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Biden, Kishida Tout Defense Ties at White House Meeting Goldman

What’s Consumer
News
World-Wide
Business
Stung
S upreme Court investiga-
tors probing the leak of
the draft opinion overruling By Losses
Roe v. Wade have narrowed
their inquiry to a small num-
ber of suspects, people famil- Bank says a new unit
iar with the matter said. A1 lost about $3 billion
 The Biden administration since 2020 as push to

.
is preparing to seek congres-
Main Street takes a toll

ly
sional approval for a sale of
new F-16 fighters to Turkey
along with a separate sale of
BY ANNAMARIA ANDRIOTIS
F-35 warplanes to Greece. A1
 Yellen called on Congress
on AND CHARLEY GRANT
MANDEL NGAN/PRESS POOL

to raise the debt ceiling as soon Goldman Sachs Group Inc.

as possible, saying the U.S. said a big chunk of its con-
could become unable to pay sumer lending business has lost
us ,

its bills after early June. A4 about $3 billion since 2020, re-
l

vealing for the first time the

e
 Brazil’s Supreme Court
al a

costly toll of the Wall Street gi-

authorized an investiga-
ant’s Main Street push.
tion into Bolsonaro over
Ahead of fourth-quarter
ci on

IN STEP: Japanese Prime Minister Fumio Kishida and President Biden conferred on Friday as Tokyo and Washington boost
accusations that he incited
cooperation with initiatives aimed at giving Japan a greater role in regional defense in the face of China’s military buildup. A8 earnings next week, Goldman
last weekend’s riots. A8
released financial information
 Moscow said its forces that reflects its new reporting

White House to Ask Congress

completed the capture of structure. The bank in October
Soledar, as Ukrainian officials announced a reorganization
er s

said battles were continuing that combined its flagship in-

for control of the town. A7 vestment-banking and trading
m er

businesses into one unit, while

To Approve F-16s for Turkey

 The Trump Organization
merging asset and wealth man-
was sentenced to pay $1.6
agement into another.
million in criminal fines after
Marcus, Goldman’s con-
its tax-fraud conviction. A3
sumer-banking arm, launched
m rp

in 2016 to a strong start. Rivals

Business & Finance JPMorgan Chase & Co. and
BY JARED MALSIN be among the largest foreign over objections to their ties to 40 new aircraft and kits to Bank of America Corp. were
AND VIVIAN SALAMA weapons sales in recent years, Kurdish separatist groups. overhaul 79 of Turkey’s existing posting big profits on the back
 Goldman Sachs said a big according to U.S. officials. Both countries ended decades F-16 fleet, according to officials of strong consumer businesses
chunk of its consumer lend-
co Fo

The Biden administration is Congress’s approval is con- of neutrality by deciding to familiar with the proposals. that carried them through
ing business has lost about preparing to seek congressional tingent on Turkey’s signoff on join NATO last year in reaction Congressional notification rocky stretches in their Wall
$3 billion since 2020, reveal- approval for a $20 billion sale Finland and Sweden’s acces- to Russia’s invasion of Ukraine. of the deal roughly would coin- Street operations. Goldman,
ing for the first time the of new F-16 jet fighters to Tur- sion to the North Atlantic The sale to Turkey, which the cide with a visit to Washington long reliant on its gold-plated
costly toll of the Wall Street key along with a separate sale Treaty Organization, the offi- administration has been consid- next week by Turkey’s Foreign investment banking and trading
giant’s Main Street push. A1 of next-generation F-35 war- cials said. Turkey has blocked ering for more than a year, is Minister Mevlut Cavusoglu. arms, wanted in on the action.
 The nation’s four largest planes to Greece, in what would the two countries’ applications larger than expected. It includes Please turn to page A7 The bank rolled out savings
commercial banks posted accounts, personal loans and
mixed quarterly results as credit cards. Its 2019 credit-
they said that rising interest
rates are likely to push the U.S.
into a recession this year. B1
EXCHANGE Probe Zeroes In on Suspects card partnership with Apple
Inc. signaled its ambitions to be
a big player in the business.

In Supreme Court Opinion Leak

Goldman invested billions of
 Major stock indexes rose,
n-

dollars in Marcus. But it strug-

with the S&P 500, Nasdaq gled to bulk up the credit-card
and Dow all notching weekly business following an early win
gains of at least 2%. B11 with the Apple Card. A long-
BY JESS BRAVIN
no

 YouTube is testing a yet to conclusively identify gation since then. Little has awaited checking account never
new hub of free, ad-sup- AND SADIE GURMAN the alleged culprit, people fa- emerged elsewhere, apart materialized.
ported streaming channels, miliar with the matter said. from a demand from investi- The consumer unit was
the latest in a series of moves WASHINGTON—Supreme A day after the draft opin- gators in June that justices’ never profitable. In October,
by the company to expand CHIP GRAB Court investigators probing ion was published last year by law clerks sit for interviews Goldman formally scaled back
its ambitions in video. B1 Semiconductors are the May leak of Justice Sam- Politico, Chief Justice John and surrender their cell- its plan to be a bank for the
uel Alito’s draft opinion over- Roberts assigned the Supreme phones, prompting several of masses.
 The Justice Department redefining global ruling Roe v. Wade have nar- Court’s marshal, Gail Curley, the three-dozen clerks serving Please turn to page A2
recently cleared its top an- economics, politics and rowed their inquiry to a small to investigate the leak. The in May to seek legal counsel.
titrust official, a longtime military might. B1 number of suspects including court has released no infor- A Supreme Court spokes-  Nation’s big banks prepare
Google critic, to oversee law clerks, but officials have mation regarding the investi- Please turn to page A4 for a downturn.......................... B1
cases and investigations in-
volving the Alphabet unit. B3
 Johnson & Johnson has
vastly scaled back produc-
Financier Tesla Is Pressured
tion of its Covid-19 vaccine
Now Pushes
amid slumping demand. B3

Woodsy Deal
By Rising Rivals
NOONAN
i i i
EX PLOR E
The Half-Madness
EV pioneer and tech disrupter has begun THE UNR I VA LED ™
Of Prince Harry A13 English townsfolk
to look more like simply a car company
NOTICE TO READERS battle over a plan
WSJ.com and WSJ mobile BY REBECCA ELLIOTT new passenger vehicle to
apps will publish throughout from Lex Greensill market nearly three years UPGRADE YOUR HORIZON
the weekend. The print A year ago, Elon Musk’s ago, a long gap by Detroit with a Free 2-Category Suite Upgrade* plus
edition won’t appear BY JULIE STEINBERG Tesla Inc. was thriving, the standards. That has given 50% Reduced Deposits on voyages
Monday, Martin Luther King unrivaled leader in electric buyers new choices at a time across every destination.
Jr. Day, but a daily SAUGHALL, U.K.—Inveter- cars with a valuation that when some have soured on Availability is limited
edition will be available in ate deal maker Lex Greensill had peaked above $1.2 tril- Tesla’s brand, thanks in part
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CONTENTS Obituaries................. A9
Books..................... C7-12 Opinion............... A11-13 ern England by planting wealth and shaken faith in of boundless demand for its
Business News...... B3 Sports....................... A14 100,000 trees. the company at the center of products, resorted recently
Food......................... D7-8 Style & Fashion D2-3 The financier is best known his business empire. Rather to a tried and true tactic for
Gear & Gadgets... D9 Travel...................... D4-5
Heard on Street...B12 U.S. News........ A2-4,6
for his disastrous bid to rein- than looking like one of the old-line auto makers trying
Markets..................... B11 World News....... A7-8 vent the dull-but-important world’s fast-growing tech gi- to move cars off the lot. In
business of supply-chain fi- ants, which is how it was the final weeks of 2022,
nance, through the now-bank- valued by investors, it now Tesla offered $7,500 dis-
> rupt Greensill Capital. The looks more like a car com- counts in the U.S. to entice
business imploded nearly two pany. Please turn to page A10
years ago, spawning a thicket Competitors have cut into
of regulatory investigations, its market share with new  Judge denies Musk request
scrutiny of his political ties, electric models that in some to relocate trial......................... B3 *For applicable sailings and terms and conditions,
s 2023 Dow Jones & Company, Inc. please visit RSSC.com/Upgrade-Your-Horizon
All Rights Reserved accusations of fraud and head- areas outperform Teslas.  Heard on the Street: Don’t
Please turn to page A10 The company last brought a write off Tesla......................... B12
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A2 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Josh Zumbrun

Injury Severity, Not Rate, Sets Football Apart

For all the Wake Forest School of Medi- Injury rate in male professional North American sports, 2007–19 more common in football. to fax or mail to the NCAA,
attention on cine, and a team of co-au- Reported concussions where it was entered manu-
football inju- thors: Elizabeth Murray, Baseball Hockey Football Basketball climbed sharply from 2009 ally into a database. Though
ries over the Jake Vaughan and Stefan 0 per 100 players 5 10 15 to 2015, as the NFL intro- the system was better than
past couple of Kluzek at the University of duced and strengthened its nothing, researchers knew it
Ankle
weeks, under- Nottingham. protocols around returning was cumbersome and intro-
scored by the shocking col- “It’s the first step, Concussion to play after potential head duced many opportunities
lapse and miraculous recov- whether you’re doing inju- injuries. This is at least par- for data-entry errors.
Foot/toe
ery of the Buffalo Bills’ ries in sports, or Covid-19 or tially, perhaps entirely, be- Only in 2004-05 did the
Damar Hamlin, here’s a sta- malaria,” said Dr. Bullock, Forearm/wrist/hand cause of increased reporting NCAA transition to an online
tistic that might come as a who played baseball in the and awareness of head inju- system, now known as the
Groin/hip/thigh
surprise. Houston Astros’ farm system ries that might have been NCAA Injury Surveillance
Of the four major profes- before becoming an epidemi- Head/neck shaken off by earlier genera- Program. In contrast with
sional sports in North Amer- ologist. “The first thing you Knee
tions. many other public informa-
ica, football players have the need is to understand how A study of retired players tion surveys where response
lowest rate of injuries. many people get sick or in- Lower leg/Achilles tendon from before 2001 found that rates have been falling, par-
Over the course of a sea- jured, and what’s the sever- Arm/shoulder/elbow
50% said they had suffered ticipation in the ISP has in-
son, 30.8 injuries occur for ity or burden of that disease head injuries that they didn’t creased in recent years, es-
every 100 National Football or injury.” Trunk/back/buttock report at the time. Since pecially after a 2018 push by
League players, compared They looked at injuries 2016, concussions have the NCAA.
with 38.8 injuries in the Na- per 100 players, per season. Note: Years indicate the start of each season Source: Garrett Bullock, et al. trended downward. (Though A system for high
tional Hockey League, 42 in Some sports play far more concussions might have been schools—known as High
Major League Baseball and games than others, of forearm, wrist or hand; and the Bills is known as commo- underreported in early years, School Reporting Informa-
72.9 in the National Basket- course, and that is a key seven to the arm, shoulder tio cordis, when blunt they were likely too rare to tion Online, and modeled af-
ball Association, according variable in determining the or elbow. The most common trauma affects the rhythm of affect football’s injury rank- ter the NCAA’s system—was
to a 2021 analysis of injuries risk of injury. The statistics injuries in hockey are to the the heart. It is extremely ing relative to other sports.) launched in the 2005-06
across 13 seasons of profes- for football players would be back and groin. rare, generating fewer than Trends are also unclear at school year.
sional sports from 2007 to horrible if they played 82- The most common injuries 30 cases a year nationwide, the college and high-school These surveys find the
2020. game seasons, which is one for football players are to across the millions of people level because efforts to re- most injuries and worst inju-
Does it mean the concern reason they don’t. the groin, hip or thigh, at 6.5 who play sports, at all levels ally understand sports inju- ries are in football. In high
about football is overblown? for every 100 players, and to of play. It is thought to be ries are relatively recent and school, the rate of concus-

B
Not necessarily: As you will asketball injuries are the knees, at 6. most frequent in sports such coincide with better data sion is highest in football. It
see, football injuries might largely to the knee and These injuries can cer- as baseball, when a player collection—and that means is followed closely by girls’
be less frequent, but they ankle, each responsible tainly be severe, but make takes a projectile directly to injuries are more likely to be soccer (heading the ball is
are more severe. Still, this for nearly 14 injuries per 100 no mistake, none are as se- the chest. reported. what does it), where the
data illustrates the chal- players per season, followed vere as what football players Concussion presents a concussion rate in 2015 actu-

B
lenges facing sports epide- by 12 to the groin/hip/thigh commonly face when it combination of both danger eginning in the 1980s ally exceeded football’s.
miologists. For all the atten- area and eight to the trunk, comes to concussion. These and frequency, and here the and lasting until the The goal of this epidemi-

.
tion paid to sports injuries, back or buttocks. The sport’s sports have “more overall in- NFL has the highest rate, 2004-05 school year, ology isn’t to bum anyone
the nuances in the data get jumping leads to enormous juries, but you’re not as with 3.5 concussions per 100 the National Collegiate Ath- out but to understand where

ly
relatively little attention. numbers of injuries. much worried about cata- players per season, com- letic Association used a pen- risks occur, and where
The rate of injuries comes All the throwing in base- strophic injury, compared pared with 3.2 for hockey, 1.7 and-paper system. A sample equipment, training and
from a database of 54,944 ball leads to lots of injuries: with a football player,” Dr. for basketball and 0.4 for of athletic trainers filled out rules need improvement. Af-
injuries over 13 years, com-
piled by Garrett Bullock, a
sports epidemiologist at the
For every 100 players, nearly
nine injuries occur to the
groin, hip or thigh; 7.5 to the
onBullock said.
The injury thought to be
suffered by Mr. Hamlin of
baseball.
It isn’t clear whether this
sort of injury is becoming
a pair of injury reports on
paper, one for their own files
and one they were supposed
ter all, in sports, the agony
is meant to be in defeat, not
injury.
us ,

Top Covid Response Official Will Step Down Fed Notes

l
e
al a

BY STEPHANIE ARMOUR cines were available for young Earnings

ci on

children, such as his toddler

David Kessler, who has
helped steer the country’s
Covid-19 vaccination and
granddaughter, Rosie. He has
helped oversee more than 660
million vaccines in arms, he
Decline
treatment efforts, is planning said.
From 2021
er s

to retire and leave his posi- The Biden administration

tion as chief scientific officer has been changing the federal
BY NICK TIMIRAOS
m er

for the U.S. pandemic re- government’s approach to the

sponse. pandemic, taking steps to
Dr. Kessler will exit the Bi- treat it as a long-term public- The Federal Reserve said it
den administration as it urges health situation after years of earned $58.4 billion last year,
more people to get a new urgent, emergency measures. down from $107.9 billion in
m rp

round of Covid-19 boosters, The changes come as many 2021, as higher interest rates
tweaked to target the latest Americans have tired of the began generating income
forms of the virus, and navi- precautions such as masking losses last September.
gates new challenges such as and boosting, creating a chal- The U.S. central bank an-
monitoring the surge in lenge for health authorities nounced preliminary, unau-
co Fo

Covid-19 cases in China. trying to limit spread of a vi- dited results of its 2022 finan-
Dr. Kessler said he expects rus that keeps evolving. cial statements on Friday.
to resume teaching at the Uni- Almost 70% of people in Congress requires the Fed
versity of California, San the U.S., or about 229 million to send to the U.S. Treasury all
Francisco, while commuting people, have completed their of its earnings, after covering
JIM LO SCALZO/PRESS POOL

from his home in the Wash- primary Covid-19 vaccination for its operating expenses. The
ington, D.C., area. He said that series, although fewer have Fed transferred $76 billion in
there is more work to be gotten a booster shot, accord- weekly earnings to the Trea-
done, but that the U.S. now ing to the Centers for Disease sury until last September.
has the tools in vaccines and Control and Prevention. About Since then, it has racked up a
drugs to help prevent death 16% of people age 5 and older, record $18.8 billion in losses.
and severe disease from or 49.5 million people, have Beginning last fall, the pay-
Covid-19. David Kessler, a key part of the White House’s Covid-19 response team, at a Senate hearing in 2021. received the updated booster ments the Fed made to banks
n-

“There has never been a shot, the CDC says. and financial institutions on
successful vaccine campaign 1990 to February 1997. He will Xavier Becerra said Friday. Jeffrey Zients in April left Dr. Kessler led the FDA cash held at the central bank
as large as this,” he said in an stay with the Biden adminis- Dr. Kessler is the third his job as the White House’s during the 1990s under Presi- exceeded the income it earned
interview. tration through Jan. 19. high-profile member of the coronavirus response coordi- dents George H.W. Bush and on its $8.5 trillion asset port-
no

He served as the head of “Dr. Kessler has worked White House’s Covid-19 re- nator. Dr. Anthony Fauci, di- Bill Clinton while the agency folio. Those holdings consist
Operation Warp Speed, which tirelessly to address our na- sponse brain trust to leave or rector of the National Insti- faced pressure to speed the primarily of Treasurys and
focused on developing and tion’s most challenging public announce their departure, tute of Allergy and Infectious review of HIV/AIDS treat- mortgage-backed securities it
distributing vaccines and health issues, and his work while the Biden administra- Diseases since 1984, retired ments. He was credited with accumulated during bond-buy-
treatments, and as U.S. Food during the Covid-19 pandemic tion recalibrates its efforts to this past month. pushing for tighter regulation ing stimulus programs over
and Drug Administration com- has been no different,” Health the changing virus and public Dr. Kessler said he waited of tobacco and nutrition label- the previous 14 years.
missioner from November and Human Services Secretary fatigue. to step down until the vac- ing. The Fed is expected to con-
tinue running accounting
losses for as long as it holds

Goldman send payments to each other,

vendors and elsewhere.
Goldman shares closed up
account pilot for employees,
one of the people said, while it
considers other ways to offer
Goldman Sachs consumer lending financial results

Pretax losses
Provision for
credit losses
Consumer platforms
net revenue*
interest rates above around
3.5% and shrinks its as-
set portfolio, a process that

Unit to Log about 1% Friday at $374.

The bank said it set aside
$942 million during the first
the product. One possible op-
tion is pitching the checking ac-
count to workplace and per-
$1.0 billion
began last summer. The Fed
raised rates last year by 4.25
percentage points, most re-
0.5
Big Loss nine months of 2022 for credit
losses in Platform Solutions, up
35% from full-year 2021. Oper-
sonal-wealth clients.
As recently as the summer,
Goldman executives were say- 0
cently in December to a range
between 4.25% and 4.5%, as it
combats high inflation.
ating expenses for the division ing the checking account would When the Fed runs sus-
Continued from Page One increased 27% during this pe- unlock new business opportuni- tained losses, it doesn’t have
–0.5
The reshuffling parceled out riod. After hovering around re- ties for the bank. to turn to Congress, hat in
the consumer business to dif- cord lows for much of the pan- Marcus has been a divisive hand. Instead, it created last
ferent parts of the bank. Before demic, consumer delinquencies topic at Goldman. Some part- –1.0 year an IOU on its balance
the shift, it was under the same are rising across the industry. ners, senior executives and in- sheet called a deferred asset,
umbrella as Goldman’s wealth- Net revenue for Platform So- vestors were against continuing –1.5 which totaled $18.8 billion by
management division. lutions’ consumer platforms to pour billions of dollars into 2020 ’21 ’22† 2020 ’21 ’22† 2020 ’21 ’22†
the end of the year. When the
Much of Marcus will be segment, which reflects credit the effort, in particular for Fed runs a surplus again in fu-
*Reflects credit cards and GreenSky †Nine months ended Sept. 30
folded into Goldman’s new as- cards and GreenSky, totaled checking accounts and other ture years, it will first pay off
Note: Data reflect Goldman's Platform Solutions unit, which includes
set- and wealth-management $743 million during the first products that Goldman would credit cards, specialty lender GreenSky and transaction banking. the IOU before sending sur-
unit. Some pieces, including its nine months of 2022, up 75% be developing on its own. Source: the company pluses to the Treasury.
credit-card partnerships with from all of 2021 and up 295%
Apple and General Motors Co., from 2020. Goldman completed
as well as specialty lender
GreenSky, are moving into a
its acquisition of GreenSky last
year.
CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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tions. financial details for Goldman’s The annual inflation rate cocktails incorrectly said that it Published daily except Sundays and general legal holidays.
Goldman on Friday disclosed consumer deposit accounts, was 7.1% in November. A Dec. 21 does. Periodicals postage paid at New York, N.Y., and other mailing offices.
that its Platform Solutions unit personal loans and other parts U.S. News article about a spend- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
lost $1.2 billion on a pretax ba- of Marcus. Those business lines ing bill incorrectly said that in- In the recipe for Israeli All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are
available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New
sis in the nine months that are included in asset and flation was up 7.1%. chopped salad published in the York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an
ended in September 2022. It wealth management, which is Off Duty section on Jan. 7, the advertisement shall constitute final acceptance of the advertiser’s order.
lost slightly more than $1 bil- profitable, and aren’t material Pernod Ricard SA’s ready- crushed bagel chips should be Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | A3

U.S. NEWS

California Storms Leave Town Battered

Locals hope to rebuild risk from coastal flooding
would rise from $200 million
before summer, while in 2030 to nearly $300 million
officials say rising seas by 2060 and recommended the
city take steps such as build-
are a future threat ing stronger sea walls.
In recent years, Capitola has
BY JIM CARLTON upgraded its drainage system
with bigger pipes, reinforced a
CAPITOLA, Calif.—The jetty, and was set later this
storms that have battered Cal- year to rebuild the wharf,
ifornia for the past three which was reconstructed in the
weeks have caused floods, 1980s after previous storm
mudslides and blackouts damage. Just before Christmas,
across the state, but few com- the city learned the $6 million
munities have felt their power overhaul had been granted $3.5
more than ones such as the million in funding from the
oceanside village of Capitola, federal infrastructure bill, to go
where an 800-foot wharf that with state and local funding,
serves as its biggest tourist at- according to Mr. Goldstein.
traction was torn in half. For now, residents and
“We’re used to these business owners are focused
storms—the big waves, the on recovery.
swells, the flooding—but this Mr. Goldstein said the town
was just heightened,” 45-year- should be ready for tourists by
old resident Chad Muller said summer, although the wharf
this week, soon after the Jan. 5 construction likely won’t be

GERRY JENSEN
confluence of high tides and gi- done until the end of the year.
ant waves damaged about two Meanwhile, Anthony Kresge,
dozen homes and businesses. owner of the Reef Dog Deli, lo-
Zelda’s on the Beach lost its cated outside the flood zone,
entire back wall after part of Waves crash along the beachfront of Capitola, Calif., a town that has been hit hard by recent storms. said he is expanding his culi-
the wharf blew into the beach- nary offerings to help pick up
front eatery, filling it with sea- between $31 billion and $34 Santa Cruz County, where in The Pacific waters along the 35 miles south of San Jose, the slack until other restaurants
weed, driftwood and other de- billion. Coastal communities addition to the fallout at Capi- California coastline already commissioned a study in 2017 reopen. He said he hopes every-
bris, said Joshua Whitby, who where three-quarters of Cali- tola, another pier was de- have risen about 1 foot over the to show what coastal storm thing is built back stronger.
runs the kitchen. “We are hop- fornians live are bearing the stroyed along with a state past century, exposing more damage would look like by the “We have to build it to
ing by spring break to reopen, brunt. campground. Capitola City beach towns to flooding and end of the century. It found last,” Mr. Kresge said. “It’s not
but probably not until Memo- In addition to torrential Manager Jamie Goldstein esti- damage from high tides and the value of its properties at if, but when” it happens again.
rial Day,” Mr. Whitby said. rain and hurricane-force mated damages at $3 million, storm swells, said Patrick Bar-
A series of massive storms winds, the storms have gener- although business leaders say nard, a research geologist with
called “atmospheric rivers” ated waves as high as 35 the economic toll could be the U.S. Geological Survey.

.
have battered California since feet—the biggest to hit many higher if the community The California Coastal Com-
Christmas, with more forecast beach communities in decades. doesn’t fully reopen for the mission, which oversees devel-

ly
through the middle of next In Marin County, north of peak summer tourist season. opment along the coast, has
week in one of the wettest and San Francisco, waves last week The damage shows what re- urged communities to make
most destructive starts to win- damaged nearly two dozen searchers and government of- plans for higher seas and relo-
ter in nearly a half-century.
Jonathan Porter, the chief me-
teorologist at AccuWeather
Inc., estimated the damage
homes and other structures. In
Southern California, they dam-
aged the Seal Beach Pier and
caused flooding in Long Beach.
onficials say is the growing vul-
nerability of West Coast beach
communities to ocean waves
as seas rise because of the
cate important infrastructure
inland, as the city of Morro Bay
recently did with its wastewa-
ter-treatment plant.
Elevate your cooking with ProBond’s
award-winning culinary innovation.
and lost economic output at Among the hardest hit was warming climate. Officials in Capitola, located
us ,
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Trump Organization Ordered to Pay

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$1.6 Million Fine in Tax Fraud Case

er s

BY CORINNE RAMEY Manhattan District Attorney district attorney’s case. He A Trump Organization
Alvin Bragg said the maximum told jurors that he and other spokeswoman on Friday said
m er

Donald Trump’s family was insufficient. “Our laws in company employees evaded the company had done nothing
business was sentenced to pay this state need to change in paying taxes on some income wrong. “These politically moti-
$1.6 million in criminal fines order to capture this type of because they were compen- vated prosecutors will stop at
following its tax-fraud convic- decade-plus, systemic and sated in benefits in lieu of sal- nothing to get President
tion for using an off-the-books egregious fraud,” he said. ary increases. Trump,” she said.
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compensation scheme to pay Susan Necheles, a Trump Mr. Weisselberg was sen- Mr. Bragg, who has said the
some employees in perks, such Organization lawyer, said the tenced Tuesday to five months probe remains open, in an in-
as cars, rent-free apartments company planned to appeal. in jail followed by five years terview said prosecutors could
and cash. “Much of the conduct, virtu- probation. move on with the rest of their
A New York jury in Decem- ally all of it, was reviewed by The Trump Organization’s investigation into Mr. Trump,
co Fo

ber found two Trump Organi- an accountant,” she said. lawyers argued that Mr. Weis- his company and its executives
zation entities guilty of a total At trial this fall, prosecu- selberg engaged in tax fraud now that the tax-fraud sen-
of 17 criminal counts, includ- tors from the Manhattan dis- because he was motivated by tencing was over. His prosecu-
ing tax fraud, conspiracy and trict attorney’s office argued greed and didn’t commit his tors are reviewing evidence
falsifying business records. that longtime company fi- crimes to help the company. with fresh eyes, he said, and
State Supreme Court Justice nance chief Allen Weisselberg, Mr. Trump wasn’t charged in having the trial prosecutors
Juan Merchan, who presided who pleaded guilty to partici- the case, but his name surfaced working on the investigation
over the trial, imposed the pating in the scheme, commit- frequently during the trial, with on a daily basis would be help-
penalty at a hearing Friday. ted tax crimes not only for his prosecutors alleging the tax- ful. Save now on
The fines were the maxi- own benefit, but to save fraud scheme had been sanc- “They know the Trump Or- select ProBond.
mum allowed under the law, money for his employer. Mr. tioned by the former president. ganization very well, know the
Justice Merchan said. He or- Weisselberg, 75 years old, tes- After the verdict, Mr. Trump players inside and out,” he
dered the defendants to pay tified as a prosecution witness said the case was unprece- said.
hestanculinary.com
n-

within 14 days. as part of his plea deal, and dented and involved no mone- —Joe Palazzolo
Outside the courtroom, his account was central to the tary gain to the two entities. contributed to this article.
no

Photo by Flavien Carlod, for advertising purposes only. www.vijversburg.nl, Architect: Junya Ishigami. *Winter Sale prices valid in the US only, from January 14 to 29, 2023; not to be used in conjunction with any other offer.

From January 14th to 29th

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A4 | Saturday/Sunday, January 14 - 15, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Biden Team Rushed to Pack Papers in 2017 Yellen

BY KEN THOMAS
AND SABRINA SIDDIQUI Presses
WASHINGTON—President
Biden’s departure from the For Action
On Debt
White House in January 2017
involved a rush to pack up
documents and other belong-
ings, former aides said, as the
then-vice president embarked
on an intense stretch of do-
mestic and international travel
and a series of official events.
Ceiling
During those final weeks, BY ANDREW DUEHREN
staff members helped to pack
up Mr. Biden’s West Wing of- WASHINGTON—Treasury
fice, where he did much of his Secretary Janet Yellen called
work, along with his larger on Congress to raise the debt
office space at the Eisen- ceiling as soon as possible,
hower Executive Office Build- warning that the government
ANDREW CABALLERO-REYNOLDS/AFP/GETTY IMAGES

ing near the White House and could become unable to pay its
his residence at the Naval Ob- bills after early June.
servatory. In a formal letter sent to
That push to close down party leaders in Congress, Ms.
Mr. Biden’s eight years as vice Yellen said the government
president has come under in- would hit the roughly $31.4
tense scrutiny with the recent trillion borrowing limit on
revelations that classified doc- Jan. 19, when the Treasury De-
uments from that period were partment will begin imple-
recently found at a Washing- menting so-called extraordi-
ton office used by Mr. Biden, nary measures to manage the
and later inside a garage in his government’s cash flow.
home in Wilmington, Del., ac- “While Treasury is not cur-
cording to a lawyer for the A moving van parked in the back of the White House on Jan. 20, 2017, when the Obama administration cleared out for Donald Trump. rently able to provide an esti-
president. mate of how long extraordi-
Much remains unknown Trump has denied wrongdoing cales associated with Mr. Bi- nary measures will enable us
about how the documents and described the investiga- State of the Union and allies to Russia’s invasion den was a briefing paper to continue to pay the govern-
came to be in those places or tion as a witch hunt. of Ukraine and tried to rally related to Ukraine, according ment’s obligations, it is un-
who put them there, and the Some of President Biden’s Speech Date Is Set Americans behind defending to a person familiar with the likely that cash and extraordi-
White House has declined to current advisers worked with democracy. matter. nary measures will be
provide detailed answers. him during his final days as Mr. McCarthy, in his letter From there, Mr. Biden flew exhausted before early June,”
On Thursday, Attorney Gen- vice president, including coun- President Biden will deliver inviting Mr. Biden to the Capi- to Davos, Switzerland, for the Ms. Yellen wrote.
eral Merrick Garland named selor Steve Ricchetti, who was his annual State of the Union tol, said the results of the World Economic Forum. Mr. The letter kicks off what are

.
Robert Hur, a former U.S. at- Mr. Biden’s last vice presiden- address on Feb. 7, accepting midterms show voters are Biden and his aides landed expected to be fraught negotia-
torney during the Trump ad- tial chief of staff, communica- the invitation from the newly looking for Congress to de- back at Joint Base Andrews on tions in Congress. House Repub-

ly
ministration, as special coun- tions director Kate Beding- elected Speaker of the House, liver “a new direction for the the evening of Jan. 18, with licans are insisting an agree-
sel to examine the classified- field, who held the same Kevin McCarthy (R., Calif.). country, to find common the inauguration a little more ment on raising the debt limit
documents case. position from 2015 to 2017, White House press secre- ground, and to debate their than a day away. include spending cuts, a de-
The White House has said
Mr. Biden didn’t know the doc-
uments had been stored in the
two locations nor did he know
and chief speechwriter Vinay
Reddy. The White House has
referred questions about the
documents to the Justice De-
ontary Karine Jean-Pierre said Mr.
Biden looks forward to speak-
ing about the economy, com-
petitiveness, security and unity
priorities.”
The Democrats retained
control of the Senate in the
November elections, but Re-
The General Services Ad-
ministration, a government
agency, provides logistical
support at the end of each ad-
mand Democrats have rejected.
Some lawmakers in both par-
ties are already concerned the
impasse could bring the U.S. to
what was in the documents. partment, which declined to in the address. publicans won the House, set- ministration. A GSA spokes- the brink of defaulting on its
us ,

The president, during a news comment. In last year’s speech, Presi- ting Capitol Hill up for two man said outgoing White debt. A standoff over spending
l

conference Tuesday said he Former aides said the vice dent Biden highlighted the co- years of divided government. House staff “are responsible and the debt limit in 2011
e
al a

was surprised by the discov- president’s general counsel’s ordinated response of the U.S. —Andrew Restuccia for substantive determinations caused a downgrade of the U.S.
ery and was cooperating on office oversaw the documents- about handling documents credit rating and roiled markets.
the matter. retention process. Mr. Biden’s (e.g., collecting, reviewing, and Raising the debt limit
ci on

executive assistant at the With many senior staff mem- stopped in Detroit to visit the categorizing documents, as doesn’t incur new government
time, Kathy Chung, was most bers on the road with Mr. Bi- North American International well as determining where spending, but instead autho-
’Inadvertent’ mistake heavily involved in the packing den, some aides described a Auto Show. documents should be trans- rizes the Treasury to borrow
Mr. Biden’s lawyer, Richard up of the office, according to depleted staff in Washington Days later, Mr. Biden was ported to).” to pay for expenses Congress
Sauber, has said the White former aides, but was helped trying to clear the vice presi- surprised by Mr. Obama with The spokesman said in 2017 separately approves. A failure
er s

House is confident that the by other lower-level staff dent’s offices as the transition the presentation of the Presi- the GSA provided about 5,300 to pay U.S. government bond-
Justice Department review members. of power loomed. dential Medal of Freedom at square feet of office space to
m er

“will show that these docu- Ms. Chung, who now serves Some members of Mr. Bi- the White House, an event Mr. Biden’s transition team
ments were inadvertently mis- as deputy director of protocol den staff had already de- that brought together the near the White House, and the
placed, and the President and for Defense Secretary Lloyd parted their roles, they said, then-vice president’s large ex- team vacated the space on
his lawyers acted promptly Austin, declined to be inter- and those who remained tended family. July 21, 2017.
upon discovery of this mis- viewed about her role in the worked to maintain daily At the time, Mr. Biden was
m rp

take.” custody of the classified docu- briefings and operations in a in the process of renting a
Republicans have accused ments, according to Pentagon hectic final sprint while sort- Kyiv, then Davos home in McLean, Va., where
the Justice Department of officials. A Pentagon spokes- ing through documents and Mr. Biden then traveled to he lived for much of the
maintaining a double standard man also referred calls to the belongings that were no lon- New York for an appearance Trump presidency, allowing
on the issue of retention of Justice Department, which de- ger needed. on ABC’s “The View,” where he the Bidens to be close to some
co Fo

KEVIN DIETSCH/GETTY IMAGES

classified documents because clined to comment. During his final two weeks, noted that he had personally of their grandchildren who
it obtained a warrant to Former aides described a Mr. Biden presided over Con- written a classified memoran- lived in the Washington, D.C.,
search the Florida home of frenetic few weeks before Mr. gress for the counting of the dum for Vice President-elect area. The Bidens would also
former President Donald Trump took office as Mr. Bi- electoral votes for the 2016 Mike Pence. “He’ll call me and spend time at their Wilming-
Trump over his holding of top den crisscrossed the nation election, and then took a trip ask about, or I’ll call him ton home after Mr. Biden left
secret documents as part of a and embarked on a final for- to California, where he ap- about what’s going on in office.
criminal investigation. eign trip to Ukraine and Swit- peared at a fundraiser for then Ukraine, what’s going on here, Mr. Biden’s office at the
The Justice Department has zerland shortly before the in- Los Angeles Mayor Eric Garc- what’s going on there,” Mr. Bi- Penn Biden Center for Diplo-
indicated that part of its in- auguration. etti and delivered a speech at den said at the time. macy and Global Engagement, Treasury Secretary Janet Yellen
vestigation includes potential Former aides said the pro- a healthcare conference in San The capstone of his final near the U.S. Capitol, didn’t
obstruction, after the issue cess of packing up Mr. Biden’s Francisco. days was a trip to Kyiv for a officially open until February holders, Social Security recipi-
was referred to prosecutors by belongings was complicated by After departing California, meeting with then-Ukrainian 2018. ents and others on time could
the National Archives follow- his busy schedule, which cre- Mr. Biden attended an event in President Petro Poroshenko. —Aruna Viswanatha have far-reaching conse-
n-

ing months of negotiations ated new documents and pa- Chicago with outgoing Presi- Among the classified docu- and Sadie Gurman quences, Ms. Yellen warned.
with Mr. Trump’s lawyers. Mr. pers up until the final day. dent Barack Obama and then ments discovered in the lo- contributed to this article. The exact duration of the
Treasury’s extraordinary mea-
sures—which include halting

Leak Probe
no

with the matter said. By early have emerged before deci- investments in certain govern-

Guy C. Wiggins (1883–1962) Zeroes In

summer, investigators had sions were published, but the ment funds—is uncertain be-
significantly narrowed the leak of a complete draft opin- cause it hinges on broader
field of suspects, the people ion was unprecedented and, economic conditions.
said. several justices have said, Democrats and Republicans
The interviews were some- devastating to relations have ultimately come together

On Suspects times short and superficial, a

person familiar with the mat-
ter said, consisting of a hand-
within the court.
The leak came amid ru-
mors that Chief Justice Rob-
on an agreement on raising the
debt limit repeatedly in recent
years. But House Speaker Kevin
ful of questions such as “Did erts was seeking to persuade McCarthy (R., Calif.) promised
Continued from Page One you do it? Do you know any- some members of the court’s conservatives he would fight
woman didn’t respond to re- one who had a reason to do conservative majority to join over the issue as he cam-
quests for comment. it?” Investigators relied in him in a half-step that would paigned for the speakership,
Congressional Republicans part on publicly available in- partly curb access to abor- making a series of procedural
have complained about the formation about court em- tion, rather than fully elimi- concessions that have embold-
lack of information regarding ployees to develop theories, nating the right, which ened conservative Republicans.
the source of the leak. the person said. women had held since the “Spending is out of con-
“For some reason this indi- Speaking at a judicial con- 1973 Roe decision, to end un- trol,” Mr. McCarthy said
vidual has certainly been ference in September, Justice wanted pregnancies before fe- Thursday. “We cannot con-
sheltered and there is abso- Neil Gorsuch said that Chief tal viability. tinue around the same pro-
lutely evidence that there are Justice Roberts had appointed Following the leak, the cess. I had a very good conver-
specific people who know an internal committee to court issued a statement as- sation with the president
who this person is,” Rep. oversee the investigation and serting that the draft opinion, when he called me and I told
Scott Fitzgerald (R., Wis.) that it was expected to issue a which bore a February date, him I’d like to sit down with
said at a House Judiciary report. The court hasn’t said did “not represent a decision him early and work through
Committee hearing in Decem- whether the report will be by the Court or the final posi- these challenges.”
ber, when Democrats con- made public. tion of any member on the is- Republicans haven’t pro-
trolled the chamber now un- The May leak, while not sues in the case,” Dobbs v. vided details of their proposal,
der Republican leadership. necessarily unlawful, was an Jackson Women’s Health Or- but some have floated reduc-
Guy C. Wiggins Winter in New York,
York, oil
oil on
on canvas
canvas At the same hearing, Rep. extraordinary breach of pro- ganization. tions in defense and nondefense
Jim Jordan (R., Ohio), now tocol at a court that tightly When the final decision spending, as well as changes to
the House Judiciary Commit- controls access to its deliber- came on June 24, however, it Medicare and Social Security to
tee chairman, said the com- ations. Law clerks—recent was nearly identical to Jus- cut costs.
Request our catalogue mittee should itself investi- law-school graduates who win tice Alito’s February draft. White House officials have
gate the leak. coveted one-year positions Four other conservatives criticized Republican plans to
Ms. Curley, a lawyer and assisting a justice—are drilled joined him in the majority, cut spending, saying the debt
former Army officer, oversees in the court’s culture of confi- while three liberal justices ceiling should be raised with-
Q UESTROYAL F INE A RT, LLC the Supreme Court’s in-house dentiality and warned to dissented. Chief Justice Rob- out conditions. “The president
police force, which has an au- avoid reporters, lest secrets erts filed a concurring opin- and the country will not stand
Important American Paintings thorized strength of 189 offi- slip. Any under investigation ion agreeing that states for anyone saying, ‘unless I
cers and principal missions of served during the 2021-22 should be permitted to re- can cut Medicare, Social Secu-
903 Park Avenue, New York City patrolling the court’s prop- term. strict abortions prior to fetal rity, Medicaid, or other pro-
erty and protecting the jus- Each justice is allotted four viability, but arguing it was grams seniors and middle-
(212) 744-3586 tices. With its own police hav- law clerks, but dozens of unnecessary in the Dobbs class and working families
ing little experience in other court employees might case, which involved the con- count on, I will cost tens of
gallery @ questroyalfineart.com
complex investigations, the also have had access to the stitutionality of a Mississippi millions of Americans their
www.questroyalfineart.com court brought in assistance draft opinion. law barring the procedure af- jobs and retirement savings,’ ”
from outside government in- At times, hints of the ter a woman was 15 weeks White House spokesman An-
vestigators, people familiar court’s internal dynamics pregnant. drew Bates said Friday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | A5

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A6 | Saturday/Sunday, January 14 - 15, 2023 * ***** THE WALL STREET JOURNAL.

U.S. NEWS U.S. WATCH

TENNESSEE TEXAS
Fans Pay Respects Search Finds Zoo’s
To Lisa Marie Presley Clouded Leopard
Lisa Marie Presley will be bur- A clouded leopard that went
ied at Graceland, her father Elvis’s missing at the Dallas Zoo was
mansion in Memphis that on Fri- found after a daylong search for
day was a gathering place for fans the feline.
who were distraught over the The cat’s disappearance on
singer-songwriter’s death a day Friday morning caused the zoo
earlier. Ms. Presley’s final resting to close for the day. The Dallas
place will be next to her son, Ben- Zoo also issued a so-called code
jamin, who died in 2020, said a blue, which it does when a non-
representative of actor Riley Ke- dangerous animal goes missing.
ough, who is Ms. Presley’s daugh- Police said someone inten-
ter. tionally cut the mesh fence of
Fans paid their respects at its enclosure and a criminal in-
Graceland’s gates on Friday, writ- vestigation has been launched.
ing messages on the stone wall, The cat, named Nova, was
leaving flowers and sharing found inside the zoo not far
memories of Elvis Presley’s only from its enclosure, the Dallas
child, who was one of the last Zoo said in a tweet.
remaining touchstones to the “Initial indications are she is
ERIK S. LESSER/EPA/SHUTTERSTOCK

icon whose influence and signifi- not injured,” the zoo tweeted.
cance still resonates more than “She is being evaluated by our
45 years after his sudden death. veterinary staff right now.”
Lisa Marie Presley, 54, died Nova was accounted for at 1
Thursday, hours after being hospi- a.m., but the 25-pound cat was
talized for a medical emergency. gone during a routine animal
Angela Ferraro was among headcount later Friday morning,
those on Thursday night who said Harrison Edell, the zoo’s exec-
stopped by Graceland, where the utive vice president of animal care
Daryle and Shawna Littleton examine the remains of their house following a tornado that hit Prattville, Ala., on Thursday. trees in the front lawn were and conservation. He said the zoo
adorned by green and red lights. has around-the-clock security.

Nine Dead After Tornadoes Strike

Ms. Ferraro and her fiancé Nova doesn’t pose a threat to
drove 25 minutes from Olive humans, the zoo said, and
Branch, Miss., to pay their re- mostly stays on tree tops.
spects. Ms. Ferraro said she was Dallas police helped look for
BY ALYSSA LUKPAT At least four tornadoes hit stroyed. “Personally, it picked power lines were left dangling, a fan of Elvis’s music and of Lisa the 4-year-old wild cat, using
AND ARIAN CAMPO-FLORES the Southeast U.S., said Jason up my double-wide house, the Associated Press reported. Marie’s—the couple listened to drones with infrared technology
Holmes, a meteorologist for the moved it 200 feet and put it The Mississippi Emergency Lisa Marie’s song “Lights Out” that could help find it in trees.
At least nine people were National Weather Service in upside down on the county Management Agency posted a on the drive north to Graceland. Despite its name, the clouded
killed by tornadoes and severe Birmingham, Ala. One of those road,” Mr. Barber said. video showing buildings flat- “Elvis died young, and so did leopard isn’t a type of leopard,
storms that swept through was a rare long-track tornado Georgia and Alabama de- tened and debris covering a she. And her son, his passing but a separate wild-cat species,
Georgia, Alabama and Missis- that churned for hours over clared states of emergency field in the northeast county was very tragic as well,” said according to the Smithsonian’s
sippi on Thursday, flipping Mississippi, Alabama and Geor- Thursday. More than 35,000 of Monroe. Ms. Ferraro, 32. “It’s hard and it’s National Zoo. It is native to

.
homes and uprooting trees, gia, causing most of the dam- customers were without In Georgia, the storm re- devastating.” Southeast Asia.
authorities said. age. Typically a tornado lasts power in the two states on sulted in collapsed homes, —Associated Press —Joseph Pisani

ly
Alabama appeared to sus- Friday afternoon, according to roads cut off by debris and
tain the brunt of the damage PowerOutage.us. many injuries, state officials
from the storms. Four women “We are far too familiar said at a news conference Fri-
Georgia and
and three men died in Autauga
County, northwest of Mont-
gomery, said Buster Barber,
the county coroner.
Alabama declared
states of emergency
on
with devastating weather, but
our people are resilient,” Ala-
bama Gov. Kay Ivey said on
Twitter on Thursday night.
day morning. “The damage is
literally statewide,” said Gov.
Brian Kemp.
In Griffin, Ga., a city about
In Georgia, two people were Thursday. In central Alabama, images 35 miles south of Atlanta, doz-
us ,

killed, according to state and on the ground showed fallen ens of students were trapped at
l

WAYNE PARRY/ASSOCIATED PRESS

county officials. One was a trees strewn around destroyed middle schools Thursday night
e
al a

Transportation Department homes. The Alabama Law En- after trees blocked the road-
employee who was responding five to 10 minutes. forcement Agency posted a ways. A video taken in a Wal-
to the storm. The other was a In Alabama, Mr. Barber said picture of a tree that had mart parking lot there showed
ci on

5-year-old boy who was killed crews in Autauga County crushed a patrol car, injuring a cars that had been tossed
in the city of Jackson when a spent Friday searching for state trooper. around. The video was verified
tree fell on the vehicle he was bodies in the wreckage. A tornado that hit Selma, by Storyful, a social-media re-
traveling in, said Lacey Prue, He described what he said Ala., cut a wide path through search company owned by
the Butts County coroner. An- was mass destruction in the the downtown area, where News Corp, parent company of
er s

other passenger in the vehicle area: mobile homes flipped, brick buildings collapsed, oak The Wall Street Journal. WARNING: A humpback Friday was the seventh dead whale to
was injured and was in critical roofs torn off buildings and a trees were uprooted, cars were —Talal Ansari wash ashore in New Jersey recently, prompting lawmakers to call
m er

condition, she said. fire station and churches de- tossed onto their sides and contributed to this article. for a pause in ocean-floor preparation work for a wind farm.
m rp

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, January 14 - 15, 2023 | A7

WORLD NEWS
Europe’s Economy Shows Signs of Resilience
Government aid, mild Business activity in Europe roughly unchanged in the year
was close to a rebound as to November, according to the
winter means a much 2022 drew to a close. federal statistics agency. En-
smaller toll than many Composite purchasing
ergy intensive industries such
as chemical producers, how-
economists predicted managers index ever, reduced their production
60 Eurozone by about 13% over the period.
BY PAUL HANNON U.K.
To be sure, Europe’s econ-
AND TOM FAIRLESS omy remains much weaker than
Germany
it would have been without the
Russia’s economic war with U.S. war. In late 2021, economists at
55
the West looks set to claim a the European Central Bank ex-
much smaller toll on Europe pected the bloc’s economy to
than the brutal recession many grow 2.9% this year, having ex-
economists warned about just panded 4.2% in 2022. Now its
months ago, because of falling 50 economists think growth will be
HENRY NICHOLLS/REUTERS

energy prices and government 0.5% this year.

intervention to buttress the The slowdown likely reflects
continent’s economy. much higher ECB policy rates,
A mild winter so far, efforts 45 which the central bank didn’t
by businesses and households Jan. 2022 Dec. anticipate in late 2021. The
to cut energy consumption, ECB has raised interest rates
Note: Readings above 50 indicate an increase
successful moves by govern- in activity, and below that threshold, a decline. by 2.5 percentage points since
ments to find new natural-gas The U.K. statistics agency said the economy grew in November for the second straight month. Source: S&P Global the summer, its most aggres-
suppliers and hundreds of bil- sive ever tightening, and has
lions of euros in fiscal support tations that the economy would In the U.K., the statistics many. Europe faced the pros- after the winter.” signaled further increases of at
mean Europe’s recession is contract, according to an early agency Friday said the coun- pect of energy rationing for fac- Mr. Schmieding still expects least a further 1 percentage
likely to be shallow and brief— estimate issued Friday by the try’s economy grew in Novem- tories and possibly households Europe to experience a mild point. The euro has strength-
if it happens at all—according federal statistics agency. Gov- ber for the second straight should the winter prove severe. recession, but others doubt the ened significantly to $1.08
to fresh data and estimates. ernment subsidies and a large month, having contracted in Now, the signs are that any eurozone will see two consecu- from $0.97 over the past three
And with energy expenses backlog of orders have helped to the three months through Sep- recession will be modest, and tive quarters of contraction. In months too, which weighs on
falling back toward levels seen restore confidence in Germany’s tember. The European Union’s some economists think output a recent note to clients, econo- the international competitive-
before Moscow’s attack on large industrial sector, as busi- statistics agency said euro- will grow in this quarter. Inves- mists at Goldman Sachs said ness of the continent’s critical
Ukraine, the cost of the subsi- nesses rapidly reduced their re- zone industrial production tors have taken note, with Eu- they expect the eurozone econ- export sector. Both the interest
dies and tax relief deployed by liance on Russian gas. rose in the same month. ropean stocks outperforming omy to grow throughout 2023. rates and the exchange rate
European capitals to soften the Despite falling industrial or- With European governments their U.S. counterparts. “We maintain our view that will likely weigh on households
blow are set to shrink, reducing ders pointing to a possible rallying behind Ukraine, Russia “What we are seeing is that euro area growth will be weak and businesses later this year.
their impact on public finances. softening in demand in coming squeezed its gas deliveries to the economic impact seems to over the winter months given The key to that resilience is
In Germany, Europe’s largest months, the reopening of Europe, and pushed natural-gas be fading,” said Holger Schmied- the energy crisis but no longer falling energy prices. Mild
economy, output was unchanged China’s economy, a critical prices sharply higher. The ef- ing, an economist at Germany’s look for a technical recession.” weather so far means storage
in the final three months of trading partner, could provide fort culminated in August as Berenberg Bank. “That bolsters Output in Germany’s indus- levels of natural gas have re-

.
2022 compared with the previ- a boost to Germany later in the the Kremlin shut Nord Stream, our hopes that we will have a trial sector, which employs mained high, reducing the risk
ous quarter, contrary to expec- year, business executives say. the main conduit for gas to Ger- significant rebound in Europe about eight million people, was that rationing will be needed.

ly
Moscow Says It Has Seized Ukrainian Town of Soledar on
BY IAN LOVETT Group, a private paramilitary Andrey Bayevsky, an official “a covert maneuver” and at- “constantly try to steal victory of Soledar—or even Bakhmut—
AND EVAN GERSHKOVICH organization, advanced into for the Russian-installed gov- tacking and blocking the town from Wagner.” wouldn’t change the overall di-
us ,

Soledar in recent days after ernment in the Donetsk region, from the north and the south. Some Russian analysts were rection of the war.
l

Russia’s Defense Ministry shifting their firepower there where Soledar is located, told His statement contradicted quick to give Wagner praise for Meanwhile, a Russian For-
e
al a

said Moscow’s forces com- following months of failed at- Russian state media Thursday claims by Wagner founder Russia’s claim of victory in eign Ministry official warned
pleted the capture of Soledar, tempts to seize the nearby city that the capture of Soledar Yevgeny Prigozhin, who said Soledar. “Wagner now looks that Belarus could enter the
as Ukrainian officials said bat- of Bakhmut. Ukrainian officials would allow Russian forces to Wednesday that fighters from like the most combat-ready conflict if Kyiv makes any
ci on

tles were continuing for con- said fighting for control of the attack larger cities in the region, the paramilitary group alone unit of the Russian military move on Belarus or on Russia.
trol of the eastern town. town was ongoing. including Slovyansk, Krama- had captured Soledar. On Fri- forces,” said Sergei Markov, di- Although Belarusian President
In its operational briefing Hanna Malyar, Ukraine’s dep- torsk and Bakhmut. day, Mr. Prigozhin said he rector of the pro-Kremlin Insti- Alexander Lukashenko has sig-
Friday, the ministry said Rus- uty defense minister, wrote on Russian Defense Ministry would refrain from comment- tute for Political Studies in naled that he isn’t planning to
sian forces captured Soledar Telegram on Friday that Rus- spokesman Lt. Gen. Igor Ko- ing for now on the capture. He Moscow. promise troops to Moscow, he
er s

after constantly bombarding sians are pushing to take the nashenkov said Russian air- also said, without directly ref- John Kirby, an assistant to allowed Russia to use Belarus
Ukrainian positions. Russian town. “Our fighters are bravely borne units were instrumental erencing Russia’s Defense Min- the U.S. secretary of defense, as a staging ground in its in-
m er

forces spearheaded by Wagner trying to hold the defense.” in capturing Soledar by making istry, that there are some who said Thursday that the capture vasion of Ukraine last year.

Biden Seeks
m rp

F-16s
For Turkey
co Fo

Continued from Page One

U.S. AIR FORCE

The sale to Turkey also in-

cludes more than 900 air-to-
air missiles and 800 bombs,
one of the officials said.
The separate sale to Greece, A U.S. F-16 taxis into a hangar at Eielson Air Force Base in Alaska.
which was requested by the
Greek government in June court also convicted the mayor dressed Turkey’s concerns, up-
2022, includes at least 30 new of Istanbul, a popular oppo- holding a deal signed last year
F-35s. The F-35 Joint Strike nent of Mr. Erdogan, of insult- that called for both countries
n-

Fighter is the U.S.’s most ad- ing public officials in what hu- to evaluate Turkish extradition
vanced jet fighter. While offi- man-rights groups said was requests and drop restrictions
cials described the timing of part of a crackdown on the op- on arms sales to Ankara.
the notifications for both Tur- position. The government says Turkish officials say that
no

key and Greece as coincidental, its courts are independent. Sweden hasn’t done enough to
it could quell protests from Under U.S. arms-export uphold its obligations to Tur-
Athens over the F-16 sale if its laws, Congress will have 30 key, citing what they say is
request also is granted. Greece days to review the deal. If Con- continuing activity by the mili-
and Turkey are historic regional gress wants to block the sale it tant Kurdistan Workers’ Party
rivals and a sale to Turkey must pass a joint resolution of in Sweden. The Turkish gov-
alone likely would draw swift disapproval. Congress also can ernment this week summoned
condemnation from Athens. pass legislation to block or Sweden’s ambassador over a
The potential sale of the modify a sale until the delivery. demonstration in Stockholm in
aircraft could have far-reach- U.S. officials say they are which protesters hung a puppet
ing implications for Washing- encouraging Mr. Erdogan to of Mr. Erdogan by its feet. The
ton’s efforts to shore up ties drop his opposition to Finland Turkish president’s hard line
with a pair of NATO allies and Sweden joining NATO. against Sweden has broad sup-
amid the Western response to port within Turkey, including
Russia’s assault on Ukraine. among opposition parties, who
A State Department spokes- have opposed what they see as
man declined to comment on
The administration a permissive approach to Kurd-
potential arms transfers as a
matter of policy until and un-
will ask Congress for ish militant groups in Europe.
The timing of a vote on
WOUND BY THE SUN
less they are formally notified
a $20 billion sale of NATO expansion in the Turk- PATEK PHILIPPE SOLAR CLOCK
by Congress. Congress has new jet fighters. ish parliament also will de-
never successfully blocked a pend on Turkey’s national Visionary watchmaker. Swiss artistry. Innovative design.
foreign arms sale requested by election this year, in which Mr. This domed solar clock is among the most iconic designs
the White House. Erdogan faces a close race of revered Swiss watchmaker Patek Philippe. The exquisite
The proposed deal comes at This, one official said, could amid public discontent over
gilt-brass case allows the solar panel to be turned manually
a moment of tension in U.S.- ease opposition to the sale the struggling economy.
Turkish relations, with Wash- among some members of Con- The Turkish Ministry of to face a light source and power the timepiece’s movement
ington also attempting to con- gress. Officials within the Foreign Affairs didn’t respond with the sun’s energy. Patek Philippe was awarded a Swiss
vince President Recep Tayyip State Department have argued to a request for comment. patent for their solar clock technology, and today these
Erdogan to do more to enforce that the expansion is impera- The Biden administration early clocks are very rare and highly collectible. Dated 1957.
sanctions on Russia and to ap- tive to NATO’s collective secu- remains cautiously optimistic Marked “Patek Philippe / Geneve.” 83/4”h x 5” dia. #31-6313
prove the entry of Finland and rity. However, officials expect that Turkey eventually will
Sweden into NATO. that while the Greece package come around on Finland and
The proposal also sets up a could sail through Congress, Sweden. U.S. officials said last
possible showdown with some the F-16s may be delayed be- year that there would be no
congressional leaders who have cause of some members’ reluc- quid pro quo for Turkey’s ap-
vowed to oppose weapons sales tance to embolden Ankara proval of the NATO expansion,
to Turkey. Sen. Bob Menendez, with the additional firepower. and said that the timing of the
a Democrat from New Jersey Mr. Erdogan first threat- F-16 sale was dependent on the
who is the chairman of the Sen- ened to veto the two coun- administration’s own internal
ate Foreign Relations Commit- tries’ entrance because of process to complete the deal.
tee, has said he wouldn’t ap- their ties to Kurdish militants Biden administration offi- 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
prove any F-16 sale to Turkey, in Iraq and Syria. Turkey has cials have argued that selling
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
citing human-rights concerns. fought a slow-burning war F-16s to Turkey could help re-
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In recent months, Mr. Erdo- with Kurdish armed groups for store ties with the country,
gan also has threatened to decades in a conflict that has which maintains the second-
launch a new military incur- left tens of thousands dead. largest army in NATO.
sion against Kurdish militants NATO leaders say that Fin- —William Mauldin
in Syria. Last month a Turkish land and Sweden have ad- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Saturday/Sunday, January 14 - 15, 2023 NY * ****** THE WALL STREET JOURNAL.

WORLD NEWS

Brazil Court
Biden, Kishida Put Focus on China Authorizes
Japan’s prime minister
at White House touts Probe of
a defense plan that
includes U.S. weapons Bolsonaro
President Biden met with BY LUCIANA MAGALHAES
Japanese Prime Minister Fu- AND SAMANTHA PEARSON
mio Kishida at the White
House on Friday as the U.S. BRASÍLIA—Brazil’s Su-
and Japan increase security preme Court authorized an in-
cooperation to counter China’s vestigation into former Presi-
military buildup. dent Jair Bolsonaro over
accusations he incited last
By Peter Landers weekend’s riots by asserting
in Tokyo the election that removed him
and Andrew Restuccia from office was rigged.
in Washington Before the Oct. 30 vote won
by leftist candidate Luiz Inácio
“To be crystal clear, the Lula da Silva, Mr. Bolsonaro, a
United States is fully, thor- conservative, warned about
oughly, completely committed the potential for voter fraud
to the alliance—and more im- and some of his supporters
portantly to Japan’s defense,” say they don’t believe Mr. da
Mr. Biden said, kicking off their Silva is the country’s legiti-
meeting in the Oval Office. mate president. Mr. Bolsonaro
In a joint statement, the two hasn’t conceded defeat.
EVAN VUCCI/ASSOCIATED PRESS

leaders reaffirmed Tokyo’s de- Mr. Bolsonaro, who has

cision to acquire hundreds of been in the U.S. since late De-
American Tomahawk cruise cember, this week condemned
missiles to fortify its new de- acts of vandalism and the in-
fense posture and said they vasion of government build-
have “instructed their ministers ings after thousands of his
to reinforce cooperation on the supporters attacked the presi-
development and effective em- dential palace, Congress and
ployment of Japan’s counter- Japanese Prime Minister Fumio Kishida met with President Biden during a visit to the White House on Friday. the Supreme Court.
strike and other capabilities.” Mr. Bolsonaro “has always
Mr. Biden reiterated the siles. “I believe that this will The prime minister is hop- the region that was launched the issue. repudiated all illegal and crimi-
U.S.’s commitment to Japan’s be beneficial for the deter- ing to rebut an argument during the U.S. president’s trip The allies object to mea- nal acts, and always spoken
defense “using its full range of rence capabilities and re- sometimes heard in Washing- to Tokyo last year. sures in the Inflation Reduc- publicly against such illicit con-
capabilities, including nu- sponse capabilities of the alli- ton, including during the Other economic items on tion Act that require subsidy- duct, just as he has always been

.
clear.” ance,” he said in remarks Trump administration, that the agenda included the sum- eligible EVs to be assembled in a defender of the constitution
The meeting came after De- ahead of Friday’s meeting with America does more for its al- mit of the Group of Seven North America and impose and democracy,” Frederick

ly
fense Secretary Lloyd Austin, Mr. Biden. lies than it gets in return. wealthy democracies that stringent rules for battery Wassef, Mr. Bolsonaro’s lawyer,
Secretary of State Antony Mr. Kishida has said the John Kirby, the White House Japan is hosting in May in Hi- sourcing. said in a statement Friday.
Blinken and their Japanese plan shows Japan is stepping National Security Council’s co- roshima, according to the The leaders also touched on The Supreme Court’s an-
counterparts held discussions
in Washington this week.
Following that meeting, the
two countries announced
up to play a central role in its
own defense and filling holes
left by years of what he calls
underinvestment in the mili-
on
ordinator for strategic commu-
nications, praised Japan’s de-
fense plan.
“Japan has proven a stead-
White House. Mr. Biden is ex-
pected to travel to Japan for
the summit.
While economic ties be-
semiconductors, according to
the White House.
The U.S. and Japan have
been in talks about Tokyo join-
nouncement late Friday came
after a request from the Brazil-
ian prosecutor general’s office
to investigate Mr. Bolsonaro
plans to protect Japanese sat- tary. fast ally, ready to step up and tween the two countries are ing U.S. limits on exporting over the weekend’s turmoil.
us ,

ellites, equip Tokyo with long- “There are many fighter do its part to advance our generally healthy, Mr. Kishida advanced semiconductors and The court has powers to au-
l

range missiles and upgrade planes and transport aircraft shared national security inter- was expected to bring up con- chip-manufacturing equipment thorize the investigation and
e
al a

U.S. Marine forces in the coun- that can’t move because we ests and values,” he told re- cerns about recently enacted to China. arrest of suspects, and it has
try. don’t have sufficient parts,” porters on Thursday. electric-vehicle subsidies that Officials in both countries taken an active role in thwart-
During his visit, Mr. Kishida he said last month. “Also, we Messrs. Biden and Kishida U.S. allies including Japan de- say they are getting closer to a ing what it says is antidemo-
ci on

touted the defense plan he re- haven’t invested enough to discussed economic issues in- scribe as unfair protection of deal, but sticking points in- cratic behavior by Mr. Bolson-
leased in December, which in- date in areas that are said to cluding the Indo-Pacific Eco- U.S.-made goods. clude the participation of the aro’s supporters, drawing
cludes a boost in spending and be potential game-changers, nomic Framework, an eco- The joint statement re- Netherlands, the home country criticism of political bias from
purchases of U.S. weapons such as defense capabilities nomic platform meant to leased by the White House af- of chip-making equipment right-wing parties.
such as the Tomahawk mis- using unmanned assets.” counter China’s influence in ter the meeting didn’t mention company ASML Holding NV. Since the riots, the court
er s

has ordered the removal of

Brasília’s federal district gov-
m er

Suspect Is Charged in Assassination of Abe

ernor, a Bolsonaro ally. It also
ordered the arrest of Anderson
Torres, the secretary in charge
of public security in Brasília,
BY MIHO INADA come up again if it is raised by prosecutors said. Mr. Yamag- founded by the Rev. Moon cluded selling vases, seals or and Fábio Vieira, commander
m rp

the defense. Japan’s criminal ami also was charged with vio- Sun-Myung, now known as the books for exorbitant prices. of the military police in the
NARA, Japan—Prosecutors laws say offenders with mental lating firearms laws. Family Federation for World According to police and a city at the time of the riots.
on Friday brought murder illness shouldn’t be punished, The killing of Mr. Abe, Peace and Unification, was be- letter Mr. Yamagami sent to a
charges against Tetsuya Yamag- and defense lawyers can seek Japan’s longest-serving prime hind many of his problems. He blogger, he targeted Mr. Abe
ami, the suspect in the assassi- a penalty reduction based on minister, was a shock in a wrote in comments on a blog because of the former leader’s
The move came after
co Fo

nation of former Japanese Prime the defendant’s mental health. country where gun ownership that his mother’s excessive do- ties to the church, which in-
Minister Shinzo Abe on July 8. Satoshi Koshiro, one of Mr. is generally banned and shoot- nations to the church ruined cluded delivering speeches to a request from the
Mr. Yamagami, 42 years
old, fatally shot Mr. Abe at a
Yamagami’s lawyers, declined
to discuss strategy. “All we can
ing deaths are rare. Mourners
in Japan lined up to offer
his family. She declared bank-
ruptcy in 2002 after donations
church-linked groups. In the
letter, Mr. Yamagami sug-
Brazilian prosecutor
campaign rally in the western say is we will do a solid job as flowers for Mr. Abe, while con- that topped the equivalent of gested he could get revenge on general’s office.
city of Nara using a homemade attorneys for the defendant,” dolences poured in from lead- $700,000, said Mr. Yamagami’s the church by attacking Mr.
gun, according to prosecutors he said. ers around the world. uncle. Abe, calling him “the most in-
and videos of the event. The charges filed in Nara After the assassination, re- His uncle said Mr. Yamag- fluential sympathizer of the
The charges were delayed District Court say Mr. Yamag- ports emerged about Mr. ami couldn’t afford to go to Unification Church.” Mr. da Silva’s government
for more than five months ami fired his handmade pipe Yamagami’s troubled life, in- college, even though he was a A Nara prosecutor declined has said it is investigating who
while authorities conducted a gun twice, each time spraying cluding the deaths by suicide talented student. The church to say whether the psychiatric funded and organized the pro-
lengthy psychiatric assess- several bullets with the intent of his father and older brother. said a 2009 overhaul has evaluation found any impair- tests that turned into an as-
ment that ultimately found Mr. to kill. Mr. Abe died of blood Mr. Yamagami alleged that his largely corrected questionable ment of Mr. Yamagami’s abil- sault on government buildings.
n-

Yamagami is fit to stand trial. loss after the bullets damaged mother’s involvement with the fundraising practices that, ac- ity to take responsibility for Prosecutors on Friday said
However, the issue could arteries under his collarbones, former Unification Church cording to church critics, in- his actions. Mr. Bolsonaro had eroded
trust in the electoral system
for years. His public com-

Steep Export Drop Tests Beijing

no

ments, prosecutors said,

helped motivate those who

Can your team BY STELLA YIFAN XIE China's imports and exports, hurt demand for Chinese goods.
“practiced violent acts and
took part in serious antidemo-
cratic acts in the country.”

do better... HONG KONG—The export

boom that carried China’s
change from one year earlier
25%
Chinese officials will release
gross domestic product figures
on Tuesday.
They pointed to Mr. Bolson-
aro’s weekly live broadcasts on
social media, public state-

somewhere else economy through much of the

Covid-19 pandemic has lost
momentum, adding urgency for
20

15
Exports Beijing’s sudden abandon-
ment in November and Decem-
ber of its zero-Covid policies,
ments and declarations to sup-
porters on the street in which
he warned that the voting sys-
Beijing to seek growth drivers which had pressured supply tem could be rigged. Mr. Bol-
Those who execute on opportunities elsewhere as the global econ- 10 chains, was welcomed by com- sonaro also met with dozens
omy struggles. 5
panies that struggled under of foreign diplomats in July
are called lucky (by those who don’t) The decline for Chinese ex- the strict regimen for three last year and cast doubts on
ports got steeper in the final 0 years—though the rapid spread the reliability of the electoral
SI Capital has opportunities for you to join us, month of 2022, falling 9.9% of infections after the mea- system, prosecutors wrote.
–5 Imports
or become a partner in a newly formed independent from a year earlier, compared sures were lifted has led to a Prosecutors also cited com-
firm. You provide a talented team, ambition, and with a 8.7% drop in November, near-term shortage of workers. ments made by Mr. Bolsonaro
–10
niche opportunities in financial services (investments, according to data from China’s The country’s reopening a day after the riots at the U.S.
customs bureau. While the de- –15 may lift goods imports in 2023, Capitol on Jan. 6 in 2021, when
trading, raising capital, etc). We provide capital,
cline wasn’t as steep as the as an expected revival of busi- he used the example of the
regulatory (FINOPS, etc), class A office space D J F M A M J J A S O N D
10.5% drop forecast by econo- ness activity and support for Capitol attack to argue for get-
(above Grand Central Station), IT, legal and more. mists polled by The Wall Street Source: Wind property developers could fuel ting rid of Brazil’s electronic
Journal, it marked the biggest China’s demand for oil and voting system.
SI Capital is an investment/trading firm with drop since February 2020, when to propel its growth in 2023. other commodities. At the time, Mr. Bolsonaro
5+ billion dollars AUM owned by the founder a nationwide lockdown brought “I can’t imagine exports will Recovery in domestic de- said Brazil needed to change
of 5-hour ENERGY. We don’t make decisions economic activity to a halt. be a strong driver this year, mand coupled with softening its voting system, or “its prob-
Imports fell by a narrower because there’s still so much exports means China’s trade lems would be much worse
by committee. We don’t participate in ESG
margin in December, down uncertainty in [demand from] surplus—which expanded to a than those of the U.S.”
or other irrational fashions. We don’t 7.5% from a year earlier and the developed economies,” fresh record of $877.6 billion in Prosecutors also mentioned
“adjust” compensation plans on the fly. And we faring better than expectations said Steve Cochrane, chief 2022—is set to narrow over assertions by Mr. Bolsonaro
move fast. No retirement age–we like people for a 9% drop. Asia-Pacific economist at the coming quarters, Capital that he had won the 2018 elec-
who know what they are doing. For all of 2022, shipments Moody’s Analytics. Economics noted. tion by a much larger margin
from China rose 7% from a China’s economy last year But the bigger question is than the one announced by the
If you’re really good at what you do, and really year earlier to $3.6 trillion, likely grew at the slowest pace how Western consumers’ appe- electoral court. In public state-
while imports edged up 1.1% to in more than two decades, as tite for made-in-China goods ments, Mr. Bolsonaro has often
enjoy the work (but not the decision making process)
$2.7 trillion. frequent lockdowns to curb the such as computers and bicycles cited a case in which a hacker
this may be a good fit. If you enjoy the safety of The full-year growth figures spread of the highly transmis- will hold up. got inside the electronic voting
bureaucracy… this may not fit. for both exports and imports sible Omicron variant of the Manufacturers across China system in 2018—an incident po-
were much smaller than the coronavirus stifled domestic are feeling the chill. An index lice said didn’t alter the result.
If you’re interested contact: double-digit percentage gains consumption and a real-estate measuring new export orders Prosecutors also cited
in 2021, signaling that the ex- downturn showed little sign of fell to its lowest level in eight screenshots published by the
Chris Fowler port boom that helped China reversing. months last December, according Brazilian press showing that
C: 248-826-4306 weather the pain of the pan- Export growth held up to China’s official manufacturing two days after the Brasília riots,
demic is now nearing its end. stronger than expected until purchasing managers index. Mr. Bolsonaro reposted a video
cfowler@SICapitalGroup.com SICapitalGroup.com That has reinforced concerns October, but central banks’ —Grace Zhu on Facebook that claimed Mr.
that China will no longer be campaign of interest-rate in- and Xiao Xiao in Beijing da Silva’s election was fraudu-
able to count on robust trade creases to tame inflation has contributed to this article. lent. He later deleted the repost.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | A9

OBITUARIES
S I M WO NG H O O PER PEDERSEN
1955 — 2023 1964 — 2023

Singaporean Inspired Adman Aimed to Change

Asian Tech Innovators
BY FELIZ SOLOMON for about $15 a year. When not in
The Face of Advertising
school, the young Mr. Sim helped

I
n the late 1990s, before Singa- her sell eggs at a local market for
pore was known as a global about 1 cent apiece. BY JAMES R. HAGERTY ways to slow down shoppers at
center of digital innovation, In his 1999 book, “Chaotic Fakta. One was a sign instructing

P
Sim Wong Hoo had a theory Thoughts From the Old Millen- er Pedersen’s death on Jan. them to place items on the check-
about what was holding his coun- nium,” Mr. Sim described himself 4, of cancer at age 58, cut out counter in alphabetical order.
try back. as a weird child who made his short his leadership of an ex- In 2009, he was sent to Ger-
Mr. Sim, who went on to be- own toys and board games be- periment aimed at changing the many to spur creativity at another
come the city-state’s first tech cause he couldn’t afford to buy face of advertising. Grey agency. He found himself sur-
billionaire, called it the “No U- them. Around age 11, he discov- Mr. Pedersen, a Dane who spent rounded by colleagues resentful of
Turn Syndrome,” or NUTS. In the ered what he called his first love: most of his career at Grey, an ad- an outsider trying to change their
U.S., he said, cars could turn a harmonica one of his sisters vertising unit of the global WPP ways. Mr. Pedersen called it “the
around anywhere unless a sign had given him for his birthday. PLC, believed that giant companies worst year in my life.”
told them not to. But in Singa- He studied electronic engineering were stifling creativity and failing He moved to New York in 2010
pore, drivers wouldn’t dare if it at Singapore’s Ngee Ann Techni- to attract or retain free spirits and worked with Grey teams cre-
wasn’t expressly allowed. The “no cal College, now called Ngee Ann with fresh ideas. In 2020, he ating ads for Procter & Gamble
rule, no do” mentality kept Singa- Polytechnic, and graduated in founded a cooperative—known as Co. products, including Febreze
poreans from thinking outside the 1975. He was an average student by The Network—to help small in- deodorizing spray. Some of the
box, he said. who was often bored by his dependently owned agencies Febreze ads featured an Olympic
So he wrote some new rules. classes, more interested in the around the world collaborate. It wrestling team whose sweat odors
Mr. Sim was raised in a poor school’s harmonica troupe. serves 34 agencies, employing a were disguised by the spray. Grey
household by illiterate parents be- Mr. Sim’s passion for music in- total of about 750 people, in more had sought to find the smelliest
fore founding a startup that revo- than 30 countries. The central of- sport. “It was between weight lift-
lutionized computer audio and in- fice in Copenhagen employs half a In an interview with ing and wrestling,” Mr. Pedersen
spired a generation of Asian dozen people and gets fees from Exchange4Media.com last year, Mr. told the New York Times.
entrepreneurs. Many admirers still
Mr. Sim’s company the member agencies. Pedersen acknowledged the diffi- From 2017 to 2020, he served as
call him “Singapore’s Bill Gates.” revolutionized computer “We have the power to create culties: “I think the challenge is if global creative chairman of Grey
The company Mr. Sim founded, the creative industry we want to you are small and you don’t have a before leaving to create by The
Creative Technology Ltd.,
audio with the launch of work in,” Mr. Pedersen wrote last big budget, you can’t buy media Network.
launched a component called the the Sound Blaster. year in a LinkedIn posting. “Prob- space.” He added: “I know when Mr. Pedersen’s survivors include
Sound Blaster in 1989 that lem is, we put up with too much clients hear about us, they’re ex- his wife, Nanna Munch Walter, and
brought personal computers to shit from people that don’t love tremely interested, but most of four children. An earlier marriage
life with rich and complex audio, creativity.” them have never heard about us.” ended in divorce.
even allowing PCs to replay and spired his greatest engineering He had a loyal following of peo- He argued that the industry’s

.
transform the human voice. His innovations. After founding Cre- ple who appreciated his mentor- er Pedersen was born Nov. recruitment habits missed out on
follow-up act was a portable MP3 ative Technology in 1981, he ing, blunt speaking style and insis- 19, 1964, and grew up in creative oddballs and those who

ly
player that reached stores almost spent years trying to find his tence that colleagues could work Silkeborg, Denmark. His couldn’t afford to go to elite uni-
two years before Apple Inc.’s footing in the emerging PC mar- more effectively together if they mother was an artist. His father versities. “It takes a lot of money
iPod. His company eventually fell ket. He developed two computer were also buddies. ran a car-repair shop. At Aarhus to get into the right schools,” he
into the midfield of a fast-chang-
ing tech sector, but its early suc-
cess had a lasting legacy.
Mr. Sim died in Singapore on
on
models, the Cubic 99 and the Cu-
bic CT, but it wasn’t until he fo-
cused on fine-tuning audio that
he made his mark on the indus-
He challenged clients with odd
pitches. “If they rejected an idea
that was too crazy, then he would
come back with something even
University, Mr. Pedersen earned a
master’s degree in marketing. He
chose a career in advertising, he
said in a podcast hosted by Aaron
said in the podcast. “It takes con-
nections to get into the right jobs.”
Mr. Pedersen also believed U.S.
executives were too hesitant to let
Jan. 4 at the age of 67. His family, try. In 1987, his team developed crazier,” recalled Jan Pedersen, a Starkman, because “I needed to their true feelings show. “It can’t
us ,

which confirmed his death, didn’t an early version of the Sound longtime colleague, who isn’t re- work with people that were more all be peachy and good and happy,
l

disclose the cause. Blaster called the Creative Music lated. “Then they would say, ‘We crazy than corporate.” and I think American leaders
e
al a

Mr. Sim’s corporate success System, and he was so sure of its liked the first one better.’ ” The Mr. Pedersen rose quickly in a should acknowledge that….Let’s
was hard-won. Born in Singapore success that he moved to the U.S. clients often then embraced the Danish unit of Grey and attracted have it out, let’s throw some furni-
in 1955, when it was still under the next year and vowed not to initial crazy idea. notice with humorous ads for a ture, and then everybody knows
ci on

British rule, Mr. Sim grew up in a return until he sold 20,000 of Things he abhorred included Danish discount grocer, Fakta. The what everybody thinks, and then
village in an area now called Bukit them. He succeeded. ads with sad piano music. “He stores lacked charm, so Mr. Peder- we can sort of decide what to do
Panjang with 10 siblings. Their fa- When he unveiled the new and hated cheap tricks that are done sen and his team focused on one of next.” After brawling with col-
ther died when he was young, and improved Sound Blaster at the just to win awards,” said Amir the few positives they could find: leagues, he liked to take them out
his mother struggled to support 1989 Comdex computer conven- Guy, a former Grey colleague. “He quick service. The message: “It only for a friendly beer.
er s

their large family by selling what- tion in Las Vegas, his booth was was looking for brilliance.” takes five minutes to shop at Fakta
ever seasonal fruits grew on the so packed that it drew the atten- Other leaders of by The Net- but we really want you to stay a lit-  Read in-depth profiles at
m er

unkempt 1-acre farm she leased tion of musician Michael Jackson. work say it will continue to thrive. tle longer.” The ads imagined odd WSJ.com/news/types/obituaries

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A10 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

EV Rivals
Pressure
Tesla
Continued from Page One
buyers—and still came up
short of its annual growth tar-
get.
This week, Tesla cut prices
across its lineup in the U.S.,
some by nearly 20%, position-
ing buyers of a wider range of
its vehicles to qualify for a
federal tax credit.
In a bad year for stocks,
Tesla’s share price has
plunged by some 70% from its
peak, wiping out about $850
billion in value. Mr. Musk has
lost more than $200 billion of
his paper fortune.

