March 2020:

How the Fed Averted

Economic Disaster
REVIEW
* * * * * * *
WSJ
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, FEBRUARY 19 - 20, 2022 ~ VOL. CCLXXIX NO. 41

Russia Is Set
The New Way
To Refresh
Your Look
OFF DUTY
WSJ.com HHHH $6.00

What’s
News To Invade,
World-Wide

B iden said he’s con-

vinced that Russia’s Pu-
tin has decided to invade
Biden Says
Ukraine and that he expects
an attack in the coming President Biden said Friday look as if Ukraine has provoked
days, with targets including he’s convinced Russian Presi- Russia into a conflict, thus jus-
the Ukrainian capital. A1, A8 dent Vladimir Putin has de- tifying the Russian invasion.
cided to invade Ukraine and Speaking at the White
 Trump had classified gov-
that he expects an attack in House, Mr. Biden referred to
ernment records at his Flor-
the coming days, with targets the Kremlin’s efforts to fabri-
ida residence, the National
including the Ukrainian capi- cate a pretext for Russian
Archives told a congressional
tal, Kyiv. forces to attack, which he said
panel, saying it was in com-
is expected in coming days.
munication with the Justice
By Gordon Lubold, “We believe that they will
Department on the matter. A4
ALEKSEY FILIPPOV/AGENCE FRANCE-PRESSE/GETTY IMAGES

Michael R. Gordon, target Ukraine’s capital Kyiv, a

 The FDA delayed its re- and Yaroslav Trofimov city of 2.8 million innocent
view of Pfizer’s Covid-19 people,” Mr. Biden said. He
vaccine in children under 5 U.S. officials said a Russian said he was providing the in-
years old because the initial attack could involve a broad formation because “we’re do-
two-dose series so far wasn’t combination of jet fighters, ing everything in our power to
working well against the Omi- tanks, ballistic missiles and cy- remove any reason that Russia
cron variant during testing. A5 berattacks, with the ultimate may give to justify invading
intention of rendering Ukraine and prevent them
 The Senate unanimously
Ukraine’s leadership powerless. from moving.”
passed legislation to require
The officials said Mr. Putin Asked about whether Mr.
Supreme Court justices and
has laid the groundwork in re- Please turn to page A8
federal judges to promptly
cent days through a series of
post online their stock trades
destabilizing activities and  Russian naval exercises
and financial holdings. A4
false-flag operations—long pre- jeopardize Kyiv’s exports.... A8
 Former Brooklyn Center, Residents of the Ukrainian-controlled town of Stanytsia Luhanska in the Luhansk region dicted by U.S. and allied offi-  Stock indexes post weekly
Minn., police officer Kim- clean up debris in a home on Friday after shelling by Russia-backed separatists. cials—that intended to make it losses amid invasion threat... B1
berly Potter was sentenced
to two years in prison for the
U.S. existing-home sales,

Frackers Hold Back Production

killing of Daunte Wright. A3
change from a month earlier
 Police in Ottawa towed
heavy-duty trucks and made January
dozens of arrests as they 6.7%
5%

As Global Oil Market Tightens

moved to clear a protest
against Covid-19 mandates. A7
0
Business & Finance
BY COLLIN EATON ported their highest annual growth isn’t keeping pace with made to limit production and –5
 America’s largest frackers profits in more than a decade renewed demand as economies return more cash to share-
are reporting huge profits America’s largest frackers for 2021. The companies said recover from the pandemic, holders, an effort to win back
but plan to keep oil pro- are reporting huge profits but they collected record amounts and the threat of a Russian in- investors who fled the indus- –10
duction in low gear this plan to keep oil production in of extra cash by hanging on to vasion of Ukraine is rattling try after years of poor returns. Feb. 2021 ’22
year, adhering to an agree- low gear this year, adhering to the money they earn selling oil markets. Those dynamics have U.S. oil prices fell almost 1%
ment with Wall Street, Note: Seasonally adjusted annual rate
an agreement with Wall and natural gas and reinvest- alarmed the White House, Friday to $91.07 a barrel. January 2022 is preliminary.
even as prices approach Street, even as prices ap- ing only what they needed to which has asked U.S. produc- Oklahoma-based Devon, the Source: National Association of Realtors
the $100-a-barrel mark for proach the $100-a-barrel mark keep output roughly flat. All ers to drill more as it con- top performer in the S&P 500
the first time since 2014. A1
 The hot U.S. housing
market extended into the
for the first time since 2014.
Three of the largest shale
companies, Pioneer Natural
three said they would continue
to limit production growth
this year.
Sales Rise
fronts soaring gasoline prices
and broad inflation.
For now, most large shale
last year, said it has expanded
a share-buyback program by
60% and raised its dividend to
new year as buyers rushed
to buy homes in the face of
record-low inventory and
Resources Co., Devon Energy
Corp. and Continental Re-
sources Inc., this week re-
They are pledging austerity
despite a tightening oil-market
supply. Global oil-production
As Supply
companies aren’t answering
the White House’s call, stick-
ing to commitments they
a record level. The company
also said it collected $2.8 bil-
Please turn to page A4
climbing mortgage rates. A1
Of Homes
EXCHANGE
 Fed officials pushed
back against the prospect
that they would begin rais-
ing interest rates next month
Inside Facebook’s $10 Billion Dwindles
with a larger half-percent-
age-point increase. A2
 Major U.S. stock indexes
Breakup With Advertisers BY NICOLE FRIEDMAN
AND BRYAN MENA
posted weekly losses amid
the threat of an invasion of The hot U.S. housing mar-
ket extended into the new year
Ukraine and the uncertain Privacy changes prompt e-commerce businesses to cut ad spending as buyers rushed to purchase
path of monetary policy. B1
homes in the face of record-
 GE warned that supply- Facebook was long one of the surest bets acquire such customers rose 10-fold. In Octo- low inventory and climbing
chain problems, labor short- in digital advertising. No longer. ber, she shifted her whole ad budget to mortgage rates.
ages and inflation would Martha Krueger, who runs a gift-basket search ads on Alphabet Inc.’s Google. Existing-home sales rose
weigh on its financial results business called Giften Market, used to spend Lots of other companies that depend on e- 6.7% in January from the prior
in the first half of the year. B1 commerce sales, including makers of nutri- month to a seasonally adjusted
 The SEC pushed back on By Suzanne Vranica, tional powders, eyebrow stencils and toilet annual rate of 6.5 million, the
Tesla’s allegation that regula- Patience Haggin sprays, are taking a look at their bottom lines National Association of Real-
tors are harassing Musk over and Salvador Rodriguez and deciding the same thing. They are slash- tors said Friday, with sales in-
his compliance with a 2018 ing their spending on Facebook and Insta- creasing in regions across the
regulatory settlement. B12 POWER STRUGGLE her entire advertising budget on Meta Plat- gram and sending their ad money to Google, country. January sales fell
Why America’s forms Inc.’s Facebook and Instagram. She Amazon.com Inc., Snap Inc. and other plat- 2.3% from a year earlier.
picked up a new customer for every $14 she forms, according to ad buyers and e-com- The housing market re-
electrical grid is spent. merce companies. mains extremely competitive.
NOONAN increasingly unreliable. When Apple Inc. introduced a privacy fea- The privacy change is hitting the heart of Rising mortgage rates in re-
San Francisco B1 ture for mobile devices last year that re- Meta’s business: its ability to target ads at cent weeks have prompted
Schools the Left A15 stricts user tracking, she said, her costs to Please turn to page A10 buyers to move quickly in case
interest rates climb further,
real-estate agents say. Homes
NOTICE TO READERS
WSJ.com and WSJ mobile
Moon, June Left Marooned: Pop A Sour Skating Final are frequently selling within
days for more than their list
apps will publish
Songs Embrace Imperfect Rhymes prices. More houses are being
throughout the weekend.
The print edition won’t
appear on Monday,
i i i Prompts Soul Searching purchased with cash, and
first-time buyers are getting
squeezed out.
Washington’s Birthday (or Artists rely more on unusual echoes Still, the shortage of homes
Presidents Day), but a daily After a wrenching night at ments—exploded in one historic on the market is holding back
edition will be available in than ones that land right on the mark the Olympics that ended with night of collective meltdown. the number of sales, econo-
WSJ iPad and Android apps. Russian teenagers in tears and Fifteen-year old Kamila Va- mists say. On top of that, some
BY JAMES R. HAGERTY marks for that,” said Erin Chase, the sport in tatters, figure skat- lieva, faltered and slipped un- buyers have been sidelined as
AND ANNE STEELE who teaches songwriting at Bos- ing began to sift through the der the glare of a doping scan- rising prices and higher inter-
CONTENTS Obituaries................. A9
Books..................... C7-12 Opinion.............. A13-15 ton’s Berklee College of Music. wreckage of what appeared to dal, only to be confronted by est rates have made home-
Business News...... B3 Sports................. A11-12 In her recent hit song “Bru- Songwriters are growing her coach, Eteri Tutberidze, ownership less affordable.
Food......................... D6-7 Style & Fashion D2-3 tal,” the pop star Olivia more inclined to take By Georgi Kantchev, who demanded: “Why did you The median existing-home
Gears & Gadgets D10 Travel...................... D4-5
Heard on Street...B14 U.S. News............ A2-6
Rodrigo confesses: liberties with their Ben Cohen stop fighting?” price rose 15.4% in January
Markets.................... B13 World News....... A7-8 And I’m not cool and rhymes, as artists find and Louise Radnofsky Another Russian teen, 17- from a year earlier, NAR said,
I’m not smart imperfect ones can year-old Alexandra Trusova to $350,300.
And I can’t even par- sound better than those be a systemic failure of the who finished second, fell apart “Buyers were likely antici-
> allel park that land right on the people who were supposed to over failing to win and de- pating further rate increases
Wait. Does “smart” mark. In the music busi- be the adults in the rink. clared, “I hate this sport!” Please turn to page A2
rhyme with “park?” ness, rhymes are more All of the sport’s darkest And gold medalist Anna
Not exactly, but both of an art than a science. fears—about pushing ever- Please turn to page A11  Fed officials dispel prospect
s 2022 Dow Jones & Company, Inc.
words contain an “ar” Approximate rhymes younger athletes through more of half-point rate rise........... A2
All Rights Reserved sound, creating an ear-pleasing have been around forever but grueling training to achieve  Jason Gay: Grim Olympics  Heard on the Street: Rates
echo. “I would give her great Please turn to page A10 ever-more dizzying achieve- stumble to the finish.......... A11 will rain on house party.... B14
 A2 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Officials Dispel
Prospect of Half-Point
Rise in Interest Rates
BY NICK TIMIRAOS year if inflation declines.
AND MICHAEL S. DERBY Fed officials face a separate
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

calculus over how and when to

Federal Reserve officials begin shrinking their $9 tril-
pushed back Friday against lion asset portfolio later this
the prospect that they would year and over how to tele-
begin raising interest rates graph their sequence of rate
next month with a larger half- increases at their March meet-
percentage-point increase in ing, when they will prepare
their benchmark rate. new economic and interest-
Recent data pointing to rate projections.
stronger hiring, consumer Minutes from the Fed’s Jan.
spending and inflationary pres- 25-26 meeting indicated Fed
sures had prompted investors officials were satisfied last
in bond and interest-rate fu- month with how financial
tures markets to place growing markets had interpreted their
probabilities on a larger rate recent signaling around com-
increase at the Fed’s next meet- ing rate increases.
‘I know food prices are up, and we’re working to bring them down,’ President Biden said this month in Culpeper, Va. ing, on March 15-16. The Fed Since that meeting, markets
typically raises rates in smaller, have anticipated several addi-

Biden Shifts Inflation Message

quarter-percentage-point incre- tional rate increases, and a
ments and hasn’t made a larger range of other borrowing in-
increase since 2000. struments have begun to re-
New York Fed President flect those expectations of
John Williams, who is one of higher borrowing costs,

To Acknowledge Public’s Pain the most senior advisers to

Chairman Jerome Powell and
helps shape the policy agenda,
hinted that the Fed wouldn’t
need to begin what is expected
though the Fed’s benchmark
rate remains near zero.
For example, the average
rate for a 30-year fixed-rate
mortgage rose to 3.92% for the
BY CATHERINE LUCEY recent months privately told get what they say is a lack of his top aides have pointed to a to be a series of interest rate week that ended Thursday, ac-
AND ANDREW RESTUCCIA senior White House officials competition in key industries. letter from 17 Nobel laureates increases with the more ag- cording to Freddie Mac, put-
that the president should Last year Mr. Biden called saying the package would ease gressive, half-point move. ting it at its highest level since
WASHINGTON—President mount a more aggressive re- on the Federal Trade Commis- longer-term inflationary pres- “There’s really no kind of May 2019. Other measures of
Biden is shifting his message sponse to inflation, according sion to investigate what he al- sures. compelling argument that you longer-term corporate borrow-
on inflation to show he under- to people familiar with the leged was anti-consumer be- Rep. Sean Patrick Maloney have to be faster right in the ing costs have also begun to
stands Americans’ economic conversations. havior by oil-and-gas (D., N.Y.), who chairs the Dem- beginning” with rate in- reflect somewhat higher yields.
woes, in the midst of mount- Mr. Biden is planning to companies. And he sought to ocrats’ congressional cam- creases, Mr. Williams told re- Ms. Brainard suggested that
ing public frustration over ris- talk about how inflation has boost regional meat producers paign arm, said on MSNBC on porters on Friday. “There’s no because markets are properly
ing prices and after pleas from affected Americans during his to diversify the industry. Some Thursday that Democrats need to do something ‘extra’ understanding the Fed’s antic-
worried Democrats to change State of the Union address on economists have publicly shouldn’t “talk about Nobel at the beginning of the pro- ipated rate increases and
his tune. March 1, the White House told questioned that approach, ar- laureates because no one cess of liftoff. We can…steadily plans to shrink its asset port-
In recent weeks, Mr. Biden Democratic lawmakers this guing it will do little in the cares. Talk about the price of a move up interest rates and re- folio, the Fed’s communica-
has made personal appeals in week. With inflation reaching short term to lower prices. gallon of milk. Talk about the assess. I don’t feel a need that tions about tighter policy were
his speeches to families facing a 40-year high last month, a Some Democrats said Mr. price of a gallon of gas.” we’d have to move really fast already having an effect to
higher prices for food, gaso- White House official said Mr. Biden needs to focus more on Mr. Biden warned this week at the beginning.” withdraw stimulus. Her com-
line and cars. Addressing Biden wants to convey to the the public angst and less on that energy prices could in- Instead, Mr. Williams and ments implicitly pushed back
county officials this week he public: “I feel and understand touting positive economic in- crease if Russia invades several of his colleagues in re- against expectations of a
said: “I grew up in a family what you’re going through.” dicators. Ukraine. He said he would cent days have suggested the larger rate rise.
where the price at the pump Republicans said Mr. Bi- work with Congress to address Fed could raise rates in more “We’ve already seen the
was felt in the kitchen. Every- den’s shift in tone is too little, high gas prices. A White House measured, quarter-point incre- kinds of tightening in the fi-
body knew. Everybody felt it. I
understand.” In Virginia last
too late. They have hammered
him over price increases, hold-
Democrats are official said the administration
hasn’t decided what policy
ments unless inflation doesn’t
diminish later this year as
nancial conditions facing many
households and businesses
week, he said: “I know food ing regular news conferences anxious about the measures would be included in forecasters expect. that is consistent with the for-
prices are up, and we’re work-
ing to bring them down.”
on the issue and highlighting
inflation in political ads ahead
political fallout legislation to lower prices.
White House economic
The second member of Mr.
Powell’s policy-making inner
ward-looking nature of mar-
kets,” she said during a panel
That is a change from the of November’s elections, when from rising prices. aides have debated the merits circle, Fed governor Lael Brai- discussion at a policy confer-
way the president addressed they are favored to retake the of suspending the gasoline tax, nard, said Friday, “given that ence in New York. “The mar-
inflation earlier in his term. In majority in the House. but that faces skepticism from we have seen quite strong ket has brought forward the
July, after inflation accelerated “If many Americans won some economists and members data, I do anticipate that it changes” in financing costs
at the fastest pace in 13 years, the lottery tomorrow, the first “It is absolutely true that of both parties, who argue it will be appropriate at our next that will result from antici-
Mr. Biden said price increases thing they would do is fill up this president has reduced un- would have only a limited ef- meeting…to initiate a series of pated rate increases, she said.
“were expected and expected their gas tank,” Sen. John Ken- employment and has presided fect on prices at the pump. rate increases.” Ms. Brainard The debate over how much
to be temporary.” In Septem- nedy (R., La.) said Wednesday. over some robust growth. But Some economists contend has been nominated by Presi- to raise interest rates has
ber, he said there was “a lot of “I’m not sure that President the economy is sort of asym- that inflation was exacerbated dent Biden to serve as the weeks to play out before the
evidence that gas prices should Biden understands that.” metric right now, and people by the multiple rounds of Fed’s vice chairwoman. Fed’s next meeting. Officials
be going down, but they ha- Inflation topped the list of aren’t feeling it,” said David stimulus pumped into the Officials must balance will receive reports on Febru-
ven’t,” pledging to work on it. the most urgent issues facing Axelrod, a longtime adviser to economy in response to the whether larger, upfront rate in- ary hiring and inflation before
By November, he was acknowl- the country in a new Quinnip- Barack Obama, the former pres- pandemic, including the $1.9 creases risk fueling market ex- that meeting. They must evalu-
edging the impact on families, iac poll, with 27% of respon- ident. “You have to recognize trillion coronavirus-relief bill pectations for even bigger and ate the potential for a Russian
saying “everything from a gal- dents listing it as their top that. You can’t, with charts and that Mr. Biden signed early in potentially more disruptive invasion of Ukraine, which
lon of gas to loaf of bread costs concern, followed by 12% cit- maps, make them feel better.” his presidency. That prompted moves or whether it would could weaken global growth
more. And it’s worrisome, even ing immigration and 10% who Mr. Biden has continued to booming demand for goods, give them greater flexibility to while aggravating inflation by
though wages are going up.” cited Covid-19. push for passage of wide-rang- but supplies were limited. slow rate increases later this roiling energy markets.
The new approach comes as The Biden administration ing climate, education and The White House has said
Democrats have grown in- has sought to emphasize posi- healthcare legislation that he the relief bill was necessary to
creasingly anxious about the
political fallout from rising
tive economic data, such as
strong job and wage growth,
says will help lower prices for
Americans over time. The leg-
help the country recover.
Facing limited options for
CORRECTIONS  AMPLIFICATIONS
prices ahead of what are ex- while taking a series of steps islation is stalled in part be- addressing inflation, Mr. Biden
pected to be challenging mid- to try to tackle price increases, cause Sen. Joe Manchin (D., has said he sees the Federal The last name of Erica nance section incorrectly
term elections. Democratic al- including efforts to ease sup- W.Va.) has raised concerns Reserve as crucial to address- Tergeson, director of hunting said there were no sales from
lies of Mr. Biden have in ply-chain bottlenecks and tar- about inflation. Mr. Biden and ing high prices. policy at the National Rifle As- shelf registrations for the
sociation, was misspelled as previous week because the
Tergesen in some editions Fri- source didn’t have data un-

Housing Affordability has worsened

for home buyers since the start
of the pandemic. Home prices
Median sales price of
existing homes in the U.S.
The typical home sold in
January was on the market for
19 days, unchanged from the
day in a U.S. News article
about bald eagles.
available at the time of publi-
cation. Tables dating back to
April 12 also were incorrectly

Market
January
have surged across the country, $375,000 prior month, NAR said. The likelihood of a surge in empty. A table of shelf sales
$350,300
and the average rate on a 30- +15.4% The market is especially February traffic on the web- from April 7 to Feb. 4 can be
year fixed-rate mortgage has from a year competitive at lower price site ashleymadison.com’s hap- found at WSJ.com/Correc-

Stays Hot risen to 3.92% as of Thursday,

said mortgage-finance giant
Freddie Mac, the highest level 350,000
earlier points, where buyers with lim-
ited cash can be outbid by in-
vestors or cash buyers. About
pening by chance is 0.02%, ac-
cording to recent research. A
Wealth Management report
tions.

Michael Shvo holds dual

since May 2019. 27% of January existing-home article on Monday about the Israeli and American citizen-
Continued from Page One So far, rising mortgage-in- sales were purchased in cash, effects of gifting incorrectly ship. A Mansion article on
and locking in at the low rates, terest rates have hardly dented up from 19% a year earlier, NAR said the likelihood is 0.0002%. Friday about unfinished proj-
and investors added to overall buyer demand, which still far said. ects in New York City called
demand with all-cash offers,” outpaces supply, say market 325,000 “There’s so little supply, and The name of LVMH Moët him an Israeli developer.
said Lawrence Yun, NAR’s chief participants. there’s a lot of money out Hennessy Louis Vuitton SE
economist. One reason is that rent there,” said Gregg Menell, a was incorrectly given as LVMH Notice to readers
Rising mortgage rates could prices are also rising quickly, so real-estate broker in Scarsdale, Louis Vuitton Moët Hennessy Some Wall Street Journal
have a limited impact on hous- prospective first-time home N.Y. “There are some [buyers] SE in a Business & Finance ar- staff members are working re-
ing demand this year, in part buyers are reluctant to wait. who have gotten so disheart- ticle on Friday about luxury- motely during the pandemic.
300,000
because buyers have already “People’s leases are coming ened, because they’ve lost out goods brands. Please send reader comments
endured pandemic-related pres- due, and they’re seeing just Jan. July Jan. on so many bidding wars, that only by email or phone, using
sures and constraints on their massive increases,” said Chris- 2021 ’22 some have just given up.” The “Off the Shelf” table the contacts below, not via
ability to secure a home, Real- topher Maher, chief executive Source: National Association of Realtors The share of first-time buy- in the Feb. 7 Business & Fi- U.S. Mail.
tor.com Chief Economist Dan- of OceanFirst Financial Corp. in ers in the market fell to 27%,
ielle Hale said. New Jersey. “That really Thomas Lavelle struggled to down from 33% a year earlier. Readers can alert The Wall Street Journal to any errors in news articles by
“So far, buyer activity has squeezes the first-time home find houses that met their cri- Existing-home sales rose the emailing [email protected] or by calling 888-410-2667.
been resilient to the extra costs buyer.” teria in the Cleveland area. most month-over-month in the
of homeownership even in the There were 860,000 homes “There were maybe 11 South, up 9.3%, and in the
face of factors that could shift for sale at the end of January, houses at one time within our Northeast, up 6.8%. THE WALL STREET JOURNAL
or squeeze housing budget pri- down 2.3% from December and price range that fit our qualifi- Building activity has in- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
orities, including a fading pan- down 16.5% from January 2021, cations, and we had probably creased due to the strong de-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
demic mind-set and inflation NAR said. This is the lowest seen all of them, and none of mand, but builders have been
Published daily except Sundays and general legal holidays.
pressures,” Ms. Hale said. She level on record since NAR be- them were anything spectacu- slowed by supply-chain issues Periodicals postage paid at New York, N.Y., and other mailing offices.
expects home sales to remain gan tracking total existing- lar,” Mrs. Bukszar-Lavelle said. and labor shortages. A measure
Postmaster: Send address changes to The Wall Street Journal,
high this year because of “ris- home inventory in 1999. At the “I was just hoping and praying of U.S. home-builder confidence 200 Burnett Rd., Chicopee, MA 01020.
ing workplace flexibility,” which current sales pace, there was a something would pop up.” declined in February, the Na- All Advertising published in The Wall Street Journal is subject to the applicable rate card,
can allow prospective buyers to 1.6-month supply of homes on The couple toured a three- tional Association of Home copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
expand geographic searches to the market at the end of Janu- bedroom house in Brunswick, Builders said this week. 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to
accept an advertiser’s order. Only publication of an advertisement shall constitute final
find more affordable homes. ary, also a record low. Ohio, the day it went on the Housing starts, a measure of acceptance of the advertiser’s order.
The shortage of homes for The NAR tally of homes for market and learned that seven U.S. home-building, fell 4.1% in Letters to the Editor: Fax: 212-416-2891; email: [email protected]
sale is expected to continue and sale includes properties that other showings had already January from December, the Need assistance with your subscription?
keep pressure on the market. are under contract. Excluding been scheduled. They put in an Commerce Department said By web: customercenter.wsj.com; By email: [email protected]
“It will take years to build our pending sales, the inventory offer that day. this week. Residential permits, By phone: 1-800-JOURNAL (1-800-568-7625)
way out of the supply-and-de- shortage is even steeper. In the “We immediately knew we which can be a bellwether for Reprints & licensing:
By email: [email protected]
mand imbalance that should four weeks ended Feb. 13, the had to jump on it. We couldn’t future home construction, rose By phone: 1-800-843-0008
keep home prices rising number of active listings fell wait,” Mrs. Bukszar-Lavelle 0.7%.
WSJ back issues and framed pages: wsjshop.com
strongly this year despite 27% from a year earlier to said. They beat out three com- News Corp, owner of the
Our newspapers are 100% sourced from sustainably certified mills.
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 19 - 20, 2022 | A3

U.S. NEWS

Ex-Officer Gets Two Years in Shooting

Prosecutors asked for shows good behavior, which is Officers told Mr. Wright he
in line with state guidelines. was being pulled over for hav-
seven years in killing of “This is one of the saddest ing an air freshener hanging
Daunte Wright that cases I’ve had in my 20 years from his rearview mirror and
on the bench,” said Judge Re- expired tags, according to the
Potter called a mistake gina Chu before handing down complaint. Officers on the
the sentence. scene later learned he had an
BY JOE BARRETT Judge Chu said she under- outstanding warrant for a
stood that some people would gross misdemeanor weapons
Kimberly Potter, the former think her sentence was too le- violation.
Brooklyn Center, Minn., police nient. But she drew a distinc- Ms. Potter described in her
officer convicted of first-de- tion between this case and testimony at trial a chaotic
gree manslaughter in the that of former Minneapolis situation after officers tried to
shooting death of Daunte police officer Derek Chauvin, arrest Mr. Wright for the out-
Wright in April, was sen- who was convicted last year of standing warrant and he broke
tenced Friday to two years in second-degree murder in the free and attempted to drive
prison. killing of George Floyd and is away.
Ms. Potter, a 26-year vet- serving a sentence of 22.5 The April 11 killing took
eran, testified that she years. place during the trial of Mr.

COURT TV/PRESS POOL

thought she had drawn her “This is a cop who made a Chauvin.
stun gun when she shot the tragic mistake,” the judge Mr. Chauvin also pleaded
20-year-old in the chest with said. guilty to federal charges of vi-
her 9mm handgun after a traf- After the sentencing, Katie olating Mr. Floyd’s civil rights.
fic stop in the Minneapolis Wright, Mr. Wright’s mother, Three other officers involved
suburb turned up an outstand- told local mediaz: “Kim Potter in Mr. Floyd’s arrest are
ing warrant. murdered my son and he died Former Brooklyn Center Police Officer Kim Potter speaking during her sentencing hearing Friday. standing trial in federal court
Prosecutors had sought a April 11. Today, the justice sys- in St. Paul, Minn., on charges
sentence of seven years and tem murdered him all over Ms. Potter expressed her sor- the case, said he accepted the plaint and video of the inci- of violating Mr. Floyd’s civil
two months, the presumptive again.” row and said she hoped the verdict and asked others to do dent. She fired the weapon as rights. They are expected to
sentence under Minnesota Ms. Potter’s attorney, Paul family could forgive her. “I so as well. “I don’t ask you to Mr. Wright, whose mother is face state charges, including
guidelines for someone with Engh, who said during the pray for Daunte and for all of agree with her decision, which white and father is Black, at- aiding and abetting second-
no prior record. Her lawyers proceeding that Ms. Potter’s you many times a day,” she takes nothing away from the tempted to drive away. She degree murder, in June.
sought probation, citing her mental state had been deterio- said. truth of the jury’s verdict,” said, “I shot him. I grabbed Following the shooting of
years of public service and re- rating since she entered de- Trahern Crews, founder of Mr. Ellison said. the wrong f—ing gun,” accord- Mr. Wright, Brooklyn Center
morse. tention after the conviction, Black Lives Matter Minnesota, Ms. Potter, who is white, ing to the complaint. “I’m go- was rocked by several nights
The judge said Ms. Potter, didn’t respond to a request to said the sentence “was rooted pulled her 9mm handgun dur- ing to go to prison.” of protest and unrest. Ms. Pot-
49 years old, would serve 16 comment. in anti-Blackness.” ing the struggle to arrest Mr. During her testimony, she ter and the Brooklyn Center
months in prison and eight In a tearful statement be- Attorney General Keith Elli- Wright and said, “I’ll tase ya,” said she didn’t recall saying police chief resigned two days
months of probation if she fore the sentencing in court, son, whose office prosecuted according to the criminal com- those things. after the killing.

Nineteen on Police Force Charged

Over Response to Protests in Texas
BY ELIZABETH FINDELL injuries…. Some will never fire from police even as they said the munitions didn’t work
fully recover.” tried to carry the wounded as expected and would no lon-
AUSTIN, Texas—Nineteen In a news conference late man to get medical help. ger be used in crowds.
Austin police officers will face Thursday, Austin Police Chief Police Union President Ken Mr. Garza was elected in
criminal charges stemming Joseph Chacon said he was Casaday said the high number the fall of 2020 after cam-
from their alleged misconduct disappointed by the charges. of officers charged make the paigning on a progressive
during protests in the spring He said police officers were effort appear politically moti- platform that included a vow
of 2020, the police union pres- forced to make split-second vated. Mr. Casaday didn’t dis- to pursue excessive-force
ident said. decisions under chaotic cir- pute that innocent bystanders charges against police officers.
Some Austin protesters and cumstances, managing some- were grievously wounded by When discussing the police
observers were wounded criti- times violent crowds whose police fire, but he blamed that indictments this week, he
cally by bean-bag munitions size police leaders had under- pushed back against accusa-
fired into crowds during pro- estimated. tions that his office’s prosecu-
tests following the murder of “I am not aware of any con- tions were biased.
George Floyd in Minneapolis. duct that, given the circum-
Some demonstrating Mr. Garza noted he already
The specific charges that stances that the officers were after George Floyd’s has prosecuted 33 cases
the Austin officers are facing working under, would rise to against protesters who en-
aren’t yet public. District At- the level of criminal viola-
death suffered gaged in criminal conduct dur-
torney José Garza, whose of- tion,” Mr. Chacon said. serious injuries. ing the 2020 demonstrations,
fice directed an investigation News of the indictments 11 of which are pending.
and grand jury review of their came just hours after the Aus- “Our office investigates and
conduct, confirmed an unspec- tin City Council authorized prosecutes anyone who causes
ified number of indictments, $10 million to settle two law- on commanders’ decision to harm in our community,” Mr.
but said he could offer no fur- suits from young men struck use the bean bags, which can Garza said.
ther details until those being in the head by bean-bag be inaccurate when fired from While cities across the
charged have been booked. rounds during protests. One of a distance, in a crowd situa- country experienced wide-
“We believe many protest- them, Justin Howell, then 20 tion, rather than the conduct spread protests, and injuries,
ers injured by law enforcement years old, was left in critical of individual officers. few have pursued criminal
officers during the protests condition with a fractured He believes the munitions charges against police officers.
were innocent bystanders,” skull after police accidentally may have been expired or oth- Earlier this month, the Dal-
Mr. Garza said. “We also be- shot him in the head, family erwise faulty. las County district attorney
lieve that the overwhelming members and police said at Mr. Chacon, who was ap- announced aggravated-assault
majority of victims in the inci- the time. pointed to his position after charges against two Dallas po-
dents that were investigated Video from protesters the police chief at the time of lice officers in connection with
suffered significant and lasting showed them coming under the protests resigned last year, the protests there.

