI As Pac exJpn PAF 0.9 .12769 Q Mar31 /Mar21 PS KBW Regional Bk KBWR 0.5 .06573 Q Mar31 /Mar21 SPDR S&P 1500 Value Tilt VLU 1.8 .42584 Q Mar27 /Mar21
Guggenheim MSCI EM Equ EWEM 0.7 .0556 Q Mar31 /Mar21 PS Russ 1000 Low Beta Eq USLB 0.3 .02052 Q Mar31 /Mar21 SPDR S&P 400 Mid Cap Gr MDYG 1.0 .3562 Q Mar27 /Mar21 Stocks
Guggenheim S&P 100 EW OEW 1.3 .0968 Q Mar31 /Mar21 PS Russell 2000 EW EQWS 0.2 .02153 Q Mar31 /Mar21 SPDR S&P 400 Mid Cap Val MDYV 1.4 .33261 Q Mar27 /Mar21 Rosetta Genomics ROSG 1:12 /Mar17
Guggenheim S&P 500 RPV 2.1 .3076 Q Mar31 /Mar21 PS Russell 2000 Pure Grw PXSG 0.3 .01969 Q Mar31 /Mar21 SPDR S&P 500 SPY 1.7 1.03312 Q Apr28 /Mar21
Guggenheim S&P 500 Enrgy RYE 2.1 .3076 Q Mar31 /Mar21 Foreign
PS Russell 2000 Pure Val PXSV 0.2 .01651 Q Mar31 /Mar21 SPDR S&P 500 Buyback ETF SPYB 1.4 .1889 Q Mar27 /Mar21
Guggenheim S&P 500 Equal RGI 1.0 .268 Q Mar31 /Mar21 Deutsche Bank DB 1.1 .2024 A May23 /May18
PS Russell MC Pure Growth PXMG 0.5 .04073 Q Mar31 /Mar21 SPDR S&P 500 Fossil Fuel SPYX 1.6 .22922 Q Mar27 /Mar21
Guggenheim S&P 500 EqWt RTM 1.7 .3948 Q Mar31 /Mar21 PS Russell MC Pure Value PXMV 0.2 .01866 Q Mar31 /Mar21 SPDR S&P 500 Growth SPYG 1.4 .39611 Q Mar27 /Mar21
Guggenheim S&P 500 EqWtCn RHS 1.5 .4844 Q Mar31 /Mar21 PS Russell Top 200 Pure G PXLG 0.3 .02857 Q Mar31 /Mar21 SPDR S&P 500 High Div ETF SPYD 3.6 .31759 Q Mar27 /Mar21
Guggenheim S&P 500 EW RSP 1.5 .35 Q Mar31 /Mar21 PS Russell Top 200 Pure V PXLV 0.2 .01403 Q Mar31 /Mar21 SPDR S&P 500 Value SPYV 2.0 .58276 Q Mar27 /Mar21 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Guggenheim S&P 500 EW Con RCD 1.4 .3165 Q Mar31 /Mar21 PS S&P Emg Mkts Low Vol EELV 0.7 .03936 Q Mar31 /Mar21 SPDR S&P 600 SCap Val SLYV 1.8 .5313 Q Mar27 /Mar21 S2:1: stock split and ratio; SO: spin-off.

ADVERTISEMENT Cash Prices | WSJ.com/commodities Friday, March 17, 2017


These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate

The Mart
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from the futures price on an exchange, which reflects what the commodity might be worth in future months.

Friday Friday Friday


LBMA Gold Price PM *1229.35 Aluminum, LME, $ per metric ton *1895.0
Energy 1279.82
Krugerrand,wholesale-e Copper,Comex spot 2.6795
BUSINESS FOR SALE BUSINESS OPPORTUNITY MORTGAGES
Propane,tet,Mont Belvieu-g 0.5990 Maple Leaf-e 1292.13 Iron Ore, 62% Fe CFR China-s 92.3
Butane,normal,Mont Belvieu-g 0.7413 American Eagle-e 1292.13 Shredded Scrap, US Midwest-s,w 325
 
  NaturalGas,HenryHub-i 2.820 Mexican peso-e 1491.73 Steel, HRC USA, FOB Midwest Mill-s 645
 
 
   NaturalGas,TranscoZone3-i 2.800 Austria crown-e 1209.23
Austria phil-e 1292.13
Fibers and Textiles

  NaturalGas,TranscoZone6NY-i 3.040
       
  ! NaturalGas,PanhandleEast-i 2.460 Silver, troy oz. Burlap,10-oz,40-inch NY yd-n,w 0.5950

 "

 #$ 
 %  NaturalGas,Opal-i 2.450 Engelhard industrial 17.3400 Cotton,1 1/16 std lw-mdMphs-u 0.7586
NaturalGas,MarcellusNE PA-i 2.640 Engelhard fabricated 20.8080 Cotlook 'A' Index-t *87.40
  &
'   
 
  ( )&* +  NaturalGas,HaynesvilleN.LA-i 2.750 Handy & Harman base 17.3500 Hides,hvy native steers piece fob-u 77.000
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 51.600 Handy & Harman fabricated 21.6880 Wool,64s,staple,Terr del-u,w 4.20

 '  ,-  

Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.450 LBMA spot price £14.0765
./ -0  1/  %
(U.S.$ equivalent) 17.4000
Grains and Feeds
    
    2 (3&& Metals Coins,wholesale $1,000 face-a 13423 Barley,top-quality Mnpls-u 4.70
)% CAPITAL WANTED
Gold, per troy oz Other metals Bran,wheat middlings, KC-u 90
   -
 4 $

0 LBMA Platinum Price PM *956.0 Corn,No. 2 yellow,Cent IL-bp,u 3.3800
-
 
'  &  %3 Engelhard industrial 1232.74
Engelhard fabricated 1325.20 Platinum,Engelhard industrial 954.0 Corn gluten feed,Midwest-u,w 92.6
 
!"# Handy & Harman base 1229.60 Platinum,Engelhard fabricated 1054.0 Corn gluten meal,Midwest-u,w 503.9
Palladium,Engelhard industrial 782.0 Cottonseed meal-u,w 215
$%& $'% (%&) Handy & Harman fabricated 1364.85
Hominy feed,Cent IL-u,w 88
LBMA Gold Price AM *1225.60 Palladium,Engelhard fabricated 882.0

*
 +!- Meat-bonemeal,50% pro Mnpls-u,w 288
Oats,No.2 milling,Mnpls-u 2.8500
PROFESSIONAL SERVICES Rice, 5% Broken White, Thailand-l,w 345.00
ADVERTISEMENT Rice, Long Grain Milled, No. 2 AR-u,w 20.25
Sorghum,(Milo) No.2 Gulf-u 6.8750

BROKER/DEALER
INVESTMENT MANAGER
Global (ASIAN) Prices
U.S. Quality
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SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
324.90
9.6450
6.3900
$50,000 Needed If you need to lower your manufacturing Wheat,No.2 soft red,St.Louis-bp,u 4.2350
For Sale with well-established Six Month Loan, Wheat - Hard - KC (USDA) $ per bu-u 4.0850
costs for your product or machine parts Wheat,No.1soft white,Portld,OR-u 4.6375
clientele. Closter, North. NJ totally collateralized in order to make a higher profit, RRR PUBLIC NOTICES NOTICE OF SALE
David 201-767-1050 with high Interest rate and Development is a precision Machining
Food
repexinvestments@cs.com unique upside bonus. and Assembly Company located in North   
      
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425-450-4000 Canton, Ohio with Operations in Vietnam    
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select 1-3,600-900 lbs.-u 193.78
(10 years, U.S. Operated) that enjoys  
             
   
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& '@ (@'A 
$ 
 
 

Broilers,dressed 'A'-u n.a.
BUSINESS OPPORTUNITY DUTY FREE IMPORT TAXES (ASEAN)     

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CAREERS into most South East Asia Regions. We  
        


    %  
  
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 ? Butter,AA Chicago 2.1300
are licensed to import back into the U.S.     ! "
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     Cheddar cheese,bbl,Chicago 136.50
   
  $ %&%'(
()*+,, - 
   
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PERMIAN BASIN OILFIELDS FOR SALE     

%
 Cheddar cheese,blk,Chicago 140.00
www.rrrdev.com ' *)%'         
  ? 
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  Milk,Nonfat dry,Chicago lb. 80.50
in middle of 20 billion bbl Wolfcamp field.        !.    -  
 
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Cocoa,Ivory Coast-w n.a.
Owner/operator w/ 1,800 acres, 5 fields, M & A BUSINESS BROKERS 
/     #   
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200+ BOPD. 1,000,000+ barrels reserves. 
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"  1@ (@'2  '3@@ .%.   +  !" Coffee,Brazilian,Comp 1.3951
Excellent development potential. Sell & Show Businesses SEMINARS & CONFERENCES             #

 
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? Eggs,large white,Chicago-u 0.5850
Principals only. Must sign C . A . As Independent Contractor (1099). 0  
          
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8?%
 Flour,hard winter KC 13.15
Minimum 25 hours per week        
      0. 
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985-246-3026 NY@shaleteam.com Tom Sosnoff Webinar   %  %   % 8      %
 
Work From Home / Outside Sales Legendary online brokerage innovator,     "
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Leads Furnished - Since 1985    
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presents the all new         1         ? ?
%        
Send Letter & Resume to: TastyWorks stock trading platform.           0  1     . #   9 ? 8
  

Pork loins,13-19 lb MidUS-u 1.0049
Private Equity Available! brokers@gottesman-company.com Tuesday, March 21, 5 pm ET   5 1            


    % 
  Steers,Tex.-Okla. Choice-u 126.89

      
? 8
%
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For west & southwest mrkt. Visit our website: gottesman-company.com Book now for this free, interactive event.           &  % 
 
  
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Apts. Self-Storage, hospitality    . 0   &66000 5
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805-260-6444 COMMERCIAL PROPERTIES   Lard,Chicago-u n.a.
TRAVEL
"  1  
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81  
 
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INVEST IN MEDICAL EQUIPMENT For Sale 30 Property Portfolio NNN Save Up To 60%  $:   4))) :   *)2+) sales.legalnotices@wsj.com
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Placed in high volume Medical Practices.
15 yr term - annual rent bumps INTERNATIONAL     
 

 
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$34 million approximately 5.5% cap Major Airlines, Corporate Travel   0         Brooks; G=ICE; I=Natural Gas Intelligence;
Fee Based Earnings $500k + S.E. USA Never Fly Coach Again!    . 0   0       L=livericeindex.com; M=midday; N=nominal; n.a.=not
www.cooktravel.net  
 


       quoted or not available; R=SNL Energy; S=The Steel
Call 24/7 at 877-670-1134 NNN30properties@aol.com (800) 435-8776   >  © 2017 Dow Jones & Company, Inc. Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not
All Rights Reserved. quoted. *Data as of 3/16
Source: WSJ Market Data Group
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | B9

MARKETS

China Oil Demand Proves a Slippery Stat


To Tighten BY GEORGI KANTCHEV millions of companies of all stantially, analysts said.

Oversight Investors fretting about too


much oil supply may get some
Data on Demand
Global oil-demand estimates 100 2016 revision: +901,700
sizes, whereas supply can be
estimated from the prean-
nounced expansion plans of a
“Continued upgrades to his-
toric demand figures are par-
ticularly frustrating,” analysts

Of Bitcoin
are usually revised upward, 90
cheer from demand, or at least which carries significance much, much smaller number at Swiss bank UBS Group AG
the statistics that consistently for prices. 80 of companies,” he said. wrote in a recent report. The
underestimate it. 70 “Our accuracy has improved bank estimates that for 31 of
BY CHAO DENG The International Energy Oil-demand forecasts recently, but there are so the past 35 quarters, IEA data
60
Agency’s annual estimates of Millions of barrels a day many moving parts in the revisions have shown a tighter
BEIJING—China’s central global crude demand have 50 market,” he said. oil market than it initially esti-
Reports from
bank is moving to regulate its been revised up for the past January of 40 On Friday, oil for April de- mated.
domestic bitcoin industry, cir- seven years by an average of each year livery on the New York Mer- UBS believes that demand
culating new guidelines that, if 880,000 barrels a day, accord- 30 cantile Exchange rose less is also harder to pin down be-
enacted, would require ex- ing to a Wall Street Journal Report from 20 than 0.1%, to $48.78 a barrel. cause about half of global oil
changes to verify the identity analysis. March 2017 Brent crude, the global bench- consumption comes from
10
of clients and adhere to bank- Investors and analysts be- mark, also gained less than countries outside the Organi-
ing regulations. lieve that the IEA will have
Note: Compares current-year January 0 0.1%, to $51.76 on ICE Futures zation for Economic Coopera-
demand forecasts against agency's most
The move to regulate bit- also underestimated demand recent estimate for each year (March 2017) 2010 ’11 ’12 ’13 ’14 ’15 ’16 Europe. tion and Development, where
coin exchanges brings assur- this year, suggesting that more Source: International Energy Agency THE WALL STREET JOURNAL. The IEA has already raised statistical gathering isn’t well
ance that Chinese authorities oil is being bought than the its 2017 demand forecast once developed. The U.S., an OECD
will tolerate some level of market currently believes. of 2.3 million barrels a day, ac- market analyst at the IEA, said this year, by 200,000 barrels a member state and the world’s
trading, after months of un- “In recent years, we’ve seen cording to an analysis by The demand is harder to estimate day. But going by past exam- biggest crude consumer, pro-
certainty. A draft of the guide- oil demand being constantly Wall Street Journal. A spokes- than supply. ples—and with an upturn in duces weekly demand esti-
lines also indicates officials revised higher and by the man for the agency said the It involves “billions of con- global growth—the number mates, and they are often later
aim to bring practices in line looks of it this year shouldn’t underestimation is due to lags sumers world-wide and many could still be increased sub- revised.
with how bitcoin is traded in be any different,” said Rob in historical data and the lack
other markets. Thummel, portfolio manager of data from some countries,
The draft states that Chi- at Tortoise Capital Advisors, among other reasons. ADVERTISEMENT
nese bitcoin exchanges would which manages $17 billion in The IEA’s data, though, is
be subject to banking and energy assets. “This is a clear the most closely watched and
anti-money-laundering laws
and be required to collect in-
positive for oil prices.”
U.S. oil prices last week fell
is often used by oil analysts in
their own reports.
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
formation to identify custom- 9.1% on data that showed The agency estimates global
ers, according to people famil- American inventories were oil demand based on data and
iar with the matter. They say still rising. statistical models. It then re- TRAVEL
the draft, if implemented, The history of discrepancies vises the statistics in monthly
would require exchanges to in- underscores how oil markets reports as more data become
stall systems for collecting often trade on incomplete available. The Journal com-

 ! #
and reporting suspicious trad- data. pared the IEA’s predictions for
The demand revisions have annual demand made in Janu-
amounted, on average, to less ary of each of the past seven
than 1% of a giant market in years with latest available es-
The exchanges would which about 97 million barrels timates for those years. Look-
be subject to banking of oil are sold daily. ing at predictions made in
But the difference, if re- March and September over the
and anti-money-

   
peated this year, is important. seven years painted a similar
laundering laws. The oversupply that has pres- picture of consistent underes-
sured oil prices for almost timates.
three years was estimated at Revisions of oil supply esti-
about 1% to 2% of the market mates are typically much
ing activity to authorities. in 2016. smaller than for demand—and
The people said officials To be sure, the IEA may get are often about correcting
could still revise the guide- its prediction right this year, overestimates for crude pro-
lines, which were passed to and others release demand duction. The IEA’s supply data
exchanges in recent days.
The People’s Bank of China
didn’t respond to a request for
predictions that are used by
investors. Still, there is little
evidence that those other
have been revised down
60,000 barrels a day on aver-
age over the past seven years,
  

 
  
comment. forecasts are more accurate. according to the Journal anal-
Chinese investors have fled The U.S. Energy Information ysis. That means the oversup-
the market since authorities Administration’s forecasts ply usually ends up being
started scrutinizing bitcoin have underestimated con- smaller than initially thought,
trading in the country, sumption over the past seven another positive for those
prompting exchanges to install
trading fees and, in some
years, with the annual figures
being revised up by an average
wanting higher oil prices.
Matt Parry, a senior oil
       
cases, to suspend withdrawal
of bitcoin from platforms.


     

   

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Analysts say a big reason ('  !   '   !  
             
FRANCE
China’s central bank began ('  !  ' $  
                  

probing bitcoin exchanges this (  !  "  ((.  !/0 


            

( $  " ' ((.  !/0 


year was concern that Chinese
            

( $ *!"  ((.  !/0 


           

investors were using bitcoin to %(   * 


get money out of the country, (%  ! " % ((.  !/0 
           

 


albeit in small amounts, at a (  ! *!*! ) ((.  !/0 
           

time when Beijing has tried to 


%&' 7
rein in capital outflows. The ) 7!"  %   - !!
                 

bitcoin network flies under the )( 7!"  " #   !  


            

radar of authorities, which has )( $  " #   !  


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allowed holders to move bit- %' *7
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Financial regulators around sales.showroom@wsj.com  9"$! :4 $ 1+ +,-  3')4        

%  -  *7 2    $" 3 4


the world have struggled with For more information visit:
  

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how to handle the virtual cur- wsj.com/classifieds )  171 ;- *7 + / ! 2! 3')4    CALL
rency. U.S. federal and state ')  1  71 ;- *7 !/ -- 3#4
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Japan is moving to regulate <1  55 *  <  1  1  FOR MORE


bitcoin exchanges after the
  
 
INFORMATION VISIT
2014 bankruptcy of a Tokyo-   
   
based exchange highlighted
wsj.com/classifieds   

 

gaps in regulation. © 2017 Dow Jones & Company, Inc.   
All Rights Reserved.
—Suryatapa Bhattacharya
contributed to this article.
B10 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

MARKETS
U.S. Stocks, Bonds Notch Weekly Gains
Utilities, real-estate
shares lift S&P 500; Call to Yield Fed rate
increase
2%
energy sector recoups Expectations for a steady pace of S&P 500
some week-ago losses real estate
interest-rate increases from the s1.7%
Federal Reserve sparked a rally this
BY CORRIE DRIEBUSCH S&P 500
AND AARON KURILOFF
past week in bonds and stocks known
utilities
for paying relatively hefty dividends, s1.3%
Investors poured money while financial shares slipped.
into government bonds and 1
S&P 500
dividend-paying stocks Friday, telecom
pushing major indexes to PERCENTAGE CHANGE SINCE MARCH 10 s1.3%
weekly gains.
The Dow Jones Industrial
Average slipped 19.93 points,
or 0.1%, to 20914.62 on Friday, S&P 500
while the S&P 500 fell 3.13 s0.2%
points, or 0.1%, to 2378.25, and 0
the Nasdaq Composite added
0.24 point, or less than 0.01%,
to 5901.00. U.S. stocks ended
the week higher, with the Dow
industrials up 0.1% and the
S&P 500 gaining 0.2%. S&P 500
Government bond prices financials
and bond-like stocks got a –1 t0.9%
boost after the Fed signaled Monday Tuesday Wednesday Thursday Friday
that interest rates could stay
low for longer than expected, YIELD ON 10-YEAR TREASURY NOTE PROBABILITY OF FOUR RATE INCREASES IN 2017
even as officials continue to
2.65% 28%
gradually nudge them higher. Fed rate
Utilities stocks in the S&P increase
26
2.60
500 rose 0.6% on Friday, the Friday
best performers in the index, Friday 24 23%
while the real-estate sector, 2.55
2.500% 22
which mainly includes real-es-
tate investment trusts that 2.50
20
distribute most of their in-
come to shareholders, climbed 2.45 18
0.2%. Monday Tuesday Wednesday Thursday Friday March 10 13 14 15 16 17
The two sectors, often con-
sidered bond proxies for their Sources: FactSet (indexes); Thomson Reuters (yield); CME Group (probability) THE WALL STREET JOURNAL.
relatively high dividends,
notched weekly gains of 1.3%
and 1.7%, respectively. The yield on the 10-year raise rates four times in 2017. a barrel. This past week they end-of-day volume as a host of a basket of 16 others, lost 0.1%
This past week marked the U.S. Treasury note declined to That turned out not to be the have gained back 0.6%, after futures and options contracts to end the week 1.3% lower af-
16th-consecutive week of in- 2.500% Friday, according to case. falling more than 9% the prior are set to expire at the close. ter the Fed’s signals led some
flows into exchange-traded Tradeweb, compared with “The language was dovish week because of concerns The quarterly event, known as investors to reduce their dol-
funds that invest primarily in 2.526% on the previous day. enough to give the markets about resilient output from “quadruple witching,” signals lar bets. It was the dollar’s
companies that dole out divi- Yields decline as prices move some comfort that we weren’t the U.S. and uncertainty over the expiration of index futures, largest weekly decline since
dends, according to EPFR higher. going to see a lot more tight- how much the Organization of single-stock futures, index op- July.
Global data through Wednes- Leading up to the central ening,” said Marc Pinto, port- the Petroleum Exporting tions and single-stock options, Stocks in Europe ended the
day. During that time, $6.9 bil- bank meeting, many Fed offi- folio manager at Janus Capital Countries will cut production. and can increase volatility in week higher, with the Stoxx
lion have flowed into these cials spoke about how the case Group. The S&P 500 energy sector the market. Europe 600 rising 1.4%. In
funds. for raising rates had strength- “I think the dividend and ended Friday slightly lower, The dollar slipped Friday, Asia, the Shanghai Composite
The inflows come even as ened due to improving eco- income story does not go away but posted weekly gains of weighed down by investors’ added 0.8% in the past week,
the Federal Reserve has raised nomic data. Their tone with a higher 10-year yield.” 0.3%, a slight bounceback from expectations of a slower pace while the Hang Seng Index
interest rates twice and is on sparked worries among some U.S.-traded crude-oil prices the prior week’s 2.6% loss, its of interest rate increases. The gained 3.1%.
pace to raise rates an addi- investors that the central bank added to weekly gains Friday, worst since September. WSJ Dollar Index, which mea- —Ira Iosebashvili
tional two times in 2017. may be more aggressive and rising less than 0.1% to $48.78 Friday brought a surge of sures the U.S. currency against contributed to this article.

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

Options for
Toshiba Are
Amgen’s Money-Back Guarantee OVERHEARD
For insurance companies, Trump. than $150 million in cumula- Cost-cutting targets, stra-
Under Pressure
Unappealing drug-stock investors, and the
president, price matters.
Amgen served as a re-
Annual Repatha sales
While Amgen has signed
deals with insurers offering
discounts on Repatha if the
tive drug sales since ap-
proval was received.
Those projections are
tegic reviews: Companies em-
ploy many tactics when re-
sults are poor. Swatch
The blast wave from minder on Friday. New clini- $3.0 billion drug doesn’t perform, the counting on Repatha to gen- Group is trying something a
Toshiba’s nuclear mess could cal data from the biotech gi- drug maker took it a step erate essentially all of Am- bit different: reaching for the
yet be felt across the Pacific. ant show its cholesterol drug 2.0 further by offering its guar- gen’s revenue growth family scrapbook.
Months after unveiling bil- Repatha, when used in com- antee in the company’s through 2022. The Swiss watch-
lions of dollars of write- bination with statins, caused 1.0 press release that an- Sales of Amgen’s current maker’s annual report featured
downs at nuclear subsidiary a 20% reduction in deaths, nounced the data. best-selling product, the photos of the management
Westinghouse Electric, the strokes and heart attacks, The refund offer that the anti-inflammatory drug En- team as children. Board Chair-
0
Japanese conglomerate still compared to traditional sta- company made to insurers brel, are expected to drop woman Nayla Hayek wrote
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22
hasn’t recovered. Toshiba de- tin therapy. However, the ANALYSTS’ FORECASTS
could make paying for per- 20% over that period as the that her father, Swatch
layed its December-quarter data don’t show a meaning- Source: FactSet formance a more accepted product ages. founder, Nicolas Hayek, was
results for a second time ful reduction in cardiovascu- way to balance drug prices The good news: Amgen fond of encouraging people to
Tuesday, pushing it one step lar mortality rates for pa- before rebates and discounts. with their value. shares trades at less than 14 channel their six-year-old
closer to being delisted from tients on Repatha. A statin, meanwhile, has a For Amgen, even the re- times forward earnings, selves. “At six years old, you
the Tokyo Stock Exchange. The data are strong in an minimal cost. That dynamic fund offer may not bring in- more or less on par with never lose hope,” she wrote.
Toshiba is trying to shore absolute sense, but left in- has weighed on Repatha surers on board given the most of its large biotech and Her brother, CEO Nick
up its memory-chip business vestors disappointed. sales since the drug’s launch drug’s failure to improve in pharma peers. Hayek, is known for bullish
but still needs to ringfence Amgen shares finished in 2015. cardiovascular mortality out- That should keep Friday’s prognoses. He began 2016 by
the fallout from the debacle 6.4% lower on Friday, after To help win over those in- comes, according to analysts slide from turning into a predicting growth of “well
at Westinghouse. It could having rallied by about 23% surers, Amgen made an un- at Robert W. Baird & Co. prolonged slump. over 5%.” Sales ended the
have to take a $6.3 billion this year. usual public offer of refunds As such, Amgen will have However, Friday’s results year down 11% as orders from
write-down due to cost over- Smaller biotechnology if patients on the drug suffer an uphill battle to meet Wall suggest that investors, just Asia stayed weak. Now he is
runs on four new nuclear re- companies developing simi- a heart attack or stroke. Street analysts’ revenue ex- like health plans, are more forecasting growth of 7% to
actors it is building. lar drugs fell as much as That is a sensible step to pectations for the drug. An likely to pay for performance 9% for 2017. He stands a bet-
Toshiba says it could sell 20% Friday. boost sales given Friday’s analysts’ consensus calls for in the future. ter chance of success this
Westinghouse or file for its One reason: Insurers will data and the rising pressure more than $3 billion in an- Until then, Amgen’s sharp time as China’s luxury market
chapter 11 bankruptcy. Nei- weigh the data against Re- that drug makers are feeling nual sales by 2022, accord- rally to start the year is rebounds. The Hayeks needn’t
ther option looks easy. patha’s price. The drug costs on prices from insurers and ing to FactSet. likely to be put on hold. hanker for their salad days.
Finding buyers will be more than $14,500 annually from President Donald Amgen has booked less —Charley Grant
tough. The most obvious can-
didates, Chinese nuclear
companies, will likely be
ruled out for political rea-
sons, and buyers would have
Technology Companies’ IPOs: The Price of a Good Kick
to be comfortable taking on The springtime thaw for uation at or above $1 billion. price of $17 a share, the
unresolved problems. But the tech IPO market may fi- That is about 60% more than stock has been moving in Deal Flow
chapter 11 threatens the first nally be here, but investors those who could boast of mostly one direction—down. Number of technology IPOs on U.S. exchanges
nuclear projects approved in should be cautious before such a “unicorn” designation Snap closed Friday below the
the U.S. for three decades. skating too far out on thin ice. two years ago. Some of these $20 mark, off nearly 19% 70
The U.S. government al- MuleSoft, a maker of will make their exit through from its initial opening price.
60
ready made hefty loan guar- business software, priced its buyouts, but others will need The median price target
antees available to the power initial offering late Thursday to persuade public investors among the 10 analysts cover- 50
companies owning the reac- above its expected range. It that there is still some upside ing the stock so far is $17.
tors. Even if it never has to is the second tech issue of to be had, even given their To be sure, tech investors 40
bail the projects out, West- the year, coming two weeks swelling pre-IPO valuations. have some appetite for risk.
30
inghouse’s withdrawal could after the high-profile debut That still won’t be easy. The Nasdaq Composite is now
leave them more financially of Snapchat parent Snap. Public investors are rightfully averaging around 22 times 20
stretched—and potentially Two other tech companies— reluctant. It is no surprise forward earnings—21% above
more in need of future gov- Okta and Yext—filed their that the number of tech IPOs its five-year average. And, 10
ernment support or tariff in- IPO papers earlier in the week. on U.S. exchanges fell from even with a haircut, Snap has
creases. In Donald Trump’s That could be seen as an 62 in 2014 to 26 last year as a total market value of 0
protectionist-minded U.S., encouraging sign for the private valuations soared. around $24 billion, putting it 2001 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16
that would mean more bad growing number of richly Even for Snap, owning a in the upper half of the S&P Source: Dealogic THE WALL STREET JOURNAL.
headlines for Toshiba, which valued, venture-backed tech widely known mobile app 500. Not bad for a company
counts on North America for companies that will be look- that boasts 158 million daily showing two years of operat- executives with no prior man- ever. Deal-starved tech inves-
nearly a fifth of its sales. ing for an exit at some point. users doesn’t fully convince ing history, an accumulated agement experience. tors may be hungry enough to
Toshiba must regret ever Excluding MuleSoft and Okta, investors of lasting value. deficit of $1.2 billion and vot- But public investors have eat a horse, but that doesn’t
pressing the nuclear button. at least 152 other private Ever since scoring the much- ing power concentrated in the their limits, and the current make all unicorns appetizing.
—Jacky Wong companies are sporting a val- desired “pop” from the IPO hands of two 20-something bull market won’t last for- —Dan Gallagher
The U.S. and the Books on four
U.K. form a faces of Israel: a
natural market. poet, a thinker, a
Their consumers slain statesman
need a trade deal and the language
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | C1

O
n a mild, damp March afternoon in 2011, Sarah Tighe and her
husband Tom Hayes arrived in the prenatal wing of London’s University
College Hospital. They were there for Ms. Tighe’s 12-week pregnancy
scan. T The pregnancy was off to a difficult start. Ms. Tighe had suffered from
severe morning sickness. Mr. Hayes, a disheveled, mildly autistic 32-year-old
mathematician, hadn’t been helping matters. He didn’t seem

A TRAP
especially concerned with her discomfort. Instead, he was
preoccupied with his favorite British soccer team, Queen’s

FOR A Park Rangers, and his firing months earlier from Citigroup,
which had accused him of trying to manipulate an important

TRADER interest rate called Libor. T Rebuffed by several


other banks where he’d sought jobs, Mr. Hayes
How did
authorities
BY DAVID ENRICH
was slowly coming to terms with the fact that his zero in on
Tom Hayes,
career as a wildly successful trader had come to an end. More troubling,
the disheveled,
he had heard rumors that governments were investigating his conduct. T socially
As a midwife moved an ultrasound wand over Ms. Tighe’s growing awkward
mastermind
midsection, Mr. Hayes’s cellphone rang. The call was from a number—and of the Libor
country code—that he didn’t recognize. Anxiously lying on an examination scandal?
table, Ms. Tighe told her husband
to ignore the call. T Mr. Hayes
stood up, walked out of the room
and answered the phone.
The authorities were hunting for bankers to hold
accountable for the industry’s many sins, and Mr.
Hayes was blundering into an elaborate trap, cement-
ing his status as their top target.
A couple of weeks earlier, on March 11, a violent
earthquake had rumbled up from more than 15 miles
beneath the surface of the ocean off Japan’s north-
eastern coast. It shook buildings all over the country,
but the worst damage came from the sea. The shifting
underwater plates unleashed a tsunami of biblical pro-
portions, with a wall of water 30 feet high bulldozing
Japan’s coastal prefectures. Thousands of people
would perish.
In Tokyo, Mirhat Alykulov felt the quake and its af-
tershocks and then watched, awe-struck, as news re-
ports showed the extent of the damage caused by the
tsunami. He decided it was time to get out of town. He
packed his bags and, without telling anyone, got on a
plane to Washington.
Like Mr. Hayes, Mr. Alykulov was in trouble. He had
grown up on a chicken farm in Kazakhstan, learned Eng-
lish while in high school in Pennsylvania, gone to college
in Tokyo and then, finally, landed a job as a junior
trader in the Tokyo office of Swiss bank UBS.
His co-workers had given him the nickname “Derka
Derka” because of his hard-to-place accent and Eur-
asian looks. It derived from a refrain in the deliber-
ately offensive 2004 movie “Team America: World Po-
lice.” The “Team America” puppets depicting Middle
Eastern terrorists used the phrase “Derka derka Mu-
hammad jihad” instead of speaking actual Arabic. “Ha
ha, that’s great,” his boss said when he learned of the
nickname.
Mr. Alykulov and Mr. Hayes sat next to each other
in UBS’s Tokyo offices, where Mr. Hayes had a reputa-
tion as an elite, combustible and obsession-prone
trader. (Each day, Mr. Hayes entered the building
Please turn to the next page

This piece is adapted from Mr. Enrich’s new book,


“The Spider Network: The Wild Story of a Math
Genius, a Gang of Backstabbing Bankers, and One of
the Greatest Scams in Financial History,” to be They were hunting for bankers to hold accountable
published on March 21 by HarperCollins (which, like
The Wall Street Journal, is owned by News Corp). for the industry’s many sins.