EMILY ELCONIN/BLOOMBERG NEWS

Some of the darkest clouds
loom in China, the engine of
much of Tesla’s growth. Late
in 2022, Tesla trimmed certain
battery purchasing plans for
2023 amid softening demand
there, people familiar with the
matter said.
Tesla cut prices in China for
its two most popular models An employee works on an F-150 Lightning electric pickup truck at the Ford Motor Co. Rouge Electric Vehicle Center in Dearborn, Mich.
by as much as around 13% af-
ter a December slump in sales gas-powered Charger, which is Number of electric-vehicle Tesla’s market value its existing models as possible,
of its Shanghai-made vehicles. slated for retirement at the models available for retail rather than diversifying its
$1.2 trillion
Its share of China’s EV market end of this year. Known for purchase in the U.S. $1.24 trillion lineup. That challenged a long-
fell last year as homegrown gi- producing cars used in drag Market value peak held auto-industry belief that
ant BYD Co. gained ground. racing, Dodge sacrificed range 50 1.0 on Nov. 4, 2021 car makers need to offer a
“Tesla’s understanding of to preserve the driving dy- wide range of updated models
what Chinese buyers want is namics of a traditional muscle to keep buyers interested.
40 0.8
not that accurate,” said Andy car. The car, Dodge’s first fully Tesla came up short of its
An, chief executive of Chinese electric model, is slated to go growth target for 2022. An-

.
auto giant Zhejiang Geely on sale in 2024. 30 0.6 nual growth in vehicles deliv-
Holding Group Co.’s Zeekr “The car that we’re bring- ered to customers slowed to

ly
electric-car brand. ing to market—that’s not a 20 0.4 40%, from 87% in 2021. The
Tesla didn’t respond to re- Tesla,” said chief executive company said changes to how
quests for comment. Mr. Musk Tim Kuniskis. “It doesn’t look $386.5 billion it produces and distributes
has suggested that higher in-
terest rates are hurting de-
mand for both Tesla’s cars and
its shares. He has said he re-
like a Tesla. It’s not going to
drive like a Tesla. It doesn’t
sound like a Tesla.”
In the U.S., Tesla’s share of
on
10

0
0.2

0
69% decline since peak cars left more vehicles in tran-
sit at year-end.
Tesla’s stumble buys time
for its emerging EV rivals, said
2018 ’19 ’20 ’21 ’22* 2020 ’21 ’22 ’23
mains attentive to Tesla, call- the EV market fell to around Marc Winterhoff, a partner at
us ,

ing its long-term fundamentals 65% in 2022, from about 72% *Through Dec. 11 Sources: J.D. Power (models); FactSet (market value) consulting firm Roland Berger
l

“extremely strong.” He has the year before, according to who has advised several of
e
al a

pointed to Tesla’s advanced estimates from Motor Intelli- Chevrolet Bolt to appeal to supply chain, a yearslong lead lion from more than $330 bil- Tesla’s U.S. competitors.
driver-assistance technology gence. Ford took the No. 2 po- people’s environmental sensi- in scaling manufacturing and lion at its peak in late 2021, Tesla, meanwhile, has been
as providing a strategic edge. sition with 7.6% with vehicles bilities. Mr. Musk went for an expansive, proprietary according to the Bloomberg pressing ahead with expansion
ci on

U.S. rivals are borrowing including the F-150 Lightning quick, flashy luxury cars that charging network. Billionaires Index. He has sold efforts. As of December, it was
from Tesla’s playbook: captur- and an electric version of its also happened to be battery- As of year-end 2022, Tesla more than $39 billion worth of close to picking a new factory
ing attention with new mod- Transit van. Hyundai Motor powered, eventually releasing had cars rolling off the assem- Tesla stock in that time, in location, Mr. Musk said late
els, seizing greater control of Co. and its affiliate Kia Corp., more-affordable models with bly line at an annualized pace part to fund his $44 billion that month on Twitter. The
their supply chains and invest- whose new EVs debuted to wider appeal. of around 1.8 million yearly. purchase of Twitter. company brought its longtime
er s

ing heavily in digital services. rave reviews, had a combined Investors bought in. At the Corporate forecasts indicate it China chief Tom Zhu to the
Ford Motor Co.’s Mustang 7.1% of the U.S. EV market. end of 2021, Tesla was trading is likely to be mid-decade be- U.S. as it worked to optimize
Twitter effect
m er

Mach-E gave the company a Lucid Group Inc., run by a at the towering level of fore GM or Ford eclipses that domestic production, people
stylish alternative to models former Tesla executive, offers around 120 times its expected rate of EV production. His focus in recent months familiar with the matter said.
from Tesla, where Mr. Musk a luxury sedan that delivers earnings, according to FactSet. As the industry began chas- on the social-media company Tesla is profitable at a time
has prized sleek design. 516 miles of range on a charge, That ratio has since plunged ing Tesla, planning a barrage has frustrated some Tesla in- when key U.S. rivals are losing
according to the Environmen- to roughly 24. of new models, Mr. Musk’s fo- vestors, who say he is dis- money on each EV they sell.
m rp

tal Protection Agency. Tesla’s Tesla’s hard-won success cus at times seemed directed tracted. Meanwhile, Tesla’s The company’s operating mar-
Truck market Model S, also a luxury sedan, elsewhere. Tesla bought $1.5 brand image has taken a hit as gin topped 17% in the third
Ford also prioritized an has an estimated 405 miles. billion worth of bitcoin. Mr. Mr. Musk’s management style quarter, compared with GM’s
electric version of its popular When Galen Mittermann Musk added “Technoking” to at Twitter and political com- 8.1% and Ford’s 1.5%, FactSet
F-150, which hit the market began shopping for an EV in
65% his title. And, rather than re- mentary have alienated some data show. Rivian and Lucid
co Fo

last year, providing an edge in late 2019, he was looking at vealing a new car, he promised prospective car buyers. aren’t profitable.
the market for electric pickup Tesla’s Model 3. By the time to build a humanoid robot Bradley Friesen of Vancou- “If there is more pricing
trucks. Mr. Musk has talked he was ready to commit more Tesla’s approximate share dubbed Optimus. ver, Canada, put down a de- pressure…Tesla will be better
about a Tesla pickup for years, than two years later, there of the U.S. EV market in 2022. Tesla spent years develop- posit on a Cybertruck in De- positioned to navigate that,”
but Tesla’s Cybertruck isn’t were around twice as many EV ing an all-electric semitrailer cember 2019, two weeks after said Owuraka Koney, a manag-
expected to come out until models to choose from, ac- truck, the first of which it de- Tesla unveiled the angular, ing director at investment
later this year at the earliest. cording to J.D. Power. livered in December, launching stainless-steel pickup. Three manager Jennison Associates
“I’m very convinced that Put off by what he viewed with its formula ignited what it into the relatively niche years later, with the Cy- LLC, one of Tesla’s largest
the way to do this is not to go as Tesla’s minimalist styling amounts to the American auto long-haul trucking market. bertruck still not out and Mr. shareholders.
after Tesla directly,” Ford CEO and impersonal service industry’s biggest transforma- As rivals have rolled out Musk’s commentary on Twit- Even so, Tesla isn’t the in-
Jim Farley said. “It is to go model—the company doesn’t tion since the early 20th cen- new offerings, Tesla’s models ter having become increas- dustry benchmark it once was,
into segments that we’re re- have a network of local deal- tury, when Henry Ford’s mov- are starting to show their age. ingly irritating to Mr. Friesen, said Mr. An, the Zeekr chief
ally good at, like F-150, or ers—he opted for Ford’s Mus- ing assembly line ushered in The company repeatedly has the recreational helicopter pi- executive.
n-

maybe authentic offroaders, or tang Mach-E, which he bought the era of mass-produced cars. delayed the launch of its Cy- lot pivoted. He reserved an “Tesla is very good,” he
vans.” In December, as Tesla for around $63,000. Ford be- As of last year, car companies bertruck, which would bring R1T pickup from Rivian Auto- said. “But everyone is also
was discounting its vehicles, gan selling the SUV, which and their suppliers had com- its current lineup of passenger motive Inc., a startup that be- showing their strengths.”
Ford raised the price of the competes with Tesla’s Model mitted to spending more than models to five. gan truck deliveries in 2021. —Raffaele Huang, Nora
no

F-150 Lightning electric pickup Y, in late 2020. $525 billion globally through “The goal is not to be a car For much of the pandemic, Eckert and Selina Cheng
for the third time in 2022. Buying the kind of white 2026 on going electric, ac- company. There are plenty of demand was flush for Tesla. contributed to this article.
Last month, 37% of likely Model Y he sees others driving cording to consulting firm Al- car companies. You don’t need Customers faced monthslong
U.S. EV buyers surveyed by “would just be kind of boring,” ixPartners LLP. another car company,” Mr. wait times for many models.
J.D. Power said they would said Mr. Mittermann, a soft- Tesla remains the undis- Musk said in 2021, reiterating Owners sold their used vehi- Watch a Video
consider buying a Ford, 39% a ware program manager in Eu- puted global EV leader—and that Tesla’s long-term mission cles for thousands of dollars Scan this code
Tesla and 44% a Chevrolet. gene, Ore. the world’s most valuable car “is to accelerate the advent of more than they paid for them for a video
Stellantis NV’s Dodge re- Years back, early EV efforts company, even after its recent sustainable energy.” new. about what’s
cently revealed a prototype of produced unassuming models share-price decline. It has an Mr. Musk’s personal wealth The company responded by behind the slide
an all-electric version of the such as the Nissan Leaf and established electric-vehicle has fallen to around $130 bil- racing to churn out as many of in Tesla’s stock.

Financier’s meeting ended abruptly, with

villagers yelling that trust had
been lost.
agreed to a fair price for the
land and made clear that any
voluntary payment to the par-
that Mr. Young play Mr. Hal-
lows a recording of the meet-
ing.

Tree Plan “It’s a lovely beautiful land-

scape and it’s got historic
value—why change it?” said
ish was a separate matter.
At a Dec. 29 Saughall par-
ish-council meeting, Chairman
On Monday, Mr. Young pro-
posed a motion of no confi-
dence in the chairman, which

Stirs a Row villager Susan Mann.

“I question how genuinely
important the environment is
Marc Hallows said he believed
Mr. Greensill had lied about
donating money. He then
passed, and a motion disavow-
ing comments that “challenged
the integrity of Mr. Greensill.”
to a man who owns not 1 but 4 agreed to change the wording Mr. Hallows gathered his
Continued from Page One corporate jet aircraft,” one to “misled,” according to an belongings and moved to
aches for partners such as woman wrote on the village audio recording. leave, with cries of “No, Marc,
Credit Suisse Group AG. Facebook page. Greensill Capi- Mr. Hallows subsequently no!” from the audience. The
Now Mr. Greensill, who of- tal once owned four planes. received a note from Mr. meeting ended in disarray,
ten invokes an upbringing in The businessman and his Greensill telling him his recol- with some villagers angrily re-
rural Australia, is encounter- neighbors “share a passion for lection was incorrect and ask- viewing what had just hap-
PETER ALLIES

ing havoc over hedgerows. His the beauty and tranquility of ing him to meet before “this pened.
aim is to turn about 500 acres the countryside that sur- becomes messy and legal,” ac- Mr. Greensill, bearded and
close to his home rounds them,” a cording to an email viewed by dressed in a yellow waistcoat,
into a mix of farm- spokesman for Mr. Financier Lex Greensill spoke at a recent parish-council meeting. The Wall Street Journal. watched calmly and spoke
land, woodlands Greensill said. Mr. Mr. Hallows in an interview with a few of the villagers af-
and meadows and Greensill, who has Some residents say they withdrew support for the deal said he felt intimidated and ter the meeting. No one could
a community or- denied fraud, is want more information on the until it includes a covenant contacted the police. He said recall a similar evening. Sev-
chard. But while he working with an project or further assurances blocking development. Mr. he didn’t believe it was appro- eral villagers repaired to the
was adept at culti- administrator to the land won’t be developed. Greensill has told the commu- priate to speak with Mr. nearby pub to decompress.
vating connections wind up his financ- Mr. Greensill’s spokesman said nity he accepts inclusion of a Greensill privately. The next day, the parish
in high places, his ing company. he has given details at public clause barring development, The police contacted Mr. clerk told the council that Mr.
green thumb hasn’t A wild debate An early pro- meetings over three years. though there are disagree- Greensill, who in turn agreed Hallows remained chairman,
yet won over the posal shows he in- The parish council of Sau- ments over its form. not to contact Mr. Hallows di- as the no-confidence motion
locals. tends to spend nearly £5.2 mil- ghall and Shotwick Park Another thorny issue: He rectly, according to an email was out of order. On Wednes-
A parish-council meeting lion, or about $6.3 million, doesn’t have final say. That had planned to donate viewed by the Journal. day, Mr. Young, the vice chair-
this week descended into buying the tract in Saughall, a lies with the Cheshire West £500,000 to the parish coun- Another councilor, Vice man, resigned instead.
chaos and shouts of “dis- village near Chester in north- and Chester Council, which cil. His spokesman said the Chairman Peter Young, said he Mr. Hallows says he wants
grace.” The council chairman, west England. Plans call for a owns the land and which ini- Cheshire West and Chester discussed with Mr. Greensill more transparency about the
who said he had involved the mix of so-called regenerative tially agreed to sell it in 2021. Council rejected the idea. averting legal action against conservation project. Still, he
police, walked out after a de- agriculture and rewilding to The Saughall and Shotwick Andrew Lewis, chief execu- the council. A spokesman for said, Mr. Greensill’s plan “is a
mand for his resignation. The fight effects of climate change. Park parish council recently tive of the council, said it had Mr. Greensill said he proposed brilliant one for the village.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | A11

OPINION
Racial Preferences and the Fainthearted Court
By John B. Daukas quotas, while a different five-jus- limits on the use of race because in

T
tice majority held that race could truth they seek racially balanced
he Supreme Court is re- be used as a “nonpredominant” student bodies, not merely diver-
visiting the issue of ra- factor in admissions, solely in the sity. And their treatment of stu-
cial preferences in higher interests of diversity. Only Justice dents on campus belies claims of
education. The last time Lewis Powell endorsed both con- diversity. Many schools have sepa-
it did so, in 2016, it up- clusions, and his solo opinion effec- rate race-based freshman orienta-
held them by a 4-3 vote. All three tively decided the matter. tions, separate living spaces, sepa-
dissenters are still on the court, It became formal Supreme rate majors, separate clubs,
along with three new conservative Court precedent in 2003, when the separate fraternities and sorori-
colleagues. court issued another split decision ties, even separate graduation cer-
In this term’s cases, involving in a pair of cases involving the emonies. How are students sup-
Harvard and the University of University of Michigan. In Gratz v. posed to benefit from diversity if
North Carolina, Students for Fair Bollinger, the court voted 6-3 to they are encouraged to segregate
Admissions asks the justices to strike down Michigan’s undergrad- themselves?

CORBIS VIA GETTY IMAGES (2); SUPREME COURT OF THE UNITED STATES; SHUTTERSTOCK
hold that racial preferences violate uate affirmative-action program, This misuse of race is analogous
Title VI of the Civil Rights Act of which used a “point system” to to the situation the high court
1964 and, when practiced by public discriminate in favor of blacks and faced in Brown v. Board of Educa-
institutions, the 14th Amendment. Hispanics. tion (1954). Proponents of segrega-
The common expectation is that But in Grutter v. Bollinger, a 5-4 tion argued that black and white
they will do so and definitively majority upheld the Michigan law schools were “separate but equal.”
overturn 45 years of precedent per- school’s admission policies, which In reality, they were grossly un-
mitting colleges and universities to purported to use race merely as a equal. Justice Ruth Bader Ginsburg,
discriminate in the interest of “plus factor” as part of “a highly a supporter of racial preferences,
achieving “the educational benefits individualized, holistic review” that noted deception at the heart of the
of a diverse student body.” gave “serious consideration to all court’s university precedents in her
the ways an applicant might con- Gratz dissent: “If honesty is the
tribute to a diverse educational en- best policy, surely Michigan’s accu-
For 45 years, the justices vironment.” rately described, fully disclosed
Justices Sandra Day O’Connor college affirmative-action program
have tried to set strict and Stephen Breyer joined both is preferable to achieving similar
limits and colleges have majorities. Justice O’Connor wrote numbers through winks, nods, and
the court’s opinion in Grutter, disguises.”
ignored them. It’s time for which asserted in a footnote that Tragically, such games mask so-
a bright-line ruling that “race-conscious admissions policies ciety’s failure to prepare black and
must be limited in time” and that Hispanic students better for col-
discrimination is unlawful. “the Court expects that 25 years lege. They lead to mismatching of
from now, the use of racial prefer- Clockwise from bottom left, Associate Justices Anthony Kennedy, Lewis Powell schools and minority students,
ences will no longer be necessary.” and Sandra Day O’Connor and Chief Justice John Roberts. which reduces the number of
But that isn’t a sure thing. Dur- In a pointed dissent, Justice An- blacks and Hispanics who graduate

.
ing oral arguments in Students for thony Kennedy agreed that diver- the laws.” Title VI of the Civil The overall rating Harvard assigns and go on to professions such as
Fair Admissions v. Harvard, the sity was a “compelling interest” but Rights Act prohibits entities receiv- to each applicant uses race.” The medicine, science and engineering.

ly
university’s lawyer, Seth Waxman, argued that the law school illegally ing federal funds, including almost objective—and the effect—is to Should the Supreme Court hold
urged the justices to avoid such a used race as “an automatic factor all colleges and universities, from produce “a class that year over that race discrimination is flatly
ruling. “If you think . . . that the in most instances . . . to achieve discriminating on the basis of year is racially balanced within a unlawful, we can expect universi-
district court and the court of ap-
peals didn’t properly apply the kind
of strict-scrutiny and narrow-tai-
loring analysis that it should have,”
on
numerical goals indistinguishable
from quotas.” He accused the ma-
jority of abdicating its “constitu-
tional duty” to apply “strict scru-
“race, color, or national origin.”
These laws apply to every race
and don’t have carve-outs. They
don’t say “discrimination to pro-
very narrow range.” Harvard’s own
expert admitted that race is the de-
termining factor for hundreds of
applicants each year.
ties to resist, as many segregated
communities did in the 1950s and
’60s after Brown. It will be incum-
bent on the Justice Department,
Mr. Waxman told the justices, they tiny” when evaluating racial mote ‘diversity’ is OK,” or “discrim- I helped run the Justice Depart- state attorneys general, lawmakers
us ,

should send the case back to the distinctions. ination against whites and Asians ment’s Civil Rights Division under and private plaintiffs to root out
l

lower courts rather than “dispense In Fisher v. University of Texas is OK.” In Rice v. Cayetano (2000), Attorney General William Barr. Our misconduct through diligent over-
e
al a

with decades of constitutional (2013), known as Fisher I, Justice the court explained that “one of the two-year investigation into com- sight and litigation.

Y
precedent.” Adam Liptak of the Kennedy appeared to make good on principal reasons race is treated as plaints of discrimination against
New York Times later speculated that criticism. In an opinion for a a forbidden classification is that it Asian-Americans led us to sue Yale et the justices shouldn’t fear
ci on

that Chief Justice John Roberts 7-1 majority, he wrote that the Fifth demeans the dignity and worth of a for illegal discrimination in under- a public backlash. Polls show
“might be pursuing a characteristi- U.S. Circuit Court of Appeals “did person to be judged by ancestry in- graduate admissions. We found that Americans of all races
cally incremental path,” as he at- not apply the correct standard of stead of by his or her own merit that race was the determinative overwhelmingly oppose consider-
tempted with abortion last year in strict scrutiny” and sent the case and essential qualities.” factor for a majority of admitted ation of race in college admissions.

M
Dobbs v. Jackson Women’s Health back for reconsideration—as Mr. black and Hispanic applicants and In 2020 more than 57% of Califor-
er s

Organization. Waxman urged the current court to oreover, what the court in- for many rejected Asian and white nia voters defeated a statewide ref-
The court has tried that faint- do in the Harvard case. sisted was an exception applicants. erendum to end a formal ban on
m er

hearted approach repeatedly with The Fifth Circuit again upheld has become the rule. Among other examinations, we the use of race in college admis-
racial preferences in higher ed, Texas’ use of preferences, and the Bakke, Gratz, Grutter and Fisher II performed statistical regression sions and other state programs.
and the results have always proved case returned to the high court in all purported to set firm limits on analyses, which demonstrated that Chief Justice Roberts got it right
unsatisfactory. The justices’ mis- 2015. By the time the justices de- the use of racial preferences—they race was determinative even after when he observed in Parents In-
take has injured countless Ameri- cided Fisher II (2016), Justice An- were to be used only as a “nonde- accounting for myriad other fac- volved in Community Schools v. Se-
m rp

cans by permitting institutions to tonin Scalia had died. (Justice Elena terminative” factor in a “holistic” tors (such as socioeconomic back- attle School District No. 1 (2007):
divide us by race and creating a Kagan, a former Harvard Law process to promote “diversity.” But ground, first generation to college, “The way to stop discrimination on
well-funded, deeply entrenched ra- School dean and U.S. solicitor gen- colleges have taken these rulings legacy, geography, percentage of the basis of race is to stop discrim-
cial spoils system that degrades us eral, recused herself from both as carte blanche to discriminate high-school students receiving inating on the basis of race.” For 45
all. Unless the court issues a Fisher cases.) Justice Kennedy pervasively. subsidized meals, extracurricular years, the Supreme Court has tried
co Fo

bright-line decision prohibiting the wrote for the 4-3 majority that The record in the Harvard case activities and sports). Black appli- to have it both ways. The result has
use of race in admissions, schools Texas’ preferences were constitu- proves it. “Harvard monitors the cants were up to eight times as been a divided country and policies
will continue to disregard judicial tional, holding that judges owe evolving composition of the class likely to be admitted as compara- that harm tens of thousands of col-
limitations and engage in brazen “considerable deference . . . to a uni- by race at every stage of the pro- ble Asians and whites. Like Har- lege students of all races. It is past
racial discrimination. versity in defining those intangible cess,” Eric Dreiband, then assistant vard, Yale engaged in blatant ra- time for the justices to follow the
The first decision addressing the characteristics, like student body di- U.S. attorney general for civil cial balancing by keeping the law and recognize that it mandates
question, Regents of the University versity, that are central to its iden- rights, told the First Circuit in percentages of admitted blacks equal treatment regardless of race.
of California v. Bakke (1978), fa- tity and educational mission.” 2020. “The application summary and Asians within a narrow range,
mously yielded a split decision. A All these distinctions ignore the sheets used by admissions officers and it favored and disfavored ap- Mr. Daukas served as principal
five-justice majority struck down clear text of the law. The 14th use race. First readers use race, plicants based on race at every deputy and acting U.S. assistant at-
the university’s affirmative-action Amendment prohibits state institu- second readers use race, subcom- step of its multistep admissions torney general for the Justice De-
practices as unlawful under Title tions such as UNC from denying to mittees use race, the Harvard ad- process. partment’s Civil Rights Division,
VI because they involved racial any person “the equal protection of missions committee uses race. . . . Colleges flout the high court’s 2020-21.
n-

Moving to Ohio Doesn’t Make You a Bad Plumber

no

Ohio has a shortage and takes 269 days to obtain. For takes even longer in Indiana, Michi- based on out-of-state work experi- existing industry players want to
of plumbers. The plumbing contractors, the damage is gan and Kentucky, but again, why ence. In other words, if you try to limit competition. Ohio would do well
job has an average $138 along with two exams, with a should anyone have to go through it work in a licensed profession in to pare back licensing altogether,
salary of nearly further requirement that applicants again? Ohio after doing the same job in a which states like Florida are starting
$60,000—20% more have five years of experience. Why state that doesn’t require such a li- to do.
than the typical would someone who can already do cense, you won’t have to start at Universal licensing recognition is
CROSS worker makes in the the job move to Ohio and endure A new law recognizing square one. This will be especially still a powerful step in the right di-
COUNTRY Buckeye State. these demands?
occupational licenses useful for people coming from rection. It will give families more
Some Ohio plumb- That’s especially true for the peo- states with fewer licensed indus- reason to move to Ohio. Those that
By Haley
Holik and
ers make six fig- ple who are perhaps most likely to from other states removes tries. Thousands of people move to come will be free to get to work
ures, which goes move: the residents of neighboring Ohio every year from Texas, Colo- much faster—and without paying for
Michael
pretty far in a state states. In Pennsylvania, licenses in a costly barrier to work. rado and Missouri. Now that it’s the privilege. With any luck, in the
Greibrok
where the cost of lower-wage fields take 120 days to easier to get a job, more will near future, it won’t be so hard to
living is among the get, but in Ohio they usually take surely come. find a plumber.
lowest in the nation. more than twice as long. Ditto West Ohio isn’t the first state to get Ohio’s new law won’t solve every
There’s no single way to solve the Virginia, where the time commit- wise. Twenty states have some problem with the state’s licensing Ms. Holik is a senior fellow at the
shortage, but one contributing factor ment is nearly 20% lower. There’s type of universal licensing law. But system. There are still too many li- Foundation for Government Account-
has been dealt with. On New Year’s little incentive to go to a state where Ohio’s goes further than most by censes that take too much time and ability, where Mr. Greibrok is a se-
Day, Gov. Mike DeWine signed a uni- the burdens are higher. The process allowing people to get licenses cost too much money, usually because nior research fellow.
versal licensing recognition bill that’s
one of the strongest in the nation. It
covers the roughly 650 Ohio profes-
sions—accounting for roughly 1 in 5
jobs—that require workers to obtain
When Elvis Played for Lisa Marie Presley
an occupational license. Acquiring By Bob Greene Vegas skyline. Ms. Saulog, who was People would fly to Las Vegas from came from professional necessity;

I
these government permission slips assigned to take care of the suite, all over the world to see Elvis sing— one of the hotel’s bellmen told me
typically involves some combination t might have been the smallest told me about those private concerts, but there he had been, performing in that Elvis once said: “I’d give a mil-
of education and training, and would- audience for which Elvis Presley with Elvis singing just for his daugh- his pajamas at the break of dawn for lion dollars if I could be a bellman for
be license holders must almost al- ever performed. Just a few hotel ter and the housekeepers who would his daughter and a couple of house- just one week.” Why? “Just so I could
ways pay the state for the privilege housekeepers and his young daugh- come in each day to tidy up. keepers who would sit on the couch go downstairs and walk through the
of working. ter, Lisa Marie. “Elvis’s bodyguards would be lobby.” But he had chosen the life he
A licensed plumbing contractor— “We would come through the back asleep in their rooms,” she said. “El- ended up living. His child hadn’t.
or preschool teacher or barber—who door every morning,” one of those vis’s daughter would visit”—this was He chose a life of fanfare She was 9 and staying with him at
moves to Ohio from another state housekeepers, Imelda Saulog, told me after he and his wife, Priscilla, had Graceland in Memphis on the day he
will no longer have to endure a bur- in the summer of 1989. Elvis had divorced—“and we would walk into and notoriety long before died in 1977. I was present the next
densome bureaucratic process to get been dead for 12 years. I was doing the living room, and there would be the birth of his daughter, afternoon to report on the story; I re-
relicensed. Even if they’d already some writing about his life, and the Lisa Marie, coloring in her coloring member seeing a security guard driv-
gone through another state’s licens- managers of the Las Vegas Hilton, on book, all alone. who was 9 when he died. ing a baby-blue golf cart around the
ing system, Ohio demanded they do whose stage he had always per- “Elvis would come out of his bed- grounds of the property. Painted on
it again. No longer. With universal li- formed when he was in town, were room in his blue pajamas and check the side of the cart was one word:
censing recognition, if you checked allowing me to stay in his old suite on her. He’d ask if she was all right, and listen in silence. Mostly, I was “Lisa.” On the back was a half-peeled
the right boxes in another state and for a week. and she would always say yes, and he told, he played and sang gospel tunes sticker with the slogan: “I’m Just
meet basic standards for public It was more of a house con- would tell her to come into his room for them. Crazy About Elvis Presley.”
safety, you’re free to get to work the structed for him atop the building if she needed him. With the news of Lisa Marie Pres-
moment you get to Ohio. than a hotel room: 5,000 square feet, “Sometimes he would sit and play ley’s death on Thursday at 54, I Mr. Greene’s books include “When
According to the Institute for Jus- four bedrooms, a sun deck on the the piano. We would listen, and Lisa found myself thinking about that We Get to Surf City: A Journey
tice, the average Ohio license in roof. There was a large white piano would keep coloring.” again, and about what her young life Through America in Pursuit of Rock
lower-income industries costs $145 near a window that overlooked the The image has long haunted me. must have been like. Elvis’s isolation and Roll, Friendship, and Dreams.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK PUBLISHER’S ANNUAL LETTER

The Coming Gas Stove Culture War A Report to Our Readers

A
sign of the media times is how quickly break down. “As you begin making a transition, To Our Readers: to shed light on the most consequential
our leading progressive organs rally to everyone will have to switch out appliances,” When news broke that a missile had conflict of a generation will continue in
landed in Poland late last year, killing the year ahead.
deny that Democrats are doing what a state official explained. This is how the left’s
two people, the world briefly stood still, The Journal’s spotlight will also con-
Democrats really are doing. A green-energy “transition” will pondering a question that had not been tinue to be pointed at China, as that
classic example was this Don’t believe this week’s work for all things. Come asked since a different era: Could this country asserts itself in new ways, eco-
week’s flare up in the coming denials. They really are 2035, New Yorkers and Cali- incident spark a direct confrontation be- nomically and otherwise. Our team’s
climate war over banning gas fornians won’t be able to buy tween Russia and NATO? scoop on the makeup of the Politburo’s
stoves. coming for your kitchen. new gasoline-powered cars ei- Some media reported that the missile Standing Committee was a must-read
A Biden appointee on the ther. had been fired by Moscow and the story for anyone in business or policy figuring
Consumer Product Safety The Biden Administration spread around the globe. The Wall out the direction of the country, includ-
Commission explicitly threatened to ban gas is also aiding and abetting the anti-gas stove Street Journal instead stuck to the facts ing many readers of our Chinese-lan-
stoves based on dubious evidence of public- cause. Last year it filed an amicus brief with the it could verify. It turned out the missile guage stories.
health harm. “This is a hidden hazard,” said Ninth Circuit Court of Appeals supporting a gas was of Russian make but that it likely Some executives who are longtime
had been fired by a Ukrainian air-de- Journal readers tell me that the publica-
commissioner Richard Trumka Jr. “Any option ban by Berkeley, Calif. The departments of Jus-
fense battery—a significant distinction. tion should be required reading for any-
is on the table. Products that can’t be made safe tice and Energy argued that cities and states This missile saga, one in business or policy, a sentiment I
can be banned.” should be able to exercise police powers to pro- while now largely wholeheartedly share. That point is sup-
We and others criticized the idea, and the hibit the use of “dangerous or unsafe items.” forgotten, highlights ported by the unrivaled coverage of the
media response was to rush to blame conserva- Why would the federal government weigh in on two truths that are Federal Reserve by Nick Timiraos and
tives for starting it all. “Right’s new fight: Gas a local regulatory case, if not for ideological cli- relevant to the the Journal newsroom’s coverage of in-
stoves,” said Axios, which pushes hard for the mate solidarity? global news institu- flation even before it became a domi-
climate alarmist agenda. The Washington Post Progressives claim that gas stoves produce tion that is The Wall nant global narrative and a story dis-
assured its readers that “regulators have no pollutants that are harmful to human health. Street Journal. First, cussed in every home.
plans to ban gas stoves, but Republicans are But pollution comes from cooking with poor the contours of a Incidentally, the Journal’s editorial
new era are slowly board and op-ed contributors warned
slamming the Consumer Product Safety Com- ventilation, not from natural gas. Electric
taking shape, set about inflation when many said it was
mission for announcing it will examine the range-tops have the “hidden hazard” of poten- against a landscape transitory. Our diverse contributors to
health impacts of the appliances.” tial burns, to borrow Mr. Trumka’s words. of volatility and un- these pages urged the Fed to end its
But we didn’t make up Mr. Trumka’s quote. By the way, last week Energy Secretary Jen- predictability in vir- Almar Latour easy-money policies; the editorial board
We and others responded to it. After withering nifer Granholm retweeted a link to a study link- tually every realm: lobbied for and anticipated the Supreme
public criticism, including by Democratic Sen. ing gas stoves to asthma: “We can and must FIX from energy to technology, geopolitics Court’s historic decisions on religious
Joe Manchin, the CPSC Chairman denied any this,” she tweeted. “Through @POTUS’ Infla- to local politics, and markets to the liberty and illegal executive overreach
plan to ban, and the White House said President tion Reduction Act, Americans will have greater global economy. As a result, the proba- on Covid mandates and climate regula-
Biden also doesn’t want to ban gas stoves. But access to Electric and Induction Cooktops.” The bility of previously unthinkable events— tion; and it remains deeply critical of
that’s cold comfort given that the climate left Inflation Reduction Act includes $840 rebates good and bad—appears higher than it performative politics without a cause.
does want to ban them, and progressive cities for electric stoves. has been in many years. As always, our op-ed pages featured
Second, reliable information is the prominent voices from both the right
and states are doing it. There really is a culture war coming over gas
most valuable currency of the epoch. and the left, a core strength meant to
Progressive cities such as Berkeley, San stoves, and everything else involving fossil fu- A faulty news dispatch can send mas- foster debate rather than stifle it.
Francisco and New York City have already els, because climate has become for the left a

.
sive ripples. Hyperbole, infatuation WSJ Opinion columnists showed in-
banned gas stoves and other appliances in new matter of core cultural identity. Progressives with spectacle and thinly sourced me- dependent thinking that is willing to

ly
buildings. New York Gov. Kathy Hochul this want to impose their values on the lifestyle of dia reports with alarmist headlines— break from conformity in large parts of
week proposed a ban on gas equipment includ- everyone else, including in the kitchen. If subsi- prevalent in what passes for news to- the media: Andy Kessler forecast the
ing stoves in new small buildings in 2025 and dies don’t work, coercion follows. When they day—cloud personal judgment and meltdown of cryptocurrency invest-
larger ones in 2028. on
can’t win the political debate, they resort to
Come 2030, New Yorkers won’t be allowed brute government force. They really are coming
to replace their gas stoves with new ones if they for your stove.
stifle nuanced societal debate. By con-
trast, reliable, unbiased journalism,
data and analysis can help determine
the difference between good outcomes
ments; Allysia Finley explained the
looming breakthroughs against diseases
like Alzheimer’s and pushed the FDA for
faster approvals; and Holman W. Jen-
and bad ones. kins Jr. took on failures of the U.S. press
us ,

Paul Johnson’s Historic Times For The Wall Street Journal, this is to deal honestly with its mistakes on
l

our moment. Along with our sister en- FBI meddling in elections.
e

T
al a

terprises at Dow Jones, we exist to be

here’s an old joke that academics bitterly aimed at capturing the public’s imagination your trusted source of journalism, data,
complain about popular historians for about Socrates, Napoleon and other giants. His commentary and analysis as you make We at the Journal believe in
ci on

the high sin of publishing books people 192-page volume about Winston Churchill is bet- key decisions, be it in business, finance, Clarence Barron’s mantra:
enjoy reading. Few working ter than others that are three policy or at the kitchen table. Not only
journalists have written his- The popular historian times the length, and it closes is it our business to be factual, it is our ‘We can always improve.’
tory with as much elan and with lessons from the famous responsibility. And that sense of respon-
narrative force as the British
and lover of America Prime Minister’s life: “In a sibility, along with our superb staff’s fo-
er s

author Paul Johnson, who died dies at age 94. cus and commitment, is one reason our Next month will mark a transition at
sense his whole career was an
journalism in the past year has been so the helm of the Journal newsroom. Matt
this week at age 94. exercise in how courage can be
m er

strong. It is why The Wall Street Jour- Murray, editor in chief, will take on a se-
Johnson spent his early ca- displayed, reinforced, guarded nal, and Dow Jones publications such as nior position at News Corp following a
reer editing the New Statesman, later contribut- and doled out carefully, heightened and concen- Barron’s and MarketWatch, attract more highly successful period leading our re-
ing to the Spectator, Commentary and others, in- trated, conveyed to others.” news subscribers today than at any porters. Under his management, the
cluding these pages. His more than 50 books range Though he was British, his writing often con- other time in our history, nearly five Journal saw superb growth and excellent
m rp

from “The Birth of the Modern: World Society cerned the United States, which he called a “mar- million, and growing. journalism, all during an era of unprece-
1815-1830” to “Art: A New History” to histories of velous” country, as he told these pages in 2011; In 2023 we will continue to focus our dented challenges. In February, Emma
the United States, Christianity and the Jews. “a working multiracial democracy” and “the unique resources on core news and Tucker will take over from Mr. Murray.
“Obviously,” George W. Bush quipped in 2006 greatest of all human adventures.” That view is analysis that matter to you. Even as the An energetic and seasoned editor who
when presenting Johnson the Presidential Medal unfashionable now on the American left and Journal and Dow Jones will also have to has led the Sunday Times in the U.K.,
co Fo

navigate volatility and economic pres- Ms. Tucker will bring digital savvy, a
of Freedom, “the man is not afraid to take on big even the so-called nationalist conservative right,
sures, we will allocate our resources to global perspective and a deep passion
subjects.” most of whose denizens could benefit from read- get it right for our readers and users ev- for high-quality journalism.
His most broadly influential book, first pub- ing Johnson’s “A History of the American Peo- erywhere. As we seek to expand our audience
lished in 1983, was “Modern Times,” a history ple,” which invites readers in with this subver- Like last year, we expect that much of and our impact, one thing that will not
of the 20th century from the 1920s to the 1980s. sive opening note: what happens at home in 2023 will be change is our approach to news: Our
It opens with the confirmation of the theory of “I have not bowed to current academic nos- affected significantly by events abroad. staff looks at the world through a busi-
relativity in 1919 and is propelled for more than trums about nomenclature or accepted the fly- Some of the most insightful work in ness lens, calmly and deliberately. Our
800 pages by this core thesis: “There are no in- blown philacteries of Political Correctness. So 2022 came from our Ukraine team, first newsroom honors its great responsibil-
evitabilities in history.” I do not acknowledge the existence of hyphen- led by Yaroslav Trofimov and later by ity for accuracy and fairness in report-
His narrative then proves the point by show- ated Americans, or Native Americans or any James Marson, whose reporting has put ing, and openly corrects errors that of
ing how ideas and the individuals who wielded other qualified kind. They are all Americans to a unique spotlight on the war and its course do occur. Now perhaps more
cruelties. Their reports are among the than ever, good reporting means show-
them helped to shape the last bloody century, for me: black, white, red, brown, yellow, thrown to-
n-

best to come out of the global Journal ing restraint, writing only what our
horribly worse and then into the 1980s for bet- gether by fate in that swirling maelstrom of his- newsroom, including Mr. Marson’s har- journalists know—and not what they
ter. The study of history, Johnson wrote else- tory which has produced the most remarkable rowing tale of one Ukrainian unit’s may think they know. These lessons
where, is “a powerful antidote to contemporary people the world has ever seen.” deadly experience in the field. The Jour- were applied during the missile story
arrogance.” His histories line many a bookshelf and will
no

nal’s Ukraine team—which includes an and they are applied every single day to
Johnson later produced concise biographies educate for decades to come. experienced, dedicated security staff every story.
that helps our reporters navigate the All in all, the Journal will not sit still
war landscape—offers our readers the in the coming year. We believe in the
Big Labor Strikes Back in Michigan highest commitment: risking their lives
to get to the truth.
old mantra from Clarence Barron, who
presided over the Journal a century ago:

S
cratch a “pro-worker” politician and too A 2022 study by the Mackinac Center for Public The Journal’s approach to war re- “We can always improve.” Your feed-
porting goes beyond the actual war the- back is key to that. So, together, as we
often you’ll find a staunch opponent of Policy compared county-level job markets in ater. It is holistic, explaining “the trans- make sense of the changing world
employees’ basic rights. That goes for Michigan, Indiana, Wisconsin and Ohio. The first mission mechanism of how Ukraine is around us, we look forward to hearing
Michigan Democrats, who are three are right-to-work states impacting Kansas or New York,” as one from the most important part of our in-
about to use their narrow leg- Democrats want to ban while Ohio isn’t. The study editor puts it. That includes the war’s stitution: you, the reader.
islative majorities to coerce right to work, forcing found that right to work reverberations in markets, energy and ALMAR LATOUR
tens of thousands of workers caused a 26% boost in the food and the global supply chain. Efforts Publisher
back into the union fold. workers to join unions. manufacturing share of em-
A pair of bills introduced
Thursday in the state House
ployment in Michigan, plus a
30% boost in construction and
LETTERS TO THE EDITOR
would repeal right to work, the law that lets a 42.5% increase in transportation and ware-
workers choose whether to join a union. That housing. Employers in these fields set up shop A Do-Nothing Congress and a Potemkin Village
would end Michigan’s 10-year run as a right-to- in the places with fewest restrictions on labor. In “Joe Biden, the El Paso Kid” cluded a street cleaning, so to speak,
work state after Republicans enacted the law Michigan residents have noticed the trend, (Main Street, Jan. 10), Bill McGurn in advance of his visit. Overnight, the
in December 2012. State House leaders an- which is why they support right to work by a wide gives me so much I want to say—or city of El Paso, Texas, was turned
nounced their repeal plan after Democrats won margin. A poll this month by Target Point Con- scream. The Biden-Harris policy on into a Potemkin village.
a majority in November, and they’ve pledged to sulting found that 58% of respondents favor right immigration is worthless to nonexis- PETER DODGE
pass it quickly. to work with 29% opposed. Even voters who back tent, so condemning the president St. Augustine, Fla.
The repeal repays Big Labor, as five of the Gov. Gretchen Whitmer support right to work and vice president is easy and fun.
biggest private unions sent more than 95% of 46% to 40%, which may explain why she has been But the real problem is Congress. It
their campaign contributions to Democrats, ac- quiet about her desire to repeal it. has developed the habit of not both- Pepper ...
ering to do its job. You know, passing
cording to Bridge Michigan. Repealing right to The vote on right to work will test how much
budgets, controlling administrative
And Salt
work is a union priority because thousands of unions control Democrats in Lansing. A referen-
agencies, that sort of thing. THE WALL STREET JOURNAL
workers have left their ranks when given the dum on abortion rights in November helped If Congress were to give proper
choice. In the decade since Republicans banned drive support for Ms. Whitmer and her allies in guidance to Homeland Security, Bor-
compulsory dues, the share of Michiganders in the Legislature, and voters gave Democrats uni- der Patrol, ICE and the rest, lawmak-
private unions has dropped by a fifth. That’s fied control of the statehouse for the first time ers could then use the power of the
more than 60,000 workers. in nearly 40 years. But they have only two-seat purse strings to require the executive
The passage of right to work was a hard-won majorities in each legislative house, and Demo- branch to execute Congress’s guidance.
achievement by state Republicans. Michigan, crats in such swing regions as Kent and Macomb If only; neither Democratic nor Repub-
where the labor movement crested in the 1950s, counties could be hit by the backlash to right-to- lican Congresses have done their jobs
was still the second most unionized state by work repeal. in decades. There is growing evidence
that they have forgotten how.
2000. But in 2012 57% of voters rejected a con- Progressives will consider this gift to unions
HAL DANTONE
stitutional amendment that would have banned to be worth the political risk. Mandatory dues Kingsville, Texas
right to work. The GOP passed a right-to-work from workers forced to join a union will add to
law a month later, and then-Gov. Rick Snyder union coffers that finance Democrats—whether Having decided that it was time to
signed it. or not the workers support those candidates. A show up at the border, President Bi-
The cost of repeal will be paid by the whole movement that has to coerce workers to join has den informed reporters that arrange- “Right now your cost to benefit
state because right to work attracts employers. no right to claim to speak for workers. ments were being made. These in- ratio is way out of whack!”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | A13

OPINION

The Half-Madness of Prince Harry

as the truth. There are other flaws, to bring it down but he has gone be-
and they grate. There’s a heightened- yond removing bricks from the fa-
ness to his language—he never cade and seems to be going at the
leaves a place; he flees it “in fear for bearing walls.
DECLARATIONS our sanity and physical safety.” He I close with a thought on privacy.
By Peggy Noonan often finds his wife “sobbing uncon- Prince Harry violates his own. He

P
trollably” on the floor and the stairs, tells us too much about himself and
rince Harry’s book is odd. mostly over what he fails to realize others.
There’s even something are trivial things. He is grandiose: Once there was a reigning per-
half-mad about it. “My mother was a princess, named sonal style of public reticence about
He opens with a dra- after a goddess.” “How would I be private pain. You didn’t share it with
matic meeting at Frog- remembered by history? For the everybody, and you didn’t use it for
more, his former mansion on the headlines? Or for who I actually advantage or as a weapon: I have
grounds of Windsor. It is just after was?” Lord, he was an attractive known pain, you must bow before

MAX MUMBY/INDIGO/GETTY IMAGES

the death of Prince Philip, Harry’s man fifth in line for a largely cere- me. The forces of modernity have
paternal grandfather. For months monial European throne; it would washed away the old boundary be-
Harry has been estranged from his hardly remember him at all. (Unless tween public and private. It isn’t
father, Charles, and his brother, Wil- he wrote a scalding book and desta- good. It’s making us less human even
liam—a “full-scale public rupture.” bilized the monarchy!) He repeatedly as we claim to be more sensitive.
Harry has flown in from America points out that he’s a Windsor and But fully mature people still have
and requested a meeting. The day is of royal blood. His title means a lot a sense of their own privacy, they
overcast, chilly. Charles and William to him. He is exhibitionistic: “My pe- keep to themselves what is properly
arrive late looking “grim, almost nis was oscillating between ex- kept to oneself. Privacy isn’t some
menacing,” and “tightly aligned.” tremely sensitive and borderline relic of the pre-tech past, as I said
“They’d come ready for a fight.” traumatized.” (Frostbite.) The palace, no doubt knowing this, But the odd, half-mad thing about once, it is connected to personhood.
Harry is tongue-tied, vulnerable, There are gaps in his knowledge- opted to “play ball” with the news- this book is that in it he violates his It has to do with intimate things—
leaves heartbroken. “I wanted peace. base that wouldn’t be irritating if he paper and not deny all aspects of the own privacy, and that of others, more the inner workings of your head
I wanted it more than anything.” weren’t intent on establishing that story. This made Harry feel thrown than Fleet Street ever could. and heart, of your soul. You don’t
he’s giving you the high-class rar- under the bus. He is careful throughout to say just give those things away. Your
efied inside dope. “Never complain, His father, he believes, used him he is telling his story in order to deepest thoughts and experiences
In his new book, he violates never explain” has been an expres- as a “sacrifice,” to appease a power- help others, those who’ve struggled are yours, held by you; they are
sion of the old American upper class ful editor and bolster his own sag- with mental illness or been trauma- part of your history. They are part
his own privacy as he tells since forever, and I’m sure the Brit- ging reputation. “No more the un- tized by war. It is hard to know an- of your dignity. You share them as
us too much about himself, ish one too. It isn’t special to the faithful husband, Pa would now be other person’s motives; it can be a mark of trust. This is true inti-
Windsors. “An heir and a spare” is presented to the world as the harried hard to know your own. But I don’t macy, not phony intimacy but the
his wife and others. old Fleet Street tabloidese. It doesn’t single dad coping with a drug-addled think this book is about others. I real thing.
mean, as he suggested on book tour, child.” He reports Charles and his think it’s about his own very human If you tell all the strangers your se-
he was bred for body parts. wife, Camilla, were jealous of William desire for revenge, to hurt those crets what do you tell your intimates?
You feel such sympathy. What Famous families often have inter- and Kate’s “drawing attention away who’ve hurt him. And to become A friend said the other day: “Most
could have driven them so far apart? nal communication problems. The from them.” His stories of jealousy secure in a certain amount of of the forces in the world are push-
Why are Charles and William so children of those families learn sound like projection. But they also wealth. And to show his family and ing toward exhibitionism and calling
cold? Then you realize, wait—Philip much of what they know from the make the book feel less like “Clown Fleet Street that their favorite gin- it honesty. The assumption is if you

.
died just a month after the Oprah in- many books written about the clan. Turns on Circus” than something ger-haired flake could make his keep things to yourself you have
terview in which Harry rather coolly They internalize and repeat observa- more deadly, especially just before own way, set up his own palace, something to hide.” But you aren’t

ly
portrayed his family as remote and tions and stories that aren’t quite Charles’s coronation this May. break free, fly his own standard, reserved out of shame, you are re-
hapless puppets and implied they right but are now given their insider Harry accuses the tabloids of vio- become the duke of Netflix. This served out of a sense of your own
were racist. imprimatur. lating his privacy, and no doubt they book is classic Fredo: “I can handle value and self-respect. And it doesn’t
Harry forgets, in the opening, to
tell us that part. But you can see
how it might have left Charles and
William a little indignant.
on
Harry’s anecdotes tend to under-
mine the institution of the monar-
chy. When he was a teenager Brit-
ain’s biggest tabloid told the palace
often did. What is almost unbeliev-
able is that he is so unmoored and
destabilized by this inevitable aspect
of fame, especially royal fame. He
things. I’m smart. Not like every-
body says, like dumb, I’m smart and
I want respect!”
It is all so contradictory. He says
leave you alone; it means you are
part of something larger, a whole
world of distinct souls.
You shouldn’t violate your own
This is the book’s great flaw, that it had evidence he was doing drugs. implies he left Britain primarily be- he wants reconciliation but writes privacy, not for attention or admira-
us ,

Harry doesn’t always play it straight, In fact, as Harry tells us candidly, he cause of the newspapers and their things that alienate, he says he re- tion, and not for money. It’s a mis-
l

that he thinks “my truth” is as good did do drugs when he was young. criticism of his wife. veres the monarchy and isn’t trying take. And it won’t heal you.
e
al a

A Simple Way the Republican House Can Combat the Woke Left
ci on

By James Hankins HR departments over politicized “How can government best support what’s best if all views are fairly the future by executive fiat, using its

N
“mission statements.” You can’t con- the middle and lower classes?” or presented. This has been a funda- control of opinion to silence or dis-
ow that Republicans control test the conduct of tech companies “How can government strengthen mental principle of democratic de- credit dissenters.
er s

the House, what can they do or the FBI. the family?” or “Should government liberation since the ancient Athe- But if the most radical progres-
to regain Americans’ trust in Many people now sense that the regulate social media, and if so, nians invented it: Expert opinion is sives refuse to participate, it would
m er

government? What can they do for progressive left has a hammer lock how?” best at formulating policies, and the reveal to the public the undemo-
America? The questions are related. on public opinion through its control It should bring in speakers from people are the best at deciding cratic mentality of the woke left. It
We already know what the Re- of most media, the universities, Hol- outside, preferably nonpartisan peo- whether to carry them out. might bring to the fore progressives
publican House plans to do. It is go- lywood and the diversity, equity and ple like Joel Kotkin (on the plight of Anyone who follows the debates of a more liberal bent, whose views
ing to investigate. It is going to in- inclusion apparatus of every large the middle classes) or Bjorn Lom- of the libertarian Soho Forum knows can moderate and render acceptable
m rp

vestigate the withdrawal from company. Decisions are made that borg (on climate policy) or Mary that even in the Democratic strong- to a broader public any policies that
Afghanistan, the administration’s degrade the quality of life for the hold of New York City it is possible might emerge from the debates.
handling of the border crisis, and little guy, whose voice can’t be to shift public opinion from radical It is increasingly difficult to fight
the origins of the Covid-19 pan- heard. Invite nonpartisan experts progressive orthodoxy so long as the information oligarchy, and few
demic. It may investigate the busi- But what if the new House were viewpoint diversity is maintained. institutions have the power to do it.
for formal debates in the
co Fo

ness dealings of the Biden family. It to challenge the information oligar- The House could commission its The House is one of those institu-
may even investigate the Federal Bu- chy by holding televised debates in chamber and let the people own polls from a board of left-lean- tions. Giving a voice to the full
reau of Investigation. the House that address the very ing and right-leaning pollsters to range of opinion is something it can
Some of these investigations may questions the little guy is “not al- make up their own minds. measure how the public reacted to do for America. The House, after all,
do the country some good, and the lowed” to raise? the debates. is supposed to represent the voice of
House has a constitutional duty to I don’t mean that members of the It’s possible that progressives the people under our Constitution.
hold government accountable. But House should themselves debate Eberstadt (on family policy) or Jon- would simply refuse to engage in de- That is the best kind of populism:
they are unlikely to receive much at- these questions. Anybody who has athan Haidt (on social media). Let bate. It has long been a characteris- not holding rallies to hear the rav-
tention from the news media and watched congressmen “debate” be- the Democrats nominate progres- tic of the activist left that it prefers ings of egomaniacal billionaires, but
they are unlikely to change public fore cameras in empty chambers sives to represent their point of to conceal from the public the ulti- allowing the people to make up their
opinion. Take the House Jan. 6 com- knows that such an exercise would view. Let’s have a real debate on is- mate goals of its policies. It doesn’t minds through the operation of free
mittee, whose hearings were profes- have no effect. I mean that the sues that affect the American peo- want the working classes to know institutions.
sionally produced, televised and cov- House should sponsor in its own ple. Let the American people, for that its vision for the future is for
n-

ered by the media. In the end, the chamber formal evening debates, once, hear all sides. elites to drive Teslas and for every- Mr. Hankins is a professor of his-
proceedings didn’t measurably Oxford Union style, on questions of As to the outcome of these de- one else to walk or take the train. It tory at Harvard and a visiting fellow
change public opinion about the so- public concern such as “What should bates, I’m confident the American prefers to “nudge” them in progres- at Princeton University’s James
called insurrection. The public tuned be done about climate change?” or people have the wisdom to decide sive directions or to drag them into Madison Program.
no

them out because there was no de-

bate and no cross-examination, and
the outcome was never in question.
No drama, no audience.
So what else could the new House
Never Mind, Say the U.S. Government’s UFO Hunters
do with its powers? With the Senate The Pentagon’s UFO paranoia has been stood on its head. pilot were to crash after chasing a NASA Chief Bill Nelson, who in-
and White House in Democratic hunters seem to The intelligence the U.S. was hiding UFO, as happened in 1948 to a Ken- voked the possibility of parallel uni-
hands, it is unlikely that it can pass coin new acronyms is intelligence that suggests UFOs tucky air guardsman who crashed verses and added, “We hope it’s not
any new legislation that reflects its at a rate of about are not alien spacecraft but ordinary his P-51 while pursuing what was an adversary here on Earth that has
own priorities. But it can do some- one a year, and may drones, balloons, wind-blown plastic later judged to be a secret U.S. gov- that kind of technology”—misleading.
thing to change public opinion about now need another— bags, etc. The government’s desire to ernment balloon? Any doubt that Operation Clean-
the direction of the country, which unexplained de- keep its own secrets was a key infla- One puzzle remains: why the U.S. Up is now under way should have
BUSINESS
almost two-thirds of Americans layed object. tor of the UFO bubble. government for so long seemed been dispelled in late November. The
WORLD
think is on the wrong track. The UDO in In the new report, all hints of pleased by its role in propagating Pentagon’s intelligence undersecre-
By Holman W.
If you look at conservative media question is the in- woo-woo and uncanniness are gone, the UFO frenzy, before turning on a tary and its UFO office chief held a
Jenkins, Jr.
these days, a constant theme is how telligence commu- in favor of worry about the hazard dime a year ago—a shift paralleled briefing to sing in unison that the
you are “not allowed” to say things nity’s second an- airspace “clutter” poses to air traf- by the overnight shift from credu- U.S. has no information to support
anymore. “They” won’t let you. You nual report on military sightings of fic. Unsurprisingly, the reported lous to skeptical of its chief stenog- the alien-visitation hypothesis. NASA
will be deplatformed, canceled, what are now called unexplained sightings increased with the in- rapher, the New York Times. is in repentance mode too, letting
maybe even fired. You can’t chal- aerial phenomena. Originally ex- creased attention. Of 195 incidents the media know its own forthcoming
lenge progressive orthodoxies on cli- pected in October, then promised by that could be explained, 100% were study won’t point to extraterrestrial
mate change or fossil fuels. You year-end, it appeared Thursday, not due to alien visitation. Of course, Operation clean-up is explanations.
can’t question the teaching of gen- sticking another pin in the five-year the genie won’t go back in the bottle Kudos are due a relative few,
der ideology and “antiracism” in UFO belief bubble fostered by the easily because 171 remain unex- easy to explain, but why such as Popular Mechanics, the In-
public schools. Students are afraid U.S. government itself. plained. But the truth is out there: If the five years of taunting tercept and Reason magazine. Since
to push back against professors. Em- In an irony the world will be slow 100% of explained events don’t in- the suggestive leak of Navy pilot
ployees don’t want to tangle with to appreciate, 60 years of Roswell volve aliens, what is the assumed the Roswell crowd? videos in 2017 indicating unex-
rate of alien involvement in the un- plained encounters, they have been
explained events? If thousands of in- nearly alone in upholding the stan-
cidents are examined over decades Interesting now is to chart the dards of American journalism in an
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY and none yield proof of alien visita- progress from misleading to non- unpopular cause, namely not assum-
Rupert Murdoch Robert Thomson tion, what should we assume about misleading. A previous national in- ing that every passing mystery that
Executive Chairman, News Corp Chief Executive Officer, News Corp the background incidence of alien telligence report, issued in June eludes explanation is due to alien
Matt Murray Almar Latour visitation? 2021, implying dozens of unex- spacecraft.
Editor in Chief Chief Executive Officer and Publisher
On the flipside, if aliens ever do plained sightings by military pilots Then there’s PBS, which last
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: visit, expect the evidence not to be of “physical objects” exhibiting week aired a part-documentary,
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; ambiguous or hiding behind a pile of “advanced technology”—clearly part-docudrama on the alien-visita-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
ordinary unexplained events. misleading. tion thesis. In the end, PBS was also
Thorold Barker, Europe; Elena Cherney, News; Ukraine perhaps accounts for the John Brennan, the Obama CIA a non-misleader if you stuck around
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business change in tone. Suddenly, it was no chief who in a 2020 podcast pointed long enough. Just before the clos-
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, longer suitable to have the world be- to a “type of activity that some ing credits, its panel of astrono-
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; lieving the Pentagon either had lost might say constitutes a different mers and astrobiologists was al-
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
its mind or was using UFOs to hide form of life”—misleading. lowed to emphasize that, for time
Investigations; Amanda Wills, Video
WSJ | Barron’s Group; Jennifer Thurman, Chief its own possession of uncanny, de- John Ratcliffe, President and distance reasons, humans are
Paul A. Gigot Communications Officer; Sherry Weiss, Chief stabilizing military capabilities. The Trump’s intelligence czar, who unlikely ever to have a direct en-
Editor of the Editorial Page Marketing Officer risk of a mass-hysteria outbreak ruled out an earthly explanation for counter with an alien civilization.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
couldn’t be ruled out. Suppose, in a apparent “technologies . . . that we At best, we will discover they ex-
1211 Avenue of the Americas, New York, N.Y., 10036 context of widespread belief culti- are not capable of defending isted long after they’re gone, or
Telephone 1-800-DOWJONES vated by the government, a military against”—misleading. vice versa.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

SPORTS
Micah Parsons can play virtually
every position on defense, making
him an unusually versatile weapon.

part, though, wasn’t his ability to

do that. It was finding time to get
him into all the different position
meetings that were taking place at
the same time.
“We just map it out to go to dif-
ferent spots,” Quinn says. “It’s a
challenge.”
The Cowboys discovered some-
thing else others missed about
Parsons. He was a better pass
rusher than anyone imagined.
In Parsons’ two seasons at Penn
State, he had a total of 6.5 sacks.
Many pre-draft scouting reports
FROM TOP: BRACE HEMMELGARN/USA TODAY SPORTS; JEROME MIRON/USA TODAY SPORTS

suggested that he might wind up

as a middle linebacker, or some
other position that doesn’t play a
primary role in attacking the
quarterback.
But Quinn thought Parsons’
combination of size and quickness
could be dangerous as an edge
rusher. He was right. Parsons tal-
lied 13 sacks last year, along with
20 tackles for a loss and 30 quar-
terback hits. He was runner-up for
NFL defensive player of the year—
as a rookie. This year, he added
13.5 sacks and may win defensive
player of the year.
What’s most incredible about
his numbers, which put him among
the league’s top sack maestros, is
that pass rushing is only a part-
time job for him on the field. One
analysis showed he played even
more often as an off-ball line-

The Cowboys Have a One-Man

backer than he did on the edge last
season. There were even times he
lined up at cornerback and safety.
That flexibility means that on

.
any given play he can be doing

Answer to NFL Offenses

practically anything. His talents

ly
are suited for guarding pass-catch-
ing tight ends. He’s also speedy
enough to keep up with receivers
on
Micah Parsons can play every position on defense, creating nightmares for quarterbacks
when he has to, and he’s big
enough to take down running
backs barreling at him.
That made Parsons the integral
piece to turning
us ,

BY ANDREW BEATON moment Parsons became a Cow- Parsons was somewhat of a around the Dallas
l

A
boy, the team’s defense went from mystery heading into the 2021 NFL defense. In 2020,
e
al a

few years ago, the foot- being one of the worst in the draft. He was one of the players the Cowboys ranked
ball coaches at Penn league to one of the best because who sat out the 2020 college foot- 28th in the league in
State experimented with he’s not simply a menace who ball season because of the pan- points allowed. Last
ci on

an outrageous idea. racks up sacks and game-changing demic, which meant teams had one year, they ranked
Could their star linebacker return plays. He’s capable of terrorizing less year of tape on him. There second, and they
kicks? offenses in the same exact way were also questions about how were in the top five
Micah Parsons tried it out in that they have grown accustomed missing a year could affect his de- again this season.
practice. He might’ve actually done to tormenting defenses. velopment. “You just put the
er s

it in a game if the pandemic hadn’t Cutting-edge offensive schemes It was also clear there wasn’t tape on and 11
upended the 2020 season. He still in the NFL weaponize versatility. any other player available quite shows up every-
m er

wants to do it someday even The ability of players to line up like him. Standing at 6-foot-3 and where,” Buccaneers
though he now stars for the Dallas anywhere on the field forces de- 245 pounds, he ran the 40-yard offensive coordina-
Cowboys. fenses to account for numerous dash in 4.39 seconds at his pro tor Byron Leftwich
“We’ll get there one day,” Par- possibilities when a quarterback day. That would have been tied for said this week, us-
sons says. breaks the huddle. When a wide the sixth-fastest time among wide ing Parsons’ uniform
m rp

The notion that Parsons could receiver can capably line up in the receivers for 2021 draft prospects. number. “He’s a
moonlight as a kick returner is backfield, defenders have only sec- In college, Parsons showed great football player,
also what makes him a unicorn. onds to adjust. flashes of being able to rush the really one of the
He’s only called a linebacker be- Parsons’ capacity to play all passer like a defensive lineman. He great football play-
cause players need some position over doesn’t just neutralize that had the build of a linebacker. He defensive coordinator, and Par- ers in this league.”
co Fo

listed next to their names. In real- advantage. It also flips the equa- had the speed of a defensive back. sons’ physical traits were obvious Even though the Buccaneers
ity, he plays practically every posi- tion. When teams play the Cow- The question for the teams that to him. But what impressed Quinn beat the Cowboys 19-3 when they
tion on defense. And that is what boys, it’s the offense that has to considered drafting him: How ex- even more was how quickly Par- met during the first week of this
makes him a weapon unlike any scramble to adjust based on wher- actly would they deploy him? sons absorbed all the information season, Tampa Bay’s offense sput-
other for the Cowboys. ever Parsons positions himself. When Dallas picked him 12th thrown at him. tered and Brady was sacked
When Dallas plays the Tampa “It creates frustration for the overall, it had an answer: Every- It can take rookies years to twice—both times by Parsons.
Bay Buccaneers in the wild-card linemen,” Parsons says. “They where. grasp the nuances of NFL play- The stakes are even bigger on
round of the playoffs on Monday don’t know where to go. It just The Cowboys’ selection of Par- books, and that is just when they Monday night. It’s the playoffs.
night, Parsons is the guy who will creates a bunch of mismatch sons also coincided with Dan have to learn one role. Parsons And Micah Parsons could end Tom
drive Tom Brady crazy. From the nightmares to our advantage.” Quinn’s first season as the team’s had to learn several. The hardest Brady’s career.
n-

Novak Djokovic Is Back in Australia Making Up for Lost Time

no

BY JOSHUA ROBINSON Djokovic said. “I think it gets into most of them are either retired
the head of your opponents more, (Serena Williams, for example), ex-
AT THIS TIME LAST YEAR, No- as well. That’s what I want. I want pecting children (Naomi Osaka), or
vak Djokovic was doing his them to know that regardless of both (Ashleigh Barty). The one re-
stretching exercises in a migrant the score line, I’m always there, cent champion who is back is Sofia
detention facility in Melbourne, as I’m always fighting till the last Kenin of the U.S. and she’s ranked
he fought a losing court battle to shot, and I’m able to turn things No. 280 in the world. By coinci-
remain in the country and play at around.” dence, her first-round opponent is
the Australian Open. When he was The question now is whether the only other previous champion
finally placed on a flight back to anyone can stop him in Melbourne. in the draw: Victoria Azarenka of
Europe after more than a week of In recent years, the only people to Belarus, who won the title in 2012
wrangling, the understanding was manage that have been the Austra- and 2013.
that he wouldn’t be welcome back lian immigration authorities and a But it’s a 2022 semifinalist who
for at least three years. Korean player named Chung has the best chances of going all
But at some point over the past Hyeon, who dealt him a surprising the way in 2023. Poland’s Iga Swi-
12 months, Australia’s ban on straight-seat loss in the fourth atek, now 21, had the best season
Djokovic was quietly lifted. The round in 2018. of any woman on tour last year.
three-year penalty turned out not The world No. 1 Carlos Alcaraz Now, she’s back on her favorite
to be the hard-and-fast rule it is out with a hamstring injury. And surface chasing a fourth career
once seemed and the state of Vic- No. 3 Casper Ruud hasn’t quite Grand Slam title after picking up
toria dropped the strict require- matched the form he showed to the French and U.S. Opens even if
ment that all visitors be vacci- reach the U.S. Open final last year. life as the top-ranked player in the
nated against Covid-19. Even Nadal, the defending cham- game has come with more non-
So as the 2023 tennis season pion in Australia ranked No. 2, tennis commitments than she ex-
kicks off, Djokovic is now back in seems ill-prepared to slow down pected.
Australia—legally—and determined Djokovic. The 22-time major win- “I would say I recharged my
to make up for lost time. And one ner fell apart in the second half of batteries,” she said. “It’s not easy.
botched trip, he says, was hardly 2022 after his titles in Melbourne You know, on court I try to use
enough to turn him off one of the and in Paris pushed his body to that position to put more pressure
happiest hunting grounds of his the brink. He withdrew from Wim- on my opponents. But off court,
career. Djokovic, who hasn’t bledon with injury in the middle of there is a lot to do.”
dropped a single competitive his semifinal match last summer If anyone in Australia this
match in Australia since 2018, will and played just nine matches for month understands that feeling,
begin the Australian Open on Mon- the rest of the year. it’s Djokovic, who has spent more
WILLIAM WEST/AGENCE FRANCE-PRESSE/GETTY IMAGES

day as the clear favorite to win the A year after vaccine-related immigration issues forced him to leave the “I need hours on court,” he said time ranked as a tennis No. 1 than
tournament for a record 10th time. country, Novak Djokovic is back in Melbourne for the Australian Open. after losing to Australia’s Alex de any man or woman not named
Another romp in Melbourne would Minaur at the United Cup earlier Steffi Graf. The difference is that
also bring him level with Rafael garoos, as well, had a chat with ning in signature Djokovic style. this month. “I need battles like his time away from the court
Nadal on the men’s all-time list for them—everyone was very kind, Just last week, he broke out a this. Didn’t play much official wasn’t always voluntary. But Djok-
major titles with 22. very supportive.” classic rope-a-dope in the final of matches the last six months….Of ovic insists that last year’s Mel-
“I don’t hold any grudges,” Already, Djokovic has picked up the Adelaide International against course, with victories the process bourne fiasco, mentally taxing as it
Djokovic said. “I had far [too right where he left off at the end the American Seb Korda. Djokovic is faster, but I need to keep fight- was then, no longer weighs on
many] positive experiences in Aus- of last season. After skipping the dropped the first set and then did ing. That’s it.” him.
tralia to throw that away just be- U.S. Open in September due to what he always does with his back If there is a clear favorite on “I love playing in Australia,” he
cause of what happened last American rules barring unvacci- to the wall: he somehow played the men’s side, the women’s draw said. “My results are a testament
year.…Every person that I met, nated noncitizens, Djokovic went better and won 6-7, 7-6, 6-4. is as open as it’s ever been. Six to that. I wouldn’t be able to play
whether it’s in the city or in the 18-1 to close out 2022. And not “The more you win these partic- different women have won the ti- so well in a place where I don’t
woods—I actually met a few kan- only is he winning, he’s also win- ular matches, the better you feel,” tle in the past seven years and feel well.”
 EXCHANGE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Hype Machine Black Box

3-D printing is here The not-so-hidden
and isn’t what we danger of assets
expected B4 that don’t trade B5

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | B1
DJIA 34302.61 À 112.64 0.3% NASDAQ 11079.16 À 0.7% STOXX 600 452.54 À 0.5% 10-YR. TREAS. g 18/32 , yield 3.510% OIL $79.86 À $1.47 GOLD $1,918.40 À $22.90 EURO $1.0833 YEN 127.86

YouTube
Tests Free
Hub for
Streaming
YouTube is testing a new hub of
free, ad-supported streaming chan-
nels, the latest in a series of moves
by the company to expand its ambi-
tions in video.
The Alphabet Inc.-owned video

By Sarah Krouse, Jessica

Toonkel and Tom Dotan

platform is in talks with entertain-

ment companies about featuring their
shows and movies in the hub of cable-
like channels and is testing the con-
cept with a small number of media
partners, according to people familiar
with the discussions. It could launch
the offering more broadly later this
year, some of the people said.
YouTube, already a dominant
player in online video, is looking to
become a go-to destination across
various streaming formats and

The U.S. Bet to Bring Chips Home

genres. Adding a hub of free, ad-sup-
ported streaming TV channels—or

.
“FAST,” as it is known in the media
industry—would put it in competi-

ly
tion with players such as Roku Inc.,
Paramount Global’s Pluto TV and
Fox Corp.’s Tubi.