100-Vehicle Pileup Closes Illinois Highway

BY JOSEPH DE AVILA

A multicar pileup involving

more than 100 vehicles tempo-
rarily closed a 30-mile stretch
of highway in Illinois as driv-
ers contended with ice and
snow conditions amid a winter
storm.
Illinois State Police shut
down Interstate 39 between
Normal, Ill., and Minonk, Ill.,
in the state’s central region on
Thursday night after the
multi-vehicle collision brought
the highway to a standstill, ac-
cording to law-enforcement
officials.
Stranded motorists were
escorted to warming centers,
police said. There were no re-
ports of injuries.
The pileup occurred as bliz-
zard conditions and gusty
winds swept across the region.
Snowfall totals from Thurs-
DAVID TROESSER/ASSOCIATED PRESS

day’s storm ranged from 6 to

9 inches for the region, ac-
cording to the National
Weather Service.
“Things got a little hairy
last night in central Illinois,
with several interstates shut
down temporarily,” the Illinois
Department of Transportation
tweeted on Friday. “I-39 re- About 100 cars, trucks and big rigs piled up during a snowstorm on Interstate 39 in Illinois.
main closed in both directions
north of Normal.” miles an hour blew throughout Canada is expected to move several Midwest cities includ-
Interstate 39 reopened Fri- Friday afternoon in central Il- into Wisconsin and Minnesota ing Duluth, Minn., and Green
day afternoon, the department linois, and motorists were ad- Friday evening, and into Bay, Wis. That will be followed
said. vised to use caution and watch northern New England on Sat- by a crash in temperatures
A collision involving a for an increase in blowing and urday, according to the Na- and icy roadways.
semi-truck also shut down drifting snow, the National tional Weather Service. The snow squalls may
parts of Interstate 55 near Weather Service said. Narrow bands of snow spread across southern Michi-
Chenoa, Ill., on Friday morn- Clear skies and warming squalls are likely to bring gan Friday night and into
ing, according to the Illinois weather were expected for the gusty winds, limited visibility parts of the mid-Atlantic and
Department of Transportation. weekend in central Illinois. and heavy snow, creating dan- Northeast on Saturday, the
Wind gusts of 30 to 40 A cold front over western gerous travel conditions in National Weather Service said.
A4 | Saturday/Sunday, February 19 - 20, 2022 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

Senate Passes Judge

Stock-Reporting Bill
Measure would require require the judiciary to post gress. She said she wants any
both the stock-trade reports legislation to require financial
the online posting of and annual disclosure report disclosures from the judiciary,
financial reports within forms online within 90 days of including Supreme Court jus-
being filed. Currently, annual tices. “It has to be govern-
90 days of being filed reports aren’t due until May of mentwide,” she added.
the following reporting year, The Senate bill, the Court-
BY JAMES V. GRIMALDI and periodic stock-trade re- house Ethics and Transpar-
ports aren’t required at all. ency Act, amends the Govern-

JULIA NIKHINSON/BLOOMBERG NEWS

The U.S. Senate unani- Congress and senior admin- ment in Ethics Act of 1978.
mously passed legislation to istration officials for years The reporting requirements
require Supreme Court justices have had to report stock also would apply to Supreme
and federal judges to promptly trades periodically as they oc- Court justices. Supreme Court
post online their stock trades cur under what is known as Chief Justice John Roberts has
and financial holdings. The bill the Stop Trading on Congres- pushed back on congressional
now goes to the House, where sional Knowledge Act. intervention adding require-
similar legislation passed by a “Federal judges should ments, and said the high court
vote of 422-4 in December. never have been excluded hasn’t addressed whether Con-
Republican Sen. John Cornyn from the STOCK Act’s disclo- gress can impose regulations Sen. John Cornyn co-sponsored a measure requiring federal judges to promptly post stock trades.
of Texas and Democratic Sen. sure requirements, and this on the high court. Justices
Chris Coons of Delaware, the oversight has resulted in con- nonetheless voluntarily com- Gabe Roth, who runs the ju- for the Judicial Conference of within 180 days of the presi-
bill’s sponsors, said increased flicts of interest that erode ply with financial-disclosure dicial-ethics reform group Fix the U.S., said the judiciary has dent signing the bill into law,
transparency would allow liti- public trust in our judiciary,” rules set out for federal the Court, said in an email to taken no position on the legis- it also allows for an extension
gants to detect the kind of vio- Sen. Cornyn said. judges, he said. supporters last month that the lation. “Fix the Court is not al- by notifying Congress in writ-
lations of a conflict-of-interest In recent months, Congress The bill would require jus- bill briefly stalled in the Sen- ways the most accurate reflec- ing seeking additional time
law exposed in a Wall Street has been drafting legislation tices for the first time to ate because of objections from tion of our position,” he said. needed to implement the law.
Journal investigation last year. to address concerns about promptly report financial lobbyists for the Administra- Judicial resistance led to The earlier House bill con-
The Journal found that stock trades and possible con- transactions and stock trades tive Office of the Courts who one change in the Senate bill: tained no such provision. It
more than 130 judges broke flicts of interest by federal as they happen, as is required said “they’d need several years Senate drafters allowed for isn’t known whether the
the law by hearing cases in judges and central-bank offi- for Congress and senior ad- to set this system up (they the extension of the deadline House will accept the change.
which they reported having a cials. House Speaker Nancy ministration officials. Cur- don’t) and that knowing of enactment of the online da- Sens. Cornyn and Coons
financial interest. Litigants in Pelosi this month said she ex- rently, judges detail their judges’ financial holding tabase, according to congres- also have added a provision to
virtually all of the cases had pects Democrats to reach con- transactions in annual reports would lead to forum shopping sional aides. make it clear that the law
no idea of the judges’ conflicts. sensus on restricting stock that generally don’t become (it wouldn’t.)” While the Senate bill calls would apply to bankruptcy
If enacted, the law would trading by members of Con- available for at least a year. David Sellers, spokesman for the database to be online and magistrate judges.

Records Were Classified, U.S. Says Virginia Drops Its Bid

BY ALEX LEARY over when a president leaves “Because NARA identified The Justice Department
To Revive the ERA
office. That prompted an inves- classified information in the didn’t respond to a request for
WASHINGTON—Former tigation by the Democratic-led boxes, NARA staff has been in comment. BY JESS BRAVIN of rights under the law shall
President Donald Trump had House Committee on Oversight communication with the De- A person familiar with the not be denied or abridged by
classified government records and Reform, which asked the partment of Justice,” the letter records said they include a let- WASHINGTON—Virginia’s the United States or by any
at his Florida residence, the Na- National Archives whether clas- stated. ter former President Barack new Republican attorney gen- State on account of sex,” it
tional Archives and Records sified documents were among In a statement Friday, Mr. Obama left for his successor eral dropped his state’s effort reads. “The Congress shall
Administration informed a con- the boxes. Trump said, “The National Ar- and correspondence between to compel federal certification have the power to enforce, by
gressional panel Friday, saying “NARA has identified items chives did not ‘find’ anything, Mr. Trump and North Korean of the Equal Rights Amend- appropriate legislation, the
it was in communication with marked as classified national they were given, upon request, leader Kim Jong Un. But it was ment, saying the proposal’s provisions of this article.”
the Justice Department on the security information within the Presidential Records in an ordi- unknown Friday what classified ratification period expired de- Katherine Franke, who di-
matter. boxes,” David S. Ferriero, the nary and routine process to en- information was in the boxes. cades ago and further litiga- rects the ERA Project at Co-
In January, the National Ar- U.S. archivist, wrote in a letter sure the preservation of my The question concerning tion would be pointless. lumbia Law School, said the
chives retrieved 15 boxes of Friday to Rep. Carolyn B. Malo- legacy and in accordance with documents comes as the House The move by Attorney Gen- lawsuit against the archivist,
material from Mr. Trump, rais- ney (D., N.Y.), who chairs the the Presidential Records Act.” select committee investigating eral Jason Miyares, in a court even if successful, would do lit-
ing questions about his compli- oversight committee. The con- The statement didn’t address the attack on the U.S. Capitol filing Friday, delivers a blow to tle to settle the status of the
ance with federal law requiring tents of the boxes are still be- whether any of the materials has sought Trump administra- a once largely uncontroversial amendment. “It doesn’t solve
official records to be turned ing inventoried, he added. were classified. tion records from the Archives. effort to anchor equal rights the looming hard questions of
regardless of sex in the Consti- the timeline and the states that
tution, giving women equal have voted to rescind their

Capitol-Riot Suits Are Allowed to Proceed footing in the workplace and

before courts. The proposed
amendment, supported by both
political parties when it passed
earlier ratifications,” she said.
ERA opponents say the
amendment could be used to
argue in favor of abortion
BY BYRON TAU two U.S. Capitol Police officers goal,” Judge Mehta wrote. placed him outside the bounds Congress in 1972, lost momen- rights or other issues related
to move forward against Mr. The judge, an Obama ap- of the First Amendment, and tum in pursuit of the necessary to reproduction, morality and
A federal judge ruled Friday Trump and various militia pointee, also dismissed some that presidents don’t enjoy im- ratifications as conservatives social convention.
that a landmark series of law- groups. The suits say Mr. Trump of the claims against allies and munity for some speech out- argued it could expose women Advocates say the amend-
suits can proceed against for- was involved in a civil conspir- Trump family members—rul- side of the context of their of- to the military draft, disadvan- ment is still needed despite
mer President Donald Trump acy to disrupt the election. ing that the plaintiffs couldn’t ficial duties. The ruling—if not tage them in child-custody gains for women. “Women in
over his actions leading up to “From these alleged facts, it proceed in their claims against overturned on appeal—opens hearings, and ease arguments America have continued to be
the Jan. 6 assault on the U.S. is at least plausible to infer Mr. Trump’s lawyer Rudy Giu- the door for Mr. Trump to be for abortion rights. victims of insidious discrimina-
Capitol, deciding that his status that, when he called on ral- liani and his son Donald on the hook for financial dam- Congress initially set a tion and the Constitution has
as president at the time doesn’t lygoers to march to the Capi- Trump Jr. ages stemming from the attack seven-year window for ratifica- been an apologist for the bad
make him immune from being tol, the President did so with The 112-page opinion has if he is found liable at trial. tion, later extending the dead- behavior,” Rep. Jackie Speier
held to account in court over the goal of disrupting lawmak- major implications for presi- A lawyer and a spokesman line to 1981. That date passed (D., Calif.) said last month.
his role in the events. ers’ efforts to certify the Elec- dential power and free speech, for Mr. Trump didn’t respond with the proposal stalled at 35 A spokeswoman for Mr. Mi-
U.S. District Judge Amit toral College votes. The Oath and is likely to be appealed and to requests to comment. state ratifications, three short yares said he is reviewing
Mehta’s ruling in Washington Keepers, the Proud Boys, and litigated far into the future. Mr. Trump initially re- of the 38 needed to make it other legal positions put for-
allows three lawsuits brought others who forced their way In it, the judge suggested mained silent after his sup- part of the Constitution. ward by the previous attorney
by various Democratic lawmak- into the Capitol building that some parts of Mr. porters stormed the Capitol, The text of the proposed general, Democrat Mark Her-
ers on Capitol Hill, as well as plainly shared in that unlawful Trump’s speech on Jan. 6 before later calling for calm. amendment is brief: “Equality ring, for possible changes.

Annual profit/loss for major $3.3 billion to $3.6 billion in

Frackers U.S. frackers
$5 billion
capital this year less than 35%
of the cash it projects it will
generate from operations.
Hold Back Pioneer CEO Scott Sheffield
said his company won’t divert

Production 0
from its strategy of raising oil
production 0% to 5% a year
TREVOR PAULHUS FOR THE WALL STREET JOURNAL

despite high oil prices.

“There’s no change for us,”
Continued from Page One Mr. Sheffield told investors
lion in profit last year, its Thursday. “$100 oil, $150 oil,
highest since 2007. Devon ex- –5 we’re not going to change our
Continental
pects costs to rise 15% because Resources growth rate.”
of inflation and supply-chain Mr. Sheffield said that
Pioneer
disruptions but aims to pump Natural while public companies have
about the same amount of oil –10 Resources so far made good on their
as last year. Devon
pledges to focus on returns in-
“I want to be clear that Energy stead of jump-starting produc-
there is no change to our cash- tion growth, private compa-

every
return playbook,” Devon Chief nies continue to grow. He
Executive Richard Muncrief –15 Pioneer CEO Scott Sheffield warned that companies grow-
told investors Wednesday. “It 2010 ’15 ’20 said his company will keep ing 15% to 20% a year will
will be more of the same.” Source: FactSet production increases low. “fairly quickly” face inventory
Analysts disagree about limitations.

one
how much U.S. oil production drilling rigs run by private oil at Kimmeridge Energy Man- Meanwhile, Continental
will rise in response to high producers rose to 323 so far in agement Co., an investor and lifted its share-repurchase
prices this year, amid a supply February, up 127% from the advocate for oil companies to program 50%, increased its
vacuum left by the Organiza- start of last year, according to keep pumping flat and return quarterly dividend 15% and re-
tion of the Petroleum Export- energy data analytics firm En- cash to shareholders, said corded an annual profit of
ing Countries and its allies, verus. Meanwhile, rigs oper- there is no reason to stray $1.66 billion last year, the
collectively known as OPEC+, ated by large and midsize pub- from that strategy. highest in at least two de-
deserves a decent which haven’t kept up with a
goal set last year to add
licly traded oil producers rose
about 28% to 215 over the
“The only question inves-
tors should ask is why on
cades, according to FactSet. It
also collected a record $2.6
place to live. 400,000 barrels a day to the
market each month.
same period.
Mr. Muncrief said he ex-
earth would they want any
U.S. [oil producer] to grow?”
billion in freed-up cash.
The company’s spending
While forecasts vary widely, pects output to rise in the Mr. Dell said. “The sector has budget is up sharply to $2.3
many analysts expect growth Permian, but not rapidly, and been working. Cash flow is billion, largely because it plans
to be concentrated in the that it is likely “going to be getting returned. This is not to develop land it recently
Permian Basin of West Texas the only place in the U.S. you the time to change the [new] purchased in two regions: the
and New Mexico, by far the truly even see much growth.” business model.” Permian and the Powder River
most active U.S. oil field, Energy consultant Wood Pioneer posted $2.1 billion Basin of Wyoming. It said its
Learn more at driven by private companies Mackenzie expects output in in annual profit last year, the spending will be up 15% in the
and the two U.S. oil majors, the contiguous U.S. by year- highest in at least two de- Bakken Shale of North Dakota
habitat.org. Exxon Mobil Corp. and Chev- end to increase by 240,000 cades, according to FactSet, and in Oklahoma in part be-
ron Corp. But most big shale barrels a day, almost solely in and it sent about $1.9 billion cause of inflation, but that it
companies plan to keep pro- the Permian, which would be in cash to shareholders plans to keep overall produc-
duction roughly flat overall. offset by declines elsewhere. through dividends and share tion flat up to 5% a year
The average number of Ben Dell, managing partner repurchases. It plans to spend through the next five years.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | A5

U.S. NEWS

Efficacy
Concerns
Hospitals Struggle With Covid Spread
BY MELANIE EVANS Share of patients in hospitals with Covid-19 infections they caught there pin down because the federal

Delayed As the Omicron variant

(left scale) compared with community-wide cases (right scale)
surged through communities 5.0%
Department of Health and Hu-
100,000 man Services stopped collect-
cases ing and disclosing the numbers

Kids’ Shot across the U.S., it also spread

inside hospitals and infected
non-Covid-19 patients, reach- 4.0
NEW YORK In the week ending Dec. 25,
Omicron caused the majority
of recent infections
80,000
from hospitals in mid-2020.
Since then, the Health De-
partment has published daily
ing a record number, a Wall statewide totals for the num-
BY JARED S. HOPKINS Street Journal analysis of U.S. ber of patients without
3.0 60,000
AND STEPHANIE ARMOUR government data found. Covid-19 and the number who
The daily total of patients have infections they caught in
U.S. health regulators de- with Covid-19 that they caught 2.0 40,000 hospitals. But not all hospitals
layed their review of Pfizer in hospitals reached a record report both sets of figures ev-
Inc.’s Covid-19 vaccine in chil- of about 4,700 during the Seven-day rolling average ery day, making it difficult to
dren under 5 years old be- Omicron wave in January, ac- 1.0 20,000 calculate how much the virus
cause the initial two-dose se- cording to the analysis of U.S. is spreading inside hospitals.
ries so far wasn’t working well Department of Health and Hu- The Journal sought to mea-
against the Omicron variant man Services data. 0 0 sure how commonly Covid-19
during testing, people familiar The figure had peaked at March 2020 '21 '22 infections happen inside hos-
with the decision said. about 1,100 patients with hos- pitals by analyzing unpub-
An early look at data pital-acquired infections dur- 5.0% 25,000 lished data furnished by the
showed the vaccine to be ef- ing the Delta wave and 2,050 Health Department.
fective against the Delta vari- at the height of the pan- WASHINGTON The data provide a snap-
4.0 20,000
ant during testing, while that demic’s first winter surge, the shot, by day, of the number of
was the dominant strain, but analysis found, among the patients with Covid-19 they
some vaccinated children de- first looks at how commonly 3.0 15,000 caught in the hospital, along
veloped Covid-19 after Omi- the coronavirus spread inside with the number of non-
cron emerged, the people said. the facilities during surges. Covid-19 patients in the facili-
So few study subjects, The numbers dropped as the 2.0 10,000 ties. The data are only for hos-
whether vaccinated or unvac- surges retreated. pitals that have reported both
cinated, developed Covid-19 Hospitals have been going sets of figures.
1.0 5,000
during testing thus far that to great lengths to prevent the The data span from March
the small number of Omicron spread of Covid-19 inside their 2020, when hospitals began
cases made the vaccine appear walls. The findings show the 0 0 reporting cases of in-hospital
less effective in an early statis- challenges the facilities have March 2020 '21 '22
Covid-19 infections, to Jan. 31,
tical analysis, the people said. faced, despite taking precau- 2022, a period including Omi-
As more cases emerge, tionary measures during cron’s sweep across the U.S.
Pfizer’s shot might wind up surges, and suggest hospitals 1.5% MAINE 1,200 The analysis likely under-
providing stronger protection must intensify those efforts 1.0 800
counts the number of Covid-19
against Omicron, the people during the waves, doctors and cases developed in hospitals,
said, if the bulk of infections epidemiologists said. 0.5 400 researchers said, partly be-
are in unvaccinated subjects. The proportion of patients 0 0 cause the facilities don’t have
Officials from the Food and with hospital-acquired March 2020 '21 '22 to report patients who test
Drug Administration and Pfizer Covid-19 as a share of non-cor- positive after less than two
agreed it would be better to onavirus patients has risen and Note: Share of hospital's non-Covid patients data through Jan. 31. Total number of hospitals reporting varies by day. weeks in the hospital or after
New York data begin March 14, 2020, Washington state data begin Feb. 28, 2020 and D.C. data begin April 1, 2020.
wait for the additional cases, fallen closely in line with cases Sources: Department of Health and Human Services (hospital data); Johns Hopkins University (Covid-19 cases);
discharge.
the people said. The extra time in their surrounding communi- Centers for Disease Control and Prevention (Omicron proportion) Early in the pandemic, hos-
would let the agency assess the ties, said Thomas Tsai, a Har- pitals said they struggled to
vaccine’s effectiveness as either vard T.H. Chan School of Pub- bring the virus inside hospitals with all their Covid-19 patients, January, New York hospitals re- prevent Covid-19 outbreaks
two doses or three, they said. lic Health researcher who hits a point that they become especially during surges. ported a daily peak of 620 pa- because tests and protective
The FDA was going to make its reviewed the Health depart- too great to keep in check, he Given the stakes, hospitals tients, or 2.2% of their total non- gear were scarce. Doctors and
decision by looking at whether ment data and performed a said. “That’s where the fire say they have been taking pre- Covid caseload, who acquired researchers say the efforts
the shot generated immune re- statistical analysis that con- skips the fire line.” cautions to avoid transmission the virus during their stays. picked up as critical supplies
sponses comparable with those firmed the Journal’s findings. Viral transmission poses a of the coronavirus, including “Hospitals have used ag- increased and more was
seen in older people. Overall, the percentage of substantial threat for hospi- routinely testing patients, re- gressive infection-control prac- learned about the virus.
The delay also will allow non-Covid-19 patients with in- tals. It can sicken much- configuring ventilation and tices throughout the pandemic, Yet, hospitals are still
regulators to see how a third fections they got in hospitals needed staff. It endangers vul- screening visitors and staff. but when Covid-19 hospitaliza- struggling to prevent out-
dose performs, the people said. doubles on days when Covid-19 nerable patients receiving Yet, employees and visitors tions spike, it challenges their breaks during surges. As
That additional dose is given surges hit their highs com- critical care for cancer and still can unwittingly bring the ability to isolate infected pa- Covid-19 cases increased dur-
at least two months after the pared with days when cases other serious diseases. disease into hospitals. And tients,” said Brian Conway, a ing January’s Omicron wave,
second shot. The FDA hopes to drop to low points, he said. If these patients develop surges often crowd hospitals, spokesman for the Greater states from New Hampshire to
have a decision on the vaccine “The hospital itself is not an Covid-19, they can require even leaving less space to separate New York Hospital Association. Washington hit new highs for
this spring, the people said; island,” Dr. Tsai said. During a more intensive treatment, add- contagious patients from unin- How many people have de- infections occurring inside
Pfizer has said it expects study surge, the chance that people ing to the strains on facilities fected ones. veloped Covid-19 while in the hospitals, according to the
results in early April. with undetected infections will that have struggled to cope During the Omicron wave in hospital has been difficult to federal data.

“I will NEVER use a

Peloton bike!’’
Veronica
Stamford, Dec 2019

“One day, I just got on the bike and

I never got off! I loved the music, I
loved the challenges, I loved the fact
that I could work out better than ever
from the comfort of my own home!
Although I’ve always exercised, riding
the Peloton bike made exercising FUN
no matter what.”
Veronica
Stamford, Feb 2022
 A6 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

U.S. WATCH U.S. NEWS

Reports of Illnesses
Prompt Recall
Of Baby Formula
BY OMAR ABDEL-BAQUI uting product.
An Abbott spokeswoman
Abbott Laboratories said it said the company would later
is recalling three types of baby address the scope of the re-
formula after consumer com- call. The four complaints came
plaints of bacteria contamina- between September 2021 and
tion that could cause severe January, she said.
illness in infants. The FDA began an inspec-
WALT UNKS/THE WINSTON-SALEM JOURNAL/ASSOCIATED PRESS

The Food and Drug Admin- tion of the Sturgis plant on Jan.
istration is investigating com- 31, and said cronobacter was
plaints of four infant illnesses present in environmental sam-
in Minnesota, Ohio and Texas ples. Abbott’s internal records
related to cronobacter and sal- indicate environmental con-
monella contamination. All tamination with cronobacter,
four infants were hospitalized and that the company de-
and one died. Cronobacter stroyed product due to its pres-
may have contributed to that ence, an FDA review found.
death, the agency said. “As this is a product used
Cronobacter illnesses, as the sole source of nutrition
which include sepsis and men- for many of our nation’s new-
ingitis, are rare but can be le- borns and infants, the FDA is
thal for infants, according to deeply concerned about these
the Centers for Disease Con- reports of bacterial infec-
trol and Prevention. Salmo- tions,” said Frank Yiannas,
ARCH NEMESIS: Decorative arches weighing 40 tons collapsed along a pedestrian walkway in Hickory, N.C., around midnight on nella can cause fever and di- FDA deputy commissioner for
Thursday. No one was injured, but the nearby bridge was damaged. The wooden arches were erected less than a year ago. gestive issues, and sometimes food policy and response.
severe illness, the CDC said. We’re working diligently with
COLORADO more than 120,000 Japanese- to let the government suspend NEW YORK Abbott said Thursday it was our partners to investigate
Americans across 10 camps lo- Remain in Mexico while its ap- voluntarily recalling its Simi- complaints related to these
Historic Status Urged cated in Arizona, Arkansas, Cali- peal proceeded, over the objec- Sacklers Raise Offer lac, Alimentum and EleCare products.”
For Internment Camp fornia, Colorado, Idaho, Utah and tion of Justices Stephen Breyer, On Opioid Lawsuit formulas manufactured in its Abbott said it tests for
Wyoming. Sonia Sotomayor and Elena Ka- Sturgis, Mich., plant, and with pathogens including crono-
A former Japanese-American —Christian Richey gan. In an unsigned order, the The members of the Sackler an expiration of April 1 or bacter and salmonella before
internment camp in Colorado is conservative majority said the family who own Purdue Pharma later. The recall doesn’t in- releasing its products. The
one step closer to being desig- SUPREME COURT administration “failed to show a LP agreed to contribute as much clude any metabolic deficiency company said none of its dis-
nated a national historic site. likelihood of success” on its as $6 billion to settle litigation nutrition formulas, the com- tributed product tested posi-
The Senate unanimously ‘Remain in Mexico’ claim that it had followed proper accusing them of fueling opioid pany said. The FDA said the tive for the presence of either
passed a bill this week establishing Case Will Be Heard procedures to end the program. addiction, a new attempt to re- Abbott facility in Sturgis isn’t bacteria thus far, and that
the Amache Confinement Center, As a candidate, President Bi- solve civil liability and get the currently producing or distrib- testing is ongoing. The re-
in Granada, Colo., as a national his- The Supreme Court said Friday den campaigned on ending Re- drugmaker out of bankruptcy af- called products were distrib-
toric site. The bill was sent back to it would consider whether the Bi- main in Mexico, and his adminis- ter a previous chapter 11 deal uted across several states and
the House for final approval. den administration has the power tration moved quickly to end it was overturned. to countries outside the U.S.
Under the bill, the site would to end a Trump-era program that after taking office. Republican-led The revised offer marks an in- “We’re taking this action so
become part of the National denies asylum applicants from states including Texas and Mis- crease from the $4.5 billion settle- parents know they can trust
Park System and host resources Central America entry to the U.S. souri sued to keep the program in ment the Sacklers had previously us to meet our high standards,
on the incarceration of Japa- while their cases are pending. place, arguing that its cancellation agreed to under a bankruptcy plan as well as theirs,” said Joe
nese-Americans at the site dur- Lower courts have blocked would burden their taxpayers for Purdue, the OxyContin manu- Manning, executive vice presi-
ing World War II. the administration from ending through administrative costs such facturer closely associated with dent of nutritional products at
Amache held more than the Migrant Protection Protocols, as processing driver’s license the opioid epidemic. A federal Abbott.
7,300 men, women, and children often called the “Remain in Mex- forms for Central Americans judge rejected that settlement The CDC says powdered in-
while in use between 1942 and ico” policy, finding that the De- working in the U.S. while awaiting proposal in December, ruling in fa- fant formula can’t be sterilized.
1945, said David Inoue, executive partment of Homeland Security decisions on their asylum claims. vor of the handful of state attor- Bacteria could get into formula
BING GUAN/REUTERS

director of the Japanese Ameri- didn’t follow required procedures The government argues that neys general who didn’t accept the powder if contaminated raw
can Citizens League. to end the program. the executive branch’s authority Sacklers’ offer. materials were used to make
The bill’s passage in the Sen- Friday’s order indicated that the over immigration and foreign af- The revised proposal has the the formula, or if the formula
ate comes near the 80th anni- justices would expedite the case, fairs allows it to terminate Re- support of most but not all of touched a contaminated sur-
versary of President Franklin with argument in late April and a main in Mexico without court in- the attorneys general who held face during manufacturing. It
Roosevelt’s 1942 executive order decision expected before July. terference. out from the previous deal. Similac infant formula is also could become contami-
authorizing the internment of In August, the court declined —Jess Bravin —Andrew Scurria among the brands recalled. nated at home, the CDC says.

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Nashville, Aug 2019

“I love the Peloton bike but

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 19 - 20, 2022 | A7

WORLD NEWS
Police Move In on Protesters in Ottawa
Show of force marked dows…we’re all going to try
and move,” he said. “Because
effort to end a 22-day that way we get to keep our
disruptive standoff vehicles.”
According to a statement
over vaccine mandates on Facebook, a spokesman for
the main protest organizers,
BY KIM MACKRAEL under the banner Freedom
AND PAUL VIEIRA Convoy 2022, said Friday
marked a regrettable day for
OTTAWA—Police moved in Canadians. “The government
on demonstrators here Friday, declared war on its people,”
towing heavy-duty trucks and said Tom Marazzo, a former
making dozens of arrests as Canadian soldier. He said the
they began clearing a 22-day protesters, who are demand-
protest against Covid-19 vac- ing a restoration of freedoms,
cine mandates that has para- are being punished “for rais-
lyzed the capital’s downtown ing questions, for listening to
and inspired blockades of U.S.- their conscience, and for
Canada border crossings. standing up for yourself.”
Interim Ottawa police chief The government, however,
Steve Bell said Friday that of- said it was time to bring back
ficers were in control of the order in the city.

JAMES PARK/BLOOMBERG NEWS

situation on the ground, and Despite the strong police
“will continue to push forward presence on the eastern end of
to clear our streets.” The plan, the encampment, many pro-
he added, “will take time and testers tried to keep a festive
we are here to see it through mood. A fiddler played on a
to a safe ending.” stage. Food tents were offer-
Friday’s operation was an ing meals.
overwhelming show of force For three weeks, the dem-
that followed weeks of minimal Police officers confront protesters in Canada’s capital city on Friday in an operation to clear streets. Over 100 people were arrested. onstration has clogged traffic,
police involvement. It marked frayed residents’ nerves and
the beginning of a resolution to many protesters and vehicles tester, watched a line of police ers. “I think we didn’t really route for truckers to leave. forced businesses to close. The
the standoff. Ottawa police re- were left in the city’s core. push demonstrators north on know it last night, but this They arrested a man who had Ottawa police chief stepped
ported over 100 arrests, and 21 At least 10 truckers, fearing Friday afternoon, away from morning it was apparent that locked himself inside the RV, down this week after facing
vehicles had been towed. Chief arrest and damage to their ve- an intersection where trucks today was the day.” and the vehicle was towed. widespread criticism, prompt-
Bell declined to provide esti- hicles, opted to drive off after have been parked for three At one point, police used a One man who gave his ing the appointment of an in-
mates on how many protesters being parked for weeks on the weeks. “It’s over,” said Mr. crowbar to break open the name as Greg said he and a terim commander.
and vehicles were left in the street in front of Canadian Lammers, who said he came to door of a recreational vehicle group of about 30 other truck —Vipal Monga
city’s core. Chief Bell declined legislative buildings. Ottawa from Hamilton on that was parked near the edge drivers planned to go. “Instead and Jacquie McNish
to provide estimates on how Anthony Lammers, a pro- Thursday to join the protest- of the encampment, blocking a of [police] smashing win- contributed to this article.

Amid Nuclear Talks, U.S. Pushes Iran to Release Prisoners

BY SUNE ENGEL RASMUSSEN can conservationist jailed in on Iran is unlikely without the once the text of the agreement Former President Donald wants Iranians detained in the
AND LAURENCE NORMAN January 2018; Emad Shargi, a release of U.S. prisoners. Mr. was finalized in July 2015. Trump withdrew the U.S. from U.S. freed in return.
businessman; and Siamak Na- Malley didn’t respond to re- The nuclear negotiations the nuclear deal, but the Biden Complicating the matter:
As the U.S., Iran and other mazi, a U.S. business consul- quests to comment. have hit a crucial few days, administration has made rejoin- The U.S. isn’t talking to the
world powers make progress tant arrested in Tehran on a The prisoner issue isn’t for- with the U.S. and European ing it a foreign-policy priority. Iranians directly about the nu-
toward a nuclear deal, a sepa- visit in 2015, as well as his fa- mally part of the nuclear ne- powers pushing for an agree- “My expectation is that if a clear deal or about prisoners.
rate but closely linked set of ther, Baquer Namazi. gotiations in Vienna, which ment before the end of Febru- nuclear deal is agreed to, Instead, the U.K., which has
talks is under way: an effort to Tehran has told negotiators are focused on restricting ary and warning they could there will also be a deal to re- three citizens imprisoned in
free American and European that it wants money and a re- Iran’s nuclear activities in re- leave the talks if that doesn’t lease prisoners,” said Jared Iran, has acted as the main go-
prisoners held by Iran. lease of Iranian prisoners in turn for relief from interna- happen, according to Western Genser, a lawyer who repre- between, according to people
At least six American and return for the release of any tional sanctions. But the re- officials involved in the talks. sents Mr. Namazi’s family. with knowledge of the talks.
British citizens are being held Westerners. At the same time, lease in 2016 of four U.S. Gaps remain on key issues, Tehran denies using prison- A State Department spokes-
in Iranian prisons on charges U.S. Special Envoy for Iran prisoners in Iran was secured like the scope of sanctions re- ers as bargaining chips, and person said the U.S. had a
that Western officials say are Robert Malley told Reuters through similar talks that hap- lief and Iran’s demand for says a release of Americans range of sanctions at its dis-
trumped up. They include Mo- last month that a nuclear deal pened in parallel to the nu- guarantees that the U.S. will should happen independently posal to use against Iranian
rad Tahbaz, a British-Ameri- that lifts economic sanctions clear talks and accelerated stay in a restored accord. of the nuclear deal. It says it officials.