ILLUSTRATION BY OWEN FREEMAN

INSIDE

EVERYDAY MATH WEEKEND CONFIDENTIAL MOVING TARGETS BOOKS ESSAY


Eugenia Cheng is no perfec- The director of New York’s Snowed under: Joe Queenan on Skirmish by skirmish, the battle Do men shout while women
tionist. So why did she work Whitney on the first Biennial the dark side of the white stuff. between Sen. Joseph McCarthy scream? The hidden gender
all night on a Möbius strip? in the museum’s new building. Like Californians’ smug calls. and President Eisenhower. patterns in fiction.
C4 C11 C11 C7 C3
ISTOCK (US/UK FLAGS)
C2 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

How the Feds Cracked the Scandal


Continued from the prior page wrote that the Justice Department wanted to speak with him and
through a lucky turnstile, often wearing lucky bumblebee socks that he wanted to get Mr. Hayes’s advice on what to do. Mr. Hayes
and toting a lucky keychain.) still hadn’t spoken to any regulators, and he was eager for any scraps
Mr. Hayes soon became the younger man’s mentor, teaching Mr. of information he could pick up about the course of the U.S. investi-
Alykulov the tricks of the trade. Mr. Alykulov did his best to overlook gations. He sent Mr. Alykulov his cellphone number.
Mr. Hayes’s social awkwardness, which garnered him the nicknames A couple of days later, the call came during Ms. Tighe’s pregnancy
“Rain Man” and “Kid Asperger.” Once, at a dinner party, Mr. Hayes scan. Mr. Alykulov said that he was phoning from Kazakhstan, and
told Mr. Alykulov’s girlfriend all about his dandruff problem; she FBI agents had devised an elaborate system to make it look like the
later sent Mr. Alykulov to work with a bottle of special shampoo to call was coming from Mr. Alykulov’s native country—hence the long,
present to Mr. Hayes. strange phone number on Mr. Hayes’s screen.
Despite Mr. Hayes’s propensity to explode at colleagues, Mr. Al- Audio of the call was being recorded and piped live into a room
ykulov recognized that he was a brilliant trader. Mr. Hayes, not the at the Bond Building, where prosecutors and FBI agents sat around
MIND & MATTER: best at reading interpersonal cues, concluded that he and Mr. Alyku- a conference table listening. They had prepared a list of questions for
lov were pals. Mr. Alykulov to ask Mr. Hayes. The goal was to get him to acknowl-
ALISON GOPNIK Mr. Hayes jumped to Citigroup in 2009. After Citigroup fired him edge that what he’d been doing was wrong or to make some other
the following year, UBS opened an internal investigation into Mr. sort of incriminating statement—perhaps encouraging Mr. Alykulov
Hayes’s activities when he worked there. The Swiss bank uncovered to lie or destroy evidence.
The Goldilocks evidence of a widespread campaign by Mr. Hayes, Mr. Alykulov and
many others—including their managers and some executives—to
Mr. Alykulov—trying to fight back a debilitating sense of anxiety
and betrayal and to contain his surging adrenaline—started the call
Solution for Teens skew the London interbank offered rate, or Libor. The scheme was
designed to increase the profits that the traders reaped from instru-
by repeating what he’d said in the Facebook message: Justice wanted
to schedule an interview.
And Their Screens ments known as interest-rate derivatives whose values were based
on Libor.
“Should I talk to them? What should I tell them?”
“The U.S. Department of Justice, mate, you know, they’re like…the
ALMOST EVERY TIME I give UBS shared its findings with governments all over the world, which dudes who, you know…put people in jail,” Mr. Hayes answered. “Why
a talk, somebody asks me then launched civil and criminal investigations. Before long, authori- the hell would you want to talk to them?”
how technology affects chil- ties in the U.S. had zeroed in on Mr. Hayes as the apparent ringleader. Ms. Tighe finished her ultrasound. She walked into the prenatal
dren. What starts out as a UBS suspended Mr. Alykulov, although he was still getting paid— wing’s waiting room, its walls covered with posters featuring cheru-
question almost always turns that way, the bank could ensure that he and others in similar situa- bic babies and signs barring phone calls. Mr. Hayes was pacing and
into an emphatic statement tions would cooperate with the American officials who were leading talking on his cell. Ms. Tighe could tell from his expression—his
that technology is irreparably harming the investigations. But his career prospects were in doubt. It was a whole face was screwed up in a confused, agitated look—that some-
children’s development. The idea that com- jarring, embarrassing turn for someone who not long ago had thing strange was going on.
puters, smartphones and videogames thought he had a bright future as a trader. Mr. Alykulov had just mentioned that he had printed out emails
gravely harm young people runs deep in After a few glum days lamenting his suspension, Mr. Alykulov in which Mr. Hayes had asked his subordinate to help move Libor.
our culture. started trying to figure out what to do with his life. He decided to “What should I do with them?” he asked.
I always give these worried parents the learn another language. He set off for a monthslong trip to Spain, “Why are you printing emails?” Mr. Hayes asked, furrowing his
same answer: We won’t know for sure until keeping in close touch all the while with Nate Muyskens, the tall brow. Ms. Tighe started listening carefully to his end of the conversa-
we do careful, rigorous, long-term re- Washington trial lawyer with a buzzcut whom UBS had hired to rep- tion. They were clearly talking about Libor and the Justice Depart-
search. But the evidence that we already resent him. Mr. Muyskens told him that he was eventually going to ment. She motioned for him to get off the phone; when that failed,
have, as opposed to anecdote and specula- need to come to Washington to meet with FBI agents and Justice De- she whispered, urgently, for him to tell Mr. Alykulov not to destroy
tion, is reassuring. partment prosecutors. evidence or to lie. One thing she had learned about Mr. Hayes during
A new paper in the journal Psychological Mr. Alykulov returned to Japan in time for the earthquake—and their four years together was that if you wanted him to do some-
Science by two British researchers, Andrew then left Tokyo in such a blur that he forgot to pack a suit. On the thing, you needed to tell him in direct, unequivocal terms. Subtleties
K. Przybylski at the University of Oxford car ride into Washington from Dulles International Airport, Mr. Al- and shades of gray were lost on him. If this was a setup, she didn’t
and Netta Weinstein at the University of ykulov stopped at a department store and dropped $500 on a new want her naive husband stumbling right into it.
Cardiff, adds to the increasing number of outfit so that he could look presentable when he showed up at the Mr. Hayes complied, then asked Mr. Alykulov whether the Justice
studies suggesting that fears about tech- Justice Department. He charged the Department wanted to talk to him as
nology are overblown. It reports on a suit to UBS—the trip was on behalf of well as to Mr. Alykulov. Mr. Alykulov
study of more than 120,000 15-year-olds his employer, after all. said he didn’t know. Mr. Hayes, grow-
from the national pupil database of the By the time he arrived in down- ing apprehensive about Mr. Alykulov’s
U.K.’s Department for Education. town Washington, Mr. Alykulov had carefully worded queries and nervous
Anything you do in excess can be harm- worked himself into a lather. He was tone, asked whether he was recording
ful. Things like smoking are harmful at any convinced that this trip would culmi- the call.
dose and become more so as doses rise. nate with him in a jail cell. The easy- “I did this, too,” Mr. Alykulov said,
With smoking, the advice is simple: Don’t. going Mr. Muyskens, whose clients referring to his efforts to get Libor
It is different with eating, where to avoid ranged from bank traders to Justin moved in favorable directions. “Why
harm we need to follow the Goldilocks Bieber, told him to chill: All that he would I record it?”
principle: not too much or too little but had to do was cooperate, he ex- With Mr. Hayes still on the phone,
just right. plained, and the Justice Department Ms. Tighe took an elevator downstairs
Researchers designed the new study to would promise not to prosecute him. to collect the test results that would
find out whether digital screen use was But Mr. Alykulov wasn’t wild about show whether the fetus was at risk of
more like smoking or eating. They also set that idea. He knew Mr. Hayes by now Down syndrome. She couldn’t believe
up the study to figure out what “too was one of the main targets. Mr. Al- that she was going through this alone.
much” or “too little” might be and how big ykulov didn’t much like Mr. Hayes, but TOM HAYES and his wife went to University College The results showed virtually no risk of
an effect screen time has overall. he knew his former boss regarded him Hospital, London, in March 2011 for a pregnancy scan. the syndrome. Angry despite the good
The questionnaire asked the participants as a friend. The thought of knifing news, she rode the elevator back up
to say how often they had experienced 14 someone in that situation made Mr. Alykulov a little and found Mr. Hayes still on the phone. He was in the
positive mental states, such as thinking queasy. Plus, he was genuinely fond of Mr. Hayes’s wife. Alykulov process of telling Mr. Alykulov to just blame his man-
clearly, solving problems well and feeling When the time came for their appointment at the agers.
optimistic, energetic or close to other peo- Justice Department’s Bond Building, Mr. Muyskens had typed out a “That’s what I’m going to do,” Mr. Hayes said.
ple. The questions covered the preceding
two weeks, and replies were on a five-
to physically push Mr. Alykulov out the door to walk
the few blocks down New York Avenue. When he got
Facebook At the Bond Building, FBI agents thought that Mr.
Hayes’s suggestion that Mr. Alykulov shouldn’t talk to
point scale ranging from none of the time
to all of the time. The study used the teen-
there, Mr. Alykulov seemed to have trouble explaining
what he had actually done wrong.
message: the investigators might be enough for an obstruction-
of-justice charge. A couple of days later, however, they
agers’ own reports—a limitation—but their Gradually, though, he overcame his compunc- ‘We need decided to take another shot, hoping for cleaner evi-
individual responses seemed to cohere, tions, telling himself that he had an obligation to dence.
suggesting that they were generally accu- UBS and its thousands of employees to help resolve to talk.’ Mr. Hayes was finishing up lunch at the Cuckfield
rate. Teens who reported getting less this mess. He spent dozens of hours serving as a pub in East London with his stepbrother, who worked
sleep, for instance, had lower overall much-needed Sherpa for the prosecutors and FBI agents. at a nearby hospital, when his phone rang. The Cuckfield, housed in
scores for their mental Mr. Hayes, Mr. Alykulov told the government investigators, had or- a 19th-century stone inn, had a beer garden in the back, and Mr.
well-being. chestrated the whole thing. What about current UBS employees and Hayes stood there in the early afternoon sunshine.
Is screen The teens indepen- executives? Mr. Alykulov played down their involvement. Mr. Hayes, Mr. Alykulov started in with what struck him as a series of leading
use like dently reported how
many hours they spent
he made clear, was the mastermind.
As Mr. Muyskens had promised, Mr. Alykulov was granted a non-
questions: “Should I tell them about your friend at RBS?” Mr. Hayes
had a contact, Brent Davies, who used to work at Royal Bank of Scot-
smoking each day playing video- prosecution agreement that stated that Justice wouldn’t go after him land and whose help Mr. Hayes had sought in moving Libor.
or like games, watching enter- as long as he cooperated fully. All he had to do was help to get the “Brent? What’s he got to do with it?” Mr. Hayes asked.

eating? tainment, using the


computer for other rea-
investigators closer to Mr. Hayes.
The FBI agents tried to convince Mr. Alykulov that they hadn’t been
“Should I tell them about your friend at Deutsche?” That was a
Deutsche Bank trader named Guillaume Adolph.
sons and using a smart- able to track down Mr. Hayes’s phone number. Mr. Alykulov would be “Well, I wouldn’t mention it,” Mr. Hayes said, “but if they ask, you
phone screen. The re- doing everyone a big favor, they said, by reaching out to his former should tell them.” In any case, he added, everything was done in
searchers recorded the boss over Facebook to establish contact. The sooner the investigators writing, so it wasn’t much of a secret.
teens’ gender and ethnicity and used their got in touch with Mr. Hayes, the better it would be for him. The phone call ended. Mr. Hayes and Mr. Alykulov would never
postal codes to estimate their socioeco- Mr. Alykulov typed out a Facebook message: “We need to talk.” He speak again.
nomic status.
The researchers then looked at the rela-
tionship between screen time and the an-
swers to the questionnaire. After control-
ling for factors like gender, ethnicity and
class, they found a Goldilocks effect. Up to
a certain point, screen time either posi-
tively correlated with mental well-being or
showed no relationship to it. This fits with
other studies showing that teens use com-
puters and phones as a way to connect
with other people.
The tipping point varied with how the
children used their screens and whether
they did it on weekdays or weekends, but
the acceptable amount was fairly substan-
tial—about 1½ to two hours a day of smart-
phone and computer use and three to four
hours a day of videogames and entertain-
ment. The teenagers often reported doing
several of these things at once, but they
clearly spent a fair amount of time in front
of screens. When their screen time went be-
yond these bounds, it negatively correlated
FROM TOP: ALAMY; PETER NICHOLLS/REUTERS

with mental well-being.


What’s more, screen time accounted for
less than 1 percentage point of the vari-
ability in mental well-being. That is less
than a third as much as other factors like
eating breakfast or getting enough sleep.
There are still lots of reasons for worry-
ing about your teenager, of course. They’re
TOMASZ WALENTA

at special risk for car accidents, suicide


and gun violence. But, with a little com-
mon sense, screen time may not be among
those perils. TOM HAYES AND HIS WIFE arrive at court on Aug. 3, 2015, hours before the jury reached its verdict.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C3

REVIEW
KEVIN LAMARQUE/REUTERS

BRITISH PRIME MINISTER Theresa May and President Donald Trump field questions from reporters during a joint news conference at the White House, Washington, Jan. 27.

turned out, his intervention backfired spectac- “free trade” in the title. Although they had liber-

A Trade Deal ularly: Four opinion polls published the fol-


lowing week all registered a swing to Leave.)
Shortly after Mr. Obama’s intervention, a
series of advertisements appeared in British
alizing elements, they also contained a great
deal of corporatism.
Monitoring TTIP as a member of the Euro-
pean Parliament, I saw plainly enough what was

Trump Can Love newspapers, commissioned by the state of In-


diana, of which Mr. Pence was then governor.
“Brexit or not, you’ll always be front of the
queue for business in Indiana,” the ads de-
going on: Big multinationals in Europe were get-
ting together with big multinationals in the U.S.
and lobbying for more regulation. By combining
the most restrictive rules in the EU and the U.S.,
A U.S. pact with Britain Winston Churchill, which Mr. Obama had re- clared, movingly. “We stand with BAE Sys- they aimed to raise barriers to entry and to give
moved from the Oval Office. tems, BP, Rolls-Royce, Tate & Lyle and the themselves an effective monopoly.
should serve consumers This difference in attitude has informed other 50+ U.K. companies in Indiana.” A British-American deal should avoid that
the two men’s attitudes to Brexit. Mr. Obama That list of companies is in no sense unusual. danger. How? By focusing on mutual product
BY DANIEL HANNAN
was an uncomplicated Europhile. One of his Many U.S. states could come up with a similar recognition rather than on common stan-
biggest speeches in the 2008 presidential roll call, as could most British regions if it were dards. If a drug is approved by the U.S. Food
DONALD TRUMP’S state visit to the U.K. now election was delivered not in the U.S. at all the other way around. The U.S. is by far the and Drug Administration, it should automati-
seems likely to be set for October. Every Ameri- but in the German capital of Berlin. He ended largest investor in Britain, and vice versa. As cally be approved for sale in the U.K. If a
can president since Harry Truman (with the ex- his presidency as he had begun it, standing then-Secretary of State John Kerry once put it, trader can practice in the City of London, he
ception, for some reason, of Lyndon Johnson) next to EU leaders and declaring, “An inte- “We are not only each other’s largest investors should automatically be licensed to practice
has met Queen Elizabeth II, but few have ap- grated Europe is one of the in each of our countries, but on Wall Street. And so on.
peared so excited in advance. “My mother loved greatest political and eco- the fact is that every day, al- A commercial deal, in this case as in any
the queen,” said Mr. Trump shortly after his nomic achievements of While Britain most one million people go other, should have nothing to do with human
election. “She was so proud of the queen.”
There are solid strategic reasons for the mili-
modern times, and this is
an achievement that has to
was in the EU, to work in America for Brit-
ish companies that are in the
rights or child labor or climate change. Impor-
tant as those issues are, they are separate from
tary alliance between the U.S. and the U.K., on be preserved.” its trade policy United States, just as more the free exchange of products.
which the world relies more than many people
care to admit. And there is an overwhelming
He even tried to mimic the
EU at home. Government-
was controlled than one million people go to
work in Great Britain for
The U.S. and the U.K. form a natural market.
It isn’t just that we share a language. We also
economic case, as Britain leaves the European dominated health care, a reg- by Brussels. American companies.” share the unwritten customs that facilitate
Union, for a comprehensive trade deal between ulatory push against carbon So far, though, the trade deals: the same business etiquette, the same ac-
the world’s largest and fifth largest economies. fuels, higher state spending, flows haven’t matched the counting systems, the same common-law arbi-
Still, personal affinities count too. support for supranational investment flows. Why? tration mechanisms.
Barack Obama never pretended to be an bodies, a softer defense stance: These things Because, while Britain was in the EU, our Once Britain no longer has to worry about
Anglophile. In his memoir “Dreams From My added up to a program of Europeanization. trade policy was controlled by Brussels, not the protectionism of French filmmakers, Italian
Father,” the future president made several Mr. Trump, who took to calling himself by London. textile manufacturers and the rest, we should
slighting references to the country that he “Mr. Brexit” during his election campaign, re- Now, at last, that seems set to change. Mr. reach a comprehensive agreement covering ser-
saw as the oppressor of his father’s people. jects this worldview. He dislikes global tech- Trump says that he wants a bilateral trade deal vices as well as goods. If we make sure that the
Traveling by train in Kenya, he imagined nocracies, believes in the supremacy of the with Britain—a shift from the previous adminis- resulting deal is in the interest of consumers
“some nameless British officer” on the same nation-state and sees Britain’s withdrawal tration’s fondness for major multilateral struc- rather than producers, we could revive the
train, perhaps triumphant, perhaps fearful at from the EU as an opportunity. tures. I have my reservations about Mr. Trump, whole notion of free trade, which is something
the end of his imperial adventure. Vice President Mike Pence is, if anything, especially on trade policy, but on this issue, he the world very much needs just now.
Mr. Trump’s attitude is very different. The in- even more robust in his Euroskepticism. Dur- is absolutely right.
terviewer Piers Morgan says Mr. Trump told ing the lead-up to the Brexit referendum, Mr. It is telling that neither of the Obama admin- Mr. Hannan is a British Conservative member
him that he thinks of himself as half-British, and Obama told British voters that, if they chose istration’s flagship trade deals—the Transatlan- of the European Parliament and the author of
one of his first acts as president was to restore to secede, they would go to the “back of the tic Trade and Investment Partnership, or TTIP, “Inventing Freedom: How the English-Speaking
the bust of another Anglo-American half-breed, queue” for a trade deal with the U.S. (As it and the Trans-Pacific Partnership—even had Peoples Made the Modern World.”

MEN SHOUT AND WOMEN SCREAM—AT LEAST IN FICTION


BY BEN BLATT likely to use the verb fear when talking about
women rather than men.
IS IT POSSIBLE that men grin more often than Authors of both genders turn out to over-
women? Or that men shout but women whelmingly use some words to describe char-
scream? Everyone talks about he said, she said, acters of the opposite gender. (These may ex-
but what about he muttered, she murmured? press some wish fulfillment.) In all three kinds
I recently set out to find the words that, of fiction that I sifted, male authors write “she
while gender-neutral in theory, are used in kissed” more often than “he kissed.” Mean-
practice to describe one gender far more of- while, female authors write “he kissed” more
ten than the other. If authors en masse write often than “she kissed.” The same goes for the
“he chuckles” but not “she chuckles,” I verbs love, exclaim, answer and smile. And
wanted to know. So I built a computer tool hated is among the top five verbs used most
that could search for hidden patterns in a disproportionately to describe characters of
swath of 20th-century literary classics, as the same gender as the author.
well as recent best sellers and literary award- Most writers place the emotional focus of a
winners—100 books in each category, half of novel on a few main characters, who are usually
them written by men and half by women. from the same gender as their creator. I went
(Think Ernest Hemingway and Willa Cather back to check on Jane Austen’s six novels, and
for the classics, Stephen King and Jodi Picoult her profound focus on her female characters
for the best sellers, and Zadie Smith and Jon- may be seen, in some small part, by the fact that
athan Franzen for the recent award-winners.) each book uses “she” more often than “he.”
Of course, this could seem a mechanistic ap- More recently, Kurt Vonnegut and Cormac
ISTOCK (2)

proach to literature—but the patterns leapt McCarthy went the other way, focusing on male
out. Of all verbs, muttered had the most lop- characters—and using “he” more than “she”—in
sided ratio of being used to describe the ac- each of their combined 24 published novels.
tions of male characters (“he muttered,” “he As the late popular crime novelist P.D.
was muttering,” “he mutters” and so on) ver- chunk of English literature, male characters are female authors didn’t discernibly differ in the James has said, “All fiction is largely autobio-
sus those of female ones (“she muttered” and about twice as likely to grin as female ones. frequency with which they have their charac- graphical, and much autobiography is, of
the like). Meanwhile, murmured came out as Our fictional universe also turns out to con- ters of both genders interrupt. course, fiction.” Looking at diction choices
the third most distinctive verb for female char- tain words that male authors use to describe Similarly, female authors use sob at about across gender may not help us to savor great
acters. In all three categories that I sampled, female characters but which a woman would the same rate for their male and female charac- literature, but it provides a surprising X-ray of
authors of both genders were prone to having rarely use to describe herself or another ters—but male writers hardly ever use it to de- our culture and ourselves. The use of statistics
their women murmur while their men mutter. woman. These words seem to highlight the scribe their own male characters. Male authors offers an unguarded glimpse at how we see
For female characters, the five most dispro- biggest differences in how male and female au- seem, consciously or not, to hold that if “real and describe one another—and how others see
portionately used verbs are shivered, wept, mur- thors view the world. men don’t cry,” then “fictional men don’t sob.” and describe people like us.
mured, screamed and married. For males, the One key word here: interrupted. In each of On the flip side, male authors describe
top five are muttered, grinned, shouted, chuckled our three categories (classics, popular fiction their male and female characters as fearing Mr. Blatt is the author of “Nabokov’s Favor-
and killed. Much of that diction flies close to and literary fiction), male writers are at least at about the same rate—but females writers ite Word Is Mauve: What the Numbers Reveal
stereotype. A few words emerged, in all three 75% more likely to have their female charac- refrain from having their male characters About the Classics, Bestsellers, and Our Own
categories of fiction, as sneakily gendered: In my ters interrupt than their male ones. Meanwhile, fear things. Overall, they are about twice as Writing,” just published by Simon & Schuster.
C4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
WORD ON R&D: DANIEL AKST
THE STREET:
BEN ZIMMER The Foam That
‘Greyball’ Cleans Oil Spills
OIL AND WATER don’t mix, the saying goes,
Takes a Ride but in the event of a big oil spill, they do a

With Uber pretty good imitation.


That is one reason offshore crude-oil clean-
ups can be so tough. One option is corralling
UBER HAS been dealing with the oil so that it can be skimmed or suctioned,
some bad publicity of late, which is difficult in roiling seas. Other options
most recently with the reve- have serious environmental trade-offs—includ-
lation that in many cities ing burning the oil in place, dispersing it with
around the world, the ride- chemicals or spreading various disposable ma-
sharing company had been terials to soak it up. Offshore drilling mishaps
using a tool called Greyball to can be especially troublesome, producing not
evade law enforcement. just a large surface slick but also masses of
In a statement, Uber chief droplets suspended in a towering plume below.
security officer Joe Sullivan Enter Oleo Sponge, a new invention meant
acknowledged the existence to remedy these shortcomings. It is the brain-
of Greyball. He called the use child of scientists at Argonne National Labora-
of the tool “greyballing”: a tory, operated by the University of Chicago for
method of hiding the pres- the U.S. Energy Department. They have devel-
ence of drivers from certain oped a way to treat common household
users of the Uber app. That foam—used in cushions and the like—so that it
included local officials look- will rapidly suck up oil from water, even below
ing to collect evidence that the surface. In addition, a hunk of Oleo Sponge
Uber was ignoring local rules can be wrung out and used again and again.
governing taxis. Oil squeezed from the sponge also can be re-
“Greyballing”—or “gray- used, which makes it a potential asset instead
balling,” to use the more ROBERT NEUBECKER of a hazardous waste problem.
common spelling in the U.S.— The results, while still preliminary, have
is akin to the older expres- EVERYDAY MATH: EUGENIA CHENG been encouraging. The scientists report that
sion “blackballing,” for re- their invention takes

A Non-Perfectionist’s Creed
jecting or excluding someone, in—the technical term is
such as an applicant to an or-
ganization. But the “gray”
“adsorbs”—up to 90
times its weight in oil.
A sponge
suggests that the exclusion is I AM NOT a perfectionist. However, I often you should keep working all the way until Oleo Sponge has per- treated
provisional or temporary, not
as extreme as “blackballing.”
stay up far into the night obsessively work-
ing on something. The task might be my
the deadline. This is the perfectionist’s
point of view, but it’s not mine.
formed not just in the
lab but also in tests at
to be fond
“Blackballing” goes back to mathematical research, practicing the pi- Instead, I optimize the outcome divided the National Oil Spill Re- of oil.
practices by private clubs, at- ano or making another batch of French by my effort. If the manuscript I’m revising sponse Research and Re-
tested as early as the 16th macarons. improves very quickly at the beginning of newable Energy Test Fa-
century, when voting on new Once I stayed up making a transparent my work before I hit diminishing returns, cility in Leonardo, N.J.
members. A vote for a pro- plastic Möbius strip with lines from a Bach then the outcome-to-effort ratio will in- Operated by a contractor for the Interior De-
posed member would be reg- score written on it, for a talk on math and crease to a maximum and start decreasing. partment, the facility’s centerpiece is a huge
istered with a white-colored music. As I made it for the fifth time, I in- That is the point where I should stop. tank filled with 2.6 million gallons of saltwater,
ball deposited in a ballot box. sisted to myself, “I am not a perfectionist. I On the other hand, the outcome-to-effort enabling equipment to be tested on something
A black ball meant a vote just have high minimum standards.” ratio might remain constant from the start like a real-world scale. At the facility, large
against membership. I might seem like a perfectionist, but I and only decrease once I’m far along with segments of foam were used and squeezed out
By the 18th century, the really don’t believe in perfection. I am fre- the work. This means that there is no sin- repeatedly, with no significant degradation.
“black ball” method had quently pleased with my work in a way gle maximum point in my outcome-to-ef- In its ordinary state, a piece of common
spawned a verb. The Oxford that perfectionists are usually not. I set fort ratio, so I invoke the boundary condi- foam will soak up fluid indiscriminately. How
English Dictionary records a standards, but they are achievable. I proof- tion: my minimum acceptable standard. to make it especially attractive to oil? It de-
1765 letter writer in England read closely but accept the fact that some- Having set a minimum standard, I stop pends on a process called “sequential infiltra-
as saying, “I am really sur- thing as long as a book is destined to have when I reach it. Given the constraints, that tion synthesis,” which the Argonne scientists
prised...that so good a man typos in it. I am always happy is my optimal outcome-to- had previously invented for other purposes.
should have been so often with my performance in a talk effort ratio. This is a way of getting inorganic materials
black balled (as they call it)
at Almack’s lately.” (Almack’s
or a concert, even if I make
mistakes. My house is a mess,
How to When I stayed up all
night making a Bach Möbius
such as metal oxides into polymers such as
polyurethane. In this case, the researchers
was a prominent social club especially my desk. optimize the strip, I wasn’t aiming for adapted the technique so they could bind alu-
in London.)
“Blacklist” went through a
But when it’s 3 a.m. and I’m
still changing a comma here
outcome-to- perfection, just for my mini-
mum standard. This involved
minum oxide to the fibers within the foam.
Thus primed, the foam was treated with
similar process, going from a and there on page 214 of a effort ratio. having the right notes, carbon-based chemicals to make it oleophilic,
noun for a list of people sub- manuscript, I do ask myself spaced proportionally to or “oil loving.” Seth Darling, a co-inventor of
ject to a ban to a verb for the what I’m doing. Fortunately, I their note values and posi- the Oleo Sponge, notes that in this second
act of putting someone on have a mathematical answer, tioned so that when I made step, he and his colleagues could also easily
such a list. “Whitelist” was based on optimization. the twist in the Möbius strip, the lines treat the foam with a different chemical to
formed by analogy, for a list As I see it, I am not trying to optimize matched up. make it soak up some other unwanted sub-
of people or things that are the absolute outcome of my effort but I could have achieved a higher outcome- stances, such as heavy metals, pesticide-laden
deemed acceptable. And a rather the ratio of outcome to effort. When to-effort ratio by stopping earlier, but then runoff or waste pharmaceuticals.
“graylist” is somewhere in I was very young, my mother taught me I wouldn’t have satisfied my boundary con- From there, it is just a matter of getting the
between. In computing, about the law of diminishing returns, so I dition. I could have achieved a higher out- sponge into contact with oily water. Surface
“graylisting” refers to a have always known that, after a certain come by working more, but that would spills could be handled by towing a large
method of preventing spam point, putting in more effort is bad value. have meant optimizing the wrong thing— sponge through the spill; once contact is made,
emails by temporarily block- In mathematics, optimization problems the outcome instead of my outcome-to-ef- oil’s property of “cohesion” encourages the
ing suspicious messages. involve a quantity that we are trying to fort ratio. molecules to pull one another in.
“Gray” has been used in make as big (or as small) as possible, sub- Another example is the music salon that For underwater oil, Dr. Darling envisions
other compounds in contrast ject to some constraints, or boundary con- I run. It is very informal, and we don’t re- fishing trawlers dragging net-mounted
with “black” for less-than-ex- ditions. The constraints might be time or hearse at all. We just show up and play, sponges through oily waters. Saturated
treme practices. “Graymail” available resources. and the quality is at least 90% of what we sponges could be hauled aboard and wrung
isn’t as demanding as “black- If we are optimizing outcome alone, the would achieve if we put a 100% effort into out, the oil could be collected, and the process
turning point is where the law of negative rehearsal. It’s an excellent ratio. could be repeated as needed. Depending on
returns kicks in. That’s when the outcome Or consider bowling. My minimum stan- their long-term durability, precautionary ar-
A word going stops improving and actually starts getting dard for bowling is zero, so in fact, my best rays of the sponges might even be used to sur-
back to 16th- worse. At a certain point, making more ed-
its to your manuscript introduces more er-
ratio of outcome to effort is achieved by
not playing at all. If I just watch, my out-
round offshore oil wells as protection against a
spill.
century clubs. rors than it fixes. come is positive and my effort is zero, “Advanced Oil Sorbents Using Sequential In-
If we have a time constraint in the form which makes for an infinite outcome-to-ef- filtration Synthesis,” Edward Barry, Anil U.
of a deadline, we need to ask whether the fort ratio. This is certainly optimal, and Mane, Joseph A. Libera, Jeffrey W. Elam and
turning point arrives before the deadline. If possibly even perfect. Perhaps I am a per- Seth B. Darling, Journal of Materials Chemistry
mail,” and the “gray market” it doesn’t, then to optimize the outcome, fectionist after all. A (Jan. 11)
doesn’t rise to the level of il-
legality of the “black mar-
ket.” A “grayout” is a partial
loss of vision, not as serious
as a “blackout.” PHOTO OF THE WEEK
“Grayballing” as a milder
form of “blackballing” has It’s Not
popped up occasionally even
before the Uber controversy.
Always
On his website Word Spy, Sunny in
Paul McFedries notes a 2015
message on Reddit in which a
Philadelphia
college fraternity member de- A man
scribes a “grayball vote.” And crosses
on Twitter last year, game South Broad
developer Ryan Dancey
wrote, “Today I coined the
Street in
term ‘greyballing,’ the condi- front of
tion between being black- Philadelphia’s
balled and being supported
fully.”
City Hall
Despite being a U.S.-based during a snow
company, Uber uses the typi- storm on
cally British spelling “grey” Tuesday.
in “Greyball.” “Grey” and
“gray” evolved from the same
Old English root, graeg, for a
neutral tone between black
and white. Thanks in part to
the “Fifty Shades of Grey”
book series and movie fran-
chise, grey has been rising in
Answers
To the News Quiz
American usage in recent
on page C13
years. But however you spell
it, Uber’s critics have found 1.B, 2.C, 3.D, 4.D,
“greyballing” ethically shady. 5.C, 6.A, 7.D, 8.C
MATT ROURKE/ASSOCIATED PRESS
IKE VS MCCARTHY C7 | TRAVELS IN A FRENCH KITCHEN C8 | CHARLTON HESTON’S UNDIMMED STAR C9 | BEST SELLERS C10