Recent shortages
of semiconductors
on The discussions follow other You-
Tube streaming initiatives, including
its recent creation of a marketplace
allowing users to sign up for paid
and fears of China’s streaming services and its deal to
us ,

pay about $2 billion a year for rights

ambitions have led
l

to the National Football League’s

e
al a

to a frenetic effort Please turn to page B2

to rev up American
ci on

production. But
securing the supply Big Banks
will be complicated.
Prepare for
er s

By Asa Fitch
And Greg Ip A Downturn;
m er

Profits Vary
m rp

 A close-up of The nation’s largest banks said

circuit boards for rising interest rates are likely to
ResMed sleep apnea push the U.S. into a recession this
machines in Singapore. year, though they are only starting
to feel the effects in their quarterly
co Fo

 Purdue University earnings.

created a
semiconductor By Ben Eisen, David Benoit
program to foster and Gina Heeb
American chip
manufacturing talent. The four largest commercial
banks reported mixed fourth-quarter

O
results on Friday. Lending grew
more profitable and consumers con-
nly in the past two key chip sectors, for either civilian or decades,” Intel Corp. Chief Executive tinued to spend on credit cards, but
years has the U.S. fully military uses, or even block U.S. access Pat Gelsinger declared at a Wall Street the banks collectively stowed away
grasped that semicon- to components. Journal conference in October. “Where $2.8 billion in the final three months
ductors are now as cen- Now the government and companies the chip factories are for the next five of 2022 to cover potential loan
ORE HUIYING FOR THE WALL STREET JOURNAL; VINCENT WALTER

n-

tral to modern econo- are spending billions on a frenetic ef- decades is more important.” losses. JPMorgan Chase & Co. set
mies as oil. fort to build up domestic manufactur- As oil became a linchpin of industrial aside nearly half of it.
In the digitizing ing and safeguard the supply of chips. economies in the 1900s, the U.S. be- “It may be a mild recession. It
world, power tools commonly come Since 2020, semiconductor companies came one of the world’s largest produc- may not be,” JPMorgan Chief Execu-
no

with Bluetooth chips that track their lo- have proposed more than 40 projects ers. Securing the semiconductor supply tive Jamie Dimon said in a call with
cations. Appliances have added chips to across the country worth nearly $200 is more complicated. While one barrel reporters.
manage electricity use. In 2021, the av- billion that would create 40,000 jobs, of oil is much like another, semiconduc- The bank’s profit rose 6% from a
erage car contained about 1,200 chips according to the Semiconductor Indus- tors come in a bewildering range of year ago, and Bank of America
worth $600, twice as many as in 2010. try Association. types, capabilities and costs and depend Corp.’s rose 2%. Citigroup Inc.’s
The supply-chain crunch that created It’s a big bet on an industry that is on a multilayered supply chain span- profit fell 21%, and Wells Fargo &
a chip shortage brought the lesson defining the contours of international ning thousands of inputs and numerous Co.’s profit declined 50% after it
home. Auto makers lost $210 billion of economic competition and determining countries. Given the economies of scale, took a charge tied to a regulatory
sales last year because of missing chips, countries’ political, technological and the U.S. can’t produce all of these itself. Please turn to page B11
according to consulting firm AlixPart- military advantage. “There’s zero leading-edge produc-
ners. Competition with China has “Where the oil reserves are located tion in the U.S.,” said Mike Schmidt,  Heard on the Street: Banks face
stoked concerns that it could dominate has defined geopolitics for the last five Please turn to page B6 challenge with deposit rates......... B12

SCIENCE OF SUCCESS | BEN COHEN

One CEO Said Sorry,

And Shoppers Believed
An 835-word corporate apology actually worked
Andrew Benin Mr. Benin felt that he should apolo-
wrote the email in a gize. To all of them.
few hours and didn’t So he contacted everyone who
bother proofreading had ordered Graza’s olive oils in the
or showing a draft to previous 60 days to ask for a sec-
anyone before he sent ond chance.
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL

it to 35,544 people. The mea culpa from a one-year-

He was unusually eager to say old company with the subject line
the most dreaded word in business: “Learning from our mistakes” was
sorry. just about the opposite of a typical
Mr. Benin is the chief executive corporate response. It explained in
of Graza, a startup that has turned plain English and candid detail
squeezable bottles of extra-virgin what went wrong and why. It took
olive oil into hot kitchen staples, accountability for those errors and
delighting people who never knew offered a discount on future orders.
they could have strong feelings It was raw, transparent about un-
about healthy liquid fat. But some certainty and messy with typos and
of those customers were disap- misspellings. It was also oddly en-
pointed when their holiday gifts ar- tertaining and strangely charming.
rived late and badly packaged, and Please turn to page B2 Graza olive oil apologized for bottles that arrived late, with a peeling logo, or in boxes that weren’t as expected.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

LULULEMON ATHLETICA INC. WALT DISNEY CO. WARNER BROS. DISCOVERY

PERFORMANCE OF BANK STOCKS THIS WEEK

Lululemon is sweating after a
tough holiday season. The
Source: FactSet
 An activist investor hopes to
bring some magic back to  HBO Max viewers got a plot
twist this past week: higher
LULU yoga-pants maker warned
that its fourth-quarter profit
4% JPMorgan DIS Disney. Nelson Peltz and his
firm Trian Fund Management
WBD prices. Warner Bros. Discovery
raised the monthly price for
9.3% margins would fall and set
Chase
3 Wells Fargo 3.6% plan to mount a proxy fight 4.4% the ad-free tier of the
earnings targets below what for a seat on Disney’s board, streaming service, effective
Wall Street expected from the brand. Bank of adding to the challenges for Chief Exec- Thursday, amid an industrywide slow-
2
The news followed a warning from de- America utive Robert Iger after he returned re- down in subscriber growth and a rising
partment-store chain Macy’s Inc. that its cently to the top job at the beleaguered emphasis on profits. The cost for sub-
fourth-quarter sales would be at the 1 entertainment giant. Disney revealed the scribers rose almost 7% to $15.99 a
low-to-midpoint of its guided range. Not activist’s intentions Wednesday after- month from $14.99 a month. The move
all apparel chains struggled during the 0 noon in a statement that said it is op- is the platform’s first price increase
critical shopping season. Retailers Amer- posed to having him join the board. since its launch in May 2020 and comes
ican Eagle Outfitters Inc. and Abercrom- –1 Trian also wants Disney to plan for a ahead of its expected merger with War-
bie & Fitch Co. both said fourth-quarter successor to Mr. Iger, whose mandate ner Bros. Discovery’s other streaming
results were better than expected. Lulu- was to return for two years. Disney service, Discovery+. Warner Bros. Discov-
–2
lemon shares tumbled 9.3% Monday. shares added 3.6% Thursday. ery shares gained 4.4% Thursday.
–3
ALBERTSONS COS. COINBASE GLOBAL INC. AMERICAN AIRLINES
–4
GROUP INC.

Albertsons bagged higher
sales thanks to rising prices.
Mon. Tues. Wed. Thurs. Fri.
 The crypto meltdown contin-
ues. Crypto exchange Coin-  The turbulence of the holiday
ACI The supermarket operator’s
sales rose 8.5% in the re-
COIN base said that it would elimi-
nate around 20% of its staff
AAL travel period didn’t knock
American Airlines off course.
1.8% cently ended quarter as JPMORGAN CHASE & CO. 13% —about 950 people—and 9.7% The carrier raised its revenue
higher prices for food and
other household products continue to  America’s biggest banks are bracing for a reces-
sion. JPMorgan set aside $1.4 billion for potential
enact broad cost cuts, the
latest sign of pain in the industry after
guidance for the recently
ended quarter as air travel demand re-
boost the grocer’s top line. The company
said it is also facing declining demand
JPM loan losses in an economic downturn, while post- the collapse of rival exchange FTX in
November. A Coinbase spokeswoman
mained strong through the holiday sea-
son, even as travelers of all airlines
for Covid-related products. Albertsons— 2.5% ing a 6% rise in quarterly profit. Citigroup Inc.’s told The Wall Street Journal the layoffs faced higher fares and disruptions from
which operates its namesake stores as won’t significantly impact its compliance winter storms. This past Wednesday, an
well as the Acme and Safeway chains— rainy-day reserves grew by $640 million, and Wells team. Meanwhile, crypto lender Genesis air-traffic system glitch caused the Fed-
is in the midst of a roughly $20 billion Fargo & Co. and Bank of America Corp. each set aside Global Trading Inc. recently eliminated eral Aviation Administration to order a
sale to rival Kroger Co., a merger that about $400 million. JPMorgan shares ended 2.5% higher about a third of its workers and crypto nearly two-hour-long “ground stop” that
has faced opposition from elected offi- exchange Huobi announced plans to lay halted U.S. departures. American Airlines
cials and union groups. Albertsons Friday. off about a fifth of its staff. Coinbase shares rose 9.7% Thursday.
shares gained 1.8% Tuesday. shares soared 13% Tuesday. —Francesca Fontana

An Olive Oil YouTube

.
ly
Company’s Tests a Hub
Mea Culpa
on With Ads
Continued from page B1
Sunday Ticket franchise.
us ,

Continued from page B1 A YouTube spokeswoman said

l

Mr. Benin watched the replies the company is running a small

e
al a

come back within minutes. First experiment that lets a subset of

one, then another, then 866 more. viewers watch free, ad-supported
“Thanks for your honesty,” wrote channels and is using it to gauge
ci on

one. “I wish more businesses did viewer interest. “We’re always

the same.” looking for new ways to provide
“I won’t be using the discount,” viewers a central destination to
wrote another, “but I will be reor- more easily find, watch and share
dering.” the content that matters most to
er s

“These messages go a long way,” them,” the spokeswoman said.

wrote someone else. YouTube generated $7.1 billion
m er

Mr. Benin believes in communi- in advertising revenue in the

cating like a person, not “as a busi- third quarter of last year, 13% of
ness, with a business tone,” which Google’s total ad revenue during
became obvious to anyone who the period. The video unit’s ad
opened his apology email. And revenue dropped in the period
m rp

there were many. The average open for the first time since Alphabet
rate of Graza’s regular marketing started reporting its financial
emails was already exceptionally performance in 2020.
high at 58%. This one reached 78%. Free, ad-supported TV services
typically allow users to peruse a
co Fo

“All you need to do is dig deep, list of channels, as they would on

reflect on all the things in market- cable TV, and dip in and out of
ing and brand communication that content that is already playing.
piss you off, and do the exact oppo- On Pluto TV, for example, viewers
site,” Mr. Benin said. pressed and bottled, and the rest of better things to do than read long has written about apologies for a can scroll through reruns of
Corporate statements about fall- his time operating from the com- emails from your favorite olive oil decade on the blog SorryWatch and shows from “Happy Days” to
ing short and vowing to do better pany’s three rented desks in Brook- company.” says the rules are the same for “South Park” to “This Old
are so formulaic that most of these lyn. A venture-backed olive-oil By the time he was done, his adults, children, airlines and olive- House”; rival Tubi also offers a
apologies could be written by Chat- startup in a co-working space brief email was 835 words. Mr. Be- oil startups: range of fare, such as Samuel
GPT. In fact, when I asked the AI might sound like a millennial par- nin outlined the most frequent 1. Say you’re sorry.
tool for a response from a company ody, but he says Graza has been complaints, explained the ones he 2. For what you did.
under fire, the results were uncanny. successful for the same basic rea- could and said he was sorry for all 3. Show you understand why it YouTube also offers its
The robots have already mastered sons as any small business: “We of them. It didn’t matter that many was bad.
own paid streaming
n-

the language of crisis PR. have the right quality at the right satisfied customers would be per- 4. Only explain if you need to;
“Dear valued customers,” read price with the right supply chain, plexed by his email or that he was don’t make excuses. service for $65 a
ChatGPT’s statement for [Company the right packaging and the right disclosing problems most of them 5. Say why it won’t happen
Name]. “We understand that our machinery investments with the hadn’t noticed. This was the closest again. month.
no

mistakes have likely caused frustra- right market.” he could get to sending 35,544 6. Offer to make up for it.
tion and disappointment for you, Until things went wrong. handwritten notes of apology. Mr. Benin did that in his apology
and for that we deeply apologize.” The company felt the growing “All that I thought was that I but heard from the company’s mar- Goldwyn Classics, sports high-
Graza’s refreshing apology was pains of a startup when it struggled need to make myself available,” Mr. keting platform about something he lights and news programs such as
clearly the work of actual human to keep up with the demand of its Benin said. “It felt like the right didn’t do: include a link to Graza’s Dateline NBC episodes.
beings who have never run their first holiday season. Orders came thing to do.” website. That was intentional. “This It is a crowded but fast-grow-
business like [Company Name]. faster than expected after the olive At a company with five employ- was not meant to drive traffic,” he ing area of the streaming business,
Mr. Benin, 30 years old, spent oils were featured in hundreds of ees, he could simply do it himself. said. “This was an apology.” with more than 20 free ad-sup-
his 20s working for direct-to-con- gift guides. Customers felt deceived It’s harder and riskier at larger or- The most effective apologies ported TV platforms in the U.S.,
sumer brands like Warby Parker come with a financial cost, says according to S&P Global Market
and Casper while apprenticing in Ben Ho, a Vassar College economics Intelligence. The data provider ex-
Michelin-starred New York City res- professor. In one experiment study- pects ad revenue from that type of
taurant kitchens. That professional
experience prepared him for a job
Oil Spill ing customer behavior after mil-
lions of late Uber arrivals, he found
service to rise from $4 billion in
2022 to $9 billion by 2026.
that he never imagined until he Excerpts from the email Graza CEO Andrew Benin sent to that riders preferred $5 coupons YouTube has discussed taking
was living with his wife’s family in 35,544 customers last month without apologies to apologies a cut of ad revenue from the new
Spain during the pandemic and be- without compensation. Money hub that would be similar to its
came obsessed with olive oil. Hello very important Graza person, helped buy their forgiveness. traditional arrangement with
The last thing the world needed I hope you are having a lovely holiday season. I’ll try to keep There was something unconven- content creators, under which it
was another snobby olive oil, and it things brief as we all have better things to do than read long tional about the most conventional gets 45% and allows the program-
took a year to find the sweet spot emails from your favorite olive oil company. part of Graza’s apology. Instead of mers to keep 55%, some of the
between flavor and affordability, Graza as a gift is such an amazing thing, and you held your rounding up to $5, the company people familiar with the discus-
but Mr. Benin feels that Graza’s two end of the bargain in gifting so much Graza to your loved ones. provided anyone who ordered bot- sions said.
oils for everyday use “stack up
We were not prepared with specific gift packaging.... We should tles in the past two months with a Becoming a destination for ad-
against any of the world’s ‘gold
have been more transparent, communicated better, and now it is promo code for $4.43, which Mr. supported channels makes sense
medal blah blah blah olive oils,’ ” as
our job to improve and have great gift packaging available ASAP. Benin said was the most it could af- for YouTube given how much suc-
We are sorry.
he puts it. They’re not cheap, but ford. That weirdly specific number cess other companies have had in
As a small gesture (and keep in mind that this email is going
they’re not too expensive, with 750 suggested it really was. In other the space, said John Kosner, chief
out to 10’s of thousands of people and we are a 11 month old 5
milliliters of its cooking oil, Sizzle, words, giving less earned more executive of media consulting
person business LOL), I’ve created a code...for $4.43 off any
going for $15 and 500 ml of its fin- trust with customers. firm Kosner Media. “Why would
future order (this is truly what we can afford!)
ishing oil, Drizzle, selling for $20. I was one of them. I liked cook- YouTube cede ground to Pluto
And even the bottles have distinc- ing with Sizzle and slathering food and Tubi and the rest of them?”
tive branding: They’re squeezable. in Drizzle enough to order holiday Mr. Kosner said.
Mr. Benin and co-founder Allen presents from Graza, but I was dis- Late last year YouTube
Dushi, the company’s 35-year-old when they ordered three sets, ex- ganizations where the mistakes are heartened when some bottles launched a new streaming service
chief operating officer, flipped the pecting they would get three sepa- bigger than olive oil. Southwest leaked in transit and the rest store called Primetime Channels
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL

switch on Graza’s site last January. rate packages of Sizzle and Drizzle, Airlines canceling thousands of weren’t packaged as gifts. And then that lets viewers sign up for sub-
Whole Foods called by the end of only to receive a single box of six flights over Christmas was a fiasco I read Mr. Benin’s email. scription streaming services such
that first week. Soon the heating loose bottles. Some came dented. that required several apologies, in- It didn’t just win me back. It as Paramount+ and Starz directly
and eating oils were in Bon Appétit, Others came with a peeling logo. cluding one acknowledging that “no made me more likely to buy more through YouTube.
Food & Wine and all over Insta- Stragglers came late after a bliz- amount of apologies can undo your Graza. As it turns out, the next YouTube also offers its own
gram. Now the squirt bottles can be zard and bomb cyclone delayed experience.” But too much contri- time I spotted one of its recogniz- paid streaming service, YouTube
found in stores across the country, shipments. It wasn’t exactly a cri- tion can backfire. Economists have able squeeze bottles in the grocery TV, which lets users stream a
and sales are split down the middle sis, but Mr. Benin wasn’t proud of found that apologizing repeatedly store, I came home with olive oil. package of major cable chan-
between online and brick-and-mor- Graza’s performance, and he took is actually worse for business than The curious thing about a mem- nels—from CNN to ESPN—for $65
tar. responsibility. not apologizing. orable apology is that it can leave a a month. The NFL Sunday Ticket
Mr. Benin spends eight months “Hello very important Graza per- So what makes a good apology? company in a better position than package will be offered as an
of the year in Spain, where Graza’s son,” he wrote on Dec. 29. “I’ll try Marjorie Ingall, the co-author of before it had any reason to apolo- add-on to YouTube TV as well as
products are farmed, picked, to keep things brief as we all have the new book “Sorry, Sorry, Sorry,” gize. through Primetime Channels.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, January 14 - 15, 2023 | B3

BUSINESS NEWS

Google Fails in Bid to Force J&J Cuts Output

Recusal by Antitrust Official Of Its Faltering
BY MILES KRUPPA
AND SAM SCHECHNER
Bloomberg previously re-
ported that Mr. Kanter had
firmed by the Senate in 2021,
Google took aim at that prior
Covid-19 Vaccine
been temporarily barred from work in its petition to the Jus- BY JARED S. HOPKINS J&J’s shot, according to J&J
The Justice Department re- working on Google cases while tice Department. The company AND PETER LOFTUS and the companies.
cently cleared its top antitrust the Justice Department consid- argued that Mr. Kanter’s work Yet J&J’s vaccine hasn’t
official to oversee cases and ered the company’s petition. for clients making antitrust After mobilizing to quickly been as widely used as the

VALERIE PLESCH/BLOOMBERG NEWS

investigations involving Al- Mr. Kanter developed a rep- complaints against Google develop and manufacture a Moderna Inc. or Pfizer Inc.
phabet Inc.’s Google, people utation as a Google critic and meant he couldn’t be impartial Covid-19 vaccine, Johnson & and BioNTech SE shots. Manu-
familiar with the matter said, proponent of more active anti- and should be recused. Johnson has vastly scaled facturing issues limited the
empowering the longtime trust enforcement while work- Google pointed in the letter back its efforts in producing shot’s availability and the risk
critic of the search giant to ing with clients such as Micro- to Mr. Kanter’s representation the shots as it faces slumping of a rare but serious blood-
work on a potential lawsuit soft and Yelp Inc. as co- of Yelp in its search com- demand. clotting condition dissuaded
aimed at the company’s ad- chairman of the antitrust plaints, and to his work on be- The New Brunswick, N.J., some people from using
tech business. group at Paul, Weiss, Rifkind, half of five companies includ- pharmaceutical company in re- it. Roughly 400 million doses
The move ends more than a Wharton & Garrison LLP. He ing Magnite and OpenX in an cent months terminated manu- of the original Pfizer-BioNTech
year of uncertainty about The DOJ’s Jonathan Kanter has left the firm in 2020 to start ad-tech case against Google facturing agreements with shot and nearly 250 million
whether Jonathan Kanter, the long been a critic of Google. his own practice. led by the attorney general of companies that helped pro- doses of the original Moderna
assistant attorney general in Mr. Kanter also has repre- Texas. duce the shot during the pan- shot have been administered
charge of antitrust, would be Both Mr. Kanter and Federal sented News Corp, the parent The Texas-led case is con- demic such as Catalent Inc. in the U.S., compared with
able to shape that long-run- Trade Commission Chair Lina company of Dow Jones & Co., tinuing in federal court after a and Sanofi SA. about 19 million J&J doses, ac-
ning investigation. Google had Khan were appointed by Presi- publisher of The Wall Street judge in New York in Septem- Meanwhile, a partnership cording to the Centers for Dis-
asked that the Justice Depart- dent Biden to their posts in Journal. ber denied the bulk of Google’s with rival Merck & Co. to help ease Control and Prevention.
ment recuse Mr. Kanter from part because of their views that Google’s ad-tech business motion to dismiss the claims. make the shots, forged at the To increase the then-lim-
cases against the company, antitrust agencies should be has been a particular point of The Biden administration’s urging of the U.S. government, ited J&J vaccine supply, the
citing federal rules and an ex- doing more to rein in the interest for Mr. Kanter. In a White House ethics pledge hasn’t lived up to expecta- Biden administration an-
ecutive order by the Biden ad- power of tech giants. Mr. Biden 2017 paper, Mr. Kanter and an- says that all appointees are tions. The companies are now nounced in March 2021 that
ministration around possible has argued that the companies titrust lawyer Brandon Kressin barred from working on mat- engaged in arbitration. Merck would help produce
conflicts. should face tougher legislation drew links between Google’s ters involving specific parties Merck, of Rahway, N.J., has J&J pandemic vaccines, hail-
It couldn’t be learned why and antitrust enforcement. ad-tech business and declining that are “directly and substan- produced J&J vaccines at only ing it as a “historic manufac-
the Justice Department A Justice Department publisher revenues, an issue tially related to my former one of its plants, while it turing collaboration.”
cleared Mr. Kanter to work on spokeswoman declined to com- that contributed to “news com- employer or former clients.” didn’t make commercial doses Merck, whose efforts to de-
Google-related cases, or why it ment. Google also declined to moditization,” the pair wrote. —Dave Michaels at another plant that involved velop its own Covid-19 vaccine
has taken a year to do so. comment. After Mr. Kanter was con- contributed to this article. a more complex part of the were unsuccessful, agreed to
manufacturing process, ac- deploy two of its U.S. manu-
cording to people familiar facturing plants to make J&J’s

Buried in Debt, With Sales Falling,

with the matter. doses, helped by more than
“They were trying to do $100 million from the govern-

.
this the best way possible to ment to upgrade them. The
meet global demand but all of U.S. government also invoked

ly
Carvana Pares Its Workforce Further on
those plans fell apart,” said
Prashant Yadav, a supply-chain
expert and senior fellow at the
Center for Global Develop-
the Defense Production Act to
give Merck priority access to
supplies.
Under the partnership,
BY BEN FOLDY success story as shoppers, ment, a think tank focused on Merck was to help J&J with
buoyed by low interest rates cutting poverty. two phases of manufacturing
Carvana Co. is further cut- and increased savings, flocked J&J said it is making its its vaccine. At a Durham, N.C.,
ting staff and facing a online to buy used cars. In Covid-19 vaccine available facility, Merck would produce
us ,

deeper slowdown in sales as it 2021, the startup tied Face- where needed, and it has hun- the drug substance, the early
l

tries to reduce costs and con- book parent Meta Platforms dreds of millions of doses and complex stages of manu-
e
al a

serve cash to stay current on Inc. as one of the youngest available. facturing. At its West Point,
more than $7 billion of debt, companies to join the Fortune It didn’t comment on Pa., plant it would complete
employees and industry ana- 500. whether it will continue to the final stages of the vaccine’s
ci on

lysts said. Carvana entered 2022 posi- produce it. production, a shorter process
REGINALD MATHALONE/ZUMA PRESS

The online used-car seller is tioning itself for further U.S. regulators cleared the known as fill-and-finish.
quietly terminating employees, growth. It purchased the U.S. J&J vaccine for use in Febru- J&J initially expected to
cutting hours and letting open assets of used-car auction ary 2021, with high hopes book $3 billion to $3.5 billion
positions go unfilled, accord- business Adesa, in a deal com- from health authorities be- in Covid-19 vaccine sales for
er s

ing to current and former em- pany executives said would su- cause it was a single-dose shot full-year 2022, but abandoned
ployees and internal emails re- percharge Carvana’s ability to and carried fewer cold-chain that forecast in April, citing a
m er

viewed by The Wall Street grow. storage requirements than surplus of doses and uncertain
Journal. By the time the deal closed, other shots. J&J’s initial sup- demand. The company re-
Several operations teams it was clear Carvana wasn’t ply was small, leaving the ported roughly $1.5 billion in
are working less than 30 hours The company’s inventory is losing value as used-car prices decline. going to meet its growth tar- company and governments global sales of the vaccine for
a week or four-day work- gets. The deal, however, had scrambling to increase doses. the first nine months of 2022,
m rp

weeks, the emails said. Car- cles, down from 113,000 the from their peak in 2021, and more than doubled the long- At least nine companies up from $766 million a year
vana laid off 4,000 employees year prior, JXCE’s data shows. its bonds are trading at dis- term debt on the company’s agreed to help manufacture earlier.
last year, nearly a fifth of its Much of Carvana’s inventory is tressed levels. balance sheet. Business tum-
staff, after growth slowed sitting longer, with the aver- Carvana pursued aggressive bled in the third quarter when
from a torrid pace during the age listing in the fourth quar- growth during the pandemic Carvana’s losses swelled more
Musk Loses Request
co Fo

pandemic. ter having been on the site for and borrowed heavily to fund than eightfold to $283 million.
Carvana’s sales are declin- 97 days, up from 65 in the it. Over the past year, how- In December, the company
ing sharply and it has fewer prior quarter, JXCE said. ever, the markets turned hired financial advisers Moelis
cars listed on its website, ac-
cording to data collected by
JXCE LLC, which scrapes the
A spokesman said that the
shift to e-retailing for selling
cars will continue and Car-
against it as interest rates
rose, used-car prices declined
and the company’s sales
& Co., which has a reputation
for hard-fought restructurings.
Slower turnover could add to
To Relocate Trial
listings on Carvana’s site to vana’s infrastructure makes it growth reversed, wrecking its Carvana’s debt squeeze. The BY MEGHAN BOBROWSKY viewed the responses and that
track its sales and inventory. the best-positioned company growth narrative. company finances its inven- about 49 of them reflected
Meanwhile, its inventory is to benefit over the long haul. “They need scale to be suc- tory through a credit line with A federal judge denied Elon mixed views of Mr. Musk and
steadily losing value as used- Carvana shares gained more cessful but now they need to Ally Financial Inc. and Musk‘s request to relocate a Tesla, about 27 appeared fa-
car prices pull back from pan- than 40% Wednesday as part cut costs,” said Jory Eisenberg, Deutsche Bank AG. The terms coming securities-fraud trial vorable to the defendants and
demic highs. of a rally that also boosted an- an analyst at CreditSights. of that financing stipulate that involving comments he made about 76 showed a negative
Carvana’s retail sales in the other heavily shorted stock, “They’re kind of screwed from Carvana pays more on inven- as boss of Tesla Inc. bent. Other responses ap-
n-

fourth quarter are expected to Bed Bath & Beyond Inc. Still, both directions.” tory that sits on its lots longer Attorneys for Mr. Musk ar- peared neutral.
drop to around 86,000 vehi- Carvana shares are down 98% Carvana was a pandemic than 150 days. gued in a filing last week that The court, to proceed with
potential jurors in the trial the case, requires nine jurors
scheduled to unfold in San and six alternates. “It’s not that
no

Toyota Francisco could be biased

against the billionaire over his
use and recent management of
hard it seems to me to find 15
people,” Judge Chen said.
Mr. Musk’s lawyer, Alex

Considers Twitter.
U.S. District Judge Edward
Chen, during a hearing Friday,
Spiro, argued that his client
“cannot get a fair trial in this
district right now,” he said. The

New EV said the trial would proceed

next week in San Francisco. The
court had sent questionnaires
court plans to bring in potential
jurors for in-person questioning
on Tuesday to select the jury

Approach to about 190 prospective jurors,

asking about their views of Mr.
Musk and other issues to help
members and alternates.
Mr. Musk and Tesla are fac-
ing a trial over a shareholder
BY RIVER DAVIS determine whether they harbor lawsuit relating to his tweets
EUGENE HOSHIKO/ASSOCIATED PRESS

a bias that would render them in 2018 suggesting he had

CHIBA, Japan—Toyota Mo- ineligible to serve on the jury. funding to take the electric-ve-
tor Corp. is looking at rolling Judge Chen said he had re- hicle company private.
out a new manufacturing plat-
form designed specifically for
electric vehicles, part of re-
vamped efforts to find the for-
mula for making a large num-
Twitter Dangles Free Space
ber of EVs profitably.
The Japanese car company Toyota CEO Akio Toyoda speaking at the Tokyo Auto Salon on Friday in Chiba, Japan, near Tokyo.
To Win Back Advertisers
is considering a platform—a BY SUZANNE VRANICA at least $500,000.
common foundation on which parts could help increase vol- single-digit share of the EV At the car show Friday, AND PATIENCE HAGGIN Ad buyers said that the in-
various car models can be ume, bringing cost savings in market. The electric models Toyota showed off two con- centive could be used to buy
built—that is different from the long term. that traditional auto makers cept versions of classic Toyota Twitter Inc. is offering ad- promoted tweets that run dur-
the one underpinning the auto Building a profitable EV sell are generally less profitable vehicles that had been modi- vertisers a new incentive in an ing Super Bowl week, a key
maker’s current EVs, Toyota business has proven challeng- than internal-combustion cars, fied to run on batteries and attempt to woo brands back to selling period for Twitter. Ad-
President Akio Toyoda said. ing for traditional auto mak- with some even losing money hydrogen. Mr. Toyoda said the the social-media platform, vertisers in recent years have
“EVs need to be thought of ers. While EV sales are ad- owing to the high cost of com- vehicles exemplify how new which has seen its ad business flocked to Twitter during the
independently,” Mr. Toyoda vancing, relative newcomers ponents such as batteries. technologies can lower the deteriorate following Elon Super Bowl to generate buzz
said. Instead of converting ex- Tesla Inc. and China’s BYD Co. In attempts to make EVs emissions of cars already on Musk‘s $44 billion takeover. around their big game market-
isting vehicles into EVs, “the account for much of that profitable, “everyone is strug- roads today. The tech company is dan- ing efforts. The Super Bowl is
movement has shifted toward growth. gling,” Mr. Toyoda said. Condi- While likening itself to a gling free ad space by offering Twitter’s biggest revenue day
making EVs as EVs and mak- Toyota wouldn’t be the first tions might worsen because of department store with a di- to match advertisers’ ad spend- of the year, the Journal has
ing them properly good cars,” established auto maker to in- rising resource prices, he verse lineup of vehicles, Toy- ing up to $250,000, according reported.
he told The Wall Street Jour- troduce an EV-dedicated plat- added. “Regulations have ota is also betting heavily on to emails reviewed by The Wall Twitter is facing financial
nal while touring a car show form. Other global competi- prompted a race to put out EVs as one of those options. Street Journal. The full pressure to lure back the many
near Tokyo on Friday. tors have already moved in EVs as early as possible,” Mr. The Japanese auto maker has $500,000 in advertising must advertisers that have paused
A new EV-specific platform that direction, including Gen- Toyoda said, “but that is not been slower to roll out EVs run by Feb. 28, the emails said. their spending since Mr. Musk
would represent a significant eral Motors Co. with its Ul- Toyota’s approach.” compared with rivals in the Twitter didn’t respond to a acquired the company in late
step up in investment from tium platform and Volkswagen The high cost of EVs today U.S. and Europe, but it aims to request to comment. October. Advertisers bolted
Toyota’s current EV architec- AG. They are following in the is one reason Toyota says it be- sell 3.5 million of the vehicles The incentives are the lat- largely because of fear over
ture, which is partially repur- footsteps of Tesla, which has lieves it should hedge its bets a year by 2030. est effort by the company to what they said was Mr. Musk’s
posed from an existing design been purely an EV company by continuing to invest in a va- EVs made up less than 1% get brands to spend on its approach to content modera-
for gasoline-powered vehicles. since its founding. riety of vehicle options includ- of Toyota and Lexus retail platform. Recently, Twitter of- tion and concerns that their
A new platform composed of So far, legacy auto makers ing hybrid gasoline-electric and sales for the year through fered advertisers $500,000 in ads would end up appearing
EV-optimized, standardized have failed to gain more than a hydrogen-powered cars. November. free ads as long as they spent near controversial content.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

EXCHANGE
KEYWORDS | CHRISTOPHER MIMS

3-D Printing and

The Future of Global
Manufacturing
The technology is now useful for making more
than plastic prototypes, with major implications

Hafnarfjarðarkaup- also known as “additive manufactur-

staður, Iceland, is a ing,” generally works by adding tiny
town of 30,000 souls layers of material—usually pow-
built on a lava field, dered metal or plastic—one at a
just south of the is- time to form an item, and fusing
land nation’s capital them with binding agents, lasers or
city of Reykjavik. If other methods. Thus, parts are
sightseers come this way, it’s for “grown” instead of forged, cast,
tours of the homes of local “hidden molded, or machined as in tradi-
folk”—the dwarfs and elves of the tional manufacturing. Just a decade
Norse fairy tales that inspired J.R.R. ago, this kind of manufacturing was,

CURIO (2); HUMTOWN ADDITIVE

Tolkien. with rare exceptions, suitable only
Tucked away in a nondescript for creating prototypes. What’s dif-
10,000-square-foot building there is a ferent now is that newer technology
manufacturing facility that runs 24/7, lets these systems print objects
producing parts for fish-processing strong enough to be used in finished
machines in a way that was, even a products—and relatively quickly.
few years ago, impossible. Elliði Hre- Recently, for example, General
insson, the founder of Curio, which Motors made 60,000 weatherproof
owns the building, says the machines seals using 3-D printing, in plastic, A fish-filleting machine made by Curio using 3-D printed metal parts, above. The company’s founder, Elliði
he designs and makes would be diffi- rather than making them the old- Hreinsson, below, says: ‘What 3-D printing is doing now is revolutionary.’
cult or in some cases impossible to fashioned way, to
produce without 3-D printing. make sure it could lion in 2022, from lives of decades break.
“In Iceland, we are a small stone deliver its 2022 $5.7 billion in 3-D printing parts domestically,
in the ocean, and we cannot so eas- Chevy Tahoe on 2016, says Chris instead of making them outside the
ily run around to get help,” says Mr. time. The forth- Connery, an ana- country in which they will be used,

.
Hreinsson. “You have to be able to coming Cadillac lyst at Context, a can also help companies get around
do it all in-house.” His machines, Celestiq, an “ul- market-intelli- supply-chain bottlenecks, factory

ly
which he sells to clients around the tra-luxury” vehi- gence firm. That shutdowns, and tariffs. During the
world, include more than 100 parts cle, will include number includes pandemic, for example, Caterpillar
that he prints on seven 3-D printers more than 100 3- software and ser- began using some 3-D printed parts,
made by a company called Desktop
Metal. Printing the stainless-steel
parts this way skips all the steps
required for conventional manufac-
D-printed parts.
BMW is making
broad use of 3-D-
printed parts
on vices, materials
and hardware like
industrial 3-D
printers, which
made in the U.S. with Desktop
Metal printers, in place of conven-
tionally manufactured versions that
had become difficult to import from
turing, from prototyping to casting throughout its start at around India. Its project leads realized that
us ,

or injection molding—the last of lineup. Mercury $100,000 and can at the volumes required, and given
l

which generally happens in Asia, Marine is produc- cost millions. the costs of possible delays, it was
e
al a

and can add weeks or months to ing its newest The biggest economical to just 3-D print all of
the time between product design V12, 600-horse- companies in the the parts needed, rather than mak-
and delivery. power outboard additive manufac- ing them with conventional tech-
ci on

Now that much of the hype motor with 3-D- turing industry niques, says Desktop Metal Chief
around 3-D printing has died printed molds. CAD software, or the ability to print mostly make systems that print in Executive Ric Fulop.
down—no more of that 2010s-era And in Youngstown, Ohio, a 63- complicated shapes using what is plastics, like Stratasys and 3-D Sys- Costs for 3-D printing parts have
talk about a Star Trek-style replica- year-old family business that has essentially an inkjet printer to spray tems, both based in the U.S., and fallen precipitously in the past few
tor in every home—a funny thing is long made molds for casting metal a kind of glue into a block of fine, Germany-based EOS. In metal print- years. This is no surprise given that
er s

happening to this technology. It’s parts such as engine blocks for auto loose sand, one thin layer at a time. ing, Desktop Metal has the lion’s some of the technologies involved
becoming a widely used, and in makers now has a division that cre- When he started looking into it share of the market, but a number weren’t even commercially available
m er

some respects quietly revolutionary, ates those molds with additive in the early 2010s, the manufactur- of other companies and startups, a decade ago, says Mr. Lamoncha,
update to the way that people man- manufacturing, instead of conven- ing industry was not receptive to like Markforged, are making in- whose own journey with 3-D print-
ufacture and process things we rely tional machining. this new way of making castings, roads. HP, General Electric and ing started in 2012 when the Obama
on every day—from cars to indus- Humtown Additive does 3-D says Brandon Lamoncha, director of Nikon have also recently made ac- administration funded a National
trial machinery to food. What’s printing not with metal or plastic, additive manufacturing at Hum- quisitions and are either selling sys- Additive Manufacturing Innovation
m rp

more, the way this technology is be- but with sand. The resulting molds town, which was started by his tems or using this technology inter- Institute in Youngstown. Those
ing used could have implications for are used in a casting process that grandfather. Today, Humtown Addi- nally. costs are projected to continue to
the shape of global supply chains to has changed little since its inven- tive has customers using as many Despite all the advances in 3-D fall.
come. tion in ancient Egypt. Of course, the as 50,000 3-D-printed molds a year, printing, it is still often more cost- For now, Mr. Hreinsson, the Ice-
A quick refresher: 3-D printing, pharaohs didn’t have computers, he adds. These sand-and-binder effective to manufacture things the landic manufacturer of fish-process-
co Fo

molds are used for everything from old way, says Tripp Burd, an engi- ing machinery, is using the smallest
engine blocks for conventional neer at Markforged, which makes of the 3-D metal printers offered by
trucks to the housings for motors in metal printers that compete with Desktop Metal. As more people
electric vehicles. All are produced some models made by Desktop learn to use such machines, and the
on 3-D sand printers made by Ex- Metal. usually conservative manufacturing
One, a subsidiary of Desktop Metal. “This is not a technology to be industry comes to embrace them, he
Like Mr. Hreinsson, Mr. Lamoncha blindly applied to everything in can see them transforming where
runs his printers all-out, 24 hours a your warehouse, but used intelli- manufacturing happens, leading to
day, to keep up with demand. gently, it’s a very powerful tool,” “reshoring” of both manufacturing
Traditional sand casting, which says Mr. Burd. and the industries it enables, from
Humtown also does, is a labor-in- Companies can also use 3-D processing fish to making the ob-
tensive, multistep process requiring printing to do away with some of jects we all rely on every day.
molds made in multiple parts, by their inventory of spare parts, many Before, fish were sent to China to
n-

machinists or some other manufac- of which can sit on warehouse be processed by hand, he adds.
turing process, and there’s much shelves for years. Both Caterpillar, Now, they can be processed close to
room for human error. By contrast, the world’s biggest maker of con- where they are caught, using ma-
3-D-printed sand casting skips all of struction and mining equipment, chines he manufactures from parts
no

those steps, and eliminates all of and Saudi Aramco, the world’s larg- that were once made in Asia, if they
that labor, because it can go est producer of oil by volume, for could be made at all.
straight from a 3-D model to a final, example, are digitizing their librar- “What 3-D printing is doing now
printed mold. ies of old parts so that they can is revolutionary,” says Mr. Hreins-
Globally, the entire industrial 3-D print them in 3-D as needed, when son. “It’s not a dream anymore, it’s
One of Humtown’s 3-D printed sand molds, used to cast a metal part. printing market grew to $13.3 bil- machines that may have working there, and it’s only going to grow.”

Bed Bath & Beyond Is in Talks to Sell Buybuy Baby Chain

The unraveling of Bed Bath & Bed Bath & Beyond store count Buybuy Baby has drawn more interest
Beyond Inc. could unlock one of from possible suitors than the core
the company’s strongest busi- 1,500 home-goods stores of its distressed
nesses: the Buybuy Baby chain of Others parent company, Bed Bath & Beyond.
stores selling strollers, cribs and Buybuy Baby
1,200 Bed Bath &
other infant gear. Ms. Fernandez said the baby
Beyond
chain’s sales have held up better
By Suzanne Kapner, 900
because it still sells mostly
Lauren Thomas branded goods like Gerber food
and Soma Biswas and Graco strollers, and it wasn’t
600 affected as much by the shift to
Bed Bath & Beyond, which is private-label goods that hurt Bed
GABBY JONES/BLOOMBERG NEWS

preparing for a bankruptcy filing, Bath & Beyond.

has been in discussions with pri- 300 Sycamore Partners has been an
vate-equity firm Sycamore Part- active buyer of distressed retail
ners and another suitor about a chains. It led the roughly $6.9 bil-
deal to sell the baby chain as part 0 lion leveraged buyout of Staples in
of its chapter 11 restructuring, ac- FY2020 ’21 ’22 2017 and made an unsuccessful bid
cording to people familiar with the Note: Latest fiscal quarter ended Nov. 26 for department store chain Kohl’s
matter. The New York Times ear- Source: the company Corp. last year. The New York firm
lier reported on the discussions. has also scooped up mall-based
While sales at both chains are Bed Bath & Beyond business, the business because the separation $1.12 billion on revenue of $4.16 chains such as Ann Taylor, Express
shrinking, the smaller baby busi- people said, and some discussions would be complicated and costly billion for the nine months ended and The Limited. Sycamore often
ness has held up better than the with potential suitors have cen- and the new leadership team Nov. 26. It doesn’t break out profit buys struggling retailers, sells off
home goods chain. The company is tered on keeping the Buybuy Baby needed to nail down a strategy for or revenue for the Buybuy Baby their most valuable pieces and
still opening new Buybuy Baby locations intact while determining the business before marketing it to business. cuts costs at whatever remains.
stores, even as it closes 150 of its another path forward for Bed Bath potential bidders, the people said. Comparable-store sales at Buy-
namesake locations and moves to & Beyond. It’s unclear what that Cristina Fernandez, an analyst Buy Baby fell by a high-teen per-
preserve cash. As of February could look like. with Telsey Advisory Group, esti- centage in the latest quarter com- Watch a Video
2022, the company had about 770 The board of Bed Bath & Be- mated that the baby chain had pared with a year ago, compared Scan this code for a
Bed Bath & Beyond stores and yond explored a potential sale of about $1.2 billion in sales last year with a 28% decline at Bed Bath & video about the series
about 130 Buybuy Baby locations. Buybuy Baby last year under pres- and is probably worth about $300 Beyond stores, which sell kitchen of events that
The Buybuy Baby business has sure from activist investor Ryan million to $400 million. appliances, bedding and other deepened Bed Bath &
drawn more interest than the core Cohen. It decided not to sell the The company had a net loss of home goods. Beyond’s predicament.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | B5

EXCHANGE
Over the past two THE INTELLIGENT INVESTOR | JASON ZWEIG They, too, have turned out to be
years, bonds have worthless, says her attorney, Bruce

An Iowa Farmer’s
lost almost 15% and Oakes of Oakes & Fosher LLC in St.
stocks have barely Louis. In October 2022, a Finra ar-
gained 5%, whipsaw- bitration panel awarded Ms. Jester
ing investors along more than $420,000 in damages

$900,000 Investing Mistake

the way. That’s what and other compensation from her
markets do. former broker’s firm.
As a result, financial firms are It’s disconcertingly common for
pile-driving their clients into as- the smaller of these private deals
sets that have no market. Over the to be riddled with conflicts of in-
past two years, investors bought terest.
an astonishing $878.9 billion in so- Executives at the brokerages or
called Regulation D private offer- Assets that don’t trade avoid the volatility of the markets, but beware of pitfalls financial-advisory firms selling
ings of debt and equity that don’t these offerings may also serve as
trade, according to officials of the compa-
SLCG Economic Con- nies they are raising
sulting, a research firm money for.
in McLean, Va. Mr. Vietor, for exam-
These are different ple, also was an owner
from Reg D offerings of and manager of the can-
“pooled investment cer facility he got his cli-
funds,” which can in- ents to invest in—even
clude private-equity, though he lacked exten-
venture-capital and sive experience as a
hedge funds from major healthcare manager
firms. Many of these and often didn’t fully
other corporate offer- disclose his interest
ings instead come di- to clients, according to
rectly from tiny issuers investors and their law-
or through dodgy bro- yers.
kers and financial ad- Because Regulation D
visers. companies aren’t obli-
And, to be blunt, gated to issue current fi-
they are often dreck. nancial statements, in-
The investments some- vestors can remain in the
times end up worthless, dark even as they sink
and egregious conflicts deeper and deeper into
of interest are rife the hole.
among those selling Mr. Temeyer’s attor-
them. ney, Gail Boliver of Mar-
The pitch for the pri- shalltown, Iowa, says Mr.
vate corporate offer- Vietor kept selling secu-
ings: Your bonds, which rities even after the can-
were supposed to be cer facility foundered: “It
ballast for your was like selling tickets
stocks, have turned into on the Titanic after it hit

.
torpedoes, and your the iceberg.”
stocks could get blown I also spoke this week

ly
away any day. with an investor whose
Private placements broker invested approxi-
of debt, equity and mately 70% of her 401(k)
other assets don’t move
in sync with public markets—and,
because they don’t trade, their re-
ported prices fluctuate much less.
on
muttering right now with a smirk:
Look at the dumb money, rushing
to buy these black boxes that don’t
Regulation D corporate offerings
Number of offerings Amount of securities sold
in debt securities issued
under Regulation D.
Only after it was too late did
she realize that was like getting al-
They offer the hope of higher trade, charge high fees, offer lim- most three-quarters of her retire-
us ,

25,000 2022 $600 billion 2022

returns, since these smaller issu- ited information and can often 16,522 $370 billion ment assets encased in quick-dry-
l

ers often have to pay more to ob- turn out to be fraudulent. ing concrete. She can’t get her
e
500
al a

tain capital. And, hey, every corpo- Coming from people who’ve 20,000 money out, and the value of what’s
poured trillions into hedge funds 400 left is uncertain.
and other bundles of opacity, that “I would like to sell,” she says,
ci on

15,000
criticism is a crock. “but there’s no market.”
‘Reg D’ securities can The individual investors buying
300
In fact, it’s often illegal to sell
10,000
often be dodgy—and these unregulated private offerings 200 these private offerings to anyone
aren’t stupid. They believe they’re else, unless the broker or financial
getting out is a lot buying safe and potentially lucra- 5,000 adviser who sold them to you
er s

100
harder than getting in. tive assets from someone they takes them off your hands.
trust. Investors can avoid such head-
0 0
m er

“The power and prowess of a aches by trusting—but verifying.

good sales pitch will win the day 2009 ’11 ’13 ’15 ’17 ’19 ’21 2009 ’11 ’13 ’15 ’17 ’19 ’21 Buy nothing whose fees aren’t ex-
rate titan started out tiny, and every day,” says Andrea Seidt, se- Note: Does not include pooled investment funds plicitly disclosed upfront in writing.
many legitimate companies have curities commissioner for the state Source: SLCG Economic Consulting analysis of Securities and Exchange Commission filings Buy nothing without a prospectus
offered securities in this private of Ohio. Unfortunately, she adds, or offering memorandum that dis-
m rp

market. “bad actors flock to these dark closes financial data, risks and con-
The fatal flaw: You can’t always spots in the market, because of the cancer-treatment facility offered November 2022, Finra arbitrators flicts of interest. Be wary of any-
sell when you want to, and often opportunity to take advantage of by a local broker, Dana Vietor. Mr. ordered Mr. Vietor to pay Mr. Te- body who suggests putting private
you can’t sell at all. Financial dis- investors.” Temeyer, who says he was told he meyer and 10 other investors a to- placements in your IRA or 401(k).
closures range from minimal at This week I spoke to a half- would earn at least 8% annu- tal of $5.7 million in damages and Alternative investments—any-
co Fo

best—an offering document, per- dozen individuals who bought into ally, invested more than other compensation. Mr. Vietor’s thing but publicly traded stocks,
haps cursory annual or quarterly the promise of private placements $900,000 in all—only to learn that lawyer didn’t return requests to bonds and real estate—have been
reports—to nonexistent. The risk and got frozen—or wiped out. the securities were near-worthless. comment. all the rage in recent years. And
ALEX NABAUM

of default or bankruptcy is high. Jeff Temeyer, 64 years old, is a In 2020, Mr. Vietor was barred Jill Jester, 79, of Muncie, Ind., in- you might well want an alternative
Commissions and other fees can semiretired farmer in Indepen- for life by the Financial Industry herited a basket of private offerings to losing money. Just make sure
easily exceed 10%. dence, Iowa. In 2016 he invested in Regulatory Authority, which over- in her husband’s individual retire- you don’t end up with an alterna-
I can hear professional investors private debt and equity in a Texas sees how brokers do business. In ment account after he died in 2020. tive to making it instead.

PERSONAL BOARD OF DIRECTORS Al Cook spent 27 years working During the pandemic, he got to know Mr.
n-

for oil-and-gas companies. His new- Cutifani while they served together on the
The trusted advisers of top business leaders est job brings him closer to an en- board of a charity called The Power of Nu-
tirely different resource: diamonds. trition, which focused on childhood malnutrition in

Al Cook Next month the 47-year-old Asia and Africa. The pandemic challenged both ex-
no

takes over as chief executive of De ecutives to work inside and outside their compa-
Beers Group, a diamond-mining be- nies to address the needs of workers and commu-
Incoming chief executive, De Beers Group hemoth that is part of Anglo Amer- nities in developing nations where they operate,
ican PLC. Mark Cutifani says Mr. Cutifani, who recalls telling Mr. Cook in
One person who counseled him Former CEO, early 2020 that “in three months’ time, people will
on the shift was former Anglo Anglo American; director, remember what we did in the first weeks of the
American CEO Mark Cutifani, whom TotalEnergies SE pandemic.”
he met when Mr. Cutifani was still
in charge of the British mining con-
glomerate. Mr. Cutifani, who says Mr. Cook says Ms. Rudd has been helpful to
he wasn’t involved in interviewing him since she left U.K. politics in 2019 and
Mr. Cook for the De Beers job, had joined Equinor’s international advisory group
some advice: Focus on the technical as chair in 2020. “At a time when politics is
and sustainability aspects of mining changing so fast, she has helped me to see the
a finite resource. The less-familiar motivations behind politics, and how companies
parts, such as the retail supply and governments can work together,” Mr. Cook
chain, he could pick up later. says. “There are too few people who try to work
Mr. Cook grew up in the U.K. and Amber Rudd between the two.” Both say a global transition
Switzerland, studied the natural sci- Former U.K. Home away from fossil fuels to renewable-energy sources
ences including geology, and wanted Secretary, former U.K. Sec- in order to lower climate-harming carbon emis-
to travel the world. The energy in- retary of State for Energy sions demands a long-term joint effort.
dustry was a natural fit.
His first job out of the University
of Cambridge was with British oil- Mr. Cook met Professor Bordoff soon after
and-gas giant BP PLC, then called joining Equinor, which is a supporter of the
British Petroleum Co., where he program Prof. Bordoff oversees at Columbia
worked as an exploration analyst University. In 2021, Mr. Cook became a member of
and rose to chief of staff to the the program’s advisory board. Prof. Bordoff says
CEO. He later became executive vice the challenges that oil-and-gas companies face
president for international explora- from investors and governments stir up constant
tion and production for Norway’s tensions. “The pace of that transition is very un-
biggest energy company, Equinor Jason Bordoff certain. That was a core part of Al’s job,” he says.
ASA, where he stayed for seven founding director, Center He says there are similarities between energy and
years. Mr. Cook has lived in the U.K., on Global Energy Policy mining. “It’s an industry that requires navigating a
U.S., Vietnam, Azerbaijan, Norway at Columbia University lot of thorny political and geopolitical risks.”
and Russia.
Mr. Cook says during the pan-
demic he became intrigued by the Mr. Cook first met Ms. Drinkwater when he
top job at De Beers, having always was 22 years old and flew to Houston to in-
been fascinated by gemstones and terview for a job as an oil-and-gas explora-
minerals. He asked Mr. Cutifani: tion analyst at British Petroleum. She became a
Could someone from the energy in- mentor and they stayed in touch all through his
dustry make the transition to a time at BP, and then at Equinor, where Ms. Drink-
company like De Beers? water serves on the board. When he accepted the
Mr. Cutifani’s answer: Possibly. Anne Drinkwater De Beers job, he says she reminded him to think
Here is a closer look at how Mr. Non-executive director, about the roughly 2,000 Equinor employees de-
Cutifani and three others became Equinor pending on him during his final weeks there. When
AL COOK

Mr. Cook’s most trusted advisers. he starts at De Beers, her advice is to “think about
—Jenny Strasburg the people first,” she says she told him.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Saturday/Sunday, January 14 - 15, 2023 * ******* THE WALL STREET JOURNAL.

EXCHANGE

The U.S. Bet  An employee walked

through an Intel
manufacturing facility

To Bring in Chandler, Ariz.

Chips Home years, while authorities in Taiwan,

China and other Asian nations are
pouring money into the sector.
TSMC, in addition to its Arizona
Continued from page B1 project, is building a chip plant in
who heads the Department of Com- Japan and is looking at potential in-
merce office overseeing the imple- vestments in Europe.
mentation of the Chips and Science The high cost and scarcity of
Act, signed into law by President qualified labor in the U.S. has ham-
Biden in August, which directs $52 pered previous efforts to reshore
billion in subsidies to semiconduc- electronics manufacturing. Mung
tor manufacturing and research. Chiang, president of Purdue Univer-
“We are talking about making the sity in Indiana, said computer and
U.S. a global leader in leading-edge engineering students are drawn to
production and creating self-sus- chip design or software, areas
taining dynamics going forward. where American companies are
There’s no doubt it’s a very ambi- leaders, rather than manufacturing.
tious set of objectives.” “Even if they say, ‘Yes, semicon-
The recent shortages that hurt ductor manufacturing sounds really
the most didn’t necessarily involve good, I want to do it,’ well, where
the most expensive chips. can they learn the real, live experi-
Jim Farley, Ford Motor Co.’s  Commerce Secretary ence?”
chief executive, told a gathering of Gina Raimondo in July, the In response, Purdue has created
chip executives in San Jose, Calif., month Congress passed a dedicated semiconductor program
in November that factory workers, the Chips and Science Act. it hopes will award more than 1,000
meaning workers in North America, certificates and degrees annually by
had worked a full week only three 2030 in person and online. In July,
times since the beginning of that SkyWater Technology, a Blooming-
year because of chip shortages. A ton, Minn.-based foundry, said it
lack of simple chips, including 40- would build a $1.8 billion fab on
cent parts needed for windshield- Purdue’s campus, prospectively sup-
wiper motors in F-150 pickup ported by Chips funding.
trucks, left it 40,000 vehicles short Developing a domestic supply of
of production targets. talent is only half the battle. The
Until 2014, machines that treat U.S. also depends on foreign coun-
sleep apnea made by San Diego- tries for many key inputs to semi-
based ResMed Inc. each contained conductors.
just one chip, to handle air pres- The lasers that imprint tiny cir-
sure and humidity. Then ResMed cuit blueprints on silicon wafers use
started putting cellular chips into purified neon gas, made from raw
the devices that beamed nightly neon typically harvested from large

.
report cards on users’ sleep pat- air-separation units attached to
terns to their smartphones and to steel plants. Those facilities pro-

ly
their doctors. As a result, regular duce the neon when they separate
usage by users climbed from just oxygen from the air for use in steel
over half to about 87%. Because  Workers gathered for a ceremony marking the beginning of furnaces.
mortality is lower for sleep-apnea
sufferers who consistently use
their devices, a relatively simple
chip could help save lives.
on
bulk production of 3-nanometer chips at a Taiwan Semiconductor
Manufacturing Co. facility in Taiwan in December.
Since the steel industry largely
moved out of the U.S. over the past
half-century, there is currently very
little neon gas being produced do-
ResMed couldn’t get enough of In May, he was one of a group of semiconductors starting in the the whole game here.” mestically. Most has come from
us ,

the cellular chips during the chip medical-technology CEOs who 1940s, and today U.S. companies That ambition comes at a deli- Ukraine, Russia and China, but Rus-
l

shortage when demand for its ma- pleaded with Commerce Secretary still dominate the most lucrative cate time for chip makers, many of sia’s invasion of Ukraine has left
e
al a

chines went up, in part because a Gina Raimondo on a conference call links in the semiconductor supply whom have seen a sharp drop in China as the world’s main source.
competitor’s devices were recalled. for help. Ms. Raimondo’s staff asked chain: the design of chips, software demand for electronics that were “Is this a risk for the U.S.? Abso-
Some suppliers reneged on supply other federal agencies to designate tools that translate those designs hot during the early days of the lutely,” said Matthew Adams, an ex-
ci on

agreements. Patients faced months- medical equipment as essential and into actual semiconductors, and, pandemic. Intel is paring capital ecutive vice president at Electronic
long waits. helped connect buyers to manufac- with competitors in Japan and the spending amid the slump, and Fluorocarbons LLC, a Massachu-
Chief Executive Mick Farrell turers to bypass distributors. Netherlands, the multimillion-dollar TSMC said this week that weak de- setts-based company that imports,
said he implored longstanding sup- Such pleas also lent urgency to machines that etch chip designs mand could lead it to cut capital ex- purifies and sells neon and other
pliers to give priority to his equip- the Biden administration’s efforts, onto wafers inside fabrication penditures this year. gases. “A prolonged ban of neon ex-
er s

ment, though his orders were rela- led by Ms. Raimondo, to pass the plants, or fabs. To defray the chip companies’ in- ports from China to the U.S. would
tively small. “I asked for more, Chips and Science Act. The U.S. has But the actual fabrication of vestment needs, Ms. Raimondo has shut down a significant portion of
m er

more and more, and to please pri- long been leery of industrial policy, semiconductors has been increas- approached private infrastructure
oritize us,” he said. “This is a case under which the government rather ingly outsourced to Asia. The U.S. investors about participating in
of life and death—we’re not just than the market steers resources to share of global chip manufacturing chip projects, modeled on Brook-
asking for something that makes particular industries. Many econo- has eroded, from 37% in 1990 to field Asset Management Inc.’s co-in- While the location
you feel better.” mists criticize industrial policy as 12% in 2020, while mainland China’s vestment in Intel’s Arizona fabs.
m rp

The company redesigned its ma- picking winners. But many Republi- share has gone from around zero to Last November she pitched the idea of oil reserves
chines, which are assembled in
Singapore and Sydney, to replace
can and Democratic legislators ar-
gue that semiconductors should be
about 15%, according to Boston
Consulting Group and SIA. Taiwan
to 700 money managers at an in-
vestment conference in Singapore
once defined geo-
the chips in short supply with oth- an exception because, like oil, they and South Korea each accounted for organized by Barclays Bank. politics, now the
ers more readily available. It sought have vital civilian and military uses. a little over 20%. She also approached chip cus- locations of chip
co Fo

out new chip suppliers. It even Soon after the act passed, Intel, The most cutting-edge manufac- tomers including Apple Inc. about
rolled back the clock and released a which had pushed Congress to pass turers of advanced logic chips, the buying chips these fabs produce. factories are more
version of a device without the cel- the legislation for two years, broke brains of computers, smartphones “We will need big customers to give
lular chip. ground on a $20 billion project in and servers, are Taiwan Semicon- commitments to purchase [the fabs’
important, said
Though the chip shortage has Ohio. The Commerce Department ductor Manufacturing Co.—a output], which will help de-risk Intel’s CEO.
abated somewhat and the com- will announce guidelines next foundry that makes chips designed deals and show there is a market
pany’s newest breathing devices month for how the law’s manufac- by others—and South Korea-based for these chips,” she said.
have the cellular chip back, Mr. Far- turing subsidies will be awarded. Samsung Electronics Co. Intel Those efforts appeared to pay off semiconductor production after in-
rell worries chip supply could be a American scientists and engi- comes in third. Memory chips are in December when TSMC an- ventories are exhausted.”
bottleneck. neers invented and commercialized primarily made in Asia by U.S.- and nounced it would up its investment A handful of other raw materials
Asian-headquartered companies. to $40 billion in leading-edge chips used in chip making, such as tung-
Lower-end analog chips, which of- at a facility already being built on a sten, which is transformed into
Supply Side ten perform just a few tasks in con- vast scrubby area north of Phoenix. tungsten hexafluoride and used to
n-

sumer and industrial products, are Formerly home to wild burros and build parts of transistors on chips,
While the U.S. is a leader in areas that are heavy in research
produced around the world. coyotes, it now teems with con- are similarly sourced primarily from
and development, it lags behind in manufacturing.
The concentration of so much struction cranes and takes delivery China. To truly untie the U.S. chip
Semiconductor industry value added by activity and region, 2019 chip production in three hot spots— of some of the most advanced man- industry from China would entail
no

China, Taiwan and South Korea— ufacturing equipment in the world. undoing several decades of globali-
REGION’S SHARE OF ACTIVITY unsettles U.S. military and political At a ceremony that month at- zation, something industry leaders
0% 25 50 75 100 leaders. They worry that if China
Circuit designs achieved dominance in leading-edge
and software semiconductors, on its own or by
invading Taiwan, it would threaten
the U.S. economy and national secu-
CPUs and other Rest
digital chips U.S. of world rity in a way Japan, an ally, didn’t
CHIP DESIGN

when it briefly dominated semicon-

ductor manufacturing in the 1980s.
Starting around 2016, U.S. offi-
FROM TOP: INTEL CORPORATION; LAM YIK FEI/BLOOMBERG NEWS; ANNA MONEYMAKER/GETTY IMAGES; ORE HUIYING FOR THE WALL STREET JOURNAL
ACTIVITY’S SHARE OF TOTAL

cials began blocking Chinese efforts

Analog chips to procure front-line chip compa-
nies and technology. Many in Wash-
ington were blindsided last July
Data storage and when a Canadian research firm re-
computer memory
ported that China’s largest chip
maker, Semiconductor Manufactur-
ing International Corp., had begun
CHIP MANUFACTURING

Equipment used
to make chips to manufacture 7-nanometer
chips—a level of sophistication
thought beyond its ability.
Chip
manufacturing With little warning, on Oct. 7, the
U.S. government installed the broad-
Chip-manufacturing est-ever restrictions on chip-related
materials exports to China. The U.S. had long A worker held a box of ResMed’s sleep apnea machines in December.
Chip assembly been willing to let Chinese semicon- ResMed had to redesign its devices during the chip shortage.
and testing ductor capabilities advance, as long
as the U.S. maintained a lead. The tended by Mr. Biden and top admin- say isn’t practical.
Chip makers are spending billions on …but significant obstacles remain, new controls go much further, seek- istration officials, including Ms. Rai- Even if the U.S. doesn’t succeed
new factories that could boost the including slow growth in the number ing to hold China in place while the mondo, Apple Chief Executive Tim in securing the entire semiconduc-
country’s share of manufacturing… of U.S. engineering students. U.S. and its allies race ahead. Cook and Advanced Micro Devices tor supply chain, it does have a
Meanwhile, U.S. officials hope Inc. chief Lisa Su pledged to buy chance to reverse the recent histori-
U.S. semiconductor investments Citizenship of graduate students federal subsidies will lead to facto- some of the facility’s output. cal pattern of losing leadership in
in the next 10 years and postdoctoral appointees in ries that are sufficiently large and Still, TSMC told the Commerce one manufacturing sector after an-
U.S. engineering programs advanced to remain competitive Department in a public letter that other, including passenger cars, rail-
Materials/ and profitable long into the future. despite excitement about its plans road equipment, machine tools, con-
suppliers 100,000 “We have got to figure out a way and local, state and potentially fed- sumer electronics and solar panels.
$9 billion U.S. citizens and
permanent residents through every piece of leverage we eral subsidies, costs were higher “I don’t think we’ve ever done
75,000 have…to push these companies to than if a similar operation were this before: Try in a conscious, tar-
PROJECTS go bigger,” Ms. Raimondo said in an built at home. Morris Chang, geted way to regain market share in
50,000
ANNOUNCED* interview. “I need Intel to think TSMC’s founder, said in November an industry where we were once the
25,000 about taking that $20 billion facility that the differential could be 50%. leader, but then lost it,” said Rob
Temporary in Ohio and making it a $100 billion TSMC said it sent more than 600 Atkinson, president of the Informa-
Chip-making visa holders facility. We’ve got to convince American engineers to Taiwan for tion Technology and Innovation
factories 0
TSMC or Samsung that they can go training. Foundation, which advocates gov-
$186.6 billion 1980 ’90 2000 ’10 ’20
from 20,000 wafers a month to Outside the U.S., Europe has its ernment support of manufacturing.
*Projects announced from May 2020-December 2022 100,000 and be successful and prof- own plans to double its share of —Liza Lin contributed to this
Sources: Boston Consulting Group (value added); Semiconductor Industry Association (investments); itable in the United States. That’s global production over about 10 article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies
34302.61 Trailing P/E ratio 22.11 21.91 3999.09 Trailing P/E ratio * 19.15 28.55 11079.16 Trailing P/E ratio *† 24.75 37.85 and commodities performed around the world for the week.
s 112.64 P/E estimate * 18.78 18.59 s 15.92 P/E estimate * 17.37 21.10 s 78.05 P/E estimate *† 21.65 27.62
Index Currency, Commodity, Exchange-
Dividend yield 2.01 1.93 Dividend yield * 1.72 1.30 or 0.71% Dividend yield *† 0.96 0.66 vs. U.S. dollar traded in U.S.* traded fund
or 0.33% or 0.40%
All-time high: Nymex RBOB gasoline 12.84%
All-time high Current divisor All-time high
16057.44, 11/19/21
36799.65, 01/04/22 0.15172752595384 4796.56, 01/03/22 Russian ruble 9.85
Nymex ULSD 8.37
34400 4150 11375 Nymex crude 8.26
Comex copper 7.65
11175 S&P 500 Consumer Discr 5.76
33800 4075
Russell 2000 5.26
65-day moving Nasdaq Composite 4.82
33200 4000 10975
Session high average S&P 500 Information Tech 4.60
DOWN UP Nasdaq-100 4.54
10775
t

Session open Close 32600 3925 S&P SmallCap 600 4.47

Close Open S&P 500 Real Estate 4.39
t

32000 3850 10575 S&P 500 Materials 4.29

Session low 65-day KOSPI Composite 4.20
moving average
31400 65-day 3775 10375 S&P 500 Communication Svcs 4.06
Bars measure the point change from session's open moving average S&P MidCap 400 3.65
10175 S&P/BMV IPC 3.57
30800 3700
Nov. Dec. Jan. Nov. Dec. Jan. Nov. Dec. Jan. Hang Seng 3.56
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Dow Jones Transportation Average 3.52
Japanese yen 3.32
DAX 3.26
Major U.S. Stock-Market Indexes Trading Diary Corn 3.21
Latest 52-Week % chg Volume, Advancers, Decliners Bloomberg Commodity Index 3.21
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. S&P/ASX 200 3.07
Dow Jones Total volume* 774,903,426 8,939,288 Comex gold 2.91
Industrial Average 34342.32 33915.49 34302.61 112.64 0.33 35911.81 28725.51 -4.5 3.5 5.9 Adv. volume* 471,814,968 5,487,570 Euro STOXX 2.88
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Issues traded 3,205 304 S&P 500 2.67
Utility Average 991.99 982.86 988.60 -5.28 -0.53 1071.75 838.99 3.7 2.2 4.0
Advances 1,925 186 S&P 500 Energy 2.66
Total Stock Market 40327.73 39757.43 40282.76 172.88 0.43 47316.14 36056.21 -14.9 4.6 6.2
Declines 1,167 102 Soybeans 2.45
Barron's 400 978.03 963.35 976.74 4.25 0.44 1075.25 825.73 -9.2 6.1 9.8
Unchanged 113 16 FTSE MIB 2.40
Nasdaq Stock Market New highs 104 3 CAC-40 2.37
Nasdaq Composite 11084.01 10900.16 11079.16 78.05 0.71 14893.75 10213.29 -25.6 5.9 6.1 New lows 6 0 IBEX 35 2.08
Nasdaq-100 11547.96 11347.60 11541.48 81.87 0.71 15611.59 10679.34 -26.1 5.5 8.4 Closing Arms† 1.06 0.77 S&P 500 Financials 2.03
Block trades* 4,094 89 Chinese yuan 2.02
S&P
Dow Jones Industrial Average 2.00
500 Index 4003.95 3947.67 3999.09 15.92 0.40 4662.85 3577.03 -14.2 4.2 6.7 Nasdaq NYSE Arca
Mexican peso 1.98
MidCap 400 2583.60 2548.27 2580.91 12.54 0.49 2782.64 2200.75 -7.2 6.2 7.7 Total volume*5,077,997,580 292,131,730 Indonesian rupiah 1.92
SmallCap 600 1240.84 1221.54 1238.88 6.95 0.56 1388.27 1064.45 -10.8 7.0 6.7 Adv. volume*2,908,204,732 181,383,937 FTSE 100 1.88

.
Decl. volume*2,104,475,210 104,955,171 South African rand 1.84
Other Indexes

ly
Issues traded 4,844 1,744 STOXX Europe 600 1.83
Russell 2000 1889.15 1861.74 1887.03 10.97 0.58 2162.46 1649.84 -12.7 7.1 4.2
Advances 2,895 1,271 BOVESPA Index 1.79
NYSE Composite 15940.61 15749.91 15918.37 58.82 0.37 17219.06 13472.18 -7.6 4.8 4.3 Declines 1,671 456 Euro area euro 1.78
Value Line 575.65 568.11 575.16 2.50 0.44 663.47 491.56 -13.3 7.2 1.3 Unchanged 278 17
NYSE Arca Biotech
NYSE Arca Pharma
KBW Bank
5558.05
866.68
107.75
5481.99
859.92
104.07
5524.61
866.00
107.63
17.67
6.09
0.74
on
0.32
0.71
0.69
5524.61
887.27
147.10
4208.43
737.84
94.66
5.1
8.1
-26.8
4.6
-0.2
6.7
2.7
9.7
-1.3
New highs
New lows
Closing Arms†
121
19
1.25
40
14
2.00
iShiBoxx$InvGrdCp
Comex silver
S&P 500 Industrials
iSh 20+ Treasury
1.72
1.72
1.53
1.49
PHLX§ Gold/Silver 137.19 135.10 136.70 1.60 1.18 167.76 91.40 6.4 13.1 10.9 Block trades* 34,314 1,348
us ,

iShiBoxx$HYCp 1.47
PHLX§ Oil Service 91.78 89.74 91.60 0.94 1.04 91.60 56.08 40.8 9.2 6.2 Australian dollar 1.45
l

* Primary market NYSE, NYSE American NYSE Arca only.