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A8 | Saturday/Sunday, February 19 - 20, 2022 * ****** THE WALL STREET JOURNAL.

WORLD NEWS

Moscow Drills Threaten Kyiv’s Exports Call for

Donbas
Russia’s Black Sea
naval exercises
jeopardize Ukraine Residents
agricultural shipping
The possibility of an inva-
To Depart
sion looms large over the
Ukrainian economy, with mas-
sive Russian naval exercises
For Russia
already threatening to choke The leaders of two Russian-
off agricultural exports from a controlled areas in eastern
country that is a major world Ukraine urged civilians to
supplier of corn and wheat. evacuate immediately to Rus-
sia on Friday as officials in
By Brett Forrest Washington warned that Mos-
in Odessa, Ukraine, cow was preparing for an in-
and Will Horner vasion and looking for an ex-
in London cuse to start hostilities.

Russian naval exercises in By Yaroslav Trofimov

the Black and Azov seas are in Kyiv, Ukraine,
rattling shipowners and ex- Above, a ship waited Wednesday to be loaded with grain at the TransInvestService port on the Black Sea, Ukraine’s largest dry cargo and Ann M. Simmons
porters, with the Russians al- port. Below, a crane at the port. About 90% of Ukrainian grain exports are transported by sea. in Moscow
lowing only a ribbon of shal-
lower coastal waters for the water would result in Artillery, tank and mortar
merchant vessels to navigate fewer Russian casualties than exchanges increased along the
from ports in Odessa and else- a major land offensive, though cease-fire line separating the
where. enacting a blockade of Ukrainian-controlled part of
While commercial ships Ukraine’s Black Sea ports the Donbas region from Rus-
continue to call on Ukrainian could achieve similar goals. sian-held areas, according to
ports, the drills illustrate the The ports around the west- accounts from both sides. Kyiv
power Moscow has to strangle ern cities of Odessa and Myko- said it had ordered its troops
its smaller neighbor’s econ- laiv can handle roughly 50 to exercise restraint to avoid
omy. Ukraine relies heavily on million metric tons of grain a giving Russia a pretext to in-
exporting agricultural and year and are crucial to vade and denounced the evac-
CHRISTOPHER OCCHICONE FOR THE WALL STREET JOURNAL (2)

mining products, chiefly grain, Ukraine’s agricultural industry, uation announcement as a

iron and iron ore. Roughly said Andrey Sizov, managing provocation.
90% of Ukrainian grain exports director of SovEcon, a Russian Russian state media showed
are transported by sea. research firm. footage of busloads of civilians
A blockade could jeopardize Tensions in Ukraine have fleeing the Russian-controlled
these exports, which account kept grain prices, which hit areas of Donetsk and Luhansk,
for 12% and 13%, respectively, multiyear highs last year, at the two regions that make up
of all global wheat and corn elevated levels. As Moscow Donbas. The nearby Rostov re-
exports, according to data mustered forces on Ukraine’s gion of Russia said it had pre-
from the U.S. Department of borders, international ship- pared temporary accommoda-
Agriculture. Agriculture ac- owners became increasingly tion for 700,000, according to
counted for 45% of Ukraine’s reluctant to take on jobs in the Russia’s RIA news agency.
exports and 10% of its gross Black Sea, grain traders said. On Friday Russian President
domestic product in 2020, On Tuesday, Lloyd’s Market Vladimir Putin ordered that all
making it the third-largest Association, London’s marine the residents of Donbas evacu-
sector of the economy, accord- insurance consortium, added ating to Russia be paid 10,000
ing to the World Bank. Russian and Ukrainian waters in rubles, or roughly $130, ac-
“If the exports of grains skipped a port call in Ukraine. and has contingency plans in drills comply with interna- the Black and Azov seas to its cording to state media. “Un-
and iron ore are stopped, it’s A ZIM spokesman cited the risk case of a disruption of traffic. tional law and don’t hinder list of areas with a higher risk fortunately, we are currently
going to have a devastating ef- of Russian live-fire drills. Western and Ukrainian offi- merchant traffic. Russia rou- of war, piracy, terrorism and re- seeing an escalation of the sit-
fect on the economy,” said An- U.S. grain company Cargill, cials say Russian naval drills tinely conducts maneuvers on lated perils. Underwriters take uation in Donbas,” he said.
drey Stavnitser, co-owner and the majority owner of a grain are part of a land and sea de- the Black Sea, but never be- cues from Lloyd’s when calcu- Ukrainian and Western offi-
chief executive of TransIn- terminal at the Odessa port of ployment of Russian forces that fore on such a large scale. lating insurance premiums. cials warned that the events in
vestService, which operates Pivdennyi, dispatched has almost encircled Ukraine. Russia captured most of Any sustained interruption the Donbas—where 14,000
Ukraine’s largest dry-goods a ship through the Black Sea They say the drills underscore Ukraine’s modest navy in the would affect a host of compa- people have died in fighting
port, in Odessa. this week, according to a Ukrai- Moscow’s ability to discourage 2014 seizure of Crimea, leav- nies and countries, including since Russia fomented a sepa-
So far, only one ship, owned nian port executive. A Cargill international shipping and raise ing Kyiv with few options to China, which has made ratist uprising there in 2014—
by Israeli container-shipping spokeswoman said the company pressure on Kyiv. counter Moscow on the seas. Ukraine a centerpiece of its ef- were part of a Russian attempt
company ZIM, is known to have was monitoring the situation Russia has said the naval Striking coastal Ukraine from forts to increase food security. to justify armed intervention.

Biden Says
SERGEI SUPINSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Attack Is
Imminent
Continued from Page One
Putin has given the go-ahead,
Mr. Biden said: “I’m convinced
he’s made the decision. We
have reason to believe that.”
An administration official said
later the president’s statement
reflected the intelligence com-
munity’s assessment of the A memorial in Kyiv for the uprising that ousted Viktor Yanukovych.
situation.
Until an attack occurs, Mr. in recent weeks that the U.S. is age Russia’s aerospace, de-
Biden said diplomacy remains a exaggerating the imminence fense and high-technology
possibility. The U.S. officials, and potential scale of an at- sectors, Deputy National Secu-
however, said prospects for tack. rity Adviser Daleep Singh said.
averting war now appear dim. U.S. officials said that While the Biden administra-
The British Embassy in Kyiv roughly 40% to 50% of Mr. Pu- tion has said it won’t send
closed and staff relocated to tin’s forces near Ukraine are in troops to Ukraine, the U.S. and
Lviv, according to an official attack positions, according to NATO have sent arms to
familiar with the matter. Most the officials, poised for what Ukraine in recent months.
of the embassy team has al- many intelligence officials say The Pentagon is still moving
ready left the country. The is likely to be a major on- troops into the region.
U.S. Embassy relocated to Lviv slaught over the next week. On Thursday, Mr. Blinken
earlier this week. Secretary of State Antony proposed a meeting with Ser-
In Eastern Ukraine Friday, Blinken also said Friday that gei Lavrov, his Russian coun-
the leaders of two Russian-con- Russia was behind the reports terpart, next week in Europe
trolled areas urged civilians to of mortar attacks and a that could lead to a summit of
evacuate immediately to Rus- broader assault against Russian key leaders. Mr. Lavrov agreed
sia. Artillery, tank and mortar citizens in the Donbas region of to the meeting, but the U.S.
exchanges increased along the southeastern Ukraine, which said it would only take place if
cease-fire line separating the Russia didn’t invade.
VIVE L’EMPEREUR Ukrainian-controlled part of
the Donbas region from Rus-
Russian troops are moving
closer to Ukraine’s border, dis-
NAPOLEON IN LIFE AND DEATH sian-held areas, according to
The U.S. president persing along it, and increas-
accounts from both sides. Kyiv referred to the ing their logistical capacities,
Legendary subject. Rare depiction. Finest material. said it ordered its troops to ex- U.S. Defense Secretary Lloyd
ercise restraint to avoid giving
Kremlin’s efforts to Austin told reporters during a
Grand in subject, scale and execution, this remarkable Carrara
marble bust of Napoleon presents the military and political leader in
Russia a pretext to invade. fabricate a pretext. visit to Warsaw on Friday.
Russia has now amassed be- Moscow denies it intends to
both life and death, as half his face is crafted to reveal the structure of tween 169,000 and 190,000 mil- invade Ukraine but says it is
his noble skull. While all other busts of Napoleon depict him either itary personnel near Ukraine duty-bound to protect Rus-
in life or as a memento mori representation in death, this unique and in Crimea, up from a force the Kremlin is using to justify a sians and Russian speakers in
of 100,000 on Jan. 30, Michael potential military intervention. Donbas. It also says it can’t ac-
bust portrays him in both action and repose. By showing Napoleon
Carpenter, the U.S. ambassador The White House on Friday cept Ukraine joining the North
in life and death, the artist celebrated the lasting accomplishments to the Organization for Secu- blamed Russia’s intelligence Atlantic Treaty Organization.
of the Emperor. This bust is directly inspired by a work residing at rity and Cooperation in Europe, service, the GRU, for recent Ukrainian President Volod-
the Lady Lever Art Gallery in Liverpool, England, which depicts said in prepared remarks to a malicious cyber activity that ymyr Zelensky, who toured the
Napoleon in life. Circa 1840. 231/4”h x 151/4”w x 83/4”d. #31-4688 security conference on Friday. knocked some Ukrainian finan- front line in Donbas on
“This is the most significant cial and government websites Wednesday and Thursday, was
military mobilization in Eu- offline. slated to fly Saturday to Mu-
rope since the Second World Mr. Biden, in his White nich for meetings at the inter-
War,” said Mr. Carpenter. House remarks, said that if national security conference
The Kremlin and Russia’s Russia launches an attack, it there, including with Vice
Ministry of Foreign Affairs “will pay a steep price for do- President Kamala Harris. Rus-
didn’t respond to a request for ing so not only from the sanc- sia isn’t attending this year. Bi-
comment on Washington’s as- tions that we and our allies will den administration officials
622 Royal Street, New Orleans, LA • 888-767-9190 • [email protected] • msrau.com sessment. Earlier in the day, impose on Russia, but the had advised the Ukrainian
Foreign Ministry spokes- moral outrage the rest of the leader not to leave the country,
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. woman Maria Zakharova told world will visit upon them.” a U.S. official said, though Mr.
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. a state television program that Those sanctions would tar- Biden said the decision was
Russia had told the U.S. Mos- get Russia’s largest financial Mr. Zelensky’s.
cow had no intention of invad- institutions and state-owned —Ann M. Simmons, Dustin
ing Ukraine. enterprises, while export con- Volz and Catherine Lucey
Ukrainian officials have said trols would be aimed to dam- contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | A9

WORLD WATCH
EUROPE MEXICO
Second Major Storm Avocado Exports
In Days Kills Eight To the U.S. Resume
The second major storm in The U.S. resumed inspections
three days smashed through and imports of Mexican avoca-
Northern Europe on Friday, killing dos that were suspended a
at least eight people as high week ago after an U.S. inspector
winds felled trees, canceled train in the principal producing state
services and ripped sections off of Michoacán received a threat-
the roof of London’s O2 Arena. ening phone call.
The U.K. weather service said a The Agriculture Department’s
gust provisionally measured at 122 Animal and Plant Health Inspec-
mph, thought to be the strongest tion Service said Friday that in-
ever in England was recorded on spections have restarted and ex-
the Isle of Wight as Storm Eunice ports resumed with Mexico taking
swept across the country’s south. measures to enhance the safety
The weather system, known as of its inspectors in Michoacán. In-
Storm Zeynep in Germany, is now spections were suspended on Feb.
pushing into the European main- 11 after an Aphis inspector in the
land, prompting high wind warn- city of Uruapan received a verbal
ings in Belgium, the Netherlands, threat. The content of the threat
Denmark and Germany. wasn’t divulged.
The storm caused mayhem Michoacán is the only Mexi-

MATT DUNHAM/ASSOCIATED PRESS

with travel in Britain, shutting can state certified to export avo-
the English Channel port of Do- cados to the U.S., but its avo-
ver, closing bridges linking Eng- cado growing regions are also
land and Wales and halting most battlegrounds for drug cartels,
trains in and out of London. with the Jalisco New Generation
Eunice is the second named Cartel and a number of local al-
storm to hit Europe in days, with lies fighting over territory with a
the first storm killing at least five half-dozen or more local gangs.
people in Germany and Poland. Gangs in the state have long
Waves from Storm Eunice crashed over the harbor breakwater and lighthouse in Newhaven, on the south coast of England, on Friday. —Associated Press been in the business of extort-
Gusts of 122 mph were recorded on the Isle of Wight. Officials issued a ‘red’ weather warning that there is a danger to life. ing avocado producers.
HONG KONG U.S. Ambassador to Mexico
Ken Salazar said that state and
OBITUARIES Selection of Next federal authorities in Mexico, as
Leader Is Postponed well as avocado producers and ex-
porters, worked with security per-
The city’s top official said she sonnel from the embassy on mea-
SIGAL BARSADE was postponing the process for sures to ensure inspectors’ safety.
choosing Hong Kong’s next chief —Anthony Harrup
1965 — 2022
executive as the government tack-
les the biggest coronavirus out- INDIA
break since the pandemic began.

Wharton Professor Promoted Chief Executive Carrie Lam

said she invoked emergency pow-
ers to postpone a March 27 elec-
tion by a committee of less than
Court Sentences 38
To Die for Bombings
A court in India on Friday

‘Companionate Love’ at Work 1,500 mostly pro-Beijing figures

to May 8. Mrs. Lam’s first five-
year term as leader ends June 30.
sentenced to death 38 people
for a series of bomb blasts in
2008 that left more than 50
Mrs. Lam said the decision dead in Gujarat state, which has
was made amid a surge of thou- a history of violent clashes be-
BY JAMES R. HAGERTY taurant wasn’t making money, she ex- sands of cases recorded in re- tween Hindus and Muslims.
plained, and needed their help. cent days, adding the outbreak It was the first time that so
She studied psychology at the Uni- hadn’t peaked and would take many accused have received

S
igal Barsade, a professor of man- versity of California, Los Angeles. Dur- two to three months to stabilize. death sentences in a single case
agement at the University of ing a year of studying abroad at He- She also confirmed plans to test in India. The sentences must be
Pennsylvania’s Wharton School, brew University in Israel, she met Mr. everyone in the city multiple confirmed by a higher court.
urged bosses to think more deeply Barsade. They married in 1986. She times in coming weeks, without A militant Islamic group
about emotions, including love, swirl- earned her Ph.D in organizational be- giving further details. called Harkat-ul-Jihad-al-Islami
ing around the workplace. havior and industrial relations at the Mrs. Lam postponed legisla- claimed responsibility for the
Dr. Barsade, who died Feb. 6 of a University of California, Berkeley in tive elections in 2020 citing the bombings. The Indian Muja-
brain tumor at age 56, cautioned 1994. After teaching at Yale Univer- pandemic, eventually holding hedeen, a radicalized faction of
against trying to suppress or ignore sity’s management school for 10 years, them in December last year, bar- the banned Students Islamic
emotions at work. “We literally catch she joined Wharton in 2003. ring candidates who weren’t Movement of India, also was in-
emotions from one another like vi- Dr. Barsade drew some of her data considered patriotic to the main- volved, said Sudhir Brahmbhatt,
ruses,” she said. from a 16-month study of employee be- land and with most of the oppo- a government prosecutor in the
Bosses can’t prevent this “emotional havior at a long-term-care organization sition politicians behind bars. case, citing police documents.
contagion,” she said, and should try to on the East Coast. Workers in units Hong Kong’s top official is The group planned the explo-
encourage positive emotions while “with strong cultures of companionate chosen every five years in a race sions as revenge for the 2002
dealing with problems generating neg- love,” she found, showed greater job carefully managed by Beijing. Hindu-Muslim violence in Gujarat
ative ones. She advised leaders to pay satisfaction and provided better care. Mrs. Lam is eligible to run for a in which more than 1,000 peo-
especially close attention to the emo- She reported similar findings from sur- second term but hasn’t an- ple, most of them Muslims, were
tional signals they emit through facial veys of employees in other industries. nounced whether she is planning killed, the Press Trust of India
expressions, body language and other lawyer and entrepreneur, said her re- Robert A. Katz, executive chair at to run for another term. news agency said.
habits. sponse to reckless driving by others Vail Resorts Inc. in Broomfield, Colo., —Natasha Khan —Associated Press
Dr. Barsade argued that what she was to consider that they might be invited Dr. Barsade to speak at the
called companionate love—involving rushing to a hospital for an emergency. company. He recalled that she ex-
caring about colleagues, enjoying their “After a dorm fire, she invited a stu- plained how to use emotions skillfully,
company and taking care of them—was dent—a complete stranger—to stay at sometimes by being nice and other
a sign of a healthy organization. She her house,” one of Dr. Barsade’s Whar- times by being strict or taking a hard For more information:
often cited Southwest Airlines (stock
symbol: LUV) as an exemplar.
ton colleagues, Adam Grant, wrote in
an Instagram post. “It was no surprise
line. The idea, Mr. Katz said, is “having
an emotional range” and knowing In Memoriam wsj.com/inmemoriam

“Little acts of kindness and support to learn that she co-founded a chil- what’s needed in different situations.
can add up to an emotional culture dren’s museum and donated to a char- Her message showed that emotional
characterized by caring and compas- ity for blind donkeys.” intelligence isn’t the softer side of   

sion,” she and a co-author, Olivia A. business, he said, “but actually a core     

S
O’Neill, wrote in a 2016 article in Har- igal Goland was born Aug. 28, part of being successful.”  
     
vard Business Review.
Her studies showed that a healthy
emotional culture enhanced employee
1965, in Haifa, Israel. Her mother
was an information-technology
manager, and her father an aeronauti-
She advised executives to monitor
their moods. “If it’s not one that will be
useful to your team, change it,” she
IN       
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performance, satisfaction and team-
work, while reducing burnout and ab-
cal engineer. In 1969, the family moved
to Los Angeles.
said. One trick, she added, is to “change
your facial expression to the one you MEMORIAM  $  )" 
 
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senteeism. Both of her parents had managerial would have if you were happy.”       
Dr. Barsade practiced what she roles. Listening to dinner-table conver- Dr. Barsade is survived by her hus- -! 
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preached by being unusually compas- sations about the challenges of manag- band, three children, her parents and a   "    !
sionate and attuned to others’ emo- ing people helped inspire young Sigal’s brother. ""  /  
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tions, colleagues said. “She lived the interest in psychology. She also showed “Emotions aren’t noise,” she often         /  
values of the work that she was es- early signs of empathy. Waiting in line said. “They’re data.”    0     !
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the Wharton School. parents why they couldn’t go to an un-  Read in-depth profiles at  "   )    
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s chief marketing offi- price was too high,” Mr. Pace accept his apology,” Subway firm to investigate the re- Honor your !   0 /! 
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loved one’s life in 4!   2"   2" 
sandwich chain, Tony in 2014. “Obviously, they Spotting another opportu- were widespread. !    "  
Pace made the $5 footlong a were wrong, because we have nity, Mr. Pace arranged in As a result, advertisers in- The Wall Street Journal    23 2  ! #!
long-running hit and worked sold billions of them at this 2014 for Pelé to meet Mari- sisted on new wording in con-   

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with endorsers including the point.” He gave some of the ano Rivera, the star Yankees tracts with agencies to make  )   "  
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swimmer Michael Phelps and credit to comical TV ads with relief pitcher. The result was sure rebates were disclosed. Share your loved . )   0  !   /
the soccer star Pelé. a memorable theme song. a widely circulated photo of Leonard Anthony Pace, one’s story with an " 0!    0   
Behind the scenes, he Subway faced a crisis in the two, with Pelé in a bright known as Tony, was born  !  " 8 2 
shook up the advertising in- 2009 when a photo surfaced yellow Subway T-shirt. Aug. 3, 1957, and grew up in
announcement in the  "9  0  ! 
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editions. Our In Memoriam  0
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Mr. Pace, a well-known swimmer. Mr. Pace said he from 2015 to 2017. The asso- broadcaster and a writer and
figure in the world of sports couldn’t make a knee-jerk ciation found evidence that editor of the Observer stu-
notices provide a dignified 

 

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marketing, died Feb. 8 after decision. media companies were using dent newspaper. He earned way for friends, family and        !  
a snowmobile he was riding “The next couple days rebates to reward ad agen- an M.B.A. degree at the Uni- colleagues to pay tribute.  ! $  !   ! 
hit a tree in the Montana re- were crazy,” he said, as news cies for buying ad time or versity of Pennsylvania’s  "     $ 
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He was 64 years old. formation on how Subway ents. Instead of giving the Early in his career, he ! $  ! $    
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tion, announced in 2008, was that public perceptions of agencies were keeping it, the Young & Rubicam and Mc- #  !  "

greeted with some skepti- Mr. Phelps were starting to association believed. Many Cann-Erickson. He joined    $ " ) 
© 2022 Dow Jones & Company, Inc. )!  4)

cism. “I had a lot of col- recover a few days after the agencies denied they en- Subway in 2006 and stayed All Rights Reserved.

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leagues with experience in photo appeared. Subway de- gaged in the practice. nearly a decade.
A10 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

Facebook
Loses Some
Advertisers
Continued from Page One
users with precision and prove
to marketers that the ads gen-
erate sales. Earlier this month,
Meta said it expects a roughly
$10 billion hit to sales this year
as the result of the Apple
change, which requires apps to
ask users for permission to
track their activity and share

FROM TOP: JUSTIN SULLIVAN/GETTY IMAGES; EDWARD BERTHELOT/GETTY IMAGES

it.
“It kind of feels like the end
of an era with Facebook’s tar-
geting ability,” said Ms. Krue-
ger.
Google this week unveiled
its own proposal to curtail
tracking of users across apps
on Android devices, potentially
exacerbating Meta’s challenges.
“Facebook has known for
some time that they operated
at the whim of the platforms
on which consumers access
their app,” said Ari Paparo, an
advertising-technology execu-
tive who sold his company to
Comcast Corp. “And now those
platforms are changing the
rules, and there’s little they can
do about it.”
Meta has said that macro-
economic forces including in- Meta’s headquarters in Menlo Park, Calif., above. Apple said that was an inflection nuiti, a digital-marketing Facebook, ad buyers said. Snap,
flation and supply-chain dis- introduced a privacy feature for mobile devices last year that point for many companies who agency that works with con- Pinterest and TikTok increased
ruption also are putting restricts user tracking. felt they had become too reli- sumer-products and e-com- incentives they offer to compa-
pressure on ad spending. But ant on Facebook. merce companies. nies that make a significant
the privacy push appears to be “It was a learning for every- Ms. DiGuido said some of commitment, the buyers said.
the biggest threat to the social- one to understand that things her clients want to test TikTok TikTok has benefited from
media giant’s once ironclad could change. You have to have and Snap more robustly to see having lower ad pricing than
grip on ad spending by small a backup plan and you have to whether they can reduce their Facebook, though the increased
online businesses and e-com- diversify,” said Kate Black, vice spending on Facebook without interest in the platform among
merce companies. president of social strategy at hurting their businesses. advertisers might change that,
Horizon Next, an ad firm that The data squeeze from Ap- said Mr. Ahene of Tinuiti.
works with e-commerce com- ple’s privacy measure has af- Just as Apple’s changes
Investor fears panies. fected all digital ad players to made it harder to measure the
Investor fears about the fall- some degree, but other compa- effectiveness of Facebook ads
out from Apple’s change are nies have been more insulated on iPhones, Google’s proposal
one of the reasons that Meta’s Tipping point from the impact than Face- could do the same when it
market value has dropped by The Apple change was a tip- book. Snap has relied on less comes to Facebook ads deliv-
more than $300 billion since ping point. Ms. Black said the data from across the web to ered to Android users.
the recent earnings report. majority of her firm’s clients target ads, and therefore it Google said it would give the
Facebook has been trying to have begun to shift 10% to 15% doesn’t have as much work to industry substantial notice be-
blunt the effects of the Apple of their Facebook spending to do to compensate for the lost fore ending its current system.
changes, and some analysts are most disruptive innovation to $7,000 a day on Facebook other platforms such as Tik- data, said Nii Ahene, Tinuiti’s The long timeline will give the
optimistic that Meta will con- Meta ever faces, said analyst ads. As Apple’s changes rolled Tok. chief strategy officer. ad industry time to prepare.
tain the damage and that its Daniel Newman of Futurum Re- out, ad prices “started increas- Clients are saying “let’s test Snap posted a net profit of Meta is navigating an un-
business could begin to re- search, which focuses on digi- ing, tracking was clearly not and learn and see what we can $22.6 million in the most re- precedented challenge to its
bound in the second half of tal technology. “Facebook has accurate any longer and the do on other social platforms,” cent quarter, after sales rose advertising business, but not
2022. built its empire on the ability performance decreased,” said she said. “In terms of reach 42% from the year-ago period. an unsolvable one, said Emad
Meta said in a written state- to acquire intimate details Amanda Siebert, co-founder of and scale, Meta is still the big- Google serves up search ads Hasan, former head of business
ment that it has more than 10 about user behavior across the the e-commerce company. She gest player in the space and to a user based on the key- marketing operations and ana-
million advertisers. “Apple’s internet,” he said. “Apple has said the company slashed its will definitely continue to be words they enter. That differs lytics at Facebook and CEO of
harmful policy is making it changed the game.” Facebook spending by about for many years to come, but Retina AI, which helps brands
harder and more expensive for Meta’s big investment in the 80% and shifted money else- others are definitely growing.” target customers on social me-
businesses of all sizes to reach metaverse is an attempt to cre- where, including to Amazon Toilet-spray maker -Pourri, dia. He said Meta can build
their customers,” it said. “We ate a future in which it is not search ads. which has relied heavily on
E-commerce new ad tools to find new ways
believe Facebook and Insta- beholden to other device-mak- Ath Sport, a company that Meta during the pandemic to companies are to show marketers that their
gram remain the best plat- ers, some ad industry execu- makes and sells nutritional generate e-commerce sales, ads are performing well.
forms for businesses to grow tives said. supplements for athletes, used said during the second half of
spreading ad dollars Women’s handbag brand
and connect with people, and Meta has been critical of to acquire a new customer for 2021 that its return on its ad to other platforms. Hammitt worked with Mea-
we’ll always keep working to Apple’s move, saying it would every $40 it spent on Facebook spending on Facebook began to sured Inc., a company that uses
improve performance and mea- hurt not only its revenue, but and Instagram ads. In summer decline as ad prices increased. statistical modeling to estimate
surement.” also small-business advertisers 2021, that cost doubled, said While Facebook and Insta- how well Facebook ads are per-
Meta has been working to and app makers, and that Ap- Ath Sport owner Stuart Kam. gram still account for the ma- from Facebook’s effort to forming. The official rates re-
show advertisers that ads on ple has created a false trade-off Ath Sport cut its spending on jority of -Pourri’s ad spending, match ads to users based on its ported by Facebook are abys-
Facebook and Instagram are between personalized services Facebook ads and started the Apple changes have caused data and the targeting choices mal, said Hammitt founder
driving more sales than its an- and privacy. spending 60% of its total mar- the company to start “looking made by advertisers. Meta’s Tony Drockton, but Measured’s
alytics show. And the company On Meta’s Feb. 2 earnings keting budget on Google search into new advertising channels,” chief financial officer said on reports showed Hammitt’s
is developing new technology it call, Chief Financial Officer Da- ads, which were more effective, said Suzy Batiz, -Pourri’s the recent earnings call that he Facebook ads are nearly as ef-
hopes will give marketers vid Wehner criticized Apple he said. As companies like his founder and chief executive. believed Google was somewhat fective as they were before the
nearly as much information and Google for contributing to spend more on Google, he said, The company said it is seeking shielded from the Apple change privacy changes took effect.
about ad performance as they its ad business’s struggles and the prices to advertise there to shift about 30% of its ad dol- because it does a lot of busi- As a result, Hammitt re-
had before Apple’s changes. suggested that Apple’s changes are rising. lars from Meta to diversify its ness based on searches in desk- duced its Facebook ad spending
Meta also has appealed to had benefited Google. He noted Advertising industry execu- spending. It already has begun top browsers, which weren’t af- only slightly, from 50% of its
users to opt into device track- that Google pays billions of tives said marketers began to to move some of its Facebook fected. total ad budget to 43%. Ham-
ing. But data from app analyt- dollars to Apple annually to be think more about moving spending to TikTok, Amazon That difference helped mitt’s total dollars spent on
ics provider Flurry shows that the default search engine on money away from Facebook search ads and digital ad offer- Google attract ad spending Facebook actually increased
only 18% of U.S. users are iPhones. Meta has struck a back in the summer of 2020, ings from retailers such as from e-commerce businesses, because the company boosted
choosing to do so across all more positive tone about before Apple’s change. In the Walmart Inc. said digital-ad consultant Eric its overall ad budget.
apps. Meta has rolled out more Google’s proposal to limit aftermath of the George Floyd Facebook’s disclosure after Seufert. Google’s search-ad rev- Facebook has said it has
e-commerce features within tracking, which isn’t expected murder, some brands tempo- its recent quarter that its num- enue increased 36% in the been undercounting how effec-
Facebook and Instagram so to go into effect for at least rarily boycotted Facebook over ber of users had declined for fourth quarter from the year- tively its ads have worked for
that more transactions happen two years. concerns about hate speech the first time is worrisome for earlier period, to $43.3 billion. advertisers, and that it has re-
within its own ecosystem. Brows by Bossy, an eyebrow and faulty information on the advertisers, said Diana Di- Rivals have been working to cently made progress in solv-
Apple’s change could be the stencil maker, used to spend up platform. The ad executives Guido, chief client officer of Ti- snatch ad dollars away from ing the problem.

mond was channeling when he fine line. “We end up asking he rhymed “Mona Lisa” with
Artists wrote his 1971 hit “I Am…I Said”
and came up with this infamous
each other, ‘Is that weird weird
or cool weird?’ ’’ Ms. Warren
“Tower of Pisa.”
The veteran singer-song-
rhyme: said. Dua Lipa’s song “Don’t writer John Hiatt has rhymed
Embrace “I am,” I said
To no one there
Start Now,” on which Ms. War-
ren was a co-writer, rhymes
“amoebas” with “Queen of
Sheba” and “Vancouver, B.C.”