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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | C5

Visions of a Promised Land

TIM BOWER
The Language A Modern The Hawk
Of Survival Hebrew Mystic And the Dove
BY BENJAMIN BALINT BY JOSEPH EPSTEIN BY ELLIOTT ABRAMS

THE OTHER DAY, I took some American visitors to the Shrine of IN 1925, at the age of 27, Gershom Scholem wrote from Israel (still MORE THAN TWO DECADES have passed since Yitzhak Rabin
the Book in Jerusalem to see the Dead Sea Scrolls. My guests were British Palestine) to his friend the philosopher Ernst Simon: “I am was shot to death by a right-wing extremist in November 1995, and
struck not so much by the parchments themselves as by the sight now busy writing extremely obscure essays, placing my trust in the in the years since his assassination he has become a potent icon
of a group of Israeli fourth-graders, their noses pressed to the dis- kind of immortality that comes to those who are not read, only for the Israeli peace movement. Rabin’s signing of the Oslo Ac-
play cases, reading aloud from texts that were two millennia old. praised.” This was a joke, of course, but one that turns out to have cords with the Palestine Liberation Organization and his famous
In “The Story of Hebrew,” Lewis Glinert, a professor at Dart- a high truth quotient. Fair to say that Scholem (1897-1982), the au- handshake with Yasser Arafat on the White House lawn in 1993
mouth College, aims to track the fate of the Hebrew language thor of “Major Trends in Jewish Mysticism,” “On the Kabbalah and have made him, as Itamar Rabinovich writes in analogizing Rabin
“from the Israelites to the ancient Rabbis and across two thou- Its Symbolism,” “Sabbatai Sevi: The Mystical Messiah” and other to John F. Kennedy and Abraham Lincoln in the first chapter of his
sand years of nurture, abandonment, and renewal.” The most am- works, owing to the complexity of his arcane subject, has been biography, “the subject of a new mythology.”
bitious attempt since William Chomsky’s groundbreaking 1957 more lauded than read, let alone understood. But this has not got But the truth, as Mr. Rabinovich convincingly argues, is that “it
study, “Hebrew: The Eternal Language,” Mr. Glinert’s biography in the way of his acquiring an international reputation as one of the is wrong to remember and commemorate Rabin as a dovish
of Hebrew succeeds in representing the language not just as a ve- past century’s leading thinkers. leader.” Rabin’s primary concern throughout his life was Israeli se-
hicle of communication but as a crucible of national cohesion. Born among the ill-fated German-Jewish bourgeoisie—his father curity—and throughout his long career in the military he proved
Mr. Glinert’s narrative, related with impressive sweep, begins was a successful printer in Berlin—Scholem sensed early in adoles- himself capable of carrying out extremely tough action.
with the classical Hebrew of cence the implausibility of Born in Jerusalem in
The Story of Hebrew biblical literature. The Bible’s Stranger in a Strange Land anything resembling seri- Yitzhak Rabin: 1922 to parents who had
By Lewis Glinert sublime idiom is marked by sty- By George Prochnik ous assimilation among Soldier, Leader, Statesman emigrated from the Rus-
Princeton, 281 pages, $27.95 listic suppleness and breadth, he Other, 522 pages, $27.95 Germany’s Jews and turned By Itamar Rabinovich sian empire, Rabin joined
says, that could encompass to Zionism as not merely Yale, 272 pages, $25 the pre-independence Jew-
Hayim Nahman Bialik: “narrative, prophecy, law, prov- an alternative but as a way ish security forces in 1941
Poet of Hebrew erbs, philosophy, elegy, ro- of life. As he later told an interviewer who asked what motivated after an interview with a
By Avner Holtzman mance” and much else. The era him to emigrate, he believed that “if there was any prospect of a young officer named Moshe Dayan. During the years until Israel’s
Yale, 250 pages, $25 of biblical Hebrew reaches as far substantive regeneration of Judaism, of Judaism revealing its latent independence in 1948, Rabin rose through the ranks, working first
back as the second millennium potential—this could happen only here, through the Jewish person’s with, and then against, the British who ruled Mandatory Palestine;
before the Christian era, and Mr. reencounter with himself, with his people, with his roots.” he was even jailed by them for five months in 1946.
Glinert suggests that the spoken language survived the Jews’ exile Scholem was not observant in his Judaism and declared that he It was Rabin who, as a senior officer in the new Israeli Defense
to Babylon, their return and their struggles under Roman rule. “never did care for traditional national Jewish theology.” He was Forces in 1948, gave the order (under instructions from Prime Min-
Spoken Hebrew seems to have died with little fanfare around nonetheless unflagging in his belief in God, claiming that he failed ister David Ben-Gurion) to fire on the Altalena, a ship carrying
A.D. 200, more than a century after the destruction of the Temple to understand atheism. Morality without religion behind it seemed arms to the rival militia led by Menachem Begin, in what remains
in Jerusalem. But throughout the diaspora, Jews used written He- one of the most hotly contested incidents in Israeli history. It was
brew to scaffold elaborate edifices of religious and legal interpre- Rabin who signed an order to expel Arab residents from Lydda in
tation. Though stateless, Hebrew would flourish as a written me- Scholem’s scholarship has had an unusual what has become a deeply controversial episode in Israel’s war of
dium of cultural continuity. If the Jews safeguarded Hebrew, it independence. Later, it was Rabin who, as minister of defense, put
was said, the holy tongue safeguarded “the people of the Book.” afterlife—inspiring younger generations down the First Intifada—the violent Palestinian uprising against
The first of these edifices, the Mishnah, was compiled in the yearning for a religious center in their lives. Israeli rule in the West Bank—with considerable force.
second and third centuries. This record of religious teachings and Mr. Rabinovich, the distinguished Israeli scholar and diplomat
laws “created a rich lexical heritage that could be passed on to fu- whom Rabin selected to be Israel’s ambassador to Washington,
ture generations,” Mr. Glinert writes, “and that Hebrew poetry and to him a chimera. He early discovered a predilection for mysticism, served in that post from 1993 to 1996, and was president of Tel
prose would draw upon long after Hebrew had ceased to be a spo- which he made the subject of his life’s work. “If humanity should Aviv University from 1999 to 2007, easily establishes that the
ken language.” The Babylonian Talmud—another great edifice of ever lose the feeling that there is mystery—a secret—in the world, prime minister was a man of great complexity. As a military offi-
interpretation, setting out the authoritative commentary on rab- then it’s all over with us,” he told an interviewer. “But I don’t be- cer, he lacked charisma and was “an excellent number two” and an
lieve we’ll ever come to that.”
The richness of Scholem’s thought, its sometimes paradoxical
Bialik’s verses were emblazoned on banners, nature and his impressive erudition combined to give his writing Rabin wanted a deal with Syria over the Golan
moral authority. During the great controversy in the early 1960s
set to music, memorized by schoolchildren. about Hannah Arendt’s account of the Adolf Eichmann trial, “Eich- Heights, but faced with the futility of dealing
They were a rousing call to self-defense. mann in Jerusalem,” Scholem crushed the book by accusing its au- with Assad, he chose to go the Oslo route.
thor, formerly his friend, of a want of “tact of the heart,” a want of
love for the Jewish people, and of hatred of Zionism.”
binic law—expanded Hebrew’s expressive possibilities by inflecting As a professor at Hebrew University, Scholem had many brilliant “unusually efficient staff officer” rather than a bold commander.
Hebrew with Aramaic, the lingua franca of the ancient Near East. students but no true disciples. No one has had the combination of He was “unusually shy and introverted, awkward with unfamiliar
In the ensuing centuries those who standardized Hebrew’s wide learning and deep culture required to carry on his scholarship. people,”—hardly the makings of a successful politician.
grammatical architecture and honed its philological precision saw Since his death , Scholem’s reputation has grown greater. Cynthia How, then, was he twice elected the country’s leader? Here, luck
the language not just as a precious possession in itself but also Ozick, George Steiner and Harold Bloom have written about him took center stage. Rabin had been chief of staff during Israel’s
as a fulcrum of Jewish life. “It must constantly be on our lips,” the and his work in the most elevated language. His friendship with smashingly successful Six Day War of 1967. After serving as ambas-
Egyptian-born linguist and sage Saadiah Gaon wrote in the year Walter Benjamin, who was five years older than Scholem and at sador in Washington from 1968 to March 1973, he returned home—
902, “for it affords us an understanding of the Divine Law.” one point a strong influence upon him, further heightened Scho- and, when Israel was attacked by Egypt and Syria in October of
While Hebrew commingled with Arabic in Islamic Spain, it pre- lem’s aura. “His work on Jewish mysticism, messianism, and sectar- that year, he held no government or military position. Though Is-
served a separate reservoir of expression in the realms of law and ianism, spanning now half a century,” wrote Robert Alter in Com- rael recovered from the surprise attack and went on to victory, the
liturgy. During the golden age of Hebrew literature, roughly the mentary in 1973, “constitutes . . . one of the major achievements of shock of the war and very large losses discredited those who had
10th to the 13th centuries, Andalusian poets like Judah Halevi and the historical imagination in our time.” been in power. Rabin was remembered for the 1967 triumph and
Solomon ibn Gabirol wielded a Hebrew of astonishing allusive Little wonder that the figure of Gershom Scholem has inspired “untarnished by the October setback,” as Mr. Rabinovich puts it.
density in order to blur the lines between sacred and sensual. younger generations, especially among those yearning to find a reli- So the Labor Party chose him as its candidate in April 1974, ahead
In a pair of chapters on the neglected story of how Hebrew gious center in their lives. Enter George Prochnik, born in 1961, the of Shimon Peres, after Golda Meir resigned as prime minister.
figured in the Christian imagination, Mr. Glinert tells how Chris- author of “The Impossible Exile: Stefan Zweig at the End of the Rabin’s first tenure as prime minister, from 1974 to 1977, was
tians learned Hebrew both to access “hebraica veritas,” or He- World” (2014) and himself something of a specialist in exile. “When not a great success and, as Mr. Rabinovich writes, it “ended in dis-
brew truth, and to monitor the Jews in their midst “with the goal I moved to Jerusalem, at the age of twenty-seven, in the summer grace” over an illegal bank account belonging to his wife and his
of mastering the mischief and the falsehoods of the Jews,” as a of 1988,” he writes, “I brought with me an old, battered paperback unseemly acceptance of various fees while serving as ambassador
14th-century writer put it. Martin Luther’s call for “sola scrip- edition of Scholem’s On the Kabbalah and Its Symbolism. . . . I was to the U.S. His second term as prime minister, from July 1992 to
tura,” or “only the Scriptures,” led Protestants back to the origi- one of those for whom Scholem loomed as a kind of prophet. I his murder on Nov. 4, 1995, was far more consequential: This was
nal texts of the Hebrew Bible. In the 15th to 17th centuries, Chris- found in his work if not faith, yet something closer to revelation when he signed the Oslo Accords. Under the Accords, Israel recog-
tian Hebraists—including Johannes Reuchlin in Germany, Guil- than anything I could discover in normative Judaism.” nized the PLO as the sole voice of the Palestinian people, allowed
laume Postel in France, and John Selden in Britain—put Hebrew The son of a mixed marriage, George Prochnik found no succor Arafat to return from exile in Tunis and began negotiations on a
at the center of Western humanism. in traditional Jewish religious practice—“I hated praying,” he Palestinian “entity” that would eventually become a state.
Please turn to page C7 Please turn to page C6 Please turn to page C6
C6 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘Time is the longest distance between two places.’ —Tennessee Williams

Yitzhak
Getting On the Grid Rabin
diplomatic delegates from 25 coun-
Zero Degrees tries met in the Diplomatic Hall of the Continued from page C5
By Charles W.J. Withers State Department and ratified in prin- The mystery of Rabin is why, given
Harvard, 321 pages, $29.95 ciple the choice of Greenwich. It was his decades of staunch defense of Is-
only a recommendation, but it proved raeli security, he agreed to the Oslo
BY ROBERT P. CREASE to be the key episode in consolidating Accords and, more, why he actively
a world-wide consensus. sought a deal with Hafez al-Assad to
Several colorful protagonists ani- give the Golan Heights back to Syria.
IN FEBRUARY 1894, a French anar- mate Mr. Withers’s tale, among them Rabin had pledged to the Israeli
chist named Martial Bourdin planned the deaf scientist and educator Fred- public that he would do neither. As
a terrorist attack on the Royal Obser- erick Barnard, namesake of Barnard early as 1977, writes Mr. Rabinovich,
vatory in Greenwich, England, the site College; Charles Daly, president of the he had told President Carter that he
used to establish the prime meridian, American Geographical Society; and desired no negotiations with the PLO,
the benchmark for world-wide geo- Charles Piazzi Smyth, darling of the no Palestinian state and no negotia-
graphical coordinates. Bourdin’s exact xenophobic anti-reform movement. tions with Syria. In a 1989 speech, he
motives for this crazy act were un- But Mr. Withers’s telling focuses less called for negotiating with local Pales-
known; he died after his bomb prema- on people than on arguments and the tinian leaders rather than the PLO,
turely exploded. But the episode in- text of resolutions. and reiterated his opposition to the
spired Joseph Conrad’s novel “The In that respect, “Zero Degrees” is establishment of a Palestinian state
Secret Agent” (1907), whose protago- not a popular science book. Its dry between Israel and Jordan. During his
nist plans to attack the observatory and frequently repetitious account is election campaign in 1992, he came
and prime meridian as the emblem of in stylistic contrast to, say, Dava So- out against giving back the Golan.
international cooperation and the bel’s much-celebrated “Longitude” So what happened? According to
power and authority of science. (1995), about clockmaker John Harri- Mr. Rabinovich, the pivot point was
In “Zero Degrees,” Charles W.J. son, whom Ms. Sobel breathlessly the outbreak of the First Intifada in
Withers, a professor of historical ge- calls a “lone genius who solved the 1987. Rabin was defense minister then,
ography at the University of Edin- greatest scientific problem of his and the Palestinian terror campaign
burgh and the Geographer Royal for time,” namely, how mariners could led to “a radical change” in his “out-
Scotland, tells how the observatory calibrate Greenwich time. The truth, look and policy.” Mr. Rabinovich does
became that emblem. The story in- Mr. Withers notes, is “more compli- not really explain why—nor, more
volved scientists and politicians set- cated,” for the background to that strikingly, did Rabin explain it to Is-
GETTY IMAGES

ting aside national, ideological and achievement included geographers, raelis at the time, nor in 1993 during
even religious differences to reach an scientists, instruments and observato- his secret negotiations with Assad (via
agreement for the global good. ries to set up the problem and draw the U.S.), nor when he permitted his
The prime meridian is a baseline up an outline of a solution. A more party rival Shimon Peres to open se-
used in the grid system of longitude tions highlighted the need for a com- iest but most passionately advanced popularly oriented treatment (like cret talks with the PLO in Oslo.
and latitude by which map makers, mon world-wide system to fix precise candidates was the Great Pyramid of this review) would have begun with Rabin, writes Mr. Rabinovich, “re-
mariners, astronomers and the Global geographical locations and standard- Giza. This was the favorite of a popu- mention of the terrorist attack on mained ambivalent about making a
Positioning System “read” locations ize time. National scientific academies list movement in the U.S. that used Greenwich rather than burying it in deal with the PLO” and had actually
on the globe and fix exact time. Lati- and observatories linked by tele- over-the-top rhetoric, conspiracy theo- the book’s last few pages as part of an ordered Peres in writing to stop the
tude, the north-south position in this graphic networks now provided the account of the Washington confer- Oslo talks at one point. But he under-
grid, has a natural zero point in the expertise and technology to make si- ence’s “afterlife.” estimated both Peres’s determination
equator. But no such natural zero multaneous time determinations, The story that unfolds in “Zero and Arafat’s desperation. By 1993,
point exists for longitude, or the east- prompting astronomers, navigators Candidates for the prime Degrees” is about more than the sci- “he could make a significant move on
west position, so humans have had to and international merchants to lobby meridian included Paris, entific development that is its osten- one track of the peace process; he
take matters into their own hands. for a common zero longitude point. sible subject. It is about how an in- preferred it to be the Syrian-Leba-
Ptolemy and many other ancient The French wanted Paris, the the manger at Bethlehem ternational community of scientists nese track,” Mr. Rabinovich says. But
geographers thought an obvious zero Swedes Uppsala, the British some- and the Great Pyramid of and politicians managed to set aside faced with the likely futility of nego-
point was the Canary Islands, which place in London—St. Paul’s Cathedral differences to reach agreement. It tiations with Assad, he chose to go
they regarded as the western end of was a popular choice. In the United Giza. Greenwich won. shows just how slow and difficult the Oslo route.
the world. Some later geographers States, the possibilities included Phil- this can be in the face of resistance But again, why did Rabin feel he
hoped that the agonic line—where adelphia, New York, Washington, D.C., posed by ideologies, shortsighted in- had to abandon years of pledges and
the North Pole and the magnetic pole and even New Orleans, whose advan- ries, fabricated “facts,” xenophobia and terests and jingoistic nationalism. Fi- accept such concessions? No doubt he
line up so that a compass points true tage was that it was almost exactly 90 assertions of American superiority to nally, it shows how international co- felt some American pressure to make
north—might do. But the Canary Is- degrees away from the Greenwich Ob- promote the Pyramid—which, after all, operation can harness the power and peace. No doubt he worried about his
lands turned out not to be the servatory, which was being used by appears on every U.S. dollar bill—as authority of science to benefit hu- own political fate; “his coalition was
world’s end, while the agonic line, British astronomers, making the math the standard for all measurement sys- man life all over the globe. The mod- fraying,” the author writes, with the
which passes through parts of North easy. Many politicians wanted to tems. Other Americans criticized the ern world couldn’t exist without such right-wing religious Shas Party threat-
and South America, is not straight place the prime meridian in the mid- “pomp and vanity” of insisting on an agreements. But it is virtually impos- ening to leave the coalition. No doubt
and moves over time. Without a nat- dle of an ocean so as not to divide or American prime meridian, pointing to sible to imagine modern politicians he felt pressured by his rivalry with
ural zero point, geographers and as- favor particular countries. Strong ar- the “useful pride” that would be with the integrity and courage to Peres, which is a key theme of this
tronomers often set the prime me- guments existed for placing it instead gained by the United States participat- make them, which gives Mr. With- book: Their “relationship was poison-
ridian at convenient landmarks in at an observatory, to facilitate time ing in an honest international effort. ers’s account its poignancy. ous from the outset,” Mr. Rabinovich
their home country. determinations. “Zero Degrees” culminates in a recounts, and Rabin’s 1979 memoir
By the 19th century, however, rail- Proposals with religious overtones conference that took place in Wash- Mr. Crease is co-author, with had included a “bitter tirade” against
way collisions, maritime accidents included the manger at Bethlehem and ington, D.C., in October and November Alfred Scharff Goldhaber, of Peres, whom he memorably called “an
and growing international collabora- the city of Jerusalem. One of the wack- of 1884, at which 40 scientific and “The Quantum Moment.” indefatigable intriguer.” But stopping
Peres at Oslo would have created an
explosion within the Labor Party and

The Achievement of Gershom Scholem


the Israeli Left. “It is impossible to
separate the Oslo process from the
complex relationship between Rabin
and Peres,” Mr. Rabinovich notes.
Continued from page C5 and at worst with malevolence” and and depth of perception, was toward after the highest truths of religion and None of this is fully persuasive. Mr.
notes—and discovered excitement in noting that no middle-class German the end coarsened, in Scholem’s view, philosophy, Mr. Prochnik seems not to Rabinovich explains the steps by which
what he took to be Scholem’s religious gentile had ever visited their home. by Marxism. In 1940, fearful of being have realized that his is the standard the tough military leader came to
anarchy. “Scholem helped plant the Scholem seems never to have been returned by Spanish officials to France outlook of the American progressive, abandon his promises to Israeli voters,
seed for this contrarian yearning,” he without the polemical spirit. While still and the awaiting Nazis, Benjamin com- finding as always the world falling but not his underlying motivation. The
writes, “the wish for a Godless god, a student, he wrote a letter opposing mitted suicide in Spain at age 48. short of his utopian standard. only deeper explanation we are offered
and an outlaw’s Law, and a revelation Germany’s participation in World War In 1925, two years after Scholem’s Mr. Prochnik’s identification with is striking: “In private conversations
that could be stolen from the gilt I, which caused him to be ejected from arrival in Palestine, he became a pro- Palestinians becomes more and more with confidants Rabin expressed con-
vaults of orthodoxy, broken up, and re- his secondary school. He worked up an fessor, specializing in Jewish mysti- complete, and he quotes Edward Said cern over the Israeli public’s and the
distributed among the poor in faith.” act—reminiscent of the one portrayed cism, at Hebrew University. The rest, on their wretchedness. He describes IDF’s ability to shoulder the price of a
We are here in the realm of theol- in Thomas Mann’s “Confessions of Fe- one might say, is history, also histori- an idyllic setting in Jerusalem, noting long-term, seemingly endless conflict.”
ogy, that “spurious offspring of reason lix Krull”—by pretending to mental ill- ography, as he went from success to that Palestinians are missing from it Rabin had collapsed in the lead-up to
and faith,” as Theodor Mommsen ness to avoid conscription and ulti- success, strength to strength, acquir- and thus from sharing in the enjoy- the 1967 war from nervous exhaustion
called it, deploring its “tedious prolix- mately was able to have himself ing a world-wide reputation based on ment of it. Of his own economic trou- and been out of action for two days.
ity and solemn inanity.” Mr. Prochnik declared an incurable schizophrenic. a large corpus of significant work. bles—he never found a good job, he Did he project his own fatigue onto the
has a proclivity for swimming in these His persistent Zionist activities caused Mr. Prochnik, after his emigration, never finished his thesis at Hebrew nation? If so, he greatly underesti-
muddy waters, a proclivity which pro- his father to disown him, announcing did not fare so well. Israel, the Prom- University, he and his wife had to mated Israel’s stamina.
duces the murkiest pages in “Stranger the decision in a letter promising him ised Land, ultimately withheld its support three sons—he says: “All the Mr. Rabinovich is a great admirer
in a Strange Land,” his combined bio- 100 marks but adding that this was the little natural pleasures that the city of Rabin, writing of their “close and
graphical portrait of Gershom Scholem last money he would receive from him. offers seemed to carry a price tag we deep relationship” and of Rabin’s
and chronicle of his and his wife’s own Scholem was able to sustain himself as can’t afford. And I wondered whether “bold, historic decisions.” He mourns
desire “to immerse ourselves in a a university student and eventually Scholem’s fervent Zionist this sense might be an inkling of the assassination that “interrupted
more Jewish existence on every level.” completed a doctorate at the Univer- activities in Berlin caused what the dispossessed Palestinian the historical process [toward peace]
Mr. Prochnik’s portrait of Scholem sity of Munich. When, in 1923, he fi- would feel.” He profoundly feels the and destroyed its momentum.” And
is largely drawn from Scholem’s “From nally emigrated, in what is known as his father to disown him. death of Prime Minister Yitzhak yet, Mr. Rabinovich acknowledges that
Berlin to Jerusalem,” an autobiography the Third Aliyah, or emigration of Rabin and with it the squashing of while it is “quite realistic” that Rabin
of his early years; his “Walter Benja- Diaspora Jews to Palestine, there were the hope for peace through the Oslo would have won the 1996 elections,
min: The Story of a Friendship”; and fewer than 100,000 Jews there. promise from him. One sees this com- Accords. The gravamen of his com- “that he would have come to an agree-
his letters. Mr. Prochnik records Sc- Apart from his engagement with ing early in his pages on his own life in plaint is that the Israelis are to blame ment with Arafat is less so.” In 2000
holem’s early passion for all things Jewish mysticism, the most decisive Israel, which are marked by a humor- for “maintaining the exile of another at Camp David, Arafat refused a gen-
Jewish, a passion all the more remark- event in Scholem’s life was his meet- less tone of self-dramatization, not people.” The election of Benjamin Ne- erous peace offer from Israeli Prime
able for its coming from within a ing, in 1915, at age 17, with Walter Ben- free from overwriting (“a pomegranate tanyahu eventually drove Mr. Minister Ehud Barak, and then encour-
strongly assimilationist family in jamin. Benjamin put questions “to me tree dangled its big red-pink fruit like Prochnik from the country. aged the violence that became known
which the flame of Jewishness was in his wholly original and unexpected mumpy cheeks”). Unhappiness sets in, Gershom Scholem remarked that “I as the Second Intifada—so it is unreal-
guttering. Gershom—then Gerhard— formulations” that caused Scholem to then festers, finally exploding in his share the traditional view that even if istic indeed to think that he would
was the youngest of the family’s four concentrate more intensely than ever and his wife’s return to America, we [the Israelis] wish to be a nation have been a reliable peace partner for
sons. The two oldest sons went along before. “What thinking really means,” where they divorce. The autobiograph- like all the nations, we will not suc- Rabin. The visible reluctance with
with the assimilationist program and he wrote, “I have experienced through ical sections of “Stranger in a Strange ceed. And if we succeed—that will be which Rabin shook Arafat’s hand on
into their father’s business; the third his living example.” He described his Land” reveal that it is George Prochnik the end of us.” Israel is different from the White House lawn in 1993 showed
son, Werner, became a radical, briefly friendship with Benjamin as “the most and not Gershom Scholem who is the all other nations—in its history, its re- Rabin’s doubts about the treaty he had
a Communist, and was murdered in important of my life” and later dedi- true stranger of his book’s title. birth, its precarious place in the just signed and the new path it ap-
1940 by the Nazis at Buchenwald. cated a book to him as “the friend of a We first hear of Mr. Prochnik’s dis- world—and always will be. To ask it to peared to signify. In the end, even the
Off by himself, the young Scholem lifetime whose genius united the in- satisfaction with Judaism’s “failure to be better, to ignore its enemies, to ex- warm esteem in which he holds Rabin
read Heinrich Graetz’s multi-volume sight of the Metaphysician, the inter- be inclusive of women.” The peacenik ist on a higher moral level than every does not prevent Mr. Rabinovich—a
“History of the Jews” and Martin Bu- pretative powers of the Critic and the in him soon reveals itself. The brave other nation in the history of the scholar with an abiding commitment
ber; later he would firmly reject both erudition of the Scholar.” The two ex- Soviet dissident Natan Sharansky is de- world, which is what George Prochnik to historical accuracy—from present-
authors. He learned Hebrew, joined Zi- changed ideas and read each other’s scribed as having turned into “a right- asked of it, is to be certain of the dis- ing a portrait of his friend in full.
onist youth groups, hunted down an- work in draft form, and a subtle two- wing zealot in Israel.” The author is appointment he found on his mis-
cient Jewish books. He argued with his way influence passed between them. put off by the ultra-orthodox, the sight guided sojourn there. Mr. Abrams, a senior fellow at
father over the falsity at the heart of In later years Scholem persistently at- of whom “left me more and more es- the Council on Foreign Relations,
the Jewish assimilationist solution in tempted to get Benjamin to emigrate tranged.” Consumerism, which he sees Mr. Epstein is the author, most handled Middle East affairs at
Germany, holding that Germans to Israel, but Benjamin dithered. His as a strong feature of Israeli life, de- recently, of “Frozen in Time, the National Security Council
viewed Jews “at best with indifference fine mind, with its sublime subtlety presses him. Fancying himself a seeker Twenty Stories.” from 2001 to 2009.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C7

BOOKS
‘May we never confuse honest dissent with disloyal subversion.’ —Dwight D. Eisenhower