PHLX§ Semiconductor †(TRIN) A comparison of the number of advancing and declining
e
2802.83 2753.91 2800.66 11.01 0.39 3900.61 2162.32 -28.2 10.6 14.0 South Korean won 1.31
al a

issues with the volume of shares rising and falling. An

Cboe Volatility 19.41 18.01 18.35 -0.48 -2.55 36.45 18.35 -4.4 -15.3 14.2 iShJPMUSEmgBd 1.26
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. Indian rupee 1.22
ci on

Shanghai Composite 1.19

International Stock Indexes Percentage Gainers... U.K. pound 1.17
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0.64
er s

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m er

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m rp

0.14
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co Fo

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n-

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no

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Singapore Straits Times 3293.75 25.97 0.79 1.3 Tesla TSLA 180,088 55.0 122.40 -0.94 384.29 101.81
South Korea KOSPI 2386.09 20.99 0.89 6.7
Mullen Automotive MULN 167,397 -24.4 0.36 -8.59 4.18 0.18 Currencies
ProShares UltraPro QQQ TQQQ 158,913 -27.9 20.10 1.98 72.07 16.10
Taiwan TAIEX 14824.13 92.49 0.63 4.9 U.S.-dollar foreign-exchange rates in late New York trading
Arrival ARVL 145,602 1226.5 0.63 17.52 6.78 0.14
Thailand SET 1681.73 –5.72 –0.34 0.8 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
US$vs, US$vs,
Fri YTDchg Fri YTDchg
Sources: FactSet; Dow Jones Market Data 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004266 23440 –0.8
Argentina peso .0055181.2934 2.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1962 5.0963 –3.6 Czech Rep. koruna .04515 22.146 –1.9

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7465 1.3397 –1.2 Denmark krone .1456 6.8679 –1.1
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001223 817.51 –3.6 Euro area euro 1.0833 .9231 –1.2
Colombiapeso .000213 4687.28 –3.33 Hungary forint .002731 366.13 –1.9
A consumer rate against its Five-year ARM, Rate Ecuador US dollar Iceland krona
1 1 unch .007020 142.44 0.6
benchmark over the past year 5.00% Mexico peso .0533 18.7629 –3.7 Norway krone .1010 9.9019 0.9
Bankrate.com avg†: 5.47% 28%
t Uruguay peso .02521 39.6600 –0.8 Poland zloty .2309 4.3313 –1.1
5-year Raymond James Bank, NA 3.00% 4.00 WSJ Dollar Index
Tradeweb ICE
s
Asia-Pacific Russia ruble .01515 66.000 –10.5
14
t

adjustable-rate 5.00% St. Petersburg, FL 800-718-2265 Sweden krona .0961 10.4019 –0.3
mortgage (ARM) Friday Close 3.00 Australiadollar .6976 1.4335 –2.3
RTN Federal Credit Union 4.63% Switzerland franc 1.0796 .9263 0.1
0 China yuan .1492 6.7030 –2.8
4.00 2.00 Turkey lira .0532 18.7937 0.6
Waltham, MA 781-736-9900 Euro Hong Kong dollar .1280 7.8096 0.04
s Ukraine hryvnia .0272 36.7500 –0.3
One year ago India rupee .01230 81.282 –1.8
t

3.00 The Torrington Savings Bank 4.75% 1.00 –14 UK pound 1.2234 .8174 –1.1
t Indonesia rupiah .0000652 15338 –1.5
Torrington, CT 860-496-2152 s Middle East/Africa
5-year Treasury Yen Japan yen .007821 127.86 –2.5
2.00 0.00 –28
note yield Chemung Canal Trust Company 4.88% Kazakhstan tenge .002164 462.19 –0.1 Bahrain dinar 2.6529 .3770 –0.03
Elmira, NY 607-737-3711 1 3 6 1 2 3 5 7 10 20 30 2022 Macau pataca .1243 8.0480 unch Egypt pound .0338 29.5521 19.4
1.00 month(s) years Malaysia ringgit .2307 4.3350 –1.6 Israel shekel .2927 3.4161 –3.1
FMAM J J A S O N D J Clinton Savings Bank 5.00%
maturity New Zealand dollar .6384 1.5664 –0.5 Kuwait dinar 3.2766 .3052 –0.3
2022 Clinton, MA 888-744-4272 Pakistan rupee .00437 228.800 0.9 Oman sul rial 2.5977 .3850 –0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0182 54.926 –1.4 Qatar rial .2746 3.642 –0.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7579 1.3195 –1.6 Saudi Arabia riyal .2662 3.7562 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008080 1237.69 –1.9 South Africa rand .0595 16.7966 –1.3
Sri Lanka rupee .0027322 366.00 –0.4
Federal-funds rate target 4.25-4.50 4.25-4.50 0.00 l 4.50 2.75 Yield (%) 52-Week Total Return (%) Taiwan dollar .03301 30.298 –1.1 Close Net Chg % Chg YTD%Chg
Prime rate* 7.50 7.50 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03044 32.850 –5.1 WSJ Dollar Index 95.09 –0.20–0.21 –1.52
Libor, 3-month 4.79 4.81 0.24 l 4.83 2.96
U.S. Treasury, Bloomberg 2138.140 3.860 3.930 4.560 1.500 –9.357 –2.019 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.35 0.35 0.07 l 0.35 -0.15
2.76 l 1.36 U.S. Treasury Long, Bloomberg 3348.910 3.730 3.810 4.570 2.090 –22.735 –6.019
Five-year CD, annual yield
30-year mortgage, fixed† 6.37
2.77
6.80
0.42
3.53 l
2.77
7.41 2.67 Aggregate, Bloomberg 2004.970 4.300 4.430 5.210 2.030 –9.439 –1.956
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 5.66 6.08 2.85 l 6.53 2.38
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 1996.690 4.230 4.410 5.380 2.230 –8.089 –2.342
Jumbo mortgages, $726,200-plus† 6.35 6.82 3.55 l 7.44 2.15 DJ Commodity 1048.28 6.54 0.63 1264.48 985.04 6.42 -0.04
High Yield 100, ICE BofA 3239.890 7.367 7.664 8.753 4.155 –5.849 0.332
Five-year adj mortgage (ARM)† 5.47 5.51 2.83 l 5.60 1.12 Refinitiv/CC CRB Index 275.91 2.14 0.78 329.59 245.43 12.42 -0.66
New-car loan, 48-month 6.54 6.54 3.51 l 6.69 2.08 Muni Master, ICE BofA 568.848 2.908 3.091 3.936 1.119 –4.688 –0.050 Crude oil, $ per barrel 79.86 1.47 1.88 123.70 71.02 -4.72 -0.50
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 787.182 7.462 7.671 9.159 5.284 –12.069 –3.858 Natural gas, $/MMBtu 3.419 -0.276 -7.47 9.680 3.419 -19.78 -23.60
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1918.40 22.90 1.21 2040.10 1623.30 5.61 5.42
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures March 481.50 485.30 s 475.20 476.30 –5.00 204,074 June 115-280 116-015 115-115 115-115 –15.0 3,137 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan .6967 .6995 s .6917 .6952 302
Contract Open 109-252 109-307 109-135 109-137 –11.2 4,181,745
Jan 63.25 … 25 March March .6982 .7010 s .6931 .6993 .0005 124,445
Open High hi lo Low Settle Chg interest
March 63.25 63.45 t 61.89 63.06 –.19 143,725 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 103-016 103-041 102-281 102-282 –5.9 2,348,627 Jan .05305 127
Jan 4.1790 4.2060 s 4.1470 4.2075 0.0215 891 Jan 17.87 .09 14 June 103-175 103-175 103-100 103-103 –5.5 69 March .05254 .05284 s .05235 .05274 .00023 272,337
March 4.1730 4.2225 s 4.1285 4.2160 0.0195 126,351 March 18.08 18.38 18.05 18.15 .09 6,141 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Jan 95.6700 95.6700 t 95.6675 95.6675 .0000 411,423 Jan 1.0869 1.0869 s 1.0782 1.0832 –.0018 1,205
Jan 1899.00 1920.90 s 1898.30 1918.40 22.90 130 March 743.50 748.50 737.25 743.75 1.00 162,660 Feb 95.4050 95.4100 95.4000 95.4050 .0000 485,922 March 1.0892 1.0911 1.0823 1.0871 –.0021 738,676
Feb 1898.80 1925.30 s 1895.10 1921.70 22.90 271,590 July 754.25 759.00 747.50 753.75 –.50 72,890 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March 1908.70 1932.50 s 1904.40 1929.10 22.90 794 Wheat (KC)-5,000 bu.; cents per bu. March 104-270 105-095 104-175 104-180 –17.0 16,308
April 1916.00 1942.10 s 1911.90 1938.50 23.00 164,989 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Index Futures
March 832.25 847.00 832.25 843.75 8.75 83,370
June 1932.40 1958.60 s 1929.10 1955.40 23.10 28,540 Dec 95.5275 95.5325 s 95.5275 95.5300 .0025 765,738 Mini DJ Industrial Average (CBT)-$5 x index
May 831.00 843.25 829.50 840.25 8.75 31,102
Aug 1950.00 1975.70 s 1947.00 1972.30 23.70 8,292 June'23 95.1100 95.1550 95.0850 95.0850 –.0350 1,328,835 March 34308 34464 s 34006 34416 97 81,737
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 182.100 t 180.775 181.250 –.875
182.225 4,175
Eurodollar (CME)-$1,000,000; pts of 100% June 34574 34713 s 34270 34677 97 455
Jan 1777.50 –3.60 Jan 95.2100 95.2125 95.2000 95.2100 … 146,044 Mini S&P 500 (CME)-$50 x index
March 184.225 t 182.000 182.875 –1.400
184.275 23,646
March 1789.00 1807.50 1730.00 1787.30 –3.60 8,098 March 94.9650 94.9850 94.9500 94.9600 –.0050 860,857 March 4003.00 4024.25 s 3961.75 4018.25 14.75 2,031,570
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 94.9000 94.9350 94.8700 94.8750 –.0300 675,349
Platinum (NYM)-50 troy oz.; $ per troy oz. Feb 157.675 158.150 156.900 157.725 .175 83,916 June 4035.75 4058.75 s 3996.75 4053.00 14.75 9,317
Jan 1067.30 1067.30 t 1049.00 1063.70 –10.90 62 Dec 95.4500 95.4850 95.3350 95.3400 –.1150 710,213 Mini S&P Midcap 400 (CME)-$100 x index
April 161.075 161.275 160.525 160.900 –.025 115,145
April 1079.60 1086.00 t 1055.10 1072.50 –11.80 69,740 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 2583.40 2597.30 s 2558.10 2594.50 12.40 41,768
Silver (CMX)-5,000 troy oz.; $ per troy oz. Feb 78.550 79.400 77.675 78.650 –.100 44,180
Currency Futures June 2613.50 12.10 n.a.
Jan 23.890 23.995 23.500 24.231 0.368 31 April 87.250 87.875 t 85.950 87.275 .100 68,111 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Nasdaq 100 (CME)-$20 x index
March 23.920 24.445 23.620 24.372 0.368 109,267 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Jan .7758 .7839 s .7733 .7826 .0090 334 March 11528.50 11619.50 s 11389.00 11608.00 73.75 259,854
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 350.00 359.00 342.00 344.00 –7.80 108 March .7793 .7906 s .7785 .7877 .0084 177,502 June 11635.50 11737.25 s 11513.00 11726.75 73.00 1,185
Feb 78.32 80.11 77.97 79.86 1.47 130,216 March 420.00 439.90 s 417.10 431.80 11.60 2,433 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Russell 2000 (CME)-$50 x index
March 78.58 80.37 78.23 80.11 1.46 253,173 Milk (CME)-200,000 lbs., cents per lb. Jan .7503 .7506 s .7442 .7469 –.0019 231 March 1886.00 1900.80 s 1867.30 1898.10 12.30 428,432
April 78.82 80.56 78.45 80.30 1.42 122,561 Jan 19.52 19.57 19.46 19.46 –.06 3,854 March .7484 .7510 s .7443 .7472 –.0019 131,164 Mini Russell 1000 (CME)-$50 x index
May 78.90 80.60 78.52 80.38 1.38 77,295 Feb 18.74 18.80 18.44 18.59 –.19 5,083 British Pound (CME)-£62,500; $ per £ March 2185.00 2211.30 s 2180.40 2209.00 8.80 12,668
June 78.81 80.50 78.45 80.29 1.34 191,118 Cocoa (ICE-US)-10 metric tons; $ per ton. Jan 1.2195 1.2249 s 1.2152 1.2214 –.0010 1,022 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 76.56 77.96 76.23 77.81 1.04 182,887 March 2,651 2,669 2,631 2,651 11 122,405 March 1.2234 1.2268 s 1.2167 1.2245 .0005 194,471 March 102.00 102.40 t 101.72 101.95 –.05 39,640
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 2,662 2,678 2,646 2,663 12 64,719 Swiss Franc (CME)-CHF 125,000; $ per CHF June 101.63 101.93 t 101.40 101.61 –.04 740
3.2241 3.2882 3.2037 3.2559 .0369 59,666 March 1.0845 1.0870 1.0799 1.0855 .0021 34,069
Feb Coffee (ICE-US)-37,500 lbs.; cents per lb.
3.1248 3.1848 3.1063 3.1649 .0451 58,853 June 1.0970 1.0980 1.0918 1.0969 .0022 412 Source: FactSet
March March 150.55 152.35 147.00 151.70 2.30 105,204
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 151.35 153.25 147.85 152.55 2.40 54,452
Feb 2.4569 2.5408 s 2.4472 2.5328 .0575 63,265 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
2.4631 2.5462 s 2.4544 2.5393 .0574 67,994 19.63 19.81 19.46 19.73 .14 338,042
March
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
March
May 18.40 18.49 18.23 18.41 .07 211,450
Bonds | wsj.com/market-data/bonds/benchmarks
Feb 3.677 3.760 t 3.384 3.419 –.276 79,979 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March
April
3.356
3.312
3.392
3.325
3.169
3.152
3.196 –.159
3.165 –.141
217,434
98,836
March
May
36.25
36.25
.15
.20
1,932
2,942
Global Government Bonds: Mapping Yields
May 3.351 3.373 3.218 3.229 –.134 99,687 Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 3.608 3.620 3.473 3.486 –.130 56,946 March 82.00 83.40 81.65 82.29 .25 89,089
Oct 3.687 3.687 3.541 3.554 –.126 66,888 May 82.24 83.60 81.98 82.60 .33 42,807
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Agriculture Futures March 207.45 213.80 s 206.85 207.20 –.20 10,088 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
May 202.75 209.00 s 202.70 203.00 –.25 1,084 4.250 U.S. 2 4.238 s l 4.138 4.229 0.897
Corn (CBT)-5,000 bu.; cents per bu.
March 670.75 676.75 669.75 675.00 4.00 498,373 4.125 10 3.510 s l 3.446 3.501 1.708
July 661.00 665.25 660.00 663.75 2.25 230,707
Interest Rate Futures
Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 0.250 Australia 2 3.179 t l 3.182 3.116 0.706 -104.0 -95.0 -18.9
March 358.75 367.75 s 358.00 364.00 2.75 3,080 March 143-020 143-230 141-260 142-030 –1-00.0 1,412,226 1.750 10 3.607 t l 3.608 3.410 1.850 9.8 16.2 14.7
May 355.00 358.75 352.50 358.75 3.50 487 June 144-110 144-110 142-120 142-200 –31.0 10
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 2.674 s l 2.667 2.194 -0.628 -154.6 -146.5 -152.3
Jan 1525.00 1536.00 1525.00 1538.25 8.75 791 March 130-180 131-100 129-270 130-000 –21.0 1,192,268 2.000 10 2.618 s l 2.617 2.379 0.294 -89.1 -83.0 -140.9
March 1518.00 1533.00 s 1513.25 1527.75 9.25 307,376 June 131-210 132-120 131-030 131-100 –17.0 1,461
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2.200 Germany 2 2.587 s l 2.564 2.146 -0.600 -163.2 -156.9 -149.5
Jan 516.50 516.60 s 514.00 513.00 … 159 March 115-085 115-155 114-240 114-245 –15.0 4,011,107
1.700 10 2.140 s l 2.124 1.923 -0.088 -136.9 -132.2 -179.2
2.500 Italy 2 2.920 t l 2.940 2.598 -0.109 -129.9 -119.2 -100.4

Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds 2.500 10 3.985 t l 3.989 3.786 1.221 47.6 54.3 -48.3

.
0.005 Japan 2 0.044 t l 0.049 -0.016 -0.081 -417.5 -408.3 -97.6

ly
Portfolios Money Rates January 13, 2023 0.500 10 0.512 s l 0.505 0.255 0.131 -299.7 -294.1 -157.2
0.000 Spain 2 2.814 t l 2.815 2.365 -0.547 -140.6 -131.7 -144.2
Largest 100 exchange-traded funds, Key annual interest rates paid to borrow or lend money in U.S. and
latest session 2.550 10 3.142 t l 3.145 2.921 0.597 -36.7 -30.1 -110.7
international markets. Rates below are a guide to general levels but

ETF
Friday, January 13, 2023

CnsStapleSelSector XLP
Closing Chg YTD
Symbol Price (%) (%)
74.74 0.47 0.3
don’t always represent actual transactions.
Inflation
Dec. index Chg From (%)
on Week
Latest ago
—52-WEEK—
High Low
0.125
4.250
U.K. 2
10
3.462 s
3.370 s
l
l
3.419
3.334
3.521
3.296
0.771
1.108
-75.8
-14.0
-71.4
-11.3
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
-12.4
-59.5

DimenUSCoreEq2 DFAC 25.49 0.51 5.0 level Nov. '22 Dec. '21 Switzerland 1.50 1.50 1.50 0.00
us ,

EnSelSectorSPDR
FinSelSectorSPDR
XLE
XLF
89.95
36.12
0.14
0.75
2.8
5.6
Britain
Australia
3.50
3.10
3.50
3.10
3.50
3.10
0.25
0.10
Corporate Debt
l

135.45 0.44 –0.3

U.S. consumer price index
HealthCareSelSect XLV Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
e
IndSelSectorSPDR XLI 102.46 –0.12 4.3 All items 296.797 –0.31 6.5
al a

Secondary market expectations

InvscQQQI QQQ 280.97 0.69 5.5 Core 300.113 0.17 5.7
InvscS&P500EW RSP 149.07 0.24 5.5
iSh0-5YTIPSBd STIP 97.45 –0.19 0.5 International rates
Fannie Mae Investment-grade spreads that tightened the most…
30-year mortgage yields
ci on

iShCoreDivGrowth DGRO 51.41 0.35 2.8 Spread*, in basis points

iShCoreHiDividend HDV 106.65 0.08 2.3 30 days 5.446 6.007 6.812 2.968 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Week 52-Week
iShCoreMSCIEAFE IEFA 66.12 0.46 7.3
Latest ago High Low 60 days 5.460 6.043 6.988 3.015 –17
iShCoreMSCIEM IEMG 50.70 0.54 8.6 Toronto–Dominion Bank TD 4.108 4.61 June 8, ’27 101 109
iShCoreMSCITotInt IXUS 62.21 0.57 7.5 Notes on data:
iShCoreS&P500 IVV 400.37 0.39 4.2 Prime rates U.S. prime rate is the base rate on corporate Westpac Banking WSTP 2.350 4.50 Feb. 19, ’25 28 –17 n.a.
iShCoreS&P MC IJH 257.17 0.50 6.3 U.S. 7.50 7.50 7.50 3.25 loans posted by at least 70% of the 10 largest –15
iShCoreS&P SC IJR 101.41 0.62 7.2 U.S. banks, and is effective December 15, 2022.
JPMorgan Chase JPM 5.625 5.25 Aug. 16, ’43 148 166
Canada 6.45 6.45 6.45 2.45
88.68 0.40 4.6 8.250 5.71 Sept. 15, ’30 225 –15 n.a.
er s

iShCoreS&PTotUS ITOT Other prime rates aren’t directly comparable; Telefonica Europe TELEFO
iShCoreTotalUSDBd IUSB 46.29 –0.32 3.0
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShCoreUSAggBd AGG 99.92 –0.37 3.0 Complete Money Rates table appears Monday HSBC Holdings HSBC 5.250 5.81 March 14, ’44 203 –14 238
iShSelectDividend DVY 125.17 0.06 3.8 Policy Rates through Friday.
4.375 4.86 Jan. 22, ’47 123 –13 146
m er

iShESGAwareUSA ESGU 88.47 0.48 4.4 Euro zone 2.50 2.50 2.50 0.00 Sources: Bureau of Labor Statistics; FactSet Morgan Stanley MS
iShEdgeMSCIMinUSA USMV 73.67 0.12 2.2
119.39 4.8 Medtronic MDT 4.625 4.58 March 15, ’45 80 –12 100
iShEdgeMSCIUSAQual QUAL 0.22
iShGoldTr IAU 36.45 1.19 5.4 Fifth Third Bancorp FITB 8.250 5.37 March 1, ’38 187 –11 197
iShiBoxx$HYCpBd
iShiBoxx$InvGrCpBd
HYG
LQD
76.64
110.47
...
–0.32
4.1
4.8 A Week in the Life of the DJIA
…And spreads that widened the most
m rp

iShJPMUSDEmgBd EMB 87.82 –0.24 3.8

iShMBS MBB 95.61 –0.46 3.1 A look at how the Dow Jones Industrial Average component stocks
UnitedHealth UNH 3.750 4.40 July 15, ’25 24 7 n.a.
iShMSCIACWI ACWI 89.69 0.45 5.7 did in the past week and how much each moved the index. The DJIA
iShMSCI EAFE EFA 70.53 0.53 7.4
gained 672.00 points, or 2.00%, on the week. A $1 change in the price Verizon Communications VZ 3.376 4.73 Feb. 15, ’25 56 7 56
iSh MSCI EM EEM 41.30 0.66 9.0
iShMSCIEAFEValue EFV 49.01 0.37 6.8 of any DJIA stock = 6.59-point change in the average. To date, a Warner Bros. Discovery WBD 3.638 5.49 March 15, ’25 133 7 147
iShNatlMuniBd MUB 107.55 –0.14 1.9
iSh1-5YIGCorpBd IGSB 50.39 –0.16 1.1
$1,000 investment on Dec. 31 in each current DJIA stock component Credit Suisse CS 3.700 7.27 Feb. 21, ’25 308 6 349
iShRussell1000Gwth IWF 223.64 0.55 4.4 would have returned $31,464, or a gain of 4.88%, on the $30,000
co Fo

iShRussell1000Val IWD 158.48 0.28 4.5 Ally Financial ALLY 8.000 6.89 Nov. 1, ’31 339 5 369
iShRussell2000 IWM 187.05 0.66 7.3
investment, including reinvested dividends.
iShRussellMid-Cap IWR 71.29 0.39 5.7 HCA HCA 5.375 5.20 Feb. 1, ’25 103 5 n.a.
The Week’s Action
iShRussell1000 IWB 219.69 0.37 4.4 American Honda Finance HNDA 2.250 4.60 Jan. 12, ’29 101 5 90
iShS&P500Growth IVW 60.14 0.42 2.8 Pct Stock price Point chg $1,000 Invested(year-end '22)
iShS&P500Value IVE 153.41 0.36 5.7 chg (%) change in average* Company Symbol Close $1,000 New York Life Global Funding NYLIFE 4.850 4.50 Jan. 9, ’28 90 5 n.a.
iShShortTreaBd SHV 110.08 ... 0.1
108.17 –0.78 1.6 7.45 25.92 170.83 Goldman Sachs GS $374.00 $1,089
iShTIPSBondETF
iSh1-3YTreasuryBd
TIP
SHY 81.64 –0.17 0.6
High-yield issues with the biggest price increases…
iSh7-10YTreaBd IEF 98.99 –0.53 3.4
6.65 3.66 24.12 Dow DOW 58.68 1,165 Bond Price as % of face value
iSh20+YTreaBd TLT 106.75 –0.94 7.2 6.41 9.00 59.32 salesforce.com CRM 149.51 1,128 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShUSTreasuryBd GOVT 23.29 –0.41 2.5
JPMEquityPrem JEPI 55.70 0.25 2.2 6.36 14.30 94.25 Microsoft MSFT 239.23 998 Rakuten RAKUTN 10.250 9.94 Nov. 30, ’24 100.500 1.19 n.a.
JPM UltShIncm JPST 50.21 –0.02 0.2
SPDRBlm1-3MTB BIL 91.58 0.01 0.1 5.83 5.48 36.12 Walt Disney DIS 99.40 1,144 Hughes Satellite Systems SATS 6.625 7.77 Aug. 1, ’26 96.530 0.80 93.564
SPDR Gold GLD 178.76 1.20 5.4 0.52
SPDRPtfDevxUS SPDW 31.84 0.47 7.2 4.80 1.38 9.10 Intel INTC 30.11 1,139 Telecom Italia Capital TITIM 6.375 8.52 Nov. 15, ’33 85.000 83.063
SPDRS&P500Value SPYV 41.13 0.37 5.8 Navient NAVI 7.250 5.41 Sept. 25, ’23 101.210 0.52 n.a.
SPDRPtfS&P500 SPLG 46.87 0.41 4.2 4.31 13.68 90.16 Home Depot HD 331.21 1,049
7.500 9.57 Oct. 15, ’27 92.250 0.50 90.280
n-

SPDRS&P500Growth SPYG 52.11 0.42 2.8 Royal Caribbean RCL

SchwabIntEquity SCHF 34.57 0.52 7.3
3.97 5.14 33.88 Apple AAPL 134.76 1,037
SchwabUS BrdMkt SCHB 46.86 0.41 4.6 3.86 9.60 63.27 Caterpillar CAT 258.46 1,079 Graphic Packaging GPK 3.500 5.47 March 15, ’28 91.250 0.45 n.a.
SchwabUS Div SCHD 77.95 0.09 3.2
Teva Pharmaceutical Finance Netherlands … 4.100 6.99 Oct. 1, ’46 66.750 0.38 63.019
SchwabUS LC SCHX 47.12 0.40 4.4 3.72 5.59 36.84 American Express AXP 155.76 1,058
SchwabUS LC Grw SCHG 58.19 0.64 4.7
SchwabUS SC SCHA 43.45 0.63 7.3 3.68 5.07 33.42 JPMorgan Chase JPM 143.01 1,074 …And with the biggest price decreases
no

Schwab US TIPs SCHP 52.61 –0.74 1.6

SPDR DJIA Tr DIA 343.04 0.30 3.5 3.47 4.32 28.47 Nike NKE 128.85 1,101 Navient NAVI 5.625 8.91 Aug. 1, ’33 77.850 –1.55 75.563
SPDR S&PMdCpTr MDY 470.65 0.49 6.3
SPDR S&P 500 SPY 398.50 0.39 4.2 3.02 6.34 41.79 Honeywell HON 216.61 1,011 Teva Pharmaceutical Finance Netherlands … 3.150 6.67 Oct. 1, ’26 88.603 –0.84 88.500
SPDR S&P Div SDY 129.60 0.21 3.6 –0.69
2.44 5.31 35.00 Visa V 223.06 1,074 Transocean RIG 6.800 10.61 March 15, ’38 71.563 65.750
TechSelectSector XLK 130.49 0.28 4.9
UtilitiesSelSector XLU 71.33 –0.36 1.2 2.20 2.79 18.39 3M MMM 129.51 1,080 Ford Motor Credit … 3.664 5.77 Sept. 8, ’24 96.750 –0.62 95.000
VangdInfoTech VGT 335.65 0.42 5.1
VangdSC Val VBR 168.78 0.26 6.3 1.52 2.19 14.43 IBM IBM 145.89 1,035 Dish DBS … 5.125 13.05 June 1, ’29 66.400 –0.49 66.500
VangdExtMkt VXF 142.17 0.69 7.0
VangdDivApp VIG 156.66 0.22 3.2 1.16 0.56 3.69 Cisco CSCO 48.88 1,034 Nokia NOKIA 6.625 6.65 May 15, ’39 99.750 –0.45 n.a.
VangdFTSEDevMk VEA 45.02 0.51 7.3
VangdFTSE EM VWO 42.14 0.67 8.1 0.57 1.00 6.59 Chevron CVX 177.56 989 United States Cellular USM 6.700 7.61 Dec. 15, ’33 93.341 –0.31 90.250
VangdFTSE Europe VGK 60.28 0.47 8.7
0.53 1.13 7.45 Boeing BA 214.13 1,124 Sprint Capital … 6.875 5.41 Nov. 15, ’28 107.250 –0.22 106.248
VangdFTSEAWxUS VEU 53.91 0.65 7.5
VangdGrowth VUG 225.01 0.61 5.6 0.46 0.17 1.12 Walgreens WBA 36.78 984 *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.
VangdHlthCr VHT 249.00 0.43 0.4
VangdHiDiv VYM 111.44 0.32 3.0 Note: Data are for the most active issue of bonds with maturities of two years or more
VangdIntrCorpBd VCIT 80.22 –0.35 3.5
0.03 0.05 0.33 Travelers TRV 193.92 1,034 Source: MarketAxess
VangdIntermTrea VGIT 59.77 –0.38 2.2 –0.09 –0.43 –2.83 UnitedHealth Group UNH 489.57 923
VangdLC VV 181.53 0.38 4.2
VangdMC VO 214.69 0.31 5.3 –0.22 –0.58 –3.82 McDonald’s MCD 268.89 1,020
VangdMC Val
VangdMBS
VOE
VMBS
142.42
46.92
0.01
–0.30
5.3
3.1 –0.78 –0.33 –2.17 Verizon VZ 41.86 1,079
Dividend Changes
VangdRealEst VNQ 88.18 –0.62 6.9
VangdS&P500ETF VOO 366.23 0.39 4.2
–1.02 –1.49 –9.82 Walmart WMT 145.29 1,025 Amount Payable / Amount Payable /
VangdST Bond BSV 76.00 –0.21 1.0 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
VangdSTCpBd VCSH 76.07 –0.16 1.2 –1.26 –3.47 –22.87 Amgen AMGN 271.73 1,035
VangdShtTmInfltn VTIP 46.92 –0.21 0.4 Increased Foreign
–1.98 –3.04 –20.04 Procter & Gamble PG 150.88 996 Apogee Enterprises APOG 2.1 .24 /.22 Q Feb15 /Jan31 Knot Offshore Partners KNOP 1.6 .026 Q Feb09 /Jan26
VangdShortTrea VGSH 58.17 –0.14 0.6
VangdSC VB 196.18 0.46 6.9 –2.26 –2.59 –17.07 Merck MRK 112.25 1,012 Seven Hills Realty Trust SEVN 12.8 .35 /.25 Q Feb16 /Jan23 Opera ADR OPRA ... .75 Feb09 /Jan30
VangdTaxExemptBd VTEB 50.50 –0.10 2.0 STAG Industrial STAG 4.2 .1225 /.12167 M Feb15 /Jan31
VangdTotalBd BND 73.97 –0.34 3.0 –3.11 –1.97 –12.98 Coca-Cola KO 61.43 966 UMH Properties UMH 4.8 .205 /.20 Q Mar15 /Feb15
Special
VangdTotIntlBd BNDX 48.52 –0.25 2.3 Gladstone Investment GAIN 7.0 .24 Mar15 /Mar03
VangdTotIntlStk VXUS 55.54 0.56 7.4 –3.78 –6.82 –44.95 Johnson & Johnson JNJ 173.43 982 Stocks National Bankshares NKSH 3.8 1.00 Feb03 /Jan23
VangdTotalStk VTI 200.04 0.43 4.6 Panbela Therapeutics PBLA 1:40 /Jan13
VangdTotWrldStk VT 91.08 0.52 5.7 *Based on Composite price. DJIA is calculated on primary-market price. Sources: FactSet; Dow Jones Market Data
VangdValue VTV 144.53 0.19 3.0 Source: Dow Jones Market Data; FactSet. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
DeckersOutdoor DECK 422.69 1.0 HawksAcqn HWKZ.U 10.35 0.9 MercatoPtrsAcqn MPRAU 10.31 0.2 PowellIndustries POWL 39.21 0.8 Starbucks SBUX 107.30 1.3 XFinancial XYF 4.20 -2.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American DragoneerGrwIII DGNU 11.03 0.1 Hims&HersHealth HIMS 7.56 6.1 MitsubishiUFJ MUFG 7.71 4.5 PrestigeCnsHlth PBH 67.19 1.3 StrategicEd STRA 89.76 2.3 Xunlei XNET 2.23 5.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest EVO Payments EVOP 33.98 ... IRSA IRS 5.89 2.1 MizuhoFin MFG 3.30 4.8 ProfDiversity IPDN 3.08 16.3 SumitomoMits SMFG 9.04 4.3 Xylem XYL 118.58 0.6
session. % CHG-Daily percentage change from the previous trading session. EnerSys ENS 82.06 1.0 IndlTechII A ITAQ 10.44 0.2 ModelN MODN 43.17 0.6 ProspectorCapA PRSR 10.46 5.8 SunlandsTech STG 11.95 6.5 YPF YPF 11.32 7.1
Eneti NETI 10.73 1.7 InfiniteAcqnUn NFNT.U 10.36 0.6 MolsonCoorsA TAP.A 97.70 -12.0 PyrophyteAcqn PHYT.U 10.45 3.2 SyndaxPharm SNDX 27.68 -2.2
Friday, January 13, 2023 EnsignGroup
FastAcqnII
ENSG
FZT.U
99.52 0.8 Ingevity
10.50 -0.1 InsightAcqn
NGVT 81.70 1.8 NLS Pharm
INAQ.U 10.10 0.1 NVE
NLSP 1.88 -2.8 RCF Acqn A
RLI
RCFA
RLI
10.33
140.69
0.2
2.3
TakedaPharm TAK 16.13 2.3 Lows
NVEC 75.89 1.0 Tapestry TPR 43.58 0.6
52-Wk % 52-Wk % 52-Wk % Fabrinet FN 138.01 1.2 InsightEnt NSIT 112.07 0.9 Nathan's ReconTech RCON 1.66 -0.7 AmVirtualCloudWt AVCTW 0.01 -39.9
NATH 71.89 -1.2 TaylorMorrison TMHC 33.71 0.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FederatedHermes FHI 39.29 1.1 IntegralAcqn1 INTEU 10.18 0.1 NatlInstruments NATI RedwoodsAcqn RWOD 11.06 0.3 AmVirtualCloud AVCT 0.70 -17.0
47.95 16.9 TechnipFMC FTI 13.14 0.2
FennecPharm FENC 10.85 3.1 inTEST INTT 13.98 6.6 NatlResearch RelianceSteel RS 217.28 1.7 ArogoCapWt AOGOW 0.01 -71.1
APxAcqnI APXIU 10.85 ... Broadwind BWEN 5.65 27.0 NRC 42.75 1.0 Tech&Telecom TETEU 11.80 4.4
Highs Aramark
ArcosDorados
ARMK
ARCO
45.47 0.9 CNH Indl
8.81 2.7 CSP
CNHI
CSPI
17.51 1.5
11.45 3.7
FinTechEvolA
FirstSolar
FTEV
FSLR
10.15 ... Ioneer
182.58 0.7 IridiumComm
IONR
IRDM
24.00 22.1 Neovasc
62.48 1.1 NewOrientalEduc
NVCN 21.92 6.6 RenaissanceRe RNR
RevolutionMed RVMD
199.35
31.37
1.6
0.7
TenXKeaneAcqn TENK 10.58 0.7
BTBrandsWt
BaxterIntl
BTBDW
BAX
0.10 20.7
44.33 -0.6
EDU 43.38 6.3 Terex TEX 48.11 2.8 BensonHillWt
AECOM ACM 87.89 0.6 Ardelyx 3.17 6.4 CTS 46.31 1.9 Flex FLEX 24.08 2.5 IsraelAcqns ISRLU 10.14 1.3 RileyExpln REPX 36.36 18.2 BHIL.WS 0.20 -11.5
ARDX CTS NewVistaAcqn NVSAU 10.15 ... Thermon THR 22.16 1.0 CatalystBiosci
AP Acqn A APCA 10.38 0.1 Arhaus ARHS 13.13 -2.1 CarpenterTech CRS 44.97 1.9 Fluor FLR 36.50 3.0 ItiquiraAcqnA ITQ 10.14 0.1 RocketInternetA RKTA 10.19 0.1 CBIO 0.20 -32.7
NineEnergy NINE 16.81 1.0 Timken TKR 78.22 3.6 Embecta 22.31 -0.4
ATI ATI 35.46 4.6 AtlCoastalA ACAH 10.09 0.2 CatalystPharma CPRX 22.11 0.4 FomentoEconMex FMX 86.58 0.5 Jabil JBL 77.69 2.1 SeacorMarine SMHI 9.98 4.2 EMBC
10.05 0.3 AtourLifestyle NortheastCmBncp NECB 15.59 1.1 Tiptree TIPT 15.33 2.9 FintechEcoWt FEXDW 0.03 -40.0
AcropolisInfrA ACRO ATAT 25.50 24.8 CatchaInvt CHAA.U 10.14 0.3 ForumMergerIV A FMIV 10.07 0.1 JanuxTherap JANX 21.70 17.9 SVF Invt SVFA 10.15 0.1
AcropolisInfr ACRO.U 10.06 0.2 AuroraAcqnA NovaVisionAcqn NOVVU 11.73 -3.3 TransDigm TDG 685.71 0.5 L3HarrisTech LHX 193.87 -1.3
AURC 10.14 0.1 Caterpillar CAT 258.58 1.3 FrontierAcqn FRONU 10.13 0.1 LamfGlbl I LGVCU 10.40 0.5 SageTherap SAGE 49.56 0.6
AehrTestSys AEHR 30.34 5.7 AuthenticEquity NubiaBrandA NUBI 10.25 0.1 TreaceMed TMCI 26.06 0.8 LumiraDxWt LMDXW 0.04 -21.3
AEACU 10.14 0.1 CentralPuerto CEPU 6.48 ... GenesisUnicornA GENQ 10.26 0.1 LKQ LKQ 58.73 0.9 SaratogaInv8.125Nt SAY 25.10 0.4
AfricanGoldA AGAC 10.15 0.4 AxcelisTechs ODP ODP 51.01 1.4 TwinRidgeCap TRCA.U 10.13 0.2 MGO Global MGOL 4.29 -7.0
ACLS 100.60 2.9 ChainBridgeIA CBRG 10.32 ... GlobalIndemnity GBLI 27.66 5.0 LSI Inds LYTS 13.58 2.0 ScilexWt SCLXW 0.80 22.2
AfricanGoldAcqn AGAC.U 10.13 0.7 BGSF GoGreenInvtsWt GOGN.WS 0.49 0.4 LasVegasSands 55.04 2.7 Oracle ORCL 89.47 0.5 10.83 ... VOC Energy VOC 13.43 -3.2 MountRainier RNER 7.88 2.0
BGSF 16.02 0.6 ChartIndsPfdConvB GTLSpB 56.65 -0.3 LVS ScionTechII A SCOB
Agilysys AGYS 84.13 4.1 BancoBBVA GraniteConstr GVA 39.20 4.1 LazardGrowthI LGACU 10.16 0.2 OrangeCtyBncp OBT 48.33 -0.1 SculptorAcqnIA SCUA 10.32 0.1 VPC Impact II A VPCB 10.60 0.3 NovoIntSci NVOS 0.13 -2.0
BBAR 4.77 0.6 ChinaSoAirlines ZNH 36.12 2.5
AhrenAcqn AHRNU 10.40 0.6 Bladex GreenlightCapRe GLRE 9.24 ... LegendBiotech LEGN 57.72 7.8 OverseasShip OSG 3.59 1.7 SeaDrill SDRL 34.71 2.4 Valaris VAL 72.52 2.2 OramedPharm ORMP 2.17 -11.4
BLX 17.47 ... CidaraTherap CDTX 1.33 10.0
AlamosGold AGI 11.38 0.2 BancoMacro BMA 21.15 -0.9 Civeo CVEO 33.75 1.5 Greif B GEF.B 82.50 1.1 LifeTime LTH 18.01 0.2 PanaceaAcqnII PANA 10.55 -0.3 SeaportCalibre SCMAU 10.29 0.4 Vipshop VIPS 15.99 3.3 PSBusParksPfdY PSBpY 11.83 -2.0
AlbanyIntl AIN 109.59 1.2 BanyanAcqnA BYN 10.35 1.1 CorpAmAirports CAAP 9.75 1.0 Griffon GFF 39.82 3.3 LionElectricWt LEV.WS.A 0.87 41.1 PatriaLatAm PLAOU 10.36 0.1 SeaportCalibre SCMA 10.28 0.3 ViridianTherap VRDN 37.12 0.6 Rivian RIVN 15.82 -6.4
AlbireoPharma ALBO 44.40 -0.1 BeardEnerTran BRD.U 10.22 0.1 CresceraCapAcqnUn CRECU 10.29 0.2 GrAeroportuario OMAB 73.57 1.9 LionheartIII A LION 10.31 0.1 PennsWoodsBncp PWOD 27.64 ... SeniorConnectI A SNRH 10.50 -0.5 ViscogliosiBros VBOC 10.20 0.2 RockyMtnChoc RMCF 5.15 -1.3
AlliedMotionTech AMOT 40.44 1.1 BeiGene BGNE 279.12 2.8 CresceraCapA CREC 10.31 ... GpoAeroportuar PAC 177.94 0.2 LomaNegra LOMA 7.74 1.2 PerionNetwork PERI 30.40 2.2 Silicom SILC 49.85 -1.3 VishayPrecision VPG 42.03 3.6 SVF Invt Wt SVFAW 0.00 -92.4
AltisourceAsset AAMC 28.00 9.1 BetterWorld BWAC 10.56 ... Crocs CROX 127.66 -1.0 GpoAeroportSur ASR 273.80 1.1 MGO Global MGOL 16.61 -7.0 Plexus PLXS 113.44 2.2 SilkRoadMed SILK 58.04 5.2 VistaEnergy VIST 16.72 3.8 US NatGas UNG 10.78 -6.2
Ametek AME 146.82 0.4 Biohaven BHVN 18.78 4.7 CullmanBancorp CULL 13.25 7.2 GpoFinGalicia GGAL 13.36 1.5 MinisoGroup MNSO 14.57 13.9 PlutonianAcqn PLTNU 10.40 0.4 SkywardSpecIns SKWD 19.85 27.3 VivintSmartHome VVNT 11.97 ... VerticalAerospace EVTL 2.58 -3.3
AmicusTherap FOLD 13.12 -0.2 BioMarinPharm BMRN 114.80 -0.7 CymaBayTherap CBAY 6.59 5.9 GpoSupervielle SUPV 2.95 2.1 MarineProducts MPX 13.61 3.5 PortageFintechA PFTA 10.08 0.2 Slam SLAMU 10.30 1.6 VoyagerTherap VYGR 10.78 16.0 VitesseEnergy VTSw 15.12 -7.3
AmkorTech AMKR 31.36 3.2 BioXcelTherap BTAI 29.14 3.9 DuetAcqnA DUET 10.65 0.1 H World HTHT 49.06 1.8 MasTec MTZ 98.28 1.5 PoseidaTherap PSTX 7.11 2.3 SnapOn SNA 249.77 0.2 WelsbachTech WTMA 10.26 0.2 VivoPowerIntl VVPR 0.23 16.6
ApolloStratGrII APGB.U 10.30 2.0 bleuacaciaA BLEU 10.10 ... DadaNexus DADA 14.63 3.9 HavertyFurn A HVT.A 34.94 1.5 MedicusSciA MSAC 10.11 ... Potbelly PBPB 7.30 2.0 StandexInt SXI 109.88 1.0 WynnResorts WYNN 100.39 1.7 WiSA Tech WISA 0.08 0.2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. s 8.82 86.58 58.73 FomentoEconMex FMX 1.7 33 85.01 0.40 8.66 195.90 131.01 Marriott MAR 1.0 25 161.78 1.79 10.44 28.36 14.70 Sasol SSL 4.0 4 17.35 0.11
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 9.37 25.28 10.61 FordMotor F 4.7 6 12.72 -0.71 4.77 183.14 142.80 Marsh&McLen MMC 1.4 26 173.38 -0.78 9.02 58.60 30.65 Schlumberger SLB 1.2 28 58.28 0.28
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -0.04 71.52 42.61 Fortinet FTNT ... 54 48.87 0.47 5.15 409.73 284.99 MartinMarietta MLM 0.7 26 355.37 3.79 -0.34 96.24 59.35 SchwabC SCHW 1.1 25 82.98 -0.50
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 4.45 51.66 34.76 Fortis FTS 4.0 20 41.82 0.11 9.80 83.13 33.75 MarvellTech MRVL 0.6 dd 40.67 1.36 15.55 183.71 40.66 Sea SE ... dd 60.12 1.74
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 4.95 73.22 52.47 Fortive FTV 0.4 35 67.43 0.35 11.42 67.95 42.33 Masco MAS 2.2 14 52.00 0.13 8.84 117.03 47.47 Seagate STX 4.9 11 57.26 -0.51
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 10.86 88.35 45.25 FortuneBrandsInnov FBIN 1.5 11 63.31 0.64 5.95 239.84 108.89 Masimo MASI ... 52 156.75 1.84 2.81 183.00 105.43 Seagen SGEN ... dd 132.12 0.08
6.45 44.95 28.02 FoxA FOXA 1.5 16 32.33 0.12 s 14.90 98.28 62.36 MasTec MTZ ... 68 98.04 1.48 9.22 70.72 41.24 SealedAir SEE 1.5 14 54.48 -0.15
6.54 40.91 26.35 FoxB FOX 1.6 15 30.31 0.06 7.99 399.92 276.87 Mastercard MA 0.6 37 375.52 -4.29 4.07 176.47 129.69 Sempra SRE 2.8 23 160.83 -0.10
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 7.48 169.32 109.70 Franco-Nevada FNV 0.9 37 146.69 -0.68 4.82 73.78 37.50 MatadorRscs MTDR 0.7 6 60.00 0.01 12.16 63.91 36.64 SensataTechs ST 1.0 23 45.29 -0.13
s-New 52-week high. standards vj-In bankruptcy or receivership or 13.99 35.40 20.24 FranklinRscs BEN 4.0 12 30.07 0.24 11.18 124.14 38.64 MatchGroup MTCH ...144 46.13 0.07 2.91 75.11 56.85 ServiceCorp SCI 1.5 17 71.15 -0.08
t-New 52-week low. lf-Late filing being reorganized under the 18.55 51.99 24.80 FreeportMcM FCX 1.3 17 45.05 -0.05 13.57 26.99 16.21 Mattel MAT ... 12 20.26 0.02 6.86 621.41 337.00 ServiceNow NOW ...419 414.89 1.63
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 9.12 35.04 12.79 FreseniusMed FMS 2.8 13 17.83 0.07 -1.91 107.02 71.92 McCormickVtg MKC.V 1.9 31 80.60 -0.26 -0.45 31.60 23.64 ShawComm B SJR 3.1 25 28.65 -0.29
four quarters. requirements. assumed by such companies. 9.81 30.33 20.82 FrontierComms FYBR ... 14 27.98 -0.18 -2.16 107.35 71.19 McCormick MKC 1.9 32 81.10 0.13 4.67 61.67 44.90 Shell SHEL 3.3 5 59.61 -0.01
FD-First day of trading. t-NYSE bankruptcy 24.75 10.16 4.12 FullTruck YMM ... dd 9.98 0.76 2.03 281.67 217.68 McDonald's MCD 2.3 34 268.89 2.20 3.60 313.45 195.24 SherwinWilliams SHW 1.0 33 245.88 2.14
1.78 401.78 237.61 McKesson MCK 0.6 27 381.81 0.97 19.19 34.92 22.98 ShinhanFin SHG 4.9 5 33.29 0.70
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. GHI 15.17 24.13 9.90 MedicalProp MPW 9.0 6 12.83 -0.17 -1.80 320.54 113.36 ShockwaveMed SWAV ... 87 201.91 1.65
7.60 235.72 126.94 Medpace MEDP ... 35 228.56 2.64 12.04 112.25 23.63 Shopify SHOP ... dd 38.89 2.13
3.66 35.23 23.10 GFLEnvironmental GFL 0.2 dd 30.30 0.46 3.69 114.31 75.77 Medtronic MDT 3.4 25 80.59 0.74 15.48 20.64 8.00 Sibanye-Stillwater SBSW 5.3 7 12.31 0.02
Friday, January 13, 2023 YTD 52-Week Yld Net 0.68 47.82 28.46 GSK GSK 5.7 4 35.38 0.23
% Chg Hi Lo Stock Sym % PE Last Chg 27.97 1275.82 600.68 MercadoLibre MELI ...203 1082.92 58.61 2.73 374.76 106.81 SignatureBank SBNY 1.9 6 118.37 1.33
4.25 201.51 147.32 Gallagher AJG 1.0 39 196.55 1.56 1.17 115.49 72.88 Merck MRK 2.6 19 112.25 0.48 0.77 29.88 10.70 SignifyHealth SGFY ... dd 28.88 ...
YTD 52-Week Yld Net 1.90 53.91 41.81 Gaming&Leisure GLPI 5.3 22 53.08 -0.75
12.06 72.37 36.90 Capri CPRI ... 11 64.23 0.50 13.83 332.73 88.09 MetaPlatforms META ... 13 136.98 0.27 6.89 162.09 86.02 SimonProperty SPG 5.7 20 125.57 -0.42
% Chg Hi Lo Stock Sym % PE Last Chg ... 81.57 49.09 CardinalHealth CAH 2.6 dd 76.87 0.35 6.41 133.78 76.37 Garmin GRMN 3.0 20 98.21 0.06 -0.62 77.36 57.41 MetLife MET 2.8 27 71.92 0.53 2.05 6.88 5.69 SiriusXM SIRI 1.6 20 5.96 ...
-0.05 358.25 221.39 Gartner IT ... 36 335.98 0.05
ABC 1.60 318.71 211.06 Carlisle
12.37 54.06 24.59 Carlyle
CSL
CG
1.3 15 239.43
3.9 7 33.53
-2.50
0.18 4.39 30.91 20.12 GenDigital GEN 2.2 23 22.37 0.41
7.77 1571.96 1065.55 MettlerToledo MTD
6.65 84.38 54.33 MicrochipTech MCHP
... 43 1557.78
1.8 23 74.92
21.57
-0.32
10.99 49.89 31.28 SkechersUSA SKX
11.50 155.77 76.16 Skyworks SWKS
... 10 46.56
2.4 13 101.61
0.37
0.36
10.24 35.83 23.97 ABB ABB 2.1 17 33.58 0.06 6.75 116.75 52.10 CarMax KMX ... 18 65.00 -1.88 12.91 329.50 86.29 Generac GNRC ... 17 113.66 0.11 13.91 97.43 48.43 MicronTech MU 0.8 10 56.93 -0.34 8.54 82.00 46.58 SmithAO AOS 1.9 20 62.13 0.73
7.94 10.10 6.00 ADT ADT 1.4 dd 9.79 0.06 30.40 23.86 6.11 Carnival CCL 0.0 dd 10.51 0.23 -3.15 256.86 200.65 GeneralDynamics GD 2.1 20 240.29 -7.41 -0.25 315.95 213.43 Microsoft MSFT 1.1 26 239.23 0.72 6.28 36.14 21.77 Smith&Nephew SNN 2.6 25 28.58 0.28
s 1.73 87.89 60.74 AECOM ACM 0.7 40 86.40 0.53 31.15 22.12 5.43 Carnival CUK 0.0 dd 9.43 0.21 22.66 80.94 46.77 GeneralElec GE 0.4 dd 80.20 1.34 1.86 218.85 141.13 MidAmApt MAA 3.5 30 159.91 -0.58 -2.54 163.07 119.82 Smucker SJM 2.6 29 154.43 -0.92
-3.13 29.89 18.62 AES AES 2.4 dd 27.86 0.17 11.20 51.48 33.10 CarrierGlobal CARR 1.6 11 45.87 0.62 -1.60 88.34 61.67 GeneralMills GIS 2.6 17 82.51 -0.02 12.77 201.34 120.30 Middleby MIDD ... 21 151.00 3.08 9.50 41.97 7.33 Snap SNAP ... dd 9.80 0.16
1.26 74.02 52.07 Aflac AFL 2.3 9 72.85 1.05 0.19 249.90 170.82 CaseysGenStores CASY 0.7 20 224.77 3.69 8.53 61.77 30.33 GeneralMotors GM 1.0 6 36.51 -1.82 s 15.44 7.71 4.31 MitsubishiUFJ MUFG 2.4 21 7.70 0.33 s 8.89 249.77 190.08 SnapOn SNA 2.6 15 248.81 0.57
1.93 150.28 88.55 AGCO AGCO 0.7 12 141.36 0.25 9.04 115.33 40.69 Catalent CTLT ... 21 49.08 -0.27 -5.24 47.50 26.19 Genmab GMAB ... 33 40.16 0.16 s 15.85 3.30 2.10 MizuhoFin MFG 2.8 11 3.29 0.15 -1.86 329.49 110.27 Snowflake SNOW ... dd 140.87 -1.27
5.18 354.62 194.23 Ansys ANSS ... 48 254.10 2.13 s 7.89 258.57 160.60 Caterpillar CAT 1.9 19 258.46 3.39 3.02 51.98 37.68 Genpact G 1.0 27 47.72 0.16 -5.93 37.31 24.85 Mobileye MBLY ... dd 32.98 -1.39 4.80 115.76 49.80 SOQUIMICH SQM 6.6 8 83.67 -1.39
-2.87 51.95 27.98 APA APA 2.2 4 45.34 -0.01 18.63 173.95 86.70 Celanese CE 2.3 8 121.29 -0.35 5.54 35.65 23.28 Gentex GNTX 1.7 22 28.78 0.35 6.89 217.25 115.03 Moderna MRNA ... 7 192.00 3.94 11.21 375.90 190.15 SolarEdgeTech SEDG ...155 315.02 5.56
12.44 7.99 4.45 ASETech ASX 8.0 6 7.05 -0.01 5.90 122.24 38.31 CelsiusHldg CELH ... dd 110.18 3.78 -2.28 187.72 115.63 GenuineParts GPC 2.1 20 169.56 0.61 16.07 175.61 87.02 MohawkInds MHK ... 46 118.65 -0.47 12.41 125.00 61.72 Sony SONY 0.5 14 85.75 -0.32
20.73 746.60 363.15 ASML ASML 0.9 44 659.69 7.13 22.96 6.83 3.20 Cemex CX ... 8 4.98 -0.06 15.34 6.62 3.94 Gerdau GGB 0.4 4 6.39 0.04 -9.08 374.00 249.78 MolinaHealthcare MOH ... 21 300.25 1.10 -1.53 80.57 60.71 Southern SO 3.9 22 70.32 -0.02
6.19 21.53 14.46 AT&T T 5.7 7 19.55 0.14 -0.41 24.91 13.01 CenovusEnergy CVE 1.7 10 19.33 0.02 0.49 89.74 57.16 GileadSciences GILD 3.4 33 86.27 0.55 s -4.09 97.70 52.30 MolsonCoorsA TAP.A 2.1 32 73.85 -10.10 27.60 79.31 42.42 SoCopper SCCO 4.5 23 77.06 1.36
3.39 130.94 93.25 AbbottLabs ABT 1.8 26 113.51 2.15 -6.06 98.53 73.19 Centene CNC ... 22 77.04 -1.14 -1.03 80.84 30.74 GitLab GTLB ... dd 44.97 0.43 -1.48 60.12 46.69 MolsonCoorsB TAP 3.0 22 50.76 0.43 9.86 50.10 30.20 SouthwestAir LUV 1.9 29 36.99 0.02
-4.96 175.91 128.26 AbbVie ABBV 3.9 20 153.60 1.38 4.40 33.50 25.03 CenterPointEner CNP 2.4 13 31.31 0.24 8.40 152.99 92.27 GlobalPayments GPN 0.9481 107.66 -0.69 0.62 69.47 54.72 Mondelez MDLZ 2.3 30 67.06 0.30 2.05 9.87 3.81 SouthwesternEner SWN ... 4 5.97 -0.03
4.47 89.85 50.07 AcadiaHealthcare ACHC ... 28 86.00 2.02 3.03 10.38 5.62 CentraisElBras EBR 3.6 14 8.17 -0.15 9.74 79.49 36.81 GlobalFoundries GFS ... 40 59.14 0.85 0.35 471.96 135.15 MongoDB MDB ... dd 197.53 6.92 3.15 150.79 65.00 Splunk SPLK ... dd 88.80 -0.06
5.73 360.10 242.95 Accenture ACN 1.6 26 282.14 -1.70 5.41 85.23 43.23 CeridianHCM CDAY ... dd 67.62 0.87 0.06 286.63 154.82 Globant GLOB ... 52 168.26 -5.10 12.68 541.39 301.69 MonolithicPower MPWR 0.8 49 398.46 -1.18 16.61 226.40 69.28 Spotify SPOT ... dd 92.06 0.86
0.14 86.90 62.99 ActivisionBliz ATVI 0.6 36 76.66 -0.24 6.76 356.34 181.36 CharlesRiverLabs CRL ... 27 232.62 0.37 0.61 123.85 87.87 GlobeLife GL 0.7 17 121.28 -0.10 0.54 104.65 71.78 MonsterBev MNST ... 45 102.08 2.04 18.36 193.74 70.24 StanleyBlackDck SWK 3.6 10 88.91 2.64
2.33 540.46 274.73 Adobe ADBE ... 34 344.38 -0.16 14.56 621.00 297.66 CharterComms CHTR ... 12 388.47 3.00 0.18 81.78 52.60 GlobusMedical GMED ... 49 74.40 0.80 12.89 360.00 230.16 Moody's MCO 0.9 38 314.53 2.13 s 8.09 107.30 68.39 Starbucks SBUX 2.0 38 107.23 1.38
2.72 242.96 138.52 AdvanceAuto AAP 4.0 19 151.03 -1.16 2.24 149.62 107.54 CheckPoint CHKP ... 21 128.99 2.95 1.47 88.32 64.65 GoDaddy GDDY ... 36 75.92 0.36 7.81 109.73 72.05 MorganStanley MS 3.4 13 91.66 1.13 6.96 103.87 58.62 StateStreet STT 3.0 12 82.97 0.60
8.25 153.36 79.90 AdvDrainageSys WMS 0.5 16 88.73 1.63 -2.54 528.72 430.16 Chemed CHE 0.3 29 497.45 7.45 22.61 17.20 7.03 GoldFields GFI 2.2 12 12.69 0.37 11.23 298.92 207.11 Morningstar MORN 0.6 84 240.92 1.82 14.15 113.12 50.54 SteelDynamics STLD 1.2 5 111.52 1.15
9.62 137.00 54.57 AdvMicroDevices AMD ... 43 71.00 0.20 4.37 182.35 100.13 CheniereEnergy LNG 1.0 dd 156.51 3.04 8.92 389.58 277.84 GoldmanSachs GS 2.7 10 374.00 4.06 5.58 79.28 37.08 Mosaic MOS 1.7 5 46.32 -0.66 8.59 21.91 11.37 Stellantis STLA 7.3 3 15.42 -0.61
9.72 6.22 3.75 Aegon AEG 3.2 27 5.53 0.02 0.40 62.08 40.20 CheniereEnerPtrs CQP 5.3 dd 57.10 -0.32 11.18 6.61 2.19 Grab GRAB ... dd 3.58 -0.03 3.22 275.16 195.18 MotorolaSol MSI 1.3 39 266.01 1.30 9.39 255.93 159.21 Steris STE 0.9 dd 202.03 1.80
8.86 68.92 37.20 AerCap AER ... dd 63.49 0.19 -3.35 107.31 61.45 ChesapeakeEner CHK 2.2 5 91.21 -0.28 5.00 76.43 56.48 Graco GGG 1.3 27 70.62 0.59 3.49 274.01 164.65 NICE NICE ... 54 199.01 0.59 7.26 83.28 49.31 StifelFinancial SF 1.9 10 62.61 0.06
4.86 160.26 112.52 AgilentTechs A 0.6 38 156.92 0.43 -1.08 189.68 122.84 Chevron CVX 3.2 10 177.56 0.48 3.17 612.06 440.48 Grainger GWW 1.2 20 573.86 1.32 21.03 31.32 8.38 NIO NIO ... dd 11.80 -0.01 15.66 49.62 28.35 STMicroelec STM 0.5 10 41.14 0.38
22.86 28.36 14.36 agilon health AGL ... dd 19.83 0.60 18.02 54.19 22.22 ChewyA CHWY ... dd 43.76 0.01 0.81 24.07 17.99 GraphicPkg GPK 1.8 17 22.43 -0.12 11.44 24.25 13.98 NOV NOV 0.9954 23.28 0.26 6.27 279.28 188.84 Stryker SYK 1.2 40 259.82 3.47
7.62 67.14 36.69 AgnicoEagleMines AEM 2.9 38 55.95 0.76 7.04 22.92 15.54 ChinaEastrnAir CEA ... dd 21.60 0.16 8.94 13.34 5.71 Grifols GRFS 0.0106 9.26 -0.07 0.19 47.82 30.64 NRG Energy NRG 4.4 4 31.88 -0.74 s 12.59 9.04 5.38 SumitomoMits SMFG 3.0 10 9.03 0.37
5.48 80.44 61.62 AgreeRealty ADC 3.8 41 74.82 -0.31 s 10.34 36.12 23.50 ChinaSoAirlines ZNH s 19.88 177.94 119.31 GpoAeroportuar PAC 3.8 ... 172.40 0.40 8.23 5750.00 3576.01 NVR NVR ... 11 4992.24 58.24 4.13 199.09 117.63 SunComms SUI 2.4 73 148.91 -0.41
0.0 dd 35.75 0.88
1.02 328.56 216.24 AirProducts APD 2.1 31 311.40 1.19 9.88 1754.56 1196.28 Chipotle CMG ... 53 1524.57 12.10 s 16.25 273.80 179.01 GpoAeroportSur ASR 2.9 18 270.86 2.86 8.73 225.39 132.08 NXP Semi NXPI 2.0 17 171.82 1.61 4.11 58.49 37.96 SunLifeFinancial SLF 4.4 11 48.33 -0.05
17.39 191.73 81.91 Airbnb ABNB ... 42 100.37 1.88 2.99 230.27 173.78 Chubb CB 1.5 16 227.19 1.59 7.88 279.02 164.47 HCA Healthcare HCA 0.9 15 258.87 3.72 3.26 69.22 46.77 Nasdaq NDAQ 1.3 28 63.35 0.36 2.24 42.72 25.27 SuncorEnergy SU 4.7 7 32.44 0.14
5.22 123.25 76.28 AkamaiTech AKAM ... 28 88.70 0.06 2.98 45.87 32.90 ChunghwaTel CHT 6.3 23 37.68 0.24 -1.30 72.20 50.61 HDFC Bank HDB 0.7 23 67.52 0.82 4.69 80.20 47.22 NationalGrid NGG 4.9 11 63.15 -0.16 7.03 12.82 7.71 Suzano SUZ 4.4 4 9.89 -0.02
11.70 334.55 169.93 Albemarle ALB 0.7 18 242.23 -0.98 1.61 105.28 70.16 Church&Dwight CHD 1.3 27 81.91 0.52 0.23 66.19 29.14 HF Sinclair DINO 3.1 5 52.01 -0.11 3.93 48.76 38.05 NatlRetailProp NNN 4.6 27 47.56 -0.48 1.86 48.76 27.21 SynchronyFin SYF 2.7 5 33.47 -0.11
2.89 37.99 20.05 Albertsons ACI 2.2 9 21.34 -0.12 6.13 249.33 172.75 ChurchillDowns CHDN 0.3 18 224.40 1.19 3.87 41.47 24.07 HP HPQ 3.8 9 27.91 -0.64 13.78 7.53 4.71 NatWest NWG 4.0 12 7.35 0.19 4.28 391.17 255.02 Synopsys SNPS ... 53 332.97 -0.13
20.10 98.09 33.55 Alcoa AA 0.7 dd 54.61 1.29 0.22 72.64 38.33 Ciena CIEN ... 51 51.09 0.17 16.01 38.61 24.77 HSBC HSBC 3.7 12 36.15 0.73 7.66 96.82 58.08 NetApp NTAP 3.1 10 64.66 0.61 5.08 91.53 70.61 Sysco SYY 2.4 28 80.33 0.08
8.01 81.97 55.21 Alcon ALC 0.3 64 74.04 1.50 -5.17 340.11 213.16 Cigna CI 1.4 15 314.21 3.99 s 12.19 49.06 21.98 H World HTHT 0.0 dd 47.59 0.85 21.66 108.77 53.09 NetEase NTES 1.7 17 88.36 3.09
6.80 210.70 126.74 AlexandriaRlEst ARE 3.1 47 155.57 -0.31 6.21 143.22 88.66 CincinnatiFin CINF 2.5 dd 108.75 0.82 -0.12 8.50 5.59 Haleon
8.41 43.99 23.30 Halliburton
HLN ... ... 7.99
HAL 1.1 22 42.66
0.14
0.49
12.87 538.37 162.71 Netflix NFLX ... 30 332.82 2.69 TUV
32.83 136.75 58.01 Alibaba BABA ...315 117.01 3.86 -0.60 470.23 343.86 Cintas CTAS 1.0 37 448.92 2.69 -8.75 129.29 72.28 Neurocrine NBIX ...188 108.99 -0.56
-11.53 59.46 31.36 HalozymeTherap HALO ... 34 50.34 -0.34 -8.44 63.06 19.17 NewFortressEner NFE 7.7 29 38.84 -1.28 7.35 59.38 38.35 TC Energy TRP 6.2 17 42.79 0.52
13.68 552.00 172.05 AlignTech ALGN ... 37 239.76 4.18 2.60 61.50 38.60 CiscoSystems CSCO 3.1 18 48.88 -0.12 17.57 115.14 78.86 TD Synnex SNX 1.3 16 111.35 1.92
8.08 125.61 87.33 Allegion ALLE 1.4 23 113.76 0.25 10.37 69.11 40.01 Citigroup C 4.1 7 49.92 0.83 9.38 48.72 29.80 HarleyDavidson HOG 1.4 9 45.50 -0.02 s 22.46 43.38 8.40 NewOrientalEduc EDU ... dd 42.64 2.51
1.12 79.44 60.16 HartfordFinl HIG 2.2 13 76.68 0.43 15.15 86.37 37.45 Newmont NEM 4.0 43 54.35 0.95 8.22 161.09 104.76 TE Connectivity TEL 1.8 17 124.24 0.11
0.54 65.37 47.19 AlliantEnergy LNT 3.1 21 55.51 -0.29 5.97 57.00 32.66 CitizensFin CFG 4.0 10 41.72 -0.11 8.86 27.50 18.85 Telus TU 4.9 18 21.02 0.21
2.49 144.46 111.85 Allstate ALL 2.4 dd 138.97 1.90 22.30 18.46 7.85 Clarivate 8.21 105.13 54.65 Hasbro HAS 4.2 22 66.02 0.14 6.92 23.73 14.87 NewsCorp A NWSA 1.0 25 19.46 0.11
CLVT ... dd 10.20 0.30
7.16 32.89 18.16 HealthcareRealty HR 6.9 76 20.65 -0.43 16.98 50.36 26.01 Ternium TX 7.6 2 35.75 0.40
10.67 52.91 22.34 AllyFinancial ALLY 4.4 5 27.06 0.02 8.49 38.65 27.59 ClearwayEnergyA CWEN.A 4.0 7 32.46 -0.34 7.48 24.16 15.15 NewsCorp B NWS 1.0 25 19.82 0.10
7.90 36.32 21.41 HealthpeakProp PEAK 4.4 29 27.05 -0.27 5.18 204.62 151.01 NexstarMedia NXST 2.0 7 184.09 0.97 7.21 112.25 71.63 TFI Intl TFII 1.3 12 107.47 -1.88
-0.89 242.97 117.58 AlnylamPharm ALNY ... dd 235.53 5.69 7.69 41.79 29.61 ClearwayEnergyC CWEN 4.1 7 34.32 -0.21 2.42 83.13 53.69 TJX TJX 1.4 28 81.53 -0.39
4.59 152.10 83.45 Alphabet C GOOG ... 19 92.80 0.89 29.86 34.04 11.82 Cleveland-Cliffs CLF 0.0 5 20.92 0.02 7.55 165.79 126.95 Heico HEI 0.1 65 165.24 1.59 1.29 91.35 67.22 NextEraEnergy NEE 2.0 44 84.68 -0.39
7.49 134.68 102.33 Heico A HEI.A 0.2 51 128.83 1.05 10.12 149.68 82.22 Nike NKE 1.1 36 128.85 0.96 6.91 154.38 101.51 T-MobileUS TMUS ...123 149.68 -0.23
4.41 151.55 83.34 Alphabet A GOOGL ... 19 92.12 0.99 4.12 186.86 120.50 Clorox CLX 3.2 45 146.11 3.29 23.25 44.43 23.09 TPG TPG 4.2 8 34.30 0.40
-0.20 57.05 40.35 Altria MO 8.2 18 45.62 0.22 -2.83 132.45 37.37 Cloudflare NET ... dd 43.93 0.45 0.63 92.68 64.75 HenrySchein HSIC ... 17 80.37 0.86 1.35 32.59 23.78 NiSource NI 3.4 18 27.79 -0.11
-2.14 242.63 191.00 Hershey HSY 1.8 30 226.61 2.42 8.41 6.00 4.08 Nokia NOK 0.8 15 5.03 0.01 8.66 176.43 93.53 TRowePrice TROW 4.1 14 118.51 -1.06
16.81 170.83 81.43 Amazon.com AMZN ... 90 98.12 2.85 -3.43 67.20 54.02 Coca-Cola KO 2.9 27 61.43 0.22 16.53 143.88 59.43 TaiwanSemi TSM 1.6 15 86.80 -0.20
-0.37 3.31 2.42 Ambev ABEV 4.0 17 2.71 -0.03 1.75 59.76 41.80 Coca-ColaEuro CCEP 3.0 16 56.29 0.20 7.33 153.38 83.56 Hess HES 1.0 25 152.21 1.48 5.87 4.87 3.00 NomuraHoldings NMR 3.2 13 3.97 0.10
5.31 35.71 24.33 HessMidstream HESM 7.1 15 31.51 -0.55 2.57 247.08 194.89 Nordson NDSN 1.1 28 243.84 1.69 0.86 178.50 90.00 TakeTwoSoftware TTWO ... dd 105.03 0.74
1.85 13.61 10.42 Amcor AMCR 4.0 22 12.13 -0.07 12.93 80.30 40.20 Cognex CGNX 0.5 44 53.20 0.60 s 3.21 16.13 12.28 TakedaPharm TAK 3.6 30 16.10 0.36
-1.53 92.80 72.63 Amdocs DOX 1.8 20 89.51 -0.04 12.01 93.47 51.33 CognizantTech CTSH 1.7 14 64.06 -1.04 3.07 17.76 11.90 HewlettPackard HPE 2.9 25 16.45 0.13 3.53 291.55 203.65 NorfolkSouthern NSC 1.9 19 255.13 0.96
8.33 167.99 108.41 Hilton HLT 0.4 36 136.88 1.88 10.97 133.72 76.15 NorthernTrust NTRS 3.1 13 98.20 0.87 s 13.92 43.58 26.39 Tapestry TPR 2.8 14 43.38 0.28
1.38 99.20 73.28 Ameren AEE 2.6 23 90.15 0.40 41.23 232.00 31.55 CoinbaseGlbl COIN ... dd 49.98 2.43 2.59 81.50 52.60 TargaResources TRGP 1.9 73 75.40 -0.01
12.69 21.62 15.67 AmericaMovil AMX 1.7 15 20.51 0.04 -1.19 85.04 67.84 ColgatePalm CL 2.4 34 77.85 1.01 6.87 81.97 59.78 Hologic HOLX ... 16 79.95 0.08 -15.43 556.27 364.62 NorthropGrum NOC 1.5 13 461.43 -26.55
4.86 382.01 264.51 HomeDepot HD 2.3 20 331.21 1.34 0.37 94.26 74.09 Novartis NVS 2.4 9 91.06 0.50 10.44 254.87 137.16 Target TGT 2.6 23 164.60 4.85
12.28 21.53 15.83 AmericaMovil A AMOV 3.1 15 20.21 -0.04 11.32 52.10 28.39 Comcast A CMCSA 2.8 34 38.93 0.24 7.79 35.08 22.06 TataMotors TTM ... dd 24.91 -0.23
33.81 21.42 11.65 AmerAirlines AAL 0.0 dd 17.02 0.19 2.53 102.09 62.83 Comerica CMA 4.0 9 68.54 -0.37 3.15 32.15 21.43 HondaMotor HMC 3.3 8 23.58 -0.52 0.72 139.05 91.51 NovoNordisk NVO 0.8 41 136.32 2.70
1.08 220.96 166.63 Honeywell HON 1.9 28 216.61 0.63 28.14 120.03 56.39 Novocure NVCR ... dd 93.99 -1.71 11.08 45.90 24.72 TeckRscsB TECK 0.9 6 42.01 0.39
-0.12 105.60 80.30 AEP AEP 3.5 20 94.84 -1.57 2.92 72.60 59.81 CommerceBcshrs CBSH 1.4 19 70.06 0.55 4.06 493.97 325.00 TeledyneTech TDY ... 27 416.13 ...
5.42 199.55 130.65 AmerExpress AXP 1.3 16 155.76 0.84 0.38 12.04 6.26 SABESP SBS 1.3 13 10.70 -0.11 -0.49 117.49 57.84 HorizonTherap HZNP ... 47 113.24 0.03 -9.58 11.83 3.26 NuHoldings NU ... dd 3.68 0.02
1.21 55.11 44.21 HormelFoods HRL 2.4 25 46.10 -0.16 19.54 187.90 88.50 Nucor NUE 1.3 5 157.56 1.85 -3.47 356.72 182.65 Teleflex TFX 0.6 28 240.98 2.44
4.25 152.29 119.01 AmericanFin AFG 1.8 12 143.12 1.90 3.13 41.30 30.06 ConagraBrands CAG 3.3 28 39.91 -0.22 3.77 12.78 5.16 Ericsson ERIC 2.7 8 6.06 -0.27
7.70 43.89 29.31 AmHomes4Rent AMH 2.2 53 32.46 -0.42 9.00 208.48 108.57 Concentrix CNXC 0.7 17 145.14 1.07 6.53 99.88 59.25 DR Horton DHI 1.1 6 94.96 -0.63 2.93 117.25 67.41 Nutrien NTR 2.6 5 75.17 -1.09
5.98 21.63 15.10 HostHotels HST 2.8 15 17.01 -0.39 3.30 40.52 29.19 nVentElectric NVT 1.8 22 39.74 0.08 4.06 11.78 6.49 TelefonicaBras VIV 7.1 12 7.44 -0.14
1.85 65.73 47.05 AIG AIG 2.0 4 64.41 0.73 2.94 138.49 78.30 ConocoPhillips COP 1.7 9 121.47 1.31 11.20 5.39 3.10 Telefonica TEF 2.9280 3.97 0.01
9.89 282.47 178.17 AmerTowerREIT AMT 2.5 37 232.81 0.60 1.24 102.21 78.10 ConEd ED 3.3 20 96.49 -1.04 12.33 116.74 74.18 HoulihanLokey HLI 2.2 18 97.91 1.66 15.64 289.46 108.13 NVIDIA NVDA 0.1 72 168.99 3.88
3.40 41.02 29.35 HowmetAerospace HWM 0.4 40 40.75 0.08 4.44 33.20 23.02 TelekmIndonesia TLK 3.1 16 24.91 -0.17
4.23 173.87 122.77 AmerWaterWorks AWK 1.6 22 158.87 -0.55 -2.91 261.52 207.59 ConstBrands A STZ 1.42287 225.00 1.81 0.74 263.30 170.21 Hubbell HUBB 1.9 22 236.42 1.81 OPQ 15.55 43.22 20.03 TempurSealy TPX 1.0 14 39.67 0.74

.
10.14 32.99 21.49 AmericoldRealty COLD 2.8 dd 31.18 -0.21 -1.22 97.89 38.00 ConstellationEner CEG 0.7 dd 85.16 0.82 -0.09 35.75 21.94 Tenaris TS 0.0 10 35.13 0.04
7.00 339.41 219.99 Ameriprise AMP 1.5 14 333.18 2.01 5.96 430.67 244.22 Cooper COO 0.0 45 350.39 0.94 9.19 596.17 245.03 HubSpot HUBS ... dd 315.70 8.91
-4.07 571.30 363.73 Humana HUM 0.6 22 491.36 -2.93 0.99 42.91 33.28 OGE Energy OGE 4.1 9 39.94 -0.28 8.57 9.29 2.95 TencentMusic TME ... 32 8.99 0.44
-0.86 174.63 127.94 AmerisourceBrgn ABC 1.2 20 164.28 -0.62 3.17 69.28 51.10 Copart CPRT ... 28 62.82 0.26

ly
1.40 218.18 153.92 JBHunt JBHT 0.9 18 176.80 -2.85 7.81 75.07 50.50 ONEOK OKE 5.3 20 70.83 -0.10 11.55 164.71 67.81 Teradyne TER 0.5 22 97.44 1.30
s 4.59 146.82 106.17 Ametek AME 0.6 30 146.13 0.58 4.14 23.50 18.81 CorebridgeFin CRBG 4.4 1 20.89 -0.21 -3.38 870.92 562.90 OReillyAuto ORLY ... 25 815.47 4.62 -0.63 384.29 101.81 Tesla TSLA ... 38 122.40 -1.16
3.46 296.67 214.39 Amgen AMGN 3.1 22 271.73 0.81 12.93 43.47 28.98 Corning GLW 3.0 17 36.07 -0.47 3.40 17.79 11.67 HuntingtonBcshs HBAN 4.3 11 14.58 -0.07
-3.30 260.02 177.20 HuntingIngalls HII 2.2 16 223.07 -5.40 39.70 30.89 13.29 OakStreetHealth OSH ... dd 30.05 0.11 2.32 169.95 118.55 TetraTech TTEK 0.6 30 148.56 2.92
s 29.40 31.36 14.89 AmkorTech AMKR 1.0 9 31.03 0.97 6.70 68.43 43.74 Corteva CTVA 1.0 34 62.72 0.14 3.68 77.13 31.37 OccidentalPetrol OXY 0.8 5 65.31 -0.43 23.25 11.45 6.78 TevaPharm TEVA ... dd 11.24 -0.13
5.56 82.86 61.67 Amphenol APH 1.0 27 80.37 -0.53 4.88 85.37 49.00 CoStar CSGP ... 95 81.05 0.73 16.02 108.10 70.12 HyattHotels H 0.0 90 104.94 1.36
-1.01 23.75 16.36 ICICI Bank IBN 0.5 20 21.67 0.28 2.09 210.41 44.12 Okta OKTA ... dd 69.76 3.91 8.35 191.34 144.46 TexasInstruments TXN 2.8 19 179.01 0.88
3.02 180.01 133.48 AnalogDevices ADI 1.8 32 168.98 0.31 6.30 612.27 406.51 Costco COST 0.7 37 485.25 2.82 11.12 333.71 231.31 OldDomFreight ODFL 0.4 27 315.35 2.10 -10.06 2739.00 946.29 TexasPacLand TPL 0.6 38 2108.49 14.12
19.36 26.96 11.94 AngloGoldAsh AU 1.8 18 23.18 0.54 2.16 36.55 18.39 CoterraEnergy CTRA 9.9 5 25.10 -0.29 4.10 12.96 7.09 ICL Group ICL 2.0 5 7.61 0.01
17.43 574.33 317.06 IdexxLab IDXX ... 61 479.08 9.37 1.04 27.19 20.27 OldRepublic ORI 3.8 9 24.40 0.16 11.02 102.68 68.58 TexasRoadhouse TXRH 1.8 26 100.97 0.96
1.47 67.91 44.51 AB InBev
7.69 32.00 15.11 AnnalyCap
-4.03 48.80 15.98 AnteroResources AR
5.67 341.98 246.21 Aon
BUD 0.6 32 60.92 0.43
NLY 15.5 3 22.70 -0.03
... 5 29.74 -0.21
AON 0.7 25 317.17 1.30
9.28 71.72 45.62 ApolloGlbMgmt APO 2.3 dd 69.71 1.27
3.72 179.61 124.17 Apple AAPL 0.7 22 134.76 1.35
12.93 167.06 71.12 ApplMaterials AMAT 0.9 15 109.97 -0.23
11.10 10.02 5.90 Coty
14.96 27.12 8.98 Coupang
9.60 182.11 113.20 Credicorp
13.16 10.55 2.98 CreditSuisse
s 16.04 127.66 46.08 Crocs
-5.47 242.00 92.25 CrowdStrike
11.22 199.97 121.71 CrownCastle
on COTY
CPNG
BAP
CS
CROX
CRWD
CCI
0.0112 9.51
... dd 16.91
2.6 10 148.68
1.1 dd 3.44
... 14 125.82
... dd 99.53
4.1 41 150.86
0.09
...
0.28
-0.07
-1.29
1.55
-0.39
12.57 15.97 8.14 ING Groep
7.78 24.91 13.20 Invesco
8.42 256.62 165.75 IQVIA
8.69 99.70 63.77 ITT