Off Rhymes And no one heard at all

Not even the chair
A spokeswoman for Mr. Dia-
“full 180” with “crazy.”
Ms. Warren says story lines
have finally become more im-
with “cat pee.”
“My writing process is just
based on rhythm. I almost never
mond said he responded: “If it portant to songs than rhyme write the lyrics first,” he said.
Continued from Page One works for the song/It do be- schemes, hence the stretches to “It usually comes from a couple
have grown more prevalent in long.” suit the narrative. of chords, a riff, a tempo, a
recent years. In her song “Woman” re- Perfect rhymes aren’t dead. groove, and then I’ll start sing-
One reason for the decline of leased last year, the R&B artist In “Brutal,” Ms. Rodrigo also ing nonsense really. And then
the moon-June school is that Doja Cat sort of rhymes “recip- rhymes “heart” and “start.” Ye’s you might, if you’re lucky, get a
countless new songs join the rocate” with “taste” and “place.” “Off the Grid” rhymes “cheap rhyme out of that.”
pop songbook every year. Each In “Off the Grid,” Kanye coats” with “C notes.” Country and folk singers
day, more than 60,000 new West, the artist who recently Stephen Sondheim, who died sometimes use their down-home
CHRIS PIZZELLO/ASSOCIATED PRESS

tracks are uploaded to Spotify. changed his legal name to Ye, in November, was a perfection- accents to pronounce words
This makes it harder to find a more or less rhymes “fade ist. He disdained what he called that don’t rhyme as if they do.
perfect rhyme that doesn’t away” with “Gatorade” and “near rhymes” and once likened Iris DeMent just about matched
sound like a cliché. And some “selfishness” with “Selfridges,” them to “juggling clumsily.” The “Sophia Loren” with “wax mu-
musicians say the dominance of the London department store. rhymes in his song “Send in the seum” in her song “If That Ain’t
rap, a form that requires verbal In “Happier Than Ever,” alt- Clowns” are immaculate—pair/ Love.”
virtuosity, has upped the ante pop singer Billie Eilish rhymes mid-air, doors/yours, fear/dear. For any rhyme scheme, there
on originality in rhyming. “your Benz” with “influence.” The songwriter Arthur Ham- is the risk of mockery. Brag Me-
“I really dislike perfect The Los Angeles band Haim, ilton found clever consonance in dia, an Australian publisher, last
rhymes,” said Louis Bell, a Los in “Man From the Magazine,” Olivia Rodrigo rhymes ‘smart’ with ‘park’ in her hit ‘Brutal.’ the 1950s by rhyming “plebeian” year ranked the “20 worst
Angeles-based songwriter and manages to rhyme one word and “with me and” in his classic rhymes in song lyrics.” The Brit-
producer who has worked with with two. “Most of what I like to do is imperfect rhyme—the one that’s “Cry Me a River.” Tom Waits, in ish singer Des’ree made the cut
pop stars such as Post Malone, What’s going on behind those setting myself up to hit a rhym- somehow more potent than the “Swordfishtrombones,” paired by rhyming “ghost” with “piece
Justin Bieber and Taylor Swift. dark glasses ing punchline,” the rapper, exact rhyme. The one with the “lovin’ her” with “Oklahoma of toast’’ in her song “Life.”
“They’ve definitely all been used Is this what you think making whose legal name is Ian Mat- best imperfection.” governor.” Des’ree, in a direct message
before and it makes it sound too a pass is? thias Bavitz, wrote in an email. Emily Warren, a songwriter The composer and song- sent via Twitter, said the lyrics
much like you’re trying to write The rapper Aesop Rock “If I go cat/hat always, it’ll who has worked with singer writer Cole Porter also was were an attempt at levity and
a song.” The idea, he says, is to pulled off a similar trick by work, but we knew that. It can Dua Lipa and the production known for crafty wordplay—and humor. During concerts, she
channel authenticity. rhyming “today’s soup eh” with get predictable. The majority of duo the Chainsmokers, says off- largely stuck to perfect rhymes. said, fans sang along with her:
It isn’t clear what Neil Dia- “tarantula toupee.” what I do is try to find the right kilter rhymes have to walk a In his classic “You’re the Top,” “They totally got it.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | A11

JASON GAY

Grim Olympics Stumble to Finish

A doping-shadowed figure skating finale goes sideways, underlining the bleak mood of the Winter Games competition
At least they Valieva removed from the competi-
cracked down on the tion, but it was bound to the deci-
Prada snowboard. sion by the Court of Arbitration for
That’s a place where Sport, which declared the Russian a
these Winter Olympics “protected” athlete who would suf-
were ready to take a fer “irreparable” harm were she
stand. A snowboarder using an un- banned from competition.
sanctioned, Prada-designed snow- But who was being protected—
board was reportedly instructed to and from what?
block out the “Prada” logo. Valieva was placed in an impos-
Brave stuff. sible position.
Elsewhere, at the doping-shad- Her competition was enraged,
owed, already-disastrous women’s believing she should have been re-
figure skating competition, there moved. Previous medal winners re-
was no bravery, only cruelty. mained in limbo. (Valieva and her
On Thursday, a signature event ROC teammates won gold in a
of these Beijing Games came to a team competition earlier in the
heartbreaking conclusion, as the Games.)
embattled 15-year-old Russian The women’s figure skating
skater Kamila Valieva—under the event—historically, a high point of

MATTHEW STOCKMAN/GETTY IMAGES

cloud of a positive test for a the Winter Games—was scandal-
banned medication—crumbled in ized anew.
her finale. It was a heavy human cost for
It was a debacle, albeit a differ- standing idle.
ent one than anticipated. On Friday, the IOC’s Bach tried
Heading into Thursday, the fear to extract the organization from
was the optic if Valieva, as ex- the mess, expressing sympathy for
pected, won the competition. Valieva, his distress at Thursday’s
It’s why the IOC decided there scenes, and pledging a look into
would be no podium ceremony if Kamila Valieva—under the cloud of a positive test for a banned medication, stumbled in Thursday’s free skate. Valieva’s figure skating entou-
Valieva finished 1, 2, or 3—a bi- rage—as if the Russian Olympic
zarre bit of choreography intended barely summon words. (Weir’s hazmat suits, and media outfits been resolved long before the Committee just wandered into the
to avoid the look of awarding a Russian translation skills, however, like NBC opting to keep talent Games, but wasn’t, owing to a lab Games off a bus.
medal to an accused participant. provided a lifeline.) home rather than risk a stay in delay. He’ll need one of those hazmat
But it also felt like sweeping real- If you’ve been paying any atten- quarantine—and a dystopian In late December, at a Russian suits for this cleanup.
ity under the rug. tion to Beijing—and if you believe gloom settled in. competition, the teenager deliv- As for that Prada snowboard,
As it turned out, Valieva stum- the ratings, a shrinking proportion The IOC’s response was to ered a positive test for a heart it’s no more. There’s some dis-
bled in her free skate, repeatedly, of you are—you felt something like spin—to try to win the PR battle, medication, trimetazidine, which is agreement over details, but the
and dropped off the podium alto- this was coming. It’s hard not to see or at least flatten debate, by banned because of the belief it can main issue appears to be that
gether. It meant the ceremony the skating fiasco as an apt conclu- claiming the Games are apolitical, help blood flow and performance. Prada wasn’t an Olympic-approved
could go on, with Valieva’s Russian sion for a Winter Olympics that and it isn’t the IOC’s place to in- Explanations followed, including sponsor.
Olympic Committee teammates, have been fraught from the start. tervene. This was a dubious claim that Valieva may have accidentally Never mind that the competitor,
Anna Shcherbakova and Alexandra As the Journal’s senior sports for an event which began with Xi taken her grandfather’s pills. U.S. snowboarder Julia Marino,
Trusova, securing gold and silver, correspondent, Rachel Bachman, Jinping hosting Vladimir Putin at That seemed less likely after it had already won a silver medal in
and Japan’s Kaori Sakamoto, tak- wrote Thursday night on Twitter: the opening ceremony, where the was revealed Valieva had two “slopestyle” earlier in the Games,
ing the bronze. These Olympics are grim. torch was lit by a young Uyghur other, legal heart medications in on the same red-striped board.
All good then, right? Hardly. It She’s right, of course. These athlete from Xinjiang, an act of de- her system. As always, the Olympic message
was a mess. Games are grim, and have felt that fiant stagecraft by the host. It’s reminded that the Russians was: protect the money.
Valieva was in pieces as soon as way for a while. The Olympics are always politi- don’t compete as Russia in the Marino tried experimenting
she stepped off the rink and was Barraged by complaints about cal. Why would Beijing be any dif- Olympics—after a state-sponsored with ways to cover up the Prada
met by her ever-controversial its record on free speech and hu- ferent? doping scandal in Sochi, they have logo on the bottom of her board,
coach, Eteri Tutberidze. Shcherba- man rights, boycotted by diplo- Still, at a certain point, every been reclassified as the Russian but all of them seemed to interfere
kova, the winner, seemed unsure if mats from the U.S. and other coun- Olympic host can count on the Olympic Committee, or ROC, a use- with her performance.
she could celebrate. Trusova, tries, Beijing was a problematic pageantry of the Games taking less bit of IOC rebranding pre- Uncomfortable, and hurting
shocked she didn’t win gold, raged host from Day 1. These Olympics over, and drowning out any un- sented as a penalty. from a prior crash, Marino with-
off to the side. began with questions not about fa- comfortable noise. The most troubling part was Va- drew from the “big air” event, an-
“I hate this sport,” Trusova said. cilities and ceremonies, but work That didn’t really happen this lieva’s age: 15, which suggested other athlete caught in the busi-
It was difficult to watch. On camps, exploitation and abuse. time. adult intervention and agendas. The ness of the Games.
NBC, the usually-chatty Tara Lap- Add the melancholy of It came to a head with Valieva’s IOC president Thomas Bach said Grim. But for these Olympics,
inski and Johnny Weir could Covid-19—half-empty stadiums, case, a dispute that should have Friday that the organization wanted thoroughly on brand.

Skating’s
Dark Side
Exposed
Continued from Page One
Shcherbakova registered no sign of
celebration when it became clear she
had won, saying later she would need
to sit alone in a quiet room to digest
what had happened. The coaches she
shared with Ms. Valieva and Ms. Trus-
ova were nowhere in sight.
On the morning after, condemna-
tion rained down from all quarters.
“I was very, very disturbed yester-
day when I watched the competition
on TV,” International Olympic Com-
mittee President Thomas Bach said
Friday, adding that the World Anti-
Doping Agency is investigating Ms.
Valieva’s entourage, which includes
Ms. Tutberidze.
Two-time Olympic figure skating
champion Katarina Witt broke into
tears on German television. “I’m
sorry, I really can’t bear it,” she said.
And the sport’s governing body,
the International Skating Union, said
that its executive council was backing
a proposal to increase the minimum
PHIL NOBLE/REUTERS

age requirement for senior figure

skating competition from 15 to 17.
The criticism came from Russia, as
well.
“Everyone who brought [these
girls] to such a state must be found After securing a silver medal, Alexandra Trusova appeared to refuse to embrace her coach, Eteri Tutberidze.
and judged,” Russian sports commen-
tator Georgy Cherdantsev wrote on to the millions watching around the skating—and that country is techni- Ms. Valieva as she skated off the ice, The Kremlin also defended the
Twitter. “And better—whip them pub- world. Figure skating traded one di- cally banned from the Games as pun- asking her to explain her stumbles. team’s approach. Mr. Bach “doesn’t
licly on the Red Square. Scum.” sastrous outcome for another. ishment for its state-sponsored dop- “Well, why did you let go? Why did like the toughness of our coaches, but
The most adored event of the Win- Most expected the heavily favored ing scheme. The event would have you stop fighting?” the coach said in everyone knows that in high achieve-
ter Games had been threatening for Ms. Valieva to win the event and re- ended with athletes from a country a made-for-unsettling-TV moment. ment sport, the toughness of a coach
days to upend the Olympics with a ceive an official asterisk instead of a that isn’t officially here winning three IOC President Bach on Friday hit is the key to the success of the stu-
doping fiasco after Ms. Valieva’s posi- gold medal, after the IOC made the ex- medals that weren’t officially theirs. out at Ms. Valieva’s team. “When I dent,” President Vladimir Putin’s
tive test was made public and she was traordinary decision before she took But the expected outcome came un- saw how she was received by her spokesman Dmitry Peskov said ac-
allowed to skate anyway. the ice not to accept the results of the der pressure before Ms. Valieva even closest entourage, what appeared to cording to TASS.
What happened instead was individual competition until her doping took the ice. Ms. Shcherbakova and Ms. be tremendous coldness, it was chill- Russian officials have maintained
equally chaotic and even more painful case is resolved if she medaled. To peo- Trusova shredded their programs, with ing,” he told reporters. “Rather than that Ms. Valieva was clean. The feder-
ple who watched Ms. Valieva dominate Ms. Trusova attempting a boundary- giving her comfort, rather than try to ation has also dismissed criticism and
this season, that seemed like a cer- breaking five quadruple jumps. help her. And all this does not give defended Ms. Tutberidze’s methods.
Medal Count tainty, especially when she came into Then Ms. Valieva stumbled several me much confidence in the entourage The Swiss-based Court of Arbitra-
Country Gold Silver Bronze Total Thursday’s free skate sitting in first times and fell twice in an error-strewn of Kamila with regard to the past nor tion for Sport, which cleared Ms. Va-
Norway 15 8 11 34 place after the short program. routine and tumbled to fourth place. with regard to the future.” lieva to skate in the women’s competi-
ROC 5 9 13 27 If this was going to be a coronation, Japan’s Kaori Sakamoto took bronze. The IOC has asked the World Anti- tion, blamed anti-doping officials for
Canada 4 7 13 24 one group of people refused to watch: The most unforgettable moments Doping Agency to investigate Ms. Va- the mess. It said that Ms. Valieva had
Germany 10 7 5 22
the Americans. After sitting through came after the skaters left the lieva’s entourage, including coaches, tested negative twice since December.
hours of skating, the athletes and offi- ice. After securing only a silver medal, doctors and other adults. Mr. Bach, “Put simply, athletes should not be
U.S. 8 8 5 21
cials in the U.S. section walked out as a distraught Ms. Trusova let out her though, acknowledged that there may subject to the risk of serious harm oc-
Austria 6 7 4 17
Ms. Valieva warmed up. rage and appeared to refuse to em- be little the IOC can do. casioned by anti-doping authorities’
Japan 3 5 9 17
The more likely scenario than Ms. brace Ms. Tutberidze. Alexander Gorshkov, the president failure to function effectively at a
Netherlands 7 5 4 16
Valieva falling off the medal stand “I will never go out on the ice of the Figure Skating Federation of high level of performance and in a
Sweden 7 5 4 16
was her being sandwiched on the po- again in my life!” she told her team. “I Russia, dismissed Mr. Bach’s com- manner designed to protect the integ-
Italy 2 7 7 16 dium by her countrywomen for the hate this sport, I hate it!” ments, telling Russian state newswire rity of the operation of the Games,”
For the latest medal count, go to WSJ.com/Sports first sweep by one country in the his- Ms. Tutberidze, known for her TASS that the team did everything the court wrote in its verdict pub-
tory of Olympic women’s single figure steely rinkside demeanor, challenged possible to support her. lished late Thursday.
 A12 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

Eileen Gu U.S. Skiing’s $500K Problem

Is Golden A rising emphasis on youth racing and travel is driving ‘financial doping’ in an already pricey
In Freeski sport, narrowing the Olympic pipeline

Halfpipe
BY JING YANG AND LAINE HIGGINS

Zhangjiakou, China
Eileen Gu snapped up another
gold medal for Team China at the
freestyle skiing halfpipe event on
Friday, capping off the 18-year-
old’s first Olympics with three
medals (two golds and a silver)
and cementing herself as the belle
of the Games in the host country.
She will leave Beijing as the
first athlete—man or woman—to
win three freestyle skiing medals
in a single Olympics.
The big air event, in which Gu
won a surprise gold, debuted at
these Games. Gu earned a silver
medal in the slopestyle event ear-
lier this week.

TIMMY HUYNH/THE WALL STREET JOURNAL

Gu’s performance was so domi-
nant that her final trip down the
halfpipe was a de facto victory
run, as her 95.00-point second run
was the highest in the field by
nearly five points.
Defending gold medalist Cassie
Sharp of Canada attempted a third
run with the highest degree of dif-
ficulty of any competitor in the
field, but fell short, earning 90.75
points—placing her in silver medal The U.S. alpine racing pipeline has been threatened by a daunting force: a ballooning price tag. The total cost for a junior ski racing career can top $500,000.
position. Rachael Karker, also of
Canada, took bronze with a 87.75- BY RACHEL BACHMAN “We’re going to run into trouble said. “But we lead the charge.” are driven by broader economic
point run. as a country,” said Andrew Those with enough money can forces. The survey said those fees
Of all the medals Gu won in Bei- Yanqing, China Weibrecht, a U.S. Olympic medalist send their kids to offseason train- and a season pass can cost up to
jing, her gold on Friday was the The problem with U.S. alpine ski- in the super G in 2010 and 2014 ing in New Zealand to get them $18,000 at a club and $50,000 at a
most expected. Across five compe- ing at the Beijing Olympics isn’t who recently became active in ski- ready for competitions that start as ski academy for an under-14 racer.
titions during the 2021-22 season, that Mikaela Shiffrin didn’t win an ing governance because of his con- early as October. In a 2020 essay Efforts to address the cost prob-
Gu was undefeated in the event. individual medal. The problem is cerns about rising costs. “The pool on Skiracing.com, Porino called the lem haven’t gained traction.
She made her victory on Friday all that she was the only U.S. skier ex- is going to become so shallow that advantages gained by higher- Weibrecht, who’s on committees at
but a foregone conclusion with a pected to win one. it’s going to become difficult to spending parents “financial dop- the U.S. Olympic & Paralympic
solid first run that scored 93.25 Entering Saturday’s mixed team find the most talented athletes.” ing.” Committee and U.S. Ski & Snow-
and vaulted her to the top of the parallel event—a newer discipline In response to emailed ques- Steve Crowley said high costs board, said an initiative to limit
standings. that some top alpine nations don’t tions, Sophie Goldschmidt, presi- helped drive the elder of his two young racers to one pair of skis
take seriously—the U.S. medal total dent and CEO of U.S. Ski & Snow- daughters out of highly competitive met with resistance from some in
sits at one: Ryan Cochran-Siegle’s board acknowledged, “cost is an ski racing—she now races for her the ski industry. So have moves to
surprise silver medal in the super issue for attracting and retaining high-school team. Costs are also curb the number of races kids en-
Of all the medals Gu won G. That’s the U.S. alpine ski team’s athletic talent, and we need to con- weighing on his family for his 14- ter. “There’s definitely incentives to
in Beijing, her gold on lowest total since 1998, when it tinue to find ways to keep costs year-old daughter, Audrey Crowley, not try to reduce the cost of the
also had one medal. down in this country. Without gov- a competitive Paralympic skier, he sport,” Weibrecht said.
Friday in the halfpipe The future could be bleaker than ernment funding in these sports said. For its part, U.S. Ski & Snow-
was the most expected. that. In recent years, the U.S. alpine our athletes are reliant on the sup- Steve Crowley works in sales for board has encouraged the use of
racing pipeline has been threatened port of donors, sponsors, clubs, re- a company that sells high-end domestic venues to keep costs
by a daunting force: a ballooning sort partners, volunteers and our home-electronics systems. He and down, worked with resort partners
price tag. larger sport community to make it his wife work second jobs in the ski on affordable lift access and pro-
When it came time to climb the The total cost for a junior ski possible to pursue their dreams.” industry—the family lives in Eagle, moted the use of lower-cost equip-
podium, she did so wearing an racing career can top $500,000, ac- Ski racing has never been cheap. Colo., near Vail—that secure them ment at younger ages.
Anta-branded panda hat, a nod to cording to a 2019 survey by U.S. Ski But it was long accessible to people discounts on ski expenses. One of the most concrete shifts
the Beijing Olympics’ pudgy panda & Snowboard of ski clubs, acade- with more modest means and those Crowley estimates his family is came about by accident: a scaling
mascot Bing Dwen Dwen. mies and colleges. That total in- who lived in or near mountain spending $30,000 this year on Au- back of race calendars during the
“I have an Olympics panda hat. cludes everything from ski camps towns, said Steve Porino, an Ameri- drey’s ski racing, and that “when pandemic. Athletes are now racing
This is the coolest thing ever,” Gu and academy tuition to more-spe- can former racer working as an she gets to 17, that’ll jump at least closer to home more often and
said, pointing to the Bing Dwen cialized equipment and racing fees. NBC Olympics commentator. Now, another $10,000 to $15,000.” spending less money on lodging
Dwen mascot sewn on the left side Former ski racers and parents racing in the U.S. is for one-per- U.S. Ski & Snowboard’s Gold- and meals. Goldschmidt said U.S.
of her hat. “Bing Dwen Dwen is very are sounding the alarm as they centers, he said. schmidt said ski club programming Ski & Snowboard has reinforced the
hard to get now so I want to wear it watch the sport’s shift toward the “Ski racing is getting more ex- fees are the biggest chunk of young approach “due to encouraging cost-
and show off,” she said in Mandarin. extremely wealthy. pensive around the world,” Porino athletes’ racing costs, and that they effective results.”
Gu spent nearly an hour walking
through the mixed zone to take

Skater Got to Beijing via Cruise Ship

questions from broadcast and
print media.
Looking back at her two-week
Olympic run fraught with both
plaudits and controversies, Gu
said: “These few weeks have been BY LOUISE RADNOFSKY
emotionally the highest I have
ever been and the lowest I have Beijing
ever been.” Timothy LeDuc wanted to get far,
“At the end of the day, I feel far away from competitive figure
very proud, and feel very grateful skating. This is how LeDuc ended
for the people who have supported up skating on a boat in the middle
me. And for the people who don’t of the ocean.
support me, I’ve actually genuinely In the exceptionally rigid disci-
made peace with it. I’ve dismissed pline of pairs skating, LeDuc stands
it,” she said. out at the Olympics as openly non-
“My motto is now if they don’t binary. There were many times
think I’m doing good in the world, when it seemed they would never
then they can go do better,” she make it to Beijing. And it probably
added. wouldn’t have happened if LeDuc
As the event concluded, a short hadn’t spent two years skating on
video dedicated to Gu was shown cruise ships.
on the screen at the venue, mark- It’s a striking deviation from the
ing her Olympic run from big air traditional career path of Olympi-
HOW HWEE YOUNG/EPA/SHUTTERSTOCK

to slopestyle. The video ended ans. It’s also something that makes
with a caption of “Eileen Gu” and LeDuc and partner Ashley Cain-
“Gu Ailing,” her English and Chi- Gribble a stronger team in the pairs
nese names, respectively, stacked competition that marks the end of
up together. figure skating at the Winter Games.
“Walking away as the first ac- American gold medalist Nathan
tion-sports athlete with three Chen didn’t become an Olympian by
medals in the same Olympics, the skating while surrounded by water,
youngest female freeskier to win a and neither did the three Russian
gold medal at the Olympics, the teenagers who found themselves at
first person representing China to the center of a global spectacle this Timothy LeDuc and Ashley Cain-Gribble were in seventh place after the short program of the Olympic pairs event.
win three free-skiing medals at all, week.
it is an honor beyond words and Performing on cruise ships is a sport altogether. Leah Trussov, now 29, who skated father is from.
also a dream come true,” Gu said. calling for a very small subset of It turned out that skating on on the same ship as LeDuc for one Matchmaking pairs teams is a
professional skaters willing to live Royal Caribbean Cruises is what season. “Sometimes I see that in complicated undertaking at the best
in a cabin, work other jobs while kept LeDuc on the ice long enough Timothy’s skating where they’re of times, sifting through a very
aboard and jump on an incredibly to make another run at skating at just really going for it, and it re- small pool of daredevils capable of
small patch of ice that may tilt by the Olympics. minds me of the cruise ship.” throwing another person or being
up to three degrees during a show. Triple jumps, a long-running Ship skating had plenty of thrown in order to find two athletes
“That’s the fun part!” said LeDuc. weakness for American pairs skat- tougher moments, too. who are compatible in their skating,
“If you take off from a jump at a ers, were in demand. LeDuc’s other jobs on board in- but also in their training. Promising
certain point, but the ship is mov- With access to the rink on board cluded sharpening the cast’s skates teams who just can’t get along have
ing, the ice will be moving down or for practices, LeDuc skated more and the rentals used by passengers dashed American hopes repeatedly.
ANGELIKA WARMUTH/DPA/ZUMA PRESS

up, depending on which way it’s than required. LeDuc was also ex- for the mass sessions on the rink in But what Moyer emphasized
rocking and which way you’re jump- posed to the color of show business, between shows, said Trussov. most about LeDuc’s time on a cruise
ing. So sometimes the ice will show “a lot of variety, a lot of big cos- Mitch Moyer, U.S. Figure Skat- ship was something that might
up a lot sooner than you expect or a tumes, a lot of light,” they recalled. ing’s high-performance director, sound peculiar: It happened to be
lot later than you’d expect.” There were other performers on saw nothing but assets in this expe- an unusually helpful form of train-
Fun was the part of the reset board too, including acrobats who rience when LeDuc got in touch in ing for the Olympics.
LeDuc, now 31, was seeking after taught LeDuc some cool lifts. It was 2016 and expressed interest in com- “The show must go on,” he said.
finishing seventh in the 2014 U.S. skating, but nothing like skating in ing back to competition. LeDuc “If the ice is tilting one way or the
championships with their previous competition. seemed like the solution to a prob- other, you’ve got to make it work.
partner DeeDee Leng. It was far “You would just be exaggerating lem on Moyer’s hands at that mo- You take this Olympic Games, that’s
Eileen Gu won two gold medals and a from an Olympic berth, and LeDuc the moment to the high heavens, ment: He thought Cain-Gribble what it’s all about: being able to ad-
silver medal at the Beijing Games. contemplated being done with the and we made a game out of it,” said might skate for Australia, where her just.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | A13

OPINION
THE WEEKEND INTERVIEW with John H. Cochrane | By Tunku Varadarajan

How Government Spending Fuels Inflation

A
nnual inflation in the U.S. in the economy is more or things well and with flush
rose to 7.5% in January, less demand.” treasuries.” Historically, in-
the highest it’s been This “intellectual failing” flations have always come
since February 1982, showed up first in the reces- “to countries in trouble, pri-
when it was 7.6% and de- sion that followed Covid. “The marily fiscal trouble, but fis-
clining. This current crisis, econo- economy didn’t need demand- cal trouble caused by bad
mist John Cochrane says, came as side stimulus,” Mr. Cochrane macroeconomic policies.”
“a complete surprise” to the Fed- says. “It’s not 1933 again and When people fundamen-
eral Reserve. “All of the governors again. A pandemic is, to the tally distrust the government
who reported forecasts, all of the economy, like a huge snow- to repay debt, interest-rate
staff, missed it.” When he calls storm. Sending people money policies and quantitative eas-
this an “institutional failure,” he won’t get them out to closed ing have limited power. So
sounds almost kind. bars, restaurants, airlines and “the bottom line” is to ensure
Mr. Cochrane, 64, parses the businesses.” that people have faith in the
present inflation in a conversation The government did have government as debtor, and
by Zoom from his house in Palo to act “as a sort of insurer, that comes “from solid
Alto, Calif., near Stanford Univer- making sure there wasn’t a growth, and transparent, re-
sity, where he’s a senior fellow at wave of bankruptcy and help- sponsible, durable institu-
the Hoover Institution. His tone is ing people really hurt by the tions.” There’s no way out
wry, and it’s obvious he doesn’t recession.” But it should have without “regulatory reform,
hold this Fed in the greatest es- been obvious that supply con- tax reform, entitlement re-
teem. “They’re leading us in the straints would lead to infla- form, as well as clear-eyed
dark,” he says, “with a great pre- tion after the recession ended. monetary policy that works
tense of knowing exactly what the “The Fed being surprised by on the narrow things it actu-
KEN FALLIN

map is in front of us.” supply shocks is as excusable ally understands.”

He traces the present inflation as the Army losing a battle Mr. Cochrane wants Amer-
to the pandemic and the govern- because its leaders are sur- icans to grasp that ending in-
ment’s response. Starting in March prised the enemy might at- flation “isn’t just technocrats
2020, “the Treasury issued $3 tril- tack,” Mr. Cochrane says. trillion at today’s prices.” it, you can slow the car down by at the Federal Reserve fiddling
lion of new debt, which the Fed He notes that even Lawrence Why hasn’t “fiscal inflation” of draining oil, but that’s not a terri- with interest rates.” Healthy econ-
quickly bought in return for $3 Summers, who served as Bill Clin- this kind happened sooner? After bly good way to drive.” Fiscal pol- omies don’t have inflation “no
trillion of new reserves.” The Trea- ton’s Treasury secretary and Ba- all, the government has been bor- icy sends checks, stoking inflation; matter what the central banks do,”
sury then sent checks to people rack Obama’s director of the Na- rowing money, as Mr. Cochrane puts monetary policy raises interest while dysfunctional ones have in-
and businesses, later borrowing tional Economic Council, foresaw it, “like the proverbial sailor”—the rates to discourage borrowing or flation even with “heroic central
another $2 trillion and sending inflation as early as February 2021 drunken one—for decades. encourage savers to hold the extra bank presidents.”
more checks. Overall federal debt (in a column in the Washington “Inflation comes when govern- Treasury debt. To change the anal- Mr. Cochrane calls himself a
rose nearly 30%. “Is it at all a sur- Post). “Summers, who’d argued for ment debt increases relative to ogy slightly, the driver is acceler- free-market economist who’s al-
prise,” Mr. Cochrane asks, “that a big deficits and loose monetary people’s expectations of what gov- ating and braking at the same ways “trying to find a better
year later inflation breaks out?” policy to combat low inflation and ernment will repay,” Mr. Cochrane time. phrase than ‘free market’ or ‘sup-
‘secular stagnation’ for a decade, says. “If the Treasury borrows but To overcome inflation, fiscal ply side’ or ‘neoclassical’ ” to de-
saw inflation coming, and saw its everyone understands it will later constraints on monetary policy scribe himself. He likes the word
When debt grows so much source in the massive fiscal stimu- raise tax revenues or cut spending will need to play a large role, Mr. “incentivist,” because his under-
lus of the Covid recession. So why to repay the debt, that debt Cochrane says: “The Fed is merely standing of economics is “really
that people don’t believe didn’t the Fed?” doesn’t cause inflation.” The bor- a copilot.” He notes that in 1980, not so much about markets, but
the Treasury will pay it, I invite Mr. Cochrane to give the rowing and money-printing in the ratio of debt to gross domes- about paying attention to people’s
current inflation a name to distin- 2020-21 was different: “It came tic product was 25%. Today it is incentives.”
they sell their bonds and guish it from previous episodes. without a corresponding increase 100% and rising: “Fiscal con- He’s been this way since he had
buy other things, sending “Naming it sounds like a fun proj- in expectations that the govern- straints on monetary policy are a “wake-up moment” in 1969,
ect,” he says. “Our partisan world ment would someday raise sur- four times larger today.” So for a when he was 12 and lived in Italy.
prices through the roof. will likely call it the Biden Infla- pluses by $5 trillion in present rise in interest rates to lower in- (His father was a professor of Flo-
tion, given that it started pretty value to repay the debt.” flation, “fiscal policy must tighten rentine history.) Reading the

T
much on Inauguration Day. But as well. Without that fiscal coop- newspaper, he learned that Tus-
He likens this $5 trillion in there was a lot of needless stimu- he failure of the Democrats’ eration, monetary policy cannot cany had an infestation of vipers,
checks to a “classic parable” of lus under Trump as well.” The ad- Build Back Better bill “may lower inflation.” so the authorities had offered a
Milton Friedman (1912-2006), the ministration may wish to call it augur well for budget seri- An additional complication is bounty of 1,500 lire per snake,
great monetarist at the University the “It’s Not Our Fault Supply- ousness,” Mr. Cochrane allows. But that any increase in interest rates about $1 at the time. “You can
of Chicago, where Mr. Cochrane Shock Inflation,” he says. “I’d like the “troublesome question” re- raises interest costs of servicing guess what happened next,” he
was a professor for 30 years be- to call it the Fiscal Theory of the mains: “Do people, having decided the debt. “The government must says. “It didn’t take long for enter-
fore moving to Stanford in 2015. Price Level Inflation.” that at least some of our govern- pay those higher interest costs by prising Tuscan farmers to figure
“Let us suppose now that one day “The Fiscal Theory of the Price ment’s new debt will not be re- raising tax revenues and cutting out how to breed and raise vipers.
a helicopter flies over this commu- Level” is the title of Mr. Co- paid—leading them to spend it spending, or by credibly promis- Unintended consequences!”