The President Fells a Demagogue


to be outraged at just the right mo-
Ike and McCarthy ment. Welch been cast in his role by
By David A. Nichols Thomas E. Dewey after Eisenhower
Simon & Schuster, 385 pages, $27.95 approved having the New York gover-
nor search for just the right lawyer to
BY THOMAS MALLON oppose McCarthy.
Six months after the hearings
ended, McCarthy was censured
IN THE SPRING OF 1954, the Senate (though the word used in this case
Permanent Subcommittee on Investi- was “condemned”) by the Senate.
gations spent $198.67 on witness fees, Two and a half years beyond that he
$40.90 for subpoena service and $450 was dead at the age of 48. His body
on an amplifier that allowed the new was ceremonially brought into a
television-viewing public to hear every Senate chamber so profusely packed
word of the Army-McCarthy hearings. with flowers that Roger Mudd, then
The complete budget ($24,605.67) was a young reporter, remembers having
a miracle of thrift when one considers to duck out for a breath of air.
its efficacy in thwarting Sen. Joseph Mr. Nichols asserts: “President
McCarthy’s demagogic and spectac- Harry Truman had openly de-
ularly ineffective hunting of com- nounced McCarthy for three years,
munists in government (of which, yes, but his attacks had only enhanced
there were some). The 36 days of the senator’s prestige; Ike ruined
hearings dissipated what one of the him in half that time.” For all that
era’s famous theatrical characters, was commendable in Ike’s efforts
Tennessee Williams’s Big Daddy, against McCarthy, he frequently fell
would call a “powerful and obnoxious short of full courage. The president
odor of mendacity.” and Attorney General Herbert
McCarthy had gained control of Brownell, for instance, both wobbled
the subcommittee—which would on the Fifth Amendment, making the
soon enough be investigating him— invocation of constitutional privilege
at the beginning of 1953, thanks to before a congressional committee
the paper-thin majority that Republi- grounds for a federal employee’s in-
cans had ridden to on Dwight Eisen- vestigation. And the broad language
GETTY IMAGES

hower’s coattails. The chairmanship of Executive Order 10450, issued in


allowed the Wisconsin senator to hire 1953 to get rid of the loyalty-review
as the subcommittee’s counsel the boards that had helped spur McCar-
cunning Roy Cohn, along with G. Da- COMMITTEE Sen. Joseph McCarthy and his chief counsel, Roy Cohn, during the Army-McCarthy hearings in April 1954. thy’s rise to power, made it possible
vid Schine, the Tab Hunter-ish object to fire employees deemed suscepti-
of Cohn’s affections. been essentially destroyed. How did Cohn than any pinko with a security ning of the end for McCarthy. Copies ble to blackmail. Substituting per-
There was a trickiness to McCar- that happen? . . . Dwight D. Eisen- clearance. He repeatedly demanded of the document began to circulate sonal peril for political protections,
thy’s position. As a fellow Republican, hower made it happen.” that the secretary of the Army, Robert in Washington. Eisenhower lied to it ended up being brutal toward ho-
he couldn’t openly lambaste Eisen- The author’s praise for the presi- Stevens, and its legal counsel, John the press about the report’s origins, mosexuals in the government and
hower, whose detestation of him and dent’s strategy can border on the ful- Adams, secure passes and privileges and he arranged for Stevens to lie claimed more victims than McCar-
his methods was quietly evident. Nor some, but it is supported by facts for Schine. If Schine were sent over- about them, too. thy’s investigations ever did.
would Ike “get down in the gutter” and some new source material. Mr. seas, Cohn vowed, McCarthy would Mr. Nichols outlines the anti- Cleanly written and consistently
with him, as the senator wanted; Nichols’s Eisenhower plays a long “wreck the Army.” McCarthy contributions of various ad- judicious, Mr. Nichols’s book would
there was party unity to consider and game that draws on “traditions of have gained additional power by devi-
the danger of a challenge from military deception.” His administra- ating from its moment-by-moment
McCarthy for the 1956 presidential tion’s mobilization against McCarthy timeline to explore the motivating bi-
nomination. Eisenhower also had to was a story that “most of the era’s Dwight Eisenhower took almost fetishistic care never ographies of its important figures or
worry about what McCarthy “had” on great reporters” were unable to see, to use Joseph McCarthy’s name, even when he had to to look at the ironies of how the “ex-
him, the sort of nothing from which and Eisenhower continued to throw ecutive privilege” Eisenhower invoked
the senator was always serving up a dust into the eyes of the historians greet the senator on a public occasion: ‘Hello there!” to keep executive-branch employees
witches’ brew. who came after them. “Even in his from having to testify before McCar-
As David A. Nichols emphasizes in memoirs,” Mr. Nichols points out thy’s committee was welcomed by lib-
“Ike and McCarthy: Dwight Eisen- when describing the final confronta- The eventual investigation of all ministration figures, including Vice erals in the 1950s, but would appear
hower’s Secret Campaign Against Jo- tion with McCarthy, Eisenhower lied this, which exploded into the tele- President Richard Nixon, who early in diabolical to them when invoked by
seph McCarthy,” his meticulous new in ascribing to the Army a proactiv- vised hearings, was a great human Eisenhower’s term had tried to get Richard Nixon in the 1970s.
study of their year-and-a-half political ity that was actually coming from spectacle, full of pratfalls and tragedy. the senator to switch his focus “from “Ike and McCarthy” shows how
war, “Eisenhower, if not frightened, the White House. Army Secretary Stevens, for one, fell communism to corruption.” In the re- hard it was, and how long it took, for
was clearly concerned that McCarthy By the spring of 1954, McCarthy into spells of drink and delusions of porter Tom Wicker’s phrasing, Nixon’s a president to rein in a single sena-
might resurrect Ike’s friendly postwar had updated his “twenty years of heroism. The deepest personal mys- “foot-in-the-other-camp status,” his tor. It remains for the reader to dis-
associations with communists and So- treason” catchphrase to “twenty-one,” tery has always been why McCarthy sterling anti-communist credentials, cern in this book a rough, inverted
viet leaders in Germany.” And so, dur- in order, Mr. Nichols observes, “to in- indulged Cohn. What did Roy have on allowed him to make the approach to image of our own time, with the po-
ing 1953, the two men fought a series clude the Eisenhower administration.” Joe? Was it evidence, beyond the ru- the committee almost in the way he larity reversed between the White
of “small skirmishes,” previews of the Henry Cabot Lodge Jr., U.S. ambassa- mors, of the senator’s homosexuality? would later have political cover in go- House and the Congress. Eisen-
following year’s showdown. After fail- dor to the United Nations and a close In John Adams’s memoir, “Without ing to China. But after the showdown hower’s secretary of state, John Fos-
ing to derail the president’s nomina- presidential adviser, believed that Precedent” (1983), the Army counsel had become inevitable, Nixon ac- ter Dulles, saw European govern-
tion of Chip Bohlen as ambassador to McCarthy decided to go after the describes a car ride with the two of cepted Ike’s highly specific instruc- ments fearing “an American fascism”
the Soviet Union, McCarthy went af- Army because of Eisenhower’s indeli- them during which “Cohn was raining tions and delivered, on national TV, “a that seemed to be rising from the
ter the Voice of America’s supposedly ble identification with it, whereas systematic abuse on McCarthy, who soaring hymn of praise for Dwight Capitol Hill office of a frantically im-
slack anti-communism and sent Cohn William Rogers, the deputy attorney periodically turned to me to ask if I Eisenhower.” pulsive crowd-pleaser who dis-
and Schine on a sort of honeymoon general (and later secretary of state couldn’t arrange to get Dave [Schine] The president wanted the Army- patched press releases as if they were
hunt for subversive literature in U.S.- under Nixon), said, “Joe never plans a assigned to New York.” Mr. Nichols’s McCarthy hearings televised and modern-day tweets. A Washington
run libraries abroad. damn thing.” Whichever the case, by narrative is relentlessly chronological, quashed any efforts to cut them Post editorial from March 4, 1954,
Eisenhower played it cool in public, the time McCarthy humiliated Gen. but he does briefly consider “the short. Their minutiae—the “fried- posited that “Senator McCarthy’s ar-
giving addresses in support of free Ralph Zwicker, a hero of D-Day, for strange hold Cohn had over the sena- chicken lunch,” the “shamefully cut- rogance may yet save President
speech and dealing in what he called not giving him the answers he wanted tor” without coming to any conclu- down” photograph—spawned a core Eisenhower from the worst conse-
“principles, not personalities.” He about the bureaucratic promotion of sions. The matter is by now probably of buffs not dissimilar to those ob- quences of his own timidity.” Perhaps
took almost fetishistic care not to use an Army dentist with onetime leftist beyond historical solution. sessed by the Kennedy assassination President Trump will soon make the
McCarthy’s name, even when having affiliations, the senator and Roy Cohn On Jan. 21, 1954, White House or Watergate. The extravaganza’s same gift to a half-dozen or so mor-
to greet him (“Hello there!”) on a had been risibly at war with the ser- Chief of Staff Sherman Adams or- most quotable utterance—Have you ally troubled Republican senators.
public occasion. Mr. Nichols states his vice for months. David Schine had dered Adams to “draw up a detailed no sense of decency, sir, at long
approving thesis on the first page of been drafted in November 1953, and chronological account” of the pres- last?—appeared to have been ad- Mr. Mallon’s books include “Finale:
his preface: “By the end of 1954, the thought of his golden boy peeling sures applied to the Army on libbed by Army counsel Joseph A Novel of the Reagan Years” and
McCarthy’s political influence had potatoes on KP inspired more fury in Schine’s behalf. This was the begin- Welch, but he had diligently prepared “Fellow Travelers.”

The Rebirth of Hebrew


Continued from page C5 a 16-volume dictionary of Hebrew us- poetry was amplified by a “rich or- prestigious Lithuanian yeshiva, or re- Pushkin, the Jewish Goethe. His
In the 18th century, leaders of the age. When Ben-Yehuda arrived in Je- chestration of citations from, refer- ligious academy, Bialik arrived penni- verses were emblazoned on banners,
Jewish Enlightenment sought, rusalem in 1881, having first left his ences to, and resonances of a wealth less in Odessa, then a hub of Hebrew set to music and memorized by
through Hebrew, to emancipate Jews native Lithuania to study in Paris, he of Jewish sources, spanning the He- culture on the shores of the Black Sea. schoolchildren. The artist Marc Cha-
from the confines of the ghetto; by was unwavering in his commitment to brew Bible, the Mishnah, and the Jew- In syllables shaped by the colli- gall, visiting in 1931, attested: “I came
making Hebrew an aesthetic equal to the idea of restoring the Jewish lan- ish prayer book.” By writing in the sion of tradition and modernity, Bia- to Tel Aviv and saw that Bialik is not
European languages, they hoped to guage and the Jewish homeland to- first-person collective, a mode both lik poured forth verses in a range of only a poet, but also the city’s spiri-
open the doors to modernity. Their gether. He published a Hebrew news- inimitably singular and self-con- registers—pastoral portraits, martial tual mentor. All shopkeepers buy and
efforts, while incomplete, prepared paper, founded the forerunner of sciously national—and by weaving an epics, reveries of childhood, stirring sell, and read, newspapers that say:
the ground for a small group of secu- what became the Hebrew Language “intertextual fabric,” as Mr. Holtzman Zionist hymns. But his most influen- Bialik spoke, Bialik wrote, Bialik is
lar Eastern European writers in the Academy and advocated Hebrew as tial, and most searing, poem con- here, Bialik is there.”
following century to dig channels the language of instruction in the sisted of nearly 300 lines of rhyming The poet’s 60th birthday, in 1933,
through which Hebrew’s hidden vital- Jewish schools in Palestine. In No- Bialik’s verses were couplets about the Kishinev pogrom was marked as a national holiday, a
ity could course once more. These vember 1922, the British mandate rec- in 1903—a notorious two-day ram- celebration of his part in fashioning
cultural Zionists brought about a re- ognized Hebrew as the official lan- emblazoned on banners, page in the southwestern reaches of a living vernacular adequate to
birth of Hebrew, an achievement, Mr. guage of the Jews in Palestine. A set to music, memorized imperial Russia. “In the City of modern life. He died the following
Glinert writes, “without precedent in month later, Ben-Yehuda succumbed Slaughter,” as he called the poem, year, 30 years to the day after the
linguistic and sociopolitical history.” to tuberculosis, having fulfilled his by schoolchildren. was widely read as a denunciation of death of Herzl, as Mr. Holtzman
In its early stages, this revival dream of relaunching Hebrew as a the humiliations of life in exile and tellingly notes.
didn’t seem to have much prospect spoken language for the first time in as a rousing call to self-defense. Taken together, Messrs. Glinert
for success. For the pious, Mr. Glinert nearly two millennia. In such a way writes—Bialik reclaimed old sonori- After the Russian regime banned and Holtzman suggest that, despite
says, “using the holy tongue for ev- was Hebrew “torn from biblical ties to achieve an inventiveness never Hebrew literary activity, Bialik fled millennia of fluctuations, Hebrew
eryday speech smacked of desecra- sleep,” in the Israeli poet Yehuda Am- before seen. from Odessa to Germany, before set- escaped extinction with its distinc-
tion.” For pragmatists, resurrecting a ichai’s phrase. Bialik was born in 1873 near the tling in 1924 in Tel Aviv, where he tiveness tenaciously intact and its
bookish tongue that lacked words for No one better embodies this re- Ukrainian town Zhitomir. When he would spend his last decade. Though future auspiciously assured. To read
tomato, theater, microscope or fun naissance than H.N. Bialik (1873-1934), was 7, after the death of his father, his his muse waned, his efforts on behalf these books is to appreciate Hebrew
seemed either ridiculous or incon- the poet who stood at the vanguard of destitute mother sent him to live with of Hebrew renewal did not. He served as the grammar of a dynamic dia-
ceivable. Even the father of political the migration of Hebrew literature a pious grandfather. Although Yid- as president of the academy, founded logue between the claims of the
Zionism, Theodor Herzl, envisioned a from mute dormancy in Eastern Eu- dish—Hebrew’s handmaiden, as he re- by Ben-Yehuda, that coined and vet- ever-changing present and the im-
Jewish state of German speakers. rope to articulate maturity in the land garded it—was Bialik’s mother ted new words. He set up publishing peratives of the past.
And yet the history-hallowed lan- of Israel. In “Hayim Nahman Bialik: tongue, “the idiom of biblical He- houses, edited literary journals, and
guage returned to its native soil by Poet of Hebrew,” Avner Holtzman, a brew,” Mr. Holtzman says, “became a made himself a ubiquitous and be- Mr. Balint, a writer in Jerusalem, is
the sheer will of pioneers like Eliezer professor at Tel Aviv University, gives cornerstone of his literary education.” loved presence in Palestine. the author of “Kafka’s Last Trial,”
Ben-Yehuda (1858-1922), the author of a captivating account of how Bialik’s Stealing away from his studies at a Admirers hailed him as the Hebrew forthcoming from Norton.
C8 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘His early dreams of good outstripp’d the truth, / And troubled manhood follow’d baffled youth.’ —Lord Byron

FICTION CHRONICLE: SAM SACKS SCIENCE FICTION: TOM SHIPPEY

Uneasy Lies
Rebirth of the Campus Novel
AT AN ELITE New
The Head
England liberal arts JOHN SCALZI’S
college, students novel “The Collaps-
have occupied the ing Empire” (Tor,
quad, pitching tents 336 pages, $25.99)
and raising banners is the start of a new
in protest of the administration. The series, following his
source of their anger is the college’s successful “Old Man’s War” se-
decision to deny tenure to a popular quence. It has a “Dune”-style sce-
African-American anthropology pro- nario: an interstellar empire, calling
fessor. Because the tenure process is itself the Interdependency, with
confidential, the college’s president power shared among noble houses,
cannot discuss the reasons for the de- trader guilds and a state church. The
cision, and in the absence of an expla- balance among them is held by an
nation, the protest movement has emperor, or to use Mr. Scalzi’s gen-
leapt to a damning accusation of rac- der-neutral neologism, “emperox.”
ism. When a slur is discovered painted The threat to the situation comes
on a student building, the crisis comes from a shift in the “Flow,” a physical
to national attention. Supporters on peculiarity that provides shortcuts
the left call the president “a despotic through Einsteinian space. There are
figurehead,” while critics on the right only a limited number of the latter,
suspect radical students of having and they link up at Hub, the center of
manufactured the vandalism and place imperial power. Soon interstellar
the blame for the unrest on the col- travel will become impossible again.
lege’s “famously permissive mores.” Without it, most human habitats will
GETTY IMAGES

Given the contentious campus dra- become unsurvivable.


matics that now make the papers on a That is the crisis faced by Cardenia,
regular basis—the most recent and the new emperox, forced into the role
egregious being the violent attack at by the deaths of her father and
Middlebury College on the scholar when she reaches out to Omar she’s the crisis for succulent talking points. longer abide the cant that pervades brother. One noble house is scheming
Charles Murray and the professor who rebuffed. Again, Ms. Korelitz hits on a Ms. Korelitz breaks the tension with a society. He will call out hypocrisy and
hosted him—everything in the above trenchant observation about the na- clever plot twist that has the satisfy- irrational beliefs whenever he en-
scenario would make a perfectly plau- ture of contemporary activism: Its ob- ing effect of making everyone, on counters them. “I just need things to When interstellar travel
sible news story. But, instead, it is the ject is not resolution but renown. “In- both sides, look foolish and deluded. be true,” he explains. “Actual. Clear. I
plot of Jean Hanff Korelitz’s “The teraction across the battle lines isn’t “The Devil and Webster” is very need to be able to say, Yes, that is un- suddenly becomes
Devil and Webster” (Grand Central what they’re after,” a colleague tells much Naomi Roth’s book. In the midst equivocally so. Or unequivocally not impossible, a farflung
Publishing, 359 pages, $27), a sharp so.” His crusade is so quixotic that it
and insightful novel exploring the cur- brings him to the attention of a TV empire teeters.
rent explosion of student discontent. producer, and soon he’s the star of his
The college the book imagines is When the president of Webster College tries to own reality show.
called Webster and its president is diffuse some campus protests, she discovers that The novel follows K’s mishaps on to provide her with a consort, who can
Naomi Roth, who first appeared in the show, which is an instant hit be- be controlled by his far more able sis-
Ms. Korelitz’s 1999 novel “The Sab- student activism isn’t about resolution but renown. cause it depicts him getting beaten up ter. A rival house is scrapping for con-
bathday River,” an updating of “The by people after attacking their various trol of a planet called End, its major
Scarlet Letter” focused on a young sacred cows. To a climate activist, he figure being foul-mouthed, sexually
woman who is tried for infanticide. the president. “They want to build of the furor, she undergoes a midlife points out the hypocrisy of opposing predatory Kiva.
Roth is a dedicated second-wave femi- their own constituencies. They want coming-of-age, completing the switch nuclear power. To an NRA executive The only male figures of any impor-
nist who has guided Webster’s trans- to represent something to their peers from a person committed to challeng- he says that men “collect firearms for tance are Cardenia’s dead father—
formation from a provincial institu- more than they want to gain respect ing the rules to one whose duty is to precisely the same reason that little though he is only a computer simula-
tion to a celebrated bastion of from their opponents.” enforce them. Hers is a memorable girls collect dolls.” Militiamen respond tion in the imperial Memory Room—
progressive values. Ms. Korelitz has a What that something might be is story, but it is just one from a setting by putting a bounty on his head. and Marce, son of a physicist who
keen appreciation for the irony that never totally clear. Roth feels a paren- teeming with dramatic potential today. Spliced into the cartoonish story are studies the Flow. He too has a lethally
this onetime radical is now, for the tal affection for the undergraduates— The enclosed space of colleges has long sober flashbacks to the final months capable sister, but she is being saved
protest group calling itself Webster just teenagers, she reminds every- offered writers an ideal laboratory for of K’s marriage, as his wife dies of up for the sequel.
Dissent—which includes the college one—who have become “divinely unloosing social conflict. Right now, breast cancer. Her death, we discover, It’s a plot based on personal enmi-
president’s own daughter—little more outraged” on behalf of a professor the elements involved are especially is the real source of K’s sudden horror ties, but the surprising factor is not
than a symbol of systemic injustice. most have never met. Their vehe- unstable. This ought to be the start of of emotional responses, and the novel the matriarchy so much as the com-
To students “within the magical mence is matched by the vagueness of a golden age for the campus novel. is in some ways a madcap shaggy dog plete absence of challenge to the em-
prism that was time on a college cam- their complaints, and Roth finds it The lunacy in Ron Currie’s “The joke about coming to terms with grief. pire from below. Kiva’s behavior would
pus,” Roth’s own history has no hard to disagree with a friend’s as- One-Eyed Man” (Viking, 321 pages, John Kennedy Toole and David surely bring out the inner Paul Revere
meaning—“only the great and won- sessment that, at the heart of it all, $26) is triggered by a bottle of “liquid Foster Wallace are both influences in us Earthlings, for her idea of gover-
drous now ever seemed real.” “young people need to feel their spe- hand wash.” The product claims to be here. In his author photo, Mr. Currie nance makes the IRS look like a model
Roth’s foil is the de facto leader of cialness. And one way they feel it is to “formulated with cleansing agents.” flaunts a tattoo of a sentence from of sweet reason and civility.
Webster Dissent, a Palestinian schol- transmute any kind of discomfort into But what, asks our aggrieved narra- “Infinite Jest,” and though his novel Nor is it clear why human-settled
arship student named Omar Khayal, outright oppression.” tor, a man nearing 40 named K, does has nothing of Wallace’s intellectual planets can’t manage on their own—as
whose stories of childhood oppression As the stalemate deepens, Roth that actually mean? Why can’t they density, it too boasts a comically ver- Earth did before its contact through
and dangers faced have made him a must handle the increasingly hostile just call the stuff soap? bose and culturally savvy narration the Flow was lost. No doubt we shall
kind of talisman to the impression- protesters, the more reactionary This brief encounter with market- tempered by a bass line of vulnerabil- see. Mr. Scalzi’s series is up and run-
able and highly privileged student members of the college’s board who ing buzzwords is epiphanic. K de- ity. K may not be the truth-telling ning, and providing enough riffs on
body. Roth tries to take a laissez-faire want her to forcibly clear the quad cides—after hurling the liquid soap hero America wants, but he’s unques- sci-fi history to keep things provoca-
attitude to the demonstrations, but and the media pundits eager to poach through a window—that he will no tionably the one we deserve. tive and unexpected.

Travels of the French Kitchen


which, “among others, provided con- of anchovies and herbs, turned out is vegetarian, and usually vegan- vious cookbooks representing a vari-
Provence to Pondicherry tinental France with access to travel perfectly. Happily, Ms. Kiros recom- friendly—for lemon rice, with mustard ety of cultures. Born to a Greek Cy-
By Tessa Kiros the world”—and French-influenced mends the dish “with the meat cooked and cumin seeds, chiles, turmeric and priot father and a Finnish mother,
Quadrille, 287 pages, $35 fare from such “faraway” places as through”—leg of lamb, she and I other vivid ingredients. she grew up in South Africa and later
the French overseas island départe- agree, should not be served pink. I do wish that the book had of- lived and worked in London, Sydney,
BY COLMAN ANDREWS ments of Guadeloupe in the Caribbean A Vietnamese recipe for fried squid fered mail-order sources for some of Athens and around Mexico. She is
and La Réunion in the Indian Ocean, with lime, salt, and pepper yielded the more uncommon ingredients Ms. now based in Tuscany. Given this
and two former French colonies, Viet- good results, too, though Ms. Kiros Kiros uses, like breadfruit, morning background, one might have expected
TESSA KIROS really loves mussels. nam and the territory of glory stems, green mor- her to be a little more sensitive to
While the dishes offered across the Pondicherry in southeastern inga (the “drumstick” the legacies of French colonialism.
chapters of “Provence to Pondicherry: India. It’s also a physically pods of the benzoil tree), When she enthuses about women at
Recipes from France and Faraway” in- beautiful volume, designed and even langoustes, or an airport in Paris “with madras cot-
clude everything from spice mixes and to look a little old-fash- spiny lobsters, which she ton cloths on their heads . . . traveling
frozen desserts to fritters and roasts, ioned—like something you says are less expensive to their homeland for the summer,”
the mussels are a constant, with one might find in the attic in an than Maine lobsters. one wonders if she’s ever heard of
recipe for them in each chapter: old steamer trunk that once They’re not, at least in the Front National, who would proba-
moules au pistou, with the Provençal belonged to your globe- the U.S. bly prefer that the women don’t
trotting bohemian uncle. It’s curious, too, that bother coming back.
The matte-finish pages are Ms. Kiros thinks too much When she proposes breezily of Viet-
How to cook mussels in full of appetite-stirring olive oil overpowers nam that the French “have come and
shots that are only slightly aïoli—a definitive celebra- gone and left a certain style behind,”
Vietnam, Guadeloupe, over-propped; photo tion of olive oil and gar- even the nonpolitical reader might ask
Normandy, Provence collages by the food and lic—and so dilutes it with whether she’s aware of the corrupt
travel photographer Manos sunflower oil; and that and fractured government they left be-
and La Réunion. Chatzikonstantis evoke the she recommends cooking hind as well (to our eventual detri-
spirit of each of Ms. Kiros’s chicken for a shorter time ment). In Guadeloupe, Ms. Kiros is
subject places. than rabbit if it’s substi- taken with a church full of women
version of pesto (made without pine The recipes themselves tuted in one of her recipes singing “to their history and tradition,
nuts, and, at least until modern times, are almost all the kinds of (chicken pieces are gener- with the calm spirit and disposition
without cheese); moules frites à fruit things that any reasonably ally thicker than rabbit they seem to be blessed with here.”
à pain (with “fries” made from bread- cosmopolitan cook would be pieces, so should take But does she know that the island is
MANOS CHATZIKONSTANTIS

fruit) from Guadeloupe; mussels with happy to tackle. They are more time, not less). And also blessed with an unemployment
chiles, lime, lemongrass and coconut clearly written and capable she passes along a tip rate of more than 25% (almost 50% for
from Vietnam; mussels with masala (a of yielding delicious re- from a Vietnamese chef those between the ages of 15 and 24)
spice mixture) from Pondicherry; sults—especially if you that putting salt in frying and that about a fifth of the popula-
moules au combava (kaffir lime) from bring a little common sense oil will make it splash tion lives below the poverty line?
La Réunion; and moules au cidre (with into the kitchen about ex- less. But salt in cooking Cookbooks don’t have to be—and
cider) from Normandy. A lover of actly how long to sear the FIN DINING Blaff de Poisson, a fish soup from Guadeloupe. oil increases the oxidation probably shouldn’t be—political. But
these meaty bivalves might well find steaks for entrecôte à l’an- of fatty acids, lowering they shouldn’t be tone-deaf either.
“Provence to Pondicherry” worth hav- choïade or to sauté the onions with might have stressed that the squid has the oil’s smoke point and potentially
ing for these recipes alone. spices for cari de thon au combava to cook very quickly (30 or 40 seconds lending it off flavors. Finally, the Mr. Andrews is editorial director
But the collection includes much (she doesn’t tell you). is ideal) to remain tender. And I’m grammar police might point out that of TheDailyMeal.com. His latest
more than these creatures. There are The gigot d’agneau aux anchois, a definitely adding to my repertoire a “Far Away,” rather than “Faraway” book is “The British Table: A New
recipes for emblematic dishes from classic Provençal preparation of leg of wonderful rice preparation from would be better in the book’s title. Look at the Traditional Cooking
Provence and Normandy—regions lamb stuffed and rubbed with a paste Pondicherry—the bulk of this chapter Ms. Kiros has published nine pre- of England, Scotland, and Wales”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C9

BOOKS
‘Fate is a rat.’ —Leo Durocher

The Devil at Short


Still, Durocher could come through in so I’m prejudiced. But you’re the best
Leo Durocher the clutch, winning one key game by ballplayer I ever saw. . . . Having you
By Paul Dickson throwing his bat at a pitch and hitting on my team made everything worth-
Bloomsbury, 357 pages, $28 a blooper into short right field. Team- while.’ ” Mays wept.
mates loved him, and opposing teams Durocher managed his teams from
BY EDWARD KOSNER despised him for his relentless, profane the third-base coaching box to be
bench-jockeying. He played 17 seasons, closer to the action. He was celebrated
toward the end as a player-manager, for once saying that if he were playing
LEO DUROCHER LIVES ON in base- and wound up hitting .247 with a third base and his mother rounded the
ball lore and Bartlett’s Familiar Quo- grand total of 24 home runs. The Babe bag, he’d trip her to keep her from
tations for having proclaimed, “Nice knew what he was talking about. scoring. It also put him closer to his
guys finish last.” In fact, Durocher’s It was as a manager that Duro- antagonists in blue. The predictable
51-year career as a player and man- cher’s talents and demons combined result was that Durocher’s teams came
ager was an emphatic refutation of into a tragic, combustible brew. Over up on the wrong side of close calls.
his famous words. He was the antithe- the years, he played the bad boy only When he wasn’t screaming “Dummy,
sis of a nice guy—a combative, self- a father could love for a succession dummy, dummy” and much, much
destructive monster of ego—and he of general managers and owners, worse at the veteran ump Jocko Con-
finished last once anyway. among them Rickey and Buzzie lan, he was alienating the newspaper
He thrived in a lily-white baseball Bavasi of the Dodgers, Horace Stone- writers and broadcasters who covered
world as vanished as Rinso, Checker ham of the Giants and Phil Wrigley his clubs, even legends like Chicago’s
cabs and the Andrews Sisters—long Jack Brickhouse. Managing the Cubs,
train rides for five-game series in he once banned 27 of the 30 writers
Sportsman’s Park in St. Louis, baggy on the beat.
flannel uniforms, bean balls and spit- Leo the Lip was a brawler, So when Durocher got in trouble—
ters and clubhouses teeming with a womanizer, a prankster, and he was always in trouble—he had
mobbed-up gamblers. But Durocher few allies. Gambling was his vice. Un-
was a legend in his own time as well a compulsive gambler— like Pete Rose, who later admitted to
as in his own mind. and a Hall of Famer. having bet on baseball as a manager
He was a Zelig of baseball, uncan- but not on his own Reds, Durocher
nily present at many of the game’s claimed never to have bet on baseball,
classic moments. A compact shortstop but he played poker for high stakes,
with quick reflexes and a quicker of the Cubs, all of whom fired and cashed in on tips on fixed horse races,
mind and mouth, he won the 1928 rehired him so many times that no- and liked to hit Las Vegas with his
World Series with Babe Ruth’s Mur- body could keep score. Unreliable, buddy Sinatra. He had a nodding ac-
derers’ Row Yankees and endured ob- disrespectful, insubordinate, a quaintance with mobsters like Bugsy
loquy for stealing the Babe’s watch; he shameless liar, hated by the umpires Siegel and Joe Adonis. All of this
was the raucous captain of the 1930s he cursed and kicked dirt on, Duro- came to the attention of A.B. (Happy)
St. Louis Cardinals’ “Gashouse Gang”; cher survived because he could fire Chandler, the Kentucky pol who suc-
at Ebbets Field in 1939, he played in up a mediocre team and draw fans to ceeded the revered Judge Kenesaw
the first baseball game ever televised. the ballpark with his antics. He man- Mountain Landis as baseball commis-
With Branch Rickey, he broke the aged the Dodgers, Giants, Cubs and sioner in 1945. Chandler fielded com-
major leagues’ color bar for Jackie Astros over 24 seasons, winning plaints about Durocher’s familiarity
Robinson with the Brooklyn Dodgers three pennants and one World Series with gamblers and mobsters, includ-
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in 1947. He was the manager of the and, yes, finishing last in 1966 with ing one from Supreme Court Justice
1951 New York Giants when Bobby the Cubs. His 2,008 victories place Frank Murphy, who happened to be a
Thomson hit the “shot heard round him 10th on the all-time list. friend of the commissioner’s. Leo the
the world” against Ralph Branca to BANTAM Leo Durocher as manger of the Dodgers, 1942. Many of his own players hated Lip insisted on his innocence—but
win the National League pennant him, too. His 1943 Dodger team mu- Chandler suspended him for the 1947
against his old team, and he was the and Fred Allen radio shows, then se- why so many people could respect tinied on him. His Cubs clubhouse season, and Durocher carried the
skipper in the first game of the 1954 gued into television with guest shots Durocher’s baseball genius and still was a war zone. He called one star stain for the rest of his life.
World Series against the Cleveland with Mr. Ed, the talking horse, and hate his guts. For younger baseball pitcher, Fergie Jenkins, “a quitter” His romantic life was equally
Indians when Willie Mays made his the Munsters. fans unacquainted with Durocher, and another, Ken Holtzman, “a kike” messy. Married four times, he was
back-turned catch off Vic Wertz 450 A brawler, vicious bench jockey, think Billy Martin on steroids. and “a gutless Jew.” He once pro- sued for alienation of affection by a
feet from the plate at the Polo umpire baiter and compulsive gam- Like Martin—who as a player was voked fan favorite Ron Santo into jealous husband. Toward the end, he
Grounds. His career finally began to bler, Durocher was such a regular in banished to Kansas City by one Yan- trying to choke the life out of him had a 26-year-old blond dancer for
unravel in 1969 when his Chicago baseball’s hall of infamy that he kee owner and hired and fired as a and relentlessly demeaned “Mr. a girlfriend and, Mr. Dickson re-
Cubs, ahead by nine games in mid-Au- wasn’t named to the Hall of Fame in manager five times by another—Duro- Cub,” Ernie Banks. ports, was treated to a penile im-
gust, epically choked in the stretch Cooperstown until 1994, three years cher was a skinny, working-class sand- He had lobbied for Jackie Robinson plant by Sinatra.
and lost their bid for the pennant to after he died. lot kid who bit and scratched his way to be promoted to the Dodgers but All of this contributed to the leg-
the “Miracle” Mets. Leo the Lip published two autobi- to the major leagues. He grew up in feuded with him as a player and long end that Mr. Dickson has so adroitly
Stars like Babe Ruth had appeared ographies and has been the subject of Springfield, Mass., the child of French- afterward. But he was gentle with researched, annotated and de-
in occasional movies, but Durocher, other books and countless magazine Canadian immigrants. (The name was Willie Mays, who joined the Giants as bunked. The authenticated Durocher
always dapper and reeking of cologne, pieces. Now he’s getting the kind of often pronounced “Doo-row-shay” but a 20-year-old in 1951 and went 1- turns out to be even more fascinat-
had a decadeslong parallel life in biographical treatment usually re- got Anglicized into Rocky.) for-26 (.038) in his first weeks. Stone- ing—and impressive, in a way—than
show business. He married a gorgeous served for movie idols and successful He was, by all accounts, a brilliant ham fired the Lip at the end of the the mythical one.
movie star, Laraine Day, and palled pols. Strenuously researched and fielder, routinely turning plays that 1955 season. During the last game of
around with Frank Sinatra, George studded with footnotes, Paul Dick- dazzled fans and other players. At bat, the year, Mr. Dickson writes, Durocher Mr. Kosner is the author of “It’s
Raft and Danny Kaye. In wartime, he son’s “Leo Durocher: Baseball’s Prodi- he was a banjo hitter. Babe Ruth called pulled Mays into the tunnel behind News to Me,” a memoir of his
flew tens of thousands of miles on gal Son” is an unflinching portrait of him “The All-American Out” and said the dugout. “He placed both hands on career as the editor of Newsweek,
tours entertaining the troops. He a brilliant bastard. Mr. Dickson gives that he would hit .400 as a switch-hit- his shoulders and said: ‘I want to tell New York, Esquire and the New
turned up regularly on the Jack Benny the devil his due and leaves no doubt ter—.200 as a lefty, .200 as a righty. you something. You know I love you, York Daily News.