15.57 279.80 171.43 Icon

4.63 246.23 172.19 IDEX
ING 4.3 ... 13.70
IVZ 3.9 10 19.39
IQV ... 36 222.14
ITT 1.2 21 88.15
4.90 55.73 47.17 IcahnEnterprises IEP 15.1 dd 53.13
ICLR ... 40 224.49
IEX 1.0 32 238.90
0.17
-0.18
2.64
0.96
0.16
1.83
2.65
6.84 67.25 41.33 Olin
3.05 91.61 61.31 Omnicom
4.46 77.28 44.76 ON Semi
10.02 48.46 24.91 OpenText
s 9.13 89.47 60.78 Oracle
9.01 12.71 8.81 Orange
14.79 39.48 22.88 Organon
OLN 1.4 6 56.56
OMC 3.3 13 84.06
ON ... 17 65.15
OTEX 3.0 60 32.61
ORCL 1.4 28 89.20
ORAN 5.3 6 10.77
OGN 3.5 8 32.06
-0.21
-0.29
0.22
0.30
0.42
-0.02
0.68
-0.78 76.85 57.11 Textron
6.02 618.36 475.77 ThermoFisher TMO
3.27 118.66 91.55 ThomsonReuters TRI
8.00 180.87 107.07 3M
10.43 30.60 11.91 Toast
2.64 117.66 71.86 Toro
2.46 86.02 57.27 TorontoDomBk TD
TXT

MMM
TOST
TTC
0.1 18 70.25
0.2 33 583.84
1.5 61 117.80
4.6 11 129.51
... dd 19.91
1.2 28 116.19
4.1 9 66.35
-1.19
2.30
1.22
0.16
0.36
0.57
0.35
3.63 122.94 90.23 Aptargroup ATR 1.3 32 113.97 0.47 6.52 130.42 66.00 CrownHoldings CCK 1.0 dd 87.57 1.05 3.22 112.91 68.78 Orix IX 3.4 8 83.11 0.70 4.11 64.92 44.61 TotalEnergies TTE ... 7 64.63 0.08
9.04 156.37 77.96 Aptiv 5.87 247.00 173.52 IllinoisToolWks ITW 2.2 27 233.24 0.92
us ,

APTV 0.0 88 101.55 -0.12 3.65 54.95 36.82 CubeSmart CUBE 4.7 37 41.72 -0.72 6.31 86.37 62.49 OtisWorldwide OTIS 1.4 29 83.25 0.35 2.72 211.24 130.07 ToyotaMotor TM 2.5 9 140.30 -2.06
s 9.60 45.47 28.74 Aramark ARMK 1.0 60 45.31 0.39 -0.54 405.62 173.45 Illumina ILMN ... dd 201.11 7.36
2.54 160.60 112.67 Cullen/Frost CFR 2.5 18 137.09 2.12 -0.85 63.30 34.41 Ovintiv OVV 2.0 4 50.28 -0.59 -1.72 241.54 166.49 TractorSupply TSCO 1.7 24 221.09 0.35
18.88 37.47 19.25 ArcelorMittal MT 1.0 2 31.17 0.37 0.86 58.98 38.31 ImperialOil IMO 2.6 6 49.16 0.87
4.28 254.09 184.28 Cummins CMI 2.5 19 252.65 2.54
l

0.63 84.86 65.07 Incyte INCY ... 21 80.83 0.38 7.42 101.12 72.97 OwensCorning OC 2.3 7 91.63 0.29 4.91 86.88 39.00 TradeDesk TTD ... dd 47.03 0.33
1.56 64.06 41.05 ArchCapital ACGL ... 20 63.76 0.69 -2.28 16.49 9.64 PG&E PCG ... 19 15.89 -0.08 10.29 92.52 51.47 Tradeweb TW 0.4 55 71.61 0.36
DEF 2.83 26.29 16.39 Infosys INFY 1.3 26 18.52 0.12
e
-4.79 98.88 65.64 ArcherDaniels ADM 1.8 12 88.40 1.01 3.84 224.57 143.52 PNC Fin PNC 3.7 12 164.00 -3.32 9.05 186.06 120.64 TraneTech TT 1.5 26 183.31 2.94
al a

13.19 86.06 53.15 AresMgmt ARES 3.1 88 77.47 0.72 10.11 59.50 39.28 IngersollRand IR 0.1 38 57.53 0.14
8.22 42.15 25.79 DCP Midstream DCP 4.1 8 41.98 ... 2.00 272.04 142.74 InspireMedical INSP ... dd 256.93 13.68 12.78 63.09 36.53 POSCO PKX 4.0 4 61.43 1.69 s 8.61 685.71 499.63 TransDigm TDG 0.0 51 683.88 3.68
5.85 407.93 249.50 arGEN-X ARGX ... dd 401.00 -2.65 5.30 168.07 107.06 PPG Ind PPG 1.9 29 132.40 0.78 20.97 109.63 50.32 TransUnion TRU 0.6 52 68.65 1.74
-5.23 143.57 89.11 AristaNetworks ANET ... 31 115.00 -2.18 3.21 36.51 12.55 DISH Network DISH ... 5 14.49 -0.57 3.91 320.00 181.00 Insulet PODD ...1292 305.89 -0.39
0.34 140.23 100.64 DTE Energy DTE 3.2 20 117.93 -1.46 13.92 55.77 24.59 Intel INTC 4.8 9 30.11 -0.18 4.76 31.74 23.46 PPL PPL 2.9 32 30.61 -0.11 3.43 194.45 149.65 Travelers TRV 1.9 14 193.92 1.93
8.88 135.00 89.38 ArrowElec ARW ... 5 113.86 1.71 8.04 133.14 96.55 PTC PTC ... 49 129.69 -1.40 7.81 77.27 47.52 Trimble TRMB ... 29 54.51 0.37
8.72 39.65 22.65 DXC Tech DXC 0.0 9 28.81 -0.01 6.72 81.46 52.18 InteractiveBrkrs IBKR 0.5 25 77.21 2.36
ci on

-2.27 263.59 173.81 AspenTech AZPN ... ... 200.74 -2.54 3.74 107.18 77.00 Paccar PCAR 1.5 14 102.67 1.28 9.10 39.01 14.29 Trip.com TCOM ... dd 37.53 0.55
2.95 194.12 119.01 Assurant AIZ 2.2 22 128.75 2.75 3.09 303.82 233.71 Danaher DHR 0.4 30 273.62 1.31 4.91 137.40 88.60 ICE ICE 1.4 24 107.63 -1.40
8.29 152.08 110.96 Darden DRI 3.2 21 149.80 1.10 15.68 71.71 47.06 InterContinentl IHG 1.9 29 67.49 1.09 5.86 168.50 110.56 PackagingCpAm PKG 3.7 12 135.40 -0.57 10.55 68.95 40.01 TruistFinl TFC 4.4 11 47.57 0.39
4.84 72.12 52.65 AstraZeneca AZN 2.0109 71.08 1.00 8.41 16.25 5.92 PalantirTech PLTR ... dd 6.96 -0.05 10.33 233.60 41.00 Twilio TWLO ... dd 54.02 1.30
15.01 352.92 113.86 Atlassian TEAM ... dd 148.00 1.52 7.35 87.59 55.71 DarlingIngred DAR ... 15 67.19 0.32 3.55 153.21 115.55 IBM IBM 4.5106 145.89 0.34
-4.12 184.70 61.34 Datadog DDOG ... dd 70.47 1.26 10.87 146.20 83.14 IntlFlavors IFF 2.8 dd 116.24 0.64 -0.49 213.63 132.22 PaloAltoNtwks PANW ... dd 138.86 2.26 -1.75 492.59 281.11 TylerTech TYL ... 72 316.76 0.20
2.38 122.95 97.71 AtmosEnergy ATO 2.6 20 114.74 -1.64 18.84 39.21 15.29 ParamountB PARA 4.8 4 20.06 -0.17 4.39 100.72 59.38 TysonFoods TSN 3.0 7 64.98 0.15
7.34 262.49 163.20 Autodesk ADSK ... 71 200.59 0.63 5.84 124.81 65.28 DaVita DVA ... 12 79.03 0.81 10.45 50.23 30.69 IntlPaper IP 4.8 7 38.25 0.43
s 5.45 422.69 212.93 DeckersOutdoor DECK ... 26 420.92 4.20 7.96 39.98 25.14 Interpublic IPG 3.2 14 35.96 0.03 19.43 41.87 17.75 ParamountA PARAA 4.1 5 23.42 -0.27 11.30 21.48 13.80 UBS Group UBS 2.4 10 20.78 0.13
4.91 108.15 65.74 Autoliv ALV 3.3 18 80.34 0.26 9.10 340.00 230.44 ParkerHannifin PH 1.7 33 317.49 2.31 3.67 60.01 37.18 UDR UDR 3.8 82 40.15 -0.31
2.72 274.92 192.26 ADP ADP 2.0 34 245.36 1.10 2.54 448.40 283.81 Deere DE 1.1 19 439.63 3.54 1.03 579.96 339.36 Intuit INTU 0.8 60 393.21 -3.49
-0.10 61.54 32.90 DellTechC DELL ... 17 40.18 0.25 -2.43 311.50 180.07 IntuitiveSurgical ISRG ... 69 258.90 1.96 4.11 141.92 105.66 Paychex PAYX 2.6 30 120.31 0.46 9.85 47.04 31.19 UGI UGI 3.5 8 40.72 -0.73
-3.95 2610.05 1703.32 AutoZone AZO ... 20 2368.88 5.88 -1.89 402.78 255.82 PaycomSoftware PAYC ... 71 304.46 0.18 7.18 68.79 44.79 U-Haul UHAL 0.0 1 64.51 -0.87
3.92 259.05 157.69 Avalonbay AVB 3.8 19 167.85 -2.42 16.25 46.27 27.20 DeltaAir DAL 0.0333 38.20 -1.40 5.30 44.36 28.52 InvitatHomes INVH 2.8 70 31.21 -0.20
14.79 58.70 26.48 DentsplySirona XRAY 1.4 dd 36.55 0.55 s 19.92 62.48 31.73 IridiumComm IRDM 0.82170 61.64 0.66 -0.12 276.88 152.01 Paylocity PCTY ...122 194.03 2.16 9.33 68.29 51.12 U-Haul N UHAL/B 0.3 ... 60.11 ...
er s

0.98 51.71 37.64 Avangrid AGR 4.1 19 43.40 -0.88 11.60 182.00 66.39 PayPal PYPL ... 40 79.48 -0.30 9.61 39.73 25.49 US Foods USFD ... 43 37.29 0.13
4.79 38.83 17.91 Avantor AVTR ... 25 22.10 -0.03 10.50 16.70 7.25 DeutscheBank DB 1.6 7 12.73 -0.09 5.58 58.61 41.67 IronMountain IRM 4.7 31 52.63 0.48
3.38 79.40 42.87 DevonEnergy DVN 8.1 7 63.59 -0.44 6.79 6.07 3.90 ItauUnibanco ITUB 2.7 9 5.03 -0.03 0.71 12.03 8.04 Pearson PSO 2.2 24 11.35 -0.07 19.05 42.72 19.89 Uber UBER ... dd 29.44 0.41
7.92 211.35 151.62 AveryDennison AVY 1.5 20 195.34 2.36 6.13 42.74 29.54 PembinaPipeline PBA 5.3 10 36.03 0.12 6.84 350.63 218.15 Ubiquiti UI 0.8 53 292.25 5.47
16.45 327.80 131.83 AvisBudget CAR ... 4 190.90 1.56 -4.21 134.76 66.89 DexCom DXCM ...196 108.47 1.33
13.38 193.85 82.49 AxonEnterprise AXON ...131 188.13 4.05 2.82 212.33 160.09 Diageo DEO 2.0 25 183.21 2.60 JKL 3.24 131.55 88.58 PenskeAuto PAG 1.7 6 118.65 -2.64 8.65 39.00 10.40 UiPath PATH ... dd 13.81 0.23
m er

6.19 168.95 103.71 DiamondbkEner FANG 1.9 6 145.24 -0.09 12.32 68.03 38.55 Pentair PNR 1.7 16 50.52 0.66 4.67 495.89 330.80 UltaBeauty ULTA ... 22 490.99 -0.84
6.17 59.34 39.88 BCE BCE 5.9 19 46.66 0.24 13.31 81.24 33.17 JD.com JD 0.0448 63.60 0.43 6.89 247.12 114.86 Penumbra PEN ... dd 237.78 7.27 2.16 54.35 42.44 Unilever UL 3.6 20 51.44 0.22
11.65 71.04 46.92 BHP Group BHP 9.4 8 69.28 0.29 6.95 131.12 63.45 Dick's DKS 1.5 11 128.65 0.05 6.64 161.03 101.28 JPMorganChase JPM 2.8 12 143.01 3.52
5.71 158.00 85.76 DigitalRealty DLR 4.6 22 106.00 -1.28 -3.00 186.84 153.37 PepsiCo PEP 2.6 25 175.24 -0.54 2.97 278.94 183.70 UnionPacific UNP 2.4 19 213.23 -1.46
4.37 80.41 51.45 BJ'sWholesale BJ ... 19 69.05 -0.30 s 13.87 77.69 48.80 Jabil JBL 0.4 11 77.66 1.59 2.96 62.00 38.23 PerformanceFood PFGC ... 46 60.12 1.21 37.00 53.12 30.54 UnitedAirlines UAL ... dd 51.65 0.35
-1.39 120.20 70.21 BOK Fin BOKF 2.1 15 102.35 -0.61 9.58 129.12 87.64 DiscoverFinSvcs DFS 2.2 7 107.20 1.14 3.53 212.62 155.44 JackHenry JKHY 1.1 36 181.76 0.17
14.41 157.50 84.07 Disney DIS 0.0 58 99.40 -0.41 -4.60 190.56 113.46 PerkinElmer PKI 0.2 28 133.77 1.61 14.85 11.70 5.36 UnitedMicro UMC 6.5 7 7.50 -0.07
1.80 36.11 25.36 BP BP 3.8 dd 35.56 0.25 4.95 150.32 106.78 JacobsSolns J 0.7 25 126.01 -1.81 1.78 16.32 8.88 PetroleoBrasil PBR 58.5 2 10.84 -0.06 4.78 233.72 154.87 UPS B UPS 3.3 14 182.15 -0.80
21.51 171.87 73.58 Baidu BIDU ... 75 138.98 2.46 5.27 133.46 39.57 DocuSign DOCU ... dd 58.34 -0.36 16.28 36.89 17.25 JamesHardie JHX 1.0 18 20.86 0.53
7.10 92.53 61.55 DolbyLab DLB 1.4 42 75.55 -0.03 3.66 15.04 7.86 PetroleoBrasilA PBR.A 65.9 2 9.63 -0.01 10.36 393.98 230.54 UnitedRentals URI ... 14 392.24 0.47
7.11 39.78 20.41 BakerHughes BKR 2.4 dd 31.63 0.13 -1.78 169.98 125.36 JazzPharm JAZZ ... dd 156.47 -1.27 -6.62 56.32 41.45 Pfizer PFE 3.4 9 47.85 0.14 8.53 63.55 38.39 US Bancorp USB 4.1 11 47.33 -0.26
-5.17 262.20 183.25 DollarGeneral DG 0.9 23 233.52 0.96
m rp

11.69 97.99 46.00 Ball BALL 1.4 19 57.12 -0.03 18.06 40.80 25.88 JefferiesFin JEF 3.0 11 40.47 0.22 0.48 112.48 82.85 PhilipMorris PM 5.0 18 101.70 0.26 13.17 39.25 16.41 US Steel X 0.7 2 28.35 -0.42
14.64 6.97 3.93 BancoBilbaoViz BBVA 4.3 7 6.89 0.04 4.11 177.19 123.62 DollarTree DLTR ... 21 147.26 0.64 -1.82 186.69 155.72 J&J JNJ 2.6 24 173.43 -0.57
2.61 88.78 57.18 DominionEner D 4.2 23 62.92 0.01 -1.01 113.53 73.85 Phillips66 PSX 3.8 5 103.03 0.17 -6.13 283.09 158.38 UnitedTherap UTHR ... 18 261.04 -0.52
-0.39 3.55 2.29 BancoBradesco BBDO 5.1 6 2.57 0.01 7.55 77.82 45.52 JohnsonControls JCI 2.0 31 68.83 0.45 18.95 99.30 23.21 Pinduoduo PDD ... 32 97.00 3.54 -7.66 558.10 445.74 UnitedHealth UNH 1.3 24 489.57 -6.10
-1.06 22.74 15.64 BancodeChile BCH 5.0 7 20.60 0.14 -2.59 474.92 299.41 Domino's DPZ 1.3 27 337.44 -0.18 11.16 264.40 135.35 JonesLang JLL 0.0 10 177.16 2.67
4.82 61.94 46.00 Donaldson DCI 1.5 22 61.71 0.44 -0.88 80.60 59.03 PinnacleWest PNW 4.6 16 75.37 -0.83 10.42 120.40 21.22 UnitySoftware U ... dd 31.57 0.21
8.72 7.97 4.79 BancSanBrasil BSBR 5.8 ... 5.86 -0.05 -0.06 38.14 25.18 JuniperNetworks JNPR 2.6 25 31.94 0.25 9.93 33.79 16.14 Pinterest PINS ...323 26.69 0.25 4.96 158.28 82.50 UniversalHealthB UHS 0.5 15 147.88 1.70
1.33 22.95 13.37 BcoSantChile BSAC 5.3 7 16.05 0.02 7.21 136.85 41.37 DoorDash DASH ... dd 52.34 0.31 19.74 55.31 30.14 KB Financial KB 5.1 5 46.29 0.73
6.63 180.00 114.49 Dover DOV 1.4 18 144.39 1.49 4.64 288.46 194.54 PioneerNatRscs PXD 10.9 9 238.99 -0.19 0.83 46.64 24.23 UnumGroup UNM 3.2 7 41.37 0.23
14.24 4.01 2.26 BancoSantander SAN 2.2 6 3.37 0.06 -3.01 56.94 41.77 KBR KBR 0.9 48 51.21 -0.09 2.64 12.75 9.10 PlainsAllAmPipe PAA 8.9 8 12.07 -0.04 12.75 72.31 25.05 VF VFC 6.6 29 31.13 0.38
3.96 45.98 23.86 BanColombia CIB 3.7 8 29.67 0.28 16.45 71.86 42.91 Dow DOW 4.8 8 58.68 0.16 40.83 24.85 7.31 KE Holdings BEKE ... dd 19.66 0.83
3.57 63.22 47.88 DrReddy'sLab RDY 0.6 22 53.60 0.23 3.54 13.41 9.38 PlainsGP PAGP 8.3 12 12.88 -0.01 2.31 35.69 26.23 VICI Prop VICI 4.7 31 33.15 -0.87
6.37 50.11 29.31 BankofAmerica BAC 2.5 11 35.23 0.76 16.33 73.30 41.77 KKR KKR 1.1 dd 54.00 0.33 6.21 97.04 54.15 PlanetFitness PLNT ... 99 83.69 -0.11 5.66 308.10 201.91 VailResorts MTN 3.0 30 251.84 4.30
8.11 122.77 81.57 BankofMontreal BMO 3.5 6 97.95 0.69 23.88 25.01 9.77 DraftKings DKNG ... dd 14.11 0.48 11.41 445.52 250.20 KLA KLAC 1.2 19 420.04 0.97
3.08 25.80 19.07 Dropbox DBX ... 25 23.07 0.15 33.31 32.05 11.49 PlugPower PLUG ... dd 16.49 -0.30 8.60 21.29 11.72 Vale VALE 7.7 4 18.43 0.05
7.71 64.63 36.22 BankNY Mellon BK 3.0 15 49.03 0.87
co Fo

16.79 35.28 9.74 Kanzhun BZ ...134 23.79 -0.04 12.05 13.36 4.00 PolestarAuto PSNY ... dd 5.95 0.06 7.31 146.81 75.04 ValeroEnergy VLO 2.9 6 136.13 0.81
5.45 74.86 45.26 BankNovaScotia BNS 5.9 8 51.65 0.36 1.93 116.33 83.76 DukeEnergy DUK 3.8 21 104.98 -0.10 2.16 278.25 92.26 KarunaTherap KRTX ... dd 200.75 -3.61
9.57 85.16 49.52 DuPont DD 1.8 21 75.20 0.45 15.47 504.35 278.10 Pool POOL 1.1 18 349.09 2.30 2.24 353.36 203.31 ValmontInds VMI 0.7 31 338.09 0.07
14.87 12.10 5.88 Barclays BCS 3.4 ... 8.96 0.17 -1.74 77.17 59.54 Kellogg K 3.4 16 70.00 -0.24 6.43 96.17 61.05 PrincipalFin PFG 2.9 4 89.32 0.96 1.77 239.67 151.02 VeevaSystems VEEV ... 67 164.24 1.67
14.32 26.07 13.01 BarrickGold GOLD 3.3 18 19.64 0.21 -3.37 56.98 29.41 Dynatrace DT ...383 37.01 0.37 0.08 41.31 33.35 KeurigDrPepper KDP 2.2 28 35.69 0.12
3.09 156.67 95.64 EMCOR EME 0.4 21 152.69 0.99 9.33 71.84 40.00 ProcoreTech PCOR ... dd 51.58 0.45 8.75 64.02 35.33 Ventas VTR 3.7 dd 48.99 -0.77
10.73 62.27 25.75 Bath&BodyWks BBWI 1.7 12 46.66 0.52 4.36 27.17 15.26 KeyCorp KEY 4.5 8 18.18 -0.16 -0.45 165.35 122.18 Procter&Gamble PG 2.4 26 150.88 1.07 4.12 229.22 155.25 VeriSign VRSN ... 28 213.91 0.97
t -12.03 89.70 44.33 BaxterIntl BAX 2.6 dd 44.84 -0.25 9.73 32.56 20.38 ENI E 4.0 3 31.45 0.13 5.58 189.45 127.93 KeysightTechs KEYS ... 29 180.61 2.69
-0.05 150.88 92.16 EOG Rscs EOG 2.5 10 129.46 -0.16 3.04 135.45 100.81 Progressive PGR 0.3 95 133.65 0.71 4.27 222.11 156.05 VeriskAnalytics VRSK 0.7 29 183.95 0.99
0.61 277.29 215.90 BectonDicknsn BDX 1.4 43 255.85 1.25 4.84 79.06 37.15 KilroyRealty KRC 5.3 21 40.54 -0.14 8.13 174.54 98.03 Prologis PLD 2.6 23 121.90 -0.22 6.24 55.51 34.55 Verizon VZ 6.2 9 41.86 0.05
s 23.06 279.12 118.18 BeiGene BGNE ... dd 270.66 7.43 5.52 546.26 168.59 EPAM Systems EPAM ... 50 345.82 4.83 0.80 144.57 108.74 KimberlyClark KMB 3.4 26 136.83 0.59
2.90 51.97 19.20 EQT EQT 1.7 8 34.81 -0.15 3.22 80.46 64.69 ProsperityBcshs PB 2.9 13 75.02 0.07 4.21 324.75 221.69 VertexPharm VRTX ... 24 300.94 4.69
2.76 45.70 26.32 BentleySystems BSY 0.3 65 37.98 0.32 0.80 26.57 17.71 KimcoRealty KIM 4.3 57 21.35 -0.35 1.55 124.22 85.46 PrudentialFin PRU 4.8140 101.00 1.40 3.68 15.60 8.42 Viatris VTRS 4.2 17 11.54 -0.12
1.09 76.99 53.34 Berkley WRB 0.5 16 73.36 0.33 5.01 93.51 61.65 EastWestBncp EWBC 2.3 10 69.20 0.19 4.26 20.20 15.78 KinderMorgan KMI 5.9 17 18.85 -0.04 15.54 36.42 18.20 Prudential PUK 1.1 21 31.75 0.43 s 14.88 15.99 5.75 Vipshop VIPS ... 12 15.67 0.50
2.83 362.10 259.85 BerkHathwy B BRK.B ... dd 317.64 -1.29 8.72 217.46 137.47 EastGroup EGP 3.1 31 160.97 1.31 11.27 334.99 180.05 KinsaleCapital KNSL 0.2 48 291.00 1.98
12.21 129.47 69.91 EastmanChem EMN 3.5 10 91.38 0.12 2.27 75.61 52.51 PublicServiceEnt PEG 3.4 46 62.66 -0.13 7.36 235.85 174.60 Visa V 0.8 33 223.06 -0.56
2.63 544389 393012 BerkHathwy A BRK.A ... dd 481021 -1839.00 5.21 58.72 42.50 Knight-Swift KNX 0.9 10 55.14 -0.64 3.81 421.76 270.13 PublicStorage PSA 2.8 12 290.87 -5.21 -3.53 27.39 20.26 Vistra VST 3.4 dd 22.38 -0.31
1.85 73.91 44.52 BerryGlobal BERY 1.6 11 61.55 -0.20 4.78 171.71 122.50 Eaton ETN 2.0 29 164.45 -0.26 15.41 34.93 11.75 Philips PHG 4.5 5 17.30 0.10
11.55 63.84 35.92 eBay EBAY 1.9 dd 46.26 -0.17 11.44 57.37 35.03 PulteGroup PHM 1.3 5 50.74 0.43 1.77 136.85 91.53 VMware VMW ... 38 124.93 -0.63
6.94 112.96 60.78 BestBuy BBY 4.1 13 85.78 -0.62 -5.32 10.18 5.76 KoreaElcPwr KEP 0.0 dd 8.18 0.12 -1.12 36.71 21.89 PureStorage PSTG ...655 26.46 -0.06 10.97 19.05 9.94 Vodafone VOD 7.9 14 11.23 -0.05
18.07 41.74 8.23 Bilibili BILI ... dd 27.97 1.29 6.09 221.57 131.04 Ecolab ECL 1.4 39 154.43 1.05 4.20 44.87 32.73 KraftHeinz KHC 3.8 43 42.42 -0.01
10.98 19.81 8.59 Ecopetrol EC 12.6 3 11.62 0.07 1.38 51.30 40.38 Qiagen QGEN ... 25 50.56 -0.09 4.61 198.62 137.54 VulcanMatls VMC 0.9 41 183.19 2.38
-5.19 262.17 89.87 Bill.com BILL ... dd 103.31 -1.00 1.44 62.78 41.81 Kroger KR 2.3 14 45.22 -0.45 10.77 148.86 75.38 Qorvo QRVO ... 16 100.40 0.74
-2.45 113.81 68.00 Bio-Techne
8.25 670.62 344.63 Bio-RadLab A
TECH 0.4 45 80.85 -1.32
BIO ... dd 455.20 3.42
7.20 73.32 54.45 EdisonInt
4.96 131.10 67.13 EdwardsLife
EIX 4.3 36 68.20
EW ... 34 78.31
-0.25
0.56
s 9.57 58.73 42.36 LKQ LKQ 1.9 14 58.52 0.52 9.37 192.10 101.93 Qualcomm QCOM 2.5 11 120.24 -1.35 WXYZ
6.53 271.56 140.65 LPL Financial LPLA 0.4 30 230.29 3.06 4.21 155.00 93.91 QuantaServices PWR 0.2 51 148.50 0.69
4.02 311.88 187.16 Biogen BIIB ... 15 288.04 -0.04 4.86 244.80 159.00 ElbitSystems ESLT 1.2 39 172.01 -1.00 t -5.31 279.71 193.87 L3HarrisTech LHX 2.3 34 197.16 -2.59 2.12 108.39 80.82 WEC Energy WEC 3.3 22 95.75 -1.11
-5.43 158.34 120.40 QuestDiag DGX 1.8 15 147.94 -0.18
s 8.92 114.80 70.73 BioMarinPharm BMRN ...271 112.72 -0.85 2.68 142.79 109.24 ElectronicArts EA 0.6 39 125.46 -0.96 6.89 290.20 200.32 LabCorp.ofAmerica LH 1.1 13 251.71 -0.62 7.88 183.38 125.00 WEX WEX ... 80 176.54 -0.68
-3.44 206.24 117.08 BioNTech
-2.83 79.78 52.00 BlackKnight
BNTX 0.0 3 145.05 -4.36
BKI ... 19 60.00 -1.50
-5.84 549.52 420.73 ElevanceHealth ELV 1.1 19 483.00
1.94 100.00 72.41 EmersonElec EMR 2.1 18 97.92
5.92
-0.13
12.70 730.75 299.59 LamResearch LRCX 1.5 14 473.67 3.63 RS 6.39 89.63 67.77 W.P.Carey
15.32 83.69 39.67 WPP
WPC
WPP
5.1 33 83.14
3.5 15 56.69
-0.42
0.78
8.16 119.68 81.10 LamarAdv LAMR 4.7 21 102.10 0.12
6.40 858.75 503.12 BlackRock BLK 2.6 21 753.99 0.03 6.80 47.67 35.02 Enbridge ENB 6.2 20 41.76 -0.16 9.85 100.22 49.71 LambWeston LW 1.1 30 98.16 1.10 5.12 32.23 23.39 RELX RELX 2.1 27 29.14 0.39 4.30 105.51 78.26 Wabtec WAB 0.6 29 104.10 0.51
14.62 138.95 71.72 Blackstone BX 5.8 24 85.04 -0.02 -5.06 33.44 17.42 Endeavor EDR ... 19 21.40 -0.33 s 14.35 55.04 28.88 LasVegasSands LVS 0.0 dd 54.97 1.47 16.16 454.25 207.37 RH RH ... 15 310.38 -9.03 -1.55 54.39 30.39 WalgreensBoots WBA 5.2 dd 36.78 0.12
6.74 12.95 8.75 EnergyTransfer ET 8.4 9 12.67 0.03
n-

14.02 149.00 51.34 Block SQ ... dd 71.65 -0.15 11.93 76.47 43.41 LatticeSemi LSCC ... 66 72.62 0.54 -10.66 106.50 74.56 RPM RPM 1.9 21 87.06 -0.31 2.47 160.77 117.27 Walmart WMT 1.5 45 145.29 0.48
16.79 14.70 8.05 BlueOwlCapital OWL 3.9 dd 12.38 0.01 -7.22 339.92 113.40 EnphaseEnergy ENPH ...119 245.83 4.11 11.09 191.24 114.67 Lear LEA 2.2 36 137.78 0.48 12.43 135.99 82.23 RalphLauren RL 2.5 17 118.81 -0.62 38.61 31.55 8.82 WarnerBrosA WBD ... dd 13.14 -0.01
12.41 229.67 113.02 Boeing BA 0.0 dd 214.13 -0.19 21.36 141.82 61.75 Entegris ENTG 0.5 39 79.60 0.29 s 14.92 57.72 30.75 LegendBiotech LEGN ... dd 57.37 4.15 8.14 126.00 84.86 RaymondJames RJF 1.5 17 115.55 1.72 -6.97 44.64 21.57 WarnerMusic WMG 2.0 31 32.58 -1.87
14.19 2715.66 1616.85 BookingHldgs BKNG ... 38 2301.34 44.57 -5.28 126.81 94.94 Entergy ETR 4.0 17 106.56 -0.28 -6.50 111.12 81.07 Leidos LDOS 1.5 20 98.35 -0.36 -2.22 106.02 80.27 RaytheonTech RTX 2.2 33 98.68 -2.00 -1.49 148.20 113.50 WasteConnections WCN 0.8 42 130.59 2.60
-9.12 112.55 69.68 BoozAllen BAH 1.8 24 94.99 -0.45 6.76 28.65 22.75 EnterpriseProd EPD 7.6 11 25.75 0.09 9.33 90.80 52.67 Lennar B LEN.B 1.8 5 81.76 -0.31 4.35 75.40 55.50 RealtyIncome O 4.5 62 66.19 -0.36 -1.71 175.98 138.58 WasteMgt WM 1.7 29 154.19 1.51
10.51 49.84 31.14 BorgWarner BWA 1.5 13 44.48 -0.13 11.65 253.23 145.98 Equifax EFX 0.7 38 217.00 0.80 9.19 109.73 62.54 Lennar A LEN 1.5 6 98.82 -0.33 14.46 171.64 108.28 RegalRexnord RRX 1.0 24 137.33 2.48 -1.02 369.00 265.61 Waters WAT ... 30 339.08 3.38
5.36 133.11 64.03 BostonProps BXP 5.5 12 71.20 -0.02 10.21 776.35 494.89 Equinix EQIX 1.7 94 721.89 -3.45 5.79 297.72 182.85 LennoxIntl LII 1.7 19 253.08 0.47 5.57 76.83 51.97 RegencyCtrs REG 3.9 25 65.98 -0.51 10.45 311.86 220.68 Watsco WSO 3.6 20 275.46 3.01
0.56 47.95 34.98 BostonSci BSX ...112 46.53 -0.18 -12.26 42.53 27.02 Equinor EQNR 2.5 4 31.42 -0.03 10.25 41.49 12.52 LiAuto LI ... dd 22.49 -0.17 0.09 779.00 538.01 RegenPharm REGN ... 15 722.13 7.56 1.42 64.90 40.72 WebsterFin WBS 3.3 14 48.01 -0.53
no

0.78 81.44 61.19 BristolMyers BMY 3.1 24 72.51 0.91 6.38 37.13 24.61 Equitable EQH 2.6 4 30.53 -0.09 15.79 155.98 68.67 LibertyBroadbandC LBRDK ... 10 88.31 0.53 4.04 25.57 18.01 RegionsFin RF 3.6 11 22.43 0.07 7.10 60.30 36.54 WellsFargo WFC 2.7 11 44.22 1.39
-3.95 47.23 35.47 BritishAmTob BTI 7.0 12 38.40 -0.43 4.35 83.80 56.91 EquityLife ELS 2.4 45 67.41 -1.02 15.97 151.90 68.15 LibertyBroadbandA LBRDA 0.0 10 87.96 0.64 2.72 148.75 97.61 ReinsGrp RGA 2.2 17 145.96 2.12 8.54 99.43 56.50 Welltower WELL 3.4187 71.15 -0.95
-1.85 27.19 17.62 BrixmorProp BRX 4.7 20 22.25 -0.52 2.75 94.32 57.38 EquityResdntl EQR 4.1 20 60.62 -0.90 13.43 29.17 16.16 LibertyGlobal C LBTYK ... 2 22.04 0.01 s 7.09 217.28 145.78 RelianceSteel RS 1.6 7 216.80 3.62 9.45 147.05 99.00 WescoIntl WCC ... 10 137.03 0.18
3.55 645.31 415.07 Broadcom AVGO 3.2 22 579.00 -2.94 0.78 286.50 158.46 ErieIndemnity A ERIE 1.9 46 250.66 2.88 12.31 29.08 15.22 LibertyGlobal A LBTYA ... 2 21.26 0.05 s 7.61 199.35 124.18 RenaissanceRe RNR 0.7 dd 198.25 3.08 6.52 424.00 206.19 WestPharmSvcs WST 0.3 30 250.70 2.61
7.44 183.33 131.35 BroadridgeFinl BR 2.0 33 144.11 -0.88 2.22 52.62 38.50 EssentialUtil WTRG 2.4 27 48.79 -0.20 12.24 64.70 45.01 LibertyFormOne A FWONA ... dd 59.97 0.65 3.83 36.00 25.35 RentokilInit RTO 1.2 33 31.99 0.50 8.46 122.43 54.86 WestAllianceBcp WAL 2.2 7 64.60 -0.39
13.10 50.48 29.85 Brookfield BN 1.6 17 35.58 0.43 3.12 363.36 205.24 EssexProp ESS 4.0 40 218.54 -1.96 12.09 71.17 50.00 LibertyFormOne C FWONK ... dd 67.01 0.62 5.17 262.26 137.21 Repligen RGEN ... 62 178.06 0.38 17.97 67.43 29.73 WesternDigital WDC 0.0 13 37.22 -0.74
11.42 46.01 30.03 BrookfieldInfr BIP 4.2 50 34.53 0.31 7.70 331.15 186.47 EsteeLauder EL 1.0 45 267.22 4.97 9.37 35.94 24.50 LibertyBraves A BATRA ... 32 35.73 0.34 -3.18 149.17 113.57 RepublicSvcs RSG 1.6 27 124.89 1.62 5.47 29.50 21.69 WesternMidstrm WES 7.1 10 28.32 -0.06
11.22 44.41 27.19 BrookfieldRenew BEPC 4.2 16 30.63 0.48 12.43 172.36 67.01 Etsy ETSY ... dd 134.67 3.04 8.56 35.39 23.34 LibertyBraves C BATRK ... 31 34.99 0.02 4.79 262.38 189.40 ResMed RMD 0.8 41 218.10 4.10 11.56 141.19 81.28 Westlake WLK 1.2 6 114.39 -0.08
7.55 74.00 52.91 Brown&Brown BRO 0.8 28 61.27 -0.39 6.53 361.67 244.57 EverestRe RE 1.9 27 352.91 3.30 5.26 52.43 34.34 LibertySirius C LSXMK ... 15 41.19 0.51 2.60 68.54 46.68 RestaurantBrands QSR 3.3 22 66.35 0.67 6.85 54.78 30.08 WestRock WRK 2.9 10 37.57 0.19
2.27 76.60 56.97 Brown-Forman A BF.A 1.2 36 67.25 1.70 -0.06 73.12 54.12 Evergy EVRG 3.9 18 62.89 -1.03 4.94 52.62 34.40 LibertySirius A LSXMA ... 15 41.25 0.54 7.85 84.68 48.74 RexfordIndlRealty REXR 2.1 63 58.93 -0.19 2.65 43.04 27.36 Weyerhaeuser WY 2.3 10 31.82 -0.31
2.12 78.15 60.23 Brown-Forman B BF.B 1.2 36 67.07 1.40 0.21 94.63 70.54 EversourceEner ES 3.0 21 84.02 -1.11 5.51 53.04 36.50 LibertySirius B LSXMB ... 15 41.18 0.51 8.92 84.69 50.91 RioTinto RIO 8.8 7 77.55 -0.13 13.95 51.91 28.62 WheatonPrecMet WPM 1.3 25 44.53 0.48
0.23 74.94 48.42 Bruker BRKR 0.3 38 68.51 0.65 39.28 84.46 29.27 ExactSciences EXAS ... dd 68.96 0.42 3.12 151.76 94.02 LifeStorage LSI 4.7 25 101.57 -1.87 t -10.74 81.69 15.82 Rivian RIVN ... dd 16.45 -1.13 9.07 223.21 124.43 Whirlpool WHR 4.5 25 154.29 0.15
10.87 80.40 48.91 BuildersFirst BLDR ... 4 71.93 1.71 0.35 50.71 35.19 Exelon EXC 3.1 20 43.38 ... -1.15 375.25 231.87 EliLilly LLY 1.2 54 361.62 2.50 4.97 125.77 65.40 RobertHalf RHI 2.2 13 77.50 1.41 -0.27 37.97 27.32 Williams WMB 5.2 20 32.81 -0.15
0.65 128.40 80.41 Bunge BG 2.5 10 100.42 -0.12 21.11 217.72 82.39 Expedia EXPE 0.0 39 106.09 3.04 9.40 158.93 118.17 LincolnElectric LECO 1.6 21 158.07 0.89 14.50 16.49 6.81 Robinhood HOOD ... dd 9.32 0.28 11.83 176.89 101.58 Williams-Sonoma WSM 2.4 8 128.51 -0.09
11.09 243.94 106.47 BurlingtonStrs BURL ... 91 225.25 2.50 4.81 123.79 86.08 ExpeditorsIntl EXPD 1.2 11 108.92 -1.39 2.43 347.60 262.47 Linde LIN 1.4 44 334.11 5.20 16.69 82.45 21.65 Roblox RBLX ... dd 33.21 0.03 4.12 258.43 187.89 WillisTowers WTW 1.3 11 254.65 -0.08
-2.34 319.33 238.29 CACI Intl CACI ... 19 293.56 0.47 3.21 222.35 139.97 ExtraSpaceSt EXR 3.9 22 151.90 -2.21 7.05 126.79 65.05 LiveNationEnt LYV ...103 74.66 1.51 17.86 14.31 5.97 RocketCos. RKT 0.0 10 8.25 -0.32 2.21 49.02 30.52 WillScotMobile WSC ... 32 46.17 0.20
11.89 106.60 66.31 CBRE Group CBRE ... 14 86.11 0.48 2.58 114.66 69.81 ExxonMobil XOM 3.2 9 113.15 -0.07 9.55 3.00 1.70 LloydsBanking LYG 4.2 ... 2.41 0.03 10.74 328.58 190.08 Rockwell ROK 1.7 36 285.24 3.83 2.79 8.62 4.38 Wipro WIT 1.5 18 4.79 -0.05
9.11 199.77 147.91 CDW CDW 1.2 26 194.85 1.46 2.13 236.69 133.68 F5 FFIV ... 28 146.57 -0.71 -7.54 498.95 363.97 LockheedMartin LMT 2.7 21 449.83 -11.91 3.18 64.55 36.23 RogersComm B RCI 3.1 20 48.33 0.33 15.69 125.48 58.07 Wolfspeed WOLF ... dd 79.87 1.24
2.01 119.60 63.10 CF Industries CF 1.8 6 86.91 0.60 4.14 140.99 98.24 FMC FMC 1.8 25 129.97 0.59 3.24 68.20 49.36 Loews L 0.4 15 60.22 0.34 23.53 10.00 2.52 RoivantSciences ROIV ... dd 9.87 -0.11 6.65 26.79 17.23 WoodsideEnergy WDS 8.1 8 25.82 0.20
0.59 89.11 72.23 CGI GIB ... 18 86.64 -0.33 5.02 474.13 345.92 FactSet FDS 0.8 38 421.36 7.48 -12.06 85.06 41.81 LogitechIntl LOGI 1.8 18 54.74 -1.92 24.86 179.68 38.26 Roku ROKU ... dd 50.82 1.67 13.55 39.71 22.18 WooriFin WF 5.8 3 31.26 0.92
2.26 121.23 86.57 CH Robinson CHRW 2.6 11 93.63 0.13 3.23 638.87 340.48 FairIsaac FICO ... 44 617.92 12.34 6.48 248.70 170.12 Lowe's LOW 2.0 21 212.16 1.90 3.39 43.06 28.50 Rollins ROL 1.4 54 37.78 0.23 -0.11 260.46 128.72 Workday WDAY ... dd 167.15 3.56
4.44 256.94 166.54 CME Group CME 2.3 24 175.62 -1.09 3.17 61.15 43.73 Fastenal FAST 2.5 26 48.82 -0.20 19.33 43.40 6.09 Lucid LCID ... dd 8.15 -0.16 4.37 488.23 356.21 RoperTech ROP 0.6 42 450.98 -0.25 30.47 93.63 47.71 WW Ent WWE 0.5 35 89.40 0.06
0.93 73.76 52.41 CMS Energy CMS 2.9 14 63.92 -0.42 8.03 135.48 86.43 FederalRealty FRT 4.0 23 109.15 -0.44 -1.53 410.70 251.51 lululemon LULU ... 35 315.47 0.48 3.39 122.44 69.24 RossStores ROST 1.0 29 120.01 1.26 s 21.56 100.39 50.20 WynnResorts WYNN 0.0 dd 100.25 1.64
2.29 50.33 35.90 CNA Fin CNA 3.7 13 43.25 -0.02 8.91 256.66 141.92 FedEx FDX 2.4 12 188.63 -3.26 12.89 117.22 71.46 LyondellBasell LYB 5.1 7 93.73 0.06 6.65 119.41 83.63 RoyalBkCanada RY 3.9 12 100.27 0.39 8.54 36.36 13.76 XP XP ... 13 16.65 -0.21
s 8.84 17.51 10.60 CNH Indl CNHI 1.6 14 17.48 0.25 9.54 173.66 99.16 Ferguson FERG 2.5 14 139.08 0.56 28.42 90.55 31.09 RoyalCaribbean RCL 0.0 dd 63.48 1.04 1.51 77.66 56.89 XcelEnergy XEL 2.7 23 71.17 -0.78
14.70 54.10 31.22 CRH
4.65 38.63 25.80 CSX
CRH 2.6 9 45.64 0.95
CSX 1.2 17 32.42 -0.07
10.13 247.26 167.45 Ferrari
9.78 54.08 33.17 FidNatlFin
RACE 0.6 43 235.92
FNF 4.4 7 41.30
0.08
0.11
MN 14.13 147.70 84.54 RoyalGold
-0.38 44.75 36.15 RoyaltyPharma RPRX
RGLD 1.2 31 128.65
2.0 34 39.37
1.87
0.16
0.50 49.72 6.18 XPeng
s 5.75 118.58 72.08 Xylem
XPEV
XYL
... dd 9.99
1.0 66 116.93
-0.12
0.74
-3.51 111.25 86.28 CVS Health CVS 2.7 38 89.92 0.74 2.80 122.06 56.53 FidNatlInfo FIS 2.7 45 69.75 0.47 3.10 193.42 138.43 M&T Bank MTB 3.2 14 149.55 -0.09 5.71 46.40 32.13 RyanSpecialty RYAN ... 95 43.88 0.88 s 20.57 11.32 2.82 YPF YPF 0.0 2 11.08 0.73
5.37 194.97 132.31 CadenceDesign CDNS ... 60 169.26 1.20 5.58 50.64 30.92 FifthThirdBncp FITB 3.8 11 34.64 -0.26 17.92 49.00 26.41 MGM Resorts MGM 0.0 14 39.54 0.61 23.78 125.75 55.90 Ryanair RYAAY ... 20 92.54 0.53 1.67 132.87 103.97 Yum!Brands YUM 1.8 34 130.22 1.33
9.15 27.97 15.23 CAE CAE 0.0 68 21.11 -0.40 9.45 914.72 598.01 FirstCitizBcshA FCNCA 0.4 13 830.00 10.47 18.87 180.70 64.77 MKS Instrum MKSI 0.9 13 100.72 1.35 13.39 139.82 78.22 SAP SAP 1.3 39 117.01 0.33 10.17 60.73 33.55 YumChina YUMC 0.8 30 60.21 0.13
16.27 89.80 31.31 CaesarsEnt CZR ... dd 48.37 1.16 0.61 24.92 16.51 FirstHorizon FHN 2.4 17 24.65 ... 3.84 35.49 27.46 MPLX MPLX 9.1 9 34.10 -0.03 9.39 434.77 279.32 S&P Global SPGI 0.9 31 366.38 -1.39 6.74 31.68 16.27 ZTO Express ZTO 0.0 24 28.68 0.25
5.43 175.69 107.90 CamdenProperty CPT 3.2 16 117.95 -0.38 5.82 65.92 42.91 FirstIndRlty FR 2.3 17 51.07 0.28 8.61 564.27 376.41 MSCI MSCI 1.0 49 505.24 1.19 9.36 379.99 236.20 SBA Comm SBAC 0.9 83 306.55 0.11 14.54 533.22 224.87 ZebraTech ZBRA ... 34 293.70 0.70
12.44 32.49 18.03 Cameco CCJ 0.4111 25.49 -0.13 5.65 199.91 106.86 FirstRepBank FRC 0.8 15 128.78 1.27 5.22 54.40 44.79 MagellanMid MMP 7.9 10 52.83 0.01 6.47 63.49 46.30 SEI Investments SEIC 1.3 17 62.07 0.51 35.31 65.16 26.21 Zillow A ZG ... dd 42.23 0.16
-3.15 57.77 41.73 CampbellSoup CPB 2.7 21 54.96 0.23 s 20.30 182.58 59.60 FirstSolar FSLR ...204 180.19 1.34 14.04 89.53 45.58 MagnaIntl MGA 2.8 20 64.07 0.08 0.15 28.10 18.32 SK Telecom SKM 7.1 10 20.62 ... 34.90 65.88 26.14 Zillow C Z ... dd 43.45 0.22
7.96 66.24 39.40 CIBC CM 5.9 8 43.67 0.37 1.88 48.85 35.32 FirstEnergy FE 3.7 19 42.73 -0.36 0.82 155.81 106.02 ManhattanAssoc MANH ... 70 122.40 0.70 6.93 83.59 45.25 SS&C Tech SSNC 1.4 21 55.67 0.15 -3.23 135.05 100.39 ZimmerBiomet ZBH 0.8 94 123.38 0.18
4.05 137.19 103.79 CanNtlRlwy CNI 1.7 22 123.69 0.56 1.47 110.94 87.03 Fiserv FISV ... 32 102.56 0.14 6.22 22.19 14.92 ManulifeFin MFC 4.7 6 18.95 0.01 0.19 33.74 24.48 StoreCapital STOR 5.1 28 32.12 0.02 4.54 75.44 45.21 ZionsBancorp ZION 3.2 10 51.39 -0.06
3.24 70.60 44.45 CanNaturalRes CNQ 4.4 7 57.33 0.39 7.62 193.53 109.49 FiveBelow FIVE ... 46 190.34 1.98 0.04 33.42 17.02 MarathonOil MRO 1.2 5 27.08 -0.30 9.82 705.90 198.10 SVB Fin SIVB ... 9 252.73 -1.09 9.81 207.40 124.15 Zoetis ZTS 0.9 37 160.92 1.01
6.06 84.22 65.17 CanPacRlwy CP 0.7 32 79.11 1.18 6.00 265.30 161.69 FleetCorTech FLT ... 16 194.70 0.18 4.76 127.62 67.49 MarathonPetrol MPC 2.5 5 121.93 0.92 12.76 234.49 126.34 Salesforce CRM ...539 149.51 -0.09 2.58 164.89 63.55 ZoomVideo ZM ... 30 69.49 -0.42
2.08 25.79 20.84 Canon CAJ 3.4 13 22.13 -0.07 s 11.98 24.07 13.63 Flex FLEX ... 14 24.03 0.58 9.30 1519.24 1064.09 Markel MKL ... dd 1439.96 37.97 1.73 58.10 36.91 Sanofi SNY 2.6 17 49.27 -0.08 -13.62 61.44 23.29 ZoomInfoTech ZI ... 57 26.01 0.28
10.64 162.40 86.98 CapitalOne COF 2.3 5 102.85 1.83 21.79 112.79 59.91 Floor&Decor FND ... 33 84.80 -1.78 17.97 390.12 217.44 MarketAxess MKTX 0.9 51 329.02 5.41 -2.22 134.08 61.28 SareptaTherap SRPT ... dd 126.70 5.10 -4.11 290.47 99.64 Zscaler ZS ... dd 107.30 2.64

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Delta Earnings Get Boost
BUSINESS OPPORTUNITIES

Private Business Owners Contemplating Retirement

On Strong Travel Demand
BY ALISON SIDER

Don’t Let The Vultures Get You! Delta Air Lines Inc. said
Know When To Sell Your Business. travel demand remained
strong through the end of the
The time to sell your business is when you don’t have to sell—before “something” happens. Before the year, but the airline said rising
economy tanks. Before there’s a health issue. Before some upstart new competitor tries to buy his way

NATHAN HOWARD/BLOOMBERG NEWS

costs could eat into first-quar-
into your market. You’ve worked hard and built a successful business—the time to sell is on the uptick, ter profit.
not when you’re down and hungry vultures start circling--calling, leaving you annoying messages. Delta said it expects to re-
You’ve spent a lifetime building your business. You only get one shot at finding just the right strategic port adjusted earnings of 15
buyer who will pay you the highest price but who also isn’t a jerk. A dollar is a dollar, but you want to cents to 40 cents a share for
find someone with a moral compass, integrity, and character who you can work with to transition the the first quarter, below what
business, build on your legacy, and take care of your employees. some analysts had been antici-
pating.
The successful sale of a Company takes organization, planning, time, and work. Since 1998 I’ve worked The airline said it expects
closely, and in strict confidence, with private business owners to help grow, position and sell their nonfuel costs per seat flown a
business. While I’m industry agnostic I’ve gravitated to working with unique, manufacturing, industrial, mile to increase 3% to 4% in The airline warned that rising costs could affect first-quarter profit.
medical, pharmaceutical, financial, and technology-based related companies. the first quarter from the
So, if you’re doing over $3M to $50M+ in revenue, drop me an e-mail or give me a call. I’m not your year-earlier period, including Delta Air Lines share price power. Delta has said it is
typical business broker. Like you, I’m a business owner and entrepreneur. Go to my website and read the expense of completing the planning to return to full 2019
$40
some of my testimonials. Scan the website QR code below to read my “Vultures” article. And let’s talk! rebuild of its network for sum- flying capacity this summer
mer and labor-cost increases. as it works through the pro-
Steve Weintz, Founder & CEO Delta shares fell 3.5% in cess of hiring and training
SBW Ventures, Inc. trading Friday on the New Friday new employees.
39
Buy-side/sell-side, M&A, Key Account Sales York Stock Exchange. $38.20 By summer, Mr. Bastian
Serving Business Owners and Investors Since 1998. Delta reiterated its earnings t3.54% said he expects the airline will
Vanderbilt University, B.A. 1978 guidance for the full year and have been able to work
www.sbwventuresinc.com • sweintz@sbwventuresinc.com said it expects first-quarter 38
through remaining training
(843) 822-7664 cell sales to be 14% to 17% higher bottlenecks, which can be a
than in the same period of drain on existing employees.
2019, before the Covid-19 pan- Pilot pay across the indus-
demic upended travel. 37 try is set to rise, which con-
BOATING BUSINESS OPPORTUNITIES “I’ve never seen a more tributed to Delta’s higher cost
constructive backdrop for the outlook. Delta has proposed a
industry,” Delta Chief Execu- new contract for pilots that
tive Officer Ed Bastian said 36 would boost their pay by at
during a conference call. “De- least 34% over the term of a
drivethruforsale.com mand remains strong as pas-
Thursday Friday
four-year deal. Union leaders
Diversify your portfolio with an sengers return to the skies.” Source: FactSet will review that deal and de-
essential business that is pandemic,

.
Last year was a turning termine next week whether to
recession, and inflation proof.
point for the U.S. airline in- refinery the company owns, send it to members for a vote.

ly
Mahoning County, Ohio dustry. After airlines’ losses of Delta’s quarterly operating Rival airlines are also nego-
info@drivethruforsale.com billions of dollars during the revenue of $12.3 billion was tiating new contracts for pi-
Covid-19 pandemic, people about 8% higher than in the lots and other employees,

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Adjusted quarterly profit of
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$1.35 to $1.40 range the com-
which is expected to push pay
rates higher.
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US Canada Europe Asia S America

Wendy’s to Revamp Operations

m rp

COMMERCIAL REAL ESTATE

BY HEATHER HADDON preliminary fourth-quarter re- traditional units instead. Mr.
AND DEAN SEAL sults Friday, which showed Penegor said Wendy’s is also
same-store sales grew nearly looking at its headcount.
121’ BENETTI AVAILABLE FOR SALE & CHARTER
NOTICE OF SECURED PARTY PUBLIC
AUCTION OF COLLATERAL INCLUDING
Wendy’s Co. said two exec- 6% in the U.S. in the three As part of the reorganiza-
co Fo

100% OF THE MEMBERSHIP INTERESTS utives were departing the months ended Jan. 1 from a tion, the Dublin, Ohio, fast-
NAMASTE features incredible interior volume and IN CLAVER NY LLC
NOTICE IS HEREBY GIVEN that Jones Lang burger chain amid a broader year earlier. Wendy’s said it food company said Leigh
accommodation for 10 in 5 staterooms. A proven charter LaSalle, on behalf of BIG Real Estate Capital I,
LLC, a Delaware limited liability company (the organizational overhaul that opened 38 U.S. restaurants Burnside, its chief accounting
vessel, she is turnkey and ready for your next adventure. “Secured Party”), will offer for sale at public
auction the following property:
could include staff reductions and closed 41 domestic loca- officer and U.S. chief financial
Call: (954) 519-3980 all right, title and interest of Secured Party in and new investments. tions during the quarter. officer, is stepping down to
the Collateral, as such term is defined in that
certain Mezzanine Loan Agreement, dated Trian Fund Management LP, Wendy’s said more custom- become the financial chief of a
moranyachts.com as of November 1, 2018, by and between Wendy’s largest shareholder, ers are turning to the chain’s different restaurant company.
35 Claver LLC, a Delaware limited liability
company, as borrower (“the Debtor”), and also said that it was putting on restaurants seeking deals. “We U.S. President and Chief
the Secured Party, as lender, and that certain
Pledge and Security Agreement, dated as of hold its push for potential stra- continue to see a consumer Commercial Officer Kurt Kane
BIDS PROPOSALS
November 1, 2018, by and between the Debtor
and the Secured Party, as such agreements
tegic alternatives for the com- who is a little more strapped,” is also departing after his po-
may have been further amended or modified pany. The activist hedge-fund Chief Executive Todd Penegor sition was eliminated.
from time to time, including all of the Debtor’s
limited liability company membership interests firm said in May that it in- said during an investor call. Wendy’s said it plans to de-
in Claver NY LLC (the “Mortgage Borrower”)
(collectively, the “Collateral”). tended to explore a potential Wendy’s shares rose almost termine further organizational
n-

It is the understanding and belief of the

Secured Party, but without any warranty or
transaction involving Wendy’s, 6% to $23.08 Friday. changes in the next 45 days.
representation by the Secured Party as to either alone or with third par- Wendy’s said it is re-evaluat- Trian co-founder Nelson
accuracy or completeness, that the Collateral
SENAI - CENTRO DE TECNOLOGIA DA INDÚSTRIA QUÍMICA E TÊXTIL makes public the knowledge of all interested consists of, among other things, 100% of the ties, that could include an ac- ing some of its newer invest- Peltz said that the new capi-
parties, which is open to receive proposals in the form of International Electronic Bidding according to the relation membership interests of the Debtor in the
Mortgage Borrower, the owner of the land and
quisition, merger or other deal. ments given the current eco- tal-allocation strategy would
below.
no

building known as 35 Claver Place, Brooklyn, Trian said Wendy’s business nomic trajectory, and plans to support the company’s long-
BIDDING OBJECT DATE END FOR OF PROPOSAL – January 31th, 2023 10:00 AM (Hours from Brasilia – BRA) – New York.
C1000022022 - Specialized technical service for the preparation of a sectoral study, aiming at accelerating the
The public auction will take place on Friday, momentum supported a new better tie together its U.S. and term growth plans. Mr. Peltz’s
January 20, 2023 at 12:00 p.m. Eastern
growth of the technical and nonwoven textile industry in Brazil: evaluate the competitive position of Brazil in the Prevailing Time in front of the Delaware Court capital-allocation plan instead. global operations. The company Trian is a longtime investor in
domestic and foreign markets for technical and nonwoven textiles; identify opportunities for the Brazilian industry of Chancery located at 500 North King Street,
Wilmington, Delaware 19801. The sale will be
Wendy’s said it was dou- said it is scaling back an earlier the chain.
to serve these markets; generate a compendium of lessons learned and medium-term practical recommendations, conducted virtually via online video conference; bling its dividend and increas- test to build to-go only loca-
according to the specifications contained in the Term of Reference that is an annex to this Notice. provided, however, that if, at the time of sale,
applicable state and city laws and rules permit ing its stock-buyback program. tions with startup Reef Global  Heard on the Street: Close
The receipt of proposals, opening and bidding will take place in the internet environment. The requirements for
effecting the accreditation in the shopping portal for obtaining a password, as well as the announcement with all
the sale to be conducted in-person, and if
relevant building management rules permit The company announced Inc. and will focus on building call for restaurants............... B12
the information are available, free of charge at the site: http://compras.cetiqt.senai.br in the link notices. Doubts the same, then Secured Party may conduct
the sale both virtually and in-person in front
can be solved through e-mail: csup@cetiqt.senai.br. of the Delaware Court of Chancery located at

BlackRock Profit Fell 23% in 4th Quarter

500 North King Street, Wilmington, Delaware
Rio de Janeiro, January 13 th, 2023 19801. The URL address and password for
the online video conference will be provided to
Mariani Francisco Marques all confirmed participants that have properly
Bidding Committee registered pursuant to the Terms of Sale.
All interested prospective purchasers are
invited to become “qualified bidders.” Only BY ANGEL AU-YEUNG BlackRock’s assets pany would lay off 500 em-
qualified bidders and their duly appointed
agents and representatives may participate at under management ployees, or about 3% of total
the public auction. The terms of sale may be BlackRock Inc.’s fourth- 4Q 2022 $8.59T staff. The one-time restructur-
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
obtained by contacting Brett Rosenberg, JLL $10 trillion
Capital Markets, T +1 212 812 5926, M +1 646 quarter profit fell 23%, cap- ing cost from the layoffs
413 4861, e-mail Brett.Rosenberg@am.jll.com.
Dated: January 3, 2023, SILLS CUMMIS & ping off a turbulent year for amounted to $91 million.
GROSS, P.C., Attorneys for Secured Party, Attn:
Robert Hempstead, Esq., 101 Park Avenue,
markets that delivered heavy 8 BlackRock’s Aladdin plat-
alliance mortgage fund Oil/Gas Production 28th Floor, New York, NY 10178, Tel: (973)
643-5689, Fax: (973) 643-6500, E-mail:
losses to investors. form, its proprietary technol-
Company for Sale The world’s largest asset ogy software that helps inves-
7%-8% Return Owner retiring 1 MM+ bbls/5 fields /w investors.
Assume ops & AR & 300k Bond
rhempstead@sillscummis.com
manager reported net income
of $1.26 billion, down from
6 tors manage portfolios and
assess risk, continues to be a
REAL ESTATE SECURED $1.64 billion in the year-earlier core part of the firm’s revenue
Will train Make millions. Xlent monthly cash flow.
FIXED INCOME FUND period. Earnings amounted to 4 growth. It drove $353 million
SEEKING RIA’S & 985-246-3026 RARE 360AC+
$8.29 a share. That exceeded in revenue, up 4% from a year
ACCREDITED INVESTORS INDUSTRIAL LAND the $8.13 expected by analysts ago. The company had record
2
CALL: Want to Buy CALIF LA/INLAND polled by FactSet. net new sales in the software,

866-700-0600 Tiffany Studios Lamps EMPIRE-10 FWY

Frontage-$2.80ft
Revenue slipped 15% to $4.3
billion, slightly beating ana- 0
“further underscoring its im-
portance in periods of market
ALLIANCE PORTFOLIO & Glass lysts’ estimates. volatility,” Mr. Fink said in the
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 Near Airport-Won’t last. BlackRock is one of the
2020 ’21 ’22
earnings release.
www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID
Tiffanylampexpert.com
largest providers of exchange- Source: the company The firm continues to in-
917-566-9269 Broker 310-429-2278 traded funds and other low- vest heavily in Aladdin. Black-
cost alternatives that track performance that the firm re- Rock is close to finishing a
ATTN. MANUFACTURERS market indexes. Demand for ceives for administering fund year-long process of migrating
NEED SALES REPS?
OVER 14,000 EXP. REPS passive investing has helped holdings—declined 14% from a the platform onto the cloud,
COMMISSION ONLY fuel the firm’s growth. Black- year ago to $3.4 billion. according to a BlackRock exec-
Rock also provides actively Performance fees from the utive. The next areas of invest-
NORVELT ENT., LLC
800 511 0597 THEMARKETPLACE managed funds, though they firm’s actively managed funds ment in Aladdin include
make up a smaller portion of fell 31% to $228 million. broadening the platform’s geo-
Manufacturerrep.biz ADVERTISE TODAY the money manager’s business. General and administrative graphic reach and adding new
The firm’s assets under expenses rose 3% from the asset lines.
MEDICAL DEVICE/WOMEN’S HEALTH (800) 366-3975 management were about $8.6 year-ago period. The firm also announced
PATENTED | DISRUPTIVE | UNIQUE trillion, up from $8 trillion in BlackRock, similar to others that it would take a minority
GLOBAL MARKET POTENTIAL For more information visit: the third quarter. It is the first on Wall Street, is trimming its stake in Human Interest, a
INVESTMENT/BUSINESS OPPORTUNITY wsj.com/classifieds increase after three quarters workforce in response to the 401(k) provider to small busi-
STARTUP KNOWN EFFECTIVENESS of declines. market downturn. On Wednes- nesses. The San Francisco-
775-291-3191 • NO TEXT MESSAGES © 2023 Dow Jones & Company, Inc. BlackRock’s base manage- day, Chief Executive Larry Fink based company was last val-
OPPORTUNITY@BECI-ONLINE.COM All Rights Reserved.
ment fees—fees not tied to told employees that the com- ued in 2021 at $1 billion.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | B11

MARKETS

Stocks Rise as Investors Parse Earnings

Better-than-expected son with better-than-expected Index performance this past week vation exchange-traded fund, 3.446% on Thursday. Yields
results. Reports from JPMor- which sank in 2022, is up 15% rise as prices fall.
results from big banks gan Chase and Bank of Amer- 5% Nasdaq Composite year to date. Bed Bath & Be- In commodity markets, oil
helped major indexes ica showed many lenders have S&P 500 yond shares have rallied more prices edged up. Brent crude-
so far benefited from the Fed- than 45%, despite a sharp de- oil futures added 1.5% to
post gains for the week eral Reserve’s interest-rate in- 4 Dow Jones
cline Friday, evoking the wild $85.28 a barrel.
Industrial Average
creases, which allow them to meme-stock trading of 2021. Overseas markets were
BY CHELSEY DULANEY earn more from loans. Both “The equity market is try- broadly higher. The Stoxx Eu-
3
AND HANNAH MIAO stocks rose more than 2% on ing to grasp onto signs the rope 600 rose 0.5%, and the
Friday. Fed might decelerate and end U.K.’s FTSE 100 added 0.6%.
Stocks rose Friday to cap “It’s been a strong start to 2
their policy of outsized rate European markets have out-
off a winning week as inves- the year for bank stocks, sup- hikes,” said Ross Mayfield, in- performed the U.S. lately as
tors weighed a batch of quar- ported by a combination of vestment strategy analyst at investors bet Europe will
terly earnings results from big higher interest rates and the 1 Baird. avoid a deep recession driven
banks that shed light on how economic contraction being Elsewhere, Delta Air Lines by higher energy costs in the
U.S. companies are holding up not as severe as expected,” shares fell $1.40, or 3.5%, to aftermath of Russia’s invasion
in a slowing said Kiran Ganesh, a multias- 0 $38.20, even after the airline of Ukraine.
FRIDAY’S economy. set strategist at UBS. “That’s reported better-than-expected Data on Friday showed the
MARKETS The three the Goldilocks scenario for earnings for the fourth quar- German economy escaped a
major stock in- banks.” –1 ter, as travel demand contin- contraction in the fourth quar-
dexes opened lower but An optimistic reading on Mon. Tues. Wed. Thurs. Fri. ues to recover from the pan- ter, while the U.K. economy
steadily gained through the the state of American consum- demic hit. unexpectedly grew in Novem-
trading session. The S&P 500 ers also boosted market senti- Source: FactSet Tesla shares slipped $1.16, ber.
rose 15.92 points, or 0.4%, to ment, with the University of or 0.9%, to $122.40 after the “Now it seems like the win-
3999.09. The Nasdaq Compos- Michigan’s consumer-senti- tug of war between investors’ a sixth consecutive month. electric-vehicle maker cut ter should hopefully pass
ite was up 78.05 points, or ment index popping to its hopes and monetary policy as The central bank is widely ex- prices. Shares of other car without any renewed major
0.7%, at 11079.16. The Dow highest level since April. Ex- the central bank tries to tame pected to raise its benchmark makers also fell, with General spike in gas prices or without
Jones Industrial Average pectations for inflation one inflation. The S&P 500 has ral- rate by a quarter of a percent- Motors and Ford down gas running out,” said Mr. Ga-
added 112.64 points, or 0.3%, year from now also edged lied more than 4% to kick off age point at its Feb. 1 meeting, roughly 5% each. nesh of UBS. “Growth should
at 34302.61. All three bench- down, according to the survey 2023. down from a half-percentage- Bond prices eased after a be improving in Europe from
marks finished the week with released Friday. Inflation data released this point increase in December. recent rally driven by expecta- here.”
gains of at least 2%. Market participants are week kept the Fed on track to Recent gains in some of the tions for less aggressive policy In Asia, Hong Kong’s Hang
Some of the country’s big- growing increasingly con- slow its pace of interest-rate market’s more speculative cor- tightening from the Fed. The Seng and the Shanghai Com-
gest banks kicked off the vinced the Fed will cut inter- increases, as consumer-price ners signal the enthusiasm yield on the 10-year U.S. Trea- posite Index both rose 1%.
fourth-quarter earnings sea- est rates this year, setting up a growth eased in December for from investors. The ARK Inno- sury note rose to 3.510% from Japan’s Nikkei 225 fell 1.2%.

Crypto.com Lays Off Halt on Insider Sales Seen as Sign

20% in Latest Cuts

.
A Potential Deal Is in the Works

ly
BY WEILUN SOON sheet.”A Crypto.com spokes-
person said in response to
SINGAPORE—Crypto.com
is cutting a fifth of its global
workforce, in a second round
of layoffs in six months, after
queries, “The layoffs will not
impact our ability to continue
to be a leader in compliance
and security, which continue
on BY BEN DUMMETT
AND JULIE STEINBERG

Investors learned of Amgen

Horizon’s stock price
$110 4
data shows. A later filing
showed Kroger first ap-
proached rival supermarket
operator Albertsons Cos.
a plunge in the value of many to be critical in our effort to Inc.’s $28 billion bid for Hori- about a possible takeover on
us ,

98 1 Insider sales stop

cryptocurrencies and the col- restore trust in the industry.” zon Therapeutics PLC in De- April 25.
l

lapse of rival FTX. Crypto.com’s latest cuts cember. But a clue to a poten- 2 Gets first bid In October, Kroger unveiled
e
al a

The cryptocurrency ex- come after similar moves by tial deal emerged months 3 Confirms bid talks a $24.6 billion acquisition of
86
change’s co-founder and chief other crypto exchanges, lend- earlier, when insiders in the 4 Unveils sale to Amgen Albertsons, which had said in
executive officer, Kris Marsza- ers and other industry players. target company stopped sell- 1 February that it would con-
ci on

lek, blamed “a confluence of At least 1,500 crypto jobs have ing stock. 3 sider potential deals. Kroger
74
negative economic develop- been axed this month alone, The halt to stock sales by ex- declined to comment.
ments” for the reductions, including about 950 that were ecutives and directors at Hori- Tracking insider activity
which followed staff cuts that cut at Coinbase Global Inc. zon has been mirrored at some 62 can sometimes help knock
2
took place last July. The addi- this past week and reductions other big companies involved down bid rumors, too.
er s

tional reductions were neces- at Huobi, another exchange in recent deal making. The pat- At the start of December,
sary to position Crypto.com operator. The firms cited the tern shows why some hedge 50 Nutanix Inc.’s Nasdaq-listed
m er

for long-term success, he said rout in cryptocurrency prices funds and other investors scru- stock jumped 8% following re-
July 2022 Aug. Sept. Oct. Nov. Dec. Jan. ’23
in a blog post on Friday. as reasons for the layoffs. tinize activity by corporate in- ports that Hewlett Packard En-
Mr. Marszalek didn’t say Crypto.com has gained at- siders in the hope of identify- Sources: FactSet; filings terprise Co. had shown interest
how many employees were tention for its splashy market- ing candidates for mergers and in buying the cloud-computing
laid off. Several hundred indi- ing campaigns in recent years. acquisitions, generating outsize selling shares from the start of traded at around $67. provider. Then, starting around
m rp

viduals found out on Friday It featured actor Matt Damon gains in the process. August, when weak second- Investors such as Third Dec. 16, at least four Nutanix
that they no longer had access in a commercial in late 2021, “When insiders who are quarter earnings pushed down Point LLC, the activist hedge- insiders, including the com-
to Crypto.com’s systems and and has run ads at the Super selling regularly stop…it can the company’s stock. Before fund manager headed by Dan pany’s chief operating officer
were being laid off, according Bowl and the recent FIFA definitely be a green flag, then, insiders had only re- Loeb, Senvest Management and chief executive, sold
to people familiar with the World Cup in Qatar. The com- playing into the idea of a com- frained from selling for a whole LLC, a New York-based firm shares, filings show.
co Fo

matter. pany earlier bought the rights pany working on a possible calendar month three times in overseeing about $3 billion in To Raj Vazirani, who runs
In the middle of last year, to rename the arena that is deal,” said Ben Silverman, re- a period of more than three assets, and hedge-fund firm D1 New York-based Vazirani Asset
Singapore-based Crypto.com home to the Los Angeles Lak- search director at VerityData, years, according to VerityData. Capital Partners LP are among Management LLC, this showed
said that 260 people, or ers to Crypto.com Arena, and which monitors trading activ- “The dip in selling had to do those looking at insider share that Nutanix wasn’t in takeover
around 5% of its staff, would is also a Formula One sponsor. ity by corporate insiders. with our [second-quarter] re- sales to help identify potential talks, since the executives could
be made redundant. Mr. The U.S. Securities and Ex- sults and the subsequent stock investments. have been barred from selling
Marszalek said in his Friday $50,000 change Commission requires impact,” a Horizon spokesman In some cases, insider ac- otherwise. He bet the stock
blog post that the recent im- executives and directors to re- said this past week. tivity can offer clues about po- price would fall, a wager that
plosion of rival exchange FTX port share sales publicly, al- Insiders continued to hold tential acquirers as well as paid off after HPE said there
had severely damaged trust in 40,000 lowing investors to track their off sales through October and sellers. were no talks on Dec. 23 and
the industry. trading activity. much of November. On Oct. 15, Unless businesses have a Nutanix shares fell about 8%.
Several crypto exchanges A halt to selloffs can some- Horizon privately received its system of prearranged stock “There is no way I would
were hit by heavy withdrawals times just imply a stock is un- first takeover approach, ac- sales in place, executives typi- have bet against the deal ab-
30,000 Friday
n-

following the sudden collapse dervalued, investors say. But if cording to a later filing. In No- cally confine trading to com- sent the insider sale,” Mr.
$19,817.65
of FTX in November. A mis- a sector is consolidating, or a vember, its shares surged after pany-imposed windows, which Vazirani said. “That was the
step by Crypto.com around company is already rumored it released strong quarterly open shortly after quarterly main reason for initiating that
that time also added to its 20,000 to be in play, and there is an earnings. Later that month, it earnings are released and shut short position, because that
no

woes. That month, Mr. unusual pause in insider sales, acknowledged being the sub- before the end of the next was a screaming signal.”
Marszalek said the company it can also suggest a potential ject of bid interest after the quarter. Nutanix didn’t respond to
had mishandled a roughly 10,000 Price of deal is in the works. Insiders publication of a report in The For instance, at retailer requests for comment.
$400 million transaction. one bitcoin typically have to sit tight to Wall Street Journal. Kroger Co., for all but one To be sure, hedge-fund in-
Mr. Marszalek’s Friday blog avoid falling foul of insider- In December, Amgen agreed quarter between November vestors say that this is one
post said Crypto.com has more 0 trading laws while they hold to buy Horizon for $116.50 a 2018 to April 2022, insiders factor they consider among
than 70 million users world- material information that isn’t share. In early August, after sold shares during each allot- many, and that it can be diffi-
2022 ’23
wide and the company main- yet public. the second-quarter earnings ted trading window. But then cult to pinpoint the reasons
tains “a strong balance Source: CoinDesk Horizon insiders stopped release, Horizon shares had that activity halted, VerityData behind selling patterns.