T
nity and drops an additional chrane’s next book, to be pub- now and inflate it away—also ing to do so in the future.” At
$1,000 in bills from the sky, which lished in the fall. It’s a challenge think that the government is less 100% debt to GDP, he says, “5% hat last phrase, Mr. Co-
is, of course, hastily collected by to monetarism, the theory of con- likely to repay its existing debts, higher interest rates mean an ad- chrane says in a follow-up
members of the community,” trolling money as the chief method or future borrowing? If so, even ditional deficit of 5% of GDP, or $1 email, could describe the
Friedman wrote in “The Optimum of stabilizing the economy. The more inflation can break out seem- trillion, for every year that high outcome of those Covid stimulus
Quantity of Money” (1969). If they new theory holds that when the ingly—as always—out of nowhere.” interest rates continue.” This con- checks. Yet a bout of inflation, he
spent the money, inflation would overall amount of government Mr. Cochrane believes that “we sideration is especially relevant if says, “may be useful to our body
result. debt is more than people expect overstate the Fed’s power” to re- fiscal policy is at the root of the politic.” Inflation is where “dreams
The Covid checks, Mr. Cochrane the government to repay, we see spond: “The Fed likes to say it has inflation. of costless fiscal expansion, flood-
says, were “an immense fiscal heli- inflation. The price of everything ‘the tools’ to contain inflation, but “If we’re having an inflation be- ing the country with borrowed
copter drop. People are spending goes up, and the value of the dol- never dares to say just what those cause people don’t believe the gov- money to address every perceived
the money, driving prices up.” lar declines. tools are.” In recent historical ex- ernment can pay off the deficits problem, hit a hard brick wall of
Why didn’t the Fed see that How does this work? “The U.S. perience, “its tool is to replay it’s running to send people checks, reality.”
this massive stimulus would cause government has $20 trillion of 1980,” the year when inflation and it will not reform the looming The present crisis may “reteach
inflation? Mr. Cochrane sees a debt outstanding,” Mr. Cochrane peaked at 14.8%. That means “20% larger entitlement promises, then our politicians, officials and com-
“big blind spot” in the institution says. “That means, over the long interest rates, a bruising recession people won’t believe the govern- mentariat the classic lessons that
and its “large circle of policy run, people must expect taxes to that hurts the disadvantaged, with ment can pay off the additional $1 there are fiscal limits, that fiscal
commentators.” The Fed’s “model- exceed spending by $20 trillion to the medicine applied for as long as trillion deficit to pay off interest and monetary [policy] are inter-
ing and understanding of ‘supply’ repay the debt.” But if they think it takes. Will our Fed really do costs.” Result: “The central bank twined.” It may also teach them,
constraints is very simplistic,” he the government will be able to pay that? Will our Congress let our raises rates to fight inflation, Mr. Cochrane says, “that a country
says. It focuses only on unemploy- back only $10 trillion in today’s Fed do that?” which raises the deficit via inter- with solid long-term institutions
ment “as a measure of slack in money, “people will try to get rid In any case, Mr. Cochrane says, est costs, which only makes infla- can borrow, but a country without
the economy. There is no group of of their government debt fast, be- raising rates is a “crude tool to tion worse.” them is in trouble.”
analysts at the Fed measuring fore it is worth less. They try to fight inflation, especially when the What kind of policy path would
how many containers can get sell it in order to buy other things,” source is fiscal policy.” He likens it take to stabilize inflation? Mr. Mr. Varadarajan, a Journal con-
through the ports.” More deeply, driving up the price of everything the situation to a car going too Cochrane relies on history as well tributor, is a fellow at the Ameri-
he says, “the Fed and its larger else. “That keeps going until all fast. “Fiscal policy is the accelera- as theory. “Inflations do not hap- can Enterprise Institute and at Co-
intellectual circle don’t think prices have doubled—until the $20 tor; monetary policy controls the pen to happily growing econo- lumbia University’s Center on
about supply at all. All variation trillion promise is only worth $10 oil. OK, if fiscal policy has floored mies, whose governments run Capitalism and Society.

The Red State Model for a Post-Pandemic Economy

The 2008 recession 33 governor’s mansions and take widespread adoption of remote work $25,000. Other states lowering taxes Biden administration, aware of how
hit state treasuries more than 900 legislative seats and several rounds of federal aid to in- include Arizona, Wisconsin, Louisi- effective the tax-cutting and deregula-
hard. Most states ex- away from Democrats. dividuals and businesses. Then, in ana and Oklahoma. tory agenda of GOP states was a de-
perienced steep de- After enacting pro-business agen- March 2021, Congress passed a stimu- More is coming. Goaded by Gov. cade ago, now seem intent on trying
clines in revenue. das, Republican governors then be- lus bill providing local governments Jim Justice, Democrats and Republi- to level the playing field. The stimulus
They responded by gan openly wooing firms and resi- with an unprecedented $350 billion to can legislative leaders in West Vir- bill contained unprecedented language
raising taxes collec- dents from Democratic strongholds. bolster budgets. ginia have proposed a menu of tax prohibiting states from using the
CROSS
COUNTRY tively by $29 billion Texas, for instance, ran provocative Nearly a dozen states, mostly cuts to make the state more competi- money “directly or indirectly” to cut
in fiscal 2009—at radio ads in places like California and where Republicans dominate the po- tive. Republican legislative leaders in taxes. Republican attorneys general in
By Steven
the time, the largest Illinois, inviting businesses to move litical landscape, have used the re- Mississippi are looking at reducing or several states sued to invalidate that
Malanga
annual hike in his- south. sulting surpluses to cut taxes. Idaho even eliminating its income tax. The provision. A federal judge issued an
tory. The taxing The poaching was successful, ac- reduced its corporate and individual aim, according to Gov. Tate Reeves, is injunction against the rule.
frenzy, however, quickly dissipated cording to a study by Stanford Uni- tax rates and shrank the number of to help Mississippi compete with Advocates for higher taxes often
after the 2010 elections, when Repub- versity’s Hoover Institution. It found income-tax brackets from seven to nearby low-tax states. The agenda of say that they alone don’t drive busi-
licans won a net seven governorships, that, from 2018 through mid-2021, five, producing a $163 million tax cut Virginia’s new Republican Gov. Glenn nesses or residents away. But high
upping their count to 29. That set off 265 California firms moved opera- for residents and businesses last Youngkin includes a menu of tax cuts taxes typically reflect a broader phi-
an intense, often acerbic state com- tions out of the state, with those in like doubling the standard deduction losophy of big government that also
petition to attract residents and em- Los Angeles County and San Fran- on income taxes and eliminating the imposes heavy regulations. And vir-
ployers, as Republican states cut cisco leading the way. Texas was Republican governors are sales tax on groceries. tually every state that ranks among
taxes and reduced regulation. overwhelmingly the preferred desti- Key Democratic states have some- the highest-taxed—including Califor-
Now, with a pro-tax Democrat in nation, attracting 114 firms, including drawing a contrast with thing else in mind. Despite $12 billion nia, New York and Illinois—shows up
the White House and a lockdown-in- Oracle and Hewlett Packard Enter- the Biden agenda of high in Biden stimulus, New York heaped among lists of those with the most
duced recession in the rearview mir- prise. Other big winners were Flor- $4.3 billion in new taxes on residents regulations, which further boost the
ror, a new clash among the states is ida, Tennessee, North Carolina and taxation and regulation. in 2021. New Jersey raised taxes on cost of living and doing business. No
breaking out. While several Demo- Indiana. those earning more than $1 million wonder, then, that in the current eco-
cratic strongholds have imposed big Led by Texas, some Republican early in fiscal 2021. Massachusetts nomic climate the four states that
tax increases, claiming fiscal stress states have also outperformed Demo- year. Legislators have since added Democrats are seeking their own $2 have regained all jobs lost since
and the need for “equity” in taxation, cratic places in drawing new invest- $600 million in income-tax cuts for billion hike via a ballot referendum March 2020—Texas, Arizona, Idaho
a group of Republican-led states has ment, as tracked by Site Selection 2022. The state also sent $220 mil- asking voters to approve a graduated and Utah—are Republican-led.
cut levies. The contrasts are likely to magazine. In 2020 alone, firms an- lion in rebates to taxpayers. Iowa income tax. Thirty-six governorships are up
intensify as November’s elections get nounced 781 new projects in the Lone used its unexpected surplus to push Some Democratic governors enjoy- for grabs this year. Republicans know
nearer, with 36 governorships and Star State, more than double the forward already planned tax cuts, ing huge budget surpluses are start- they have a competitive playbook
more than 6,000 state legislative number in the highest-ranked Demo- saving taxpayers $298 million next ing to get tax cutting fever too. Illi- that works. Democrats were re-
seats in play. cratic state, Illinois. fiscal year. Gov. Pete Ricketts signed nois voters in November 2020 minded by Mr. Youngkin’s victory
It’s hard to overestimate the in- When Covid first hit, tax cutting legislation cutting Nebraska’s corpo- rejected Gov. Jay Pritzker’s attempts what might lie ahead. The stakes this
fluence the 2010 state elections had seemed an unlikely strategy because of rate tax rate twice over the next two to raise taxes on the rich. This year November will be even higher.
on America’s political and economic estimates by Moody’s that local gov- years. Ohio dropped its top income he’s proposed a menu of tax cuts, in-
landscape. Republicans that year ernment could lose $200 billion in rev- tax rate and raised the minimum cluding temporarily suspending the Mr. Malanga is senior editor of
began a march in the states that enue over two years. But state econo- level at which lower-income residents state’s sales tax on groceries. City Journal, from whose Winter
would eventually see them occupy mies bounced back quickly because of must pay taxes from $21,100 to Congressional Democrats and the 2022 issue this was adapted.
A14 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden’s Regulators Empower Putin Everything in Moderation—Except Moderation

W
e live in strange and contradictory gas that could be exported to Europe. But almost Peggy Noonan’s column (“Republi- ble for the harassment of President
times. President Biden is trying all approved and proposed LNG export terminals cans, Stand Against Excess,” Declara- Donald Trump from day one.
tions, Feb. 12) reliably contains strong PATRICK BISSON
mightily to deter a Russian invasion are located on the Gulf Coast because Democratic
doses of heartfelt wisdom and strate- Flushing, Mich.
in Ukraine at the same time states and greens have blocked gic acumen, but it also suggests that
his regulators are working to FERC sets rules that pipelines in the Northeast. the core value of the GOP ought to be Ms. Noonan nails it. The Republican
give Vladimir Putin more le- will block new U.S. Without pipelines, U.S. gas is moderation. The party should “stand refusal to disavow Mr. Trump will
verage over global energy sup- stuck in the ground. against excess on all fronts,” she says. again drive lifelong Republicans from
plies. Obsessive climate poli- natural gas pipelines. Pipeline constraints are The moderate course is often the the party, incite Democrats to turn out
tics gets more self-destructive suppressing production and best one, but on occasion it is mor- in record numbers and produce more
by the week. prices in Appalachia in par- ally necessary to take a firmer stand. Democratic victories.
In an act of bizarre timing, the Federal En- ticular. Prices for Appalachian gas are some No one believes in a moderate degree JACK DONSON
ergy Regulatory Commission (FERC) on Thurs- 15% lower than on the Gulf Coast. At the same of racism, nor in moderately abusing Milford, Ohio
day revised its policy for approving natural gas time, spot prices for LNG shipments to Europe children. Some of the cultural devel-
opments we confront today go well I strongly support Ms. Noonan’s
pipelines and export terminals. FERC by law this winter were about 10 times more than
beyond what Ms. Noonan calls “rejig- message: “It is the job of the Republi-
must vouch that projects are in the public inter- what gas in the U.S was fetching. LNG is an gering.” They affect the core of per- can Party to be the party of the big
est and won’t have a significant environmental enormous economic opportunity that FERC is sonal identity and our most basic center, to stand for normal, regular
impact. But now the agency plans to include throwing away. commitments. people in all their human variety . . .
greenhouse gas emissions in this analysis. The This is probably why Sen. Joe Manchin came PROF. SCOTT FITZGIBBON against the forces of ideology cur-
vote was 3-2, with two Republican commission- out so strongly against FERC on Thursday. “To- Boston College Law School rently assailing them.”
ers dissenting. day’s reckless decision by FERC’S Democratic Belmont, Mass. I would send the exact same mes-
i i i Commissioners puts the security of our nation at sage to the Democratic Party. Imagine
Here’s the kicker: The pipeline analysis may risk,” the West Virginia Democrat said. “The It is difficult to believe that the if we had a normal center-right and
include emissions from upstream production Commission went too far by prioritizing a politi- Jan. 6 committee “can fully, formally center-left from which to choose.
and downstream consumption even though cal agenda over their main mission—ensuring our resolve what was done in the Capitol What a democracy!
that day.” Its proceedings are con- ERIC J. EVANS
there’s no reliable way to measure either one. nation’s energy reliability and security.” ducted by the same people responsi- Brookline, Mass.
You can bet that regulators beholden to climate He’s right on every point. FERC is diminish-
activists will assert that every new pipeline will ing U.S. geopolitical leverage against a revanch-
massively increase emissions even though more ist Russia, which supplies about 40% of Euro-
pipelines are needed to transport natural gas pean gas imports. Russia is rapidly building
to back up unreliable renewables, especially as pipelines and LNG export terminals to make
Refugees, Rights and Peace in the Middle East
nuclear and coal plants shut down. It won’t Asia as dependent on its gas as Europe is so it In “The Israeli-Palestinian Conflict It is refreshing to see Mr. Morris
matter if the piped gas is replacing dirtier coal can extort U.S. allies. Moscow is already using Isn’t About Race” (Review, Feb. 12), engage Amnesty International’s re-
or helping to keep the lights on. gas exports to pressure Japan not to join West- Benny Morris states, “there are now port instead of merely accusing its
Climate activists are disappointed because ern sanctions if it invades Ukraine. some six million [Palestinian refu- authors of anti-Semitism. I agree that
gees] on the U.N. rolls.” The United we can object to the term “apartheid”
FERC says it doesn’t plan to consider the down- Rest assured, Mr. Putin’s apparatchiks won’t
Nations Relief and Works Administra- and fault Amnesty for failing to ac-
stream emissions of LNG facilities, which is the be analyzing gas-project emissions. The climate tion (Unrwa) was set up in 1949 for count for Israel’s security concerns.
Energy Department’s purview. But FERC also obsessions of the left have already raised en- the hundreds of thousands of Pales- But we cannot claim that Palestinian
knows U.S. LNG exports will have no impact on ergy costs for hundreds of millions of Ameri- tinian refugees from the 1948 war, in citizens are treated equally.
downstream emissions. If the U.S. exports less cans and are making the electric grid less reli- which five Arab armies attacked Is- While Palestinian citizens vote in
LNG, Europe and Asia will simply buy more gas able. Now they are actively aiding and abetting rael at its birth with the aim of de- Israel’s elections and partake in its
from Russia or Qatar. a dictator who may launch the biggest war in stroying it. Unrwa’s mission made no benefits, the 2018 nation-state law
LNG export facilities depend on pipelines to Europe since World War II. reference to refugee resettlement, codifies their second-class status, de-
supply them with gas. By blocking pipelines, Treasury Secretary Janet Yellen and Energy and its definition of a Palestinian ref- claring the distinction between Jews
FERC will effectively block more LNG export Secretary Jennifer Granholm ought to be ugee included future generations and non-Jews fundamental. Palestin-
projects. The U.S. has seven LNG export termi- screaming at FERC to cease its political war on without any time limit. ian citizens face restrictions in land
Meanwhile, some 20 million non- use (confiscations, demolitions, de-
nals and will become the world’s largest ex- U.S. gas. But they are either MIA or believe that
Palestinian refugees are under the nial of permits), political expression
porter this year with the completion of a new harming U.S. security to indulge climate virtue- auspices of the United Nations High (the law cannot define Israel as a
facility. Yet many LNG projects are stalled be- signaling is good policy. FERC may nominally Commissioner for Refugees (UNHCR), state of all its citizens rather than the
cause of pipeline constraints. be an independent agency, but its new pipeline whose mandate is limited to actual nation-state of the Jews), and family
The Marcellus and Utica shale deposits in Ap- obstruction is following Mr. Biden’s executive refugees, whose aim is to resettle as reunification (with a spouse in the
palachia contain enormous amounts of natural orders. The buck stops with him. many as possible in countries where occupied territories).
they can find safety and opportunity, There are vast disparities in govern-
and whose workforce is smaller than ment funding. Jewish Israeli students
Russia’s Looming War on Europe Unrwa’s. This triggers the question of
why Unrwa operates on its own,
receive 78% more funding per capita
than Arab Israeli students do. Jewish

P
resident Biden removed any doubt Fri- ganda machine will work overtime to fan Euro- rather than under the UNHCR struc- towns are given priority over Arab
ture, and how long its open-ended towns in the allocation of resources
day about American expectations about pean fears of a broader conflict and economic mandate will continue. for development and infrastructure. Is-
Vladimir Putin’s plans for Ukraine. The damage, as well as the rising isolationist senti- Finally, it should be noted that rael’s courts have ruled that small
Russian President has made ment on the American left and there were also some 850,000 Jewish towns can prevent applicants from
up his mind to invade, Mr. Bi- If Biden is right about right. refugees as a result of persecution buying or renting homes on grounds
den said in comments from Putin, the world will It’s worth saying what and violence in Arab lands, beginning of social suitability—a means of reject-
the White House, and the should have been obvious largely in the 1940s. No special U.N. ing Palestinian citizens. We in the U.S.
likely war will include an enter an ugly new era. long ago but was forgotten af- agency was set up for them. They know this practice as “redlining.”
armed assault to take the ter decades of relative peace eventually found new homes in Israel, AMY BARDACK
Ukrainian capital of Kyiv. in Europe: A Russian invasion Europe and North and South Amer- Pittsburgh
The U.S. has been close to predicting this of Ukraine should mean the end to illusions ica, and their trauma has largely been
ignored by history. Israel would like to make peace
for several days, and perhaps Mr. Biden wanted about shared international values and norms.
DAVID HARRIS with the Palestinians, as it has with
to give the Russian President one more oppor- The era of authoritarian imperialism is back CEO, American Jewish Committee many of its Arab neighbors. All the
tunity to consider the consequences of war. with a vengeance. New York Palestinians have to do is say they
The U.S. President said the U.S. and Europe will Russia and China want to topple the U.S.-led will stop trying to destroy Israel, and
be firm and united in response, as will Amer- international order and create spheres of influ- there will be peace. This is not “a
ica’s political parties. If Mr. Putin thought he ence they dominate. They see a retreating If the Military Loses Focus, struggle between two nations over
would be getting a free ride, Mr. Biden said he America, consumed with internal division, and the same tract of land.” Israel gave
is mistaken. they are going to exploit it. Ukraine is only the
Who Will Want to Join It? back the whole Sinai Peninsula to
We hope he’s right, though Mr. Putin is first target. The world may soon recall with When our son, then 19 years old, Egypt for peace even though Egypt
surely expecting that the Europeans will blink nostalgia the decades when American power enlisted in the Army during the Iraq- had been the aggressor, and “the ter-
when it comes to serious sanctions. His propa- and principles enforced global peace. war surge, I’m convinced he antici- ritories” are disputed, not occupied.
pated that his subsequent combat de- Their fate will be decided in peace
ployment would focus on the war on talks held in good faith by both sides.

Trudeau’s Destructive ‘Emergency’ terror, not on being climate-change

warriors or fighting for identity poli-
REENA FETTNER
Little Neck, N.Y.

W
tics (“The Pentagon’s Political Priori-
hen former Canadian Prime Minister Canadians” beyond “the capacity or authority ties,” Review & Outlook, Feb. 12).
Pierre Trudeau invoked emergency of a province to deal with it”—are not met. It was during that deployment that The Rickover ‘Radiator Test’
powers in peacetime in 1970, he was Protests aren’t emergencies, and Western his mother and I had all the normal
Regarding Jonathan Jordan’s re-
accused of “using a sledgeham- leaders had better get used to trepidations. As his parents, we took
view of “Admiral Hyman Rickover” by
mer to crack a peanut.” Fifty- The truckers protest handling civil disobedience comfort in knowing that he, an infan-
Marc Wortman (Books, Feb. 12): My
two years later, his son, Prime could have been handled firmly without traducing civil tryman in the 82nd Airborne Division,
uncle worked for the admiral as a ci-
and his fellow paratroopers were
Minister Justin Trudeau, has liberties. Mr. Trudeau crimi- vilian during World War II. Adm.
without abusing the law. nalized a protest movement, highly trained, well-equipped, mis-
repeated the mistake. sion-ready and capably led. But is it
Rickover wanted to put all the civil-
The truckers protest deputizing financial institu- ians in uniform so he could have them
out of the realm of possibility that a
against vaccine mandates, vil- tions, without due process or sleep in their offices and get more of
future military may become more dis-
ified by Mr. Trudeau as “racist” and “violent,” liability, to find and freeze personal accounts their time. The civilians refused.
tracted and consumed by its carbon
has been peaceful, but not every peaceful pro- of blockaders and anyone who helps them. When interviewing defense con-
footprint than the battle at hand?
tractors about new equipment, Rick-
test is legal. Blocking roads and border cross- These extraordinary measures are a needless As your editorial aptly points out,
over would ask the contractor’s repre-
ings disrupts lives and commerce. Govern- abuse of power. “A military that wanders from its
sentative whether the equipment
ment’s job is to maintain public order while Toronto limited the problem by closing down- core mission is not one that will at-
could pass the “radiator test.” The
respecting civil liberties. town roads. Blockades at crucial border cross- tract the public funding and support
hapless rep, with a blank look, would
Canada has failed on both scores. For weeks ings were allowed to drag on and cost the North it needs to defend the country.” It
say, “What’s that?” With that prompt,
will also become more difficult to at-
authorities tried to wish away the problem. American auto industry hundreds of millions of Rickover would fling the equipment
tract the next generation of 19-year-
When that failed, Mr. Trudeau overreached, in- dollars. Yet when police finally acted, border olds to step up and serve, and to get
or part at the radiator in his office. If
voking new powers before Canadian jurisdic- blockades dispersed peacefully, no emergency the item remained intact, it passed. If
the encouragement and support from
tions had tried to enforce existing law. Ottawa powers needed. One ended with handshakes be- not, it was back to the drawing board.
their parents to do so.
police chief Peter Sloly was a progressive re- tween police and protesters. CYNTHIA ALBERT
BERNIE PANE
Coronado, Calif.
former. He criticizes the “reactive enforcement Weak responses to civil disobedience have Bedminster, N.J.
model” of policing, and when truckers took over hurt Canada for years. New gas pipelines are in-
his downtown, he failed to react. Mr. Sloly re- creasingly stymied by blockades, often by green
signed Tuesday. or aboriginal activists. On Thursday men wield- In Defense of Drunken Sailors Pepper ...
On Thursday Ottawa police, with provincial ing axes attacked a pipeline drill site and its Fred Ehrman compares politicians And Salt
and federal help, finally came out in numbers, workers in British Columbia. That’s worse than to drunken sailors on account of their
THE WALL STREET JOURNAL
blocked highway exits, set up a perimeter and anything the truckers have done. spending (Letters, Feb. 15). Mr. Eh-
checkpoints and arrested blockade leaders. All In early 2020 Mr. Trudeau urged dialogue rman, I am a former sailor. I and every
of this could have been done under existing law. with pipeline blockaders. Facing Black Lives other sailor I know resent that charac-
On Friday police began mopping up the protests Matter protests in violation of Covid rules in terization. We had neither the ability
methodically, with occasional scuffles and use June 2020, Mr. Trudeau joined in. But with the to print our own money nor the ca-
pacity to consume intoxicants such as
of pepper spray. This too could have been done, truckers, the Prime Minister refused to meet or
these people exhibit. Sir, drunken sail-
albeit differentiating between the lawful and compromise. Even as province after province ors understood when our pockets
unlawful, and without threatening media with ends Covid restrictions, he drags his feet. were empty and the tab ran out.
arrest for covering the action. When the Emergencies Act was first passed, JOHN THOMPSON
Mr. Trudeau justifies the “public-order critics were assured “emergency powers can Bend, Ore.
emergency” by inflating the protest into a ter- only be used when the situation is so drastic
rorist plot to overthrow government. The Cana- that no other law of Canada can deal with the
Letters intended for publication should
dian Civil Liberties Association disagrees and situation.” In abusing these powers for a none- be emailed to [email protected]. Please
sued Thursday. It says the standards for an mergency, Mr. Trudeau crossed a democratic include your city, state and telephone
emergency—“threat or use of acts of serious vi- line. Canadians wanted the blockades to end, number. All letters are subject to
olence against persons or property” that “seri- but it never should have come at the expense editing, and unpublished letters cannot “Is everyone on board
be acknowledged.
ously endangers the lives, health or safety of of the rule of law. except Grumpy?”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | A15

OPINION

San Francisco Schools the Left

ingly frustrated and newly angry. behind barriers of some sort.
They saw that remote learning was What was astonishing as you fol-
an inadequate substitute for chil- lowed the story is what seemed the
dren being in the classroom. Many board members’ shock at parental

GABRIELLE LURIE/SAN FRANCISCO CHRONICLE VIA GETTY IMAGES

DECLARATIONS sensed that a year or two out of pushback. They seemed so detached
By Peggy Noonan school would leave their children from the normal hopes of normal

I
with an educational deficit that people. They seemed honestly un-
t was a landslide. That’s the would not be repaired. The teachers aware of them. It was as if they were
important fact of San Fran- unions balked at reopening and the operating in some abstract universe
cisco’s school-board recall elec- Board of Education approached the in which their decisions demon-
tion: There was nothing mixed problem with what seemed muted strated their praiseworthy antiracist
or ambivalent about the out- interest. Although they did a lot of bona fides. But voters came to see
come. Three members were resound- word-saying featuring impenetrable their actions as a kind of woke pro-
ingly ejected from their jobs: 79% jargon, as school boards do, they gressive vandalism that cleverly
voted to oust Alison Collins, 75% to didn’t have a plan and the schools avoided their central responsibility:
fire Gabriela López, the board presi- didn’t open. to open the schools.
dent, and 72% to remove Faauuga While the board was failing to School boards somehow always
Moliga, the vice president. open the schools it was doing other seem to think they are immune
This was a vote against progres- things. It produced government by from pushback, that their pro-
sive education officials in the heart non sequitur. The board focused on nouncements will never be op-
of liberal San Francisco. It is a sig- issues of woke antiracism and op- Parents celebrate the Feb. 15 vote to recall three school-board members. posed because they can barely be
nal moment because of its head- pression. The problem wasn’t understood.
chopping definitiveness, its clarity, whether the kids were getting an list. It homed in on academically discounted and their children aban- But people have a way of seeing.
its swiftness and its unignorable education, it was whether the elite public high schools that based doned to abstract notions of equity. If, during a pandemic lockdown,
statement by parents on what they boarded-up schools had unfortunate admission on testing and grades. It wasn’t fair. It wasn’t right. Kids board members speak often and
must have and won’t accept. It was names. They spent months research- For people who can’t afford a have to be taught to earn their way thoughtfully of the increased likeli-
a battle in the Democratic Party’s ing the question and proposed re- $40,000-a-year private-school tu- through effort. Lotteries don’t teach hood of the abuse of neglected chil-
civil war between liberals and the naming a third of the system’s 125 ition, such schools are a godsend; them that; lotteries teach them it’s dren, one will get a sense of their
progressive left. And it marks a con- schools. Many were named for pre- they were designed long ago to offer all luck. motivation and heart. If instead they
tinuation of the parents’ rebellion viously respectable people like Abra- demanding course study to students Now the recall process took off. dilate on political issues that de-
that surfaced in November in Vir- ham Lincoln, Thomas Jefferson, with limited money but demonstra- It did not help that just before flect, one will get a different, darker
ginia’s upset gubernatorial election. George Washington, Francis Scott ble gifts. the pandemic, in 2019, the board had view of their motivation and heart.
Key and Robert Louis Stevenson. The board decided too many famously turned to censorship. That’s why the three in San Fran-
Their names were “inappropriate” Asian-American and white students There was a big, colorful series of cisco were fired.
The landslide recall of because their lives and actions could were accepted in the schools. So Depression-era frescoes in a local What happened shows again that
be connected with charges of rac- they voted to scrap testing and re- high school. They’d been there since there is a real parents movement
three Board of Education ism, sexism and colonialism. From place it with a permanent lottery the 1930s and were commissioned going on, and it is going to make a
members will have major the San Francisco Chronicle: “The system for admission at Lowell by the Works Progress Administra- difference in our politics.
move shocked many principals and High, one of only two campuses in tion of the New Deal, a stylized de- Democrats dismiss these issues as
national repercussions. families, who questioned whether the district to use merit-based ad- piction of the founding of America “culture-war distractions.” They are
changing a name was a mid-pan- missions. (The decision was later that included slaves and American not; they are about life at its most
demic priority when their children overturned by lawsuits.) Indians. The board decided it was real, concrete and immediate. That
It is in the way of things that cannot physically attend the school Now parents exploded, very much racist, cruel, reductive; there was easy dismissal reveals the party’s
Democratic leaders in Congress in question.” including the Asian community. It the implication it was right-wing art. distance from the lives of its own
won’t feel they have an excuse to The public rose up—stop this got more heated when it was discov- In fact the frescoes were the work of constituents.
crack down hard on the progressive stuff, get our kids back in school! ered Ms. Collins had an old tweet a Russian immigrant to America, To think parents would sacrifice
wing of their party until the entire The backlash intensified when it was accusing Asian-Americans of using Victor Arnautoff, who was a commu- their children for your ideology, or
party loses big in the 2022 elec- revealed some of the board’s histori- “white supremacist thinking to as- nist and trying to bring attention to an ideology coming from within
tions. But Democratic voters on the cal research was dependent on cut- similate and ‘get ahead.’ ” She the cruelty present in some of Amer- your ranks that you refuse to stand
ground aren’t waiting for permis- ting and pasting from Wikipedia. seemed rather a creepy and bigoted ica’s history. No matter, it was offen- up to, is political malpractice at a
sion. They are taking a stick to wo- So it wasn’t only government by person to have in a position of such sive, so the board decided to paint high level.
keness whether the party’s leaders non sequitur, it was inept. The authority. over the murals. Joe Biden received 85% of the
do or not. board backed off and said, essen- Even aside from that, parents Art-sensitive San Francisco rose vote in San Francisco in 2020. Those
You know most of what was at is- tially, that the matter needed more who were up nights helping their up: This is akin to book burning, you board members just lost their seats
sue. During the height of the pan- study. children with homework, seeing that don’t lay waste to art. The board by more than 70%. A cultural rebel-
demic, when San Francisco’s schools The board soon moved onto an- schoolwork was done and discipline then decided it wouldn’t paint over lion within the Democratic Party has
were closed, parents were increas- other item on the progressive wish learned, felt their effort was being the frescoes, merely conceal them begun.