An Actor With Integrity


whose belief system mitigated against worked with; he listened, he learned Welles’s inability to make films to or- wanted to take his name off the AFI’s
Charlton Heston a full appreciation of his worth. and he never missed.” der and the fact that his pictures in- masthead, he would understand. She
By Marc Eliot The man that emerges from Mr. El- Conscientious is perhaps the defin- variably lost money. Welles wrote a didn’t, but there is no question that his
Dey Street, 553 pages, $29.99 iot’s book is earnest, hard-working and ing adjective for Heston, who had as smashing part for himself as a malig- support for the NRA cost him the hon-
unfailingly decent: Heston was married good a batting average as any movie nant variation on Falstaff, but didn’t ors that would otherwise have been
BY SCOTT EYMAN for 64 years to his wife, Lydia, and star of the post-war generation. Be- bother to do anything equally distin- his due in his last years: the AFI Life
seems to have been a deeply responsi- sides “The Greatest Show on Earth” guished for Heston. Nevertheless, Hes- Achievement Award, and so on. Hes-
ble father to his two children. Profes- (1952) and “The Ten Commandments” ton always said Welles was the most ton’s son Fraser tells Mr. Eliot he also
CHARLTON HESTON probably sealed sionally, he approached his characters (1956) for DeMille, there is “Touch of talented man he ever worked with. thinks it cost his father acting jobs.
his critical fate when, in 2000, he through voluminous research, which Evil” (1958), “The Big Country” (1958), He also fought alongside Sam Peck- I interviewed Heston several times
stood in front of the National Rifle As- meant he found them intellectually, “El Cid” (1961), “55 Days at Peking” inpah for “Major Dundee,” even tossing for one book project or another, and he
sociation, raised an antique musket with emotion trailing behind. Although (1963), “The Agony and the Ecstasy” in between $100,000 and $300,000 out was invariably helpful and forthcom-
over his head and intoned, “From my never a laugh riot, he was capable of (1965), “Major Dundee” (1965), “The of his own salary to enable the director ing. Unlike his son, he didn’t think his
cold, dead hands!” It was spoken in the irony, as in his delicious Richelieu in War Lord” (1965), “Khartoum” (1966), to shoot some additional scenes after politics hurt him professionally, and he
same thundering voice in which he had Richard Lester’s “The Three Muske- “Will Penny” (1968) and “Planet of the the studio cut the production off. Hes- had penetrating insights about direc-
uttered “Behold His mighty hand!” as teers” (1973). ton fronted the money for Rod tors. “If you can’t make a career out of
he parted the Red Sea as Moses. He was born John Charles Serling to do a re-write on the two films for DeMille and two films for
Heston got an Oscar for “Ben- Carter in 1923 and was raised script for “Planet of the Apes” (William) Wyler, you just aren’t trying,”
Hur” (1959), but he never got much in the backwoods of Michigan. and then went out and recruited he observed. He also ventured the bor-
respect. Tall and commanding, with His parents divorced when he Franklin Schaffner to direct. derline brilliant idea that William Wy-
a profile that could have been chis- was 10 years old, and he and When Heston’s politics mi- ler should have directed El Cid rather
his mother eventually moved grated from liberal to conserva- than Ben-Hur. “Ben-Hur didn’t really
to Chicago. Shortly after his tive in the mid-1960s, mostly need Wyler,” he said, “but El Cid did.”
mother remarried Chet Heston, over Vietnam and what he Somewhere in the 1970s, the mov-
Charlton Heston was she peremptorily told her son came to regard as the appease- ies got smaller and so did Heston’s
earnest, hard-working that he would now be known ment wing of the Democratic ambition. He began appearing in
as Charlton Heston—the name Party, he remained, at all times, threadbare but commercial pictures
and unfailingly decent. he used at Northwestern, a good citizen. He participated like “Skyjacked” and “Earthquake,”
where he met his future wife, in Martin Luther King’s March and he followed the trend down to
the name he used during his on Washington in 1963, served television work in the 1980s, most
eled on an Etruscan coin, critics as- service as a radioman during as the president of the Screen prominently Aaron Spelling’s “The Col-
signed demerits to Heston for his World War II and the name he Actors Guild from 1966 to 1971, bys” which he told me amounted to
stoicism, lack of humor and insuffi- used when he became a movie helped set up the American “exercising my craft, if not my art.”
cient flash at a time when Marlon star after the war. Film Institute in the late 1960s In 2002, he was driving to Para-
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Brando, Montgomery Clift and James Heston’s dignified de- and lobbied President Ronald mount, a studio he had worked at
Dean were the rage. meanor and his loping, big cat Reagan to preserve funding for since 1950, when he got lost. Soon af-
Left to his own devices, or those of walk gave him the majestic the National Endowment for terward, he was diagnosed with de-
an unimaginative director, Heston was presence of a born movie star, YOUNG GENT Heston ca. 1955. the Arts (in both his liberal and mentia. Typically, his concern was for
a stand-and-deliver actor, with a habit but it’s possible he was not a conservative periods, Heston others. “I have lived the life of two
of grinding his teeth to indicate either born actor. Certainly, he wasn’t a born Apes” (1968). Not all great or even believed in the value of government people,” he told his family. “I’m sorry
passion or intent. “The Pigeon That athlete. “He tended to be clumsy, noth- good films, but all united by Heston’s support for the arts.) He never took a for you, for what you’re going to have
Took Rome,” (1962) his sole attempt at ing came naturally to him,” Joe Canutt, determination to tell epic stories. dime for his activities with the NRA to experience.” He died six years later,
romantic comedy, is thankfully forgot- who helped teach Heston to handle the The star frequently used his box-of- because he believed he was fighting a gentleman to the last.
ten. But Marc Eliot’s biography, “Charl- horses and chariot for “Ben-Hur,” tells fice power to enable artists to make for principle.
ton Heston: Hollywood’s Last Icon” is Mr. Eliot. “We spent hours, days, their pictures. Not only did Heston The blowback within Hollywood Mr. Eyman’s 15th book about the
a welcome event if only because it re- weeks working the clumsiness out . . . suggest that Orson Welles direct over Heston’s alliance with the NRA movies, “Hank and Jim,” is due out
stores a sense of balance, offering He was one of the hardest-working, “Touch of Evil,” he kept insisting on it was considerable. He told the head of in October. He teaches film history at
some overdue appreciation to an actor most conscientious actors I ever until Universal capitulated, in spite of the AFI, Jean Firstenberg that if she the University of Miami.
C10 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘What’s the use of remembering anything? If it was unpleasant it was unpleasant and if it was pleasant it’s over.’ —Elaine Dundy

CHILDREN’S BOOKS: MEGHAN COX GURDON FIVE BEST: A PERSONAL CHOICE

Rachel Cooke
on novels about single women
ing,” like “masterpiece,” is an over-
The Odd Women used word in the context of literary
By George Gissing (1893) fandom, but I don’t exaggerate
here: “The Rector’s Daughter” could

1
VIRGINIA AND ALICE Madden, tear that particular muscle clean in
impoverished by the death of two. Mary lives in a crumbling rec-
their father, are growing old to- tory with her aging fusspot father,
gether in a genteel boardinghouse, Canon Jocelyn. Having nursed her
NANCY PAULSON

a fate their sister Monica has been invalid sister until her death, she
spared thanks only to a loveless has given up on love, marriage, the
marriage. Increasingly desperate, dream of a home of her own. But
they exist on mashed potatoes and then a Mr. Herbert arrives, for
milk. But then they renew their as- whom she conceives a passion. How
sociation with their childhood will she endure this ultimately ill- MS. COOKE is the author of ‘Her

Knights and Nights friend Rhoda Nunn, a daring femi-


nist. Gissing, best known as the au-
thor of “New Grub Street,” isn’t the
fated love? It seems impossible, and
yet she does, dignity, duty and sto-
icism taking over where romantic
Brilliant Career: Ten Extraordinary
Women of the Fifties.’

‘THERE WAS once and just deserts in “The Elephant’s most fashionable or most read of happiness so abruptly left off. wide-eyed, strangely perceptive. But
an age when love Garden” (Boxer, 32 pages, $16.95) Victorian novelists. But I defy any- it’s Dundy’s girl you’d want for a
was honorable. Or so written and illustrated (more sparely one not to fall in love with fiery, pal. An aspiring actress, she is liv-
I’ve heard,” writes than usual) by Jane Ray. Jasmine flinty Rhoda, a straight-backed girl All Passion Spent ing in Paris on her Uncle Roger’s
M.T. Anderson in a grows the most delicious apricots, who works for a living and believes By Vita Sackville-West (1931) shilling—he understands her “predi-
thrilling graphic- kiwis and kumquats of anyone in her that women should be educated, lection for being continually on the

3
novel chivalric tale, “Yvain: The small village, “but every night, that they might be self-supporting. NEWLY WIDOWED at the age wing”—where she spends her time
Knight of the Lion” (Candlewick, something was eating the very best Will her example enable the Mad- of 88, Lady Slane does some- falling in and out of love and wor-
144 pages, $19.99), adapted from a fruit,” we read. One night, the girl dens to escape their prison? Or is thing unpredictable. Her rying about her wardrobe. (As she
story composed by Chrétien de hides behind a lotus tree to watch Rhoda, having fallen unexpectedly adult children, “black ravens” with glumly notes, she has three looks:
Troyes more than 800 years ago. It for the perpetrator and—crash! “An in love with her dogged suitor, Eve- staid views and pompous manners, Bar Girl, Tyrolean Peasant, Dreaded
follows a glory-seeking knight of King elephant fell from the sky!” The rard Barfoot, about to bow out of assume that their gracious, sub- Librarian.) No one reads “The Dud
Arthur’s court, Yvain, whose exploits magical creature agrees to show Jas- the struggle herself? This a grand missive mother, an appendage to Avocado” for its plot, which is non-
both exalt and debase him and whose mine his own garden, where the page-turner about self-esteem: how their politician father all her life, existent. People read it because
actions dramatically alter the lives of fruits are inedible, being huge jew- it is won, and how easily it is lost. will now spend her time shuttling they, too, once woke up in the
two women, Laudine and Lunette. els. We see the pair flying through among them. But to their horror, wrong bed with a headache, panda
Through pages crowded with Andrea the starry sky, the girl holding fast she has other plans. The family eyes and only unsuitable shoes in
Offermann’s detailed illustrations— to the elephant’s tail. When Jasmine The Rector’s Daughter home is sold, and she retires to a which to trudge home. It is, in other
splashed with the blood of men, returns home with a ruby the size of By F.M. Mayor (1924) miniature house in Hampstead, words, a tonic.
horses, ogres and dragons—we a melon, however, word sneaks out, where she intends to enjoy life not

2
plunge into a realm of violence and and soon all the villagers are THE NAME Flora Macdonald with her offspring but with those
courtly love governed by a harrowing clamoring for a ride in this rueful Mayor (1872-1932) isn’t well she has chosen: her French maid, Foreign Affairs
code of honor. At turns elegant, star- picture book for 3- to 7-year-olds. known today. But Mayor’s ad- Genoux; her estate agent, Mr. By Alison Lurie (1984)
tling and ironic, this turbulent adven- mirers once included E.M. Forster Bucktrout; her carpenter, Mr. Gos-

5
ture makes a superb introduction to and Rebecca West; her masterpiece, heron; and an eccentric millionaire A SUCKER FOR campus nov-
medieval ideas and storytelling for A story of ogres, dragons, “The Rector’s Daughter,” was pub- who loved her when she was a girl, els, I’ve always adored this
readers ages 12 and older. lished by Leonard and Virginia Mr. FitzGeorge. Sackville-West’s tale of academic life on both
A masked miscreant makes may- King Arthur and courtly Woolf. Her novels chronicle lives charming, witty novel is deter- sides of the Atlantic. But as the
hem in Bill Richardson’s rhyming tale love; and a resourceful like her own: the wasted and fre- minedly feminist, its principal in- years go by, I admire it ever more.
“The Alphabet Thief” (Ground- quently lonely existence of Edward- fluence being “A Room of One’s What a singular heroine Alison Lu-
wood, 40 pages, $16.95), a small child stalls before bed. ian spinsters in the years before Own” by her friend and lover Vir- rie gives us in Vinnie Miner. A pro-
and hilarious picture book for chil- and after World War I. “Heartbreak- ginia Woolf. But its message comes fessor who specializes in children’s
dren ages 5-9. “The Alphabet thief wrapped in a bewitching gentle- literature, at 54 she is “old, small,
was daring and smart. / When the Rachel Isadora situates a familiar ness. Lady Slane’s late-life rebel- plain, and unmarried—the sort of
night was silent and black, / She bedtime stalling routine on the lion is touchingly modest and all person that no one ever notices.”
stole all the letters, she gathered African veldt in a gorgeous picture the more powerful for being so. Well, almost no one. On a flight to
them up / And took them away in book for 3- to 5-year-olds, “I Just London, she meets a loudmouth
her sack,” it begins as Roxanna Want to Say Good Night” (Nancy from Tulsa, Chuck Mumpson; to
Bikadoroff’s pictures show the Paulsen, 32 pages, $17.99). As the The Dud Avocado shut him up, she gives him “Little
pointy-toed bandit sprinting away setting sun casts the huts and acacia By Elaine Dundy (1958) Lord Fauntleroy” to read. Un-
with a bulging bag over her shoulder. trees of a village in rich shades of daunted, he tracks her down in Lon-

4
Havoc ensues as people and objects orange, rose and violet (see above), HOW DOES A WRITER find don, and to her astonishment they
transform with each purloined letter. little Lala, her hair standing out her voice? Elaine Dundy cred- strike up a passionate friendship.
When the Alphabet Thief steals all of from her head in little braids, finds ited the English novelist Meanwhile, her colleague Fred
the D’s, for instance, “every beard one reason after another to post- Henry Green with the discovery of Turner, also in London and es-
was a bear. / Cows found the dairy pone the inevitable. “Come, Lala,” hers. At their lunches in postwar tranged from his wife, has taken up
was suddenly airy, / And drains her mother calls, and the child re- London, wanting nothing more than with a beautiful actress. What part
turned to rains everywhere.” Pictures plies, “I just want to say good night to make him laugh, she gamely will Vinnie play in Fred’s tangled
and verses seem to tumble over one to the cat.” Lala must say good night played the screwball. Having found romantic web? Will her relationship
another as hoboes become oboes, to a bird, a goat, a monkey, the her comical alter ego, she then cre- with Chuck last? Suffice it to say,
skunks become suns, and twine turns chickens, the ants, her dog and even ated Sally Jay Gorce, the lovable, Ms. Lurie’s plan for Vinnie does not
to wine—until a child intercepts the a rock—at which point Mama speaks disorganized heroine of her best- involve the arrival in her bathroom
GETTY IMAGES

snoozing thief (her head encircled by sharply—before coming inside. In a selling first novel. Gorce was born of an unfamiliar toothbrush. But
Z’s) and saves the day. charming coda, the girl says good the same year as Capote’s Holly Go- she has loved, and been loved, and
Vivid collages create a sumptuous night one last time: to her book, lightly, and they have a lot in com- will henceforth see the world with
setting for an Indian fable of greed “Goodnight Moon.” STILL LIFE Vita Sackville-West, 1916. mon: Both are witty, tenacious, new and perhaps brighter eyes.

Best-Selling Books | Week Ended Mar. 12


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.,
Unshakeable 1 2 Killing the Rising Sun 6 6 Green Eggs and Ham 1 1 Double Down (DWK #11) 6 6 representing about 85% of the nation’s book sales.
Tony Robbins/Simon & Schuster Bill O’Reilly & Martin Dugard/Henry Holt & Company Dr. Seuss/Random House Children’s Books Jeff Kinney/Amulet Books Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
Portraits of Courage 2 1 Oh Say Can You Say Di-no-saur? 7 5 Dangerous Games 2 New Silence Fallen 7 New retailers, and food stores. E-book data providers
George W. Bush/Crown Publishing Group (NY) Bonnie Worth/Random House Books for Young Readers Danielle Steel/Delacorte Press Patricia Briggs/Ace Books include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
The Legend of Zelda 3 – The Little Things 8 New One Fish Two Fish Red Fish Blue Fish 3 2 Norse Mythology 8 8 fiction and nonfiction lists in all formats
Piggyback/Piggyback Andy Andrews/Thomas Nelson Dr. Seuss/Random House Children’s Books Neil Gaiman / W.W. Norton & Company include adult, young adult, and juvenile
titles; the business list includes only
Hillbilly Elegy 4 3 Jesus Calling 9 10 The Cat in the Hat 4 3 Dr. Seuss’s ABC 9 7 adult titles. The combined lists track
J.D. Vance/Harper Sarah Young/Thomas Nelson Dr. Seuss/Random House Children’s Books Dr. Seuss/Random House Children’s Books sales by title across all print and e-book
formats; audio books are excluded. Refer questions
There’s No Place Like Space 5 4 The Lose Your Belly Diet 10 – Fox in Socks 5 4 Oh, The Places You’ll Go! 10 5 to Peter.Saenger@wsj.com.
Tish Rabe/Random House Books for Young Readers Travis Stork/Ghost Mountain Books Dr. Seuss/Random House Children’s Books Dr. Seuss/Random House Children’s Books

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

Lost City of the Monkey God 1 – Unshakeable 1 2 Silence Fallen 1 New The Shack 1 1 Unshakeable 1 1
Douglas Preston/Grand Central Publishing Tony Robbins/Simon & Schuster Patricia Briggs/Penguin Publishing Group William P. Young/Windblown Media Tony Robbins/Simon & Schuster
Hillbilly Elegy 2 3 Portraits of Courage 2 1 The Shack 2 1 Silence Fallen 2 New Strengths Finder 2.0 2 2
J.D. Vance/HarperCollins Publishers George W. Bush/Crown Publishing Group (NY) William P. Young/Windblown Media Patricia Briggs/Ace Books Tom Rath/Gallup Press
Sickened 3 – The Legend of Zelda 3 – Dangerous Games 3 New Dangerous Games 3 New Emotional Intelligence 2.0 3 5
Julie Gregory/Random House Publishing Group Piggyback/Piggyback Danielle Steel/Random House Publishing Group Danielle Steel/Delacorte Press Travis Bradberry & Jean Greaves/Talentsmart
Ripper 4 1 Hidden Figures 4 3 The Billionaire Takes All 4 New A Man Called Ove 4 4 AgeProof 4 3
Patricia Cornwell/Thomas & Mercer Margot Lee Shetterly/William Morrow & Company J. S. Scott/Montlake Romance Fredrik Backman/Washington Square Press Jean Chatzky&Michael F. Roizen /Grand Central Life & Style
100 Days of Real Food 5 – Hillbilly Elegy 5 4 The Secret Wife 5 7 Green Eggs and Ham 5 2 Total Money Makeover 5 7
Lisa Leake/HarperCollins Publishers J.D. Vance/Harper Gill Paul/HarperCollins Publishers Dr. Seuss/Random House Children’s Books Dave Ramsey/Thomas Nelson
Clementine 6 – Milk And Honey 6 6 Cross the Line 6 – Brighter Than the Sun 6 New The Five Dysfunctions of a Team 6 4
Sonia Purnell/Penguin Publishing Group Rupi Kaur/Andrews McMeel Publishing James Patterson/Little, Brown and Company Maya Banks/Berkley Books Patrick M. Lencioni/Jossey-Bass
Nudge 7 – The Zookeeper’s Wife 7 – The Pillars of the Earth 7 – Big Little Lies 7 9 No Limits 7 New
RichardH.Thaler&CassR.Sunstein/PenguinPublishingGroup Diane Ackerman/W. W. Norton & Company Ken Follett/Penguin Publishing Group Liane Moriarty/Berkley Books John C. Maxwell/Center Street
Catch Me If You Can 8 – Killing the Rising Sun 8 7 Brighter Than the Sun 8 New A Dog’s Purpose 8 3 Extreme Ownership 8 8
Frank W. Abagnale & Stan Redding/Crown/Archetype Bill O’Reilly & Martin Dugard/Henry Holt & Company Maya Banks/Penguin Publishing Group W. Bruce Cameron/Forge Jocko Willink & Leif Babin/St. Martin’s Press
Authentic Mexican 9 2 You Are Here 9 New The Ship of Brides: A Novel 9 – One Fish Two Fish Red Fish Blue Fish 9 5 The Energy Bus 9 9
Rick Bayless/HarperCollins Publishers Jenny Lawson/Flatiron Books Jojo Moyes/Penguin Publishing Group Dr. Seuss/Random House Children’s Books Jon Gordon/John Wiley & Sons
The $100 Startup 10 – Lost City of the Monkey God 10 – Blush for Me: A Fusion Novel 10 – The Obsession 10 New Together is Better 10 10
Chris Guillebeau/The Crown Publishing Group Douglas Preston/Grand Central Publishing Kristen Proby/HarperCollins Publishers Nora Roberts/Berkley Books Simon Sinek/Portfolio
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C11

REVIEW

‘A lot of the porary art than ever before,” says


Mr. Weinberg. On the upside, he
artists in the adds, that means there are more

biennial are people who might donate or lend


art from their private collections.
not that Mr. Weinberg grew up in New
York’s Westchester County; his
interested mother was a pianist and choral
singer, and his father worked in a
in irony.’ family business that manufactured
hardware. He went to Brandeis Uni-
versity and then earned a master of
fine arts in museum studies and the
history of photography from the
State University of New York at
Buffalo. His career has included
stints at the Walker Art Center in
Minneapolis, the Whitney (where he
eventually became senior curator
before leaving) and the Addison
Gallery of American Art at Phillips
Academy in Andover, Mass.
Mr. Weinberg returned to the
Whitney as director in 2003. The
endowment has grown from $43
million then to more than $300 mil-
lion in 2015. When the Whitney
moved from its old building, annual
attendance averaged around
350,000. The museum expected that
figure to triple in the new building
but won’t confirm current numbers.
One of Mr. Weinberg’s efforts is
to increase the amount of money
the museum has for acquisitions,
through donations and ticket sales.
He won’t reveal specific figures, but
he says the museum “actually has
very moderate acquisition funds,
which is something we need to
work on in the years ahead.” About
70% of the 23,000 works in the mu-
seum’s collection are gifts.
He tries to make sure that the
exhibits and individual works go be-
yond mere entertainment. “If you
want to just be entertained and be
happy, there are lots of ways to do
that,” he says. “But while art can be
entertaining, it has to be more than
just entertaining.”
Reviewers have criticized past
biennials for being too politicized
DAVID YELLEN FOR THE WALL STREET JOURNAL

and ideological. Mr. Weinberg says


that the biennial isn’t meant to lean
left or right. The goal is to find
“voices that really get very close to
the bone of American culture…from
an aesthetic point of view,” he says,
“and also from a larger, cultural
point of view.” He adds, “The exhi-
bition is not a finger wagging, and
it’s in no way trying to be hectoring
or lecturing.”
He also notes that all of the art-

WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE ists were selected before Novem-


ber’s presidential election. “These

Adam Weinberg
works would have been relevant no
matter what administration it is,”
he says. As he sees it, the art in the
show raises questions such as,
“What does democracy mean now?
What is freedom now? What is
The Whitney director ing connected to the world.” and racism. Artist Henry Taylor’s Occupy Museums, incorporates freedom of speech now?”
He is continuing that quest to large-scale painting “The Times pieces by artists in debt as a com- Going forward, Mr. Weinberg
on his museum’s connect to the world with the re- Thay Aint a Changing, Fast ment on the financial strains faced says that he hopes to attract youn-
sincere new show turn of the renowned (and often Enough!” (2017) depicts a scene by many in their profession. ger visitors. The new location has
controversial) Whitney Biennial— from real life: Philando Castile lying It’s not an easy time to run a helped keep visitors there longer—
ADAM WEINBERG’S new light- the first in the museum’s current back in a car after he was fatally museum. New York’s Metropolitan not just because of the art. With
filled office at the Whitney Museum 220,000-square-foot space, designed shot by a police officer in a St. Paul, Museum of Art had a deficit of $15 terraces on every floor, “people
of American Art, with panoramic by Renzo Piano, where it moved in Minn., suburb last year. million last year; its director, spend a lot of time outside, do their
views overlooking the Hudson River, May 2015. This year’s exhibit fea- Mr. Weinberg says that many of Thomas Campbell, stepped down in email, take a break, or go to a lec-
is a lot airier than his old one up- tures 63 artists, down from 103 in the artists tackled their subjects in February. President Donald Trump ture, casually,” he says.
town. At the museum’s previous the last biennial, which took place an earnest, straightforward way. “A just proposed slashing the funding And while he hopes to increase
home—an austere, Brutalist build- in 2014. (The museum pushed back lot of the artists in the biennial are of the National Endowment for the the museum’s exposure, he has no
ing designed by Marcel Breuer—his the biennial a year because of its not that interested in irony,” he Arts—a source of funding for many desire to increase its global foot-
office window used to face a brown- move.) Thanks in part to the larger says. “There is an overwhelming museums, including a number of print. “Real estate costs a lot of
stone across the street. “The old space, each artist has more work on sense of sincerity,” he adds, and a Whitney exhibits over the past 50 money and takes a huge amount of
Whitney is a great piece of architec- display than in previous shows. sense “that irony is an overused years. And rising prices for contem- time…and it’s enough to keep up
ture, but it’s like a fortress,” says Much of the artwork is political, trope right now.” Another work, porary art have made it harder for the infrastructure of one big build-
the museum director. “This museum commenting on issues like immigra- “Stress, Fear, and Anxiety Bundle” museums to buy works. “There are ing,” he says. “It’s like owning a
building is very much about art be- tion, diversity, wealth inequality (2015) by the collective known as more people interested in contem- house—it never ends.”

MOVING TARGETS: JOE QUEENAN


Dark Thoughts on the White Stuff
APRIL IS the loveliest month, be- unfathomable inability to get his while we have only that word or humanity, as people become petty,
cause if everything goes according forecast right—the stupid, over- “the white stuff.” What Eskimos stingy, selfish and even more an-
to plan, you can finally get your paid jerk—when all the statistics That friend in don’t have are 264 words for anti- noying than usual.
neighbors to shut up about snow. used to be right there, down to the L.A. somehow social snow behavior, such as “hi- What I find most painful to en-
Every year, Americans waste 7.2 very last snowflake, in the bernal lactic plunder.” How many dure are the mean-spirited people
billion man-hours moaning about Farmer’s Almanac. calls only when times have I arrived at the super- who love it when the snow ar-
snow, obsessing about snow, devis- When brutal storms hit the you’re snowed in. market two days before a snow- rives, because they can pretend to
ing cunning new strategies to foil Midwest or the Northeast, as one storm to find that my neighbors commiserate with the snowbound
the snow. did this week, haughty, battle- have made off with all the whole, from the safe confines of Venice
Nothing makes people run their scarred Canadians, genetically 2% and skim milk and left behind Beach or Rio de Janeiro, engaging
mouths more than the daunting immune to harsh weather condi- only a tiny container of Lactaid? in an activity best known as sno-
specter of a good snowstorm. Old- tions, love to get on the phone Why do fully grown Ameri- wenfreude. Years go by, and you
timers spin tall tales about the epic and engage in a practice called cans need so much milk during don’t hear from your friends in
storms of yesteryear, with snow “snowdescension.” a snowstorm? Do they really Los Angeles. Then they see on the
piled so high you could climb up on “You call 88 inches with 300- eat that much cereal or drink news that the Northeast is going
the roof and see the coast of Vene- mile-per-hour winds a bliz- that much hot chocolate? Are to get hit by 24 inches of snow,
zuela. They talk about building ig- zard?” they sneer. “Why, back they afraid that the storm will and they can’t resist the urge to
loos the size of the Lincoln Memo- in ’78, we had 327 feet in To- be so bad it will kill all the contact you.
rial in the backyard. As the old saw ronto. Kids had to get to cows and they will never be “We’re so lucky to be living out
goes, snow makes liars of us all. school by cutting holes in able to get any fresh milk again? here in paradise, where it’s going
Survivors of mythical snow- Lake Ontario and swimming Or are they misanthropic milk to be 80 this afternoon,” they say.
storms rhapsodize about a golden to class. We had to survive on misers, perched there by the Thanks.
NISHANT CHOAKSIA

age when snow shovels never fried maple syrup for weeks. window, gleefully eyeing the People like this should be forced
broke and ice picks never became And that was in July.” phalanxes of hapless tykes to engage in community snow ser-
blunt—unlike the cheap trash sold We face other perils. It is who would die for a cup of vice by spending every other win-
today. And they love to bitterly sometimes said that Eskimos hot milk? ter in Buffalo. That’d teach them to
complain about Mr. Weatherman’s have 264 words for snow, Snow brings out the worst in keep their mouths shut.
C12 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
EXHIBIT

‘We Build,’
circa 1930
This propa-
ganda poster
aimed to show
the U.S.S.R.’s
industrial
strength.

‘To the Defense of


the U.S.S.R.,’ 1931
This poster was
meant to play up
the strength of the
country’s defenses.
The airplane imagery
alluded to the Soviet
dream of ‘colonizing
the sky,’ says Ms.
Steierhoffer.

‘Photomontage,’
circa 1924
Artist Valentina Kulag-
ina made this litho-
graph, a montage of
pictures of Lenin, the
year he died.