Big Banks plunged to about $15 billion

from $48 billion a year earlier.
That was the lowest since at
Change from a year earlier
in fourth quarter 2022
revenue and profit
branded cards, but Mr. Mason
said he would normally expect
to lose almost twice as much.

Prepare for least 2006, according to indus-

try research group Inside Mort-
Revenue Profit The banks warned the lift
from rates would dwindle this
LUCIA BURICELLI FOR THE WALL STREET JOURNAL

gage Finance. The bank this year. They will face pressure to

Downturn
JPMorgan
past week said it would scale Chase start paying more to deposi-
back its mortgage business. tors and won’t get to keep rais-
At JPMorgan, consumer ing the interest they charge on
Bank of
mortgage originations plum- loans, executives said.
America
Continued from page B1 meted to about $7 billion from JPMorgan said it expects its
settlement. Together, they $42 billion a year earlier. That 2023 lending profit to slow
posted an 8% rise in revenue. was the lowest volume since Citigroup from the quarter’s pace, disap-
All four beat Wall Street’s at least 2004. pointing analysts. And execu-
expectations for per-share The uncertainty in markets tives at JPMorgan and Bank of
earnings. Wells Fargo missed and the economy also made Wells America both said deposits
expectations for revenue. corporate chieftains wary of Fargo have started leaving to chase
The bank results are an- striking big deals. Investment- higher rates. Deposits fell 5%
other reminder of how the banking revenue, which soared At JPMorgan Chase, consumer mortgage originations plummeted –40 –20 0 20% at JPMorgan, 6% at Bank of
Federal Reserve’s rate-raising during a pandemic deal mak- to about $7 billion from $42 billion a year ago. Source: the companies America and 7% at Wells
campaign against inflation is ing bonanza, fell more than Fargo.
affecting all corners of mar- 50% at Bank of America and revenue was up 7% at JPMor- Wells Fargo CEO Charlie 10% more on their credit cards “As we moved forward
kets and the economy. The nearly 60% at JPMorgan and gan and 18% at Citigroup. Ad- Scharf said 2022 was “a turn- compared with a year ago. through 2022, customers with
rate increases are meant to Citigroup. justed trading revenue rose ing point in the economic cy- They also stopped paying excess cash, investment-ori-
slow down the economy, and But higher rates were also 27% at Bank of America. cle.” On a call with analysts, off the charges so quickly. ented cash, sought yield as
many economists expect the helpful to the banks, allowing The banks sit in the middle he said the effects of the Fed’s Credit-card balances rose a rates increased for money-
U.S. to tip into a recession this them to charge more on loans of an economy that is still far- tightening are starting to collective 17% at the four market funds, direct Treasurys
year. The uncertainty has had even though they haven’t ing relatively well, but higher show up in consumer spend- banks. Still, defaults remain and other products,” Bank of
a chilling effect on U.S. stock started paying much more on rates are beginning to put ing, housing and demand for historically low. America CEO Brian Moynihan
indexes, which just wrapped deposits. JPMorgan’s profit on some wear and tear on it. The goods and services. “But at “We are not seeing any sig- said on a call with analysts.
up their worst year since the lending rose 48% to a record Fed raised rates seven times in this point, the impact to con- nificant increases in losses,” Total loans were up at JP-
2008 financial crisis. $20.2 billion. Citigroup’s busi- 2022, and the effects have yet sumers and businesses has Citigroup Chief Financial Offi- Morgan, Bank of America and
The Fed’s rate increases ness managing cash and lend- to fully trickle through the been manageable,” he said. cer Mark Mason said on a call Wells Fargo.
have already dramatically ing to global corporations economy. Inflation is slowing, The banks said that their with reporters. “We certainly JPMorgan and Bank of
slowed the rate-sensitive hous- posted a 36% gain in revenue. but high prices are still customers continue to spend aren’t seeing anything beyond America shares rose 2.5% and
ing market. At Wells Fargo, Volatile markets also kept stretching many U.S. house- on discretionary items, includ- the normalization we’d expect.” 2.2%, respectively. Wells Fargo
once the largest mortgage traders busy, especially for se- holds. Americans are spending ing travel. Customers at the The bank wrote off 1.7% of added 3.2%, while Citigroup
lender in the U.S., originations curities tied to rates. Trading down their pandemic savings. four banks collectively spent credit-card loans for its Citi- advanced 1.7%.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Why Your Favorite Restaurant Might Close

Chains have weathered the pandemic better than
independents, and they might do better in a slowdown too

How do you make a small for- faded, Americans with ample sav-
tune? Start with a large one and ings and tired of cooking for them-
open a restaurant. selves ate out with gusto, espe-
The difficulties of running a U.S. cially as domestic tourism
eatery, whether selling hot dogs or rebounded. The National Restau-
haute cuisine, are well known, yet rant Association puts industry rev-
hope continues to triumph over ex- enue last year above $900 billion,
perience. In a country saturated exceeding its prepandemic record.
with chains, NPD Group estimates Independents moved back into
that about 53% of restaurants are many of their old locations, or new
still independent, despite their high ones took their places, and their
failure rate—especially in the first unit growth appears to have ex-
year. The pandemic made being a ceeded that of chains. But today’s
restaurateur even tougher: About slowing economy, tight labor mar-
10% of independent restaurants ket and changes to how people or-
shut down in 2020 compared with der have made things tougher. Ac-

JEENAH MOON/BLOOMBERG NEWS

just 2.5% of those belonging to cording to small-business
chains, according to data from networking firm Alignable, more
Morgan Stanley and Euromonitor. than half of U.S. restaurants sur-
Their struggles helped take veyed were having trouble paying
some financial pressure off large rent last month, up from less than
chains, ranging from quick-serve a third in early 2022.
ones such as McDonald’s or Yum Consumers are facing their own
Brands’ Taco Bell, to fast-casual financial struggles just as eating
operator Darden Restaurants’s Ol- out is becoming more of a splurge.
ive Garden or Dine Brands Global’s Last year’s record spending ap- Don’t expect to see investment bankers toasting a deal at McDonald’s anytime soon.
Applebee’s. The shakeout for Mom pears to be a result of sharply
and Pop would have been even higher menu prices compensating risen to about 79%, according to Pizza Huts and 192 Wendy’s loca- even coffee, aren’t as much of an
worse had many not been able to for food and wage inflation. In the the National Restaurant Associa- tions, according to its website. indulgence when one considers the

.
tap federal assistance. fourth quarter of 2022, Placer.ai tion, and even many on-premises Some people will always prefer value of customers’ time with un-
As fear of Covid-19 infection data says foot traffic at full-service meals or drinks are preordered the authenticity of an independent employment at a 50-year low.

ly
restaurants, a category that con- through smartphones. restaurant over one with huge neon Drive-throughs, easily consumable
tains many independents, was “If there was one thing the pan- signs by the interstate and com- sandwiches and app-based ordering
U.S. restaurant growth nearly 16% lower than the same pe- demic did for diners, it was to mercials on TV, and chains struggle all help chains—particularly the
2%
with a far cheaper alternative:
cooking at home.
on
riod of 2019. And restaurants not
only compete with one another but
make them more comfortable with
technology,” says Hudson Riehle,
the NRA’s senior vice president of
research.
at the high end: It would take an
economic calamity for investment
bankers to toast a deal at Morton’s
or, heaven forbid, Outback instead
quick-serve category they domi-
nate. Even Starbucks, which long
sought to re-create the unhurried
feel of a European cafe with the
0
Meanwhile, like creatures that Of course many chains have a of Keens. And, even for those of us craftsmanship of a barista, is in-
us ,

have evolved through natural selec- franchise model, placing similar fi- without expense accounts, there is vesting heavily in automation and
l

tion, quick-serve and fast-casual nancial pressure on small-business no substitute for the panache of a takeout-only locations to cut costs
e
–2
al a

chains were forced to become even owners with limited resources. But talented chef, the authentic flavors and speed orders.
Total leaner during the pandemic, so franchisees tend to own multiple lo- of an exotic cuisine or the worn-at- The upshot for the vast majority
their cost advantage over indepen- cations, whereas NPD defines inde- the-elbows charm of your local of us who wouldn’t hazard opening
ci on

Chains
–4
dents has grown. Chains these days pendents as unaffiliated with a chain diner. On a positive note, NPD a restaurant, but who might well
sell lucrative gift cards, have slick and having no more than two restau- Group says that budget-conscious invest in one on the stock market,
–6
apps and rewards programs and rants. And some franchisees have be- diners have reverted to picking up is that independents’ struggles have
take advantage of deals with deliv- come huge companies in their own food themselves at local eateries, a silver lining. Analysts at Morgan
ery companies such as Uber Eats or right. For example, Flynn Restaurant cutting out delivery charges. Stanley think U.S. chain-restaurant
er s

–8 DoorDash more favorable than Group, with more than 70,000 em- With about half of Americans’ unit growth will hit 1.4% this year—
what independents can negotiate. ployees, is the largest operator of food spending away from home last the first time it has topped 1% since
2014 ’16 ’18 ’20 ’22
m er

About 61% of restaurant meals al- Applebee’s restaurants, with 439 year, eating out is increasingly 2016. Sadly, they might wind up
Note: 2022 is an estimate. ready were consumed off-premises units, and also operates 288 Taco about cost and convenience, not eating Mom and Pop’s lunch.
Sources: Morgan Stanley; Euromonitor; NPD Group before the pandemic. That has now Bells, 130 Paneras, 369 Arby’s, 941 ambience. Homemade meals, or —Spencer Jakab
m rp

about what makes an SUV differ-

ent from a car. “Crossovers” that
sit somewhere between the two, Banks Are in for a Slog
co Fo

such as Tesla’s Model Y and Gen-

eral Motors’ Cadillac Lyriq, are
the most popular EV type. The In-
ternal Revenue Service categorizes
Even as Rates Rise
these two models in most cases as
cars (Model Y’s sold with a third
row being the exception), meaning After posting a strong quarter, lenders face
they qualify only if priced below
$55,000. Tesla’s price cuts on uncertainty about rates and the economy
Thursday brought the base version
JOE RAEDLE/GETTY IMAGES

of the Model Y within range. GM is For big banks, this might be as Net interest income by bank,
disputing the official categoriza- good as it gets for a while. 4Q 2021 to 4Q 2022
tion of the Lyriq, which currently Rising interest rates delivered
$20 billion
n-

starts at $62,990 for the 2023 huge jumps in core lending reve-
model year. nue for America’s biggest banks in
The Treasury Department is the fourth quarter of 2022.
showing flexibility in other areas, According to their results 15
no

Tesla’s price cuts are likely to mean some buyers qualify for tax credits. such as in its understanding of a posted on Friday, JPMorgan
“free-trade agreement.” The con- Chase’s net interest income leapt
sumer tax credits apply only if 48% from a year earlier, Wells
10

Don’t Write Off Tesla 40%, rising gradually to 80% in

2027, of an EV’s “critical miner-
als”—think lithium or cobalt—are
mined or processed in the U.S. or
Fargo’s jumped 45%, Bank of
America’s rose 29% and Citi-
group’s climbed by 23%.
However, banks also gave guid- 5

As EV Boom Builds countries with which it has a free-

trade agreement. This complex
rule, one of the more difficult ones
for auto makers to meet, was orig-
ance for their future net interest
income that represented a slow-
down from the current breakneck
pace of growth—despite the Fed- 0
Tesla’s price cuts and the cha- U.S. monthly plug-in vehicle sales inally due to come into effect on eral Reserve appearing poised to JPMorgan Bank of Wells Citigroup
otic implementation of President Jan. 1, but last month the Treasury continue raising rates. Chase America Fargo
125,000 electric vehicles
Biden’s new tax credits for electric delayed it until March. JPMorgan’s outlook was for $73 Source: Company reports
vehicles obscure a bigger picture: Plug-in hybrid Washington appears inclined to billion in net interest income in
The shift to EVs in America is get- Battery-electric loosen the strings attached to its 2023. That is still a jump from the
100,000
ting serious. consumer EV tax credits when 2022 result of about $67 billion. cally drop if rates do.
Washington has shown impor- manufacturers see no route to But it represents a slowing pace Whether people or companies
tant signs of interpreting the new comply. This makes sense: It wants versus the annualized fourth-quar- will still be able or willing to bor-
75,000
rules generously, likely keeping to accelerate the technology’s ter print, which would have been row as much in a recessionary en-
U.S. EV sales strong despite a cool- adoption. The conditions are de- over $80 billion. vironment is another major point
ing economy. signed to force the industry to in- There are still a lot of question of uncertainty. Then banks added
50,000
When the new tax credits were vest in a U.S.-friendly supply marks about the future pace of to their loan-loss reserves in the
first announced as part of last chain—meaning one outside the banks’ lending income, with de- fourth quarter, partly reflecting
summer’s Inflation Reduction Act, 25,000
orbit of China, today’s battery hub. bates swirling about loan growth, economists’ forecasts of a higher
it seemed like they might not have U.S. EV sales including plug-in credit performance, the outlook likelihood of a mild recession in
much effect. The headline con- hybrids rose by half last year, with for the broader economy and how the months ahead.
sumer subsidies came with such 0 December particularly strong, ac- quickly their funding costs could As for the rest of the business:
tight strings attached that 70% of cording to a preliminary tally from rise. Investment banking may bounce
2018 ’19 ’20 ’21 ’22
the 72 plug-in models on sale at data provider EV-volumes. Gener- Notably, higher deposit rates back if rates stabilize and compa-
the time were immediately ineligi- Note: December 2022 data are preliminary. ous subsidies could maintain that are coming. But how much higher? nies return to the markets to issue
ble. Foreign manufacturers such as Source: EV-volumes growth momentum even as rising The biggest banks have built up stocks and bonds. But trading,
Hyundai, which currently imports interest rates cool demand for huge bases of customers with core which has been strong, might see
all of its U.S.-sold EVs, were ag- most cars. Tesla’s shares fell 0.9% accounts who are unlikely to move less activity if volatility subsides.
grieved, as only North American- counted for roughly three in 10 Friday as investors worried about them just for a higher payout. In addition, many banks are facing
built EVs qualify. new-vehicle sales. That shrank to the impact of the price cuts on its Still, many corporate and individ- the prospect of higher capital re-
But loopholes have emerged. less than two in 10 as discounting margins. Yet the U.S. market ual customers are shifting some quirements that could lead to
The biggest one appears to be dried up. EVs could bring the fi- leader can afford the hit, and money from accounts that don’t shrinking of some of their busi-
leasing, thanks to a separate tax nancing model back, and not just bringing its core products firmly pay interest to ones that do. This ness.
credit for commercial fleet buyers for cars imported from South Ko- into the subsidized mainstream shift to more expensive funding Uncertainty can create opportu-
that comes with no strings at- rea or Germany. More expensive seems a sensible response to a puts pressure on the net interest nity, and Bank of America and JP-
tached. Guidance released by the EVs made in North America might new market reality. earned from lending. Morgan Chase in particular remain
Internal Revenue Service late last benefit too, given the price caps As EVs suddenly become more Should the Federal Reserve highly profitable in terms of re-
month implied that this benefit imposed by the consumer tax affordable in the U.S., the real los- pivot at some point to cutting turn on equity. But right now, it is
could be passed on to consumers credit: $55,000 for cars and ers may be auto makers that don’t rates, as some investors expect, it difficult to find a clear catalyst for
via leases. $80,000 for sport-utility vehicles, yet have good plug-in alternatives would introduce another wild card. bank stocks to escape the gravity
Leasing was a popular way for vans and pickup trucks. to their traditional lineups. The Higher deposit rates may remain of the Fed and the broader econ-
manufacturers to discount vehicles The big gap between these two technology transition will cut both sticky while many lending rates, omy.
before the pandemic, when it ac- numbers has set off a controversy ways. —Stephen Wilmot such as for credit cards, automati- —Telis Demos
 REVIEW
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Conscious AI Power Plays

Machines should be The ancient dramatists
taught what it means on tyranny and
to have a mind C4 anarchy Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C1

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
TONJE THILESEN FOR THE WALL STREET JOURNAL

co Fo

This couple in their 80s have

been married for 62 years.
The more time older couples
spend with one another, the
happier they report being.

The Real Secret of

n-

LIFELONG FULFILLMENT
no

W
hen it comes to understand-
ing what happens to people
In its 85 years and than 1,300 of their male and female descendants
over three generations, asking thousands of ques-
as they go through life, pic-
tures of entire lives—of the
counting, the Harvard tions and taking hundreds of measurements to find
out what really keeps people healthy and happy.
choices people make and the Study of Adult Through all the years of studying these lives, one
paths they follow, and how it crucial factor stands out for the consistency and
all works out for them—are Development has found power of its ties to physical health, mental health
almost impossible to get. Most of what we know
about human life we know from asking people to re-
that personal and longevity. Contrary to what many people might
think, it’s not career achievement, or exercise, or a
member the past, and memories are full of holes.
The more time that passes, the more details we for-
connections are the healthy diet. Don’t get us wrong; these things mat-
ter. But one thing continuously demonstrates its
get, and research shows that the act of recalling an most important factor broad and enduring importance: good relationships.
event can actually change our memory of it. Please turn to the next page
But what if we could watch entire lives as they in long-term health
unfold through time? What if we could study people
from the time that they were teenagers all the way
and happiness. Dr. Waldinger and Dr. Schulz are the director
into old age to see what really matters to a person’s and associate director of the Harvard Study of
health and happiness, and which investments really Adult Development. This essay is adapted from
paid off? For 85 years (and counting), the Harvard their new book, “The Good Life: Lessons From the
Study of Adult Development, which we now direct, By Robert Waldinger World’s Longest Scientific Study of Happiness,”
has tracked an original group of 724 men and more And Marc Schulz published by Simon & Schuster.

Inside
WEEKEND CONFIDENTIAL EVERYDAY PHYSICS HISTORY
Mexico’s
Long-distance running
star Lauren Fleshman Slide Listen closely,
and you can hear
Contrary to
myth, people in
says that the standard Autocracy and the cocoa powder the Middle
timeline for athletic lawlessness south of dissolving into Ages believed
the border threaten
success wasn’t built with North America’s best your mug of hot in bathing
women in mind. C6 laid plans. C3 chocolate. C4 regularly. C5
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C2 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

REVIEW

For a Longer, Happier Life, Invest in Relationships

Continued from the prior page processes would continue, mor-
In fact, close personal connec- phing into a droning, constant
tions are significant enough that if sense of unease, and they would be-
we had to take all 85 years of the gin to take a toll on her mental and
Harvard Study and boil it down to a physical health. She would be, as
single principle for living, one life we say today, stressed out. She
investment that is supported by would be lonely.
similar findings across a variety of The same effects of loneliness
other studies, it would be this: Good continue today. The feeling of lone-
relationships keep us healthier and liness is a kind of alarm ringing in-
happier. Period. If you want to make side the body. At first, its signals
one decision to ensure your own may help us; we need them to alert
health and happiness, it should be us to a problem. But imagine living
to cultivate warm relationships of in your house with a fire alarm go-
all kinds. ing off all day, every day, and you
The Harvard Study of Adult De- start to get a sense of what chronic
velopment began in Boston in 1938, loneliness is doing behind the
when two unrelated groups of re- scenes to our minds and bodies.
searchers began closely following Today we live in much more
very different groups of boys. The complicated environments, so meet-
first was a group of 268 sopho- ing our social needs presents differ-
mores at Harvard College, selected ent challenges. Think
by Harvard professor of hygiene Ar- for a moment about a
lie Bock because they were deemed relationship you have
likely to grow into healthy and well- l If you’re 40 with a person you
adjusted adults. At least half of the and you see a cherish but feel like
young men chosen for the study at- you don’t see nearly
tended Harvard with the aid of
friend once a enough. How many
scholarships and by holding down week for a coffee hours do you think
jobs to help pay tuition, while oth- hour, that adds up you spend with this
ers came from well-to-do families. person in a single
Some could trace their roots in to the equivalent year? If you’re 40,
America to the founding of the of 87 days and you see them
country, and 13% of them had par- once a week for a
ents who had immigrated to the U.S.
together before coffee hour, that adds
The second project looked at 456 you turn 80. If up to the equivalent
14-year-old boys who were growing you see them of 87 days together
up in some of Boston’s most trou- before you turn 80. If
bled families and most disadvan- once a month, it’s you see them once a

.
taged neighborhoods, but who had about 20 days. month, it’s about 20

ly
mostly succeeded in avoiding the days. Once a year,
paths to juvenile delinquency. More
Once a year, about two days.
than 60% of these adolescents had about two days. Maybe these num-
at least one parent who had immi-
grated to the U.S. Their modest
roots and immigrant status made
them doubly marginalized.
on bers sound like
plenty. But contrast
them with the fact that in 2018, the
average American spent an aston-
us ,

When the researchers decided to ishing 11 hours every day interact-

combine the two studies, all of the ing with media, from television to
l
e
inner-city and Harvard participants radio to smartphones. From the age
al a

were interviewed. They were given of 40 to the age of 80, that adds up
medical exams. Researchers went to 18 years of waking life. For
ci on

someone who is 18, that’s 28 years

of life before they turn 80.
l The people ness is twice as unhealthy as obe-
sity, and chronic loneliness in-
We don’t need to be with all of
our good friends all of the time. In
who were creases a person’s odds of death in fact, some people who energize us
er s

the most any given year by 26%. and enhance our lives might do so
How can loneliness be so physi- specifically because we don’t see
satisfied in
m er

cally harmful when it’s a subjec- them very often. Sometimes we are
their tive experience? Answering that compatible with a person only to a
relationships question is easier if we under- point, and that point is good
stand the biological roots of the enough. But most of us have
at age 50
m rp

problem. Human beings have friends and relatives who energize

were the evolved to be social, and the bio- us and who we don’t see enough. A
logical processes that encourage few adjustments to our most trea-
healthiest, social behavior are there to pro- sured relationships can have real
mentally and tect us. When we feel isolated, our effects on how we feel, and on how
co Fo

physically, at bodies and brains react in ways we feel about our lives. We might
that are designed to help us sur- be sitting on a gold mine of vitality
age 80. vive that isolation. that we are not paying attention to,
Fifty thousand years ago, being because it is eclipsed by the shiny
alone was dangerous, and an iso- allure of smartphones or pushed to
lated person’s body and brain the side by work demands.
would have gone into temporary Over and over again, when the
survival mode. The need to recog- participants in the Harvard Study
nize threats would have fallen on reached their 70s and 80s, they
to their homes and interviewed And a study based in Dunedin, New these ups and downs of mood— her alone, so her stress hormones would make a point of saying that
their parents. Zealand, found that social connec- their happiness did not decline as would have increased and made what they valued most were their
Over the following decades, these tions in adolescence were better much on the days when they had her more alert. If her family or relationships with friends and fam-
n-

teenagers grew up into adults who than academic achievement at pre- more pain. Their happy marriages tribe were away overnight and she ily. If we accept the wisdom—and,
entered all walks of life. They be- dicting well-being in adulthood. seemed to have a protective effect. had to sleep by herself, her sleep more recently, the scientific evi-
came factory workers and lawyers In 2008, we telephoned the This finding makes sense in would be shallower. If a predator dence—that our relationships are
and bricklayers and doctors. Some wives and husbands of Harvard light of the growing evidence that was approaching, she would want among our most valuable tools for
no

developed alcoholism. A few devel- Study couples in their 80s every loneliness is associated with to know, so she would be more eas- sustaining health and happiness,
oped schizophrenia. Some climbed night for eight nights. We spoke to greater sensitivity to pain, sup- ily aroused and experience more then choosing to invest time and
the social ladder from the bottom each partner separately and asked pression of the immune system, di- awakenings during the night. energy in them today becomes vi-
all the way to the very top, and them a series of questions about minished brain function and less If for some reason she found tally important. It is an investment
some made that journey in the op- their days. We wanted to know effective sleep. Recent research has herself alone for say, a month, that will affect everything about
posite direction. how they had felt physically that shown that for older people, loneli- rather than a night, these physical how we live in the future.
The founders of the Harvard day, what kinds of activities they
Study would be shocked and de- had been involved in, if they had
lighted to see that it still continues needed or received emotional sup-
today, generating unique and impor- port, and how much time they had
tant findings they couldn’t have spent with their spouse and with
imagined in 1938. By hook and by other people.
crook, the Harvard Study has main- The simple measure of time
tained an 84% participation rate for spent with others proved quite im-
85 years. portant, because on a day-to-day
Once we had followed the people basis this measurement was clearly
in the Harvard Study all the way linked with happiness. On days
into their 80s, we wanted to look when these men and women spent
back at them in midlife to see if we more time in the
could predict who was going to company of others,
grow into a happy, healthy octoge- they were happier. l Recent
narian and who wasn’t. So we gath- In particular, the
ered together everything we knew more time they
research has
about them at age 50 and found spent with their shown that
that it wasn’t their middle-aged partners, the more chronic
cholesterol levels that predicted happiness they re-
how they were going to grow old; it ported. This was loneliness
TONJE THILESEN FOR THE WALL STREET JOURNAL (3); TONJE THILESEN (1)

was how satisfied they were in their true across all cou- increases a
relationships. The people who were ples but especially person’s
the most satisfied in their relation- true for those in
ships at age 50 were the healthiest, satisfying relation- odds of
mentally and physically, at age 80. ships. death in any
Other long-term studies have Like most older
come to similar conclusions about people, those in the
given year
the powerful role of relationships. A Harvard Study ex- by 26%.
study tracking 3,720 adults in Balti- perienced day-to-
more since 2004 found that partici- day fluctuations in
pants who reported receiving more their levels of physical pain and
social support also reported less de- health difficulties. Not surprisingly,
pression. A study following a repre- their moods were lower on the
sentative sample of 229 older adults days when they had more pain. But
in Chicago since 2002 found that we found that the people who were
people in satisfying relationships in more satisfying relationships
reported higher levels of happiness. were buffered somewhat from
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C3

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President Joe Biden, Mexican

President Andrés Manuel López
Obrador, and Canadian Prime
Minister Justin Trudeau say
goodbye in Mexico City, Jan. 10.

dian business interests. Neither the

“inclusive growth and prosperity”
nor the deepening of North Ameri-
can integration that this week’s
summit touted can be achieved
while the president of Mexico de-
rides democratic rules, flouts consti-
tutional constraints, undermines
trade accords and ignores investor
concerns.
And yet, AMLO does all these
things while helping his U.S. coun-
terpart on the issue that prevails
over all others: control of the U.S.-
Mexico border. To strengthen a vul-
nerable flank for the Democratic
Party in the run up to the next presi-
dential election, Mr. Biden needs to
keep the border under control, and
Mr. López Obrador has become his
willing policeman, in exchange for
the U.S.’s turning a blind eye to Mex-
ico’s increasing lawlessness and
democratic erosion. The very same
quid pro quo worked for AMLO un-
der President Trump.
This bargain will come at a great
cost to all the parties in the end.
What Mexico does or doesn’t do do-
mestically will affect the future of
the region. Crucial opportunities are
being missed: China’s political and
economic woes have led to invest-
ment flight and a search for new

.
Mexico’s Turn to
BY DENISE DRESSER manufacturing hubs that could cre-

ly
P
ate better and more reliable supply
resident Joe Biden and Ca- chains. North America is failing to
nadian Prime Minister Jus- realize this potential manufacturing
tin Trudeau flew to Mexico
City this week for what ap-
peared to be a friendly summit with
Mexican President Andrés Manuel
Autocracy Should
on and innovation boom largely be-
cause AMLO doesn’t care about at-
tracting investment or turning the
country into a “nearshoring” power-

Worry the U.S.

us ,

López Obrador, known as AMLO. house, capable of filling some part

The three leaders discussed shared of China’s role.
l
e
concerns, such as climate and immi- North America won’t be able to
al a

gration, and promised to “work to- carry out a successful transition to

gether on semiconductors.” clean energy—and the jobs it could
ci on

Beyond that, however, they made create—if Mexico regresses back to

few substantive agreements and said This week’s summit focused on the positive, but none of its aspirations are fossil fuels. North America will fail
noticeably little about significant achievable with a lawless, militarized Mexico hostile to democratic rule. to live up to its potential of shared
sources of tension between the Mex- prosperity and democracy if Mexico
ican leader and his counterparts to returns to its authoritarian past and
er s

the north. before in the country’s history. More more than 100,000 people as miss- ation with the Trump administration tramples the possibility of good gov-
Under AMLO, Mexico’s democracy than 244 economic activities that ing or disappeared, and criminal or- led Mr. Cienfuegos to be returned ernance.
m er

is eroding. The president has cen- used to be directed by civilians—in- ganizations operate freely in many and exonerated by local authorities. At this week’s summit, Mr. Biden
tralized power by removing checks cluding running ports, customs and states, where executions, kidnap- AMLO has made it difficult for the and Mr. Trudeau promoted the im-
and balances, weakening autono- social programs, as well as oversee- pings and extortion have become DEA to operate in Mexico, and joint age of “three amigos,” while policy
mous institutions and seizing discre- ing airports and other infrastruc- routine. intelligence operations have stalled. makers and the press outside of
m rp

tionary control of the country’s bud- ture—are now in the hands of gener- The rule of law, already intermit- Before AMLO became president, Mexico underscored the importance
get. He publicly lambastes his als, according to the National tent, has become elu- he campaigned as a of the trilateral relationship, the role
opposition and the media, calling Militarization Index created by the sive, allowing drug pragmatic, moderate of unencumbered trade, the need to
them “traitors to the country” and Center for Research and Teaching, a traffickers and orga- Mexico’s leftist who would play address climate change together and
enemies of “the people.” public research center in Mexico nized crime to seize by the rules spelled the imperative of collaboration on
backsliding
co Fo

Mexico’s ruling party is attempt- City. A constitutional reform ap- control of large out in the U.S.-Mex- the U.S.-Mexico border. Aspirations
ing to dismantle the National Elec- proved in 2019 allowed Mr. López swaths of territory—a affects U.S. ico-Canada Trade were mapped out and cordiality pre-
toral Institute, an institution that Obrador to create a force known as development that has security and Agreement (USMCA). vailed. Yet little of what Mr. Biden
was crucial to the country’s transi- the National Guard, which replaced scared off domestic In office, however, he and Mr. Trudeau want can happen
tion to democracy in the 1990s. The the police and now operates under and foreign investors. Canadian has frequently flouted under present conditions.
National Transparency Institute is the control of the Defense Ministry, The recent capture business the treaty’s spirit and Mexico holds the key to a more
under attack, the Human Rights with no civilian oversight. of king pin Ovidio obligations, especially integrated, vibrant and economically
Commission is run by an AMLO loy- These measures are justified, Guzmán might seem interests. in the energy sector, competitive region. But if it is al-
alist, and independent regulatory AMLO has argued, by the need for a to suggest that Mex- where he instituted lowed to continue on its current tra-
agencies such as the Competition strong hand to constrain criminal vi- ico is combating drug reforms designed to jectory undeterred—slouching to-
Commission have come under pres- olence and drug trafficking. But they trafficking and cooperating with U.S. curtail foreign investment and prop ward autocracy and lawlessness—
sure. Following the playbook of have hardly succeeded. Mexico has law enforcement. In fact, the reverse up state-owned monopolies. The U.S. the great hopes for North America
n-

strongmen in Latin America and one of the worst homicide rates in is true. Security collaboration be- and Canada filed a formal complaint will remain mere rhetoric.
GERARDO VIEYRA/REUTERS

elsewhere, AMLO has steered the the Western Hemisphere. More jour- tween Mexico and the U.S. came to a under the USMCA, but they stopped
country toward autocratic practices nalists have been killed there in re- halt in 2020—the year that General short of convening a panel with the Ms. Dresser is a professor of polit-
such as governing by decree and ig- cent years than in places suffering Salvador Cienfuegos, Mexico’s for- capacity to impose sanctions on ical science at the Autonomous
no

noring constitutional limits. civil wars, and Mexican drug traf- mer minister of defense, was ar- Mexico. Technological Institute of Mexico
AMLO has expanded the powers fickers are feeding the U.S. opioid rested in Los Angeles on charges of Mexico is backsliding on issues and a columnist for the Mexican
of Mexico’s armed forces as never crisis. Last May, Mexico registered drug trafficking. A high-level negoti- that affect U.S. security and Cana- newspaper “Reforma.”

A Tool for torian to turn up examples dat-

ing back to a 1760 book of ritu-
meeting of Washington, D.C.’s
city council in which “a tap

Stonework als known as “The Three

Distinct Knocks.” The text re-
fers to a “common gavel” used
from the President’s gavel
brought them to order.” Per-
haps not coincidentally, the
And by stonemasons “to knock off
all superfluous matters,
council president at the time,
Benjamin B. French, was an ac-
WORD ON
THE STREET Legislative whereby the square may set
easy and just.” The tool, which
tive Freemason.
French went on to serve as
BEN
ZIMMER Politics traditionally has a head that is
flat on one side and pointed on
the other, became the authori-
clerk of the House of Represen-
tatives—a position currently
filled by Cheryl Johnson, who
tative emblem for the master wielded the gavel during Mr.
of a Masonic lodge, rapped to McCarthy’s long fight for the
AFTER A TENSE 15 ROUNDS ordeal. a fork. Another potential punctuate the lodge’s proceed- speakership. Evidence for the
of voting that stretched over The gavel—that small cousin of “gavel” is “gable,” a ings. “gavel” in the House dates back
four days, Republican Rep. wooden mallet used by a pre- triangular section of a build- When Freemasonry spread to an 1843 article in the Daily
Kevin McCarthy was finally siding officer to call for order ing’s wall between sloping to the American colonies, one Madisonian, a D.C. newspaper,
elected as the speaker of the or accentuate a proclamation— sides of a roof, which goes back prominent member of a Vir- which detailed a noisy debate
House of Representatives in has held symbolic power for to the same fork-like Germanic ginia lodge was George Wash- that was brought to order by
the wee hours of Saturday, Jan. centuries, investing authority in root as “gaffle.” “Gable” has ington, who is said to have “the voice and the gavil of the
7. His reward? The Speaker’s judges, auctioneers, and legisla- even been rendered as “gavil” used a stonemason’s gavel Chair.” (The “gavil” spelling ap-
gavel. tive leaders. But the history of or “gavel” in Scottish English when laying the cornerstone of peared in other accounts of

[Gavel]
The gavel, how the “gavel” got its name is and other regional varieties. the U.S. Capitol building in House floor debates in the
which had a murky one. But what would gables on a 1793. Over the next few de- 1840s but soon lost out to
previously Most dictionaries unhelpfully house have to do with gavels in cades, the tool moved from “gavel.”)
been wielded state “origin unknown” in their the hands of officials? The an- Masonic gatherings to govern- By 1860, the usage of “gavel”
by Rep. entries for “gavel.” Some, like swer may lie in the secretive mental settings, though it was had spread to auctioneers and
Nancy Pelosi the Oxford English Dictionary, traditions of the Freemasons, a sometimes referred to not as a judges, and the word started to
when the Democrats held the make etymological conjectures fraternal order rooted in medi- “gavel” but as a “hammer” or be used as a verb as well, as in
majority in the last Congress, based on similar-sounding eval guilds devoted to stone- “mallet.” “gaveling for order” or “gavel-
was ceremonially passed to Mr. words. The OED suggests a re- masonry. One recently discovered ex- ing down” an unruly speaker.
McCarthy by the House Demo- lationship to “gaffle,” an obso- When the OED revised its ample of “gavel” illustrates its One can also “gavel through”
JAMES YANG

crats’ new leader, Rep. Hakeem lete word for “a steel lever for entry for “gavel” last year, ex- early spread from Masonic legislation—which Mr. McCar-
Jeffries. “Well, that was easy,” bending the crossbow,” coming ecutive editor Peter Gilliver roots. On Nov. 23, 1842, the thy can do now that the gavel
Mr. McCarthy quipped after the from “gaffel,” a Dutch word for consulted with a Masonic his- Baltimore Sun reported on a in his possession.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C4 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

REVIEW
EVERYDAY PHYSICS
HELEN CZERSKI

The Stirring
Sound of
Hot Chocolate
AS THE MIDWINTER
gloom settles over the
last dregs of the festive
holidays, I’m finding
that the cold and the
darkness are offset by one compen-
sating factor: It’s hot-chocolate sea-
son. I’m an unashamed enthusiast,
particularly since I don’t drink much
coffee or tea, and so I’ve spent a lot
of time over the years stirring choco-
late chips or powder into hot milk or

FROM TOP: ILLUSTRATION BY DANIEL DOWNEY; GODFREY ARGENT STUDIO/THE ROYAL SOCIETY
water. You would think that the ver-
sion with melted chips would easily
be superior in every way, but even
the cheapest chocolate powder has a
little trick up its sleeve: the ability to
tell you when the drink is ready just
by the sound it makes.
As you stir powder into the hot
liquid, the tinkling of a metal spoon
as it bounces around the inside of
the mug is very familiar. But try tap-
ping the spoon against the bottom of
the mug from the outside. As soon as
you pour in the granules, the pitch
drops, often by at least an octave;
then it will rise steadily over the
course of around 20 seconds back to
the original pitch. It’s a dramatic
change, with no visible explanation.
The first question is what this
sound actually is. You don’t normally

.
hear it when you stir, because when

ly
the spoon tinkles on the inside of the
mug you are mostly hearing the mug

Without Consciousness,
itself, and the mug isn’t changing.
You have to tap the base of the mug
to hear the change. This is the way
on
AIs Will Be Sociopaths
to get at what’s happening inside the
liquid.
us ,

Each tap on the base sends a

sound wave up to the liquid’s sur-
l
e
face, which then bounces downward
al a

and reflects off the base again. A

wavelength of sound exactly four
ChatGPT can carry on a conversation, but the most important goal for artificial intelligence
ci on

times the distance from the bottom

to the top of the liquid will create is making it understand what it means to have a mind.
the strongest and most audible note,
ringing up and down the depth of the
drink. The pitch you hear is set by BY MICHAEL S.A. GRAZIANO into the world around us. Con- If you really wanted a machine an “imitation game” in which the
er s

C
how quickly the sound travels. The sciousness is part of the tool kit to pass the test, you could have player must determine the sex of
chocolate powder carries passengers hatGPT, the latest that evolution gave us to make it say a few words to a small two people, A and B. One is a
m er

that interfere with that speed: pock- technological sensa- us an empathetic, prosocial spe- child. It might even fool some man and one is a woman, but the
ets of air that are quickly released as tion, is an artificial in- cies. Without it, we would neces- adults, too. player can’t see them and can
bubbles. telligence chatbot with sarily be sociopaths, because The truth is, the Turing test learn about them only by ex-
What matters about the bubbles, an amazing ability to carry on a we’d lack the tools for prosocial doesn’t reveal much about changing typed questions and
m rp

whether inside or outside the gran- conversation. It relies on a mas- behavior. And without a concept what’s going on inside a machine answers. A responds to the ques-
ules, is that they’re squishy. Water is sive network of artificial neu- of what consciousness is or an or a computer program like tions deceitfully, and wins the
famously hard to compress: If you rons that loosely mimics the hu- understanding that other beings ChatGPT. Instead, what it really game if the player misidentifies
travel down to the deepest parts of man brain, and it has been have it, machines are sociopaths. tests is the social cognition of their sex, while B answers truth-
the ocean, the gigantic weight of 10 trained by analyzing the infor- The only diagnostic tool for the human participant. We fully and wins if the player iden-
co Fo

mation resources of the internet. machine consciousness that we evolved as social animals, and tifies their sex correctly. Tu-
ChatGPT has processed more have right now is the Turing our brains instinctively project ring’s idea was that if A or B is
text than any human is likely to test, a thought experiment consciousness, agency, intention replaced by a machine, and the
have read in a lifetime, allowing named for the British computer and emotion onto the objects machine can win the game as of-
it to respond to questions flu- scientist Alan Turing. In its most around us. We’re primed to see a ten as a real person, then it
ently and even to imitate spe- common version, the test says world suffused with minds. An- must have mastered the subtle-
cific individuals, answering que- that if a person holds a conver- cient animistic beliefs held that ties of human thinking—of argu-
ries the way it thinks they sation with a machine and mis- every river and tree had a spirit ment, manipulation and guessing
would. My teenage son recently takes its responses for those of a in it. For a similar reason, peo- what other people are thinking.
used ChatGPT to argue about real human being, then the ma- ple are prone to see faces in ran- Turing’s test was so compli-
politics with an imitation Karl chine must be considered effec- dom objects like the moon and cated that people who popular-
Marx. tively conscious. moldy toast. ized his work soon streamlined
n-

As a neuroscientist specializ- The Turing test is an admis- The original test proposed by it into a single machine convers-
ing in the brain mechanisms of sion that the consciousness of Alan Turing in a 1950 paper was ing with a single person. But the
TOMASZ WALENTA

consciousness, I find talking to another being is more complicated whole point of the original test
chatbots an unsettling experi- something we can than the version was its bizarre complexity. So-
no

ence. Are they conscious? Proba-

bly not. But given the rate of
only judge from
the outside, based
Let’s see people talk about
today. Notably, Tu-
cial cognition is difficult and re-
quires a theory of mind—that is,
technological improvement, will on the way he, she if the ring didn’t say a a knowledge that other people
cubic kilometers of water only
squeezes what’s at the bottom by
they be in the next couple of
years? And how would we even
or it communi-
cates. But the lim-
computer word about con-
sciousness; he
have minds and an ability to
guess what might be in them.
about 5%. But if you replace even the know? its of the test are can tell never delved into If we want to know whether a
tiniest fraction of water with air bub- Figuring out whether a ma- painfully obvious. whether it’s whether the ma- computer is conscious, then, we
bles, you’ve suddenly got incredibly chine has or understands hu- After all, a pet dog chine had a subjec- need to test whether the com-
squishy liquid by comparison. manlike consciousness is more can’t carry on a talking to a tive experience. He puter understands how con-
Sound waves travel through this than just a science-fiction hypo- conversation and human or asked only scious minds interact. In other
squishy water far more slowly, so the
speed and pitch of the sound both
thetical. Artificial intelligence is
growing so powerful, so quickly,
pass as a human—
does that mean another whether it could
think like a person.
words, we need a reverse Turing
test: Let’s see if the computer
initially drop. As the liquid swirls that it could soon pose a danger it’s not conscious? computer. Turing imagined can tell whether it’s talking to a
and the granules dissolve, the bub- to human beings. We’re building human or another computer. If it
bles that are released rise to the top machines that are smarter than can tell the difference, then
and burst, gradually returning the us and giving them control over maybe it knows what conscious-
liquid to its normal high-speed our world. How can we build AI ness is. ChatGPT definitely can’t
sound. That’s why after a second or so that it’s aligned with human pass that test yet: It doesn’t
two you can hear the pitch rising: needs, not in conflict with us? know whether it’s responding to
Bubbles that are too small to see are As counterintuitive as it may a living person with a mind or a
escaping from the mug. Once the sound, creating a benign AI may disjointed list of prefab ques-
powder is all dissolved, the bubbles require making it more con- tions.
don’t last long. scious, not less. One of the most A sociopathic machine that
I was curious about how big a common misunderstandings can make consequential deci-
pitch difference I could generate, so I about AI is the notion that if it’s sions would be powerfully dan-
heaped instant coffee granules, which intelligent then it must be con- gerous. For now, chatbots are
work the same way, into a large mug scious, and if it is conscious then still limited in their abilities;
of boiling water and got a pitch it will be autonomous, capable of they’re essentially toys. But if
change of three whole octaves. Each taking over the world. But as we we don’t think more deeply
lowered octave in pitch corresponds learn more about consciousness, about machine consciousness, in
to halving the speed of sound, sug- those ideas do not appear to be a year or five years we may face
gesting a reduction from around the correct. An autonomous system a crisis. If computers are going
normal 3,470 miles per hour to one- that makes complex decisions to outthink us anyway, giving
eighth of that, or a measly 433 mph, doesn’t require consciousness. them more humanlike social cog-
just from these tiny invisible bubbles. What’s most important about nition might be our best hope of
This change in sound speed is al- consciousness is that, for human aligning them with human val-
ways there when we make hot choco- beings, it’s not just about the ues.
late with powder—or instant coffee, self. We see it in ourselves, but
for that matter. But you have to tap we also perceive it or project it Dr. Graziano is a professor of
in the right way to hear what the psychology and neuroscience
bubbles have to say. I encourage you at Princeton University and the
to experiment for yourself. Making Computer science pioneer Alan author of “Rethinking Con-
hot drinks will never be the same Turing in 1951, the year after he sciousness: A Scientific Theory
again. proposed the ‘Turing test.’ of Subjective Experience.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C5

REVIEW

The Middle
Ages Were
Cleaner Than
We Think
An era that valued spiritual and physical
purity knew the importance of bathhouses,
soap and even deodorant.

BY ELEANOR JANEGA bathing, and women with

money to spare on travel

A
longstanding myth visited famous bathing
holds that people in spots like Pozzuoli, outside
medieval Christian Naples—a destination so fa-
Europe didn’t bathe. mous that poems were writ-
In fact, the Middle ten celebrating its virtues.
Ages subscribed heartily to the ad- This emphasis on cleanli-
age “cleanliness is next to godli- ness was echoed in the
ness.” Thinkers of the period consid- bathing practices of Muslim
ered physical beauty to represent communities in Sicily and
spiritual purity, and they looked at on the Iberian Peninsula
hygiene in the same way: If one’s and the Jewish communi-
body was impure, it would by defini- ties that were spread across
tion be unattractive and out of har- medieval Europe. Bathing
mony. If it had any imperfections, was an explicitly mandated
one would best address them part of Jewish custom and
through cleansing. For women, in was required before the
particular, cleanliness was one of the Sabbath. Women could
very highest virtues. bathe either in a public
The daily wash usually involved bathhouse, which would in-
collecting water in a ewer, heating it, clude steam and hot water,

.
then pouring it into a large basin to or in a cold-water mikveh, which was Above: An illustration from ca.

ly
be used for scrubbing. Baths in a used for ritual purification. Mean- 1275 shows a couple bathing in
wooden tub would happen less of- while, Muslim women’s interest in adjacent tubs. Left: A public bath
ten, given it was a world without the hammam is evidenced by the as- in Syria built in the 14th century.
plumbing. Water is heavy, and col-
lecting it, heating it, and then get-
ting it from the kettle into the bath-
tub was difficult. Baths also required
on
tounding number of surviving baths
as well as by some pointed polemical
tracts wherein Muslim men won-
dered what exactly women were get-
wide use, given that herb-scented
water and homemade soap were not
us ,

space, which was at a premium in ting up to while they were bathing, in short supply to those who made
most households. away from the prying eyes of men. their homes on farms. Still, women
l
e
Luckily, there were a few ways to The emphasis on cleanliness led from wealthier backgrounds had an
al a

bathe outside the home. In warmer to a great medieval invention—soap. easier time staying clean in their
months, you could simply find a The earliest surviving written de- day-to-day lives. Peasant women
ci on

pond or a lake, and you were good to scription of soap in Europe dates to were, after all, engaging in manual
go. But in January this could be a the 4th century A.D., when Theodo- labor on farms all day, digging in
problem, and that was where bath- rus Priscianus, a physician in Con- crops and handling farm animals.
houses came in. Bathhouses took the stantinople, described a French Women from merchant or noble
laborious and difficult work of draw- product that was used for washing, backgrounds were unlikely to come
er s

ing and heating water and mone- especially the head. In the Italian- into contact with the same amount
tized it. Most towns boasted at least speaking lands, soap was being pro- of dirt.
m er

one professional bathhouse, while duced professionally and in great When physically laboring women
cities played host to a number of enough quantities that guilds of strived for a clean ideal, they were
competing establishments. soap makers existed by at least the attempting to emulate women from
In Paris, a guild for bathhouse 7th century. the sedentary classes. Medieval
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keepers set rules that they had to In the 12th century, the fine hard women of modest means couldn’t al-
abide by. Much like modern spas, soaps of the Middle East began to be ways live up to the era’s beauty ide-
they offered customers a cheaper imported to Europe. “Hard” indi- als by giving themselves gray eyes
“steam bath [for] two pennies; and if cates that they were made with or blond hair, nor could they reverse
he bathes, [he] should pay four pen- higher-quality ash, which yields the aging process. But even working
co Fo

nies.” To stand out in a crowded lighter bars of soap, in contrast to women could luxuriate in a weekly
field, Parisian bathhouses employed darker “soft” soaps made with wood “books of secrets”—manuals for from the wind.” She assured worried bath.
criers to drum up business from ash and lye, which was the norm women to make various beauty women that after its use, “the skin
women eager to put their best foot earlier. Unfortunately, well-made products, as well as medicinal items. will become soft and smooth, and Dr. Janega teaches history at the
forward. soaps were a luxury that most Specialist cleansing products will have a beautiful color.” Enter- London School of Economics. This
Rich women had a major advan- women would never know. To fill the were also available. Hildegard of prising women were also advised to essay is adapted from her new
GETTY IMAGES (2)

tage in bathing, since they could gap, they made their own cleansers Bingen, a 12th-century German mys- scent bathwater with herbs, or even book, “The Once and Future Sex:
send servants to fetch and heat wa- at home, and they had a range of tic, had her own recipe for barley- concoct what we would call deodor- Going Medieval on Women’s Roles
ter. More luxurious households types to choose from. Soap recipes water face cleanser, which she rec- ants from hyssop and bay leaf. in Society,” which will be pub-
sometimes had rooms dedicated to were common and included in ommended for “skin, made harsh Such small luxuries were likely in lished on Jan. 17 by W.W. Norton.
n-

HISTORICALLY SPEAKING able” insane in 1792. The Quaker-run (now Roosevelt Island), New York. She
no

“Asylum for the Relief of Persons De- exposed both the brutal practices of
AMANDA FOREMAN prived of the Use of Their Reason” in that institution and the general lack of
Pennsylvania became the first dedicated legal safeguards against unwarranted in-
THE RONALD S. LAUDER COLLECTION
mental hospital in the U.S. in 1813. By carceration.
The Long, Dark the 1830s there were at least a dozen During the first half of the 20th cen-
SELEC TIONS OF GREEK AND ROMAN ANTIQUITIES, MEDIEVAL ART, ARMS AND ARMOR ,
ITALIAN GOLD-GROUND AND OLD MASTER PAINTINGS, AUSTRIAN AND GERMAN ART AND DESIGN

Shadow of the private mental hospitals in America.

The public authorities, however, were
tury, the best-run public mental hospi-
tals lived up to the ideals that had in- OVER 500 MASTERWORKS, MANY ON VIEW FOR THE FIRST TIME

Real ‘Bedlam’ still shutting the mentally ill in prisons,

as the social reformer Dorothea Dix was
spired them. But the worst seemed to
confirm fears that patients on the re-
appalled to discover in 1841. Dix’s ener- ceiving end of state benevolence lost all
THIS YEAR, California and getic campaigning bore fruit in New Jer- basic rights. At Trenton State Hospital
New York City will roll out sey, which soon built its first public asy- between 1907 and 1930, the director
plans to force the homeless lum. Designed by Thomas Kirkbride to Henry Cotton performed thousands of
mentally ill to receive hos- provide state-of-the-art care amid pleas- invasive surgeries in the mistaken belief
pital treatment. The initia- ant surroundings, Trenton State that removing patients’ teeth or
tives face fierce legal challenges despite Hospital served as a model organs would cure their
their backers’ good intentions and for more than 70 purpose- mental illnesses. He ended
promised extra funds. built asylums that up killing almost a third
Opposition to compulsory hospitaliza- sprang up across the of those he treated
tion has its roots in the historic mal- nation after Congress and leaving the rest
treatment of mental patients. For centu- approved govern- damaged and disfig-
ries, the biggest problem regarding the ment funding for ured. The public up-
care of the mentally ill was the lack of them in 1860. roar was immense.
it. Until the 18th century, Britain was Unfortunately, And yet, just a de-
typical in having only one public insane the philanthropic cade later, some
asylum, Bethlehem Royal Hospital. The impetus driving mental hospitals
conditions were so notorious, even by the public mental were performing
contemporary standards, that the hospi- hospital movement lobotomies on pa-
tal’s nickname, Bedlam, became synony- created as many tients with or with-
mous with violent anarchy. problems as it out consent.
The cost of treatment at Bedlam, solved. Abuse became In 1975 the ACLU
which consisted of pacifying the pa- rampant. It was so persuaded the Su-
tients through pain and terror, was off- easy to have a person preme Court that the
set by viewing fees. Anyone could pay to committed that in the mentally ill had the right
stare or laugh at the inmates, and thou- 1870s, President Grover to refuse hospitalization,
sands did. But social attitudes toward Cleveland, while still an Social reformer Dorothea making public mental-
mental illness were changing. By the end aspiring politician, suc- Dix advocated for public health care mostly volun-
of the 18th century, psychiatric reform- cessfully silenced the mental-health care tary. But while legal prin-
ers such as Benjamin Rush in America mother of his illegiti- ciples are black and
and Philippe Pinel in France had demon- mate son by having her spirited away to white, mental illness comes in shades of
strated the efficacy of more humane an asylum. gray: A half century later, up to a third of Clockwise from top left: Workshop of Pasquier Grenier, The Loggers (detail), ca. 1460–70 · Carl Moll, White Interior, 1905 · Bernardo Daddi, Madonna
GETTY IMAGES

and Child with Four Angels (Central predella panel from the San Giorgio a Ruballa altarpiece) (detail), 1348 · Josef Hoffmann, Tobacco Case Acquired
by Otto Primavesi, 1912, Execution: Wiener Werkstätte, model no. G 1705 · Lucas Cranach the Elder, Portrait of Johann Friedrich the Magnanimous as
treatment. In 1887, the journalist Nellie Bly went people living on the streets are estimated Electoral Prince (detail), ca. 1528–30 · Michael Witz the Younger, Infantry Armor, ca. 1560 · Monumental Head of a Goddess, ca. mid-second century BCE

In a burst of optimism, New York undercover as a patient in the Women’s to be mentally ill. As victories go, the Su-
Hospital created a ward for the “cur- Lunatic Asylum on Blackwell’s Island preme Court decision was also a tragedy.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

REVIEW

T
hroughout Lauren Fleshman earned a full schol-
Fleshman’s career arship to Stanford, where she
as a long-distance was a 15-time All-American.
runner, “It just She hoped her successes
seemed like anything associ- would buoy her father during
ated with womanhood was an hard times: “I would just
impediment to success,” she watch him fall apart emotion-
says. Although she was a ally whenever he got laid off
five-time N.C.A.A. champion and had to beg people for
at Stanford, once she turned jobs,” she says. “I wanted to
professional she learned to show him that everything I
see her curves as a liability. was able to do was in him,
She honed her frame by re- too.”
stricting calorie intake, which Professional track and
stopped her monthly periods, field athletes train without
too. In her new memoir, the kinds of union-negotiated
“Good for a Girl,” she recalls
absorbing the message from
coaches and sports officials ‘The timeline
that menstruation was a
threat to her athletic perfor-
for athletic
mance, so preventing or re- achievement
versing it seemed sensible. didn’t seem like
At the time she felt liber-
ated from the hormonal it fit women’s
swings that had made her re- bodies.’
sent her female body. “If I
had been told how amenor-
rhea”—the condition of miss- salaries and benefits that
ing periods—“could impact come with teams and leagues,
everything from your mental so their income depends on
health to your libido to your prize money and endorse-
immune system to your bone ment deals. Ms. Fleshman
density, that would’ve gotten reckons that as a white
through to me,” Ms. Flesh- blonde with a great track re-
man, 41, says over the phone cord, she enjoyed better
from her home in Bend, Ore., prospects than most, and
which she shares with her won the backing of Nike. But
husband, entrepreneur and her sponsorships earned her
retired triathlete Jesse a fraction of what her male
Thomas, and their two young peers made, and they were
children. conditional on achieving high

.
Ms. Fleshman was an elite rankings, making national

ly
runner, winning the U.S. teams and not getting preg-
5,000-meter championship in nant. “I started to lose my-
2006 and 2010, and finishing self,” she says of the pressure
seventh in the world champi-
onship in 2011. But she now
suspects her pursuit of a
punishingly light “race
on to perform.
She assumed she would
run faster if she was lighter,
so she entered the “diet vor-
us ,

weight” made her more tex” herself. She suspects

prone to the injuries that that this helps explain the se-
l
e
cost her a spot on the Olym- ries of injuries that plagued
al a

pics team in 2004 and 2008. her, including a foot fracture

She may be the fastest 5,000- that narrowly cost her a spot
ci on

meter runner to never qualify on the U.S. Olympic team in

for the Olympics. 2008. As Ms. Fleshman plot-
As the coach of a profes- ted her comeback from a
sional running group, the all- wheelchair in 2009, she be-
female Littlewing Athletics in gan earning a large following
er s

Bend, she has taken pains to ensure WEEKEND CONFIDENTIAL | EMILY BOBROW online for writing with rare candor
her athletes don’t chase running about her fears and frustrations.

Lauren Fleshman
m er

times at the expense of their health She remains refreshingly open on

or their love of the sport. “I know social media about everything from
women, and I know how poorly our her struggles with her postpartum
sports systems nurture their talent,” body to her diagnosis of depression
m rp

she says. in 2020. “I think a lot of the healing

Running came naturally to Ms. work I’ve done in the last few years
Fleshman. “I loved the feeling of has been about dismantling perfec-
freedom, the feeling of flight,” she A champion runner says athletics should stop making womanhood an tionism in myself,” she says. It helps
recalls. She was an all-star softball impediment to success. that she has found other sources of
co Fo

player in Little League and her income and affirmation. When her
Southern California middle school, husband needed dairy- and gluten-
but it was more thrilling to be the world,” she writes. She soon became than those with normal menstrua- women’s bodies are designed for free training fuel, Ms. Fleshman cre-
girl who outran the boys in gym the fastest freshman in California, tion. Aging female athletes also peak fertility, while men are in their ated an energy bar in her kitchen,
class week after week. The oldest but she watched nervously as pu- commonly suffer from bone-density physical prime and can enjoy a tra- and in 2010 she, Mr. Thomas and fel-
child of working-class parents—her berty changed the bodies and slowed disorders, like osteoporosis. Ms. jectory of steady improvement. low runner Stephanie Bruce
father was a prop-maker in Holly- the races of her female peers. Fleshman learned of young women In writing about sex-based differ- launched Picky Bars, an energy-bar
wood, her mother stayed at home, At gatherings of top high-school who had set national records as ences among athletes, Ms. Fleshman business. The company sold to Laird
neither went to college until later in runners from across the country, she teens only to hang up their spikes in says, “I was nervous that the data Superfood for $12 million in 2021.
life—Ms. Fleshman loved to run but noticed how boys wolfed down college when their bones proved too and story I tell will be leveraged by Ms. Fleshman retired from pro-
also saw it as her ticket up and out. whatever they wanted while girls of- brittle to race. people who have a desire to harm fessional racing in 2016, but “run-
WILL MATSUDA FOR THE WALL STREET JOURNAL

She notes that running often appeals ten nibbled on salad with dressing “That’s when I had this sick feel- the trans community, to exclude ning will always be a home for my
n-

to poorer kids, as it demands little on the side. Later she knew of a col- ing that something was wrong, that trans athletes, which is not some- body and mind,” she writes. As a
more than spikes and some grit: “I lege coach who told female runners the timeline for athletic achievement thing I want. But I came to the con- coach, she wants her runners to feel
also liked gymnastics, but once we that nothing should jiggle when they didn’t seem like it fit women’s bod- clusion that to meet the needs of a the same way, which means remem-
saw the monthly fees it was quickly jumped. ies,” she recalls. She notes that most very large group of people who are bering that female athletes often
no

a no.” Yet severe cuts in calories can scholarships and prizes go to high cisgender female athletes in sport, don’t reach their peak until their
Recruited to the cross-country come at a cost. A 2019 study at the school athletes who are at their best we have to acknowledge sex-based 20s, after their bodies have adjusted
team at Canyon High School in Santa Japan Institute of Sports Sciences as juniors and seniors, but this is of- differences. Erasing their existence to all the changes. As she puts it,
Clarita, Calif., Ms. Fleshman says her found that teenage female athletes ten when women start to see a per- is harming a huge group of people.” “The record holders and medal win-
first season was like falling in love. with amenorrhea are nearly 13 times formance-related plateau. This phase After proving her mettle on the ners are grown-ass women, not
“Running was my portal to a wider more likely to get a stress fracture can stretch into college, when track as a college freshman, Ms. girls.”

It’s Not Though the way

it was staring at
amateur.
Still no backup
along any pennies.
Nevertheless, sans tennis

Every Day us gave me pause,

throughout the
incident my son’s
from the doggy.
I failed to wave
my arms and
balls or internet, my survival
instinct eventually told me to
move away. Keeping an eye on

MOVING That You demure, smallish,

8-year-old mixed-
shout at the
animal, another
the coyote as it followed us—
yes, it followed us—I picked up
TARGETS
JOE
Run Into a breed dog never
once growled or
tip that appears
on every list of
a thick fragment of a tree
branch and held it out where
QUEENAN
Coyote bared its fangs—
thanks a lot, man’s
best friend!
things to do when
you cross paths
with a beast of
the animal could see it. I didn’t
flail the branch about or make
any menacing gestures toward
At first, I prey. At the time, the predator. But I never turned
seemed to recall I couldn’t my back on it until the dog and
If only RECENTLY, while walking my that wolves feared humans and tried to remember everything remember whether shouting at I were safely back on the road.
son’s dog in a wooded area near were not much of a threat to me I’d ever read about what to do a coyote was a good idea or a Let that be a lesson to never
I could his home in southern Colorado, —though they might be a threat in the presence of a coyote, the very bad one. go into the great outdoors
have I turned around to see a large to the dog. But then I same way I knew that if a great All the while, the coyote kept without first making a checklist
recalled animal staring at us. Collarless, remembered the way a pack of white shark attacks you in the staring at us. I’m not going to of worst-case-scenario survival
too big to be a household pet, it wolves gave Liam Neeson all open water, you should give it a say that it was actually licking techniques. You’re welcome.
what to had an expression on its face kinds of hell in the 2011 film “The good smack on the snout. its chops while sizing up my For myself, whenever I take
do when that I didn’t like. Neither did Gray.” After that I didn’t feel Unfortunately, it was too late to son’s snack-size dog. But it that dog for a walk, I am
you the dog. anywhere near as comfortable, review the list of recommended certainly wasn’t running away. definitely bringing along a can
Because there are lots of particularly because like Mr. defensive measures because I’d I subsequently learned from full of pennies and a couple of
meet pushy bears and territorial Neeson I am of Irish descent, so already locked eyes with the the internet that when tennis balls. Better still, I’ll
one. mountain lions around there, and this could be a personal, lupo- animal—something you are confronted by a coyote you bring along my son’s other,
because I had read that Colorado Hibernian grudge thing. never supposed to do. should shake a can of pennies bigger, dog, a tough customer
recently reintroduced certain Eventually I reassured myself Worse, instead of puffing out or pelt it with a few tennis with some hunter in him who
endangered species to the state, that there were no wolves in my chest to make myself seem balls. Alas, as is so often the wouldn’t dream of taking any
and because I have always been the foothills of the Rockies. So larger, I bent down to make case with East Coast urbanites guff from some pushy coyote.
MARK MATCHO

much stronger on flora than this was almost certainly a sure that the dog’s leash was visiting the wilderness of the Then we’ll see who runs
fauna, I initially concluded that coyote. But it was a big coyote. secure. So now the coyote knew West, I foolishly went out into a things out here in southern
the animal was a wolf. This was the moment when I that it was dealing with a rank deserted area without bringing Colorado.
 BOOKS
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

The Vatican Plan Core Repertoire

A novel of resistance The enduring appeal
to the Nazi occupation of musical
of Rome C10 Romanticism C12

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C7

Reckoning
The Danger
Of Anarchy
The Tragic Mind
By Robert D. Kaplan
Yale, 135 pages, $26
BY TUNKU VARADARAJAN

T
HE IRREPRESSIBLE
Robert D. Kaplan is
the author of more
than a dozen books
on geopolitics, history,
international relations, war and
defense policy. He has also written
works that are accurately described as
political travelogues, though the term
makes them sound much more boring
than the graceful and wise accounts
that they are. The best-known example
of these is “Balkan Ghosts” (1993),
with which he made a name as a far-
sighted American observer of ethnic
conflict in distant places.
“The Tragic Mind” is Mr. Kaplan’s
21st book and the only one he has
written as an act of self-flagellation.
A reporting
visit to
Saddam What if trying
Hussein’s

.
Iraq in 1986
tofixtheworld—

ly
proved to be, say, by thwarting
he says, more a tyrant—
terrifying for
GETTY IMAGES (2)

on him than creates mayhem

anything he’d and itself causes
experienced
before. Iraq
suffering?
us ,

FORTIFICATION Remains of Hadrian’s Wall in northern England. was “one vast

prison yard
l
e
lit by high-wattage lamps.” In the wake
al a

Dividing Lines
of 9/11, his mind already scarred by
Saddam, he was quick to support the
ci on

Iraq War, despite his “worries” about

what could befall the country in a post-
Saddam era. “The clinical depression I
Humans have always been territorial animals, marking boundaries with scent, wire or suffered for years afterward because of
my mistake about the Iraq War led me
picket fence. Can a people survive without land? Or is that just a Western way of thinking?
er s

to write this book.”

Some readers will be tempted to
m er

The Edge of the Plain remains of Sámi territory is divided had taken Kipling’s “Recessional” too call “The Tragic Mind” an exercise in
By James Crawford into Norwegian, Swedish, Finnish and seriously. self-regard. “I was a journalist who
Russian zones; the countries’ fences Mr. Crawford cannot imagine that had gotten too close to my story,” Mr.
Norton, 422 pages, $30
block the reindeer hunt that is vital to another natural rift, the Jordan Valley, Kaplan writes, in the past-confessional
m rp

BY DOMINIC GREEN traditional Sámi life. The Scandina- should serve as the state of Israel’s tense. “I had let my emotions overtake
vians did their best to destroy the eastern margin. It can be hard to dispassionate analysis.” In April 2004,

B
ORDERS ARE BACK, Sámi as a people by attacking their judge the competing claims of Israelis embedded with U.S. Marines during
from the U.S.-Mexican culture. But the people survived and and Arabs, but Mr. Crawford could the first battle of Fallujah, he changed
frontier to the Himalayan now have a “burgeoning Sámi political at least have feinted at objectivity. his mind about the war. In that battle,
co Fo

watershed, from the consciousness,” a design for a national Instead, he sees the conflict from one he tells us, he witnessed something
edges of the European flag and a proposal for a “political- side of the border only. He adopts far worse than even the worst of Iraq
Union to the virtual barrier of China’s geographical state” with 4.5 million Palestinian terminology for Israel’s under Saddam: “the bloody anarchy
Great Firewall. Of course, borders inhabitants. separation barrier and distorts the of all against all” that the prodigiously
never really went away. Humans have Mr. Crawford falls into a dilemma reason for its construction, to block a brutal Saddam had kept under a lid of
always been territorial animals, mark- from which he will struggle to extricate wave of suicide bombings. The author tyranny. Mr. Kaplan tells us here that
ing boundaries with scent, wire or himself. Are borders good or bad? “Can quotes Palestinian propagandists and he had failed his “test as a realist”—
picket fence. A border denotes a men- you survive as a people without land, far-left Israeli groups with complete a word he doesn’t really define—
tal map: a physical and political fact, without territory? Can you last?” he credulity and even adds his own daub “on the greatest issue of our time,
dividing homeland from barbarians asks. “Or is that just our westernised to the protest graffiti on the Pales- no less!” He then cites with approval
and dragons. All human history, the way of thinking? Our obsession with tinian side. the medieval Persian philosopher
Book of Genesis tells us, takes place ownership: the way we have con- Travel can broaden the mind, but it Abu Hamid al-Ghazali, whose very
n-

beyond the first border, east of Eden. structed our world.” There is nothing is even more gratifying when it con- un-Western observation “would
Borders are always with us, but inherently colonial or Western about firms our prejudices. Borders may henceforth ring” in Mr. Kaplan’s ears:
they are always changing. A long borders or ownership, but Mr. Crawford have a “strange magic,” but Mr. Craw- that a year of anarchy is worse than
period of calm may pass before a bor- fears that a Sámi state might be “the ford finds the pretensions of the Inter- a hundred years of tyranny.
no

der is suddenly flooded by invaders. final act of colonialism,” for colonialism national Court of Justice to universal It’s here, right in the preface, that
The line in the sand must then be is “the business of bordering.” Some- jurisdiction neither strange nor fan- readers will find themselves switching
held, or redrawn in blood, preferably how the Sámi will be colonizing them- tastical. He interviews activists and to skeptical mode. Why should we
a stranger’s. selves if they live in their own state. do-gooders who work for NGOs and accept without question an obviously
Mr. Crawford’s next the U.N. but he is chronically incurious debatable aphorism from another
stop is the 37-mile about the little people who actually time and culture? Very few in present-
earthen barrier that the live in border regions. day America—not even a champion of
Roman emperor Antoni- His account of the U.S.-Mexican Realpolitik like Henry Kissinger—would
nus Pius erected north border is unfocused, a digression in embrace a century of tyranny in lieu of
of Hadrian’s Wall. Even exalted and frivolous company: the a year of civic mayhem. Yet Mr. Kaplan’s
further north, the out- anthropology professor who collects answer is that the ancient Greeks say
posts of an earlier Ro- objects dropped by migrants in the it must be so.
man line run “almost Arizona desert; the impenetrably pre- Anarchy, Mr. Kaplan writes, was
exactly” along a geo- tentious novelist Thomas Pynchon; for the Greeks the “greatest, most
logical schism, Scot- the installation artists who, as they fundamental fear.” Greek history—and
land’s Highland Bound- erect markers to the old border of 1821 Shakespeare, too, for good measure—
ary Fault, where “the to 1848, ponder how their project is replete with examples of how a fear
land suddenly rears up engages in “recolonisation” when they of chaos is often the most effective kind
in a concertina of hills build upon a Shoshone-Paiute reser- of wisdom. Mr. Kaplan doesn’t call this
and mountains.” Mr. vation. The Trump-era fortifications of Please turn to page C8
Crawford calls this “in the area are “surreal” and “obscene,”
many respects, as ‘true’ but the loss of human life since the
a border as you will Biden administration took over is
There are several ways to approach find anywhere in the world.” But his unmentioned.
borders, even if you do not have a account of life near Rome’s frontier The book also abounds in basic
passport. In “The Edge of the Plain: verges on fiction. errors of fact. The Latin word nacio
How Borders Make and Break Our Rome’s northern border was not, does not mean “birth.” It means “I am
World,” the Scottish journalist James as he suggests, impermeable. It was born” (nativitas means “birth”). David
Crawford takes the scenic route. He designed to allow people, livestock was not “the first king of the Israel-
begins with the oldest archaeological and goods to flow in both directions. ites.” That was Saul. Moreover, the big
evidence of a border, a pillar planted Pictish settlements sprung up along question, whether borders work, goes
in “the once lush plains of Mesopota- the north side, as a service economy unaddressed, and history’s most spec-
mia” around 2400 B.C. Its cuneiform developed. The multiple cults of Ro- tacular border goes unexamined. The
inscription includes the first use of man, Greek and local gods at border Great Firewall of China is studied at
the phrase “no man’s land” to describe shrines were not a “symptom” of “the length, while the Great Wall, which
the zone beyond the political bound- inherent uncertainty of life on the kept out nomadic invaders as in-
AHMAD AL-RUBAYE/AFP

ary. “Today, the words evoke history frontier.” Rather they show how the tended, is barely mentioned. It is hard
gone wrong,” the author writes. “They Romans managed worship everywhere to know whether the author’s omis-
cut to the heart of humanity’s trou- in their polytheistic empire. To claim sions are deliberate, but “The Edge of
bled nature: our endless capacity for that the Antonine Wall is “a sign of a the Plain” provides only a partial sur-
fighting over space.” profound, existential crisis,” brought vey of its subject.
In search of our borderless origins, on by a pessimistic reading of Virgil’s
Mr. Crawford travels to Tromsdalen, Aeneid, is like saying that the British Mr. Green is a Journal contributor and FLEEING TERROR A demonstrator
in the far north of Norway, home to stepped up their production of battle- a fellow of the Royal Historical Society in Baghdad runs from teargas fired by
the semi-nomadic Sámi people. The ships in the early 1900s because they and the Foreign Policy Research Institute. Iraqi security forces in 2019.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

BOOKS
‘If I could have convinced more slaves that they were slaves, I could have freed thousands more.’ —H ARRIET TU B MAN

FIVE BEST ON THE UNDERGROUND RAILROAD

Kai Thomas
The author, most recently, of the novel ‘In the Upper Country’

A North-Side View
of Slavery
By Benjamin Drew (1856)

1
To compile this book,
Benjamin Drew, a white
abolitionist from Plymouth,
Mass., visited 14 communities
in Canada and transcribed the
stories of more than 100 formerly
enslaved people. The result is a
chorus of voices illuminating a
harrowing chapter of history and
the astonishing feats of resistance
that ultimately beat back the
system of American chattel slavery.
Occupying a mere half-page near
the beginning of the book is Harriet
Tubman. She opens: “I grew up
like a neglected weed—ignorant of
liberty, having no experience of it.”
The many narratives here are as
ripe with metaphor as they are
with exquisitely detailed recol-
lections of the land and people
encountered during escape, and
with wonderfully rich descriptions
of often-prosperous enterprises
CINCINNATI ART MUSEUM/BRIDGEMAN IMAGES

created once freedom was achieved.