The Cyberspace Front in the Attacks on Ukraine

By Jillian Kay Melchior 225,0000 Ukrainians. A 2016 attack infrastructure just for fun,” says likely would deploy cyber strikes adversity has afforded Ukraine “a
on Ukraine’s Ministry of Finance Ukraine’s former Defense Minister much like past war strategists have very rich experience and knowledge

A
Kyiv, Ukraine and State Treasury Service dis- Andriy Zagorodnyuk. “You do it for used aerial attacks. The goal would in resistance in and response to
s Russia threatens Ukraine, rupted some 150,000 pension pay- something else.” be to knock out critical infrastruc- cyberattacks.”
“cyber is issue No. 2”—second ments. The U.S. filed charges in Vladimir Putin aims to create in- ture and inhibit Ukraine’s response Current and former officials de-
in importance only to the 2020 against Russian military-intel- stability in Ukraine and then exploit at a crucial moment. scribed significant progress, and
strength of the military and muni- ligence officers over both incidents. it. Russian cyberattacks have sought Since 2014 the U.S. has provided this week the government managed
tions, former Prime Minister Ar- The American prosecutors also to undermine confidence in the more than $80 million to help to restore service quickly after the
seniy Yatsenyuk said in an interview blamed Russian state operatives for Ukrainian government, deter foreign Ukraine bolster its cyber defenses. denial-of-service attacks.
last month. Our conversation was the 2017 NotPetya attack that the Kyiv has also received help from Eu- Yet cybersecurity experts I inter-
sandwiched between two major cy- White House called “the most de- ropean partners. Ukraine has passed viewed worried that significant vul-
ber attacks on Ukraine. structive and costly cyber-attack in A full Russian military landmark cybersecurity legislation, nerabilities remain, especially amid
On Tuesday Ukraine suffered the history.” NotPetya halted operations and government agencies audited the increased threat.
largest denial-of-service attack in at roughly a third of Ukraine’s assault on the country for vulnerabilities have beefed up “If we are focused only on mili-
its history, according to the govern- banks and significantly disrupted would likely involve cyber staffing. The state and key tary actions, we cannot see the big
ment. Hackers flooded the servers Ukrainian newspapers, transporta- sectors have worked together to im- picture,” warned Oleksandr Dany-
of the Defense Ministry, Armed Ser- tion and energy. debilitating digital strikes. prove the cybersecurity of critical lyuk, a former special adviser to
vices, and two state-owned banks, The attack affected other na- infrastructure. Ukraine’s head of foreign intelli-
temporarily disrupting service. tions, and the global cost was some Victor Zhora, deputy director of gence.
In January, an attack on several $10 billion. When the U.S. charges investment, cause economic harm the State Service of Special Commu- Cyber defense is mainly Ukraine’s
government websites defaced them were unsealed in 2020, Russia de- and spur panic. Government, social nication and Information Protec- job, but it’s up to the Biden admin-
with the message that Ukrainians nied that its intelligence officers services, the military, banking, en- tion, likened Ukraine’s awakening istration and Europe to deter Rus-
should “be afraid and expect the were involved in any kind of de- ergy, telecommunications and elec- on cyber warfare in 2014 to “a cold sia’s cyber warfare.
worst.” structive hack attacks in recent tricity are all targets. shower.” But he said it has now
Experts raised concerns that the years. If Russia mounts a full military faced “continuous hybrid aggres- Ms. Melchior is an editorial page
hackers might have infiltrated gov- “You don’t do disruption of critical assault on Ukraine, the Kremlin sion” for eight years. The intense writer for the Journal.
ernment systems to prepare for a
larger attack. “It’s a red alert for
Ukraine, red alert,” Mr. Yatsenyuk
said.
The Ukrainian government is in-
In Durham vs. the Press, Who’s the Straight Shooter?
vestigating both incidents and John Durham, fa- The Bush and Obama administra- contains any “aha!” value, it rein- Hillary Clinton supporters had ev-
hasn’t formally assigned blame. On mously tight- tions trusted him to investigate po- forces the revelation that Clinton ery reason also to be upset about
Friday the U.S. and the U.K. said lipped, gave a rare tential CIA abuses. The Clinton ad- agents were behind a now-discred- galumphing actions of the FBI in
Russian military intelligence was speech at the Uni- ministration trusted him to ited story at Slate.com and the 2016, which likely cost Mrs. Clinton
behind this week’s attack. Russia versity of St. Jo- investigate FBI corruption in deal- New Yorker magazine that Mr. the presidency.
has denied any involvement in the seph in West Hart- ings with the Boston mob. Mr. Dur- Trump, a Russian bank and a Mich- Instead of circling the wagons,
January and February cyber attacks. ford, Conn., four ham, after 45 years, became un- igan healthcare company were in major news outlets might try giving
BUSINESS
Ukraine has seen a spike in seri- years ago. The trustworthy to Democrats and their secret computer cahoots. Mr. Durham some competition in
WORLD
ous cyber threats in 2022, accord- first words out of press allies only when he began in- The filing also adds a tidbit: One getting to the bottom of these mat-
By Holman W.
ing to the State Service of Special his mouth con- vestigating a matter inconvenient of the clients whose web data a ters. The moment is propitious. De-
Jenkins, Jr.
Communication and Information cerned the “awe- to Democrats and their press al- Sussmann associate cynically ex- spite Sarah Palin’s loss this week in
Protection. some power” of lies—when Trump Attorney General ploited was the White House itself. a libel action against the New York
The agency is responsible for the prosecutors and the importance of William Barr tasked him with re- Cue an uproar. Times, her case only adds to a
cyber protection of Ukraine’s gov- proceeding in secret because some- viewing the FBI’s Russia-meddling groundswell for overturning a 58-
ernment networks and critical in- times the prosecutor’s suspicions investigations. year-old Supreme Court precedent
formation infrastructure. New data about people are wrong. And yet, if he’s so untrust- Instead of ankle-biting, granting the press extraordinary
shows that between Jan. 1 and Feb. When President Trump named worthy, hard to explain is the ex- immunity when it falsely defames a
17, its Computer Emergency Re- Mr. Durham in 2018 to be U.S. at- traordinary decision by the Wash- big media might join the public figure. Others, including Jus-
sponse Team examined 113 incidents torney for Connecticut, so eager ington Post, based solely on a special prosecutor in tices Clarence Thomas and Neil
deemed of critical severity, com- were the state’s two Democratic Durham indictment, to retract Gorsuch, have urged such a revisit-
pared with five during the same pe- U.S. senators to take credit that several of its stories lending cre- airing the secrets of 2016. ing. Congress, in less than 12
riod in 2021. they rushed out a statement noting dence to the Steele dossier, saying months, may be in the hands of Re-
A December 2015 cyberattack on Mr. Durham’s “immense respect as it no longer could stand by its publicans who take a dim view of
three energy-distribution companies a no-nonsense, fierce and fair own reporting. As I suggested to emailers last the media.
briefly knocked out power to about prosecutor.” This brings us to the irony of the weekend who were on fire about This would be a good time for
press carping about Mr. Durham; it the news, maybe just wait and let the press to show it’s not just an-
ankle-bites at side aspects of his Mr. Durham show us in the court- other corrupt interest group, that it
proceedings, since nobody can re- room what it all means. All along, really does seek to report, without
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ally counter the colossal burden of my guess has been that he’s less in- fear or favor, the truth about mat-
Rupert Murdoch Robert Thomson his revelations, that the press and terested in racking up convictions ters rightly important to the public.
Executive Chairman, News Corp Chief Executive Officer, News Corp FBI let themselves be manipulated than in exposing how the press and A large irony must be noted. The
Matt Murray Almar Latour into promoting baseless smears FBI participated in their own gas- “self-censorship” and “chilling ef-
Editor in Chief Chief Executive Officer and Publisher
against a presidential candidate lighting for partisan ends. fect” the Supreme Court worried
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: and president. It wasn’t some off-the-wall about in 1964 has become rampant,
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
Neal Lipschutz, Deputy Editor in Chief
The latest buzz concerns his case whimsy to suggest, in 2019, that not from lawsuit fears but because
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General
against Democratic lawyer Michael candidate Joe Biden might do him- the press frequently is unwilling to
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo, Sussmann, accused by Mr. Durham self and the country a favor by en- pursue news that would be unwel-
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business of lying to the FBI to conceal a dorsing the Durham investigation. come to its partisan allies.
Writing; Michael W. Miller, Features & Weekend; Information & Services; Robert Hayes, Chief Clinton campaign role in spurious Crazies on both sides could step All the more so because news
Emma Moody, Standards; Shazna Nessa, Visuals; Business Officer, New Ventures;
Matthew Rose, Enterprise; Michael Siconolfi,
evidence he was presenting of back from the brink. It would bene- outlets not only had a front-row
Aaron Kissel, EVP & General Manager, WSJ;
Investigations Josh Stinchcomb, EVP & Chief Revenue Officer,
Trump-Russia collusion. fit Trump voters especially to know seat, in real time, for the matters
WSJ | Barron’s Group; Jennifer Thurman, Chief A new filing doesn’t bring new that, while some of the paranoia Mr. Durham is trying to reconstruct
Paul A. Gigot
Editor of the Editorial Page Communications Officer charges. It simply asks a judge to they’ve been encouraged to adopt in retrospect. The press was also
Daniel Henninger, Deputy Editor, Editorial Page; examine potential conflicts of in- may be unfounded, their concerns an actor. Its behavior in promoting
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
terest involving Mr. Sussmann’s le- aren’t unreasonable and are being one of the biggest partisan lies in
1211 Avenue of the Americas, New York, N.Y., 10036 gal counsel and certain Clinton treated respectfully by the legal American history deserves to be re-
Telephone 1-800-DOWJONES campaign associates. If the filing system. Likewise, Democrats and ported on too.
A16 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

“I just KNEW I
would hate it.”
Meghan
Wilmington, Dec 2019

“I got on the first

time and I fell in love.
My first Peloton ride
was with Emma. And
her motivation was
incredible. I didn’t
feel like a failure
when I couldn’t keep
up. She just kept
reminding me this was
an opportunity. Then
I found Cody Rigsby
and WOW y’all!”
Meghan
Wilmington, Feb 2022
 EXCHANGE
Handy Guide Blame Game
Six people you meet How to take
in the pandemic ownership of your
workplace B5 investing mistakes B4

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 19 - 20, 2022 | B1
DJIA 34079.18 g 232.85 0.7% NASDAQ 13548.07 g 1.2% STOXX 600 460.81 g 0.8% 10-YR. TREAS. À 12/32 , yield 1.930% OIL $91.07 g $0.69 GOLD $1,898.60 g $2.10 EURO $1.1322 YEN 115.03

The Power Struggle

PETER CROWTHER

T
he U.S. electrical system is becoming
less dependable. The problem is likely
Rolling blackouts. Days without ers compete to build power plants and sell their
output at the lowest price. Within the past decade,
to get worse before it gets better.
Large, sustained outages have oc-
electricity. America’s grid is natural gas-fired plants began displacing pricier
coal-fired and nuclear generators as fracking un-
curred with increasing frequency in
the U.S. over the past two decades,
increasingly unreliable, locked cheap gas supplies. Since then, wind and so-
lar technologies have become increasingly cost-com-
according to a Wall Street Journal
review of federal data. In 2000, there
thanks to aging equipment, petitive and now rival coal, nuclear and, in some
places, gas-fired plants.
were fewer than two dozen major
disruptions. In 2020, the number surpassed 180.
extreme weather and Regulators in many parts of the country are at-
tempting to further speed the build-out of renewable
Utility customers on average experienced just
over eight hours of power interruptions in 2020,
fossil fuel-powered plants that energy in response to concerns about climate
change. A number of states have enacted mandates
more than double the amount in 2013, when the
government began tracking outage lengths. The data
are closing faster than green to eliminate carbon emissions from the grid in the
coming decades, and the Biden administration has
doesn’t include 2021, but those numbers are certain
to follow the trend after a freak freeze in Texas, a
alternatives can replace them. set a goal to do so by 2035.
The pace of change, hastened by market forces
hurricane in New Orleans, wildfires in California and and long-term efforts to reduce carbon emissions,
a heat wave in the Pacific Northwest left millions in has raised concerns that power plants will retire
the dark for days. BY KATHERINE BLUNT more quickly than they can be replaced, creating
The power system is faltering just as millions of new strain on the grid at a time when other factors
Americans are becoming more dependent on it—not are converging to weaken it.
just to light their homes but to work remotely, One big factor is age. Much of the transmission
charge their cars, and cook their food—as more PLUS system, which carries high-voltage electricity over
modern conveniences become electrified. long distances, was constructed just after World War
At the same time, the grid is undergoing the larg-
The $4.5 billion quest to deliver II, with some lines built well before that. The distri-
est transformation in its history. In many parts of hydropower from Canada to New York B7 bution system, the network of smaller wires that
the U.S., utilities are no longer the dominant produc- takes electricity to homes and businesses, is also de-
ers of electricity, following the creation of a patch- A grid of one’s own: The people making cades old, and accounts for the majority of outages.
work of regional wholesale markets in which suppli- their own plans for power B8 Please turn to page B6

Stocks Finish Lower GE Outlines

KEYWORDS | CHRISTOPHER MIMS

Challenges
On Ukraine Tensions Weighing on
BY KAREN LANGLEY 8.8%. The Dow Jones Industrial Av-
AND CAITLIN OSTROFF

U.S. stocks posted weekly losses

erage lost 1.9% for the week, while
the tech-heavy Nasdaq Composite
retreated 1.8%.
Its Outlook
Friday as the threat of an invasion of War between Ukraine and Russia BY WILL FEUER
Ukraine and the uncertain path of could prolong elevated inflation in AND THOMAS GRYTA
monetary policy weighed on market developed economies by disrupting
sentiment. supplies of important commodities, General Electric Co. warned that
Investors tracked headlines on the said Hani Redha, a portfolio manager supply-chain problems, labor short-
Ukraine situation throughout the at PineBridge Investments. Russia is ages and inflation would weigh on
week. U.S. officials warned they ex- among the world’s largest suppliers its financial results in the first half
pect a Russian attack on Ukraine in of oil, as well as the biggest exporter of the year.
the next few days and said prospects of wheat and a major producer of The disclosure Friday, in a news-
for averting war appear dim. metals such as palladium, aluminum letter for GE investors, sent shares
Conflict could inject fresh volatil- and nickel. of the industrial giant down about
ity into markets, with the heighten- “Inflation is really the big ques- 6%. GE shares finished at $92.69, lit-
ing of geopolitical uncertainty tion that will determine how mar- tle changed from a year ago, after

The S&P 500 fell 1.6%

kets play out, and that only adds to
the delay in resolving the inflation
situation,” Mr. Redha said. He ex-
NFTs and Crypto Are the adjusting for a reverse stock split.
“We continue to see supply-chain
pressure across most of our busi-
pects markets will remain volatile as nesses as material and labor avail-
for the week, bringing its
losses this year to 8.8%.
investors try to assess how central
banks will respond to elevated prices
and the direction of the Ukraine
New Multilevel Marketing ability and inflation are affecting
Healthcare, Renewable Energy and
Aviation,” wrote Steve Winoker,
conflict. In a recent ad for who are already invested in crypto- head of GE’s investor relations. “Al-
Federal Reserve officials at their cryptocurrency ex- currencies and related technologies, though varied by business, we ex-
January meeting discussed an accel- change FTX, Tom and who would like the rest of us to pect these challenges to persist at
prompting some traders to sell first erated timetable for raising interest Brady asks seemingly come aboard. Mr. Brady has an eq- least through the first half of the
and ask questions later. rates amid concerns with high infla- everyone in his con- uity stake in FTX. year.”
“It could create a more risk-off tion, according to meeting minutes tact list, “You in?” As A “You in?”-style pitch is also In his newsletter, Mr. Winoker said
environment where investors just released Wednesday. The discussion in, are you going to typical of multilevel marketing that while these issues were reflected
want to move out of riskier assets showed central-bank officials were join him in buying some crypto, and companies. Both make a virtue of in the full-year financial targets that
into safer assets,” said Michael Shel- prepared to raise rates at consecu- not, presumably, in being a football the fact that our getting “in” will GE gave investors in January, “the
ROBERT NEUBECKER

don, chief investment officer at in- tive policy meetings, potentially set- star married to a supermodel. The enrich those urging us to do so, by magnitude of these challenges likely
vestment advisory firm RDM Finan- ting up a series of rate increases in pitch is straightforward celebrity- Please turn to page B4 present pressure” on overall growth,
cial Group. March, May and June. endorsement fare, designed to capi- profit and free cash flow in the first
The S&P 500 fell 1.6% for the Investors have been forced to talize on the FOMO that is the stan-  How much are rich crypto investors quarter and first half of the year, be-
week, bringing its losses this year to Please turn to page B13 dard psychological tactic of those spending? No one knows................ B14 Please turn to page B2
 B2 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

3M CO. KRAFT HEINZ CO. WALMART INC.

PERFORMANCE OF HOSPITALITY STOCKS THIS WEEK
 3M is facing up to a future
of fewer new masks. The
Source: FactSet
 Kraft Heinz couldn’t feed
shoppers’ appetite for Lunch-  Walmart is walling itself off
from rising expenses. The
MMM mask maker on Monday
warned of slowing sales this
16%
KHC ables and Philadelphia cream
cheese. The food giant re-
WMT big-box retailer on Thursday
reported a profit that beat
1% year, joining a number of 14 5.6% ported better-than-expected 4% estimates, saying it is largely
other companies from the fourth-quarter earnings, but absorbing higher costs relat-
fields of protective equipment and said it struggled to meet surging de- ing to wages, inflation and supply-chain
12
healthcare that have forecast a decline mand for its products in recent months. snags. Being the country’s largest re-
in business as the Covid-19 pandemic Other food makers are in a similar bind tailer by revenue, Walmart uses its
eases. The Omicron variant helped lift 10 as consumers clean out store shelves scale to muscle lower prices from its
3M’s mask sales at the end of last year while supply-chain crunches mount. suppliers and manufacturers. The com-
and the company recorded $1.5 billion in 8 Kraft said it expects to recover lost pany’s U.S. business benefited from
mask sales in 2021. More recently, a market share in Philadelphia cream stores being stocked and stronger foot
growing list of states dropped mask re- 6 cheese, Lunchables and other brands in traffic. Its grocery and health categories
quirements as the Omicron wave sub- the first half of the year, while higher were standouts, the latter aided by
sides in the U.S. 3M shares lost 1% Airbnb prices temper demand. Kraft shares more people filling prescriptions. Wal-
4
Monday. rose 5.6% Wednesday. mart shares gained 4% Thursday.
Marriott
2

CISCO SYSTEMS INC. Hilton

WALT DISNEY CO. DOORDASH INC.
0

 Cisco is going spelunking for

Splunk Inc. The networking
Mon. Tues. Wed. Thurs. Fri.
 Disney is moving into apart-
ments and condos. The enter-  DoorDash’s sales dashed past
Wall Street’s expectations.
CSCO giant recently made a take-
over offer worth more than
DIS tainment behemoth plans to
start developing residential
DASH The food-delivery company
on Wednesday said its reve-
1.3% $20 billion for a software MARRIOTT INTERNATIONAL INC. 2.6% communities with its new 11% nue and order volume last
maker that takes its name
from cave exploration, The Wall Street  Americans are traveling again. Hotel chain Marriott
and home-rental firm Airbnb Inc. reported growing
business called Storyliving by
Disney. The company said Wednesday
year topped 2020 as diners
continued ordering in as restaurants re-
Journal reported Monday. It would be
Cisco’s biggest acquisition ever. Cisco is
MAR demand in the most recent quarters as vaccination that Disney’s research-and-development
team will help design the communities,
opened. The platform has expanded its
offerings to deliver everything from gro-
a serial acquirer but usually of smaller 5.8% numbers rose and travel curbs eased despite the starting with one in California’s ceries to alcohol and pet food while also
companies, and its interest in Splunk Coachella Valley. Residents of this com- delivering orders for retailers such as
shows that it has an appetite for big spread of the Omicron variant. Marriott said that munity will have access to amenities in- Walmart and Macy’s Inc. On Thursday,
deals. Splunk is searching for a chief ex- its fourth-quarter revenue doubled. Airbnb posted record cluding Disney programming, entertain- DoorDash said it is teaming up with
ecutive after Doug Merritt stepped revenue for 2021. Marriott International shares rose 5.8% ment and activities. Home buyers will Albertsons to deliver groceries in under
down from the role in November follow- be able to choose from estates, single- 30 minutes. DoorDash shares soared
ing a series of disappointing earnings Tuesday, while Airbnb shares added 3.7% Wednesday. family homes and condominiums. Disney 11% Thursday.
reports. Cisco shares lost 1.3% Monday shares added 2.6% Wednesday. —Francesca Fontana

PERSONAL TECHNOLOGY | JOANNA STERN

GE Outlines
Do-It-Yourself Privacy Protection Challenges
To Outlook
Google plans to curb ad tracking, but it’s going to take a while. Here’s what to do in the meantime. Continued from page B1
yond the typical seasonality in
GE’s business.
Good news, every- When GE reported earnings
one! Google has big last month, Chief Executive Larry
plans to curb the Culp discussed inflation and sup-
digital ad tracking ply-chain constraints affecting
that’s happening on various parts of its business, but
Android phones. also said in an interview that
Less-good news: moves the company and its sup-
Right now, it’s just a plan. Like my pliers had made would ease sup-
plan to lose 20 pounds. Or my plan ply-chain issues and benefit the
to organize all my shirts by color. business by midyear.
Or my plan to pressure-wash the GE didn’t give first-quarter fi-
stairs. (Step 1: Get a pressure nancial targets, other than saying
washer.) its free cash flow—a closely
Last year, Apple shook up the watched measure of how much
advertising and tech industries by cash its operations are generat-
restricting iPhone apps from ing—would be negative for the
tracking your actions across apps period. In January it set financial
and websites. Ad tracking is off by goals for the full year, predicting
default now—if an app wants to 2022 adjusted earnings between
track you it has to ask your per- $2.80 and $3.50 a share and full-
mission. Now, Google is ready to year free cash flow of $5.5 billion
do something similar for Android to $6.5 billion.
and Chrome users. Well, kind of Mr. Winoker said GE was
ready. standing by its full-year financial
On Wednesday, the company goals. Executives are slated to ap-
announced a program called Pri- pear at investor events in the
vacy Sandbox on Android, new coming week and GE has sched-
privacy-respecting advertising uled an investor day in March to
technologies it will develop over discuss the 2022 outlook in
the next two years to replace the greater detail.
advertising ID. These alphanu- In his midquarter update, Mr.
meric identifiers that all phones Winoker said GE is still making
have are used by many apps to improvements in its operations,
gather and share information such as finding alternative parts
about you. to help with shortages in its
While Apple turned off its Healthcare unit and ensuring Re-
equivalent tracking ID in iOS 14.5 newable Energy deals have ade-
last year, Google is taking a quate pricing for an inflationary
slower, more measured approach. environment. “While these im-
The ID will remain for at least the provements will take time to
next two years, while Google show in our results, we continue
builds less-invasive technologies sort of colored ball pit, or at least serve ads to devices where garden- but, like its Android work, it to see strong demand which will
for app makers and advertisers. free candy. While we wait, here’s ing is an interest. Your interests wanted to find a replacement be- support our growth throughout
“Simply removing the existing what you can do to cut back on ad would be stored only on the device, fore it blocked third-party cookies.
technologies that the ecosystem tracking right now. and you would be able to review One of its first proposals was
uses today without having an ef- and edit those interests. canned because of pushback from GE plans to break itself
fective and privacy-enhancing and Android: Turn off advertising ID. So, will the advertising ID go privacy advocates.
alternative path for the ecosystem Here’s a very made-up example of away? “The future solutions we are A new proposal for Chrome is up into three separate
support, can be ineffective and how this tracker works. Say you working on are to provide advertis- similar to the one made for An- companies over the
can have potential to lead to download a free, ad-supported app ing experiences that are privacy droid. The browser itself would dis-
worse outcomes for user privacy,” that reminds you to water your protecting by default without the till a list of our interests based on next two years.
Anthony Chavez, vice president, plants. A few hours later, you start user having to take any action,” Mr. what sites we visit, and advertisers
product management for Android seeing ads for watering cans in Chavez said. “We aren’t announc- can say they want to be matched
security and privacy, told me. your social feed, and ads for other ing anything about the future of with users having those interests. the year,” he wrote.
Since Google is also an online interests in the plant-watering app. the advertising ID at this point.” We will be able to see and delete The continued supply-chain
ad giant, it needs to make sure The social-media company and the Oh, but I have something to an- interests the browser assigns or and labor constraints present an
any solution it puts in place keeps app were able to target you jointly nounce: You can turn it off right turn it off entirely. obstacle for GE as it prepares to
its business running, and is con- by matching your advertising ID. now. On an Android 12 phone, go to Google has committed to remove break itself up into three sepa-
sidered fair by competitors, part- And since most apps use it, the Settings > Privacy > Ads> Delete cookies in late 2023. Until then, rate companies over the next two
ners and regulators. It’s working data attached to your ID can in- advertising ID. Now your advertis- third-party cookie tracking is en- years. The conglomerate’s separa-
with the app makers—including clude apps you’ve downloaded plus ing ID will be zeroed out and that’s abled in Chrome by default. But tion will start with the healthcare
Snap, DoorDash and others—to get your search history, purchase his- what will be shared with apps. you can turn it off. In your Chrome division early next year. The
their input. Google’s move has the Google plans to roll this out to browser, go to Settings > Security power and renewables business
potential to cut even further into phones running Android 5 or newer and Privacy > Block third-party will combine and form a separate
the profits of other tech titans and Right now, Google’s in April. For now, on an older An- cookies. If you use Chrome on your company in early 2024. Existing
related businesses. (See Meta’s re- droid phone, you might see “Opt phone, do it there as well. GE shareholders will get new
cent earnings.) plan is just a plan. out of Ads Personalization.” This In that Security and Privacy set- shares in the two companies after
Google is taking a similar path Like my plan to doesn’t zero out the advertising ID ting menu, you might also see a they are spun off. The current GE
with its Chrome Browser as it but instead tells apps not to use it. Privacy Sandbox option. Keep an will become the aviation unit.
phases out support for third-party lose 20 pounds. eye on that area if you’re inter- Supply-chain constraints have
cookies in 2023. The search giant Chrome: Turn off third-party ested in seeing what features weighed on the earnings of other
plans to stop supporting the cookie tracking. With Chrome and Google starts testing with its Top- major U.S. manufacturers, as
unique snippets of code that many tory, recent locations and more. other web browsers, your activity ics feature. well. Caterpillar Inc. finance
ELENA SCOTTI/THE WALL STREET JOURNAL, ALAMY (2)

advertisers and other companies The future Privacy Sandbox op- from site to site can be tracked While you’re at it, disable web- chief Andrew Bonfield said last
use to track your browsing habits tion won’t use these identifiers. with third-party cookies. That’s sites from being able to track your month that the ability of the
across websites. How will it work? Mr. Chavez why when you search for “wool location. On that Security and Pri- heavy-equipment maker to meet
Both the Android and Chrome wouldn’t tell me much. In fact he socks” on some shopping site, ads vacy tab, go to Site Settings and strong demand was dependent on
changes are wins for people who said some variation of “it’s early” for “wool socks” begin appearing switch on Don’t allow sites to see the unwinding of some current
care about their digital privacy. at least five times in our conversa- all over the other websites you your location. supply challenges.
The tech industry is finally ad- tion. visit. You could also opt out of On Friday, Deere & Co. said it
dressing our question of who con- But the basic gist is this: The Apple’s Safari browser blocks Chrome entirely, like I did a few is also navigating supply-chain is-
trols user data, and how it is gath- Android operating system will col- third-party cookies. By default now, years back. Either way, you should sues but expects strong demand
ered and used. lect information about the topics no advertiser or website can use feel a bit better with these Chrome for its farm and construction ma-
Right now, for us users, it you are interested in based on the cookies to follow you around the and Android settings enabled. chinery to blunt higher produc-
means a lot of time in the Google apps you use—in this case, garden- internet. Firefox and Brave brows- You’re no longer stuck in the wait- tion costs. “Our supply base will
Privacy Waiting Room, which ing. Apps and advertising plat- ers do the same. ing room, waiting for Google to say likely remain challenged,” Chief
you’d really expect to have some forms can then decide whether to Google had similar intentions, your new privacy tools are ready. Executive John May told analysts.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, February 19 - 20, 2022 | B3

BUSINESS NEWS

CNN Parent Found Gollust Misled on Relationship

BY BENJAMIN MULLIN during Covid.” about their relationship when
AND JOE FLINT Ms. Gollust’s decision to put asked by investigators but
a timeline on the evolution of eventually acknowledged it
Allison Gollust resigned as the relationship in her Feb. 2 while the probe was still ongo-
CNN’s communications and statement rankled some em- ing, The Wall Street Journal
marketing chief after the net- ployees at WarnerMedia and reported last week.
work’s parent determined she CNN, who believed it had “Allison has been clear that
misled investigators about her turned romantic before the on- her relationship with Jeff
relationship with former Presi- set of the Covid-19 pandemic, changed during Covid, and re-
dent Jeff Zucker and violated according to some of the people grets that they didn’t properly
CNN’s news standards, accord- familiar with the matter. Soon disclose it to WarnerMedia at
ing to people familiar with the after Ms. Gollust issued her that time,” a spokesman for
matter. statement, CNN included it in Ms. Gollust said. “Continuing to
Ms. Gollust’s resignation its reporting. That bothered publicly debate the private de-
came amid an investigation some of those WarnerMedia tails of her personal life reeks

JACK ELBAUM/MEGA/GC IMAGES

and CNN employees, who said of sexism and only further un-
Ms. Gollust’s statement misled derscores WarnerMedia’s retal-
CNN’s audience, the people said. iatory actions against her.”
A spokeswoman for In the days after Mr. Zucker’s After Mr. Zucker quit, Ms.
Gollust accused exit, amid the widening scrutiny Gollust was told by a superior
over the timing of Ms. Gollust’s that she was a key part of
CNN’s parent of relationship with Mr. Zucker, CNN’s executive team, accord-
retaliation. WarnerMedia and CNN deter- ing to a person familiar with
mined that her statement was An inquiry found that Jeff Zucker and Allison Gollust, seated at center, violated company policies. the matter. In her view, Ms.
misleading, the people said. Gollust was never presented
During the investigation, that some of the communica- ing an interview,” the spokes- with CNN executives about his with evidence that contra-
that originally focused on for- WarnerMedia found communi- tions between Ms. Gollust and woman said. “WarnerMedia re- relationship with his brother. dicted her timeline of the rela-
mer prime-time anchor Chris cations between Ms. Gollust Andrew Cuomo were inappro- lying on this everyday practice Andrew Cuomo resigned as tionship, the person said.
Cuomo’s efforts to help his and Andrew Cuomo, then New priate and were one of multi- as justification for dismissing New York governor in August, WarnerMedia declined to
brother, former New York Gov. York governor, related to one ple factors that led to the Allison demonstrates how ig- one week after a state report comment on the matter.
Andrew Cuomo, respond to ac- of his appearances on the net- company’s decision to ask Ms. norant they are of journalistic found he had sexually ha- Mr. Zucker signed an agree-
cusations of sexual miscon- work during the early days of Gollust to resign, some of the practices, and further proves rassed multiple women. Chris ment that prevents him from
duct. The investigation even- the Covid-19 pandemic, includ- people said. that her dismissal is nothing Cuomo was fired by CNN in commenting on his own exit
tually ensnared three of CNN’s ing topics that Mr. Cuomo A spokeswoman for Ms. more than retaliation.” December as a result of the in- from CNN beyond the state-
biggest players: network presi- would like to be asked about Gollust said the former CNN In a memo to employees vestigation into his efforts to ment he released, a person fa-
dent Mr. Zucker, Chris Cuomo during an interview on CNN, executive didn’t suggest that earlier this week, WarnerMedia help his brother, which in- miliar with the matter told the
and Ms. Gollust. which Ms. Gollust relayed to inclusion of the topics was a Chief Executive Jason Kilar said cluded giving detailed feed- Journal earlier this week. When
Shortly after Mr. Zucker an- CNN producers, according to condition of the interview, or the investigation found viola- back on Andrew Cuomo’s he announced his resignation in
nounced his resignation on some of the people familiar suggest that the exchange tions of CNN’s news standards statements to the press and an email to CNN staff on Feb. 2,
Feb. 2, citing his failure to dis- with the matter. The New York should be limited to those top- and practices by Mr. Zucker, gathering information about Mr. Zucker wrote “I acknowl-
close a consensual office ro- Times earlier reported on the ics. “It is extremely common Ms. Gollust and Chris Cuomo. upcoming stories involving his edged the relationship evolved
mance, Ms. Gollust released a communications between An- for newsmakers and elected of- A spokesman for Chris brother’s accusers. in recent years. I was required
statement that her relation- drew Cuomo and Ms. Gollust. ficials to tell producers what Cuomo has said that the former Ms. Gollust and Mr. Zucker to disclose it when it began but
ship with Mr. Zucker “changed WarnerMedia determined topics they’d like to cover dur- CNN anchor was transparent initially weren’t forthcoming I didn’t. I was wrong.”

American Airlines Trims Flights Amid Dreamliner Delays

BY ANDREW TANGEL cording to a securities filing are hoping that the receding turing flaws.
AND ALISON SIDER Friday. It will also delay the Omicron variant and easing American, which had origi-
launch of service between Dal- global travel restrictions will nally planned to have 13 new
American Airlines Group las and Tel Aviv, and reduce mean a rebound in long-haul Dreamliners for this summer’s
Inc. said it is further trimming flight frequencies between Mi- flying, which has slumped dur- schedule, first trimmed its plans
its summer flying schedule be- ami and São Paulo, Brazil. ing the pandemic. in December but had planned
cause of Boeing Co.’s continu- “Further reducing our in- Boeing said it deeply re- on flying passengers with four
JOE RAEDLE/GETTY IMAGES

ing delays in delivering new ternational flying this summer grets the impact to its custom- new 787s that it had expected
787 Dreamliners. is a difficult decision, but ulti- ers as it works through a com- to receive in the spring.
American, the world’s larg- mately, it’s the right one for prehensive process to resume Now, the Fort Worth, Texas-
est carrier by passenger traf- our team members and cus- deliveries. based carrier is removing
fic, is planning to temporarily tomers,” American said. The plane maker has largely those remaining four new
suspend routes including those The Dreamliner delays have halted handing over the wide- Dreamliners from its summer
between Seattle and London, hindered American’s plans to body jets to its customers schedule, according to one of
Delivery delays of Boeing’s Dreamliner have hindered American’s Los Angeles and Sydney, and restore its international traffic since October 2020 as it ad- the people familiar with the
plans to restore its international traffic this coming summer. Dallas and Santiago, Chile, ac- this coming summer. Airlines dresses a series of manufac- decision.

THE MORE YOU UNDERSTAND

HER WORLD, THE MORE
POSSIBILITIES YOU SEE.
For Julia’s family, early screening for
autism made a lifetime of difference.
Find out more at ScreenForAutism.org

© 2019 Sesame Workshop. All rights reserved.

 B4 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

EXCHANGE
Bearing Down
Hussman Strategic Growth Fund,
managed by John Hussman, has
been neutral to bearish on stocks for
more than a decade, eating up all its
early outperformance.
Value of $10,000 investment
$50,000

S&P 500
40,000

30,000 Hussman
Strategic
Growth
20,000

10,000

0
2001 ’10 ’20
Source: Morningstar

it before jumping to self-justifica-

tions and defensiveness, and more
calmly assess the wisest course of
action from here.”
ALEX NABAUM

A few techniques can help.