Krasnaya Niva
magazine, 1930
This cover illus-
trated the idea of
new housing de-

Soviet
TO MARK THE 100TH anniversary of the Russian Revolu- signs for commu-
nal living in Mos-
tion, the new exhibit “Imagine Moscow” at London’s Design cow. Some
Museum showcases propaganda, artwork and unrealized ar-

Dreams
proponents called
chitectural designs from the Soviet Union during the 1920s for abolishing the
and ’30s. The never-built projects include a series of canti- family structure in
levered buildings billed as “horizontal skyscrapers,” plans favor of grouping
children together
for group living and a mausoleum for Vladimir Lenin that would have been the world’s tallest to be raised col-
building at the time. “They were celebrating a glorious future that would never come to pass,” lectively.
says curator Eszter Steierhoffer. The exhibit runs through June 4. —Alexandra Wolfe

NE BOLTAI! COLLECTION

PLAYLIST: JOHN O’HURLEY ASK ARIELY: DAN ARIELY


A Smile, a Song, a Sorrow The Two Types of Happiness
A regular on ‘Seinfeld’ found refuge in
Harry Nilsson’s ‘Without You’ Dear Dan, more of the second type of happiness into our lives,
Why is it that the things that make me happy—such even if it won’t be as much fun every day.
John O’Hurley, 62, best known for Ham and Tom Evans, was released as watching basketball or going drinking—don’t give
his role as J. Peterman on “Sein- and was on the radio all the time. me a lasting feeling of contentment, while the things Dear Dan,
feld,” is now starring in the national Haunting, lonely piano chords that feel deeply meaningful to me—such as my career I recently had my annual checkup, and my doctor
touring production of “Chicago” open the ballad. Then Nilsson’s or the book I’m writing—don’t give me much daily spent maybe three minutes total with me during the
and will appear at New York’s Café pained voice comes in and grows happiness? How should I divide my time between the visit. I know that physicians are busy, but are these
Carlyle from March 28 to April 8. stronger as the song progresses, things that make me happy and those that give me quick visits the right way to go? —James
He spoke with Marc Myers. becoming almost operatic by the meaning? —Vasini
chorus. Sadly, doctors increasingly
Hearing Harry Nilsson’s version of One verse is particularly touch- Happiness comes in two feel pushed to move pa-
“WITHOUT YOU” still reminds me ing, when the orchestra’s strings varieties. The first is the tients along as quickly as
of profound loss. My sister, Carol, begin to grow more pronounced as simple type, when we get possible, like a production
was my best friend. She was a year Nilsson sings: “No, I can’t forget immediate pleasure from line. Research has shown
older than me and had epilepsy. In this evening/ Or your face as you activities such as playing that this approach hurts
1970, when I was 16, we found her were leaving / But I guess that’s a sport, eating a good the doctor-patient rela-
face-down on her bed pillow. She just the way the story goes / You al- meal and so on. When tionship, which has impor-
was sleeping and had a seizure and ways smile but in your eyes your you reflect on these tant health implications.
suffocated. sorrow shows / Yes, it shows.” things, you have no trou- Consider a 2014 study
My father was an ear, nose and Kathy and I wrote for a time, and ble telling yourself, “This of patients who received
throat doctor in West Hartford, that Thanksgiving, I went up to see was a good evening, and electrical stimulation for
Conn., and had tried to save her her. I stayed at a friend’s house but I’m happy.” chronic back pain, con-
with mouth-to-mouth, but she saw her only The second type of ducted by Jorge Fuentes
was already gone. Carol’s once at a party. happiness is more com- of the University of Al-
death was hard on all of us. Finding She had a new plex and elusive. It comes berta and colleagues. They
She was such a bright light solace in a boyfriend. Like from a feeling of fulfill- had medical professionals
and always there for me. my family, ment that might not be interact in one of two
The following spring, when strange city. Kathy had connected with daily hap- ways with their patients.
I was a junior in high school, moved on. piness but is more last- JAMES YANG Some were asked to keep
my parents announced we’d ingly gratifying. We expe- their interactions short,
be moving to Fort Lauder- rience it from such things as running a marathon, while others were urged to ask deep questions, show
dale, Fla., that summer. The starting a new company, demonstrating for a righteous empathy and speak supportively. Patients who re-
grief of my sister’s passing cause and so on. ceived the rushed conversations reported higher levels
was all-consuming and ines- Consider a marathon. An alien who arrived on of pain than those who got the deeper ones.
capable in West Hartford. Earth just in time to witness one might think, “These In other words, empathetic discussions are impor-
Shortly after my parents people are being tortured while everyone else tant for our health. Sadly, as physicians and other
broke the news, I met my watches. They must have done something terrible, medical professionals become ever busier, we are
first girlfriend. Her name and this is their punishment.” But we know better. shortchanging this vital part of healing.
was Kathy, and we spent all Even if the individual moments of the race are pain-
of our free time together. ful, the overall experience can give people a more du- Dear Dan,
We’d kiss. That’s all we did. rable feeling of happiness, rooted in a sense of ac- Every year, my husband gets me a nice birthday card,
It was all very innocent. complishment, meaning and achievement. but he never writes a personal note inside. Why? —Ann
When my family moved that The social psychologist Roy Baumeister and his
MICHAEL PUTLAND/GETTY IMAGES

summer, Kathy saw me off at colleagues distinguish between happiness and mean- I suspect your husband overestimates the sentimen-
the airport. She was so tear- ing. They see the first as satisfying our needs and tal value of the words printed on the card, not realiz-
ful, it was heartbreaking. wishes in the here-and-now, the latter as thinking be- ing that they sound generic to you. Don’t judge him
Down in Fort Lauderdale, yond the present to express our deepest values and too harshly for this. Instead, buy one of those mag-
I didn’t know a soul. I was sense of self. Their research found, unsurprisingly, netic poetry sets and let him practice expressing
homesick for Kathy and my that pursuing meaning is often associated with in- himself on the fridge. Small steps.
late sister. In October of ’71, creased stress and anxiety.
Nilsson’s cover of “Without So be it. Simply pursuing the first type of happi- Have a dilemma for Dan?
You,” by Badfinger’s Pete HARRY NILSSON in December 1971. ness isn’t the way to live; we should aim to bring Email AskAriely@wsj.com.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
Museum of
1. Seema Verma won Senate lean, finely textured beef). What This week, Coach Newton Mathematics
confirmation—for what position? company makes the stuff? shares a couple of puzzles
about adventures in buying and
 A. Surgeon general  A. Chevron selling, courtesy of Alex Bellos, author
 B. Chief of the Centers for  B. Hormel Foods of “Can You Solve My Problems?
Medicare and Medicaid Services  C. Beef Products Inc. Ingenious, Perplexing, and Totally
 C. Director of the  D. Sioux Falls Slime Co. Satisfying Math and Logic Puzzles.”
Centers for
Disease
Control and 6. Intel will pay $15 billion for
Prevention Mobileye. It’s developing what
 D. Head business?
of the
Veterans  A. Camera technology for
Administration self-driving cars
 B. Camera technology for
Seven Eleven
health sys- A girl walks into a branch
tem next-generation eyeglasses
 C. Equipment and supplies
Wing Nuts of a familiar chain of
At an exotic bird convenience stores. She
for opthalmologists market sale, buys four different items;
2. New York’s attorney general  D. Smartphone-based ostriches are $10 their prices are in dollars
said that former Exxon Mobil security systems each, emus are $5 and a whole number of
CEO Rex Tillerson (now secre- each and puffins cents. The shopkeeper asks
tary of state) used an email alias go for $0.50. You hzer for $7.11. “Weird!” she
to discuss climate change. What 7. Which of these is true of the cannot buy any says. “I know,” replies the
was it allegedly? U.S. health-care system? fractional birds. shopkeeper. “All I did
How many was multiply the four
 A. Earl Wells  A. We spend more as a ostriches, emus prices (expressed in
 B. Rex Harrison percentage of GDP than and puffins can dollars) together.” The girl
 C. Wayne Tracker comparable countries. be bought with is now confused: “Shouldn’t
 D. Bruce Wayne  B. We are less healthy than $100 to make you have added them up,
comparable countries. 100 birds in all? and not multiplied them?”
 C. We die younger than people she asks. “We can add
in most comparable countries. them up if you insist,”
3. Hudson’s Bay Co. is in talks to
 D. All of the above retorts the shopkeeper,
acquire which retailer? For previous
weeks’
“but the answer will be
puzzles, and exactly the same.”
 A. Wal-Mart What are the four
8. Refrigerators are getting to discuss
 B. Home Depot strategies different prices?
 C. Saks Fifth Avenue smarter. According to LG with other
 D. Neiman Marcus Electronics, how many times solvers, go to
does an American household of WSJ.com/puzzle.
four open the fridge daily? ILLUSTRATION BY LUCI GUTIÉRREZ
4. A Bay Area startup said it
created the first chicken strips
grown from self-reproducing
 A. 5 to 10
 B. 10 to 15
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

cells. What’s the company name?  C. 15 to 20


 D. 30 to 40 SOLUTIONS TO Noh Problem Acrostic
LAST WEEK’S
FROM TOP: EUROPEAN PRESSPHOTO AGENCY; ISTOCK

 A. Angel Feathers C
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MO T O R T I D A L C E Y
 D. Memphis Meats Varsity Math T R E E M E N I N A T U B S C R A T C H Pylyshyn that rocks are smarter than cats because
Raymond’s pigpen held R I E N T A C K C A C T I N E R O
rocks have the sense to go away when you kick them.”
A P L OM B A E S S L E D S R U G
at least 17 yellow pigs in P A S T O R R A U L S O R E L I N E S A. Sestina; B. Platelet; C. Iowa caucuses; D. New
T R I S H P O R A N N A N
last week’s Polychromatic
5. A judge cleared the way for a S A V I N G K I T P E R K T I D B I T Guinea; E. Keystone Kops; F. Egregious; G. Recitative;
Pigs, and in Guest Gifts, A T E S A O N E E V A S N O O T Y
H. Hen and chickens; I. Outrigger; J. “What on
lawsuit against ABC News for its Raymond distributed
G O E S D R O L L O J A I U L E E
A P R I C O T S O C K A B S O R B E R S earth?”; K. Tiffany lamp; L. Helen of Troy;
coverage of “pink slime” (aka seven doubloons, which MO O S T O L E D U V E T
S I P P I N G L A N E P U P I L UMA M. Escutcheon; N. Misgivings; O. Ivory Coast;
the guests earned on A T A L L O A R A R I L N I S S A N P. Nightmare; Q. “Down the hatch!”; R. Wait list;
F A D E S O U T T R I L L S E E K E R S
To see answers, please the fourth morning after E L M U R G E R E D O A K V I R G O S. Observer; T. Rat-tail; U. Kenny Chesney;
turn to page C4. their arrival. R Y E P E E R A R E T H A E P S O N V. Schmoozefest

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 39 Garbage singer
18 19 20 21 22
Shirley A A
40 Shoots, in a way
23 24 25 26 41 There’s no I in B B
this answer
27 28 29 30

31 32 33 34 35
42 Mandlikova with
four Grand Slam
C C
titles
36 37 38 39 40
43 Creepy movie D D
41 42 43 44 45 46 47 48 villains
49 50 51 52 53
44 Gather in E E
46 Makeup bag
54 55 56 57 58 fixture F F
59 60 61 62 63 64 47 Slaughter with
65 66 67 68 69
2,383 hits
48 Statistician’s
G G
stuff
70 71 72 73 74 75 76 77
51 Name on many H H
78 79 80 81 82 cans
83 84 85 86 52 Home port of the I I
USS Niagara
87 88 89 90 91
55 ___ Loa J J
92 93 94 57 Acts like a bear
95 96 97 98 99 100 101 102 103
58 ___ Scott v.
Sandford
K K
104 105 106 107 108 109 60 MIT Sloan
degrees L L
110 111 112 113
62 Skating great
114 115 116 117 Midori Rows Garden | by Patrick Berry
118 119 120 121 66 “Stop right Answers fit into this flower garden F Traveled by “shank’s mare” Computer that’s essential to a
there!” in two ways. Row answers read (2 wds.) network
67 They point the horizontally from the lettered Three’s company, e.g.? (2 wds.) In more pain
Room Service | by Zhouqin Burnikel way markers; each Row contains two G Promissory notes that fund, and Captor’s demand
Across 49 Sites of some 85 Esther of “Good Down 69 Park with a large consecutive answers reading left are later paid off by, municipal Think highly of
wasps’ nests Times” caribou herd to right (except Rows A and L,
1 Cosmopolitan 1 Nada projects (2 wds.) Like some curtains hung in
garnish 50 Deserves 86 Sandbox toys 70 Popular which contain one answer reading
2 Register, to Brits smoothie seed Athlete nickname that became a doorways
5 Seventh 51 Dopey picture 87 On the line across the nine protruding spaces). sneaker brand (2 wds.)
3 Cathedral 71 Hot place for Pointed the finger at
incarnation of 53 Alec’s former 90 Spare room? feature Blooms are six-letter answers that
hops H Stylish, in Strasbourg (3 wds.) Medium Blooms
Vishnu co-star 92 “Divergent” 4 Mammoth part
fill the shaded and unshaded
9 Holiday visitor heroine 73 Mystery finds hexagons, reading either clockwise Touch off a quarrel, slangily Pocketful in a nursery rhyme
54 Indigo-yielding 5 Cook’s gizmo
with a famous plant 75 “So true!” or counterclockwise. Bloom clues (2 wds.) Prog-rock band ___ Tull
93 Sports stick that
lap 6 Subject of some 76 Storybook story are divided into three lists: Light, I Oscar-winning actor who
55 Filing jobs, for gives a game its Trumpet look-alike
14 Land divided into youth sports narrated the 2005
short name 77 “Be careful!” Medium and Dark. Answers to Went from presto to largo
three parts, per fraud documentary “March of the
56 Powder room? 94 Canton east of 79 Real stinker Light clues should be placed in The Pequod hunted them
Caesar the Canton of 7 Gal with a gat Penguins” (2 wds.)
59 “Buyer be 81 Vulcan, e.g. hexagons with white centers;
18 Contribution of Bern 8 Folk singer Tick or mite, for instance Bill ___, Joe Friday’s “Dragnet”
where?” indicator 85 Pigeon hangout Medium answers belong in the
ideas 95 Initial phases Guthrie partner
61 Zen garden 86 Tattoo spots hexagons with gray centers; and J What gold-plating typically
20 1974 role for 98 “Such a pity!” 9 Chapel in the Dark answers belong in hexagons Abandon on an island
swimmer prevents
Marty Apostolic Palace 88 Galleria contents Magical mixture
63 Tight type 99 Filing target in with black centers. All three Bloom Intense phobic reactions (2 wds.)
21 Trap during 10 Sign of stress 89 It might catch a Ricky Martin’s former boy band
64 Antibullying ad, 55-Across lists are in random order, so you K Took care of (2 wds.)
a blizzard, 11 Moves toward buss at a stadium Hut near a pool
briefly 101 Org. on must use the Row answers to Inflatable garments worn by
perhaps 12 Very little 90 Not generic
65 Tribal mouthwash figure out where to plant each Lacrosse equipment
22 “Render ___ bottles 91 Cunning astronauts (2 wds.)
proscription 13 Former colleague Bloom. Resigned remark (2 wds.)
Caesar...” of Clarence and deception L Barrier that might inconvenience
66 Completely 104 Press room? A river might run through it
23 Bar room? Elena 93 Split asunder a canoeist (2 wds.)
lost it 108 Andrew Sullivan, Ill-fated son of Daedalus
25 Hardly sufficient notably 14 Florida or 95 Haggis ingredient Rows Light Blooms
68 It might be Dark Blooms
26 Cave, buried by a 110 Hightail it Louisiana 96 Nabisco wafer A Common vehicle on New York Uncle ___ (“The Addams Family”
sometimes reporter 15 Diarist Nin 97 Stout vessel City streets (2 wds.) character Sparta’s enemy in the
111 Band-Aid
27 Fozzie Bear 70 Lower in the competitor 16 City east of 98 Meadow B Complaint that men aren’t Mythical youth slain by a boar Peloponnesian War
chapeau country Syracuse measure Word before mound or ground
112 Board room? gallant anymore (3 wds.) Solid form of carbon dioxide
28 Drawing room? 72 Dried pepper 17 O’Toole’s co-star 100 Westminster, e.g. Far-off friend, perhaps (2 wds.)
114 Rude Sacha Heavy cuff (2 wds.)
31 Encouragement used in mole Baron Cohen in “Man of La 101 Quick on one’s Some posthumous donations
for the matador C Prefix for a number (2 wds.) Smiling, perhaps
sauce persona Mancha” feet
English queen who had four Unconcerned with right and Pinpoint
32 Towel 74 Celestial sphere 115 Advil alternative 19 They’re often 102 Search deeply
embroidery husbands, including Henry VIII wrong Hypothetical missing link (Hyph.)
75 Rigatoni 116 Loser-friendly seen with tails 103 Pont Van Gogh
34 Season tally (2 wds.) ___ room (room in the game Cars that seat four or more
preference 117 Soothing stuff 24 The girl from locale
35 Rogue company uncle? D Sardonic way of saying “I’m not of Clue) Vacuum cleaner, to Brits
78 Cutting room? 118 Lana of 105 Kirk’s helmsman
36 D.C. fundraiser 29 Branch wannabes 106 Fashion monthly surprised” (4 wds.) Library cubicle “As you wish” (3 wds.)
80 Staples boxful Smallville
37 225-yr.-old 30 Pike, e.g. Cassidy who’s the hero of Cheesed off Tie on
82 Org. known for 119 Reflected 107 Destroy
moneymaker its brackets deeply 33 Lazy lady? financially
Clarence E. Mulford’s novels
Get the solutions to this week’s Journal Weekend Puzzles in next
s

40 Handy weapon? 83 “There ___ there 120 Reason to go 36 Saffron-seasoned 109 MIT Sloan E Unenforced by any others,
41 Play room? there” green? dish admission test as rules (Hyph.) Saturday’s Wall Street Journal. Solve crosswords and acrostics
45 Smelled the 84 Dubai’s setting: 121 They’re fired at 38 Cry heard at 113 “Teen Mom” Poisonous plant whose name online, get pointers on solving cryptic puzzles and discuss all of the
roses, e.g. Abbr. fans in stadiums home network means “beautiful woman” puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
MASTERPIECE: ‘ARRANGEMENT IN GRAY AND
BLACK NO. 1’ (1871), BY JAMES MCNEILL WHISTLER

UNSENTIMENTAL
FAMILY AFFAIR
BY MARY TOMPKINS LEWIS As recorded in Anna’s letters,
when she grew fatigued standing
IN LOOKING at modern por- in front of his easel, the painter
traits, it is easy to fall prey to invited her to sit before him.
the familiar. The enduring like- The foggy, London-gray walls
nesses and mythic personas we and glossy black dado of Whis-
recognize so readily can blind us tler’s second-floor studio, which
to the beauty of the painted im- was hung with the artist’s
age as a purely aesthetic state- framed engravings, provided a
ment—an arrangement of forms muted, grid-like screen against
and colors—and the artistry of which the painter captures his
its maker. James McNeill Whis- subject’s delicate silhouette. A
tler (1834-1903), an expatriate decorative, charcoal-toned tex-
artist of America’s Gilded Age, tile hanging at left, flecked with
was acutely aware of this di- tiny silver stripes and abstract
lemma in portrait painting, and touches of gunmetal pigment,
strove to underscore the aes- mitigates the painting’s rigid ge-
thetic choices that shaped his ometry, which extends to the
own. The elusive title of his most squares of the carpet below.
famous canvas, “Arrangement in Likewise, the wooden footrest
Grey and Black No. 1 (Portrait of and slats and spindles of a sim-
the Artist’s Mother),” employed ple chair that frame the figure
musical terminology to empha- on either side are offset by the
size its abstract pictorial harmo- sweeping skirt of the widow’s

FROM TOP: THE LEIDEN COLLECTION, NEW YORK; CHRISTIE’S IMAGES LIMITED 2017
nies rather than its fidelity to mourning dress and the gentle
nature. But history and popular curvature of her shoulders. Only
culture had other plans for the the pink of her cheeks and
painting. Despite its long tenure weathered hands and the golden
in French national collections, glint of a ring assuage Whistler’s
“Whistler’s Mother” (as it is sober palette. Like the painting’s
commonly known) is one of the shadowed and cropped composi-
most iconic works in the Ameri- tion, its color echoes the new
can canon, a painting that is, aesthetic of photography.
paradoxically, instantly identifi- Part of the enchantment of
able and surprisingly little Whistler’s magisterial canvas is
known. Currently due to the utter im-
on an extended, in-
ternational tour,
Chaste materiality of his
technique, which
this great American American created diaphanous,
icon can be seen at character tonal passages that
the Art Institute of suspend his subject
Chicago through meets in a stilled, dream-
May 21. subtle like world of per-
Whistler’s bois-
terous early career
refinement. fect equilibrium.
The artist, defying JAN LIEVENS’S
(his feuds and not only the tactile ‘Boy in a Cape
friendship with Os- tendencies of con- and Turban’
car Wilde were legendary) made temporary French painting but ICONS: COLLECTOR’S EYE (around 1631).
him an unlikely candidate for the corporeality of his medium
authorship of the sedate, Victo- and genre, diluted his pigments

A PRIVATE
rian-era portrait that would with linseed oil to make his fa-
come to define his legacy. mous “sauce,” a hallmark of his
Thrown out of West Point for mature style. Ethereal veils of
abysmal grades and unruly be- paint that were washed, rubbed

COLLECTION FOR
havior, he worked briefly as a and wiped across Whistler’s can-
mapmaker and engraver for U.S. vas seep into its finely woven
government surveys before sail- texture, dissolving many of its

THE PUBLIC
ing to Europe to study painting hard edges into ephemeral
at the age of 21, never to return. mists. Though at odds with her
In France, he met the great Real- icy austerity, the delicacy of the
ist artists Gustave Courbet and subject’s exquisitely rendered
Edouard Manet and, though set- profile is matched by the filmy
tling in London, took part in the transparency of her cap, the
Parisian avant-garde scene. His hanging, ribboned lappets and A couple lends out their hoard of Rembrandts and more to museums
stunningly modern “The White lacy cuffs, and the finesse of the
Girl” (1862), an unsentimental, painter’s all but invisible touch. BY J.S. MARCUS said, “Tom, it’s a Rembrandt, it’s a
monochromatic portrait of his Whistler’s refusal to senti- lion, and it’s beautiful. If it’s not for
mistress (later rechristened mentalize a subject traditionally FOR NEW YORK ASSET MANAGER Thomas S. you, then who is it for?”
“Symphony in White, No. 1”), inscribed with familial emotion Kaplan and his wife, Daphne Recanati Kaplan, a Luck is a very important part of
marked by a flattened format made his painting ripe for popu- painting is often something to hang on someone the business I am in—mining and
and decorative patterning like lar and cultural exploitation—it else’s walls—those of museums. The couple has energy. The odds of being able to
those found in Japanese prints, has become an emblem of assembled a collection of some 250 works by make a mineral discovery are 1,000
announced the artist’s retreat staunch American Protestant- Golden Age Dutch artists, includ- to 1 against you. But ultimately, I
from the Realist camp and shift ism, of stalwart patriotic values, ing 13 Rembrandts, that ri- think that luck itself is not such a
to an increasingly abstract style. of even a stern and particularly vals the holdings of many major museums. They are as great factor in art collecting. Having
It would cement Whistler’s place Puritanical brand of mother- interested in distributing as collecting. the right relationships is what’s im-
as a proponent of “art for art’s hood. When acquired by the The Kaplans, who divide their time between New portant. And hav-
sake.” French state in 1891, however York and Paris, began their Dutch art collection in A 1946 lounge chair ing the right ethi-
In London, where he began to (the artist accepted a reduced 2003 and not long after started to circulate the works from Casa M-1, Turin, cal reputation is
produce nuanced, tonal land- price given the sale’s prestige), anonymously to dozens of museums. They call their by Carlo Mollino. important. People
scapes—including his signatory the painting was praised not for holdings “The Leiden Collection,” after Rembrandt’s need to know that
nocturnes—Whistler struggled to its chaste American character Dutch birthplace, and they have followed the arc of the you will be discreet,
adapt his new aesthetic to por- and conception but for some- artist’s career by collecting a wide range of his pupils and that a handshake is
traiture. The endless hours of thing we have lost sight of: its followers—such as Gerrit Dou, a creator of refined genre a handshake—that
posing he inflicted on sitters left subtle and abiding refinement. paintings, and Jan Lievens, Rembrandt’s Leiden colleague. you’re fair. That’s
many of them exhausted and their In his “Arrangement in Gray and One rarity is “Hagar and the Angel,” one of only 13 surviv- not a function of
likenesses unfinished. In the sum- Black No.1,” Whistler had ren- ing paintings by Rembrandt pupil Carel Fabritius, whose luck. The part
mer of 1871, however, the artist dered the familiar not strange, 1654 painting “The Goldfinch” inspired Donna Tartt’s about having
turned to a compliant subject but beautiful. 2013 novel of the same name. “Hagar” is the only Fabri- enough capi-
then very close at hand, his aged, tius painting in private hands. tal may very
widowed mother, Anna McNeill In the past few months, the Kaplans have put high-resolution much be a func-
Whistler, who had moved from Ms. Lewis teaches art history reproductions of much of their entire collection online along with essays tion of luck, but
America into her son’s bachelor at Trinity College, Hartford, by leading authorities on Dutch art. At the Louvre in Paris, 32 Kaplan- the way capital is deployed is
flat in London some years before. Conn. owned works are on display in “Masterpieces From the Leiden Collection: more a function of character.
The Age of Rembrandt,” while six works are on view at the Sterling and We had this sense that there
Francine Clark Institute in Williamstown, Mass. The Kaplans also collect was something socially useful in
20th-century modernist designers, including furniture by Italy’s Carlo taking these paintings from the pri-
Mollino (1905–1973). Below, an edited interview with Mr. Kaplan, 54. vate domain and putting them back
into the public domain.
I first discovered Rembrandt when I was 6 years We live with our design collection, which my wife
old. My mother took me to the Metropolitan Museum began more than 20 years ago, when modernist de-
in New York, and it was love at first sight. All I wanted sign was just becoming interesting. That was her pas-
to do was go back every weekend and see Rembrandt. sion, and she got me into it. Eventually, I was the one
She tried to diversify my intellectual portfolio with who took it to another level of insanity.
modern art, but I shook my head, After acquiring an artwork, we
crossed my arms and said, “Mommy, don’t celebrate. But there have been
take me back to the Wembwandt.” I ‘Take me some moments that were truly exqui-
was missing my two front teeth.
Our preference has always been to
back to the site, like when we bought “Boy in a
Cape and Turban” by Jan Lievens in
Wembwandt.’
© RMN-GRAND PALAIS / ART RESOURCE, NY

buy before things go to auction. Buying 2004. I happened to be with a dealer


from a dealer is beautifully transparent in London. I bought it at an auction in
and friendly. I can genuinely say it’s the New York, and after we got off the
only area of interaction that has never phone, all we had was wine and choc-
been disappointing or disagreeable. I haven’t encoun- olate. Between the red wine and the chocolate, we
tered that in business or in philanthropy. went on some sort of flavonoid overload. We were
Conservation of big cats, like lions, is my passion. dancing around the gallery; we knew this was a mas-
In 2005, I took my wife to see the Rembrandt drawing terpiece.
“Young Lion Resting.” Afterward, we were in the car, Ultimately, it has become more than a master-
playing with our daughter on the way home. “Tell piece, this image of the young prince in oriental
me,” I said. “What do you think?” The drawing was garb. It became our first loan—it was the face that
THIS AMERICAN ICON can be seen in Chicago through May 21. expensive, and I didn’t want to do this lightly. She launched the lending library.
George Is $30,000
Foreman on a month too
a heavyweight- much to spend
champion on wine?
pen D11 D4

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | D1

Kids’ Style:
The New Order

PHOTO ILLUSTRATION BY F. MARTIN RAMIN/THE WALL STREET JOURNAL, GROOMING BY GREGG HUBBARD/BERNSTEIN & ANDRIULLI, MODELS: SOPHIE & BEAUMONT/GENERATION MODELS (CHILDREN); MIKEY BURTON (LOGO)

Finding uniquely stylish clothes for your offspring used to take forever. But these next-generation,
one-stop-shopping websites are turning the chore into child’s play

had to be a better way. “You’re used to shopping for its curated mix of brands and Net-a-Porter for
BY KARI MOLVAR
for everything in your life with so many conve- its user-friendly luxury experience.

S
niences, but then you enter the children’s cloth- This is the future of kids’ style shopping—on-
YLVANA WARD-DURRETT remembers ing market and you’re back to 1991,” said Ms. line resources aimed at taking the stress and
the late nights well: The former direc- Mendoza Roccia. time commitment out of finding design-con-
tor of special projects for Vogue and And so the pair teamed up to create Maison- scious clothing at reasonable prices.
mother of two (with one currently on ette, an online marketplace which launched this Rockets of Awesome, launched last summer
the way) would find herself hunched week. The site pulls together a carefully edited by Rachel Blumenthal, wife of Warby Parker co-
over her laptop, hunting for kids clothing into the assortment of kids clothing, accessories and dé- founder Neil Blumenthal, serves a similar mar-
wee hours, the only spare time she had. “I would cor from a global network of boutiques and ket. “Parents today are really busy. Kids have
have no less than 25 browser tabs open,” she brands. You can find embroidered cotton rompers this recurring need—they’re outgrowing their
said. “You have the mass e-tailers for basics, but from Acorn Toy Shop in Brooklyn, N.Y., striped clothes and staining shirts so you’re replacing
for more special and higher quality pieces that chino trousers from cult-favorite Spanish brand their wardrobes every season,” said Ms. Blumen-
will last more than two wears, I’d have to scour Bobo Choses or Oeuf’s mod birch twin bunk-beds. thal, who was formerly the CEO and founder of
the internet for small, indie boutiques.” After she Maisonette, which features merchandise for new- Cricket’s Circle, a website for new and expectant
vented to fellow Vogue alum Luisana Mendoza borns up to 12-year-olds, is a mashup of Farfetch mothers. Rockets uses a quiz—paired with a
Roccia, a mom of three, the pair realized there with its direct link to boutiques, Moda Operandi Please turn to page D2

SHOP IN THE NAME OF LOVE Updating little ones’ wardrobes is becoming as easy as ABC. From left: Misha + Puff T-shirt, $58, maisonette.com; Right: Apolina
dress, $70, and similar style Golden Goose Deluxe Brand Children’s shoes, $270, maisonette.com; Sunglasses, $10, oldnavy.com; Uncle Goose blocks, $50, and
Ostheimer Hippo Set, $44, used throughout, acorntoyshop.com. Fashion editor: Mallory Schlau

[ INSIDE ]

WE MUST
INCREASE OUR
BUSTS
Why statuary
in décor is
chic again D6

CUISINE ON THE QUICK HOT PURSUIT GET PRIMPED


Whipping up this lentil and fennel salad is A chance to spot the elusive, desert- A guide to new skin-care lines that are
20 minutes well spent D4 adapted lions in the Namibia wilds D9 keen to be seen as macho D3
D2 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

SIGNED, SWEET, DELIVERED


Easy-as-
ABC
Shopping
Sites

Rockets of Awesome Farfetch Maisonette


The subscription service, available for sizes 2 to 14, uses The shopping platform that allows users access to The recently launched online marketplace, founded by two
both algorithms and whimsy to design clothes that are sent boutiques around the world added children’s clothes last Vogue alums, brings together an edit of pieces from small
to clients four times a year. The subscription has no year. The selection leans toward luxe, designer brands. children’s boutiques and independent brands.
obligation. You only pay for what you keep.
Gucci Kids dress, $485, Monnalisa jacket, $217, Stella The Animals Observatory top, $130, and shorts,
Hoodie, $28, Shirt, $26, Shorts, $20, McCartney Kids sunglasses, $135, and Salvatore $77, and Golden Goose sneakers, $230,
rocketsofawesome.com Ferragamo Kids shoes, $242, farfetch.com maisonette.com