This is the Underground Railroad’s

.
multiperson memoir, with all the

ly
power and gravitas of an epic poem.

Free Black Communities

and the Underground
Railroad
By Cheryl Janifer LaRoche (2014)
on
2
us ,

Cheryl Janifer LaRoche’s ALL ABOARD ‘The Underground Railroad’ (1893) by Charles T. Webber.
l
e
definition of the Under-
al a

ground Railroad far Elijah of Buxton overcome with what Elijah would a fish trap, the mechanics of the deep association of enslaved
transcends the scope of By Christopher Paul Curtis (2007) term “some powerful fra-gile-ness,” which he describes over several Africans with the Hebrews of
ci on

3
what most people understand which, “when it comes, there ain’t paragraphs. This trap provides a the Book of Exodus, “Moses, Man
it to have been. “Fading away,” Every chapter of this nothing you can do to stop it. It’s source of food for him and his of the Mountain” reads as the
she writes, “are the biased images young-adult novel brims like a ball got rolling down a hill.” community: “A new resource was scripture of the self-emancipating
of solitary men, criminalized for with compelling characters developed, hitherto unthought of slave. The concept seems ripe
escaping slavery, usually on foot, and fascinating details. by the enslaved children of Africa, with cultural references—as I read,
er s

and aided by sympathetic White The reader is pulled into the Twelve Years a Slave who toil and hunger along the I thought often of the fact that
abolitionists working within a world of 11-year-old Elijah, who By Solomon Northup (1853) shores of that sluggish, but prolific Moses was a nickname for Harriet
m er

4
loosely organized network recounts with endearing honesty stream.” This is a close-up exemplar Tubman. The novel goes well
dominated by kindly Quakers.” and emotion his adventures in Perhaps the most well- of the fortitude and brilliance that beyond direct parallels to African-
The Underground Railroad “move- 19th-century Buxton, Ontario— known long-form narrative gave the Underground Railroad American experiences, however;
ment,” as she terms it, was an era a terminus of the Underground of enslavement and escape, its status in history. the black vernacular is here, but
m rp

characterized by black folk freeing Railroad and the setting for scenes Solomon Northup’s memoir the setting is truly biblical, and
themselves in an abundance of that elucidate the afterlife of is at once enchanting and terrifying. the tweaks that Hurston makes
different ways. From the organizing slavery in all its traumas, as well The sheer intelligence of his Moses, Man of the Mountain to the Judeo-Christian story are
of the church and the iron forges, as the strengths, loves and joys narrative is enthralling. Not only By Zora Neale Hurston (1939) subtle but intriguing. Her tight,

5
to the efforts of individuals to embodied by its survivors. Through does he fill his account with lyrical style makes for prose that
co Fo

purchase their and their family’s first-person narration, Christopher detailed recollections of people, In this deeply symbolic packs a punch as much as it en-
freedom, to the safe havens Paul Curtis stays true to Elijah’s ecologies and material conditions novel, Zora Neale Hurston trances: “For a space they all swam
afforded by the land itself, preteen perspectives and level of from the places along his journey, appropriates the Book in the silence of the room. All their
Ms. LaRoche’s study is sweeping understanding of the world around but he also describes his near- of Exodus to deliver an bodies leaned forward as if in
yet personal and particular. Her him. The way he puzzles over constant innovation in unassuming extended thought experiment that flight. The midwife, the husband
impeccable research is tempered coded adult speech and politics but precise terms. During a summer articulates the most enduring and the woman on the straw, these
by her clean, no-nonsense style, makes the scenes reverberate on the Bayou Boeuf plantation in allegory of black American were crumbling bags of fear. The
making what would otherwise with hilarity, tension and emotion. Louisiana, where rations of pork freedom. Considering the central naked flame of the rush light on
be dense subject matter a vivid Reading the novel drew tears from had been ruined by worms, role of the church in the Under- the floor even tried to flee before
and engaging read. my eyes more than once as I was Northup invents and constructs ground Railroad, and in particular the tiny breeze from the door.”
n-

myself” before the “media horde French after the Battle of Dien Bien
Euripides
no

arrived.” And so he has no choice, in Phu in 1954 and didn’t butt heads with
his own mind, “but to accept moral the Soviets after they crushed the hap-

And Modern responsibility.” Uneasy lies the head

that wears the frown.
less Hungarians in 1956. Since states-
manship is primarily about “discipline
“The Tragic Mind” is really an and difficult choices, the greatest
Geopolitics extended essay that can be read in a
sitting by someone passionate about
statesmen must think tragically,”
Mr. Kaplan writes. “In hindsight, the
JOSEPH BARRAK/AFP

the Greeks. Mr. Kaplan appeals to 1950s might seem dull and peaceful,
Continued from page C7 the ancient playwrights—Euripides in but that is only because of Eisen-
anarchy-avoidance “realism.” Instead, particular, but also Aeschylus and hower’s constructive pessimism.”
he calls it “tragedy.” A tragic outcome Sophocles—in support of his argument We’re expected to contrast this last
results, he says (in my paraphrase), that “an orderly universe” is “always quality with the destructive optimism
when a king or government must make a virtue.” Chaos is anathema. But Mr. CLOUD OF WITNESSES An oil pipeline fire in Basra, Iraq, in March 2004. of George W. Bush, whose actions
the hard choice not to pursue a moral Kaplan’s contention that this position, resulted in years of war in Iraq and
good—say, the toppling of Saddam—in rooted as it is in prophetic (and thus insistence—which is so adamant as to of analysis.” “Man is prodigious. If he mental trauma for Mr. Kaplan. But
order to prevent an outcome (bloody pre-scientific) times, holds true for the be mulish—that order is a good thing can overcome the natural world, he can what about the constructive optimism
chaos) that’s worse than the status quo 21st-century world is more than a little (even if enforced by a tyrant) if the overcome tyranny.” “Geopolitics . . . is of Ronald Reagan? America, in his
(leaving Saddam untoppled). baffling. It’s enough, in fact, to make a alternative is anarchy (even in pursuit inherently tragic.” We can live with presidency, was an assertive partici-
In other words, Mr. Kaplan says, reader mutinous, unconvinced as he will of a liberal democracy) will find few those lines, however sententious. But pant in the world—beating back
“tragedy is about bravely trying to fix be by Mr. Kaplan’s assertion that the takers among those who aren’t admir- what of Mr. Kaplan’s assertion that communist encroachment in Latin
the world, but only within limits.” It answers to moral questions about the ers of Agamemnon or worshipers of Americans, “being an ahistorical America and calling the Soviets’ bluff
was the Iraq debacle, he says, that Zeus. How can anyone write with a people,” lack a tragic sensibility? What in the Cold War arms race—but
taught him how cruelly important such straight face, many will ask, that while does that even mean? without George W. Bush’s millenarian
limits can be, but his first glimpse of When Kaplan insists that “removing Saddam Hussein was a The modern-day American presi- overreach. There’s no mention of that
American miscalculation goes further good thing,” it “supplanted a greater dents that Mr. Kaplan truly admires are in “The Tragic Mind.” In fact, Reagan
back in time, to the meltdown of Yugo-
tyranny is a good thing if good: the semblance of order.” Mr. Dwight Eisenhower and George H.W. doesn’t figure in the book at all
slavia. If his writings “helped promote the alternative is anarchy, Kaplan’s own word, “semblance,” Bush. The latter was “our last aris- (though Regan, one of King Lear’s
a war” in Iraq, his “Balkan Ghosts” he’s out of step with those should give him pause. What good is tocrat in the White House, the last ghastly daughters, does). This is a pity,
is reliably known to have caused Bill order if it is not real? What good is spiritual descendant of Eisenhower.” as is Mr. Kaplan’s fatalism, masquer-
Clinton to delay American military who aren’t ancient Greeks. it if it is not based on moral founda- Mr. Kaplan praises Bush for the “wise ading here as a form of Hellenophila.
intervention in that fratrigenocidal tions? Would removing Hitler from sensibility” of a speech he gave in The same omniscience that once led
part of Europe. President Clinton at power have failed the Kaplan test if Ukraine in 1991—dubbed a “Chicken him to embrace the Iraq War is now
first thought that such involvement rightness of war are to be found more it had exposed Germany to some years Kiev speech” by the columnist William reborn in a manifesto that would make
would be wasted on a people pro- readily in the classics than in the stra- of chaos? Safire—in which Bush warned the foreign intervention rare, transforming
grammed by nature to kill one another. tegic analysis of present-day experts. Mr. Kaplan’s book is a manifesto Ukrainians against “suicidal national- the United States into a Western
“Balkan Ghosts,” Mr. Kaplan writes, “Tragedy is not fatalism,” Mr. Kaplan for realism—which I’ll define as a ism.” Yet those were words to which nation like every other: isolationist
“so depressed the president that it insists, and I will define again what he presumption against entanglements Vladimir Putin would have thrilled. by default, timid by inclination. And
led to inaction on his part.” This filled means by tragedy, because it is far abroad—dressed up in the cloth of Ike, writes Mr. Kaplan, “got the that would be a tragedy—whether the
Mr. Kaplan with “lifelong remorse”: removed from our ordinary under- ancient Greece. Alongside references to balance between fear and ambition ancient Greeks would agree or not.
“While I supported military interven- standing of the word: Tragedy is the ancient plays, made to bolster his point just right.” He rejected counsel from
tion in print and on television,” he tells pain that we must live with that results that a fear of bad consequences is the his advisers to use America’s nuclear Mr. Varadarajan, a Journal
us, “my book had the opposite effect of from our opting for a “good” outcome key to wise governance, he offers arsenal against its adversaries in sev- contributor, is a fellow at the
what I intended.” Somewhat grandly, that is less good than an even better observations of his own, all ready- eral crises, “thereby setting a prece- American Enterprise Institute
he asserts ownership of the region. outcome, because the pursuit of the made for the next edition of “Bart- dent for the coming decades.” He and at Columbia University’s
“I had had the Balkans virtually to latter would result in chaos. But his lett’s.” “Passion is often the enemy chose not to bail out the feckless Center on Capitalism and Society.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C9

BOOKS
‘From all things One and from One all things.’ —HERACLITUS

Platonic Particles
The One realities. In the case of Schrödinger’s can observe today that the idea of an tual, historical, cultural, linguistic— all possibilities, Mr. Päs accepts rev-
By Heinrich Päs cat in a box, there are two—the result all-encompassing unity is common that make each ingredient unique. elation as a way of perceiving them.
of an uncertain bit of atomic decay across many indigenous religions in Mr. Päs homes in on a particular He wonders if hallucinogenic drugs
Basic, 358 pages, $32
leaves the animal either alive or dead. the Americas, Africa, Asia, or Oceania kind of monism—the idea that God is might serve as gateway to experienc-
BY ANDREW CRUMEY The experimenter sees only one out- that often embrace a sacred or spiri- not separate from nature but an ing “quantum holism,” and has even

T
come when the box is opened. The tual concept of nature.” The question, immanent part of it—and uses it as proposed an experiment to see if
HE ATTEMPT to unite other, Everett claimed, is witnessed then, is why it has taken so long scaffolding for a theory that sees every drugged subjects can experience a
all natural phenomena in a parallel universe. Bizarre as it for science to catch up. That is the form of monism as having been con- “nonclassical perspective.” Emerging
within a single system sounds, Everett’s idea is favoured by theme of the book’s second part, demned as heresy. This, he implies, from the weird trip that fills the
has been a human pre- many physicists working in cosmol- which explores the search for one- is why it took so long for quantum middle of his book, we return to safer
occupation since time ogy and quantum computing, and is ness through history. “It has inspired entanglement to be discovered. He ground as Mr. Päs goes back to what
immemorial. For Heinrich Päs it is a the view that Mr. Päs endorses. Plato’s dialogues, Botticelli’s painting believes the insight existed long be- he does best, pondering how Ein-
question of theoretical physics—try- Why don’t we see quantum weird- The Birth of Venus, Mozart’s opera fore, citing the ninth-century Irish stein’s theory of gravitation—general
ing to explain how the universe, in all ness in everyday life? A possible The Magic Flute, and a major part of philosopher John Eriugena, who “drew relativity—might figure within the
its apparent variety, is really quantum whole.
the manifestation of a single Einstein never tried com-
underlying reality. But what bining his theory with quan-
kind? In his wide-ranging tum mechanics, but an at-
book “The One: How an An- tempt was made in the
cient Idea Holds the Future 1960s by Bryce DeWitt, and
of Physics,” he muses on its led to a curious result. There
nature: “Is ‘the One’ material? seemed to be no place for
Is it spirit or information? Is time—it canceled out like a
it math? None of the above? redundant term. Some have
There is no easy resolution seen this as an indication
yet.” Mr. Päs is a professor that time itself is an illusion,
of theoretical physics at TU or else perhaps an emergent
Dortmund University in Ger- rather than fundamental
many, and his book proposes, phenomenon, like the wet-
rather than a definitive an- ness of water or hardness
swer, an exploration of both of stone. It is another idea
the mind-bending conclusions liked by Mr. Päs, who says
of modern physics and the that in quantum gravity re-
long history of the beguiling search, “space and time are
notion of a unifying, univer- not considered fundamental
sal fabric. His book proves a anymore.” He hopes that en-
heady mix of history, philoso- tanglement will be shown to

.
phy and cutting-edge theory be more basic than either.

ly
that is fascinating, provoca- A clue comes from
tive and at times infuriating. “wormholes,” hypothetical
The first part ably intro- tunnels connecting different
duces the reader to quantum
mechanics, founded more than
a century ago, yet still per-
plexing. Is a beam of light a
on parts of space. They were
shown to be theoretically
possible by Einstein and
Rosen in 1935, soon after
us ,

succession of waves or a host they had worked with Po-

of particles? The Danish phys- dolsky on entanglement. The
l
e
icist Niels Bohr said either can two phenomena were as-
al a

be right; they are complemen- sumed unrelated until 2013,

tary pictures dependent on when work on black holes
ci on

whatever measurement is car- led to the conjecture that

ried out. Bohr’s principle of gravitational wormholes
complementarity became cen- and quantum entanglement
tral to the so-called Copen- might actually be aspects of
hagen interpretation of quan- the same thing. For Mr. Päs,
er s

tum mechanics, where reality the idea “gains in plausibil-

SHANTHI CHANDRASEKAR

itself was deemed dependent ity once one approaches it

m er

on observation. It appalled from the parallels between

Erwin Schrödinger, who of- Everett’s many worlds and
fered his famous cat paradox the multiverse that is pre-
as counter-argument, and also dicted in cosmic inflation
m rp

Albert Einstein, who together and married with the string

with Boris Podolsky and Na- SQUARING THE CIRCLE ‘Wormhole’ (2012) by Shanthi Chandrasekar. theory landscape.” Having
than Rosen raised a different already seen Mr. Päs marry
objection. They showed that if a par- answer came from Heinz-Dieter Zeh Romantic poetry from Goethe to Cole- on Platonism to develop a radical re- quantum theory with the Book of
ticle split into two fragments speed- in the 1970s, and is the other big idea ridge and Wordsworth.” interpretation of the earthly and di- Genesis, we might wish to approach
co Fo

ing away from each another, quantum in Mr. Päs’s book. Known as deco- What all of these express, accord- vine realities and the Christian notion this bit of matchmaking with caution.
theory implied the pieces could re- herence, it posits that subatomic ing to Mr. Päs, is “monism,” and what of heaven, hell, and the Fall of Man.” What, then, is the One? Some
main mysteriously “entangled,” with particles get entangled with their his lengthy historical excursus dem- Mr. Päs considers it “a monistic philos- monists say mind, others matter—
measurement of one yielding instan- surroundings in a way that quickly onstrates all too well is a basic differ- ophy bearing striking similarities to or maybe it’s something else. It’s hard
taneous information about the other. smooths out their “waviness,” re- ence between science and the human- the workings of quantum mechanics.” to say which flavor Mr. Päs prefers,
To Einstein and his collaborators it storing the familiar laws of classical ities. As Mr. Päs presents it, monism The Irishman supposedly pre-empted since he considers them all the same.
was paradoxical, yet entanglement is physics. This, Mr. Päs argues, is why is rather like energy; it comes in Heisenberg by a thousand years, Yet for all its frustrations and false
now known to be a genuine effect. we have the impression—or the illu- many forms, but they’re all mutually though even he was late to the game. leads, his dizzying tour through the
An alternative to the Copenhagen sion—of a universe made of discon- interchangeable and basically the “Accepting ‘love’ as a metaphor for monist multiverse is stimulating
interpretation was proposed in the nected bits and pieces where most same thing. But rather than see entanglement indeed makes it possible and engrossing.
1950s by Hugh Everett, and is known possibilities are never realized. Really, everything in some grand unified to read the biblical Genesis as an alle-
as the many-worlds interpretation. all is One. soup of ideas, a philosopher, historian gory for quantum decoherence.” Mr. Crumey is the author, most
n-

It sees events on the quantum level For Mr. Päs, it is scientific vindi- or art critic would surely care more It seems that as well as taking seri- recently, of “The Great Chain
branching out into multiple, separate cation of an ancient insight. “We still about the specific details—intellec- ously the idea that the One embraces of Unbeing.”
no

Progress Then Röntgen noticed something espe-

cially strange: Whenever the tube was
turned on, a phosphor-coated screen
The author also wants to make sure
readers understand that advanced
physics is an intensely collaborative
atomic research: CT, MRI and PET
scanners; medical isotopes for cancer
treatments; smartphones and micro-
more power, more people—and more
money. Eventually, the cost of the larg-
est particle accelerators became too

Through nearby also glowed. Was some invisi-

ble ray emanating from the vacuum
endeavor. Even the most brilliant
theories can’t be accepted until they’ve
waves; even the internet.
Along the way, we meet some of the
much for any single country to bear.
This is where Suzie Sheehy enters

Experiment
tube? Röntgen tried blocking the tube been confirmed in the complex, often most familiar names in physics, includ- the story. As a young physics student,
with cardboard and wood but still the uncooperative physical world. And ing George Gamow, Max Planck, Ernest she worked briefly at CERN, the multi-
phosphors lit up. When he held his that takes experimentation. Rutherford and Luis Alvarez. True to national research center near Geneva,
hand in front of the screen, he saw a The “experiments” that Ms. Sheehy her technical orientation, Ms. Sheehy Switzerland. At the time, CERN was
The Matter of Everything ghostly image of his own bones. “From describes generally aren’t stand-alone brushes past theoreticians like Werner finishing construction of the Large
By Suzie Sheehy this moment on,” Ms. Sheehy writes, lab projects leading to a single eureka Heisenberg. She prefers to focus on Hadron Collider. The LHC is the largest
Knopf, 313 pages, $30 “physics would never be the same.” moment. They are more like research hands-on geniuses, such as the Cam- particle accelerator ever built and the
The race to confirm the nature of campaigns, involving teams (often bridge researchers Ernest Walton and biggest science experiment in history,
BY JAMES B. MEIGS Röntgen’s “X-rays” consumed scien- competing teams) of skilled scientists John Cockcroft who, in the 1930s, built involving some 10,000 scientists and

B
tists around the world. Was it a wave following a particular technological the first particle accelerator capable of technicians and a total investment of
Y THE END of the of some kind? A particle? The eminent path—sometimes for years. The search more than $10 billion.
19th century, physicists Cambridge physicist J.J. Thomson for new particles took two main In 2012 Ms. Sheehy watched a live-
thought they had things solved the puzzle in 1897: The cathode avenues: Some particles emerged from Even brilliant theories feed as CERN project leaders made a
pretty well figured out. rays inside the tube were made up of atoms that had been disrupted in some long-awaited announcement: They had
Everything in the uni- negatively charged particles 2,000 way. The study of those required can’t be accepted until confirmed the existence of the Higgs
verse was made of various types of times lighter than a single hydrogen building ever more powerful accelera- they’ve been confirmed boson, a particle predicted four de-
“atoms,” which they believed were atom. (The X-rays were emitted when tors—or “atom smashers”—that would cades earlier by the British physicist
the smallest possible units of matter. these high-energy particles crashed fire particles at atoms to see what un-
in the physical world. Peter Higgs. The discovery resolved
Newton’s laws of motion, combined into the glass wall.) Röntgen and discovered bits might shake loose. some of the biggest quandaries in to-
with the new science of electromag- Thomson’s joint discovery of what we Other particles seemed to arrive out of day’s Standard Model of particle phys-
netism, could predict how these immu- now call electrons “shattered the idea the blue—perhaps from space. Efforts splitting an atom. Walton and Cock- ics. “The camera zoomed in on eighty-
table atoms would behave, whether of atoms as the smallest indivisible to capture those led researchers to set croft were deep thinkers as well as two-year-old Peter Higgs as a tear
they formed the mass of a planet or entity,” Ms. Sheehy writes. The era up labs on mountain tops and deep master craftsmen who fearlessly as- rolled down his cheek,” she recalls.
the parts in an electric motor. “Now of classical physics was over. A new under the earth. sembled high-voltage equipment while Does this mean the mysteries of
only the details were left to explore,” era of subatomic physics—“particle For readers without at least a patching vacuum leaks with red Bank physics are nearly answered? Is there
writes Suzie Sheehy in her absorbing physics”—had begun. Over the coming glancing familiarity with the structure of England sealing wax. Ms. Sheehy anything left to discover? Ms. Sheehy
scientific history “The Matter of century, scientists would delve ever of the atom and concepts such as also celebrates the long-overlooked argues that—despite all the discover-
Everything: How Curiosity, Physics deeper into the infinitesimal intri- quantum mechanics, the book’s march contributions of female scientists, such ies of the past 125 years—our universe
and Improbable Experiments Changed cacies of the atom. In the process, they through a century of discovery might as Harriet Brooks, who worked along- remains full of enigmas. Every day,
the World.” would revolutionize our understanding be a bit daunting. But the author’s side Thomson and Rutherford uncov- she writes, physicists like her find
Then, in 1895, the German physicist of the cosmos as well. delightfully accessible prose guides ering the secrets of radioactive decay. reasons to go to their labs “looking
Wilhelm Röntgen was tinkering with a Ms. Sheehy, a particle physicist who readers through the technical weeds. By the 1960s, particle physics had for something that makes us go
vacuum tube that had two electrical splits her time between labs at Oxford Ms. Sheehy also wants to make sure grown from tabletop experiments to ‘hmm . . . that’s strange.’ ”
connections, known as cathodes, at- and the University of Melbourne, radi- the public appreciates that particle industrial-scale operations. Instead of
tached to it. When he ran an electric ates enthusiasm for her field. She physics isn’t an abstract intellectual a handful of known sub-atomic parti- Mr. Meigs is a senior fellow at the
current through the tube, it glowed. calls it “one of the most awe-inspiring, pursuit. In each chapter she catalogs cles there would soon be more than Manhattan Institute, co-host of the
These “cathode rays” were familiar to intricate and creative adventures (in a bit more detail than necessary) 100. And to find the next ones, re- “How Do We Fix It?” podcast and
researchers, but not really understood. that humans have ever embarked on.” all the real-world spinoffs from sub- searchers needed bigger accelerators, former editor of Popular Mechanics.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C10 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

BOOKS
‘There is a tree called freedom and it grows / Somewhere in the hearts of men.’ —BR ENDA N K EN N ELLY, ‘H U G H O ’FLAH ERTY ’S TREES ’

The Vatican’s Escape Line Msgr. O’Flaherty threads his way through
My Father’s House
By Joseph O’Connor ancient Vatican tunnels to one of the Escape
Line’s secret lairs:
Europa, 355 pages, $27
BY ANNA MUNDOW He knocks four times on a length of

T
broken pipe.
HERE ARE WRITERS who, over Three knocks come back.
the course of many novels (if He knocks again, once.
we’re lucky), become our genial “Beethoven,” he says.
companions. They seem pleased “Evening, Padre,” comes the echo.
to see us again, fanciful as that Behind him, the black curtain is parted.
may sound, and the effect as we read is that
of a hand on the shoulder, lightly guiding us For all its thrills, however, “My Father’s
along, and a voice in our ear, intimate and House” is primarily—and triumphantly—
amused. Such novelists are as generous to their an intimate drama that illuminates both the
readers, in other words, as they are to the fragility and the wonder of unlikely human
characters they create; characters that we in connections forged in adversity and, in some
turn regard with affectionate anxiety as they cases, enduring for a lifetime. As the narra-
often stumble yet endure. The British author tive shuttles back and forth from 1943 to the
Jane Gardam is a sublime example of such a 1960s, each member of the “Choir,” as Msgr.
benevolent creator (try resisting her 1991 novel O’Flaherty called his resistance group, recalls
“The Queen of the Tambourine” or the later,
more celebrated “Old Filth”), and Penelope
Fitzgerald is another. Best-known for her Increasingly obsessed with
distilled masterpiece of disappointment
“The Bookshop” (1978), it was Fitzgerald who
the Irishman who declares ‘I’m
once pointed out, referring to dialogue in her not afraid of you, Hauptmann,’
stories, that, “of course, you want to hear their the Nazi commander in Rome
voices. Having summoned up these human
beings, you want to know what they sound becomes a priest hunter.
like.” Fitzgerald also confessed that when she
based one of her protagonists on a fond ac-
quaintance who in fact committed suicide she his or her wartime adventure and the voices
“couldn’t bear to let him kill himself” on paper. could not be more different from one another.
A similar magnanimity—though of a more Delia Kiernan, a popular singer of the time,
ebullient kind—infuses the work of the Irish was married to the Vatican’s senior Irish dip-
writer Joseph O’Connor. His 2019 novel lomat (“You did a lot of standing about at

.
“Shadowplay,” for example, displayed this official receptions being talked at by Arch-

ly
author’s fondness for his subjects as much as bishops and pretending to listen”). Sir D’Arcy
it did his superb craftsmanship. Indeed, as Osborne was His Majesty’s ambassador to
Mr. O’Connor drew us into the lives of Bram the Holy See and John May was Sir D’Arcy’s
Stoker, the writer who created “Dracula,” and
of the legendary Shakespearean stage actors
on streetwise aide. Sam Derry was a dashing
British Army officer and Marianna de Vries
BETTMANN/GETTY IMAGES

Henry Irving and Ellen Terry, he depicted was a fearless journalist. And the Italians in
these individuals so fully and sympathetically the brigade were the worlds-apart Contessa
us ,

that their plainest statement could pierce Giovanna Landini and street vendor Enzo
our hearts. “And if things had been different, Angelucci (“Stands to reason in St. Peter’s
l
e
things might have been different,” the aged Square, you’re seeing priests all day long,
al a

Bram Stoker reflects in 1912, still longing for right? I was Communist at the time, but
Ellen Terry. “But it is too late now. It was too they didn’t bother me none”).
ci on

late long ago.” a little forbidding, like a torch being shone on reminiscent of a noir thriller: “A black-clad As we spend time with each of these nar-
The overall tone of Mr. O’Connor’s new you at a midnight roadblock.” The spectacles, man hurries across from the porch, damp rators, we slowly apprehend the vital nature
novel, “My Father’s House,” is, by contrast, the lopsided grin, the irreverent wit and raincoat clinging, abandoning his turned- and appalling danger of the Christmas Eve
more urgent than elegiac, and its suspenseful stubborn courage—these distinctive features inside-out umbrella to the gust as he scrambles mission around which the novel revolves.
plot has little time for bittersweet rumination. have all been conjured up in earlier nonfiction into the passenger seat of the ponderous, We also enter another, darker consciousness;
er s

Understandably so, as the setting is Rome accounts of Hugh O’Flaherty’s exploits, most boat-like car, trilby dripping.” Minutes later, that of Obergruppenführer Paul Hauptmann,
under Nazi occupation and the central char- notably “Scarlet Pimpernel of the Vatican” by in a standoff with an insolent hospital orderly, the enforcer of Nazi rule in Rome and an en-
m er

acter is a resistance hero, albeit an unlikely J.P. Gallagher (1967), Stephen Walker’s “Hide he pulls rank. “Name’s O’Flaherty,” he an- thusiastic interrogator. “Swimming naked in
one, named Hugh O’Flaherty. A Catholic priest and Seek: The Irish Priest in the Vatican Who nounces, then opens his raincoat, revealing the lake,” he exults of his rural retreat, “the
from rural Ireland, Msgr. O’Flaherty became Defied the Nazi Command” (2012) and a 1960 his soutane and collar. In the car’s back seat whiff of blood would clear, the tang of the cell
known in real life as “the Irish Schindler,” a memoir by Sam Derry, who was a linchpin of is one of the monsignor’s team, disguised as and the torture room.” Increasingly obsessed
m rp

title he earned by saving the lives of six and the underground group. (There is even a 1983 a German soldier. The agent has been trained with the Irishman who declares “I’m not afraid
a half thousand prisoners of war, partisans, movie, “The Scarlet and the Black,” starring to carry out a daring solo assignment for the of you, Hauptmann,” the Nazi commander be-
and Jewish civilians while Rome was in the Gregory Peck as the monsignor, Christopher Rome Escape Line on Christmas Eve, but he is comes a priest hunter. But the relationship
grip of Gestapo terror. What’s more, the cleric Plummer as his Gestapo nemesis, and John gravely ill. Someone must take his place, and between the two men takes an astonishing
orchestrated this rescue mission—known as the Gielgud as Pope Pius XII.) the identity of that particular hero is revealed twist, one also based in historical fact. Then Mr.
co Fo

“Rome Escape Line”—from deep inside Vatican Citing these and other works in his only as the novel reaches its crescendo. O’Connor gives Msgr. O’Flaherty the last word:
City, in an office adjacent to St. Peter’s Basilica. acknowledgments, Mr. O’Connor stresses This sounds close to pastiche and, indeed, “Had I been the Almighty, I would have
All of which Mr. O’Connor re-creates with that “liberties have been taken with facts, one suspects that Mr. O’Connor enjoyed put several matters differently,” he observes.
consummate skill while painting a subtle characterizations and chronologies” in his writing that early scene—like others of similar “But I wasn’t.
portrait of an erudite scholar who was also depiction. The narrative structure of “My urgency throughout the novel—as much as we “God was.
a defiant and formidable man of action. Father’s House” is certainly inventive and enjoy reading it. There is a boyish gusto in the “And is.”
“When he regarded you through those effective. Divided into three acts—“The Choir,” staccato style he employs when describing a
horn-rimmed spectacles,” one of the priest’s “The Solo” and “The Huntsman”—the drama rescue being planned, for example, or a daring Ms. Mundow is a writer in central Massa-
confidants recalls in this novel, “the effect was opens in December 1943 with a night scene mission being executed. In one such episode, chusetts.
n-

Prep-School Confidential
no

THE YEAR IS 1981 and Bret and after the peak of his Central to the drama is the London boarding-school kids wave coffee company. The only
Ellis is a 17-year-old senior notoriety as the cause célèbre dead-eyed posture of extreme led by the effusive Tabitha. rub: His roommate and business
at the prestigious Los Angeles author of “Less Than Zero” and privilege, which shows itself For Clare, the allure of the partner is a diehard doomsday
Buckley School in Bret Easton “American Psycho,” Bret says to the world in the form of group more than compensates prepper. Aretha decides to move
Ellis’s newest novel, “The that he is finally ready to reveal the “numbness-as-a-feeling for the overt manipulations in with him anyway, but during
Shards” (Knopf, 594 pages, “the trauma of my last year aesthetic” that Mr. Ellis Tabitha employs to keep the his extended work travels she
$30). He’s dating the hottest at high school” in order to captured in “Less Than Zero.” friends in her thrall. Clare even finds herself indoctrinated into
girl in his class, Debbie, and “resolve what happened.” But Bret’s claim in “The Shards” is goes along when the purpose of the “preparedness” lifestyle—
he’s best friends with the his purported confessions are that he is at last exposing the her grooming becomes apparent: building bunkers, practicing
homecoming king and queen, joined to the gaudy conventions undercurrents of terror and Tabitha plans to exact revenge martial arts, eating optimized
FICTION Thom and Susan, whose of a slasher flick, establishing obsession that shattered the on her own deadbeat father by soy protein and, oh yeah,
SAM SACKS charmed lives unfold in a a tricky two-step of sincerity frozen façade. But as his story starting a “honey-trapping” making midnight runs to buy
succession of urbane pool and unreliability. becomes increasingly crazed business for wives who want and sell guns.
parties. Bret is a man of secrets It’s all very eerie, yet for evidence of their husbands’ The elements are in place
—he’s actually attracted to men readers who know this writer, THIS WEEK infidelity. Clare will be the bait. for another thriller, but to her
and is keeping up clandestine it will also be comfortingly Naturally, the risks of the credit, Ms. Cauley mostly sees
affairs with male classmates; familiar. Mr. Ellis does not so The Shards scheme ramp up as Tabitha the survivalism as a chance for
he’s also working on a novel much describe yuppie ’80s L.A. By Bret Easton Ellis takes on more dangerous assign- some pretty withering comedy.
called “Less Than Zero,” which as invoke it with a conjurer’s ments. Meanwhile, Clare’s nar- Preppers can “put on a respec-
brutally dissects his affluent spell of band names (Devo, the The Things We Do rative reliability is called into table face. But when the end of
Bret milieu—but these deceptions Go-Go’s, Blondie), luxury cars to Our Friends question with the slow-drip the world comes, they’re going
Easton alone wouldn’t be enough to (Bret drives a Mercedes-Benz By Heather Darwent revelation of a scandal from her to shoot it,” Aretha’s friend
disturb the smooth, blank 450SL, Robert a black Porsche) youth. Ms. Darwent isn’t trying warns her. Aretha is vulnerable
Ellis, surface of entitlement. That and exclusive neighborhoods The Survivalists to reinvent the wheel here: Her to the prepper gospel not be-
author of requires two freak occurrences (Westwood Village, Bel Air, By Kashana Cauley story takes all the expected un- cause she fears End Times but
‘American that Bret can’t help but tie Century City). Into this glamour expected twists, as past secrets because she’s certain she’s going
Psycho,’ together: The first is the arrival he reintroduces shock elements are exposed, side characters to be laid off by her law firm,
of a gorgeous, mentally unstable that featured in his previous and unbelievable his guise of acquire unforeseen centrality which has been stringing her
returns student named Robert Mallory, books—the Quaaludes and emotional candor transforms and the power dynamic among along with the promise of part-
with a who creates rifts among Bret’s booze, the sexual menace and into yet another provocative the friends changes polarity. nership for years. “Being a
young- clique; the second is the news the eruptions of pornographic act of subterfuge, in a career There are so many layers of lawyer started out as a pro-
of a serial killer known as violence. The semi-ironic already famous for them. deceit to be sorted through that, fession and ended up a blood
adult the Trawler, who has begun nostalgia of “The Shards” casts Heather Darwent’s debut, for me, the climactic ending type,” Ms. Cauley writes, and
slasher murdering and mutilating back less to the era itself than “The Things We Do to Our loses its edge. But as fledgling as she turns her splendidly
story teenagers throughout the the era as Mr. Ellis sensation- Friends” (Bantam, 328 pages, works of suspense go, this one dry humor on the antics of
San Fernando Valley. alized it for his novels. $28), is a spin on the campus is quick, smart and satisfying. the apocalypse-obsessed she
long on Such are the elements of It must be said that this thriller popularized by Mr. Ellis In Kashana Cauley’s first reserves her indignation for the
nostalgia Mr. Ellis’s ungainly, interesting gives the book the unmistakable and his fellow Bennington novel, “The Survivalists” bloodsucking business practices
for ’80s Frankenstein’s monster of a feel of fan fiction; if you aren’t College alumnus Donna Tartt. (Soft Skull, 288 pages, $27), that keep employees in a state
Los novel, which grafts a typical- well versed in Ellis-iana, it’s Clare has come from working- a junior lawyer named Aretha of paranoid competition. Holding
seeming autobiographical likely to leave you cold. If you class England to study art meets Aaron, the man of her a job, finding an affordable place
Angeles. reconstruction onto a work are a fan, however, Mr. Ellis’s history at St. Andrews near dreams. He’s handsome and to live, starting a family—this is
of outrageous pulp horror. subversions of his life and Edinburgh, where she grows funny, owns a Brooklyn brown- what 21st-century survivalism
Writing 40 years after events, writing will seem cleverly done. attached to a circle of wealthy stone and runs his own third- is really about.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C11

BOOKS
‘Tragedy is at the heart of us, go to meet it, work it to our ends.’ —WILLIAM JAMES

The Freedom to Mourn

Three Roads Back
By Robert D. Richardson
Princeton, 108 pages, $22.95
BY CHRISTOPH IRMSCHER

O
N FEB. 8, 1831, Ellen Tucker
Emerson died, at the heart-
breakingly young age of 19.
Her husband, Ralph Waldo
Emerson, the junior pastor
of Boston’s Second Church, felt “unstrung,
debilitated by grief,” his life weighed down
by the “heaviness of the fact of death.”
He embarked on daily walks, five miles each
way, to Ellen’s tomb in Roxbury, Mass. In his
journal, he cried out to her as if she could
still hear him. On March 29, 1832, when Ellen
had been dead for over a year, Emerson did
something unexpected—he opened her coffin.
Two months later, he informed his congre-
gation that he no longer believed in the
“theological scheme of Redemption.” By the
end of the year, he had quit the ministry
and was on his way to Europe. Wandering
through the Jardin des Plantes, the cele-
brated botanical garden and natural-history
collection in Paris, Emerson reveled in his
ties with nonhuman nature: “I feel the
centipede in me—cayman, carp, eagle fox.”
We don’t know what exactly Emerson
saw that day in Roxbury, though we may
BRIDGEMAN IMAGES

safely assume it wasn’t pretty. “No resur-

rection there, just visual evidence of decay,”
comments Robert D. Richardson in “Three
Roads Back,” a concise exploration of how
three major 19th-century thinkers (Emerson,

.
Henry David Thoreau and William James) LAND OF LIGHT AND SHADOW ‘Study of a Coming Storm on Lake George’ (1863) by Sanford Robinson Gifford.

ly
overcame the experience of personal tragedy.
Ellen Tucker Emerson’s death is the first in Thoreau,” “Emerson: The Mind on Fire” among living things, in the woods of Concord, However, as Richardson shows, Minny
Richardson’s gallery of losses, and her (1995) and “William James: In the Maelstrom Mass. Even so, his moments of rapture were had left William an even larger part of
husband’s intense response provides a kind
of model for the two subsequent ones:
Thoreau’s attempt to cope with his brother
John’s shockingly swift death from tetanus
on
of American Modernism” (2006)—refracted
in the shimmering prism of a hundred
pages of perfectly polished prose. Among
biographers, Richardson ruled supreme.
proudly solitary ones, too: Thoreau’s soaring
bird was, he emphasized, alone, not lonely.
Of the three roads back from loss mapped
out in Richardson’s last book, the one
herself. Seven weeks after her death, he
honored her by announcing: “My first act
of free will shall be to believe in free will.”
Released from brooding, he would dedicate
us ,

in January 1842, and the despair felt by the His books were like Henry James novels— glimpsed by William James’s cousin Minny himself to “doing and creating and suffering,”
aspiring philosopher William James (the tightly constructed despite their size, might be the most practical. There was no the active cultivation of “moral freedom.”
l
e
youngest of the trio) when, in March 1870, saturated with finely observed detail, point in going after an “impossible Ideal,” Refined into a principle, the idea that the
al a

his 24-year-old cousin Mary “Minny” Temple intimate in tone yet panoramic in the she told William a month before she died. good life would depend, not on what we
succumbed to tuberculosis, the same illness historical and intellectual contexts they “What is one’s true life?” she asked. Her own believe, but on our decision to believe at all
ci on

that took Ellen Emerson. unfolded. His voice was unmistakable— answer, spoken like a pragmatist: “We must served as one of the cornerstones of William’s
As Richardson demonstrates, his three deeply empathetic and humane yet detached philosophy. Being human meant, as William
protagonists refused to let their grief enough to guide the reader through the clarified in “The Varieties of Religious Expe-
overwhelm them, with Thoreau offering labyrinth of emotions that, under scrutiny, After confronting the early rience” (1902), his most popular book, the
perhaps the strongest rebuttal. “What if can be shown to make up anyone’s life. “willingness to live on a chance”—the possi-
deaths of loved ones, three New
er s

you or I be dead,” he wrote in his journal, These qualities are on display also in “Three bility that there was something larger than
“God is alive still.” And for Thoreau, as for Roads Back,” where Richardson’s unsurpassed England thinkers set out on us where we would find “our greatest peace.”
m er

his mentor Emerson, God was nature, the grasp of the material allows him to pinpoint, parallel journeys of searching, Richardson doesn’t presume to tell us
source of perpetual renewal. Which is also in the space of a paragraph or two, what which of his three roads might lead to such
why Thoreau’s own death, when it came in unites and what separates his characters. sometimes painful inquiry. peace. Yet he ends this lovely, uplifting book
May 1862, was no great matter to him. Nature regenerated both Emerson and with an excerpt from Emerson’s Montaigne
m rp

His voice reduced to a whisper, he declined Thoreau. That said, where the former essay (published in “Representative Men,”
to speculate on what would come next: glimpsed an extended “metaphor of the each try & solve it for ourselves.” Headstrong 1850), in which the philosopher optimistically
“One world at a time.” The pages devoted human mind,” the latter discovered exu- and independent (a famous photograph suggests that time will offset all losses and
to the great naturalist’s final weeks in berant wildness, a power that healed pre- shows her at age 16, when she had cropped ensure that “general ends are somehow an-
Richardson’s 1986 book “Henry Thoreau: cisely because it had no regard for human her hair to half an inch), Minny impressed swered”—if not in our own lives, then later.
co Fo

A Life of the Mind” are among the most affairs. When Thoreau watched “a very everyone who met her. She was, gushed And when Richardson asks us to take that
moving in any biography I have read. slight and graceful hawk” ascend, explains Henry James, William’s novelist brother, a Emersonian “somehow” as a cause for hope,
Richardson himself died in 2020, before Richardson, he became that hawk, rising “dancing flame of thought,” her memory the it’s hard not to think that here this dedicated
this book could go to press. Equipped with an and falling through the air, wings gleaming occasion of continuing delight to him decades biographer, after a lifetime of representing
admiring preface by Megan Marshall, herself like ribbons of satin in the sun, a spectacle later, inspiring such heroines as the termi- others, is speaking for himself.
an accomplished biographer, “Three Roads of divine self-reliance. While Emerson nally ill but resilient Milly Theale in his late
Back” is Richardson’s legacy condensed, experienced his ecstatic connection with masterpiece “The Wings of the Dove” (1902). Mr. Irmscher is the author of “The Poetics of
his grace note to posterity, the massive centipede, caiman and carp in the halls of a William, by contrast, felt Minny had taken Natural History,” available in a new edition
effort behind his three great books—“Henry French museum, Thoreau found his salvation a large part of him with her into her grave. with photographs by Rosamond Purcell.
n-

A Beast of a City
no

IN JORDAN HARPER’S Beast—deduces what Dan was “a man of no morals, a liar, than anticipated. “Righteous depends on her brainpower.
thriller “Everybody Knows” up to. If she herself can take a racist . . . whose vote in Prey,” well-paced from the That formidable brain is
(Mulholland, 341 pages, this story public, Mae hopes, Congress was openly for start, ramps up the tension now focused on anticipating
$28), a serial bomber targets she may avenge her boss’s sale.” When a financier of (and the body count) as the the moves of anyone on her
homeless encampments death and stop future crimes. “insatiable greed” is stabbed lawmen draw closer to their trail: “Her engineering
throughout Los Angeles. But her script needs a rewrite to death in her home near prey. The individual members projects were made up of
While “this brutal phantas- once the Beast turns its gaze Minneapolis, Flowers and of the Five improvise ac- untold layers of subsystems
magoria” fills the air with upon her and Chris. “Every- Davenport sign on to pursue cordingly. For added suspense, and interfaces. Intimidating
smoke and ash, a spiritual body Knows,” a bona-fide these well-funded killers. there’s also the lingering to many, these complications
cancer eats the soul of a page-turner, pings with “I don’t think I’ve ever question: Will Virgil Flowers were simply part of a day’s
MYSTERIES metropolis ruled by rampant one-liners and scenes worthy dealt with someone who ever get to have a telephone work for Allison Parker and
TOM NOLAN greed, backstage manipula- of Raymond Chandler and thought killing was fun,” conversation with that New her mind had no problem
tion and high-level coverups. Nathanael West. “You don’t says Flowers, who’s just sent York agent lasting longer jugging and sorting them.”
“The Beast” is the name given even know how many people the manuscript of a crime than 30 seconds? Parker’s ex is a former
to the unincorporated net- are dead because of you,” novel to a New York agent. Colter Shaw, the policeman with underworld
work of lawyers, PR firms and Mae scolds one of the book’s investigator who stars in contacts, and he’s apparently
private-security consultants— many villains. He responds: THIS WEEK Jeffery Deaver’s “Hunting hired a pair of hitmen to
“eyes and ears and arms and “Why would I ever want to Time” (Putnam, 418 pages, assist him. Will Shaw find
fists”—that make sure events know that?” Everybody Knows $29), is a “reward-seeker” Parker and her daughter
unfold the way the powers In “Righteous Prey” By Jordan Harper raised by a survivalist who before her other grimly
A shady that be want them to. (Putnam, 403 pages, $29.95), taught him to assess every determined pursuers? The
network Mae Pruett is one of John Sandford’s latest pro- Righteous Prey situation and predict out- engineer’s daughter is a wild-
the Beast’s most capable cedural, Minnesota state By John Sandford comes in percentages. What card factor; she’s reluctant to
of operatives. She’s a “black-bag agent Virgil Flowers and U.S. are the chances, for instance, believe her father is as dan-
political publicist” who carries non- Marshal Lucas Davenport Hunting Time that a given Russian espi- gerous as her mother says.
actors disclosure agreements to the assist the FBI in a national By Jeffery Deaver onage agent who’s promised The alternating friction and
hides scene of each crisis du jour. hunt for a group calling not to draw a weapon will affection between parent and
Mae does her job with itself “the Five.” This quintet break his word? “He put child make “Hunting Time”
the wicked creativity until she’s of self-declared bitcoin Close friends, Flowers and it around five percent. . . . especially convincing and
truth confronted with events that billionaires have banded Davenport have different Okay, maybe ten.” nerve-wracking.
while even her own hard-boiled together “to liven our lives” attitudes toward their work. Shaw’s calculus gets Mr. Deaver is well-known
conscience can’t condone. and “murder people who need The former “wanted to wrench a nonstop workout as he for maintaining suspense
Los Her boss, Dan, confides that to be murdered,” according his world back into what it pursues a brilliant engineer while also subverting readers’
Angeles he’s going to go rogue with to their chillingly cheerful should be, a peaceful place named Allison Parker and her expectations. This fourth
burns. a scandal he’s gotten wind of. “press release”: “We’re doing where people cooperated to 16-year-old daughter. They’ve Shaw novel—full of “oh no!”
Before he can tell her the a service to the American create a civilization.” His fled their Midwestern home surprises and tire-screeching
details, he’s shot dead across culture at large. . . . We invite partner, meanwhile, “could after the unexpected release escapes—is guaranteed to
the street from the Beverly others to join in. . . . We can’t look at a body and become from prison of the woman’s make your heart pound,
Hills Hotel. get this done alone.” immediately absorbed in the ex-husband, who (she’s told) your blood race and your
Certain that her boss was The Five’s first designated technical details . . . He saw has vowed to kill her. The head spin. And how likely is
murdered to quash his newly victim is a thief-rapist living murder as a puzzle.” engineer’s boss hires Shaw it that you’re being set up
hatched plot, Mae—aided by on the streets of San Fran- The two make a good team, to find and protect her; Parker for a finale that will pull the
her old flame Chris, an ex-cop cisco. Second to die is a U.S. and their coordination with is like family to him, he tells rug out from under you?
who’s now a “fist” for the congressman from Texas: FBI agents goes smoother Shaw—plus, his business One hundred percent.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C12 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

BOOKS
‘Romanticism [is] modern art—that is, intimacy, spirituality, color, aspiration toward the infinite, expressed by every means available.’ —CHARLES BAUDELAIRE, 1846

The Age of Amateurs

The Beloved Vision
By Stephen Walsh
Pegasus, 421 pages, $29.95
BY BARTON SWAIM

T
HE SUBTITLE of Stephen Walsh’s
“The Beloved Vision: A History
of Nineteenth Century Music” is
not strictly accurate. Mr. Walsh
begins his chronicle some time in
the 1750s, with the delightfully erratic music
of C.P.E. Bach, and ends with the triumph of a
desiccated Modernism in the 1920s. The book is
a history of Romanticism in music, its publisher
having decided (or so I assume) that no book
bearing the term “Romantic” or “Romanticism”
on its cover is likely to sell.
Historians speak of the long 19th century,
from the French Revolution to the Great War,
and that is more or less how Mr. Walsh uses
the denomination. It was, he writes, an era
“of stylistic diversity, a time when a composer
asserted his or her existential being through
a recognisable, even idiosyncratic musical
language, after centuries during which
composers”—think of Handel or J.S. Bach—
“were generally less concerned with self than
with craftsmanship.”
At the heart of musical Romanticism—
from the songs of Schubert to Wagner’s “Ring”
BRIDGEMAN IMAGES

cycle and Mahler’s “Das Lied von Der Erde”—

was the individual, gifted with special genius
or insight, alone in the natural world. And
that individualist spirit flourished, Mr. Walsh
explains, as composers learned to take risks
in self-expression. Sudden changes in key KEY PLAYERS ‘Around the Piano’ (1885) by Henri Fantin-Latour.

.
signature and dynamics, departures from

ly
conventional structural forms, novel and doesn’t address the question directly, but his concerts in Augsburg, Munich, Strasbourg Later, however, Rimsky-Korsakov became
strange subject matter—these are experiments history suggests part of an answer. The 19th and Stuttgart, could not gain admittance to the senior composition professor at the
in which the composer risks exasperating or century was a time when the aristocracies the Paris Conservatory, supposedly because he St. Petersburg Conservatory and eventually
offending his audience in the hope that he can
say something original and affecting. Mr. Walsh
cites a tiny but revealing example: the opening
of Beethoven’s third piano trio, in which “the
on
that sponsored gifted musicians and composers
died out and were replaced by public and
private institutions—large professional
orchestras, concert halls and conservatories.
was not French—this although the institution’s
director was the very non-French Luigi
Cherubini. Brahms learned technique from
individual teachers and attended no conser-
the de facto arbiter of what was and wasn’t
authentic Russian music. “The results,” Mr.
Walsh writes, “were not altogether wholesome.
Orchestral works became the order of the day,
us ,

short first theme, four quick bars for the three The conservatories dramatically improved the vatory. Young Elgar “had never studied music and their character increasingly regressed to
instruments in unison, is immediately extended technical skill of musicians and offered a place formally, but picked it up in the organ loft and a bland average.”
l
e
by a repeat of its last two bars a semitone for gifted composers to learn the newest in the music shop that his father opened when The St. Petersburg Conservatory produced
al a

higher.” The device might suggest uncertainty techniques; orchestras and opera houses largely he was six . . . in fact his entire musical back- fine composers, to be sure, chief among these
or incoherence, but the composer turns what took over the job of commissioning new works. ground was local, working with amateur Tchaikovsky, though it bears remembering,
ci on

sounds at first like a halting fragment into a Many decades would pass before these enthusiasts, choirs and chamber musicians, as Mr. Walsh points out, that Tchaikovsky
fully formed and emotionally satisfying idea. institutions, grown sclerotic by government and writing music for them to play and sing.” lived in the small town of Klin, nearly 400
“The Beloved Vision” is an excellent work funding and no longer responsive to public miles from St. Petersburg, and stayed well
of history. Mr. Walsh, an emeritus professor at tastes, would enforce banal orthodoxies on away from the musical politics of the capital.
Cardiff University, has read a vast quantity of young ambitious composers. For a century and a half, Then there is Stravinsky, who “never attended
er s

scores, biographies and letters, and listened to European music, in other words, had not the Conservatoire, was amiably looked down
a dizzying array of recorded music. He writes yet become overinstitutionalized and over-
European society produced on by his fellow Rimskyites, and probably only
m er

about it all with clarity and insight and without credentialed, as ours has been since the middle the greatest music the world emerged at all because Serge Diaghilev,” the
a hint of humbug or posturing. The book’s of the last century. In Vienna, we are reminded has ever known. Many of the famed impresario of Ballets Russes, “took a
scholarship, too, is first-rate. Mr. Walsh has by Mr. Walsh, Mozart worked from 1781 as a chance with this young man by whom he had
judiciously kept the number of endnotes to a freelance musician. Beethoven, too, survived composers lacked credentials. heard a couple of lively orchestral pieces and
m rp

minimum, but where necessary he cites original on publishers’ commissions and charitable commissioned him to compose The Firebird
French and German sources, supplying his own sponsorship. If they had been born two cen- for his 1910 season.”
translation where no other is available. turies later, both would have been appointed Or consider the case of Rimsky-Korsakov. What, ultimately, killed the spirit of
Mr. Walsh rarely if ever states the obvious. to endowed professorships, paid handsome He was for many years part of the Moguchaya Romanticism in music? Mr. Walsh suggests
The famous rivalry between supporters of salaries, feted by arts organizations, further Kuchka, or Mighty Handful, a group of five that Darwinian evolution “seemed to invalidate
co Fo

Brahms and those of Wagner, for instance— subsidized with prestige prizes, and never composers—with Balakirev, Borodin, Cui and mankind’s special status in the world” and
the former’s Romantic sensibility was shaped heard from again. Musorgsky—who reveled in their status as demythologized the natural order; and that
by classical forms, the latter’s expressed in I exaggerate, but not by much. Again and amateurs and regarded formal conservatory- Karl Marx’s dialectical materialism implied
chromatic surges of sound that rarely resolved again in Mr. Walsh’s account we encounter based training as inimical to authentic Russian that the individual genius wasn’t some form
—occupies a chapter in every history of classical great composers whose training was haphazard music-making. Borodin made his living as of inspiration or spiritual insight but the
music. Mr. Walsh, however, suggests that the and well outside the musical establishment. a chemist; Musorgsky was a civil servant; result of a particular set of social relations.
two styles weren’t so different. Wagner filled Schumann in his early 20s was still “almost Rimsky-Korsakov wrote his first symphony That may well be right. But just as important,
his scores with leitmotifs, Brahms with endless completely untaught” in music theory. He was, while an aspiring naval officer on a three-year perhaps, was the creeping belief that musical
iterations of diatonic themes. “In both cases,” “perhaps, with Wagner, one of the first world cruise. The Kuchka’s music was uneven genius must always be cultivated and approved
writes Mr. Walsh, “the result is a saturated musicians in the new mould, in a sense an but included works of profound genius— by the academy.
texture in which everything carries meaning.” incomer, profoundly musical in his sensibility Borodin’s two string quartets and Musorgsky’s
What was it about this long century that but innocent of the textbook.” The young Liszt, piano suite “Pictures at an Exhibition” and Mr. Swaim is an editorial-page writer for
n-

produced so many masterpieces? Mr. Walsh despite performing wildly popular virtuoso opera “Boris Godunov,” among other works. the Journal.

Bestselling Books | Week Ended January 7

no

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScangatherspoint-of-salebookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacrosstheU.S.,
representingabout85%ofthenation’sbooksales.
Atomic Habits 1 1 Go-To Dinners 6 5 The Stolen Heir 1 New Cat Kid Comic Club: Collaborations 6 2 Print-bookdataprovidersincludeallmajorbooksellers,
James Clear/Avery Ina Garten/Clarkson Potter Holly Black/Little, Brown Young Readers Dav Pilkey/Graphix webretailersandfoodstores.Ebookdataproviders
includeallmajorebookretailers.Freeebooksand
The Light We Carry 2 2 The Subtle Art of Not Giving a F*ck 7 10 Lessons in Chemistry 2 1 Diper Överlöde 7 4 thosesellingforlessthan99centsareexcluded.
Michelle Obama/Crown Mark Manson/Harper Bonnie Garmus/Doubleday Jeff Kinney/Abrams Thefictionandnonfictioncombinedlistsinclude
aggregatedsalesforallbookformats(exceptaudio
I’m Glad My Mom Died 3 3 Friends, Lovers, and the Big... 8 7 Without a Trace 3 New Reindeer in Here 8 3 books,bundles,boxedsetsandforeign
Jennette McCurdy/Simon & Schuster Matthew Perry/Flatiron Danielle Steel/Delacorte Adam Reed/Simon Spotlight languageeditions)andfeaturea
combinationofadult,youngadultand
Faith Still Moves Mountains 4 8 PlantYou 9 New Nick and Charlie 4 New How the Grinch Stole Christmas! 9 — juveniletitles.Thehardcoverfiction
Harris Faulkner/Broadside Carleigh Bodrug/Hachette Go Alice Oseman/Scholastic Dr. Seuss/Random House Young Readers andnonfictionlistsalsoencompassa
mixofadult,youngadultandjuveniletitleswhilethe
Good Boundaries and Goodbyes 5 — Atlas of the Heart 10 — The House in the Pines 5 New The Boys From Biloxi 10 5 businesslistfeaturesonlyadulthardcovertitles.
Lysa Terkeurst/Thomas Nelson Brené Brown/Random House Ana Reyes/Dutton John Grisham/Doubleday ReferquestionstoTeresa.Vozzo@wsj.com.

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

The Daily Stoic 1 — Atomic Habits 1 1 It Starts With Us 1 1 It Starts With Us 1 1 Atomic Habits 1 1
Ryan Holiday & Stephen Hanselman/Portfolio James Clear/Avery Colleen Hoover/Atria Colleen Hoover/Atria James Clear/Avery
From WTF to OMG, With a Little LOL 2 New The January 6 Report 2 4 Lessons in Chemistry 2 4 It Ends With Us 2 5 The Daily Stoic 2 3
David Corbin & Kerry Jacobson/Sigma January 6th Committee/Harper Paperbacks Bonnie Garmus/Doubleday Colleen Hoover/Atria Ryan Holiday & Stephen Hanselman/Portfolio
Atomic Habits 3 3 The Light We Carry 3 2 Without a Trace 3 New Verity 3 4 Finding the Way 3 New
James Clear/Avery Michelle Obama/Crown Danielle Steel/Delacorte Colleen Hoover/Grand Central Cap Treeger/Greenleaf
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The Tools 7 — The Four Agreements 7 — Verity 7 10 The Seven Husbands of Evelyn Hugo 7 6 Emotional Intelligence 2.0 7 New
Phil Stutz/Spiegel & Grau Don Miguel Ruiz/Amber-Allen Colleen Hoover/Grand Central Taylor Jenkins Reid/Washington Square Travis Bradberry/TalentSmart
Never Finished 8 — Never Finished 8 10 Tomorrow, and Tomorrow, and... 8 — Ugly Love 8 9 Dare to Lead 8 10
David Goggins/Lioncrest David Goggins/Lioncrest Gabrielle Zevin/Knopf Colleen Hoover/Atria Brené Brown/Random House
The Light We Carry 9 — Rich Dad Poor Dad 9 — The Push 9 — A Court of Thorns and Roses 9 — Extreme Ownership 9 6
Michelle Obama/Crown Robert T. Kiyosaki/Plata Ashley Audrain/Pamela Dorman Sarah J. Maas/Bloomsbury Jocko Willink & Leif Babin/St. Martin’s
Get Good With Money 10 — The 48 Laws of Power 10 — The Boys From Biloxi 10 — Reminders of Him 10 — The 12 Week Year 10 —
Tiffany Aliche/Harmony Robert Greene/Penguin John Grisham/Doubleday Colleen Hoover/Montlake Brian P. Moran & Michael Lennington/Wiley
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | C13

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

1. Bills safety 5. Georgia trounced Texas Cell Blocks Cell Blocks

Damar Hamlin Christian for the college Divide the grid
was discharged football championship. into square or
from the What is the winning rectangular blocks,
For previous
hospital. Who team’s nickname? each containing
weeks’ puzzles,
was Buffalo one digit only.
Every block must
and to discuss
playing when
A. The Scarlett strategies with
he suffered Knights contain the number
of cells indicated by other solvers, go
cardiac arrest?
B. The Yellow Jackets to WSJ.com/
the digit inside it.

C. The Georgia Peaches puzzles.

A. The New
D. The Bulldogs
England Patriots Killer Sudoku

B. The Cincinnati Bengals Level 3 Suko
6. The U.S. Strategic Petroleum

C. The Cleveland Browns
Reserve is at its lowest level

D. The Pittsburgh Steelers
in 39 years. How many barrels
are left?
2. House Republicans
introduced a bill to prohibit
A. 3.72 million
one aspect of the digital
B. 37.2 million Killer Sudoku Level 4
revolution. Which?
C. 372 million As with standard

D. 3.72 billion Sudoku, fill the

A. The marriage of robots grid so that every
and humans column, every row
7. The U.S. cancer mortality rate and every 3x3 box Loaded Language

B. The default tracking of has dropped by a third since contains the digits A U D I T S P S Y C H E MO S D E F
location by smartphones 1991, but one type of cancer is S N O C A P L A T E R O N I P H O N E
1 to 9. Each set of

C. The use of artificial being diagnosed at an advanced H I G H R E S O L U T I O N S T E V I E
cells joined by
intelligence to write a stage more often. Which? E T S S C H L E P S T E F F I E D S
dotted lines must H A I K U E N C L I MA
weekly news quiz
add up to the S E E M S T I F F C OM P E T I T I O N

D. Federal pressure on
A. Breast target number in E L L E N N E Y O A U X Z O R R O
internet platforms to
B. Lung its top-left corner. W E T N O O D L E A R G O E M I T S
suppress lawful speech N N E MA R A T P E T E R S I E

C. Prostate Within each set A R MO R S T I G H T S Q U E E Z E

D. Liver of cells joined by O R E S E P I A U P S
dotted lines, a digit S T E WE D P R U N E S S E E T H E
3. Classified documents E E R R A N T S O A K E N O L E
cannot be repeated. O M A R S A S K S B L I N D S P O T
turned up in an office formerly 8. A new breed of bowling pins
U P T O P I T E A L I A S O P P Y
used by Joe Biden—at what has sparked ire to spare. Why? L O O S E T R A N S L A T I O N D I E M
think tank? A C A I Y E R A I D A N
Suko S O D T H E B I Z D A P H N E GMA

A. They are harder to knock

A. The Woodrow Wilson Place the numbers P R I O R I F L Y I N G D U T C HMA N
down. I C E R U N F I G L E A F H A S A G O
1 to 9 in the spaces

.
Center
B. They are easier to knock T A T AM I S A Y E R S S L I D I N
so that the number

ly

B. The Penn Biden Center down.
in each circle is equal

C. The Pew Research Center
C. They are plastic rather than Rows Garden
to the sum of the

D. The Cato Institute wood.
four surrounding O U P

D. They are made in Russia. D Y O C O Y
on
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and R D T M R H N O D R
each color total C E I S A C I G R E S
4. Supporters of Jair Bolsonaro
FROM TOP: BRYAN BENNETT/GETTY IMAGES; QUBICAAMF

S E E O S H S L H U E
attacked government buildings is correct. K L T N T I O D O S
A M N O E E M N L S
in Brasilia. Who designed most B T A F R V R O A I A
us ,

of them? B R M N M M A D I N L
A E I I U H N S G A
l

H A R P L S N H N C
T E C O O I O T I I E
e
al a

A. Le Corbusier I S B U T M D G I T R

B. Louis Kahn T A O T I E O S T E
A D O C N M T G A H

C. Ludwig Mies van der Rohe H R T P I E A O R P Y
ci on

D. Oscar Niemeyer W R O H N R T P S O T
O D F O O S O S H R
I D R L A T R B R E
C N E E L S O Y U N R
C I K R E R T R O W R
L C E S C E A Y F A
Answers are listed below the A T L V E S
R O R
er s

crossword solutions at right.

m er

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 38 Radius neighbor
39 Sunburn 1 2 3 4 5 6 7 8 9
19 20 21 22
preventer
23 24 25 26 40 Ed Norton’s wife 10 11
27 28 29 30 31 44 Daggers, in a
co Fo

way 12 13
32 33 34 35 36
46 2018 CVS
37 38 39 40 acquisition 14 15
41 42 43 44 45 46 48 “Pish posh!”
50 Conspiracy 16 17
47 48 49 50 51 52 53 54
theorist’s
55 56 57 58 59 60 affliction 18 19 20
52 Siberian forest
61 62 63 64 65 66 67
53 Correct a PIN, 21 22 23
68 69 70 71 72 73 74 say
75 76 77 78 79 54 Email program 24 25 26
button
80 81 82 83 84 85 86 87 88 89
56 Optimistic 27 28
n-

90 91 92 93 94 95 58 Minor criticism
96 97 98 99 100 101 62 Gossipy sort 29 30
102 103 104 105 106 107
64 Rival of Bugs and
Daffy, for short 31 32
no

108 109 110 111 66 “Three’s

112 113 114 115 116 117 118
Company” 33 34
landlord
119 120 121 122 123 68 Rocky
124 125 126 127 outcropping Language Lab | a cryptic puzzle by Emily Cox & Henry Rathvon
69 Fix a plot hole?
128 129 130 131
70 Sitting out Twelve answers undergo a change 24 Cutting-edge thing to know 6 Just passing through East
72 Dumb jerk
before entering the grid (mostly as in Spain (5) Coast capital (5)
Alternate Endings | by Alex Eaton-Salners nonwords). In the finished grid,
73 ___ Gatos shaded squares from top to 26 One apt to follow a criminal 7 Native American house ru
Across 47 One who never 96 Profile in crime? Down 79 “Waterfalls” hustle with a different with gaping hole returned
skips class? bottom explain the change.
1 Resort at Baja’s 97 Sarge, say 1 Bonfire setting, group order (6) (6)
tip 49 Not new 99 Tacked-on perhaps 81 Diarist with a
5 Further down? 51 •Theater wall charges 2 Nike competitor dieresis 27 Celebrity-filled lodge 8 Fine day around the
10 Hit back? display 101 Burj Khalifa’s nat. 3 Riot police wear 83 Cagney’s TV spanning railroad (6) Flickertail State (5)
15 “A Visit From 55 Comic 102 Region of ancient 4 Warming up partner 29 Let gun nuts pig out in an 9 Saint Emily’s flower holde
the Goon Squad” Silverman Palestine 85 They have
5 Sneeze response old-fashioned way (6) (5)
author Jennifer 57 Fall setting 105 •Teslas and the uncrackable Across
6 Caustic chemical shells 30 Russian city garbage boat 14 Detective left in the Great
19 River through 59 Put the kibosh on like 1 State hospital’s opening
Rugby 7 Plain 87 Judgment day? following standard Lakes initially (6)
60 Make fizzy 108 Subject for a a game system around
Millet painting 8 Make certain 88 Apple variety procedure (6)
20 Jeff of ELO 61 Hall of Fame mid-May (6) 15 Part of Scotland, or island
pitcher Wilhelm 110 Yarn skein 9 Setting for an since 1998
21 Echo’s voice 31 Greasy antimacassar, around North (6)
specification Innocence 89 Odd couple? 6 Fight breaks up holders of
22 Former filly 63 Awesomely Project victory, perhaps, behind the head
exciting, in slang 111 Cartoonist 91 Note that sounds some music jams (6) 17 Literary Calvin pens round
23 •Disfavored Thomas
maybe
like good advice (4) number with 12 zeros (8)
option for a flier 65 Bound 10 Fir coat? 10 Small change in role
• 67 Getaway
112 Yodeler’s spot, 92 Portioned (out) refreshed California town 32 Bent vial corrupted sort of 18 Changed gait to scuffle
25 Self- traditionally 11 Conceding words
aggrandizing destination 94 Weighted fishing (2,6) vaccine (8) (2,2,2)
deeds 113 Pacific microstate 12 Damp at dawn tool
68 Old PC monitor 33 Pocket-size “Kansas 19 Singer about a
27 Receivers of • 115 Aria belter 13 Work out 98 Rocker Etheridge 11 Tantrum about a decree
71 Live audience Monthly Times” (5) Pennsylvania town (7)
checks on TV’s “Howdy 116 Skips 14 Element whose 100 Burn, in a way from on high (4)
Doody” phonetically name is derived 34 Fish bearing red horns (5) 20 Score’s beginning with
28 ___ mater (brain
from the Greek
103 Tall and thin 12 Oregon besieged by strong
119 •Early 18th-
membrane) 74 Bonny boy for “heavy” 104 Facilitate wind over the place (6) Down ordinary lento (6)
30 Aleppo’s land century pirate of
75 Mens ___ the West Indies 15 CPR pro 106 Casting groups? 1 Soldier included in 22 Early TV bandleader the
(intent) 13 Well-groomed eccentric is
31 Arthur with 107 “Nightfall” author Olympian’s flights (7) two of us like, oddly (4)
122 •Substitute 16 Refuse place gone (6)
Emmys 76 Civil rights leader squad 17 Redheaded 108 Cellist Casals 2 A lawyer who limps when
32 Opera makeup Roy 14 Protagonist getting both 23 Yuppie wheels kegful
124 Trouble with Disney princess 109 Island with an walking tree-lined
33 Doubt-raising 77 Where the wild sibilants immigration ends of the inside straight around me (6)
things are 18 View from promenade (7)
question Everest museum (6) 24 Improvise while singing ru
125 “The Rise of
35 Panacea 78 Enthralled Skywalker” role 24 “Who cares if 110 Twosomes 16 Spanish king holding police 3 How he never conveys a (4)
37 •Rubber-bulbed 80 With skepticism 126 Provide a little they do?” 114 Italian painter question of time (4)
tube needed for 82 Back part of a
back up again? (6) 25 Musical bums with sides
night music? 26 Indian outfit Guido
Thanksgiving Navy site? 17 Cafeteria needs bit of tuna 4 Back of cabin in rolling splitting (5)
127 Siouan speaker 29 Indian state 117 Harrow rival
40 Comic skill 84 Nothing special fish (5) prairie being fixed (2,6) 28 Vessels that are large yet
128 Greek peak 34 “The gloves are 118 Part of a bed
41 Thrower of shade 86 Spanish hero 129 Piano classic off!” spread? 18 Imitate bombast about 5 Magazine sale ran awry (7) when inverted small (4)
42 Express 90 •Crossing a dedicatee 36 Belgian artist 120 Number cruncher, male beliefs (6)
unhappiness gangplank, say briefly Get the solutions to this week’s Journal Weekend Puzzles in next
s

130 Balance sheet James

43 Scanner parts 93 Keystone ___ listing 37 “Working Girl” 121 Female kangaroo 21 Factory of a sort Saturday’s Wall Street Journal. Solve crosswords and acrostics
45 Coral, for one 95 Draw closer 131 Hawk woman 123 Extracted stuff understood the source of online, get pointers on solving cryptic puzzles and discuss all of the
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

REVIEW

An image from Kristin Lucas’s augmented-reality experience ‘FlARmingos.’

ICONS

Making Art for the Age of Screens

.
ly
BY SUSAN DELSON hibition. In that piece, an 18th-cen- masked and embellished versions of that weren’t possible before.” ated for the exhibition by the artist

I
n 1987, artist Gretchen Bender
created the installation “Total
Recall,” a wall of televisions and
on
tury sculpture of the Buddha seems
to gaze at its own image played back
on closed-circuit TV. Originally cre-
ated in the early 1970s, Paik’s iconic
their own faces. In the section on
surveillance, Rafael Lozano-Hem-
mer’s “Pulse Index” (2010) relies on
participation via a fingerprint scan-
The show’s ecology theme, fanci-
fully embodied by Ms. Lucas’s fla-
mingos, takes a sobering turn in the
work of Ethiopian artist Elias Sime.
collective !Mediengruppe Bitnik, the
work presents conversational snip-
pets from five “fembots” said to be
in Fort Worth—“all within a mile of
us ,

projection screens emitting a work foreshadows the “closed-loop ner and heart-rate sensor, gathering “Tightrope: Contrast” (2017), a 6- the museum, supposedly,” Ms. Hearst
barrage of nonstop flashing images echo chamber that screens create” and then displaying the user’s infor- by-13-foot wall panel, is made from says. Even knowing the circum-
l
e
and sound. As a critique of digital online, Ms. Hearst says, as well as mation—a reflection, computer detritus stances of the work’s creation, she
al a

culture, it was strikingly prescient. the “vanity of contemporary social perhaps, of the inter- gathered at open-air adds, “it’s a bit enticing and surpris-
The shift to screen life has been de- media.” net’s predilection for Digital markets in Addis ing, maybe, when these chatbots
ci on

cades in the making, and generations Andy Warhol tried his hand at amassing personal Ababa. Using tradi- start talking to you and flirting with
of tech-savvy artists have been screen art in 1985, when he was data.
drawings by tional weaving tech- you.”
charting those changes. The new ex- hired to promote a new graphic soft- The most playful in- Warhol niques, Mr. Sime trans- The show opens and closes with
hibition “I’ll Be Your Mirror: Art and ware and created digital drawings on teractive work in “I’ll will be formed reclaimed works that reflect the sheer volume
the Digital Screen,” opening Feb. 12 the Amiga, a short-lived computer Be Your Mirror” is electrical wires into a of information available online. Pe-
displayed
er s

at the Modern Art Museum of Fort beloved by programmers. At the mu- Kristin Lucas’s “FlAR- striking abstract com- nelope Umbrico’s “48,586,054 Suns
Worth (MAM), features more than 70 seum, the Amiga displaying these mingos,” an aug- on a 1985 position, drawing at- from Sunsets from Flickr (Partial)
m er

works by 50 artists, for whom the works is a vintage 1985 model. Using mented reality experi- tention to Africa as a 11/05/20” (2020) presents a selection
screen is both indispensable tool and an old-style corded mouse, visitors ence that allows the Amiga disposal site for the of the images she found by searching
irresistible subject. can click through a dozen Warhol user to dance with ani- computer. world’s toxic e-waste. “sunset” on the photo-sharing app
These works include paintings, pieces, including a pattern-crazed, mated flamingos su- The section of the Flickr on a single day. The final work
m rp

sculpture, videogames, augmented psychedelic self-portrait. “I can’t perimposed on real- exhibition on automa- in the exhibition, Molly Soda’s “Me
reality projects and more the 1960s wait for younger generations to in- life settings. First created in 2017, tion and loneliness spotlights an- Singing Stay By Rihanna” (2018),
to the present. The show is struc- teract with this technology,” Ms. the piece has evolved through the other dark side of virtual life. “Ash- compiles 42 videos of YouTube us-
tured around themes such as connec- Hearst says, imagining “how slow years, from an initial rendering made ley Madison Angels at Work in Fort ers—mostly young women—singing
KRISTIN LUCAS/AND/OR GALLERY

tivity, surveillance and the posthu- and awkward it must feel” to Gen Z for Google Glass—a much-heralded, Worth” (2023) is a five-channel Rihanna’s 2012 pop song “Stay” in
co Fo

man body, in which art and screen audiences. soon-vanished brand of smart video installation focusing on Ashley their bedrooms. Though created in
“intersect most dynamically,” says Other works invite further inter- glasses—to the current version. The Madison, a website for people seek- isolation, when all 42 videos are
the show’s organizer, MAM curator action. Visitors approaching Huntr- birds’ movements have become in- ing extramarital affairs. A 2015 data synced and shown together on a sin-
Alison Hearst. ezz Janos’s “Tinsel Polycarbonate” creasingly interactive and realistic, breach revealed that, in an effort to gle screen, the singers become a poi-
The first section presents screen- and “Hologram Mythography”—aug- Ms. Hearst says, and in dancing to- retain its millions of male users, the gnant chorus and momentary online
art pioneers like Nam June Paik, mented reality filters created on In- gether, users’ bodies now overlap site had surreptitiously added more community in a way that seems both
whose “TV Buddha” inspired the ex- stagram in 2019—will see colorfully with the animated figures “in ways than 70,000 “female” chatbots. Cre- haunting and familiar.