Stop talking constantly about
your investing ideas. Discussing
them in public just deepens your
commitment, making it even
THE INTELLIGENT INVESTOR | JASON ZWEIG harder to change your mind.
Take a cue from baseball, where

How to Own Your Investing Mistakes

the scoreboard and box score in-
clude not only hits and runs, but
errors. Instead of hiding your mis-
takes, put them on the board.
Were you so sure you were right
about an investment that you be-
Our instinct is to blame others when our portfolios tank. It takes work to point the finger the right direction. lieved no evidence or events could
ever prove you wrong?
Force yourself, instead, to esti-
mate the probability that you are
Don’t look at me. mist John Kenneth Galbraith liked eral Reserve’s deranged experiment lenges.” mistaken—and 0% isn’t an accept-
That’s just about to say, “Faced with the choice be- with zero interest rates.” In late 2017, a year when the able answer.
every investor’s tween changing one’s mind and To his credit, in an interview Mr. fund underperformed the S&P 500 Finally, prepare for the pang of
motto when some- proving that there is no need to do Hussman eats a heaping portion of by almost 35 percentage points, being proved wrong by pretending
thing goes wrong. In so, almost everyone gets busy on crow. The fund’s underperfor- Mr. Hussman limited (but didn’t it’s already happened. On the eve
the old days, you the proof.” mance, he explains, came from its eliminate) its flexibility to profit of the successful D-Day invasion in
could blame your Let’s visit John Hussman, port- persistent stance that the stock from a market decline. After that 1944, Gen. Dwight D. Eisenhower
stockbroker or fund manager for folio manager of the Hussman Stra- market was overvalued. Strategic adjustment, Strategic Growth out- wrote a terse press release in case
losing your money. Now that your tegic Growth Fund, with roughly Growth would buy put options, sell performed in 2018, although it the Allied troops were defeated. It
stockbroker is your phone and your $400 million in assets. The fund is call options, or both—techniques to lagged again in 2019, 2020 and ended: “If any blame or fault at-
fund manager is an index, it’s a lot up 10% this year, outperforming profit from declines in stock prices 2021. taches to the attempt, it is mine
harder to point your finger at the S&P 500 by 18 percentage that almost never came. A chart in the latest annual re- alone.”
somebody else. points—but trailed the market in “I clearly was too bearish during port shows that the fund’s hedging Before you make a big trade,
If you’re left with no one to nine of the previous 10 years, ac- QE [the Fed’s period of low-inter- strategy since 2010 has eaten up consider writing a note like this:
blame but yourself, the obvious cording to Morningstar. est-rate policy], because I believed nearly all its cumulative return “My investment has been a failure,
way out is denial—especially at Over the past decade, the S&P that speculation still had histori- since it launched in 2000—negat- and I am selling. I based the deci-
times like this, with stocks down 500 has gained an average of 14.6% cally reliable limits,” says Mr. ing years of outperformance in its sion on information I believed to
about 8% so far in 2022. annually, counting dividends. The Hussman. “Once interest rates early history. be valid, but I was wrong because
Individual investors specialize in Hussman fund has lost 4.7% annu- went to zero, those limits not only Even so, Mr. Hussman is sticking [blank]. It was a bad investment,
denial. So do professionals. ally. A $10,000 investment in the became useless, but responding to to his guns, believing the market is but that doesn’t make me a bad in-
That’s because of cognitive dis- S&P 500 grew to more than them became detrimental. I got more overvalued than ever. vestor.”
sonance, the tension that arises $39,000; $10,000 in Strategic that wrong. I don’t blame anyone.” “Dissonance is normal and inevi- That won’t stop you from mak-
when beliefs and reality collide. Growth would amount to less than Not exactly, anyway. “In my table; we all feel it,” says social ing the trade. But if your great idea
You believe you were right to buy $6,200. coarser moments,” Mr. Hussman psychologist Carol Tavris, co-au- turns out to be a mistake, your D-
that stock; now it’s down 75%, sug- The main reason, Mr. Hussman says, “I’ve said I underestimated thor of “Mistakes Were Made (but Day note will prompt you to fill in
gesting you might have been mis- wrote in the fund’s last annual re- stupidity and overestimated intelli- Not by Me)” with Elliot Aronson. that blank—and make it easier to
taken. port, was the “perfect storm” of gence. But the fact is, it’s my re- But, she says, preparation can help admit that you were wrong with-
What will you do? As the econo- speculation triggered by “the Fed- sponsibility to address the chal- us “to look it in the eye, live with out feeling foolish or incompetent.

NFTs as models of Facebook, Google and

their competitors. The difference,
he adds, is that those companies

Multilevel get to keep the money that results.

The ease of creating new crypto-
whatsits is one reason so many new

Marketing NFTs, tokens, and businesses claim-

ing to be based on crypto, or the
blockchain, or some word salad of
related terms, are born daily. The
Continued from page B1 gold-rush mentality of many of
driving up the value of their own those with the loudest voices and
holdings or network. And then, hey, biggest reach in the crypto commu-
the same could be true for us! nity also helps. But this mania for
It’s a siren song as old as the being early to business models that
promise of attaining financial free- by their nature reward those who
dom by selling herbal supplements, are first, also contributes to their
cosmetics or leggings from the high rate of failure.
comfort of your home, enhanced XMTP Labs, the company co-
and refined by the ways in which founded by Mr. Galligan, which has
modern communications systems received investment from venture-
can rapidly elevate ideas and move- capital firms including Andreessen
ments from the fringe to the center Horowitz, will issue its own token.
of national and global conversation. XMTP and its investors will own a
But how does owning or trading minority of the tokens issued. This
crypto, which is after all just data— is a common business model for
infinitely reproducible, supposedly Web3 companies, many of which
nearly free thanks to the internet— aim to profit through the issuing
make one rich? Or for that matter, U.S. venture-capital investment A visitor at the opening weekend of the Seattle NFT Museum last month. and appreciation of their tokens,
owning or trading other digital as- rather than conventional sales or
$20 billion
sets like NFTs (or “nonfungible to- and storage of value since cowrie blockchain—and thereby technically subscriptions denominated in fusty
kens”) that have become all the shells and Mesopotamian shekels, “minted an NFT.” old things like the U.S. dollar.
Web3
rage among celebrity art collectors? even pictures of “bored apes” of de- The upshot is that nearly anyone That said, Mr. Galligan’s business
NFT
The straightforward premise: By us- 15 batable artistic merit have value be- can create an NFT, from real artists model isn’t built on capitalizing on
Cryptocurrency/
ing the blockchain—a type of public Blockchain cause enough people say they do. to scam artists. And while creating the rising value of tokens his com-
database that anyone can access The key to understanding the your own cryptocurrency can be pany issues. “We don’t think the
and everyone can (supposedly) long-term trend in the value of sup- challenging, creating a new “token” only way to make money on this is
trust—it is possible to create a 10 posedly scarce digital assets is un- on an existing blockchain, which for ‘Token Go Up,’ ” he says, referring
chunk of data, known as a token, derstanding how the latest genera- many applications is nearly the to a meme that alludes to the idea
that is unique in the world, and tion of them differs from previous same thing, isn’t much harder than that people can get rich by issuing
cannot be reproduced. In other ones. In what might be called “first creating an NFT. a token and watching its value sky-
words, it is possible to make a digi- 5 generation” blockchain-based tech- Indeed, if one were to distill the rocket if they convince enough peo-
tal object, be it a piece of art or a nologies, like bitcoin, there are only entire promise of Web3 to a single ple to buy in.
crypto coin, scarce. so many “coins,” and creating the sentence, it would be: Thanks to the Because the goal of XMTP is the
There’s a paradox at the root of ones that do exist is difficult and ease of creating new tokens and creation of a new, open standard for
0
the crypto ecosystem—a disconnect expensive. But second-generation building businesses around them, communications—like email, only
between the technology and the 2016 ’17 ’18 ’19 ’20 ’21 ’22* technologies are rapidly diversify- Web3 has the potential to securitize modernized—Mr. Galligan thinks his
economics. While individual digital *through Feb. 14 ing into a dizzying array of poten- any iota of data we produce. An- company could make money by
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES

assets—bitcoins, pictures of “bored Source: Pitchbook tial applications, from “smart con- other way to put that: Web3 repre- consulting for companies that want
apes,” JPEGs of everything the art- tracts” that trace the provenance of sents a way to financialize every to use the protocol.
ist Beeple has ever produced—can only so much traditional money to luxury goods to new competitors possible human interaction. For these reasons, it is possible
be unique, the underlying nature of be converted into tokens and cryp- for Facebook. And to do all this, “Web3 is such a hyper-capitalis- that even if Web3 and cryptocur-
the internet means that there is, in tocurrencies—and the supply is infi- these technologies are predicated tic way of trying to reframe the rencies in the long run result in a
aggregate, a potentially infinite sup- nite, the average price of that asset on the idea that the only limit to web,” says Catherine Flick, a senior handful of valuable companies, indi-
ply of cryptocurrency, NFTs and all is going to zero. what can be done with them is the researcher in technology ethics at vidual small-time investors will, as
the other exchangeable tokens that It should be said up front that human imagination. Britain’s De Montfort University. is so often the case, not be the ones
make up “crypto” and the broader this does not imply that everything The barriers to creating new Matt Galligan, co-founder of who profit from their rise.
vision for a decentralized internet currently being stuffed onto a blockchain-based things are low, XMTP Labs, a company working on “I could totally be wrong about
known as “Web3.” blockchain—which, judging from and—thanks to intense interest and a system of communication for all of this,” says Mr. Galligan, who
Basic economics suggests an un- my inbox, is a Borgesian Library of massive investment—dropping all blockchain users, says that, while has built and sold a number of tech
happy outcome: When the demand Babel of every possible thing imag- the time. My colleague Joanna extracting money from everything startups before. “But if it succeeds,
for something is limited—there are inable—will ultimately be worthless. Stern demonstrated this when she anyone ever does might sound dys- because I was early, should one not
only so many people on earth, and Like every other means of exchange put a piece of her son’s art on the topian, it is similar to the business be rewarded for that risk?”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | B5

EXCHANGE

Meet Your New

Employees
The pandemic has changed the people
on your team since you saw them last
BY DORIE CLARK nize in your own office.

I
t used to be obvious what your Ambitious employees. If you’re a
employees wanted out of leader, you’ll likely know who your
work. Pre-pandemic, most of ambitious staffers are, because they
us accepted that almost every have spent the pandemic doubling
white-collar professional’s goal down. They’re focused on their jobs
was to get promoted and move up and want to advance. To retain
the corporate ladder as quickly as them, show an interest in their ca-
possible. reer aspirations and development.
Not anymore. Ask them specifically about their fu-
Just as we all started to become ture goals, and help them develop a
“life-hack ninjas” during the pan- plan to cultivate the skills and expe-
demic who could effortlessly Zoom, riences they’ll need. These employ-
Slack, and tweet from our bedrooms ees are likely to be your future crop
at the same time, for many profes- of leaders—because they’re the ones
sionals, our needs and priorities who want it, and actually care.
shifted.
The pandemic prompted a wide- Work-to-live advocates. These em-
spread re-evaluation of our lives. ployees—whether pre-pandemic or When people said they began doing the following growth, and conquering interesting
One study reported that 54% of because of the reflections it challenges.
After the Before the Thinking Before the Haven't done
Americans are currently re-examin- sparked—have decided to prioritize
pandemic began, pandemic about this pandemic this and have
ing their life priorities—including aspects of their life outside work. because of my and still do now, but but do not no plans to Disoriented new hires. As the pan-
20% who started doing so directly as Whether their focus is on family, experience haven't yet now do so demic has dragged on, it isn’t just a
a result of the pandemic. The situa- community or hobbies, their goal is few stragglers who have been on-
tion is similar in the U.K. More than having a steady paycheck and a job boarded without actually meeting
Prioritize better work/
three-quarters of Britons said they that’s manageable and can be bal- life balance anyone in person. For many compa-
were considering major life changes, anced with the areas they really care nies, new hires—sometimes re-
from moving to quitting their jobs to about. Re-examine life priorities cruited entirely through virtual
ending relationships, according to a Their goal is doing what needs to channels—may have become a sub-
survey by the think tank Global Fu- be done fast—so they can move on Got another job or additional stantial cohort. And they’re confused
ture. to the rest of their life. To retain source of income out of their minds. Of course, they
Increasingly, that re-evaluation them, recognize that you’re probably Taken mental health breaks have done their best to pick up com-
means that work is taking a back never going to turn them into go- from work, normal routines pany culture and mores through im-
seat. A 2021 Pew Research study getters, and accept them for the 0 20 40 60 80 100%
plicit clues (analyzing team commu-
showed that only 17% of adults now steadiness they can nonetheless nication patterns and vocabulary
cite their job or career as a source of bring. Make sure you understand Note: Totals may not add to 100% due to rounding choices, and the power dynamics of
meaning—down 7 percentage points their priorities and—if you want Source: Ipsos consumer tracker survey of 1,173 American adults, conducted Sept. 28-29, 2021 who seems to get listened to the
from four years earlier. them to stay—take care not to im- most). But it’s a lot harder to figure
As a result of their Covid rumina- pinge. If their chief value is attend- things out virtually, and to feel con-
tions, many employees—even those ing their children’s sports matches, that will likely resolve over time. In- converse and cultivate a deeper rela- nected. Smart leaders have probably
in their prime working and earning for instance, recognize that forcing deed, 78% of women surveyed are tionship. That’s always a good prac- been making an effort to ensure
years—may no longer share the them to work late unexpectedly on a seeking greater career progression tice, but for those aggressively seek- these employees feel welcome and
same ambition and mentality around regular basis means they’ll soon be opportunities at work. Supporting ing human connection, it’s included. Now kick it up a notch, be-
advancement that we took for headed out the door. your employees now with flexibility, mandatory right now. cause whatever you’ve been doing
granted pre-pandemic. And based on understanding and logistical support probably isn’t enough. They’ve been
their different pandemic experiences Double-duty professionals. Care- where possible will help build loyalty Zest-for-lifers. Whether it’s a retiree thrown into a (truly) unprecedented
(some overloaded with family re- giving has always been a reality for and trust, so they can step up as the looking to stay engaged or a profes- situation of having to acclimate
sponsibilities, while others spent many professionals who have had to motivated employees they are. sional who’s consciously chosen to without context or information, so
way too much time alone), employ- balance career aspirations with re- downshift their expenses (perhaps overindex on the care you take with
ees now have different social and sponsibilities at home. But the pan- The desperate-to-connect. Many by leaving an expensive urban cen- them.
emotional needs at work. demic’s unique challenges—including employees who live alone and have ter), not everyone actually needs to
That shift can be discomfiting for home schooling and managing quar- spent the pandemic in relative soli- work. Like the “work to live” crew, To retain talent amid the Great
leaders, who are already navigating antine protocols—have accelerated tude may be looking to work these the “zest for life” professionals don’t Resignation and job market tumult,
massive upheaval in the job market the challenges, especially (though days to provide human interaction— necessarily prioritize their careers. leaders have to understand what
and the threat that their employees not exclusively) for female employ- especially young, single workers for But they’re not just putting up with motivates their employees. Recog-
might leave. To effectively manage a ees. whom the workplace offers much- work, either. They’re actively seeking nizing these types will help manag-
workforce with such disparate goals In one September study, 48% of needed community. Others may have it out as a way to connect with oth- ers get the most out of their teams—
and desires, managers have to recog- women said Covid had negatively af- overdosed on family over the past ers and learn new things. Employers and perhaps recognize new forces
nize that the workforce has frag- fected their career path. These days, two years, but now that kids are need to recognize their distinct mo- shaping their own career ambitions,
mented—possibly forever—into mul- success for them often means get- back in school or they have caregiv- tivations. Even if their goal isn’t to too.
tiple employee archetypes. ting through the day and maintain- ing needs worked out, they can’t climb into the ranks of senior man-
One kind isn’t inherently prefer- ing their sanity amid competing re- wait to escape back into the realm of agement, they shouldn’t be treated Dorie Clark is a marketing strategy
able, but it’s essential to under- sponsibilities. But it’s important for adult conversations. Either way, like clock punchers. They can be pas- consultant who teaches executive
stand where your employees are employers to recognize that this isn’t leaders need to recognize that a sig- sionate and high-performing employ- education at Duke University’s Fuqua
coming from, so you’ll know what a permanent situation, and these nificant motivator for these “desper- ees if leaders take care to recognize School of Business and Columbia
to expect and how to work with workers should be treated differently ate to connect” employees—at least their central motivation—which isn’t Business School. Her newest book is
C .J. BURTON

them most effectively. Here are six than the “work to live” types. They for right now—is social. Transac- a paycheck. For these employees, “The Long Game: How to Be a Long-
of the most common types of mod- are ambitious and want to advance, tional Zoom calls just won’t cut it; professional satisfaction means con- Term Thinker in a Short-Term
ern employees that you may recog- but are facing temporary challenges managers need to take the time to necting with others, personal World.”

PERSONAL BOARD OF DIRECTORS Adam Schechter tackled a

herculean challenge soon af-
The executives initially worked together on a
drug joint venture created by their rival em-
The trusted advisers of top business leaders ployers. Mr. Schechter became the joint ven-
ter he took charge of Labora-
tory Corp. of America. ture’s general manager in 2004, the year after Mr.

Adam Schechter
CEO, Laboratory Corp. of America
In March 2020, the medi-
cal-testing giant could run
just 300 Covid-19 tests a day.
Hassan became CEO of Schering-Plough. “Do the
right thing for the venture,’’ rather than try to ap-
pease Merck or Schering-Plough, Mr. Hassan ad-
vised. “You are never going to please all of them.”
Mr. Schechter pushed to rap- Fred Hassan The Labcorp chief says he kept his mentor’s words
idly expand its labs’ capacity. Chairman of Caret Group in mind while seeking to increase Covid-19 testing
Two months later, the com- LLC and former CEO of capacity. He told his workers that he didn’t care
pany could conduct 90,000 Schering-Plough Corp. whether the company lost money on the effort.
PCR tests daily. Labcorp com-
pleted more than 61 million As Mr. Schechter’s boss for 12 years, Mr.
such tests by the end of 2021. Frazier repeatedly cautioned him not to
Mr. Schechter, 56, says he make decisions quickly. That wasn’t always
drew strength from mentors easy for a hard-charging executive like Mr. Schech-
he came to know at his prior ter. He met resistance within Merck’s human-
employer, pharmaceutical gi- health division in 2011, when he wanted to shift
the division’s commercial model. Implementation of
ant Merck & Co. the plan, he says, “didn’t go as fast as I wanted.”
He has loved science since Kenneth Frazier Mr. Frazier chastised Mr. Schechter for failing to
his youth, when he aimed to Executive chairman explain first to colleagues why he thought the new
become a physician. and former business model made sense. “You need to bring
CEO of Merck & Co. them along with you,’’ the Merck chief said.
With a biology degree from
La Salle University, he instead
became a toxicologist for
Mr. Schechter met the ad veteran when he
SmithKline & French Labora- started making presentations to Merck direc-
tories. tors in 2009. Years later, Ms. Lazarus urged
Mr. Schechter left Smith- Mr. Schechter to use social media as a means of
Kline in 1988 to join Merck as better understanding consumers. But at a highly reg-
a sales representative. ulated business like Merck, Ms. Lazarus remembers,
He steadily climbed into “one of the lawyers suggested that any tweet would
have to be submitted to the FDA for approval.” Ms.
Merck’s upper ranks and led
Shelly Lazarus Lazarus addressed Mr. Schechter’s kickoff session for
its global human-health divi- Chairman emeritus of its global social-media unit in 2014. By 2017, Merck
sion for eight years. Ogilvy & Mather and for- led the pharmaceutical industry in engagement on
Mr. Schechter, a Labcorp mer Merck board member Twitter and Facebook, according to a spokeswoman.
TODD ZIMMERMANN/PICTURES BY TODD PHOTOGRAPHY

board member, alerted its

CEO, David P. King, in late
2018 that he was leaving The longtime Merck director coached Mr.
Schechter before he chose his first corporate
Merck. ”You know I need a directorship. Labcorp and a diversified indus-
successor at some point,’’ said trial company simultaneously wooed Mr. Schechter
Mr. King. “How about being for board seats. “You love healthcare,’’ Mr. Weeks
the CEO of Labcorp?” told his protégé. “You will never go wrong follow-
Mr. Schechter took charge ing that [passion].’’ The Corning leader next coun-
in November 2019. Wendell P. Weeks seled him about how to be an effective Labcorp di-
Here are four of his trusted Chairman and CEO of rector. “He encouraged me to spend time in a lot
Corning Inc. and former of different areas,’’ Mr. Schechter says. Among
advisers. other things, the board novice visited a variety of
—Joann S. Lublin Merck board member
the company’s labs for several days.
B6 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

POWER STRUGGLE

America’s Increasingly The State

or fire up when needed—sup-
plied the bulk of the nation’s Alaska
electricity. Since then, wind and

Unreliable Electrical Grid solar farms, whose output de-

pends on weather and time of
day, have become some of the
From coal-fueled W
Continued from page B1
most substantial sources of
power in the U.S., second only to
Washington, a look
A report last year by the Ameri- natural gas.
can Society of Civil Engineers Grid operators around the
found that 70% of transmission country have recently raised con- Power production, by source
and distribution lines are well into cerns that the intermittence of 12-month moving average

182
the second half of their expected some electricity sources is making
Coal Natural gas Petroleu
50-year lifespans. Utilities across it harder for them to balance sup-
the country are ramping up spend- ply and demand, and could result
ing on line maintenance and up- in more shortages. When demand
grades. Still, the ASCE report an- threatens to exceed supply, as it
major ticipates that by 2029, the U.S. will has during severe hot and cold
face a gap of about $200 billion in spells in Texas and California, grid
disruptions funding to strengthen the grid and operators may call on utilities to Wash. Mont. N.D. Minn.
of the meet renewable energy goals. initiate rolling blackouts, or brief
Another factor is the changing intentional outages over a region
electrical climate. Weather-related problems to spread the pain and prevent
grid in 2020 have driven much of the increase the wider grid from a total failure.
in large outages shown in federal Companies are rapidly adding
data, topping 100 in 2020 for the large-scale batteries to store
first time since 2011. Scientists more intermittent power so it
have tied some of the weather can be discharged during peak Ore. Idaho S.D. Iowa
patterns, such as California’s pro- periods after the sun falls and
longed drought and wildfires, to wind dies. But because such stor-
climate change. They project that age technology is somewhat new,
such events will likely increase in and was, until recently, relatively
years to come. Unlike electric sys- expensive, it remains a small
tems in Europe, distribution and fraction of the electricity market,
transmission lines in the U.S. were and grid operators agree much
typically built overhead instead of more will be needed to keep the
Utility poles damaged by buried underground, which makes system stable as more conven- Calif. Nev. Wyo. Neb.
Hurricane Ida in LaPlace, them more vulnerable to weather. tional power plants retire.
La., last August. Those weather extremes are The problem could soon
threaten New York City. The New
York Independent System Opera-
tor, or NYISO, which oversees the
state’s power grid, last month
warned of possible supply short-
ages in the coming years as sev-
eral gas-fired power plants close Utah Colo. Kan.
or operate less frequently in light
of stricter state air quality rules.
New York, which has set a goal to
eliminate emissions from its elec-
tricity supplies by 2040 and no
longer has any coal-fired power
plants, also recently shut down a
nuclear plant some 30 miles
north of Manhattan after critics Ariz. N.M. Okla.
for years called it a safety hazard.
NYISO said its reserve mar-
gins—how much electricity it has
available beyond expected de-
mand—are shrinking, increasing
the risk of outages. A 98-degree,
sustained heat wave could result
raising the costs of power network in shortfalls within New York
upgrades for utilities all over the City as soon as next year, a cir- Hawaii Texas
country. That in turn is set to cumstance that would likely force
raise power bills for homeowners NYISO to call for rolling black-
and businesses. outs for the first time ever.
Public Service Enterprise Group New York is adding substantial
Inc., which serves 2.3 million elec- amounts of new wind and solar
tric customers in New Jersey, plans generation, as well as battery stor-
to invest as much as $16 billion in age, and NYISO has said that it is Source: Environmental Protection Agency
‘Everything is transmission and distribution im- critical that the projects remain
tied to having provements over the next five on track to improve the stability
years to replace aging equipment of the system in the coming years.
electricity, and and make the grid more resilient Already, wind and solar develop- operator called for sweeping out- even steeper challenges in the com-
yet we’re not to extreme weather events, such as ers across the country are facing ages during an unusually strong ing years as the company works to
a highly unusual spate of torna- headwinds related to supply-chain winter storm last February that replace output from a nuclear plant
focusing on the does that swept the state last year. issues, inflation and the amount of caused power plants and natural- with a combination of renewable
reliability of the Ralph Izzo, PSEG’s chief execu- time it often takes to get approval gas facilities of all kinds to fail in energy and battery storage.
tive, said the plan is critical to en- to connect to the grid. subfreezing temperatures. Mil- One of the biggest challenges
grid. That’s suring reliability, especially as The North American Electric lions of people were in the dark facing grid operators and utility
absurd, and customers become more depen- Reliability Corp., a nonprofit for days, and more than 200 died. companies is the need for better
dent on the grid to charge electric overseen by the Federal Energy California, which experienced technology that can store large
that’s vehicles and replace traditional Regulatory Commission that de- outages during a West-wide heat amounts of electricity and discharge
frightening.’ furnaces and gas appliances with velops standards for utilities and wave in the summer of 2020, also it over days, to account for longer
electric alternatives. power producers, warned in a re- called on residents to conserve weather events that affect wind and
“That resiliency needs to be port last month that the Midwest power several times last summer solar output. Most large-scale bat-
further enhanced, because the so- and West also face risks of sup- amid a historic drought that con- teries currently use lithium-ion
lutions to climate change are go- ply shortages in the coming strained hydroelectric power gen- technology, and can discharge for
ing to put more challenges on the years as more conventional eration across the region. The about four hours at most.
grid,” Mr. Izzo said. “Those are power plants retire. state is now racing to secure large Form Energy Inc., a company
the kinds of things that really Within the footprint of the amounts of renewable energy and that is working to develop iron-air
keep you awake at night.” Midcontinent Independent Sys- batteries in the coming years to batteries as a multiday alternative
A decade ago, coal, nuclear and tem Operator, or MISO, which account for the closure of several to lithium-ion, recently announced
gas-fired power plants—which can oversees a large regional grid conventional power plants, as plans to work with Georgia Power,
produce power around the clock spanning from Louisiana to Mani- well as potential constraints on a utility owned by Southern Co., to
toba, Canada, coal- and gas-fired power imported from other states develop a battery capable of sup-
power plants supplying more than when temperatures rise. plying as many as 15 megawatts of
Main components of the U.S. power grid 13 gigawatts of power are ex- California state Sen. Bill Dodd, electricity for 100 hours. It would
pected to close by 2024 as a re- Democrat from Napa, recently in- be a significant demonstration of
POWER GENERATION The shortfall in sult of economic pressures, as troduced legislation that would re- the technology, which the com-
investment needed
Utility generates electricity at its well as efforts by some utilities to quire the state’s electricity provid- pany is aiming to broadly com-
power plant or buys it from another to upgrade the aging
shift more quickly to renewables ers to offer programs that mercialize by 2025.
utility, marketer, independent grid is projected to
grow to a cumulative to address climate change. Mean- compensate large industrial power Other outage risks are mount-
producer or from a wholesale market while, only 8 gigawatts of replace- users for quickly reducing electric- ing as extreme weather events test
managed by a regional organization. $208 billion by 2029
and $338 billion ment supplies are under develop- ity use when supplies are tight, the strength of the grid itself. A
by 2039. ment in the area. Unless more is helping to ease strain on the grid. spate of strong storms in Michigan
Transformers
done to close the gap, MISO could “We just can’t go down the last summer left hundreds of
step up voltage. Cumulative projected see a capacity shortfall, NERC road of having rolling blackouts thousands of residents in the dark
investment gap, said. MISO said it is aware of this again,” Mr. Dodd said. “People for days as utility companies
by grid component potential discrepancy but declined expect their government to keep rushed to make repairs. DTE En-
to comment on the reasons for it. the lights on, and our reliability ergy Co., a utility with 2.2 million
By 2039
TRANSMISSION Curt Morgan, CEO of Vistra situation in California still isn’t electricity customers in southeast-
$338
More than 600,000 miles Corp., which operates the na- where it needs to be.” ern Michigan, had more than
billion
of transmission lines tion’s largest fleet of competitive Similar challenges have 100,000 customers lose power.
carry power long power plants selling wholesale emerged elsewhere in the West. CEO Jerry Norcia called the
distances. By 2029 electricity, said he is worried PNM Resources Inc., a utility that storm barrage unprecedented, and
$208 about reliability risks in New provides electricity for more said the company needed to invest
billion York, New England and other than 525,000 customers in New more heavily in reliability. DTE
markets as state and federal pol- Mexico, has warned that it would now plans to spend an additional
Transformers
Generation icy makers pursue ambitious likely have to resort to rolling $90 million to keep trees away
step down voltage.
goals to quickly phase out fossil blackouts this coming summer, from power lines and is working
65% 61%
of total of total
fuel-fired power plants. His con- following the June retirement of to hire more people to help main-
gap gap cern is that the plants will retire a large coal-fired power plant. It tain its system.
before replacements such as has recently proposed keeping Michael Fuhlhage, a professor at
DISTRIBUTION
wind, solar and battery storage one of the generating units on- Wayne State University who lives
About 5.5 million miles come online, he said, given the line for an extra three months to just outside Detroit, began noticing
of local distribution lines cost and challenge of quickly help meet demand during the an uptick a few years ago in the
carry power to homes
Transmission building enough batteries to have hottest months of the year. number of times severe weather
and businesses.
23% 10% meaningful supply reserves. Tom Fallgren, PNM’s vice caused his lights to go out. He now
“Everything is tied to having president of generation, said the measures outage length by the
Pole-mounted transformers Distribution electricity, and yet we’re not fo- company faced significant delays number of trash bags it takes to
step down voltage before cusing on the reliability of the in getting regulatory approval for clean out his fridge.
12% 29%
power reaches the customer. grid. That’s absurd, and that’s several solar projects to replace In August, a storm caused a
LUKE SHARRETT/BLOOMBERG NEWS

frightening,” he said. “There’s the coal plant’s output, as well as dayslong outage while he was vis-
such an emotional drive to get construction delays tied to sup- iting family, and he returned home
where we want to get on climate ply-chain issues. A spokeswoman to find a mess of spoiled food.
Note: The investment gap is the
change, which I understand, but for the New Mexico Public Regu- “That was probably a three-gar-
difference between projected we can’t throw out the idea of lation Commission said the bage-bag storm,” he said. “We
investment and needs. Needs are having a reliable grid.” agency does its best to address worry every time there’s some
based on demand, the age of
Sources: Energy Information Administration (grid); current infrastructure, evolving
Serious electricity supply con- all utility proposals in a fair and kind of weather coming in now,
American Society of Civil Engineers (investment gap) technologies, as well as state and straints have historically been timely manner. and that’s not an anxiety we had
Peter Santilli/THE WALL STREET JOURNAL federal policies. rare. Most recently, the Texas grid Mr. Fallgren said he anticipates to deal with before.”
 THE WALL STREET JOURNAL. ** * * Saturday/Sunday, February 19 - 20, 2022 | B7

POWER STRUGGLE

e of Power
ing construction and identify
Maine shagbark hickories big enough
for the endangered Indiana bat to
roost.
West Virginia to a largely hydroelectric When it became clear develop-
ers wouldn’t get state approval to
k at America's varied power profile dig beneath Haverstraw Bay,
where endangered Atlantic stur-
geon live, Blackstone redrew the
route again.
Vt. N.H. These adjustments weren’t
enough to stop opposition from
several groups that normally
um Nuclear Solar Hydroelectric Wind Other
aren’t aligned: the Sierra Club,
energy companies, a bipartisan
group of lawmakers and a labor
union. Sierra Club argued that
importing power threatened the
development of in-state renew-
Wis. Mich. N.Y. Conn. Mass. able-energy projects and could
cause environmental damage in
Canada.
That stand put the environ-
mental advocacy club on the
same side as the operator of a
soon-to-close nuclear-power
plant as well as the Business
Ill. Ind. Ohio Pa. Del. N.J. R.I. Council of New York State and
the Independent Power Producers
of New York Inc., which fought
the line on behalf of entrenched
electricity providers.
Lawmakers objected for local