Continued from page D1 head,” which the company can use ity is good and the price point is
data-driven algorithm—to divine to further tailor your deliveries. reasonable,” she said. Still she
the fashion tastes of your children Existing fashion retailers are also supplements by browsing small
(sizes 2 to 14) and then sends a expanding into children’s clothes, Brooklyn boutiques like Acorn Toy
handpicked box of 8 to 12 items for which isn’t a surprise considering Shop—and scoring deals at Bon-
them to try on. You only keep and sales reached $31 billion in the U.S. point’s biannual sample sale in
pay for what you like. It sends last year, according to a report from Manhattan.
boxes four times a year, at the start market research firm Euromonitor. The new services are aiming at
of each new season. Last spring, Farfetch, the e-com- parents like stylist Marina Muñoz
Though Ms. Blumenthal de- merce site that pulls inventory from who have a magpie approach. Ms.
scribes the company not as an ap- an international mix of high-end Muñoz buys Burt’s Bees Baby ba-
parel brand but rather “a data sci- boutiques and brands, added chil- sics on Amazon, an occasional
ence and technology service that dren’s clothes. The response was piece from J. Crew and unique
immediate, said Candice Fragis, di- pieces from brands like Bobo Cho-
rector of buying and merchandising. ses and Nico Nico at Brooklyn bou-
‘My husband and I would Its children’s selection favors high- tique Sweet William. She’s lament-
end designers whose clothing par- ing, however, that Sweet William is
hit the mall while the ents may well wear themselves. closing its east coast outpost.
kids stayed with the Moncler, Burberry and Stella McCa- (There is another in Los Angeles.)
rtney are top sellers, and Kenzo’s “There won’t be a store with this
grandparents. It was a animal-embroidered sweatshirts fly curated, good selection,” she said.
whole-day affair.’ off the site, along with anything Ms. Muñoz might find what she’s
worn by royals (see: Prince George, looking for at equally chic shops
Princess Charlotte) and other tiny represented on Maisonette, such as:
influencers (North West). Nashville, Tenn.’s Arcade Kids; Tiny,
delivers a dynamic retail experi- Julia Sloan, a beauty executive whose brick-and-mortar store is in
ence,” the clothes—designed by an based in Brooklyn, N.Y., used to do Charlotte, N.C.; or even Manhattan
in-house team of alums from J. a grand children’s-clothes shop- shop Yoya.
Crew, Ralph Lauren and Gap—have ping spree once a year while visit- In the meantime, these new
plenty of charm and just enough so- ing her parents in upstate New shopping solutions are already
phistication. The signature item is a York. “I’d take inventory and my evolving. Rockets of Awesome re-
silver bomber jacket (printed with husband and I would hit the mall cently launched activewear and is
“Rockets of Awesome” on the back) while the kids stayed with the considering brick-and-mortar
that kids can customize with grandparents,” she said. “It was a shops. Maisonette has collabora-
patches and pins. Parents can also whole-day affair.” tions and exclusive merchandise,
write in special requests, such as Ms. Sloan now relies on Rockets as well as a back-to-school pop-up
“my son only likes dinosaur prints” to outfit her three children, a 20- BLOCK PARTY Through edited and easily accessible merchandise, what shop, in the works. As for its co-
or “my daughter won’t wear any- month-old girl and 4-year-old was once a chore may be less laborious, leaving more time for play. Louis founder, Ms. Ward-Durrett? She’s
thing she has to pull over her twins, a boy and a girl. “The qual- Louise Top and pant set, $138, maisonette.com still not getting much sleep.
PHOTO ILLUSTRATION: F. MARTIN RAMIN/THE WALL STREET JOURNAL, GROOMING BY GREGG HUBBARD/BERNSTEIN & ANDRIULLI, MODEL: ROHAN (CHILD), MIKEY BURTON (LOGO); STYLING BY ANNE CARDENAS (CLOTHING)

BARNEYS.COM
NE W YORK B E V E R LY H I L L S SAN FRANCISCO

CHICAGO BOSTON LAS VEGAS S E AT T L E

F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M

THE ROW

S A M E D AY D E L I V E RY
AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P C O D E S
I N T H E G R E AT E R M E T RO P O L I TA N A R E A
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D3

STYLE & FASHION

Womanly, Yes, But I Like It, Too


A guide to the new wave of male-targeted skin-care brands that are heavy on the uber-masculine marketing

Huckberry, an online retailer


BY JACOB GALLAGHER
launched in 2011 that started out

S
selling Americana-influenced wares
OAP MADE FROM beer. like Tellason denim and Topo De-
Deodorant that smells signs backpacks. Since it added skin
like bourbon. Shave care late in its first year, sales of
cream named after a these products have increased more
sherpa. All of these in- than 150% annually; and in the first
delicate products come to us months of 2017, they’re already up
thanks to skin-care companies, 265% from the same period last
launched over the past few years, year. You won’t find a Clinique or
that are marketing strenuously— Dove product in the mix, though.
some would say, overcompensat- Huckberry stocks rugged-sounding
ingly—to men. brands like Duke Cannon Supply
As anyone who remembers the Co., Juniper Ridge and Oars + Alps.
musky scent of Lucky Tiger after- While each has its own ethos and
shave can attest, aggressively witty slogan, Huckberry co-founder

F. MARTIN RAMIN/THE WALL STREET JOURNAL (PRODUCT); ILLUSTRATION BY KAGAN McLEOD


male-targeted products aren’t Richard Greiner said they’re united
a new phenomenon. Relegated to by “manly names and scents that
the shadowy corners of drugstore are not ‘foufou’.”
shelves by the endless array of eye Both genders might welcome the
creams and makeup removers for latter. Oars + Alps co-founder Mia
women, they’ve always seemed like Duchnowski said she launched her
an afterthought, and never particu- company because she was tired of
larly cool or stylish. her husband using her expensive,
A shift is under way due to mil- exquisitely fragrant moisturizers.
lennial males, more blithely vain “Whenever I was kissing him,” she
than their elders. According to said, “I felt like I was kissing a girl.”
Karen Grant, a global industry ana- Mr. Greiner has found that ma-
lyst for beauty at market-research cho marketing helps men feel more
firm NPD Group, younger men are comfortable buying grooming prod-
much more apt to buy these prod- ucts. But within the macho stereo-
ucts. “Overall, only 25% of men say type in which the brands traffic,
they use grooming products,” said there are nuanced distinctions men
Ms. Grant, “but when you go under may not appreciate at first. To
35, it becomes almost 40%.” make it all clearer, we compared
These relatively fresh-faced cus- five recently launched brands,
tomers have made skin care one of breaking them down into helpful,
the fastest-growing categories at he-man subcategories.

THE MANLY HIPSTER THE BURLY BARTENDER THE STAR ATHLETE THE CHIC OUTDOORSMAN THE FORMER FRAT BOY
Portland General Store Olivina Men Oars + Alps Tenzing Duke Cannon Supply Co.

Back story Back story Olivina Back story Founders Back story The year- Back story To ad-
Lisa and Troy has made olive- and Mia Duchnowski and old brand was estab- dress the gap in the
Brodar launched hempseed-oil prod- Laura Cox mined their lished to provide a market between Axe
women’s beauty ucts since 2002. But interest in exercise and natural-ingredients al- and $90 eye
products on Etsy after noticing that Ms. Duchnowski’s MIT ternative: “We were creams, co-founders
in 2007. Two few men’s brands degree to create prod- frustrated with the Sam Swartz and
years later, the use these natural in- ucts that are particu- chemical-laden prod- Anthony Albanese
Portland, Me., gredients, CEO Jo- larly suitable after a ucts on the market,” created an afford-
couple turned their focus to men. seph Moore shifted hard workout. said co-founder John able and slightly
Olivina toward XY- Crescenti. grown-up take on
Macho factor Medium. The font and chromosome clients Macho factor Name dude-friendly skin care.
“General Store” moniker feel rooted in 18 months ago. aside, rather low. The Macho factor Me-
menswear’s late-aughts Americana re- restrained logo and chilly blue hue are dium. The beige tube could be a lady’s Macho factor Sky high. Beer is a
vival with its Paul Bunyan overtones. Macho factor Medium-high. Mr. more Herman Miller than he-man. product. But the line is named after driving inspiration. A hulking typeface
Moore drew inspiration from craft Tenzing Norgay, a sherpa who helped and in-your-face graphic design
Natural habitat In the bathroom of a cocktails, so Olivina’s natty labels look Natural habitat On a granite coun- Sir Edmund Hillary climb Everest. makes reading the labels like being
home with a decorative ax. straight from the liquor cabinet. tertop in a spartan Soho loft next to hollered at by a shirtless undergrad.
a Braun razor. Natural habitat Anywhere a finicky
Ideal spokesman Johnny Depp— Natural habitat As close to your bar significant other might be irked by the Natural habitat A Big Ten school but
bearded and bespectacled—with an cart as possible. Ideal spokesman David Beckham— presence of a neon bottle of Axe. Or in off-campus housing.
environmentalist bent. The range is active with neat, no-frills style. atop a log.
mostly vegan and not animal-tested. Ideal spokesman Sam Elliott—a Ideal spokesman Ashton Kutcher, al-
classic with a touch of whiskey. And the products? The line so far Ideal spokesman Tom Hiddleston— ways a dude at heart.
And the products? Like the stock of consists of three items: a TSA- politely stylish, earnestly masculine.
an old-time apothecary: beard oil, And the products? Cocktail refer- friendly solid face wash bar, alumi- And the products? The star is the
beeswax pomade and a gritty bar of ences aside, items like the all-natural num-free deodorant and a facial And the products? There are two Big Ass Beer Soap (pictured, $10,
pumice soap. A warning: The fra- Bourbon Cedar deodorant (pictured, moisturizer/eye cream (pictured, moisturizers, two shaving creams and dukecannon.com). It’s over double the
grances, like that of the Wood hand $10, olivinamen.com) are a non- $18, oarsandalps.com), which has a a pre-shave oil. The Sage Mint mois- size of an average bar, and the scent
cream (pictured, $14, portlandgeneral- greasy, environmentally friendly alter- nice, rich consistency. More products turizer (pictured, $20, tenzingskin- is more oatmeal than lager—which,
store.com) can be overpowering. native to drugstore brands. are in the works. care.com) was tingly and refreshing. trust us, is a good thing.
D4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING


ON WINE LETTIE TEAGUE

How Much Is Too Much to Spend on Wine?


IS IT ACTUALLY possible to spend quipped, meaning they had the
too much on wine? When Johnny flexibility to spend some money. Al-
Depp sued his business managers though Mr. Hack has spent as much
at the Management Group for al- as $500 on a bottle (on impulse
leged fraud and professional negli- during an auction), he is more
gence, Joel and Rob Mandel filed a likely to spend $50 or less on a reg-
countersuit, disputing his charges ular bottle of wine. He estimated
and claiming they had tried to his annual wine budget was “some-
keep the actor in check. To bolster where in the low five figures.”
their argument, they published a My friend Mario Carlino, a chef
long list of alleged expenditures in New Jersey, doesn’t keep close
from Mr. Depp’s “ultra-extravagant track of his wine expenses, which
lifestyle,” including $30,000 a he said vary according to vintages.
month on wine the actor “had When great vintages of wines he
flown to him around the world.” loves, like Barolo and Amarone, are
In the filing, the managers also released, he buys multiple cases.
cited $75 million to buy and redec- His greatest single expenditure was
orate 14 residences and more than the 2006 Quintarelli Giuseppe
$3 million to blast the ashes of the Alzero; he bought a number of bot-
late writer Hunter S. Thompson tles at $350 each. But, he reasoned,
out of a specially made cannon. “it’s a wine my wife loves.”
Mr. Depp’s lawyer, Adam Waldman, When Ian Dorin worked as the
noted in an email: “Mr. Depp is wine director of retailer Wine Li-
‘accused’ by the business manag- brary in Springfield, N.J., he said
ers he is suing for fraud of spend- he knew people who had “rigid
ing $30,000 of his own money budgets of $2,000 a month,” and
each month on wine.” The Man- even if they saw a wine they really
agement Group spokesman David loved, they would forgo it if they
Shane had no further comment on had already hit their number that
the lawsuits, which remain unre- month. Mr. Dorin, now director of
solved, or the wine expenditures. fine wine for New York-based Her-
Oddly enough, there was more itage Auctions, is a bit more elas-
media coverage of Mr. Depp’s out- tic with his own expenditures, not-
sized wine budget than the cre- ing a seasonal component to his
ation of a cannon to catapult a approach: He spends less in the
dead writer’s remains into the air. summer, when he’s drinking simple
Was that because his alleged white wines and rosés, and more
monthly outlay on wine far ex- in winter, when he tends toward
ceeded what most people consider more complex reds. And when
reasonable, or because no one someone in the trade tells him
knew the value of a customized about a new wine, he’ll take a
cannon? Then again, was Jack flyer, for up to $100, he said.
Sparrow’s wine budget really so After we spoke, Mr. Dorin de-
big after all? Some wine collectors cided to total his expenses and
I talked to didn’t seem to think so. found he spends about $6,000 a
Brad Goldstein, a spokesman for year on wine—much lower than
Bill Koch, the billionaire commodi- the five-figure outlay he initially
ties investor and wine collector, was guessed. Mr. Dorin also has access
decidedly underwhelmed by Mr. to an inventory of wines owned by
Depp’s expenditures. “Bill Koch sold his company, bottles he opens for
JOE WALDRON

a case of 1945 Mouton Rothschild at business dinners and lunches.


auction last year for $400,000,” he They augment his budget, he said,
said. If Mr. Depp’s agents were “try- but declined to say by how much.
ing to show excess, they’re in the Other oenophiles I know spend
wrong place,” added Mr. Goldstein, $65,000. The cult Napa Valley Cab- Indeed, when I posed the ques- main,” he wrote in an email. considerably less. Take, for exam-
noting it costs a lot more than ernet Screaming Eagle is a favorite tion of wine expenditures to my col- I did manage to convince a few ple, my friend Alan, who said he
$30,000 a month to “seriously” in- among Russian collectors, added lector friends, most declined to of- people to talk, but most had never didn’t need to track his expendi-
vest in first-growth Bordeaux. Mr. Overstreet. A magnum of the fer details. “I don’t have a budget,” thought to calculate what they tures because he is “cheap by na-
Mr. Depp spent much more than 2010 vintage costs $10,000. “It’s not sniffed one free-spending friend spent on wine each week or ture.” Alan figured he spent a mod-
$30,000 a month, mostly on first- about the money but the prestige,” month. One friend, a hospital exec- est $3,000 a year on wine, paying
growth Bordeaux, when he was a he said, adding perhaps unnecessar- utive in New York, tabulated his about $25 a bottle retail and around
client at the Beverly Hills Wine ily: “Money isn’t an issue.” expenditures aloud as we spoke. $60 to $70 on wine in restaurants.
Merchant many years ago, accord- Was this true of other wine lov- Was Jack Sparrow’s wine He said he and his wife went Why do so many people choose
ing to proprietor Dennis Overstreet. ers? Budgeting isn’t a topic that budget really so big after through “a minimum” of a bottle a not to keep track of their wine ex-
Mr. Waldman said, “Mr. Depp is a really comes up, at least in my cir- night. With each bottle costing penditures? Is it because, collect-
sophisticated investor in first- cles. While friends and colleagues all? Some wine collectors about $25—sometimes more, ible bottles aside, wine is some-
growth Bordeaux which has turned readily describe how much a par- I talked to didn’t seem to sometimes less—and adding in the thing to be quickly consumed? Is it
out to be a great asset class over ticular bottle costs (either lament- occasional wine he bought while because wine is, for most people,
the years.” Although Mr. Overstreet ing how much they spent or cele- think so. dining out, he figured he spent part of a daily meal, and keeping
works with many big Hollywood brating the deal they got), I don’t around $10,000 a year. track of its cost would be like not-
names, he said he now sells some of remember anyone ever talking New York attorney Jay Hack ing the price of pasta? Or is it sim-
his most impressive bottles to for- specifically about how much they with a taste for grand cru Bur- doesn’t really have a wine budget, ply a form of denial—if you don’t
eign businessmen. He recently sold spend a month on wine. I guess gundy. Another didn’t want to be either. He just buys what he know how much you’re spending,
a Melchior (18-liter bottle) of 2005 it’s like comparing salaries or sav- quoted, even anonymously. “I prefer wants—within reason, of course. you won’t have to stop?
Château Cheval Blanc to a promi- ings—the sort of conversations to leave things like prices I pay or “That’s the advantage of having
nent Asian businessman for that almost never take place. dollars I spend out of the public do- two lawyers in the family,” he  Email Lettie at wine@wsj.com

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Fennel and Braised Lentil Salad With Ricotta


THE MENU CHANGES daily at King, in practically a dollar a lentil, but they are
lower Manhattan, letting chefs Clare de just so unbelievably good.” Use them if LAYER ABOUT A contrasting
Boer and Jess Shadbolt make the best you can find them, but most any green or combination of raw fennel and
RYAN LIEBE FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA; ILLUSTRATION BY MICHAEL HOEWELER

use of the ingredients available to them black lentils will be delicious. braised lentils makes this winter
at any given moment. Right now they Simple as it is, the dish is designed to salad a satisfying main course.
have lots of fennel on hand. “If it’s get maximum impact from each element.
young, crunchy and sweet, we slice it “When you’re doing a salad like this,
thinly and serve it raw with wonderful where you have a warm element layered
olive oil,” Ms. Shadbolt said. with a cold one, the flavor of the olive oil
The Chefs That’s what they’ve done for their final really blooms,” Ms. de Boer said.
Clare de Boer and Slow Food Fast contribution, in which Shop for fennel bulbs that are heavy
Jess Shadbolt lightly dressed slivers of fennel and earthy for their size, firm and aromatic. If you
braised lentils mingle on a pillow of fresh end up with fennel that’s a bit woody,
Their Restaurant ricotta. Marinated anchovies and chopped sprinkle on some lemon juice once it’s
King, in Manhattan parsley add punch. sliced to soften it. Otherwise, a drizzle
“We use Castelluccio lentils from a little of good olive oil is the only dressing
What They Are town in Umbria,” said Ms. de Boer. “It’s this salad needs. —Kitty Greenwald
Known For
Bringing their TOTAL TIME: 20 minutes SERVES: 4
subtle, deceptively
simple style of 4 olive-oil-packed 2 cups green or black black pepper
continental cooking anchovies, drained lentils 2 medium heads fennel,
and warm hospital- 4 tablespoons olive oil, 1 head garlic, halved halved lengthwise
ity to New York, by plus more to drizzle crosswise 2 cups fresh ricotta
way of London. Pinch of red chili flakes 2 sprigs fresh sage 2 tablespoons chopped
Zest and juice of 1/2 lemon Sea salt and freshly ground parsley

1. Arrange anchovies on a shallow plate, driz- lentils and season with salt, pepper and a
zle with olive oil and season with pepper, chili drizzle of olive oil.
flakes and lemon zest. 3. Slice fennel into very thin slivers. If fennel is
2. Place lentils in a heavy, medium pot with woody, sprinkle with lemon juice to soften.
both garlic-head halves and sage. Cover lentils Season with 2 tablespoons olive oil and salt
with 2 inches water and add 2 tablespoons ol- and pepper to taste.
ive oil. Set pot over high heat and bring to a 4. Place ½ cup ricotta on each plate. Season
boil. Reduce heat to medium and simmer len- cheese with salt and arrange dressed fennel
tils until tender but still whole, about 20 min- on top. Spoon lentils generously over fennel.
utes. If necessary, add extra water to keep len- Top with marinated anchovies, an extra drizzle
tils submerged throughout cooking. Strain of olive oil and chopped parsley.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D5

EATING & DRINKING


IN MY KITCHEN WHERE THE HEARTH IS Clockwise

Emiko Davies
from top: Ms. Davies in her Tuscan
kitchen; handwritten labels keep
ingredients in order; acquacotta in
progress; airy open shelving.

make a big batch and freeze the left-


overs, so nights when it’s too crazy to
Newly ensconced in Tuscany, the artist and cook, I’ve already got something
cookbook author lays out her current tucked away in the freezer.

culinary approach: Less gadgetry, more lard I like to drink: what Marco picks.

S
He loves exploring natural wines.
ETTLING INTO a kitchen of her own recently was a big deal for We recently fell for one from Giglio
Emiko Davies. “My daughter just turned 4, and since she was Island in the middle of the Tuscan
born we’ve moved house—and city, and country—six times,” Sea. The winery, Vigneto Altura,
the food writer and illustrator said. Ms. Davies grew up rather makes this wonderful orange wine
peripatetically herself, in Australia and China. Today you’ll find called Ansonaco from vines that are
her in Italy because her husband, Marco Lami, a sommelier, was homesick. probably 200 years old.
For this art-school graduate, it wasn’t much of a leap from the studio
to the kitchen. “What I love about darkroom photography or restoration or For breakfast I eat: not at all like
baking is the process, from start to finish,” she said. She has applied her an Italian. Here they have cookies and
process, quite rigorously, to Italian cuisine in two cookbooks: last year’s cake. I just can’t do it. A soft-boiled
“Florentine” and now “Acquacotta,” published this week, on the culinary egg with little toast fingers to dip:
traditions of a little-known coastal pocket of Tuscany. That’s our favorite. My mother-in-law
A few months ago, Ms. Davies and her family moved out of her mother- thinks we’re very strange.
in-law’s apartment in Florence and into a place in the hills above the city.
Thanks to all the previous relocating, she’d learned to live with limited The most important
cooking equipment—a boon in her current kitchen. “It was obviously de- piece of kitchen wis-
signed by someone who didn’t cook,” she said of the tiny space, since recon- dom I ever received
figured in a way “that was reasonable and fit with us. We made it our own.” came from: Elizabeth
David, in an article she
wrote in the 1980s,
The first thing people notice about An ingredient I’m ex- about how gadgets
my kitchen is: its small size. The cited about right now are useless. Any time
main counter is 6½ feet long—the is: bottarga [cured mullet I consider buying anything
length of the room. When we moved roe] from Orbetello. They do for the kitchen I ask myself,
in, it had a sink that took up the it a little differently there than in Can I do it with my hands? If the
whole of the counter, which was ab- Sardinia: less cured, a bit softer. Grate answer is yes, I know I don’t need it.
surd. So we shortened the sink but it over spaghetti and it’s instant flavor. —Edited from an interview
kept it 1½-size since we don’t have by Charlotte Druckman
a dishwasher. Putting in a kitchen I’m also excited about: carciofini—
island doubled the counter space. baby artichokes in season in early
spring. You keep them whole, and you
We have no room for: drawers or don’t need to pull out the choke. In
cupboards or a pantry. So we have Tuscany they do them sott’olio, under
open shelving. I keep jars on the oil. Pickle them in wine and vinegar,
shelves, and pots and pans beneath then dry them and pack them in jars
the island and on a trolley. Instagram with olive oil. They have such a short
was extremely helpful. We could ask, season: Blink, go to the market on the
Where do you put things when you wrong day, and you miss them.
don’t have drawers? People had lots
of advice. The most underrated ingredient is:
My cooking mentor was: Pellegrino My favorite pans are: my terracotta lard. It sounds like such a dirty word.
One gadget I could use is: a wireless Artusi. When I started thinking I ones, a Tuscan saucepan with a long But it’s used in a lot of traditional Tus-
hand blender. That’s about as technical wanted to write about food, I sat down handle and a deep pot with a lid, from can recipes. It gives bread an amazing
as I’ll get, I think. There is one outlet in and read his cookbook [“The Science Puglia. You can start on the stove and crust, and a really delicious smell.
the kitchen, by the fridge. My daughter of Cooking and the Art of Eating finish in the oven. I’m convinced the
loves smoothies, and right now I have Well”]. It was written in 1891, and a terracotta gives flavor. I use it for beans A go-to meal for me is: acquacotta,
to make them on the floor because the lot of the classic Tuscan or Florentine and for meat stews, like a pot roast a vegetable soup with eggs cooked
cord doesn’t stretch farther. recipes are still done the same way. done with a whole liter of red wine. into it. It’s basically my dream. I can

Acquacotta Maremmana
You can prepare this soup in advance, right up to the point when you add the eggs. Keep it in the refrigerator overnight or freeze it for
later use. Reheat it with a splash of water and, once it’s simmering, crack the eggs in. TOTAL TIME: 11/4 hours SERVES: 4

3 tablespoons extra-virgin 4 eggs add white wine. Simmer until re- into pan. Poach until whites are
olive oil 4 slices stale Tuscan bread or duced slightly, 4 minutes. Add cooked and yolks are still runny,
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL

4 medium yellow onions, crusty white loaf, toasted tomatoes and their juice to pan 3-6 minutes. Remove from heat.
thinly sliced ½ cup grated Parmesan or and use a wooden spoon to 4. To serve, place a toasted
½ celery stalk, finely chopped pecorino cheese crush. Add another pinch of salt bread slice in bottom of each
Salt and chilies. Add stock and bring bowl. Carefully transfer poached
½ cup dry white wine 1. Heat olive oil in a Dutch oven to a simmer. Reduce heat to low. eggs to tops of bread slices.
1 (28-ounce) can whole, over low heat. Add onions, celery Simmer gently, stirring occasion- Pour soup over to cover and
peeled tomatoes and a good pinch of salt. Cook, ally, until soup reduces to a thick soak bread. Sprinkle with grated
1 fresh red chili, finely stirring occasionally, until vegeta- consistency, with enough liquid cheese. Let sit a minute or two
chopped, or dried chili bles are tender, about 15 minutes. remaining to poach the eggs in, to allow bread to absorb liquid
flakes to taste If onions start to stick to pan, about 45 minutes. If too thick, —Adapted from “Aquacotta”
2 cups vegetable stock or wa- add a splash of water to pan. add stock as necessary. by Emiko Davies
ter, plus more as needed 2. Increase heat to medium and 3. Crack eggs, one at a time, (Hardie Grant, March 2017)
D6 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING


A Boom in Busts
Can the head shots of the sculptural world, back in vogue after decades in the wings,
work in homes that aren’t mansions? Or are they just too la-di-da?

BY TIM GAVAN
Geza de Vegh

T
Porcelain Figure Heads,
HE OTHER DAY—in $4,475 for pair,
what passes for water- highstyledeco.com
cooler talk here at The
Wall Street Journal—
we took an informal
poll about a controversial decorat- 
ing choice that’s nevertheless Judy
gaining prevalence: busts. Do the Bust Statue,
stone-faced characters have any $129,
place in contemporary interior de- cb2.com
sign, or more to the point, Would
you put one in your own home?
Except for a few creative types
here, the reactions went something
like this: “They’re pretentious.”
“Annoyingly academic.” “Kind of
creepy.” Yet busts continue to
show up in professionally pulled-
together homes, even if some de-
signers remain slightly ambivalent.
“In the ’80s, when I started, every-
one was using busts, and it became 
a cliché,” said New York designer Cubist
Matthew Smyth. “They felt grandi- Bust from
ose. But lately I’ve begun to appre- Ro Gallery,
ciate them more, for my home $15,000,
and for clients’.” 1stdibs.com
Even mass-market design retailer
CB2 sees a place for them, intro-
ducing a traditional form in modern
black resin. More typically, busts
can be found in antique stores and
on auction sites and 1stdibs.com.
For some decorators, the come-
back has reawakened an apprecia-
tion of what was good about 
sculpted portraiture in the first Turkish
place. A third dimension, for exam- Bust from
ple. Most people overlook depth Artedeco,
when they decorate, said New York $2,800,
designer Drew McGukin: “Flat 1stdibs.com
walls, flat paint, flat basic fabrics,
flat art on walls, flat-screen TVs.”
And busts in particular have the
benefit of being compact. “They’re
easy to place in rooms, since unlike
larger sculptures, they fit on tables
and bases,” said New York-based
designer Thomas Jayne. HEAD MASTERY A well-contextualized bust in the London home of retail design consultant Richard Moore,
Part of busts’ appeal for design- featured in ‘Simple Homes,’ by Mark and Sally Bailey (Ryland Peters & Small)
ers is exactly what spooks many
homeowners: the way they stare Indeed, busts needn’t be serious. signer Jennifer Jean Morris by her Tom Stringer sometimes integrates
you down. “A bust’s effect really A plaster bust by New York artist grandmother. “Busts in Western statuary more subtly and casually,
depends on its expression, whether Stephen Antonson portrays a he- interior design are stereotypically which mutes the pretension factor. 
it’s whimsical or provocative, coy roic-looking young man taking a about a male Anglo-Western his- “I tuck them in bookshelves for Ernst Fuchs
or stern, said Caleb Anderson of very realistic pie to the face. Said tory,” said Ms. Morris. “This one a charming historical element, or Bust from
New York design firm Drake/Ander- New York designer Jesse Carrier tells a different story.” layer them on consoles,” he said. the Grinard
son. “Whenever you look at them, The standard, stoically neoclas- “A bust becomes the focal point, Collection,
you feel their emotion, too. It’s one sical, white marble bust adds a tra- so make sure that it’s the only $1,500,
of the reasons I love using busts, ditional touch to a modern room, opulent piece in the mix,” advised 1stdibs.com
they’re like another personality in ‘Whenever you look noted Dallas designer Michelle Natalie Shirinian, founder of NES
the room.” at them, you feel Nussbaumer, but it poses the Creative, a New York-based creative
“They’re part of the party,” con- greatest decorating challenge. How agency. “Have a balance of books
curred New York designer Sasha their emotion, too.’ to shake the inherent fustiness? and personal objects and flowers
Bikoff. “My dogs think a bust I have After all, in most of our encounters to make the space feel like a home
by the stairs is a real person, and with such busts, they’re rather dry: and not a museum,” she added.
one client’s cat loves to hang out of his clients, “They fell in love pedantic in universities, purely ed- Living with a humanoid piece
with a female bust on the piano.” with the artist’s playful, tongue-in- ucational in public libraries and of art might seem more like adopt-
San Francisco designer Suzanne cheek interpretation. It may not be imposing at memorial sites. ing than decorating, but like the
DEBI TRELOAR (INTERIOR)

Tucker said she was “utterly en- considered ‘high art,’ but it’s beau- Designers such as Mr. Anderson former, it has multiple rewards.
chanted” by a the facial expression tifully crafted and delivers comedic embrace sharp juxtapositions “Busts are captivating,” Mr. Ander-
of a 1950s bust she found in Paris relief at the same time.” of new and old: “I like the eclectic son said. “People want to know
that was crowned and encrusted Another subversion of the clas- contrast of a classical bust with whom they’re looking at—is it a 
with coral and seashells. “She’s less sic: a depiction of an African contemporary artwork and furni- character, a famous person, a regu- Paul Bellardo Bust from Caribe
formal with a ‘come hither’ look.” woman, passed to New York de- ture,” he said. Chicago designer lar person. What’s their story?” Casual Shop, $975, etsy.com

FLOWER SCHOOL

DIVIDE AND CONQUER


Floral designer Lindsey Taylor splits a bouquet in two to conjure the defined, biomorphic shapes of an early Agnes Martin painting

AGNES MARTIN’S best-


known paintings feature
stripes or grids in muted col-
ors stretched across 6-foot-
square canvases. At a recent
exhibit dedicated to the Cana-
dian-born artist (1912-2004)
at New York’s Guggenheim,
I wound my way up the gal-
lery’s famous ramp, absorbed
by Martin’s restrained palette
and soothingly repetitive im-
agery. But her earlier works,
in which she first abandoned
representational painting,
struck me the most.
I selected one, “Untitled THE INSPIRATION
1953,” as the inspiration for
this month’s arrangement. Pink tulips, yellow roses with tan centers and a plaster vessel
In this painting, it’s as if evoke the abstract figures and background in Agnes Martin’s
biomorphic shapes floating ‘Untitled 1953.’ Stephen Antonson vase, designer’s own
by were captured in the
chalky canvas. Artist Stephen a floral frog in the vase, the painting’s dark tones
Antonson, a friend, created I massed peachy pink tulips but highlights the light vase
a plaster vessel for me that on one side and yellow roses and flowers. Maybe, given
could easily find a home with tan centers on the time, I would have gone back
in one of her canvases. other, creating shapes as em- in and mixed it up more.
I felt a controlled rather phatic as Martin’s. The dark But the tulips will start to
than romantic arrangement wall, as important as the stretch in a day or two and
THE ARRANGEMENT was called for. Securing flowers, not only references take on a more playful look.
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY CARLA GONZALEZ-HART (ARRANGEMENT); © 2017 AGNES MARTIN/ARTISTS RIGHTS SOCIETY, NY/MILDRED TOLBERT COLLECTION, M.A. HEALY FAMILY FOUNDATION PURCHASE FUND,
COLLECTION OF THE HARWOOD MUSEUM OF ART, TAOS, NM PUBLISHED CREDIT: © 2017 AGNES MARTIN/ARTISTS RIGHTS SOCIETY, NY (INSPIRATION)
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, March 18 - 19, 2017 | D7

DESIGN & DECORATING


THE MEDIATOR

When Leather Met Wicker


The conflict: He reveres his modernist armchair, she’s attached to her table’s tendrils. Designers proffer peacekeeping pieces

Spice Island Wicker


End Table, $212,
shopladder.com

F. MARTIN RAMIN/THE WALL STREET JOURNAL (PILLOW, WALLPAPER); PAMONO & DAGMAR DESIGN (CHAIR)
Ib Kofod-Larsen
Mid-Century Salen
Chair by OPE,
$8,753, pamono.com

SOLUTION 1 SOLUTION 2 SOLUTION 3


Add a soft touch to Combine machined and hand- Shake up the quiet,
the masculine seat to made in one lamp. The folded- neutral pair with radical
bridge the aesthetic paper shade of the Molecules wallpaper. New York de-
gap. “The table feels lamp, designed in collaboration signer Jarvis Wong’s first
very artisanal, with Israeli origami artist Ilan Garibi, re- reaction to the duo? “I
unique and fluid,” calls the delicacy and attention to detail want color.” He wanted
said New York of the hand-wrought wicker table, said a little bedlam, too. “The
designer Ben- Los Angeles designer Natasha Baradaran. chair and the table are very
nett Leifer, calling at- And the wood stain and sleekness of symmetrical and formal,”
tention to its ornate wicker loopi- the router-carved base ties the fixture to said Mr. Wong. Not only
ness. Meanwhile, the wood and leather chair is the chair. Like Mr. Leifer, Ms. Baradaran does this wallpaper from
linear and rigid, a relatively no-nonsense statement about wanted to introduce an element of func- Osborne & Little bring
function. Mr. Leifer suggests lightening it up with a pillow that visu- tionality while mediating between the a commotion of color, but
ally connects to both the table, in its ivory color and irregular weave, two clashing pieces. “This chair looks like also its repeat isn’t obvious.
and the chair itself, in its simple, rectangular shape. Bonus: The you could have a drink or read a book in “The composition of this
cushion will offer lumbar support. ”You can always link two things,” it,” she said. “The lamp brings light.” pattern is very sophisti-
he said, “but I wanted an item that would make them function Aqua Creations Molecules Floor Lamp, cated,” he said. Most important to Mr. Wong: “It’s so unexpected, it
better together. The pillow makes the whole thing a little friendlier.” $2,613, Aqua Gallery, 212-219-9922 will make you laugh, make you happy.” Rain Forest Wallpaper, about
Caterpillar Throw Pillow, $455, Homenature, 212-675-4663 $690 per roll, Osborne & Little, 877-322-7420 —Catherine Romano
D8 | Saturday/Sunday, March 18 - 19, 2017 NY * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL


An RV Tour of Middle-earth
A family of five crosses New Zealand by camper van, risking close quarters to get intimate with nature on a budget

BY SANJAY SURANA

IN NEW ZEALAND, a few pieces of


driftwood were all it took to keep
my three iPad-devoted daughters
occupied for hours. My wife, kids (a
15-year-old and 8-year-old twins)
and I were on day four of our two-
week RV trip through the country,
and we had just pulled into a
beachfront campsite on the South
Island’s Lake Wanaka. The girls saw
the mountain-ringed shore full of
washed-up detritus and began
building pyres (that could never be and cooking facilities—RVs were
lit), wielding sticks to re-enact parked cheek by jowl. Had we really
scenes from “The Empire Strikes wanted solitude, we could’ve gone
Back,” and forgot all about the tab- Freedom Camping, where you pull
let. After Darth Vader and Luke tus- off the side of the road or retreat
sled with their lightsabers, we made into the wilds, but as soft city folk,
sandwiches in the RV’s kitchenette we preferred a few amenities.