MASTERPIECE | ‘PORTRAIT OF A YOUNG ARTIST. CHARLES-PAUL-JÉRÔME BRÉA’ (C. 1769), BY JEAN HONORÉ FRAGONARD
n-

Fantasy gave way to reality.

The Luminous Look of Freedom Fragonard’s technique in the mis-

named fantasies is lively and cheer-
no

ful. Light streams in from the left.

BY WILLARD SPIEGELMAN Bréa” (c. 1769), an 18th-century por- No one else in the room was look- gan finding favor with private col- All the pictures are of a standard
traitist and miniaturist. With his ing at him. Everyone was rushing lectors, who wanted things like size (roughly 32 by 26 inches). The
EVERY ART LOVER has experi- billowing, ruffled, open-neck collar through. I spent 90 undisturbed “The Stolen Kiss” and other erotica, subjects are at leisure, or engaged
enced this disappointment: You and a yellow shirt or jacket over his minutes in his company. or “The Progress of Love” series, in artistic activities: reading, sing-
travel somewhere, set on seeing a left shoulder, clutching a red portfo- Jean Honoré Fragonard now at the Frick Collection, with ing, playing instruments, writing.
specific object, and find that it has lio on a cloth-draped table, he ex- (1732-1806), born in Provence, people in light, loosely flowing They seem to be enjoying them-
been lent out, is under restoration, uded a welcoming combination of raised in Paris, studied with the ro- clothing, chasing one another, selves. The painter, too, is enjoying
or inexplicably unavailable. If you movie-star glamour and artistic coco master François Boucher and smooching and playing pastoral himself. He has banished sadness
are lucky, the serendipity of a new nonchalance. then spent four years in Rome at games. Or the small picture at the and anxiety. As in the Bréa portrait,
discovery will compensate for the As your eye moves from the bot- the French Academy. This was the Louvre beneath the Bréa portrait, a Fragonard was so enamored of a
loss. tom to the top, this picture be- route for someone eager to pursue piece of rococo quasi-pornography certain golden hue that it has for-
Last October, I went to the Lou- comes more colorful and luminous. the standard training to become a called “The Powder Keg,” depicting ever earned the label “Fragonard
vre to write about Chardin, master The table covering, hastily history painter. But Fragonard had an almost naked woman on her bed, yellow.”
of the still life. I learned that the sketched, is made of brown and other ideas. Instead of following a legs apart, with three little Cupids Bréa (1739-1820) was an art
museum’s entire Sully wing was green earth tones. The bright path to royal commissions, he be- holding up lighted candles or tick- dealer as well as an artist. Fragon-
closed. Undaunted, I returned two leather case steadies the ling her thighs with ard’s friend Peter Adolphe Hall
days later, and raced to the now composition, which has its feathers. (1739-93) also did Bréa’s portrait,
opened, empty rooms housing 18th- own geometry: A vector Fragonard’s quest for depicting him as serious and noble,
century French painting. Within 20 moves from the plane of freedom almost certainly looking straight out at us, and
minutes, two nervous guards de- the portfolio to the sitter’s inspired his fantasy fig- wearing a powdered wig. Fragonard
scended on me and hustled me out. hand, to his elbow, up to ures of the late 1760s took a different tack, and deliber-
Why? A worker shortage required his shoulder and then to (several of which are in ately gave us the man almost rhap-
that they close the rooms (again). his head, in a sequence of the Louvre, though the sodically free. It is as though, hav-
Queried, a kindly attendant told me right angles. This jagged Bréa is the lone example ing discarded his wig, Bréa is doing
that although Chardin was inacces- line balances Bréa’s flam- in this gallery). These are what Fragonard himself did: He is
sible, I might visit a Fragonard else- boyantly sinuous garments. people dressed in Spanish abandoning conventionality for joy-
where in the encyclopedic museum. The right side of his costume or other imprac- ful, anticipatory exuberance.
Thousands of day trippers march face is illuminated, almost tical, theatrical garments. Fragonard survived the French
in lockstep down the “grande gal- halo-like. He gazes over his They are rendered in Revolution, although his work had
erie” to take selfies with the Mona left shoulder as if hearing, brushwork so swift, by then fallen out of favor, and he
Lisa in the “salle des états.” Right rather than seeing, some- broad and easy that the died in obscurity. His freedom and
off the “galerie” there is a quiet thing that has attracted oils look like preparations facility had effected a revolution of
room that serves mostly as a pass- him. What is he waiting for something else, rather their own, however. Later in the
through. It houses more than 20 for? Inspiration? We can- than finished work. Until 19th century, another group of
portraits—by Van Dyck, Goya, David not know. His square jaw is 2012, it was thought that painters—the Impressionists—also
and Ingres, among others—donated noble, his lips pursed, his these pictures were fanta- turned away from academic seri-
in 1942 by the Mexican art collector neck well-muscled. His sies of unknown sitters, ousness and embraced new styles
Carlos de Beistegui. tousled hair is blowing but a newly discovered and broader brushstrokes. They
BRIDGEMAN IMAGES

Well above eye level, I saw an oil back. Stationary, he seems pen-and-ink sheet of learned from Fragonard, who had
portrait of a strikingly handsome on the verge of energetic Fragonard’s sketches for preceded them.
man looking up and away from me. movement. the oils proved that most
This was Fragonard’s “Portrait of a He is one of Fragonard’s of the portraits were, in Mr. Spiegelman writes about books
Young Artist. Charles-Paul-Jérôme so-called fantasy figures. The painter rejected his era’s academic solemnity. fact, of known figures. and the arts for the Journal.
 OFF DUTY
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Let’s Drink to Our Kind of

A Great Deal Crossover
White Burgundy The Genesis
isn’t (usually) GV70 2.5T ticks
known for all the right
bargains D8 boxes D9
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | D1

BLUE BUYS
We asked men
in Midtown
Manhattan what
they’d fork over
for a pair of
jeans

where I
e, $5 0. I love to thrift—that’s
‘Probably, lik
jeans I like.’ Dalton Bleckman, 19, student ‘Up to $200. It depends on the occ
find most of the — wearing it for. [I’ll] go down to $40
asion, what I’m
-60 but if it’s a
name brand I’ll go up.’
—Frank Henderson, 62, works on
convertible bonds desk

.
How Much Should Your Clothes Cost?
ly
on
As the cost of living skyrockets, many shoppers are paying extra-close attention to the price of everything from denim to cashmere.
Todd Plummer breaks down what it’s reasonable to pay for quiet, high-quality menswear staples that will last. Turn to page D3.
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo

REPORTING AND PHOTOS BY LIZZY WHOLLEY/THE WALL STREET JOURNAL

i’s. I think this pair ‘120 bucks. I like AG

‘100 bucks, 150 maybe. I like Lev wearing] are Zara,
and Diesel. These
[o
[I’m wearing] are from Uniqlo. The
y’re quite cheap: [they cost] under 60 nes I’m
probably.’ bucks,
n-

30-40 euros.’ ultant

—Tommaso Noseda, 32, cons —Yoni Ron, 37, works
in software sales
no

Inside
Don’t Erase Your Face THE ‘IT’ CHAIR
OF 2023
Some call it
More women are aging ‘intentionally,’ opting for non- or minimally invasive brutalist. Some
treatments that refresh their visages without (totally) zapping fine lines call it uninviting.
Design pros
love it. D6
BY MARISA MELTZER

E
VERY YEAR on her birthday
Heidi A. Waldorf, a dermatol-
ogist in Nanuet, N.Y., posts a
selfie on social media. She doesn’t
wear makeup or employ any photo
filters. But she does include infor- WINTER IN HAWAII? NAH!
mation on the beauty treatments Honolulu native Allegra
she’s had, including dermal fillers, Goodman on why she prefers
botulinum toxin (Dysport) and Ther- the Massachusetts chill D5
mage, a radio-frequency therapy
that tightens skin. All these in-office
procedures are nonsurgical and con-
sidered non- or minimally invasive.
“Like my patients,” said Dr. Waldorf,
58, “I’ve never wanted to look like
anyone else—just like a refreshed,
KATE CUTHBERT; ALAMY (BUST); GETTY IMAGES (TOOLS)

vibrant version of myself.”

Dr. Waldorf, who began such
treatments around 35, was an early
adopter of what you might call “in-
tentional aging.” Adherents to this
growing trend get their faces im-
proved by dermatologists with low-
intervention treatments such as la-
sers (for hyperpigmentations,
wrinkles and scars), ultrasound (for A TASTE OF OLD FLORIDA WORTH CRYING OVER
firming), microneedling (for im- A guide to the serene beaches Onions may leave cooks
proved texture) and moderate in- and towns on the Sunshine weeping, but these allium
Please turn to page D2 State’s Treasure Coast D4 recipes are a joy D7
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Sustain The MAJOR LASERS
Ultrasound, light and radio-

Skin You’re In
frequency therapies might
help skin look refreshed.

Continued from page D1

jectables instead of chasing eternal youth via ex-
treme measures like plastic surgery.
The desire for less-intense procedures marks
a shift in the aesthetics of aging. In the past,
women were more liable to ask for the works:
face-lifts, aggressive resurfacing lasers or an ex-
cess of filler. “The results at times spoke for
themselves, and not always in the best way,”
said Laurel Naversen Geraghty, a dermatologist
in Medford, Ore. Today, Dr. Geraghty’s patients
are largely open to Botox, small amounts of
filler and “may go for microneedling, Hydrafa-
cial or vein treatments but aren’t necessarily
feeling face-lifts.” Plus, nonsurgical therapies
like lasers often require little healing downtime.
Her clients want to look radiant but also want
to recognize themselves in the mirror. That can
mean accepting a few wrinkles.
Dr. Geraghty credits the change in part to the
pandemic. All that time spent isolated without
access to hair dye, let alone Botox, helped many
of her patients emerge with a new mindset. “A
lot of us were faced with the realities of our own
aging, had a chance to re-evaluate and came out
the other side with a kinder appreciation for
what mother nature gave us,” she said. “Rather
than fighting natural aging, we’re embracing it—
with a little help from technology.”
Another factor is the celebrity effect. In recent
years, many high-profile women—Naomi Watts,
Sarah Jessica Parker, Justine Bateman—have
spoken candidly about what procedures they will
and won’t do. And even more, such as Oprah
Winfrey, Cate Blanchett and Michelle Yeoh, have

.
flaunted hard-earned grays and fine lines. Or per-

ly
haps we’ve had too many uncanny experiences of
seeing a celebrity on the red carpet with an ut-
terly unrecognizable new face.
Paulina Porizkova, the supermodel and author
of the memoir “No Filter: The Good, the Bad, and
the Beautiful,” has nearly one million Instagram
followers thanks to frank posts celebrating her
on
us ,

age. She’s avoided plastic surgery, instead opting

Five Nonsurgical Approaches to Saving Face
l
e
al a

An expert guide to popular in-office treatments for those who want to refresh their visages without going under
‘I’ve never wanted to look like the knife—from approximate starting costs per session and recovery times to how much they actually hurt
ci on

anyone else—just like a refreshed,

vibrant version of myself.’ Microneedling and ford, Ore., dermatologist Laurel sults. “The [laser’s] two wave- and considered safe for [olive
Platelet-Rich Plasma Naversen Geraghty. If your lengths can be used separately skin or lighter], but not recom-
Downtime 1 to 5 days complexion is darker than olive, or together for acne scars and mended for richly pigmented
Cost From $800 Durham, N.C., dermatologist wrinkles, surface pigment or skin,” said Dr. Geraghty.
er s

for lasers and Ultherapy (an ultrasound treat- Commonly called a vampire fa- Brooke Jackson suggests in- pores,” said Dr. Waldorf.
ment used to help firm sagging skin) to maintain cial, this procedure is meant to stead trying ADVATx, which Ultrasound
m er

her natural-looking appearance. That she has the improve skin firmness and tex- uses high-power yellow and in- Radio-frequency and Downtime 1 day
bone structure of a Roman goddess helps too. ture. It begins with micronee- frared laser energy. “With Microneedling Cost From $900
“I’m 57 and proud of it,” said Ms. Porizkova. “I dling, which creates pinpoint darker skin you should always Downtime 1 to 3 days Ultherapy and Sofwave are
don’t need to look like I’m in my 30s or wounds down to the epidermis proceed with caution,” she said. Cost From $750 popular skin and subcutaneous
m rp

40s…[but] I’ve been in the public eye for my to help stimulate collagen and Radio-frequency microneedling tighteners. “These procedures
looks my entire life. I still want to be attractive— elastin production. Next, blood Fractional Laser devices like the Morpheus8 won’t significantly improve se-
I don’t want to look tired or sad.” drawn from your vein is spun Downtime 3 to 10 days machine heat the skin and sub- vere skin laxity, but for the
Alice York, a Chicago yoga teacher who turns in a centrifuge to siphon off Cost From $1,500 cutaneous fat (the thin layer of person with mild or moderate
40 next month, observed that for women, aging growth factors that can en- The Fraxel Dual Laser is rec- fat beneath the skin) to im- changes, annual or biennial
co Fo

is a catch 22. “We’re stuck between empower- courage healing and rejuvena- ommended for patients with prove wrinkles, stimulate colla- treatment can improve and
ment and...external pressure [to look youthful] tion. The resulting platelet-rich signs of photodamage. It re- gen production, tighten and maintain a youthful tone,” said
that we then internalize,” she said. Even so, she’s plasma is applied to the skin quires more downtime than tone. It may be painful due to Dr. Waldorf. You may experi-
not eyeing surgery. Rather, she’s considering after microneedling to allow other nonablative lasers but the combo of needles and heat. ence a brief burning sensation,
augmenting her current facials and “obsessive for absorption. If the idea of also has more dramatic re- Even so, “it’s minimally invasive but it won’t last.
neck-cream application” with Botox (for a lift) getting your face smeared
and lasers (for firming). Such options, she said, with blood makes you (under-
“allow us to have some control, it feels, to dic- standably) squeamish, consider
tate how we look and the pace at which we age.” a laser or ultrasound therapy.
How much control is up for debate. Nonsurgi-
cal treatments have their own risks and can take Nonablative Laser and
many visits over months for optimal results. It’s Intense Pulsed Light
n-

crucial to know what a treatment can reasonably Downtime 2 days

accomplish given your age and skin tone. Cost From $1,000
Lara Kaiser, an aesthetician at Brooklyn’s Car- Nonablative lasers (like Clear +
rie Lindsey Beauty, has seen clients whose skin Brilliant) and intense pulsed
no

looks thinner and older after overuse of lasers. light therapy (IPL) improve pig-
Before committing to a procedure, she advised, mentation and signs of sun
establish a consistent skin-care routine and mas- damage. Multiple treatments
sage the face daily for a full minute while cleans- can boost collagen, but results
KATE CUTHBERT (ILLUSTRATION); GETTY IMAGES; ALAMY (BUST)

ing to depuff and get blood flowing. may take a month to see. Nan-
“A wonderful dermatologist said to me the less uet, N.Y., dermatologist Heidi
the device has to do, the better the results,” said Waldorf likes to combine these
Valerie Monroe, a former beauty director and the treatments with exfoliation
author of newsletter “How Not to F*ck Up Your and extraction procedures like
Face.” In other words, the healthier your skin, the Hydrafacial which, she said,
happier you’ll likely be with a procedure. Ms. may give the skin a glow and
Monroe keeps hers in peak condition with a der- improve penetration of home
matologist-approved skin-care regimen of non- topicals like serums. However,
soap cleanser, prescription retinoid and sun- with IPL, “people with richly-
screen. She’s tried microneedling (she liked it) pigmented skin are at greater
and nonablative laser facials (they did nothing for risk of post inflammatory hy- IN THE MOMENT Four famous faces who appear to have elegantly embraced aging. From left:
her). When she gets a treatment, she’s not seeking per pigmentation,” said Med- Salma Hayek, Paulina Porizkova, Helen Mirren and Oprah Winfrey, all photographed in 2022.
a Benjamin Button effect. “I am 72,” she said. “If I
think my skin will look 25, I’ll be disappointed.”

How Soon Is can slim a cheek or smooth a fore-

head with a swipe. One irony: Accord-
haven’t started to wrinkle—[that’s
why] it’s always best to treat the skin,
Too Soon to Start? ing to New York dermatologist Jenni- not the age number.”
A skeptical 20-something seeks fer MacGregor, overexposure to blue The first step for women in their
out an antiaging reality check light from digital devices stresses 20s, says Kailey Boland, a New York
skin cells and can actually hasten esthetician, is to address underlying
“A BIT EARLY for Botox, don’t you signs of aging. skin conditions like acne and perioral
think?” I asked a friend who revealed Chaneve Jeanniton, a Brooklyn oc- dermatitis (which stress, masks and
that she’d begun regular treatments ulofacial plastic surgeon, has noticed even overuse of creams and serums
before we’d even finished college, more of her patients, half of whom can exacerbate) before investing time
hoping not to hide wrinkles but to are in their 20s and 30s, seeking early and money in Botox and fillers. Her
avoid developing any at all. “It’s pre- antiaging treatments. “There’s been a other entry-level suggestion: Consis-
ventative,” she replied assuredly. I was very sharp increase,” she said, “Every- tently use a quality LED (light emit-
flummoxed. Do young women really one comes in and has the marketing ting diodes) mask to help kill acne-
only get two carefree decades before terms ready. They’re asking for pre- causing bacteria and reduce
it’s time to reach for the needle? ventative Botox, ‘baby’ Botox. It’s al- inflammation and fine lines.
I probably shouldn’t have been sur- most prescribed.” Beyond that, perhaps the healthi-
prised. In the era of social-media She emphasizes, however, that, for est thing any of us can do—no matter
selfie culture and apps like TikTok, In- young women who want to age our birthday—is meet the process
stagram and Zoom, 20-somethings gracefully, there’s no universal check- with some gratitude. “We’re trying to
BIJOU KARMAN

have grown up constantly scrutinizing list, or schedule, of to-dos. Dr. look our best,” said Dr. Jeanniton. “But
images of themselves. If they don’t MacGregor agreed: “I’ve seen 18-year- if ‘antiaging’ is the only goal, we’re
love what they see, photo-editing old sun worshipers with significant eventually doomed to fail, right?”
tools and augmented-reality filters lines and spots and 40-year-olds who —Kyoko Vappaille Harris
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | D3

STYLE & FASHION

The Price 1 A soft, subdued cashmere knit.

Sweater, $325, BillieTodd.com
2

Is Right
WITH INFLATION at record highs and a
possible recession looming, shoppers are A nicely rolled collar
scrutinizing clothing price-tags hard right not a forever-stiff
now. Few will welcome what they’re about ‘fused’ variety
to see, said Margaret Bishop, a supply-
chain expert who teaches at three top
fashion schools in New York. “The cost of
raw materials, labor and transport, and
logistics have all risen…and I don’t see
how we could avoid higher retail prices in
2023,” she said.
Even so, you needn’t get ripped off. If
you want quiet, well-made items that will
last—and you don’t require a hyped brand Pearly, trocas-shell
name or luxury logo, both of which hike up buttons as opposed
prices—how much should you expect to to plastic versions
shell out? Here, we do the math for four
wardrobe staples.

1 Cashmere Sweater
Look to pay: $325 and above
Much of the world’s cashmere comes
from Mongolia, but not all cashmere goats’
shags are created equal. An all-important,
industry-wide grading system delineates fi-
bers according to length and width. 22 stitches per inch—
Grade A denotes the finest, longest and An Oxford with thoughtful details. sturdier than the
most expensive cashmere, which creates Shirt, $125, SidMashburn.com standard 16 stitches
the softest and most-durable sweaters.
Fast-fashion brands peddling sub-$100
knits tend to use Grade B or C hairs, mean-
3
ing they’re shorter, scratchier and more lia-
ble to pill and break down over time, said Knit in Scotland, it Solid, ribbed trim at Grade-A cashmere—
Edouard Leret, co-founder of New York features a ribbed, the cuffs and waist the softest, most-
cashmere brand Leret Leret. sag-resistant neck refuses to lose shape durable variety
If you crave a cozy sweater with stamina,

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (CLOTHES); LIZZY WHOLLEY/THE WALL STREET JOURNAL (POLAROID)
Grade A is the way to go. But determining

.
the hair pedigree of a prospective purchase
4

ly
isn’t exactly easy: In the U.S., brands aren’t
obligated to list grades on tags—“100% cash- Hand-stitching
mere” is no guarantee you’re getting top- around the buckle is Mid-weight denim
washed using
quality fuzz. A good workaround? Look to
brands that specify Grade A on their web-
sites, and shop for sweaters in-person so you
can feel for softness, a telltale sign. Grade A
on straight and even
less water for
eco reasons
us ,

creations needn’t cost eye-watering, four-fig-

ure sums. Some brands manage costs by
l
e
producing close to the cashmere source.
al a

Leret Leret, for instance, manufactures in

Mongolia, “which allows us to sell at the
ci on

price we do,” said Mr. Leret. His playful knits

are emblazoned with contemporary artists’
designs and start at $475. Simpler sweaters Precise, even
will be cheaper still. Massachusetts brand stitching is a sign of
Billie Todd is a good benchmark: Its unfussy quality jeans
er s

crew necks, which use Grade A fibers spun

at a leading Scottish mill, start at $325.
m er

2 Oxford Shirt
Look to pay: $125 (or $175 for
made-in-the-U.S.)
m rp

“A basic Oxford is pretty simple,” said At- English bridle leather

lanta designer Sid Mashburn. What sepa- with some graininess
rates a prize button-up from a flimsier, —not overly smooth
forgettable one are nuances related to con-
struction and finish. Brands make a
co Fo

calculated decision about how much their Solid pair of jeans from a
customer cares about these price-increasing A handsome belt featuring first-rate leather and a no-nonsense, big-name brand. Jeans, $98,
details. For instance, Mr. Mashburn’s shirts stainless-steel buckle. Belt, $89, SaultNE.com Everlane.com
are sewn with 22 stitches per inch as op-
posed to the standard 16. This more time-
intensive construction results in a sturdier,
more-polished product. Other features to consider: Are the but this seemingly simple raw material boasts “one of the started [my most popular models] were $7 and now they
buttons made from cheap plastic or lustrous trocas shell? Is most complex. supply chains because it’s so global,” said are $55, 50 years later,” said Mr. McKinnon.
the collar blessed with an inner lining that softens pleasingly Ms. Bishop, the professor. Cotton is often grown on one Can’t make it to a one-man shop in Maine for your
over time or is it a cheaper, “fused” collar that remains continent and spun on another, before it is transformed new cincher? Visit independent retailers closer to home
rigor-mortis-stiff forever? into a specific denim via a seemingly infinite choice of and peruse their in-house lines. Sault, the Boston
Mr. Mashburn’s Oxfords, which feature many such washes, blends and finishes—selvedge, vintage, raw, retailer, makes agreeably understated belts at a nearby
n-

nice-to-haves, will set you back $125. He’s able to sell them bleached, stretch, you name it. The deluge of jeans styles factory; they cost $89 a pop.
for this amount—a reasonable sum considering the quality— makes it tricky to determine a universal standard for
because they’re sewn in Honduras, where manufacturing quality and value, said Aaron Levine, a designer who con-
costs are lower than in the U.S. and much of Europe. sults for brands including Aimé Leon Dore and Vince
no

If you desire a made-in-the-U.S. shirt, prepare to cough and was formerly senior vice president of men’s and
women’s design at Abercrombie & Fitch. The quality of
rivets and zippers, and presence of flourishes like embroi-
dery, nudge up the cost, he added.
Arguably a bigger price determinant: the size of the
denim brand. “[Household brands] have such massive econ-
omies of scale that they receive price breaks on both raw
materials and manufacturing,” said Mr. Levine. Such breaks

‘100% cashmere’ is no guarantee you’re

getting top-quality fuzz. Look to brands that
specify their cashmere is Grade A.

are seldom extended to smaller brands, he said, which is

why jeans from independent labels often cost more than,
say, Levi’s or Wranglers.
When assessing a potential purchase, Mr. Levine asks
himself: “Does the fabric feel like it’s got guts and integrity?
Is the stitching straight and even?” Though he might
splurge on tough-to-find vintage jeans, he has hard limits
t. I got
‘For jeans? About $80 at the mos when buying new styles. “[Even] if a pair of new jeans fits
[these] on sale for abo ut $40.’ me perfectly, I won’t go over $300.”
ation
er educ
—Gregory Jean, 39, works in high
of New York

4
for the City Univ ersity Leather Belt
Look to pay: $100 max
A great belt can cost $100 or even less. At around
Winter has arrived.
up about $50 more. Philip Saul, owner of Boston store
that price point, you can get leather of sufficient quality
that you see the grain and, when you touch it, “you feel
When will you?
Sault New England, produces his shirts a mere 50 miles ‘leather’—not plastic or enamel or any finishes,” said
away in Fall River, Mass. They feature premium details Yuki Matsuda, the founder of Los Angeles fashion brands
similar to Mr. Mashburn’s but cost $178. “The same workers Monitaly and Yuketen. Because it’s rarely complicated to
that make maybe $18 an hour were maybe getting $8 make a belt, raw materials usually account for the bulk of
an hour 10 years ago, so it makes sense that quality, the final price. “Most of [that] goes into the leather. but
made-in-America things should cost more [now],” said buckles can incur really wild prices,” said Mr. Matsuda, if
Mr. Saul. When manufacturing costs for an item go up they’re a masterfully handcrafted creation rather than a ba-
$5, he added, “the retail price goes up $10.” sic brass design. Once you stay, you’ll understand ®
For some of the best—and best-priced—belts, Mr. Mat-

3 Jeans
Look to pay: $100 for a megabrand, under $300 for an
independent maker
All jeans begin with more or less the same quality cotton,
suda advises seeking out seasoned, small-scale brands. One
such standout: Narragansett Leathers in Damariscotta,
Maine, whose owner, Alan McKinnon, has handmade vegeta-
ble-tanned, bridle-leather belts since 1969. “When I first
thebreakers.com | 855-318-0628
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Unhidden Treasure
Discover four breezy towns promising quiet beaches and old-school fun in Florida’s Treasure Coast

PEACE OFFERINGS Left: Wabasso

Beach Park; above: Vero’s equally
serene McKee Botanical Garden.

.
ly
BY VALERIE STIVERS AND HANK ZONA ous foliage, unusually untouched beaches and the erickBoatGroup.com). For old- (KirksJensenBeach.com) rents gear

O
Indian River Lagoon, which, though fragile and school nightlife, waterside tiki bar and runs tours.
N THE Treasure Coast north of West threatened, is one of North America’s most biodi- the Square Grouper (SquareGrou- The Scene Hip, nouveau Florida is
Palm Beach, it’s not just shell art and
shopping-for-oranges anymore. The di-
verse stretch is a local secret for boat-
ers and those seeking a full-stop Old
on
verse estuaries. Manatees and dolphins swim in the
waters, mangrove forests fringe the sides and boat-
ers ply it en route to the Bahamas or the cross-state
Okeechobee Waterway.
per.net) is kitschy but fun—its
name is ’80s slang for a bale of
marijuana that washes up onshore.
New-school nightlife happens at
sending fronds northward from
West Palm into Stuart, an old-fash-
ioned town where zoning has pre-
served water views and mom-and-
us ,

Florida vacation but also for a new wave of home Visitors can live like the chilled-out locals here, craft-beverage maker Sailfish pop businesses. The downtown
buyers. A traditionally sleepy region, it gets its name boating, fishing, kayaking, surfing and snorkeling, or Brewing Co. (SailfishBrew- district is still mostly shops for
l
e
from a Danae’s-shower of Spanish gold that pelted pursuing classic pastimes like pickleball, farmer’s- ingCo.com) in the revitalized sandals, caftans and fudge, but at
al a

the beaches in the 1700s when a fleet of galleons was market shopping and casual outdoor drinking and downtown. Sailfish’s seasonal Key nearby Sunset Bay Marina and An-
lost in a hurricane. dining. Here’s a guide to the region’s small coastal Lime sour ale is bone-dry with chorage (SunsetBayMarinaAndAn-
ci on

The real treasure, however, is its geography—65 towns, each with its own distinctive culture, scene notes of graham cracker. chorage.com/), there are views of
miles of skinny barrier islands connected to the and secret treasure. And if some more-stylish busi- The Meal Looks are misleading at yachts at their moorings and laid-
mainland by soaring causeways across the Indian nesses are bobbing up, especially further south, that 12A Buoy (12ABuoy.com), an often- back fun to be had: Gilbert’s Coffee
River Lagoon. Nature lovers will appreciate the riot- just means now’s the time to go. jammed seafood “dive restaurant” Bar (GilbertsCoffeeBar.com) pours
(in co-owner Katie James’s words)
er s

that has fresh ingredients, creative

THE CROWN JEWEL Vero’s less-trafficked, but still life- Rocks Beach, 15 minutes south plating and a raw bar. You live like the chilled-
m er

Sebastian Area guard-protected South Beach. down the AIA. The Souvenir There’s lots to ogle
out locals here, boating,
The Scene Vero was once called The Scene Former fishing and “can at the Saturday farmers market. A
The Sand Two words: deserted “zero beach” for its stodgy, mon- town” Fort Pierce is now the most standout: Kat’s Southern Twang fishing or pursuing
beaches. All along highway AIA eyed culture and still has the nee- vibrant up-and-comer on the salsa made with fruit picked from pastimes like farmer’s-
m rp

north from Wabasso Beach, you’ll dlepoint shops to prove it. Now coast, with a high concentration of owner Kat Green’s mango trees.
find less populated spots whose it’s ground-zero for new home- historic structures and the $200 market shopping.
cul-de-sac parking areas lead to owners drawn by live oaks drip- million King’s Landing develop- THE NEW GOLD
narrow footpaths over the sea- ping with Spanish moss and the ment soon to house restaurants, Stuart
grape covered dunes. opportunity to renovate a 1950s shopping and a boutique hotel. natural wine. Live out the boat-life
co Fo

The Scene This northern- bungalow. Relax like a Discover its roots via the Dust The Sand Florida’s coral bracelet fantasy via a stay at the marina
most point feels like a preppie-come-lately, Tracks Heritage Trail, devoted to starts in Stuart and trails off 350 from Stuart Houseboats (Stuart-
step back in time to learning about the the life of famous resident writer miles later in the Dry Tortugas. HouseBoats.com) or on a luxury
a weirder, wilder local flora at Mc- Zora Neale Hurston, or explore Snorkel it on clear-water days day trip on a 70-ft. yacht from RFC
Florida. See the Kee Botanical new stories on a by-appointment from Bathtub Reef Beach, which is Yacht Charters (RFCYacht.com).
sea creatures be- Garden (McKee- tour of the outside-in construction kept in pristine condition with the Interactive exhibits at the Florida
ing swept in and Garden.org) or process for high-end fishing boats help of the community of Sailfish Oceanographic Coastal Center
out by the tides finesse your at the Maverick Boat Group (Mav- Point next door. Kirk’s Dive & Surf (FloridaOcean.org) show how local
at Sebastian In- pickleball din- ecosystems fit together.
let State Park. king skills with The Meal A network of well-heeled
Rent a metal-de- a lesson from a backers is making a food scene in
tector at Mel local on the pro this emerging area. Try local-farm-
n-

Fisher’s Treasure circuit through sourced CoLab Kitchen (CoLab-

Museum (MelF- Pickleball University KitchenFL.com) for creative greens
isher.com) to sweep the (PickleU.com). Forage plates (try the sweet potato khao
sands for hidden trinkets. Hit refresh for sophisticated castoffs soi bowl) and drinks with names
no

Book a pontoon-boat tour with a rum at Vintage Vero (2004 like “Gen-X Cooler” with Flor de
to America’s first wildlife punch at 14th Ave). South of Vero Caña rum, lemon and aquafaba,
refuge on Pelican Island Mo-Bay Grill. Beach oceanside, Round served in an industrial space with
via the Environmental Island State Park has sce- honeycomb tile, antler lights and
Learning Center (DiscoverELC.org). nic boardwalk trails, an observa- an AstroTurf backyard.
Back on shore, walk trails snaking tion tower and kayak and paddle- The Souvenir It’s your choice of
through the mangrove forest. board launches. small-batch single-origin coffee or
The Meal Chef-owner Wesley The Meal Baked brie, onion soup vintage vinyl from the Roasted Re-
Campbell’s popular Mo-Bay Grill and coquilles St. Jacques are be- cord (RoastedRecord.com), located
(MoBayGrill.com) serves Jamaica- loved classics at local hangout in a restored former florist’s shop—
with-a-twist dishes like pepper-pot Ocean Grill (Ocean-Grill.com), a hopefully a sign that the more
soup, conch fritters, blue cheese waterside eatery in a rambling for- things change here, the more they’ll
steak and jerk chicken pasta. mer navy officer’s club. Fishing at Jetty Park in historic Fort Pierce. stay the same.
The Souvenir Forage for sculptural The Souvenir Snag a Lilly Pulitzer
sea beans—a local obsession—and signature shift from the Lazy
grab a guide to the cute collect- Daisy (919 Azalea Lane).
ibles at Sebastian Inlet State Park.
THE ROUGH CUT
THE OLD MONEY Fort Pierce
Vero Beach
The Sand Skip Fort Pierce’s
The Sand Follow a boardwalk urban beaches for the chance to
through a mangrove tunnel to spot osprey on serene Walton
JAMES JACKMAN FOR THE WALL STREET JOURNAL

BALLERS! Above, from left: Pickleball players at Pocahontas Park in Vero Beach; share and share alike is the spirit at CoLab Kitchen in Stuart, a hip new area north of West Palm Beach.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | D5

ADVENTURE & TRAVEL

drove out native birds, opportun- What can I say? You want what
ists cut down fragrant sandal- you don’t have. Going to college
wood trees. Americans dispos- on the East Coast was my great
sessed native Hawaiians, carving adventure. I was excited freshman
up ancestral lands for sugarcane year as the weather grew colder.
and pineapple plantations, appro- One night I saw what looked like
priating beachfront for hotels. termites swarming a street lamp.
Honolulu is a tourist destina- “It’s snowing,” my friends told
tion but also a crossroads for me. That’s it? I wondered. The lit-
Eastern and Western cultures. At tle flakes did not seem dramatic,
the University of Hawaii, my par- but I marveled at the way they
ents taught alongside colleagues added up. I was amazed at the
specializing in tropical agricul- way you could sink into a drift af-
ture, astronomy and Southeast ter a storm.
Asian languages. In the city you Of course, the novelty could not
can dine at elegant fusion restau- last. After years living in Cam-
rants, but everyday local food bridge, Mass., I do not love slush
can’t be beat: Plate lunches with puddles or slipping on black ice.
“two scoop rice,” shave ice, huli And I have limits! I don’t care
huli chicken, Portuguese sweet where Thoreau built his cabin. It’s
bread, deep-fried malasadas way too cold to swim up here.
dusted with sugar. I still crave the
tangy, salty-sweet taste of li hing
mui, the dried and salted plums If the world is dark, it’s
of my youth. I order packs of pre-
served lemon peel and they arrive
not always possible to
priority mail in lumpy packages. carry your own sun,
You can order tropical flowers but I am grateful for
as well. Leis of fragrant pikake, or-
ange ’ilima, glossy maile leaves. At the sun I’ve had.
my sister’s wedding I wore a haku
lei, a garland of woven ferns, rose-
buds and lehua blossoms. There is But I do not wish myself at
no flower culture like that of the home again, nor do I fetishize the
islands. I grew up with torch gin- sun. In the Northeast, I see a
ger in my backyard, stephanotis manic energy in autumn. We’ve
climbing up the lanai and plumeria got to go hiking! Take the kids ap-
trees lining my street. ple picking! But I’m a seasonal
What sounds exotic was com- slacker. On the radio, experts de-
FABIO CONSOLI

monplace to us. The trees in our bate the peak moment for fall foli-
yard were lichee, grapefruit, tan- age, and I wonder, won’t the trees
gerine, lime and mango. It was my look good the day after? I have
job to pick up rotten mangos after stored up so much sunshine that
TRAVELER’S TALE / ALLEGRA GOODMAN ON HOW HER HAWAII ROOTS SEE HER THROUGH WINTER they fell sticky and festering with I don’t worry about running out.

.
a thousand tiny insects. Eeew. Not all weather is internal. Cold

ly
I felt put upon, to say the least. is real, and if you are suffering,
We had a tecoma tree with and the world is dark, it’s not al-

Why I Might Not on lavender blossoms, but I dreamed

of the oaks in “Little House in
the Big Woods.” Stories of bliz-
zards fascinated me, as did tales
ways possible to carry your own
sun. I can only say, I am grateful
for the sun I’ve had. Knowing the
mood swings of New England,

Return to Paradise of the far north. I attended school I appreciate the subtlety of Ha-
us ,

in Manoa with its misty rainbows waii’s seasons. To my mind, both

and tiny waterfalls. In the play- climates are beautiful—and diffi-
l
e
ground, a banyan tree served as cult. Ask any gardener. Some
al a

climbing structure. It was 85 plants fail in the tropics, just as

“OH, IT’S SO COLD,” my husband N.Y., where he had to walk back- they look at me and ask, “How degrees and sunny every single others struggle in the cold. As for
ci on

moans every single day as he zips ward in the wind to school. How could you leave?” day. “Lucky We Live Hawaii” was me, I love snow drifts as much as
up his coat. is it then that he has no tolerance The easy answer is that vaca- the tag line on forecasts—but sun showers. Do I have to choose?
“Seasons are fun!” I tell him. for winter? And how did I become tioning on a tropical island is I treasured those rare December No. That’s what traveling is for.
“Snow is beautiful!” I’m the one so hardy? Surely I should be pin- nothing like living there. Hawaii is days when the temperature fell
from Honolulu, but I embrace New ing for paradise. a real place with real traffic, a to 74 degrees. Then I would curl Allegra Goodman is the author,
er s

England weather. My husband Friends tell me, “We went to high cost of living, a threatened up with a book and pretend most recently, of the novel “Sam”
grew up outside of Binghamton, Kauai on our honeymoon.” Then ecosystem and a tragic past. Rats to be cozy. (The Dial Press)
m er

Chill Chasers
m rp

Cozy après-ski spots have been popping up

where there’s nary a chairlift in sight
co Fo
n-
no
DEVON COLEBANK

SKI IN At Butcher & The Rye in Pittsburgh, luxe lodge décor

sets the scene for a hot toddy or two.

IN THESE HANGOUTS, it’s coa or “Sleigh All Day” cock-

the scene, not the schussing tails ($17) with bourbon, ci-
that creates unlikely alpine der and orange bitters in a
revelry. “Everyone wants a heated rooftop tent done up
glamorous Slim Aarons- in retro hues. TWAHotel.com
esque après-ski experience
of sipping Champagne mi- Say Oui
nus the skiing,” said John Five years ago, the Relais &
McCarthy, managing part- Chateaux’s Ocean House in
ner of Cape Cod’s Pelham Watch Hill, R.I., put a ski
House, which has an indoor gondola on the patio and of-
curling court. Four more fered a themed menu. More
faux-snow places: gondolas, a fire pit and a
Veuve Clicquot-fueled cock-
Iron-City Chalet tail list followed, adding to
At his Butcher & The Rye the French Alps vibe. Re-
eatery in downtown Pitts- serve a cute bespoke hut for
burgh, chef-owner Richard ápero, a drink and light fare
DeShantz achieves alpine (crepes) before dinner.
chic in a pop-up “après-ski” OceanHouseRI.com
bar. Its cool Aspen-lodge dé-
cor, complete with a cuckoo Fond of Fondue
clock, forms a fun backdrop On midwinter nights in Los
for downing libations like Angeles, zip to the Fairmont
Double Diamond glögg ($13) Century Plaza for a Swiss
and witty takes on Swiss-ish chalet soiree. On its outdoor
fare (cheesesteak fondue). patio replete with pine
ButcherAndTheRye.com boughs, twinkly lights and
sheepskin throws, indulge in
Lift Off fondue or nibble a potato
For a taste of 1960s ski glam- roësti topped with salmon.
our, turn into the Runway Visualize ice while imbibing
Chalet at architect Eero Saa- an ‘Espresski Martini’ ($26)
rinen’s 1962 TWA Hotel at with cold brew and Kailua.
JFK International Airport in FairmontCenturyPlaza.com
New York. Sip spiked hot co- —Brigid Mander
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

SEAT OF POWER Seattle designer Heidi

Caillier let a solo example hold its own.

Chair
Apparent
Brutalist Solid Oak Dining Chairs $1,579 Pair of Vintage Tyrolean Chairs, $2,700, Olavi Hanninen Chair, $1,000,
for set of six, 1stDibs. Origin: 1960s TheFuturePerfect.com. Origin: 1950s RubyAtelier.com. Origin: Midcentury
France Spain Finland

Is this folksy perch—which some

design pros are calling brutalist
in style—the go-to seat of 2023?

.
BY ANTONIA VAN DER MEER

A ly
N UNFUSSY and downright
brutish, midcentury vintage
chair design has been muscling
its way into even the most tra-
ditional of homes lately.
Though no cozy La-Z-Boy, the seat is getting
on
us ,

high marks for a wabi-sabi style that cele-

brates imperfections, thanks to exposed
l
e
bolts, obvious joints, plain-Jane planks and
al a

unpolished wood. Some look like little more

than two pieces of wood attached to legs,
ci on

but keyhole details or sculpted backs can

make them sweeter. Designers and dealers
are calling the increasingly in-demand seats,
which hail primarily from Scandinavia and
Europe, brutalist. At online marketplace
er s

1stDibs, searches for “brutalist chair” are up

115% year over year.
m er

“These mid- to late-century chairs are Brutalist Dining Chairs, $5,200 for set Brutalist Wabi-Sabi Handmade Stool, Brutalist Oak Dining Chair from H. HARIS KENJAR

raw, organic and almost harsh,” said Mau- of 6, ObsoleteInc.com. Origin: 1960s $1,095, Chairish.com. Origin: 1960s, Gallery, $808, Incollect.com. Origin 1970s
reen Ursino, an interior designer in Colts France possibly Netherlands. Belgium
Neck, N.J., who’s been buying them for cli-
m rp

ents because they add “a contemporary ele-

ment in not too intense of a way.” Recently Scandinavian simplicity of Axel Einhar said, “when dealers started titling these ments like that. This visual dissonance has
she placed a single Danish pinewood chair, Hjorth and 18th-century Tyrolean furniture. chairs ‘brutalist,’ I said, OK, I can see that.” helped fuel their popularity. “You can use
likely a survivor of the 1970s, in the bath- (The Future Perfect, a retailer of collectible Whatever you want to call the seats, de- one chair as an accent piece, even if the
room of a Larchmont, N.Y., home. “I used it pieces, labels its examples above as such.) signers are embracing the little brutes be- rest of the room is refined,” said Ms. Fah-
co Fo

as a decorative accent, as though it were a “The beauty of the design is in the simplicity cause they are unexpected. “I like that they den Briceño.
piece of art,” she said. of seeing the wood grain and joinery detail,” feel unrecognizable,” said Ms. Caillier. “So Ms. Ursino says these chairs are not
Heidi Caillier planted an oak example said Ms. Mulholland. She prefers to classify many chairs have become trendy and over- known for their coziness and may need a lit-
from Germany in a child’s bedroom in San used, but it’s hard to find the same one of tle help—she upholstered the seats of bru-
Francisco (above). The Seattle-based de- these chairs more than once.” talist chairs she set around a game table to
signer welcomes “the sense of patina” the The design is also proving quite versatile. boost their comfort. Other designers are
seats bring to a project: “Like maybe this
‘These mid- to late-century “There is a boldness and sharp sculptural stationing them around meal tables, how-
chair has been in this family for years and chairs are raw, organic and quality to them, and they can hold their ever. Los Angeles interior designer Lauren
keeps being passed down but also is not too almost harsh.’ own in any room because they are simple,” Piscione placed eight barrel-backed exam-
precious.” said Ms. Mulholland. “They can cover a lot ples in a dining room, their rugged homey-
Though this simple wood chair is unques- of ground aesthetically.” She recently used a ness contributing to the calm of the space.
tionably trending, skeptics take issue with couple of primitive three-legged walnut In a Tudor revival by Seattle interior de-
n-

its equally buzzy “brutalist” label. Florence the seats as European Primitive Modern: “I chairs underneath the living room windows signer Lisa Staton, a family of five pulls up
de Dampierre, author of “Chairs: A History” would say the chair is more primitive than of a home in Los Angeles’s Lafayette Square. oak versions made in the Netherlands in the
decries that description as sloppy. “Brutal- brutal, but it’s a matter of semantics.” The historic Craftsman home boasts its orig- 1970s. A depression in the seat makes them
ism refers to an architectural style from the At Chairish, a reseller of vintage design inal unpainted mahogany woodwork. “I was quite comfortable, said Akash Niranjan, the
no

’60s, of concrete,” she said. “The term for where interest in the terms “brutalist” and playing into that masculinity,” she said, “but father in the household. “We work from home
this kind of modern chair might more appro- “wabi-sabi” are building, Noel Fahden I also liked the contrast of putting the chair three days a week and often find ourselves
priately be handicraft.” Meanwhile, Los An- Briceño, vice president of merchandising, up against a pink velvet drape.” sitting at the dining room table for long
geles interior designer Martha Mulholland says European dealers first applied the term. The chairs’ roughness tends to clash in- stretches and have not had any issues,” he
traces its influences to the rustic modern Although the name is being used loosely, she triguingly with softer, more feminine ele- said. “Our three young kids like them as well.”

CHIC TRICK designer in Sydney. “The room bene- left—because “it’s so much like a
fits from the gravity of such a fix- painting.” That said, it cost $1,250.

Backsplash
ture.” Wall-mounted taps add flair. Factoring in the price of manufac-
Many Victorians and Edwardians turing and installing the fixture, she
soaped up at such seamless unions estimates she spent about $5,000

Fever of sink and backsplash, crafted from

marble, porcelain and enameled iron.
total. You can find already-fabri-
cated marble examples at Etsy
In a Spanish Mission home, Handels- shops, starting at $1,250.
When the marble of a mann and Khaw evoked those ante- Ms. Romanek’s bottom line: State-
cedents when they topped a chunky ment backsplashes aren’t for the
sink extends up the wall, marble sink with a large curvy-edged wishy-washy. “If you are a commit-
it elevates a humble W.C. triangle that “nods to the past with ment-phobe, I would go with some-
modern playfulness,” said Ms. Khaw. thing more neutral.” —Nina Molina

The Appeal A pro way to make a The Tips Don’t feel bound by tradi-
décor statement in a powder room? tion. In a San Francisco powder
Hang ebullient wallpaper. Another: room, interior designer Jay Jeffers
Install a sink or vanity top in a dra- wrapped an asymmetrical back-
matic material like patterned marble splash around a square sink inset in
MICHAEL P.H. CLIFFORD (ROMANEK); ANSON SMART (JOHNSON)

and extend the stone up into an in- a niche. For both, he chose black
tegrated backsplash with a distinct marble veined with orange. If it’s a
shape. “We love an eccentric splash- bathroom you use frequently, pick a
back for the very reason that they’re subtler marble you won’t tire of. In
often overlooked as a creative de- any case, try not to go crazy with the
vice,” said Gillian Khaw, co-director stuff. “There is usage, then there is
of Handelsmann and Khaw, a design ‘abusage,’ ” said Ms. Johnson.
studio in Woollahra, Australia. Early in the process, outline the
Inspired by a Middle Eastern backsplash’s shape on the wall in
wash house, Tamsin Johnson had the blue tape, suggests Brigette Ro-
sides of a backsplash cut into convex manek, a Los Angeles designer. “I
curves that recall Van Cleef & Ar- like to see what it’s going to look
pels’s Alhambra necklace. Both the like,” she said.
basin and backsplash are rendered in
vibrantly veined Calacatta viola mar- The Caveats Ms. Romanek gravi-
MAKE A SPLASH Brigette Romanek’s Los Angeles design studio set ble. “It looks permanent and estab- tated toward a slab of Calacatta vi- Sydney designer Tamsin Johnson
concave notches in the panel’s corners, a nod to the home’s 1931 aesthetic. lished,” said Ms. Johnson, an interior ola marble for the project shown at stacked Calacatta viola marble.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 14 - 15, 2023 | D7

EATING & DRINKING

Know Your
Onions

AUBRIE PICK FOR THE WALL STREET JOURNAL, FOOD STYLING BY AMANDA ANSELMINO, PROP STYLING BY ANNA RABEN
When you choose the right variety, the
underrated allium reveals its full star power

BY CATHY WHIMS pearls weighing barely

W
an ounce (a pain to peel!)
HETHER to large Walla Walla sweets,
in the cab- which can clock in at close
inet or the to a pound. Shapes vary
veg bin in the allium family as
of the re- well, from elongated
frigerator, onions are in ev- chives and scallions to
ery kitchen, right? I usually disc-like cipollini.
have a basket of them on I mostly use the types
my counter, ready to be commonly found at the su-
chopped and sautéed and permarket—yellow, red, and
eventually stirred into what- white—for my onion-focused
ever soup, stew or pasta dishes. These three are
dish is on my stove. known as storage onions;
For much of my career as they have been cured after
a chef, I thought of onions as harvesting and can be stored
essential, yes, but not excit- at room temperature, as long SIMPLE LUXURY The secret to this pasta sauce’s creamy richness? Ordinary red onions, simmered ever so slowly.
ing—the backup singers of as you keep them away from
the food world. But several light and heat and definitely
years ago, I had an epiphany nowhere near that plastic bag Salsa Genovese onions, peeled 1. In a Dutch oven or tender and onions start with onions and meat,
that forever changed my from the produce depart- (Onion Ragù and halved other heavy lidded pot, to dissolve into a and cook, stirring well,
thinking about the onion’s ment. Onions are inexpensive, With Beef) lengthwise and heat ¼ cup olive oil cream, 2½-3½ hours. over medium heat until
place on the plate. too (until you stuff them with This slow-cooked onion thinly sliced over medium heat. Pat Let cool. Remove meat pasta reaches desired
I was assisting my friend, truffles, that is). The key is to and meat sauce is typ- 1 carrot, peeled meat dry with towels. and shred with a fork doneness. Add re-
Italian chef Giacinto Al- match the onion to its partic- ically served with ziti, and finely diced Add meat to pot and into bite-size pieces. served pasta water, a
barello, who was preparing a ular strengths. paccheri or candele 1 celery stalk, cook on all sides until Return meat to pot few tablespoons at a

.
Barbaresco dinner. One of pasta and sprinkled finely diced browned, 8-12 minutes. with onions and stir to time, and continue to

ly
Yellow Onions with grated cheese. 1 cup white wine Remove and season combine. Season with cook, stirring, to make
With a strong, slightly sulfu- Total Time 31/2 hours 1 tablespoon well with salt and pep- salt and pepper. a creamy emulsion, 1-2
rous flavor, a yellow onion Serves 6 tomato paste per. Add onions, carrots 2. Bring a large pot of minutes more. Stir in
Onions are has a sharp edge that mel- on 1 pound rigatoni and celery to pot. Cook, water to a boil over most of the Parmi-
inexpensive, too lows with long, gentle cook- 1/
4 cup extra-virgin 1/
2 cup grated Parmi- stirring often, until high heat. Salt well, to giano, reserving a few
(until you stuff ing. This transformation is
best illustrated by caramel- 3/
olive oil giano-Reggiano wilted, about 20 min- the level of seawater. tablespoons for gar-
4 pound whole (1 cup if using utes. Return meat to Cook pasta according nish, and parsley.
them with truffles,
us ,

ized onions, cooked slowly in beef chuck microplane) pot and add wine. to package directions 4. Serve immediately
that is). fat until richly browned and
l

1/
Salt and freshly 4 cup flat-leaf Bring to a simmer and until just short of al in a warmed pasta
e
sweet, as in the La Dolce ground black parsley, stemmed stir in tomato paste. dente. Drain, reserving bowl and garnish with
al a

Pizza recipe below. pepper and finely chopped Cover and cook at a 1 cup pasta water. remaining Parmigiano
What about the “sweet” 4 pounds red Basil for garnish simmer until meat is 3. Add pasta to pot and torn basil leaves.
ci on

the great wines of Italy’s onions showing up in the

Piedmont region, full-bodied grocery store? Varieties such
and intense with tannins, as Walla Walla and Vidalia in salads and on sandwiches, content means they don’t I’d say all these appealing dies, I can advise that the
Barbaresco is often paired are yellow onions bred to you can tame the spicy bite need a super long cooking qualities more than compen- best way to avoid tears when
with rich, meaty dishes. For have fewer of the sulfurous by soaking the onion slices in time to render them sweet, sate for any tears you might chopping an onion is to
er s

this meal, however, Mr. Al- compounds found in yellow ice water for 20 minutes. I which helps keep the onion shed while chopping. And af- sharpen your knife and get
barello chose to feature the storage onions. You can use most often serve red onion “container” intact. ter trying many folk reme- the job done fast.
m er

humble onion as the main in- sweets interchangeably with after long cooking, as in the
gredient, presented gor- yellows; just know that their Genovese ragù recipe above,
geously (and rather auda- sugary aspect can be pro- in which red onions cook
ciously, I thought) in the nounced. Sweet onions are slowly in white wine, along
Winter Sale Offer!
m rp

center of the plate, filled more perishable than stor- with carrots, celery and beef,
with a creamy mixture of be- age onions, too, and need to until they turn creamy. In
Corduroy & Harris Tweed Sportcoats
chamel, Parmigiano-Reg- be kept refrigerated. Tuscany, cooks almost exclu-
giano, and truffles. The dish sively use the red type. In-
was a showstopper. Red Onions deed, in the hilltop town of Our Classic Corduroy,
co Fo

Why hadn’t I seen the on- Though quite spicy and as- Certaldo, the local variety is
ion’s star potential before? At
Nostrana, my restaurant in
sertive, red onions are, to
my palate, a bit sweeter than
so revered, it’s featured on
the city’s official crest.
A Wale of a Jacket.
Portland, Ore., onions had al- yellow ones. Their rich color,
ways featured in my cooking, ranging from burgundy to White Onions $200
but never as the headliner. magenta, is brightest when These are the sweetest of
Onions are common and red onions are raw, though the bunch, in my experience. Exclusively tailored for us of the
also varied, with more than they’ll keep some of that They maintain a pure white finest 100% cotton, fine wale
600 species, though we gen- color when cooked. When color when chopped raw, corduroy fabric from Italy.
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handful at the grocery store gredient, purple turns to salsas and garnishes. In the
This classic sportcoat features
or farmers’ market. Part of vivid pink: Think of the pick- case of my stuffed onion rec-
a soft corduroy for exceptional
comfort and is a definite must
n-

the allium family, onions led onions on tacos. ipe (online at wsj.com/food),
range in size from tiny When using raw red onions the onions’ natural sugar for the well dressed man.
In choice of burgundy,
navy, black, olive or camel.
no

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Caramelized onions 2 (8-ounce) pizza sizzling, reduce heat edge exposed. Dol- along with ticks & herringbones.
balance briny gor- dough balls to low and cook, stir- lop half the gorgon-
gonzola and ancho- 4 ounces ring often, to cara- zola evenly over the In grey, brown, blue & olive.
vies here. You can gorgonzola dolce melize. If onions be- pizza. Arrange half Reg. price $695, Sale $499
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frozen, thaw before 1. Preheat oven to ter and/or cover pan. oil around exposed
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Total Time 2 hours preferably with a often, until onions around the middle.
Makes 2 pizzas (to pizza stone on bot- are golden brown, Use peel to slide
serve 8) tom rack. Remove 40 minutes-1 hour. pizza onto pizza
other racks. Let cool. stone or place pizza
2 tablespoons extra- 2. Caramelize the 3. On a flour-dusted pan/baking sheet in
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

duction is kept to a reasonable ronique Boss-Drouhin. The Drouhin
ON WINE / LETTIE TEAGUE quantity per acre and is vinified in family does not own vineyards in
oak, a Saint-Véran can aspire to at- Saint-Véran but instead purchases
tract our attention while we enjoy fruit—at least for now. “We are ac-

A White Burgundy downing it.” Mr. Lynch goes on to

frame the difference in terms of
pairing: “If it is refined cuisine best
accompanied by contemplative sips,
tively looking to acquire some vine-
yards there. It is still a reasonably-
priced region of Burgundy,” Ms.
Boss-Drouhin noted.

Worth Discovering most Saint-Véran and Mâcons

would be out of place.”
Of course, Mr. Lynch’s seminal
work was first published in 1988,
According to figures supplied by
her brother Frédéric Drouhin, the
domaine’s executive director, a
hectare (2.471 acres) in Saint-Véran
when the wines of Saint-Véran—and costs far less than a hectare in the
for that matter much of Burgundy— village of Pouilly-Fuisse—160,000
weren’t the equal of many of the euros versus 250,000 euros. Mean-
wines now produced there. Today while, in the Côte-d’Or, a single
there are certainly Saint-Vérans hectare of a grand cru vineyard cost
worthy of contemplation, or at least nearly 7 million euros on average
a thoughtful swirl or two. three years ago (though such vine-
One of these was made by Domin- yards are rarely for sale).
ique Lafon, who arrived in the Mâ- Many Pouilly-Fuissé producers
connais in 1999 from his vaunted es- own vineyards or buy fruit in Saint-
tate Domaine des Comtes Lafon, in Véran. The venerable Château-
Meursault, in the Côte-d’Or. Mr. La- Fuissé, whose Pouilly-Fuissé wines
fon made a big splash when he ar- are some of the most sought-after
rived in the Mâconnais and founded
Les Héritiers du Comte Lafon. It was
simply unheard of for one of the
greatest Côte-d’Or producers to
Pay attention to these
choose the Mâconnais as an address. wines, some of the best
But Mr. Lafon and winemaker deals in white Burgundy.
Caroline Gon (who left at the end of
last year to make wine on her own)
produced wines that boosted the
credibility of the region. The 2020 of that appellation, makes wine
Les Héritiers du Comte Lafon Saint- from its own vineyards in Saint-Vé-
Véran ($43) is a rich and layered ran. The 2020 Château-Fuissé
wine produced from some of the Saint-Véran ($30) was an equally
highest elevation vineyards in the well-made wine, textured and fairly
appellation. (Pierre and Léa Lafon rich, with a citrus note. Château-
run the domaine today.) Fuissé owner and winemaker An-
Similarly focused on making qual- toine Vincent described Saint-Véran
ity wines in the region, brothers as Pouilly-Fuissé’s “cousin if not sis-
Richard and Stéphane Martin as- ter.” He further noted that the

.
sumed control of their family’s Saint-Véran wine was vinified for a

ly
Saint-Véran-based Domaine de la shorter time, in stainless steel and
Croix Senaillet in the 1990s. The not oak, leaving it “fresher” and ap-
brothers increased the family’s vine- pealing to drink faster than Pouilly-
JOHN S. DYKES

on yard acreage almost fourfold and in

2015 purchased a second Mâconnais
property, Domaine du Mont Epin.
The Martins make wines from all
Fuissé typically is.
Another Pouilly-Fuissé based pro-
ducer, Domaine Cheveau, turned out
a terrific wine: the zesty, minerally
us ,

over the Mâconnais. I bought two of 2020 Domaine Cheveau Saint-Véran

YOU WOULD THINK a wine named subregion of Burgundy costs half as regarded as superior sites. their several Saint-Véran bottlings: Chantevigne ($28), possessed of
l
e
after a saint who banished a dragon much. In fact, of the dozen Saint- While Pouilly-Fuissé producers The very bright and minerally 2020 great finesse and palate persistence.
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might have some cachet, and yet the Vérans I purchased for my tasting, recently gained premier cru status Domaine de la Croix Senaillet Saint- As it was one of my favorites, I was
wines of Saint-Verán aren’t so much all but two cost less than $30, and for 22 of that appellation’s vine- Véran Les Rochats ($25), a single- sorry to learn it’s rather hard to
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sought-after by most oenophiles. nine of them ranged between good yards, there are no premier cru vineyard wine, had just a bit more find. According to Jeremy Sells, COO
Perhaps it’s because the Saint-Vé- and very good. vineyards in Saint-Véran. Rather, depth than their basic bottling. The of the winery’s importer, Rosenthal
ran appellation was only created in A few Saint-Véran basics might there are “climats,” which are offi- latter, the 2020 Domaine de la Croix Wine Merchant, only 100 or so cases
1971. Certainly, it is overshadowed be useful for those unfamiliar with cially recognized vineyard parcels. Senaillet Saint-Véran ($23), was a are exported to the U.S.
by its more-famous neighbor the wines. For starters, all Saint-Vé- Saint-Véran producers have peti- touch lighter in body than the Les All of these wines are worth a
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Pouilly-Fuissé, yet drinkers would ran wines are white. Chardonnay is tioned the INAO (National Institute Rochats but nearly as good. search, particularly as the wines of
do well to pay attention to the wines the only grape planted in the region. of Origin and Quality) to designate Other good wines, such as the the next vintage (2021) will be even
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of Saint-Véran, some of the best The Saint-Véran appellation is certain climats as premier cru, but 2020 Joseph Drouhin Saint-Véran more scarce due to challenging con-
deals in white Burgundy now. about the same size as Pouilly- that decision is still pending. ($20), came from long-established ditions that year, including a cata-
Price is a perennial topic when it Fuissé and actually surrounds its Famed wine importer Kermit producers. The venerable Beaune- strophic frost. In happier news, the
comes to Burgundy: Grand cru neighbor in a “golden belt,” as one Lynch characterized the difference based domaine and negociant Mai- Saint-Véran harvest of 2022 was
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white Burgundies can cost in the Saint-Véran producer rather poeti- between Saint-Véran and its neigh- son Joseph Drouhin has been pro- both generous and good, which
four figures. Even a basic Bour- cally described it. Of the Saint-Véran bors in his book “Adventures on the ducing a Saint-Véran-labeled wine means oenophiles should keep these
gogne blanc from the Côte-d’Or can vineyards both north and south of Wine Route”: “Saint-Véran is for almost 50 years—long before producers in mind in years to come.
run upward of $70 a bottle, while a Pouilly-Fuissé, the limestone-rich rounder than Mâcon blanc, simpler most producers saw promise in the
top Saint-Véran from the Mâconnais vineyards of the north are generally than Pouilly-Fuissé…. In fact, if pro- region, according to winemaker Vé-  Email Lettie at wine@wsj.com
co Fo

OENOFILE / OUTSTANDING VALUES AND VERY GOOD DRINKING IN SAINT-VÉRAN

2020 Château-Fuissé 2020 Les Héritiers du 2020 Domaine de la 2020 Domaine Chev- 2020 Joseph Drouhin
Saint-Véran $30 Pro- Comte Lafon Saint-Vé- Croix Senaillet Saint- eau Saint-Véran Saint-Véran $20 Al-
duced from several dif- ran $43 When Côte- Véran Les Rochats Chantevigne $28 A though the Drouhin
ferent parcels largely in d’Or-based superstar $25 This is one of sev- wine of a precision and family is based in the
the northern subregion Dominique Lafon in- eral wines produced by finesse with an impres- Côte-d’Or, they’ve been
of Saint-Véran and vini- vested in Mâconnais the Saint-Véran-centric sively long mineral fin- producing wine in Saint-
fied in stainless steel to vineyards, including in Domaine de la Croix ish, this Saint-Véran Véran for many decades,
preserve freshness, this Saint-Véran, it was big Senaillet. It’s a lithe from a family-owned having recognized the
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is a medium-bodied, news. This rich, barrel- and minerally, rather el- domaine, made in region’s potential. This is
textured white marked fermented, well-bal- egant white from a (sadly) small quanti- a pleasant, fairly light-
by bright acidity and a anced white proves the limestone-rich single- ties, is most certainly bodied white, refreshing
citrus note. investment was wise. vineyard site. worth tracking down. and easy to drink.
no

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

Roasted Haddock With Ritz Crackers and Steamed Broccoli

JENNY HUANG FOR THE WALL STREET JOURNAL, FOOD STYLING BY TYNA HOANG, PROP STYLING BY SOPHIE LENG; MICHAEL HOEWELER (PORTRAIT)

BACK IN 2019, Colin Wyatt was a lead a coastal-Maine classic. “At Twelve we use
chef at Manhattan’s multi-Michelin- halibut instead of haddock and we poach
starred Eleven Madison Park. When the it in butter, very slowly,” he said. Blanched
city went into Covid lockdown, he and his Swiss chard and a rich red-wine-and-bone-
wife moved to Maine, where she grew up marrow sauce complete the plate.
and he went to college. “Maine had al- In his first Slow Food Fast recipe, the
ways been in the cards, but it was years chef simplifies that preparation consider-
The Chef off,” he said. “That quickly changed.” ably, roasting the fish in the oven until it
Colin Wyatt Now, as executive chef at Twelve, in flakes. “When the thickest part loosens and
Portland, Mr. Wyatt is composing an ongo- gives a bit, it’s done,” he said. Don’t cook it
His Restaurant ing love letter to the recipes and ingredi- a moment longer. “Easier dishes are less
Twelve in Portland, ents of the region. Consider his take on forgiving,” Mr. Wyatt said. “And often the
Maine roasted haddock with a Ritz-cracker crust, most satisfying.” —Kitty Greenwald

What He’s Time 30 minutes Serves 4 erally over top of each fillet. brown, about 15 minutes.
Known For 8 tablespoons unsalted Lay fish into prepared bak- 4. While the fish roasts, set
Riffing on New butter ing dish, leaving at least 1 a steamer basket in a small
England classics 4 (6-ounce) haddock fillets inch between fillets. pot filled with 1-2 inches
with the freshest Kosher salt and freshly 2. In a small saucepan over salted water. Set over me-
local ingredients ground black pepper medium heat, melt 5 table- dium-high heat and bring
and equal parts 1 egg yolk spoons butter. Pour Ritz water to a boil. Add broccoli
whimsy and luxury. 2 tablespoons Dijon crackers into a medium florets to steamer basket.
mustard bowl, and crush into coarse, Cook until a paring knife in-
1 sleeve Ritz crackers uneven crumbs. Pour melted serted into stem of largest
2 heads broccoli, florets butter over crackers and mix floret at thickest point just
separated to combine. Cracker mixture pierces through to the cen-
2 lemons should hold together when ter and encounters some re-
squeezed. sistance at core, about 5
1. Preheat oven to 350 de- 3. Press cracker mixture minutes. Remove broccoli
grees. Lightly butter a me- onto top of each haddock fil- from steamer and toss dry.
dium baking dish with 1 ta- let to form a 1/2-inch crust. In a small bowl, toss broccoli
blespoon butter. Season Transfer baking dish to with remaining butter, and
haddock fillets with salt and oven’s center rack and roast season with salt and lemon
pepper. In a small bowl mix until fish flakes at thickest juice to taste. Serve roasted
together egg yolk and mus- point when gently pressed haddock with broccoli and a AMERICAN CLASSIC The buttery crust on this flaky roasted haddock
tard. Brush this mixture lib- and crust turns golden lemon wedge. gets its distinctive crunch from Ritz crackers.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 14 - 15, 2023 | D9

GEAR & GADGETS

character lines race over the
TINY DANCER The GV70 hood and along the fuselage,
2.5T compact crossover tying together the double-slit
stacks up well against head lamps and taillamps,
European rivals. and quickening the whole
composition, as if with speed
lines. The exterior execution
is also unusually detailed for
the mass-class segment. Note
the complex play of parts at
the lower front fascia (the
wraparound metal accents)
and the rear (the integrated
tailpipe outlets). Note also
the thick brightwork around
the grille, window openings
and along the rocker panels.
Are you getting enough me-
tallic paint in your diet?
The interior design is like-
wise overachieving. Most
first-timers will come away
impressed with the premium
materials—the fine-handed
leather on the plush, com-
fortable seats; the supple and
convincing stitched-leather-
ette on the split-level dash,
doors and console; the heft
and solidity of pewter-like
switches and metal bezels.
Shout out to the swank
GENESIS

“Wavy Line Backlit Trim”

glowing on doors and console
that comes with the Ad-
RUMBLE SEAT / DAN NEIL I wonder how that will vanced trim. The GV70’s sur-
go? Because the one thing prise-and-delight quotient is
EVs have in abundance is pretty heady for the price.
powertrain refinement— I was impressed by the

A Stylish Crossover,
seamless, linear, whispering, hard points. The GV70 has
torque-filled, effortless. Re- excellent forward views,
finement happens to be the thanks to its low-horizon

.
2.5T’s weakest subject. The dash, short sloped hood and

ly
Competitively Priced
hardworking four-banger is notably slim front roof pil-
always snurring and dron- lars. The front windows’ sail
ing, except when the idle- panels are small and unob-

LIKE A 4-H CLUB event at

the state fair, the premium
at camp, only not damp.
The test car arrived in the
on eight-speed transmission,
plus a rear-biased AWD sys-
skateboard (77.4-kWh battery
pack, dual-motor propulsion;
stop function shuts down.
When the engine relights,
the car shivers with the ef-
fort. Engagement from Re-
trusive, the mirrors likewise.
Usually, whatever compro-
mises required to fit a body
style on a scalable, shared-
us ,

crossover market in America Advanced trim ($52,925, de- tem supplied by Magna. The 800-volt system architecture) verse to Drive can provoke a vehicle platform—whatever
attracts cute little heifers livered), one level down, and 3.5T’s additional 75 hp and will come to the U.S. later bit of clunking shift-shock. push and pull—are revealed
l
e
from all over: Sweden (Volvo was certainly better for not 81 lb-ft shave about a second this year, with an expected Shuffling away from a stop, at the A pillars, scuttle and
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XC40), Japan (Lexus NX), having 21-inch wheels and off the 2.5T’s initial accelera- range of about 230 miles. amid a series of short- windshield base. Big, thickly
Germany (BMW X3, Audi Q5, low-profile tires. (Oversize tion (4.9 v 5.6 seconds, says That too sounds familiar. shifted gears, the engine’s padded roof pillars, oversize
ci on

Mercedes-Benz GLC, Porsche wheels and tires look great Car and Driver). But, at If all goes as planned, Gen- soft, plaintive moaning—or sail panels and high hood
Macan), the U.S. (Lincoln Avi- but play havoc with ride $12,100, the V6 bump is not esis’s showroom visitors will is it mooing?—radiates into lines all help hide the su-
ator) and South Korea, birth- quality, especially on vehicles worth the bump. be able to test-drive and the cabin. tures, but they are really
place of our test car, the Gen- with relatively short wheel- It would be one thing if compare electric and gas ver- Whether powered by fire hard to see around.
esis G70 2.5T AWD. This bases, to say nothing of the the four-cylinder were weak- sions of the GV70, back to or electrics, GV70 presents a Which only proves that a
er s

thundering herd of tiny added tire noise and lower willed, but it’s not. In the de- back, apples to apples, by the posh, cosmopolitan presence cow is more than the sum of
hooves accounted for about a fuel economy. Sad!) fault Normal mode, the 2.5T end of 2023. on the street. Long, bowed its parts.
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half-million sales in 2022, de-

pending on what you count
as a compact (vs. midsize),
premium (vs. luxury) and Whether powered by fire or electrics,
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crossover (vs. SUV).

Genesis’s GV70 presents a posh,
THE NEW
Alas, the grim truth about
4-H is that, no matter how cosmopolitan presence on the street.
primped and polished the
contestants, when they enter
GENERATION
co Fo

the show ring, they become

livestock—commoditized, Our 2.5T Advanced speci- checks and smooths throttle
consumable. Discerning
judges look past the braided
men was otherwise brimming
with stuff people want:
response at little cost to
daily-typical drivability. Tog- OF LUXURY
tails and cow mascara. It’s power hands-free liftgate; gling up to Sport mode
about the beef on the hoof. navigation system with 14.5- brings the full 300 hp/310 lb-
On that score, the GV70 inch touch screen; Apple and ft to bear and aligns the
might as well be Babe the Android Auto connectivity; chakras of the eight-speed
Blue Ox. Introduced in model- wireless device charging; automatic transmission and
year 2021, this fetching five- heated/ventilated front seats AWD. The lazy latency in
seater starts at $43,150, with heated steering wheel; shifting and slow-rise linear-
mightily well-equipped, with and a brace of Genesis’ ity of the throttle response is
n-

a 300-hp turbo-four engine driver-assist technology, such diminished. In fact, if you use
and all-wheel drive as stan- as forward-collision alert, the paddles behind the steer-
dard equipment. From there lane-keeping and lane-follow- ing wheel to shift ratios man-
prices ascend through four ing assist and parking colli- ually—which almost no
no

levels of reasonableness, top- sion-avoidance assist, which owner will ever do—the 2.5T
ping out with the Sport Pres- will brake the car if it sees grows a little pair.
tige package ($55,950). These you are reversing into the Genesis, the premium/lux-
maximalized versions nibble path of other cars. That’ll do, ury imprint of Hyundai Motor
the bums of European luxury- cow, that’ll do. Group, has signaled its intent
brand entrants from Audi and The GV70 does offer U.S. to go all-electric by 2030, by
Porsche, with exotic 21-inch customers a premium engine way of a generation of transi-
aluminum wheels; road-read- option: an impeccably man- tional vehicle designs that
ing adaptive suspension; a nered and under-stressed can accommodate either gas
leatherette-wrapped upper 3.5-liter twin-turbocharged or electric drivetrains. The
dash; and Nappa-leather V6 (GV70 3.5T), producing GV70 is one such car. A fully
sport seats with mesh in- up to 375 hp and 391 lb-ft. electric version, built on the
serts—like your bathing suit Both engines use the same Group’s now-familiar EV

2023 GENESIS GV70 2.5T AWD

Base price $43,150 ual-shift mode; on-demand Curb weight 4,332 pounds
Price, as tested $52,925 rear-biased all-wheel drive Length/width/height/wheel-
Powertrain Turbocharged di- Power/torque 300 hp at base 185.6/75.2/64.2/113.2 2901 COLLINS AVENUE
rect-injection 2.5-liter DOHC 5,800 rpm/311 lb-ft at 0-60 mpg 5.6 seconds (est.) MIAMI BEACH, FLORIDA 33140
in-line four; eight-speed auto- 1,650-4000 rpm (premium- EPA fuel economy 22/28/24 RESERVATIONS +800 466 9695
matic transmission with man- grade fuel) mpg, city/highway/combined WWW.EDITIONHOTELS.COM
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not
the sole retail outlets.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, January 14 - 15, 2023 * *** THE WALL STREET JOURNAL.

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