SANJAY SURANA (VAN); ALAMY


for a picnic near the water. In the At the end of week one, we
era of ephemeral Instagram posts, it dropped off the first van at the
was a Polaroid kind of day. Queenstown airport, flew to Auck-
For years, my wife and I had land and picked up a seemingly
kicked around the idea of a holiday identical model, but the children
via RV—or camper van as recre- didn’t take to it as much. This van,
ational vehicles are called in New it turned out, was squeakier, boun-
Zealand—but could never bring WHEN IN ROAM Route 80 along Lake Pukaki on New Zealand’s South Island, with Mount Cook in the background. cier, producing occasional mysteri-
ourselves to commit. With the kids ous sounds of whistling air. But we
enclosed in tight quarters for pro- the most efficient and economical each island, flying between them. climatized to the van’s bulk and forgot its flaws as we drove to the
longed periods, we worried that option. After four years living in the The six-berth campers came with a momentum. (Throughout the trip, I beach town of Mount Maunganui.
their habitual bickering would esca- frenetic city-state of Singapore, we roomy fridge, a snug shower, a still limited my driving time to two The mount, an emerald-green hill
late into close combat. And try to use our vacation time to kitchenette with a dining table, an- hours a day.) on the end of a peninsula and rich
wouldn’t a camper-van trip, deathly steep ourselves in the natural other table and chairs that could set Our first call in the South Island in Maori mythology, sits directly
uncool to youngsters, cramp their world. We wanted to see the razor- up outside, and round-the-clock was at Kidds Bush Reserve Camp- behind the Mount Maunganui
style, or worse, subject us to untold edge mountains on New Zealand’s roadside assistance. site, on the banks of Lake Hawea, Beachside Holiday Park, where we
vehicular disaster (the girls vividly South Island, and the forests, Camper vans clearly account for which we found on the website had reserved a space for a few
recalled the scene in the Robin Wil- beaches—and, yes, the hobbit big business in New Zealand. When rankers.co.nz. We arrived just be- nights. We slept and woke to the
liams film “RV,” when the toilet- holes—of the North Island. (For our plane from Singapore (via Syd- fore dusk, and as soon as I parked, sounds of crashing surf.
waste pipe explodes). Children those who’ve been living in their ney) landed in Queenstown, the the girls dumped the iPad, leapt out Farther north at Waitangi Holi-
aside, how would I survive two own hobbit holes for the past 16 South Island’s adventure tourism of the van, ran to the pebble-cov- day Park in Paihia, a seaside town
weeks cooped up day and night in years, New Zealand stood in for hub, a free airport shuttle took us ered shore and slung rocks into the where tourists flock to take scenic
that tiny space, let alone drive the Middle-earth in the film adaptations directly to the Maui rental office. At lake for an hour. We met a few boat trips around the Bay of Is-
thing? I can handle a minivan, sure, of “The Lord of the Rings” trilogy— first, driving the 24-foot-long vehi- other campers, mostly New Zea- lands, we ate dinner outside our
but how suavely could I maneuver a and some of the movies’ sets still cle terrified me. Every bend sent landers, but they didn’t disturb the camper van on a grassy waterfront
giant box on wheels? exist and welcome visitors.) Hotels, the kids flying—that’ll teach them scene’s tranquility. Some nights lawn. Paihia’s restaurants were
Despite these manifold concerns, a rental car and three restaurant to buckle up. The constant rattling later, in the alpine area of Queens- packed, but we had our riverfront
once we decided to spend a two- meals a day would’ve cost a small of cutlery and glasses in the draw- town, at the Lakeview Holiday setting all to ourselves. Better yet,
week school holiday in New Zea- fortune. Instead, for $250 a day, we ers sent my anxiety into hyper- Park—which reviews on the Camp- we had a home-cooked meal on the
land, renting a camper van seemed rented two Maui River RVs—one for drive. After an hour, however, I ac- ermate app noted had fine shower table in front of us.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D9

ADVENTURE & TRAVEL


PRIDE OF PLACE
Five of the estimated
150 lions who have
adapted to the
inhospitable conditions
of the Namib Desert.

FLIP STANDER (LIONS); DANA ALLEN (CAMP); ILLUSTRATIONS BY JOE McKENDRY


Dry Spell
Why a luxury camp in the barren African
wilds of Namibia is the ideal spot to spy the
elusive, bewitching desert-adapted lion

as the Musketeers, who “Lions can go one month


BY ADAM H. GRAHAM
gained notoriety when they without food,” Elias said.

O
were featured as frisky cubs “Killing giraffe was a specialty
UR JEEP’S CB in the 2015 documentary of the Musketeers’ mother.” I
radio was “Vanishing Kings.” Of the cringed at the thought of gen-
abuzz with four that have survived since tle giraffe—themselves an en-
static-choked the filming, none had been dangered species—being torn
voices franti- spotted in camp since their apart by lions. Elias chuckled.
cally shouting directions to mother died, in 2014. “Many of my colleagues don’t
the lions’ location. Just as my Northwest Namibia hasn’t want to see a giraffe killed ei-
private guide, Elias, and I always been home to the ther,” he said. “But killing is
crested a ridge in Namibia’s species. After decades’ of part of life here. Either gi-
1,110-acre Palmwag Conces- absence, the prides only raffes die or lions do.”
sion in the Namib Desert, a recently found their way Travelers squeamish about
man chimed in on channel back to these deserts from being in such a hostile habi-
two to report that a few lions tat have little to fear at Ho-
were spotted “near the origi- anib Skeleton Coast Camp,
nal junction road by the old where spacious, luxury tents
bridge.” Elias spun the vehi- ‘Killing is part of life cosset visitors. Meals include
cle and barreled over the here. Either giraffes grilled game meats and beef
scrubby dunes. (this is cattle country, after
The directions, given by die or lions do.’ all), excellent South African
Dr. Flip Stander, were inten- wines and homemade dough- ARID ELEGANCE The clean, modern accommodations at Namibia’s Hoanib Skeleton Coast Camp.
tionally vague. As director nuts. Beyond food and shel-
of Desert Lion Conservation, other parts of Namibia, an ter, however, you’ll find lim- hardships of ranchers who
he knows that poachers, effort to limit their exposure ited creature comforts. Forget kill them, acknowledging THE LOWDOWN // TRACKING DESERT
big-game hunters and farm- to humans, primarily cattle about Wi-Fi. Hot running wa- the complexities of life in LIONS IN NAMIBIA
ers out to protect their live- farmers who will readily kill ter is dependent on solar the desert.
stock might intercept the any predator that threatens panels, but I never lacked a Another component of Getting There Direct flights to Windhoek, Namibia’s capital,
signal and reach the lions their stocks. hot shower during my stay. Hoanib: Dr. Stander’s Desert depart from Amsterdam, Munich, Frankfurt, Cape Town, Johan-
before us. Although I’d The lions are somehow Guides at Hoanib are by Lion Conservation, an unaffil- nesburg and Doha, Qatar. From Windhoek, take a 2-hour char-
only settled into Namibia’s adapting to this undulating far the savviest I’ve encoun- iated nonprofit agency that ter flight to Hoanib that stops in Doro Nawas. (Charter flights
Hoanib Skeleton Coast Camp landscape, where tempera- tered in the roughly dozen has been studying lions for from $200, geoex.com.)
earlier that morning, my tures reach the triple digits, safari camps I’ve visited. two decades. The hybrid re-
search for the elusive desert- no rain falls for months at Like most guides there, search station/luxury camp Staying There Hoanib Skeleton Coast Camp, opened in 2014,
adapted lion was already off a time, and sandstorms Elias knows every mammal, tends to draw unusually eru- is a luxury camp with cool, spacious tents. Lion- and elephant-
to a roaring start. the size of mountains roll bird, insect and plant species dite travelers. During meal- research stations are located on site. (From $430 a night, includ-
Elias and I were seeking uneventfully across the around us. He also speaks times, I chatted with orni- ing game drives and meals, wilderness-safaris.com.) Those seek-
specific lions: males known arid terrain. frankly about lions and the thologists from Australia, ing a posh spot to stay in-between the long-haul flights can
lepidopterists from England bunk down at the newly opened Otjimbondona, an hour south-
and marine biologists from east of Windhoek. Four stylish villas, each with its own plunge
California. On these safaris, pool, overlook a network of walking trails snaking through the
you’re unlikely to find first- camelthorn trees and rusty red Kalahari sands (from $335 a
timers blinding the animals night, including meals, otjimbondona.com).
MEET THE with camera flashes.
The next morning, Elias Eating There Meals are included at Hoanib Skeleton Coast
LOCALS and I drove about 35 miles
west to a large seal colony on
Camp (there are no restaurants within a 200-mile radius), but
your visit to Windhoek is incomplete without stopping for a
the Skeleton Coast. The closer drink at Joe’s Beerhouse, a Germanic beer garden where pilots
A guide to game all we got to the ocean, the softer and guides meet for wild game like oryx, springbok and grass-
along the food chain in the landscape became, until fed Namibian beef (joesbeerhouse.com).
eventually the crimson rocky
the Namib Desert
landscapes yielded to wispy,
golden ripples of sand dune. Some agencies, game re- here will stop at nothing to
 The coast itself, however, ri- serves and cash-strapped na- protect their herds.” Conser-
Namibian Giraffe  vals the desert for harsh deso- tions resist a universal ban, vationists are trying to con-
Also known as Angolan gi- Hartmann’s lation, with nothing but sand however, because of the vince them to let the lions be.
raffe, this subspecies of Mountain Zebra meeting the frigid Atlantic for profit that trophy hunting One of the cats let out a
Southern giraffe is found in This buff-colored subspe- hundreds of miles. generates. But as locals will yawn, revealing formidable
northern Namibia. It’s marked cies of mountain zebra “We’re hoping that once tell you, that money often chompers that could crush
with a white ear patch, and its has a solid-white belly (no the young pride smell the stays in the hands of the rich, our bones in seconds. “You
spotting extends to the legs stripes). A nimble climber, seals, they’ll migrate to the seldom making its way to the can see why it’s not so easy,”
but not the face. it thrives in steep moun- coast and stop attacking cat- communities that need it. Elias joked, then turned seri-
tainous terrain and arid tle,” said Elias, eyeballing a On my final day, after a few ous: “How can we tell Maasai
conditions. colony of about 1,000 seals hours searching in vain for li- Warriors [in Kenya] and
on the shore. “The wind di- ons, the lodge’s melodic dis- these local cattle farmers not
rections haven’t changed yet, patcher, a woman named to kill the lions when rich
so for now, the young pride Beauty, cooed on the radio, Americans come over and
of lions don’t know that food asking if Elias and I wanted to pay millions of dollars to do
is here.” Once I caught a return to camp for rooibos it?” (Indeed, a few months
whiff of the foul smelling ani- tea. We did. But just then, we later, all three of the lions be-
mals, I found it hard to imag- spotted three of the Muske- fore us would be dead, poi-
ine anything would want to teers. Elias cut the engine and soned by cattle farmers.)
eat them. Elias laughed. “A we rolled under an acacia tree In the distance, I spotted a
few guests have vomited toward the lions, until we lone ostrich bobbing toward
 from the smell,” he said. were practically within pet- us, unaware of the hunger on
Desert-Adapted Elephant While India’s Gir Forest ting distance. As the song of a this side of the dune. And
Although not a separate species, Namibia’s desert- still has a small population of mountain wheatear pierced across the thick, hot, blurry
adapted elephants have lower body mass and propor- wild lions, Africa has the the cool morning air, the lions desert haze, a mother and
tionally longer legs and larger feet, which allows them world’s largest by far. Else- looked at us, their molten, baby giraffe moved into the
to cross miles of sand dunes to reach water. where, entire populations vermilion eyes locking onto bronze mountains with the

have been hunted down. In ours with a ferociousness that speed of prey who can sense
Oryx
December 2015, the U.S. Fish few live to tell about. their impending death. Three
Also known as the
 and Wildlife listed lions as a An instant later, they ap- days ago, when fellow guests
gemsbok, this large
Southwest threatened species, thereby peared unfazed by our imper- told me about seeing the
muscular antelope
African Lion protecting them under the tinent proximity. Tongues fell mother and calf narrowly
with unmistakable
This subspecies Endangered Species Act and out of their giant panting escape the lions, I was
black and white facial
roams in small prides. preventing American hunters mouths, and half-smiles troubled by the giraffes’ near-
markings is native to
Its coloration varies from returning with trophy washed across their faces. death experience. But survey-
arid Southern Africa
from blonde to ver- animals. Another campaign, “Their father swam across ing this landscape, I realized
and is admired for its
milion, reddish to supported by several Africa the Kunene River to Angola there is no black and white
long elegant horns.
rusty brown. Its un- conservation groups, aims to and was killed by farmers,” when it comes to survival
derparts are typically make lions a World Heritage Elias whispered to me, hold- here. These big cats may be
light, its tail tuft black Animal and thereby ban lion ing his gaze on the brothers. the kings of the desert, but
hunting globally. “The cattle farmers around they are its underdogs, too.
D10 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

My Kind of
Chinatown
Despite its sleazy past, Honolulu’s
historic district has emerged as a cool
zone. Here, the top spots to hit

ELYSE BUTLER FOR THE WALL STREET JOURNAL; ILLUSTRATION BY TONWEN JONES
BY MARTHA CHENG

S
OME THINK Honolulu, Hawaii’s most populous city,
has little to offer visitors beyond high-rise hotels
and chain restaurants with sticky laminated menus.
Those critics clearly haven’t strolled through Chi-
natown lately. Just 3 miles from Waikiki Beach, the
designated historic neighborhood—and new magnet for the is-
land’s cool kids—consists of a curious mix of turn-of-the-cen-
tury architecture styles. Romanesque Revival buildings con-
structed of lava-rock mingle with Italianate structures with
pagoda roofs and a throng of red-brick edifices (a rarity in Ha-
waii) built just after a widespread fire in 1900. While the
buildings might not be new, many of the occupants are.
In years past, tourists—at least the wholesome variety—
gave Chinatown a wide berth. Despite serving as a longtime
hub for various Asian communities, the neighborhood has
struggled to shake a seedy reputation that dates back to its
mid-1800s inception, when it indulged the vices of whalers
and sailors who swept in from the Honolulu Harbor. A century ISLAND OF PLENTY From
later, a large military population on the Hawaiian Islands dur- top: the Roberta Oaks
ing World War II renewed the appetite for fast women, booze boutique; Korean fried chicken
and gambling. The strip clubs and bars endured long after the sliders at Fête; the 1922
war ended. But the late ’80s to the early aughts brought ef- Hawaii Theatre, restored in
forts to revive the hood: Maunakea Marketplace was built, a 2004, still stages plays and
bazaar full of Chinese, Filipino, and Southeast Asian food ven- concerts and screens films.
dors. A handful of new restaurants, bars and galleries fol-
lowed, but at night, the same gritty Chinatown, where few
rental cars dared to tread, held sway.
These days, even the locals have a tough time keeping up
with all the changes. New owners are taking over nondescript
spaces and tearing down the stained drop ceilings to create
tall, airy spaces; ripping up the worn linoleum and smoothing
the concrete floors underneath. They’re also expanding the
area’s offerings, peddling everything from moules frites (at the
bistro Grondin) to Italian linen dresses (at Echo & Atlas), as
well as sophisticated Hawaiian wares. Here, a guide to China-
town’s biggest draws, at least for now.
3
11 13
14
12 7
10 4
6 1
5 2
8 9

ROCK IN TRADE Ginger13 sells handmade stone jewelry.

Art where frozen ginger custard


swirled with Thai tea sorbet
1. ARTS AT MARKS emerges. This is Chinatown’s
GARAGE liveliest dining room, a long, garlands have been coming to
One of the early forces in China- brick-lined space with lamp the clutch of small flower shops
town’s long-simmering revital- shades fashioned from chicken on Maunakea Street for decades.
ization, this community art wire. Chef Andrew Le unearths Lin’s, in particular, has long been
space and gallery opened 16 classic Vietnamese noodle soup known for its extensive selection,
years ago. The recently ex- recipes and concocts modern including labor-intensive leis wo-
panded performance venue mashups, like a pho French dip. ven from white ginger buds or
hosts everything from local im- Who could have known that a regal ones made with purple and
prov troupes to clown classes, braised brisket sandwich was white orchid petals sewn so
and now through April, the gal- made for pho broth? 83 N. tightly that they resemble a coil
lery is showing the works of King St., thepigandthelady.com of feathers. 1017 Maunakea St.,
Emirati conceptual artist Mo- linsleishophawaii.com
hammed Kazem as part of the 5. SENIA
inaugural Honolulu Biennial. 1159 Senia’s cuisine is hard to pin 6. TCHIN TCHIN cializes in aloha wear and bowls from Australia and dream 12. OWENS & CO.
Nuuanu Ave., artsatmarks.com down. From the open kitchen Enter through an unmarked psychedelic colors. Recent finds catchers dipped in indigo dye This chic clothing and home-
and into the minimalist dining door, climb up the narrow stairs, included ’60s tropical day that flutter as you brush by. 1 N. goods shop puts the emphasis
room, chefs Chris Kajioka (from and you’re faced with a spare, dresses, silk kimono robes Hotel St., echoandatlas.com on local designers, who make
Eat and Drink Hawaii) and Anthony Rush concrete-floored room leading to and a floor-length lace dress items like a bronze opihi (limpet)
(from London) send out dishes this bar’s main draw: the terrace in fern green. 1161 Nuuanu Ave., 9. GINGER13 bottle opener; clutches with
2. FÊTE such as a wedge of cabbage nestled among the rooftops of barriovintage.com Entering this jewelry and plant bright, saturated prints; and a
In 2014, California developers that arrives looking like a green Chinatown, anchored by a wall shop is like walking into a terrar- cheeky “don’t worry beef curry”
renovated the Encore Saloon shag carpet, thanks to moringa of orchids and ferns. A serious 8. ECHO & ATLAS ium. Plants adorn the walls, and kids’ tee. 1152 Nuuanu Ave., ow-
building, a storied watering hole powder and feathery dill fronds. wine list lures fans in, too. 39 N. Opened last year, this sun- broad, glossy leaves frame the ensandcompany.com
for sailors, and four new restau- Other unexpected dishes: Hotel St., thetchintchinbar.com drenched boutique stocks all the glass cases that display Cindy
rants moved in. Of them, Fete octopus with za’atar and Ha- wares a bohemian with a beach Yokoyama’s mismatched ear- 13. ROBERTA OAKS
offers the most distinctive waiian seaweed, and a ruffly Shop house—and maybe a trust rings and chunky-stone neck- Designer Roberta Oaks was one
dishes, culling comfort food edged fresh pasta hugging a fund—would relish, including laces. Ms. Yokoyama is usually of the first to jump into the Chi-
from various countries, which is wild-boar ragout. 75 N. King 7. BARRIO VINTAGE loose linen dresses from Italy, on hand to explain the meaning natown creative scene when she
why Korean fried chicken sliders St., restaurantsenia.com This vintage clothing store spe- perfectly imperfect porcelain of the stones and crystals. Social opened her shop in 2009, and
might share a table—or the anxiety? Try the green malachite. she helped pioneer the modern
handsome marble bar—with car- Trouble communicating? Get the aloha shirt—with a slimmer fit,
bonara and a Mexican lasagna. 2 deep blue lapis. At the very cuffed sleeves and cliché-free
N. Hotel St., fetehawaii.com least, it’ll be a conversation prints. Ladies aren’t left out: Pe-
starter. 22 S. Pauahi St., ruse the racks of aloha shirts cut
3. GRONDIN ginger13.com for women, plus retro-styled
Girl meets boy, and the result is shirt dresses and jumpsuits. 19
charcuterie and ceviche, coq au 10. HOUND AND QUAIL N. Pauahi St., robertaoaks.com
vin and chuleta (here, a Latin- Fancy a taxidermy deer head or
spiced pork chop) served up in a a shark jaw? Find them in this 14. SIG ON SMITH
French bistro-styled dining room. vintage curios shop that feels If Roberta Oaks’s aloha shirts
Owners Jenny Grondin and Da- like a natural-history museum are the uniform of Honolulu’s
vid Segarra, who helped open crossed with Sherlock Holmes’s young urbanites, then Sig Zane’s
the Fatty Crab and Fatty ’Cue study and a midcentury modern are those of local politicians. Mr.
restaurants in New York City, set home. If you find the World War Zane started his first shop, on
up their own pet project in Ho- II-era gas mask a little too ma- the Big Island, in 1985, design-
nolulu’s Chinatown reflecting cabre for a souvenir, browse the ing aloha shirts with graphics
their heritage (hers French, his classic cameras, leather satchels rooted in native Hawaiian cul-
Ecuadorean). 62 N. Hotel St., and colorful cocktail glasses. The ture. Last year, he and his son,
grondinhi.com basement art gallery features Kuhao, opened this tiny bou-
unknown local artists. 920 Mau- tique selling mini-collections and
4. THE PIG AND THE LADY nakea St., houndandquail.com more urban prints, such as one
“Only Good Vibes” commands featuring a Chinatown map.
a large wooden sign hanging 11. LIN’S LEI SHOP Open Fridays only. 1018 Smith St.
above the dessert station, ROOF REVEAL An unmarked door leads to Tchin Tchin, a new wine bar with a rooftop terrace. Savvy locals in search of floral sigzanedesigns.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D11

GEAR & GADGETS


Attack of the Soundtrack
Surround-sound at home used to be a geeks-only pursuit. But new, more immersive rigs will overcome your resistance

BY JOSHUA FRUHLINGER

REPLICATING movie-theater
surround-sound in your home—
the kind that makes you feel like
you’re inside the action—has tradi-
tionally required more speakers
than most people feel comfortable
scattering around their living
room. Once, five speakers did the
trick. Then seven were de rigueur.
Before long, the count reached
nine. Would it ever end?
Dolby’s latest flagship surround-
sound format—called Atmos—adds
more detail and overhead sounds,
making you feel like you’re inside
the action while halting the glutton-
ous trend toward ever more speak-
ers. Atmos allows moviemakers to
“position” sound effects anywhere
above or around you—using either
seven speakers or a soundbar.
Not all movies are released with
an Atmos soundtrack, but a grow-
ing number are. Beyond thundering
action films, you’ll also find less
bombastic fare, like “Age of Ada-
line,” “Beauty and the Beast” and
even “Fifty Shades Darker.”
To experience this all-around
sound, you’ll need a few pieces of
equipment: a Blu-ray player (even
an old one will do), Blu-ray discs
that have a Dolby Atmos sound-
track (see dolby.com for a list of
available movies) and, of course,
speakers or a soundbar like the
ones below. Here are a few of the

RYAN GARCIA
easiest-to-implement ways to bring
the movie theater home.

Soundbars // The Path of soundbars (like the Samsung For Building a New System
Least Resistance model shown at right), but it clev- HTD Versa Speakers
Soundbars pack a strip of speakers erly employs 46 densely packed Setting up a true seven-speaker
into a single compact unit that speakers to replicate the tradi- Atmos system doesn’t have to
can sit discreetly under your TV. tional seven dispersed speakers cost a small fortune. The budget-
Because they offer less separation of a usual Atmos system. conscious should check out the
among the various channels than The magic of the YSP-5600 is Versa series of home-theater
stand-alone speakers do, they how it bounces sounds off your more ex- speakers from HTD, a company
sound less spacious, to use audio- walls and ceilings, delaying the pansive sound than that sells directly to consumers
geek lingo. But you’ll find them audio by milliseconds to make it the Yamaha soundbar. The through its website (not through
much easier to install. Not only will seem as though sounds are com- trade-off? You’ll have to place stores). Although modestly
a soundbar skirt the need to wire ing from behind, above or to the more speakers around the room. priced, the relatively thin, wall- For Upgrading a Surround System
speakers all over your room, many side of you. To make sure each Thankfully, both of the rear-sur- mounted Versa speakers are top- Pioneer SP-T22A-LR
Atmos-compatible soundbars in- of the YSP-5600’s speakers fires round speakers and the subwoofer notch both in If you already have a 5-speaker
clude a built-in decoder, which at exactly the right time, you’ll communicate wirelessly with terms of sound (or more) surround-sound set,
means you won’t require an A/V have to run a simple calibration the soundbar to streamline the in- quality and build. upgrading to Atmos is especially
receiver. Simply connect the sound- procedure: Place an included mi- stallation process. Only a power The $350 HTS1 easy and inexpensive. All you
bar directly to your Blu-ray player crophone near where you’ll be sit- cord is required for each speaker. (shown) can be need is an Atmos-compatible
and TV and you’re done. ting, and the soundbar figures out $1,299, samsung.com used for front- A/V receiver and two additional
Just keep in mind that soundbars how much delay is required from channel and cen- “presence speakers,” which can
work best in small, relatively square each speaker so that sounds reach ter-channel speak- be placed on top of your front-
or rectangular rooms; the surround- your ears in time. The result is Separate Speakers // Big ers, while the $129 channel speakers (bookshelf or
sound effect gets muddled in large surprisingly convincing for such Commitment, Big Sound SB1 can serve as tower models) or mounted on
or irregularly shaped spaces (like an easy-to-install single-speaker For the most theater-like experience the four surround the wall beside you.
a living room with an adjacent open system. $1,599, usa.yamaha.com in your home, a system with sepa- speakers. By add- The Pioneer SP-T22A-LR is
kitchen, for example). Here are two rate speakers is the way to go. Yes, ing the 80-LP sub- what’s known as a “reflecting
standout options: For More Immersion you’ll have to place seven speakers woofer, you can height presence speaker.” It’s an-
Samsung HW-K950 around your room (there are no fully create a complete gled to aim sound at the ceiling,
This system falls in between a wireless Atmos systems out yet), 7-speaker Atmos so audio bounces back toward you
lone soundbar and a multi-speaker but because five of those speakers system for about to create an overhead effect—
setup. It includes a soundbar as can be near the TV, this process isn’t $1,520. HTD offers without your having to mount
well as two wireless rear-surround as cumbersome as it sounds. With a 30-day money- speakers up high. The SP-T22A-LR
For the Fewest Wires speakers and a subwoofer. Because the options below, you’ll also need back guarantee and will cover may be small and unobtrusive,
Yamaha YSP-5600 you can place those rear surround an Atmos-compatible A/V receiver, nearly all of the shipping costs of but it delivers a surprising punch.
At 43-inches-wide-by-8.5-inches- speakers far apart from each like the relatively inexpensive Onkyo these speakers both ways if you’re It’s also very affordable. $199 for
tall, the YSP-5600 dwarfs typical other, the rig produces an even TX-NR656, which costs $350. not satisfied. htd.com a pair, pioneerelectronics.com

MY TECH ESSENTIALS

GEORGE FOREMAN All of us former


heavyweight
champions of
the world, once
The former heavyweight champion on his favorite punching bag, we stop working
out, generally we
the ergonomic benefits of a massive fountain pen, and die pretty quick
the time George Plimpton sent him a bright red typewriter because of all
the weight
gain. When I retired from boxing, I said, “Man,
I still hit the punching I can live the life!” That could have been a
About a year before he bag. I keep a Title death sentence for me. But I recaptured my
passed, George Plimpton Classic Water Heavy health. I have all kinds of exercise machines,
called and asked what gift he Bag near the kitchen. but the SCIFIT ISO7000R Recumbent Bike
could send me for Christmas. I stare at that punching is my favorite. Walking is the best workout,
I told him I wanted a portable bag every day and I say, but this bike helps because it doesn’t matter
typewriter, because I wanted “If I’m gonna eat some- what the weather is like outside.
to be a writer. He gave me thing good, I’m gonna
APPLE (NOTES); VOLKSWAGEN (BEETLE); GEORGE FOREMAN IV (WATCH)

a beautiful, red, portable have to work out.”


typewriter that I don’t even
touch now because of my I have about 60 different
iPhone. I use the Notes app cars. My favorite is my I refuse to buy the Apple
to write my books. I write 1977 Volkswagen Bee- Watch because I keep
sermons and songs on it, too. tle convertible. I saw a I’ve got a big collection of pens, nothing but real watches
Beetle in California when because it annoyed me when peo- on my arm. I have a Franck
I was a teenager, and ple would give me a small pen to Muller watch called the
I said, “One day, when sign my autograph with. It caused 5850 Vegas D. It has
I get money, I’m gonna cramps. If I’m gonna sit here and a little roulette wheel on
get one.” Later on, you smile and treat people nice, I need it. You hit it and it turns
buy other cars just to a thick, firm pen, like my Mont- around. It makes me think
show off—a Ferrari, a blanc [similar model shown]. about my days fighting
Corvette. But the Volks- in Las Vegas.
wagen Beetle—it’s the —Edited from an interview
car that I truly wanted. by Chris Kornelis
D12 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

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