Mo. Ky. W.Va N.C. Va. Md. ‘You can’t just put up
a wind farm
somewhere and
expect the electricity
to magically get to
where it is used.’
Ark. Tenn. Ala. S.C.
100%
U.S. overall
reasons; one said the power line’s
energy would bypass dozens of
upstate counties. The Interna-
tional Brotherhood of Electrical
Workers Local 97 argued it
threatened upstate renewable
La. Miss. Ga. projects, would eliminate the
need for additional gas-fired
plants and “be deleterious of
New York state energy jobs.”
In 2014, the Obama adminis-
tration issued a permit allowing a
powerline across the border. In
2019, a new state law called for
more solar and wind power and
Fla. set a goal for 70% of New York’s
electricity to come from renew-
able sources. Last year the state
called for projects that would de-
0 liver renewable power to New
2002 2020 York City and signed a supply
deal with the Hudson Champlain.
James Benedict/THE WALL STREET JOURNAL Blackstone faces one last step:
That supply contract needs the
approval of the New York Public
Service Commission. One group

The $4.5 Billion Clean-Power Bet

that still opposes it is River-
keeper, a nonprofit dedicated to
protecting the Hudson. River-
keeper initially supported the
project before turning against it
Blackstone wanted to bring hydropower to New bec’s massive dams to the city lines, which sprawl across juris- in 2019, saying the transmission
that never sleeps. The appeal of dictions, Mr. Foley said. Even line could lead to additional dams
York City from 339 miles away. It wouldn’t be easy. renewable energy sweetened the underwater, obstacles and oppo- in Quebec that would possibly ex-
deal. The investment firm sition to the Champlain Hudson pose indigenous groups to methyl-
BY RYAN DEZEMBER pocketed firms with political bought the Canadians’ Trans- Power Express emerged. mercury—a neurotoxin created by

C
clout, such as Blackstone, the mission Developers in 2010, Some surfaced as part of the microbes in freshly flooded soils
onstruction is expected to world’s largest private-equity roughly two years after design review required of any devel- that can pass up the food chain to
begin this spring on one firm. for the project had begun. oper hoping to build near sensi- people who live off the land.
of the largest renewable The Biden administration “We believed the economic tive environmental terrain. Hydro-Québec has no plans for
energy projects in New says it is trying to speed up and environmental logic was su- Blackstone’s team discovered new hydropower facilities, its
York since Niagara Falls permitting for transmission per sound and that it would ul- the Environmental Protection CEO said. There have also been
was harnessed for hydropower lines. Previous presidents have timately prevail,” said Bilal Agency had sectioned off the no reported cases of mercury
more than a half-century ago. wanted to do the same but had Khan, a senior managing direc- Hudson where sediment was poisoning resulting from consum-
By late 2025, a 339-mile high- little luck trimming the time it tor at Blackstone. “We didn’t contaminated by polychlori- ing fish caught in Hydro-Québec’s
voltage transmission line is ex- takes before dirt is turned. think it would take a decade.” nated biphenyls, or PCBs, reservoirs during more than 40
pected to deliver enough hydro- Even once they are begun, Blackstone was then known dumped decades ago by General years of monitoring, according to
power from Quebec’s remote transmission projects aren’t in
forests to supply about 20% of the clear. Poles were already in
New York City’s needs. The first the ground when Maine voters
electricity will finally flow 17 in November scotched a trans-
years after developers set out to mission line that would carry
bury a power line along the bot- hydropower from the Canadian
toms of Lake Champlain and the border toward Boston, upending
Hudson River, assuming they the project as well as Massachu-
clear one last regulatory hurdle setts’ plans to reduce emissions.
and encounter no further chal- Opponents, encouraged by exist-
lenges. Opponents still have con- ing power producers, said they
cerns about the project’s environ- didn’t want a corridor cut
mental impacts. through Maine’s forests for the
Blackstone Inc.’s $4.5 billion benefit of a neighboring state.
Champlain Hudson Power Ex- Hydro-Québec, which is
press is unique not so much for owned by the Canadian prov-
the length of time between incep- ince, operates 61 hydropower
tion and construction, but in that stations and has agreed to sup-
it is being built at all. ply power to Champlain Hudson
Many thousand miles of new as well as the stalled New Eng-
transmission line is needed to land line. Sophie Brochu, the
connect wind farms, solar plants utility’s chief executive, said This generating station
and other renewable energy transmission projects are so in Quebec would provide
sources with cities that want challenging because they re- some hydropower to
clean power. Yet stringing high- quire spare production, unmet New York City—if a
voltage cables over long dis- demand, social will and political transmission line is built.
tances is fraught. The difficulty support. “All those planets need
of building them risks not being to align at one point in time,”
able to deliver power to where it she said. more for corporate buyouts, but Electric Co. Trenching the river a spokeswoman.
is needed and tripping up the The green-power boom was the firm was becoming a big bottom there risked unearthing This month Riverkeeper didn’t
transition from fossil fuels. just a glimmer when Black- player developing energy proj- toxins, so the buried transmis- back down in a new 36-page let-
“If the U.S., and frankly the stone’s energy deal makers were ects. Blackstone’s financiers sion line was rerouted around ter to New York regulators. Be-
world, doesn’t focus on transmis- introduced to Donald Jessome were behind the construction of Schenectady along a 118-mile sides the methylmercury threat,
sion investment and, importantly, and John Douglas of Transmis- a gas-fired power plant near To- detour. the group said, forests that are
make the permitting process sion Developers Inc., a Canadian ronto and the first facility to ex- Blackstone made other dis- flooded by new dams stop stor-
more efficient, we’re not going to company that wanted to con- port liquefied natural gas, or coveries that altered the proj- ing carbon in trees and soil and
hit our climate goals,” said David nect some of the continent’s LNG, from the lower 48 states. ect. Its environmental consul- begin to emit greenhouse gases
Foley, who leads Blackstone’s en- cheapest electricity with the The firm’s renewable-energy tants spent the summer of 2010 as the inundated organic matter
ergy business. “You can’t just put high-price New York City power bona fides include a hydrodam watching patches of blue lupine decomposes.
up a wind farm somewhere and market. on the White Nile’s headwaters for endangered Karner blue but- “The last thing we want is
expect the electricity to magically Overhead lines inspire not-in- in Uganda, Mexico’s largest terflies and frosted elfins, a more dams because of new mar-
get to where it is used.” my-backyard opposition that wind farm and another in the threatened species. They spot- kets,” said John Lipscomb, a pa-
Transmission projects are can doom projects. A line along German North Sea. ted two Karners and wrote a trol-boat captain and vice presi-
prone to failure, even when they the bottom of the Hudson would Those projects were complex plan for avoiding damage to the dent for advocacy for
HYDRO-QUEBEC

promise to deliver renewable be out of sight. Blackstone was and involved their own lengthy wildflowers upon which the but- Riverkeeper. “We are investigat-
power to places with codified sold on the underwater ap- permitting reviews, but none terflies rely. Arrangements were ing and will continue to look at
clean-energy targets, such as New proach and the chance to sell compared with the odyssey in- also made to protect bald eagle opportunities to stop the proj-
York, and are backed by deep- cheap power spun out by Que- volved in laying transmission nests that might be present dur- ect.”
B8 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

POWER STRUGGLE

America’s Backup Plan

Wary of being left in the dark, homeowners and businesses are increasingly producing their own power—if they can afford to

BY JENNIFER HELLER

A
s the American electric
grid becomes less de-
pendable, a growing
number of businesses
and homeowners are
buying their own power systems
to protect themselves from being
left in the dark.
Twenty years ago, only 0.57% of
U.S. homes worth $150,000 or
more had installed backup genera-
tors, mainly along hurricane-prone
coastlines, according to backup-
power provider Generac Holdings
Inc. Now the number is 5.75%, a
10-fold increase.
Manufacturers delivered more
than 143,000 generators last year
in North America, up from 138,778
in 2015, despite pandemic-related
supply-chain logjams, said Lucre-
cia Gomez, a research director at
consulting firm Frost & Sullivan.
Microgrids, which can create is-
lands of power for campuses, busi-
nesses or neighborhoods amid a
blackout, grew more than seven-
fold between 2010 and 2019, ac-
cording to the industry group Edi-
son Electric Institute.
Many entrepreneurs now con-
sider secondary power systems to
be a necessary cost of doing busi-
ness. Steve Peterson, who owns
Hungry Howie’s Pizza franchises in
Michigan, learned their value in
2003, when a massive blackout
knocked out power to much of the
Midwest and Northeast. Mr. Peter-
son had invested in backup gener-
ation—and said he had lines of The backup system at the Holly Hall
people who wanted a hot meal Retirement Community, above, has

MERIDITH KOHUT FOR THE WALL STREET JOURNAL (2); KATHLEEN FLYNN FOR THE WALL STREET JOURNAL (2)
stretching 200 to 300 feet out the become a selling point for residents,
door. right. Pastor Gregory Manning and
“It was like people were waiting Broderick Bagert, below, want to
in line for concert tickets,” Mr. Pe- bring solar power to 85 New
terson said, adding that the gener- Orleans spots, like the Broadmoor
ators paid for themselves in a few Community Church, bottom.
days. Since then he has grown

The backup power

system at a Hungry
Howie’s franchise paid
for itself within days.

from about four locations to 15 in

Michigan, all with backup power.
New systems cost around
$25,000 per location, he said, but
help avoid the seven to eight
power outages each year that
would otherwise cause him to
throw out food. “You can sleep at
night,” he said.
Reliability isn’t the only driver
of the power-independence trend.
The cost of renewables have fallen
enough that some companies are quired an evacuation—and poten- Cell phones died and cut off com-
adding on-site renewable energy tially imperiled the health of resi- munications.
to reduce their use of power from dents, many of whom rely on “People were desperate,” said
the electric grid or to meet corpo- medical devices that need power Ms. Lomax-Brown.
rate sustainability goals. to operate. During last year’s win- New Orleans nonprofits are
Whirlpool Corp. installed wind ter storm, with the power out now stepping in to try to provide
turbines near a dishwasher factory across much of Texas, residents emergency power. Together New
in Findlay, Ohio, where a large stayed warm and the microgrid fed Orleans, a coalition of religious
share of electricity generation power into the state grid. Holly and civic groups, is raising money
comes from coal, after it started Hall touts the consistent power to add rooftop solar with batter-
tracking its greenhouse gas emis- supply on its website: “Take a ies to 85 congregations and com-
sions. The turbines don’t supply all deep breath, and relax,” it reads. munity centers. Their goal is for
of the factory’s power, but provide After losing power and discov- everyone in New Orleans to be a
electricity at a locked-in price for ering that his fireplace was “more mile or less away from what they
20 years. for decoration” than warmth dur- are calling “community light-
“It’s not just green,” said Ron ing the Texas freeze, Tyler Trout- houses,” said Gregory Manning,
Voglewede, global sustainability man invested about $10,000 in a pastor at Broadmoor Community
lead at Whirlpool. “It’s also just generator that will keep the power Church.
cheaper.” on the next time the grid fails. “You get the ordinary benefits
The ability to add battery sys- “Both my wife and I work from of solar, but if and when the grid
tems to homes to store large home, so we have Zoom meetings,” goes out, you’ve got a real network
amounts of power is a relatively Mr. Troutman said. that can respond,” said Together
new market, tied to the rise in so- Not everyone can invest in New Orleans organizer Broderick
lar-panel installation. While bat- Corp. to shut off electricity in cer- the kind of businesses that used to backup power, though. When Hur- Bagert.
tery costs have plummeted, adding tain areas during high winds to re- consider outages “a one-off and ricane Ida knocked out the eight Another nonprofit, Feed the
them often extends the time it duce the risk that downed power nothing really to protect against,” transmission lines carrying elec- Second Line, has launched a “Get
takes for home solar to pay off, lines could spark fires. said the company’s chief executive, tricity into New Orleans in Sep- Lit, Stay Lit” effort to add similar
said Chloe Holden, an analyst with Microgrids such as those sold Thomas McAndrew. tember, many people spent days in systems to neighborhood restau-
Wood Mackenzie. People are in- by Enchanted Rock Holdings LLC Houston’s Holly Hall Retirement the dark. rants.
stalling them nonetheless. provide backup power for custom- Community experienced about Brenda Lomax-Brown, president “After a major hurricane, there’s
After a winter storm knocked ers such as grocers, data centers four eight-hour outages each year of the city’s Hollygrove-Dixon no gasoline, there’s no driving
out power to most of Texas last and water plants that never want before installing one of the micro- Neighborhood Association, said around the city. The logistics are
February, home solar company to go dark. The natural gas-pow- grids. Now, “the lights don’t even median incomes of around $30,000 impossible,” said Feed the Second
Sunrun Inc. said traffic to its web- ered systems can operate indepen- flicker” during storms, said Amy S. made it difficult for many in the Line board member Devin De Wulf.
site spiked 350%. In California, the dent of the grid or sell power into Ward, a senior director at Holly area to evacuate or afford genera- “What we need is to go block by
company said orders for solar the grid when electricity prices are Hall. tors. Challenges included spoiled block, neighborhood by neighbor-
paired with battery storage rose high. New customers have in- The nonprofit previously de- food, the inability to refrigerate hood and make sure that there’s
following devastating wildfires and cluded pharmaceuticals manufac- pended on diesel generators, but medicine, and the difficulty for the little hubs of resiliency that are al-
policies by utilities such as PG&E turers and senior-living centers— running out of fuel would have re- elderly to find a place to stay cool. ready built in.”

Power Bills Surging? day, or how much it costs the company

to generate or purchase electricity on
Your usage: While some contracts
charge the same monthly rates so long
Here’s What to Know. your behalf. Recently, some utilities, in-
cluding Consolidated Edison Inc. in New
as the customer stays within a certain
usage range, generally higher use means
The tight global natural-gas market and York, have warned of price increases re- a higher bill.
recent weather events have meant price lated to a surge in the cost of purchasing
CHRISTOPHER CAPOZZIELLO FOR THE WALL STREET JOURNAL

shocks for some electricity customers. natural gas to fuel power plants. Your bill: Your monthly gas and electric
Here is how to make sense of your bill. Electricity retailers generally offer ei- usage might appear on the same state-
ther fixed-rate or variable-rate contracts, ment, depending on how your utility
Your supplier: In many parts of the U.S., meaning you either pay the same structures your bill. Gas usage is mea-
customers pay their local utility a retail amount per kilowatt-hour all the time or sured in BTUs, or British thermal units.
rate for electricity. In some states, includ- allow for that price to fluctuate. Custom- The price you pay per unit might in-
ing Texas, Ohio and New York, customers ers with variable-rate contracts often pay crease alongside natural-gas prices.
have the option to choose a separate re- lower prices throughout much of the
tail electricity supplier. year but risk facing huge price swings. Additional charges: All electricity cus-
During the Texas freeze last year, cus- tomers pay charges to their local utility
Your rate: Electricity usage is measured tomers with such contracts paid as much for investments in the power grid. Other
in kilowatt-hours. If you pay a retail rate as $9 per kilowatt-hour as wholesale charges related to supply, delivery, and
A grid operator at New York Independent to your utility, the cost per kilowatt-hour electricity prices surged, up from 10 state-specific energy issues are also
System Operator (NYISO), Rensselaer, N.Y. may fluctuate depending on the time of cents or less on average. likely to appear. —Katherine Blunt
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, February 19 - 20, 2022 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
34079.18 Trailing P/E ratio 18.93 32.24 4348.87 Trailing P/E ratio * 24.46 45.01 13548.07 Trailing P/E ratio *† 31.96 40.12 commodities performed around the world for the week.
t 232.85 P/E estimate * 18.13 20.88 t 31.39 P/E estimate * 19.69 22.92 t 168.65 P/E estimate *† 24.81 30.43
Stock Currency, Commodity, Exchange-
Dividend yield 2.05 1.89 Dividend yield * 1.39 1.48 or 1.23% Dividend yield *† 0.74 0.72 index vs. U.S. dollar traded in U.S.* traded fund
or 0.68% or 0.72%
All-time high: Lean hogs 20.88%
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 Nymex natural gas 12.43
Comex gold 3.14
36800 4800 16000 Comex silver 2.67
Bloomberg Commodity Index 1.58
65-day 65-day moving average
15500 Indian rupee 1.28
moving average 36100 65-day moving average 4700
Mexico peso 1.23
Soybeans 1.17
35400 4600 15000
S&P 500 Consumer Staples 1.11
Shanghai Composite 0.80
Session high 14500
34700 4500 iShJPMUSEmgBd 0.63
DOWN UP
South African rand 0.58
t

Session open Close

34000 4400 14000 Australian dollar 0.57
Close Open
t

Corn 0.50
33300 4300 13500 Chinese yuan 0.46
Session low
Bars measure the point change from session's open Japanese yen 0.45
13000 Swiss franc 0.42
32600 4200
Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb. South Korean won 0.34
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Comex copper 0.32
iShiBoxx$HYCp 0.28
UK pound 0.19
Major U.S. Stock-Market Indexes Trading Diary VangdTotIntlBd 0.17
Latest 52-Week % chg Volume, Advancers, Decliners Indonesian rupiah 0.17
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. iSh TIPS Bond 0.07
Dow Jones Total volume*1,099,963,235 15,751,150 iSh 7-10 Treasury 0.07
Industrial Average 34423.58 33976.18 34079.18 -232.85 -0.68 36799.65 30924.14 8.2 -6.2 9.6 Adv. volume* 360,509,153 2,458,036 S&P/ASX 200 0.06
Transportation Avg 15185.55 14894.48 14970.97 -28.09 -0.19 17039.38 13219.66 12.8 -9.1 12.3 Decl. volume* 730,998,615 12,416,670 iShNatlMuniBd 0.04
Issues traded 3,460 279 iSh 1-3 Treasury 0.02
Utility Average 922.35 909.15 915.77 0.77 0.08 980.78 795.61 8.2 -6.6 7.4
Advances 1,257 81 -0.01 iSh 20+ Treasury
Total Stock Market 44630.34 43894.12 44102.29 -359.32 -0.81 48929.18 39614.97 6.5 -9.3 15.4
Declines 2,046 187 -0.09 Wheat
Barron's 400 1016.25 1001.79 1004.78 -3.50 -0.35 1127.20 904.45 7.5 -9.2 12.6
Unchanged 157 11 -0.12 KOSPI Composite
Nasdaq Stock Market New highs 23 1 -0.16 WSJ Dollar Index
Nasdaq Composite 13762.40 13465.56 13548.07 -168.65 -1.23 16057.44 12609.16 -2.4 -13.4 21.9 New lows 178 18 -0.19 Dow Jones Transportation Average
Nasdaq-100 14225.72 13918.76 14009.54 -162.20 -1.14 16573.34 12299.08 3.2 -14.2 25.7 Closing Arms† 1.32 2.68 -0.22 Canada dollar
Block trades* 4,613 163 -0.24 VangdTotalBd
S&P
-0.25 Euro area euro
500 Index 4394.60 4327.22 4348.87 -31.39 -0.72 4796.56 3768.47 11.3 -8.8 16.1 Nasdaq NYSE Arca
-0.25 S&P SmallCap 600
MidCap 400 2669.27 2625.53 2632.49 -12.44 -0.47 2910.70 2453.30 3.8 -7.4 11.2 Total volume*4,497,368,374 321,835,293 -0.26 S&P 500 Materials
SmallCap 600 1313.53 1293.73 1297.92 -6.58 -0.50 1466.02 1252.49 0.7 -7.4 10.0 Adv. volume*1,165,045,208 90,243,430 -0.41 S&P 500 Consumer Discr
Decl. volume*3,248,333,606 230,335,989 -0.55 S&P BSE Sensex
Other Indexes
Issues traded 4,876 1,694 -0.57 S&P MidCap 400
Russell 2000 2038.13 2004.73 2009.33 -18.76 -0.92 2442.74 1931.29 -11.4 -10.5 8.6
Advances 1,475 409 -0.61 BOVESPA Index
NYSE Composite 16560.12 16333.51 16392.32 -99.72 -0.60 17353.76 14959.41 6.7 -4.5 9.2 Declines 3,133 1,264 -0.72 Russian ruble
Value Line 633.47 623.50 625.53 -5.11 -0.81 696.40 607.86 -0.5 -6.9 5.0 Unchanged 268 21 -0.93 iShiBoxx$InvGrdCp
NYSE Arca Biotech 5028.66 4903.63 4936.57 -39.72 -0.80 6041.82 4790.85 -18.3 -10.5 -0.4 New highs 30 10 -1.03 Russell 2000
NYSE Arca Pharma 787.03 776.11 779.14 -7.89 -1.00 828.58 667.24 12.1 -5.8 9.8 New lows 454 44 -1.17 S&P 500 Industrials
KBW Bank 139.07 136.67 137.20 -0.60 -0.43 147.56 113.40 20.4 3.8 11.3 Closing Arms† 1.31 0.63 -1.17 CAC-40
PHLX§ Gold/Silver 143.68 140.97 142.08 -1.42 -0.99 166.01 117.06 3.9 7.3 23.4 Block trades* 21,465 1,165 -1.40 Norwegian krone
PHLX§ Oil Service 67.87 65.80 66.79 -1.41 -2.07 69.77 48.31 28.5 26.7 -12.2 * Primary market NYSE, NYSE American NYSE Arca only. -1.42 S&P 500 Utilities
PHLX§ Semiconductor 3432.38 3336.00 3384.30 -38.30 -1.12 4039.51 2762.75 5.0 -14.2 35.8 †(TRIN) A comparison of the number of advancing and declining -1.58 S&P 500
issues with the volume of shares rising and falling. An
Cboe Volatility 29.71 26.38 27.75 -0.36 -1.28 31.96 15.01 25.9 61.1 23.0 -1.70 FTSE MIB
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.71 S&P 500 Information Tech
-1.71 Nasdaq-100
International Stock Indexes Percentage Gainers... -1.76 Nasdaq Composite
Latest YTD Latest Session 52-Week
-1.78 S&P/BMV IPC
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.80 S&P 500 Real Estate
World MSCI ACWI 703.34 –6.05 –0.85 –6.8 Blue Water Vaccines BWV 57.40 48.40 537.78 57.51 9.00 ... -1.86 STOXX Europe 600
MSCI ACWI ex-USA 334.44 –3.11 –0.92 –2.9 Sky Harbour Group SKYH 10.09 3.29 48.38 15.93 5.25 -3.4 -1.87 Euro STOXX
MSCI World 2983.59 –25.50 –0.85 –7.7 HOOKIPA Pharma HOOK 2.48 0.48 24.00 20.00 1.25 -79.3 -1.90 Dow Jones Industrial Average
MSCI Emerging Markets 1231.77 –11.15 –0.90 –0.02 Universal Security UUU 2.99 0.58 23.81 9.88 2.27 -67.6 -1.92 FTSE 100
Amplitude AMPL 20.66 3.56 20.82 87.98 16.60 ... -2.07 NIKKEI 225
Americas MSCI AC Americas 1667.69 –13.62 –0.81 –8.7
Canada S&P/TSX Comp 21008.20 –0.79 –1.0 Karyopharm Therapeutics KPTI 14.38 2.38 19.83 15.40 4.42 -4.8 -2.18 Nymex crude
–168.13
Latin Amer. MSCI EM Latin America 2376.51 11.6
Cambium Networks CMBM 28.00 3.83 15.85 66.40 18.95 -34.9 -2.23 S&P 500 Health Care
–1.55 –0.07
Gelesis Holdings GLS 3.17 0.42 15.27 12.23 2.64 -70.1 -2.29 S&P 500 Financials
Brazil BOVESPA 112879.85 –648.63 –0.57 7.7
... Vallon Pharmaceuticals VLON 6.55 0.86 15.11 10.36 3.61 -7.0 -2.32 Hang Seng
Chile S&P IPSA 2960.18 … 5.5
Amylyx Pharmaceuticals AMLX 26.49 3.46 15.02 26.71 16.00 ... -2.37 IBEX 35
Mexico S&P/BMV IPC 52281.53 –430.53 –0.82 –1.9
eFFECTOR Therapeutics EFTR 5.20 0.67 14.79 40.42 4.22 ... -2.47 S&P 500 Communication Svcs
EMEA STOXX Europe 600 460.81 –3.74 –0.81 –5.5
Inotiv NOTV 23.26 2.97 14.64 60.66 12.50 47.9 -2.48 DAX
Eurozone Euro STOXX 451.70 –4.25 –0.93 –5.7
Smart Sand SND 2.66 0.33 14.16 4.16 1.73 -11.6 -2.51 S&P/TSX Comp
Belgium Bel-20 4045.10 –24.37 –0.60 –6.1 BioRestorative Therapies BRTX 5.00 0.59 13.38 84.00 3.28 -92.3 -2.52 Nymex RBOB gasoline
Denmark OMX Copenhagen 20 1618.16 –31.60 –1.92 –13.2 Appian Cl A APPN 55.65 6.37 12.93 219.99 46.85 -72.7
France CAC 40 6929.63 –17.19 –0.25 –3.1 -3.71 S&P 500 Energy
Germany DAX 15042.51 –225.12 –1.47 –5.3 Percentage Losers -4.45 Nymex ULSD
Latest Session 52-Week *Continuous front-month contracts
Israel Tel Aviv 1979.84 … Closed 0.1
Company Symbol Close Net chg % chg High Low % chg
Italy FTSE MIB 26506.79 –162.48 –0.61 –3.1 Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Netherlands AEX 744.89 –6.31 –0.84 –6.6 Cepton CPTN 18.00 -24.00 -57.14 80.16 6.85 ... THE WALL STREET JOURNAL
Russia RTS Index 1391.31 –58.71 –4.05 –12.8 Inspirato ISPO 46.00 -46.65 -50.35 108.00 9.00 335.6
South Africa FTSE/JSE All-Share 76368.34 0.28 3.6
Anghami ANGH 16.34 -12.54 -43.42 33.13 8.07 59.1 Methodology
213.65
Spain
QualTek Services QTEK 4.00 -1.89 -32.09 10.43 3.83 ... Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
IBEX 35 8590.00 –81.10 –0.94 –1.4
Doma Holdings DOMA 2.36 -1.01 -29.97 10.61 2.20 -77.8 reflect total returns). Commodities are represented by the continuous front-month
Sweden OMX Stockholm 885.63 –18.05 –2.00 –14.6 futures contract. Bond exchange-traded fund performance may diverge from that of
Switzerland Swiss Market 12010.09 –65.18 –0.54 –6.7 Backblaze BLZE 9.89 -3.98 -28.70 36.50 8.75 ... their underlying index. Bond categories are represented by the following ETFs: U.S.
Turkey BIST 100 2032.44 22.45 1.12 9.4 Roku Cl A ROKU 112.46 -32.25 -22.29 490.76 102.60 -75.9 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
DraftKings Cl A DKNG 17.29 -4.77 -21.62 74.38 17.23 -71.6 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
U.K. FTSE 100 7513.62 –23.75 –0.32 1.7 Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
U.K. FTSE 250 21362.60 –194.99 –0.90 –9.0 Golden Nugget Online GNOG 6.34 -1.70 -21.14 23.24 6.31 -62.6 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Redfin RDFN 22.86 -5.78 -20.18 98.45 20.45 -76.3 Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Asia-Pacific MSCI AC Asia Pacific 188.77 –1.55 –0.82 –2.3 Bonds: iShares National Muni; International Bonds: Vanguard Total International;
voxeljet ADR VJET 4.95 -1.21 -19.64 26.62 4.70 -77.6
Australia S&P/ASX 200 7221.70 –74.48 –1.02 –3.0 Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
0.66
nLIGHT LASR 15.31 -3.61 -19.08 46.45 13.85 -65.9
China Shanghai Composite 3490.76 22.72 –4.1
Fast Radius FSRD 3.08 -0.72 -18.95 16.00 2.52 ...
Hong Kong Hang Seng 24327.71 –465.06 –1.88 4.0
Sidus Space SIDU 6.59 -1.49 -18.44 29.70 6.30 ... See an expanded year-to-date and current quarter
India S&P BSE Sensex 57832.97 –59.04 –0.10 –0.7
Graphite Bio GRPH 8.98 -2.01 -18.29 34.00 7.59 ... list of selected global stock indexes, bond ETFs, currencies
Japan NIKKEI 225 27122.07 –110.80 –0.41 –5.8
Singapore Straits Times 3428.90 –12.67 –0.37 9.8 Most Active Stocks and commodities at
South Korea KOSPI 2744.52 0.43 0.02 –7.8 Volume % chg from Latest Session 52-Week wsj.com/graphics/track-the-markets
Company Symbol (000) 65-day avg Close % chg High Low
Taiwan TAIEX 18232.35 –36.22 –0.20 0.1
Thailand SET 1713.20 1.62 0.09 3.4 Palantir Technologies PLTR 137,364 207.5 11.02 -6.37 30.19 10.57
Sources: FactSet; Dow Jones Market Data SPDR S&P 500 SPY 130,860 28.9 434.23 -0.65 479.98 371.88
ProSh UltraPro Shrt QQQ SQQQ 117,212 123.6 43.29 3.34 83.90 28.15 Currencies
WSJ
Get real-time U.S. stock quotes and Advanced Micro Devices AMD 113,914 51.2 113.83 1.30 164.46 72.50
track most-active stocks, new highs/lows ProShares UltraPro QQQ TQQQ 112,299 -1.6 50.44 -3.39 91.68 37.52 U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
and mutual funds. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
.com Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
Americas Vietnam dong .00004380 22830 –0.1
Argentina peso .0094106.7850 4.0 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1946 5.1393 –7.8 Czech Rep. koruna .04659 21.464 –1.9

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7842 1.2753 0.9 Denmark krone .1522 6.5705 0.5
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001248 801.25 –6.0 Euro area euro 1.1322 .8833 0.5
Colombiapeso .000254 3931.17 –3.3 Hungary forint .003172 315.21 –2.9
A consumer rate against its New car loan Ecuador US dollar Iceland krona
1 1 unch .008030 124.53 –4.1
benchmark over the past year 2.50% Mexico peso .0493 20.2941 –1.0 Norway krone .1112 8.9922 2.1
Bankrate.com avg†: 3.52% Tradeweb ICE 14%
Uruguay peso .02322 43.0750 –3.7 Poland zloty .2500 4.0006 –0.7
t

First Command Bank 2.49% Friday Close 2.00

WSJ Dollar Index Asia-Pacific Russia ruble .01293 77.352 3.4
4.00% Fort Worth, TX 888-763-7600 7
1.50
s Sweden krona .1064 9.3964 3.8
Australian dollar .7176 1.3935 1.2
Switzerland franc 1.0851 .9216 1.0
t

New car loan First Savings Bank of Hegewisch 2.80% China yuan .1581 6.3256 –0.5
3.75 0 Turkey lira .0732 13.6553 2.5
Chicago, IL 773-646-4200 1.00 Euro Hong Kong dollar .1282 7.8006 0.1
s Ukraine hryvnia .0351 28.4500 4.0
India rupee .01339 74.687 0.2
3.50 PNC Bank 2.82% One 0.50 –7 s
t

UK pound 1.3588 .7359 –0.4

Indonesia rupiah .0000698 14328 0.5
Prime rate Washington, DC 888-PNC-BANK year ago Yen Middle East/Africa
t Japan yen .008693 115.03 –0.1
3.25 0.00 –14
Cambridge Savings Bank 2.99% Kazakhstan tenge .002334 428.48 –1.5 Bahrain dinar 2.6525 .3770 0.01
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 2021 2022 Macau pataca .1244 8.0380 0.02 Egypt pound .0635 15.7416 0.2
3.00 month(s) years Malaysia ringgit .2389 4.1860 0.5 Israel shekel .3123 3.2016 3.0
MAM J J A S O N D J F Chase Bank 3.24%
maturity New Zealand dollar .6697 1.4932 2.1 Kuwait dinar 3.3075 .3023 –0.1
2021 2022 Highland Park, IL 800-CHA-SE24 Pakistan rupee .00567 176.300 0.1 Oman sul rial 2.5977 .3850 –0.01
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0194 51.427 0.8 Qatar rial .2746 3.641 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7430 1.3459 –0.2 Saudi Arabia riyal .2665 3.7525 –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 .0008363 1195.75 0.6 South Africa rand .0661 15.1196 –5.2
Sri Lanka rupee .0049380 202.51 –0.2
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03590 27.856 0.5 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03112 32.130 –3.3 WSJ Dollar Index 89.74 0.15 0.16 0.21
Libor, 3-month 0.48 0.51 0.11 l 0.51 -2.16
U.S. Treasury, Bloomberg 2324.280 1.820 1.830 1.960 0.780 –3.230 2.864 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.56
0.43 l -1.61 U.S. Treasury Long, Bloomberg 4197.260 2.290 2.280 2.410 1.720 –3.535 6.045
Five-year CD, annual yield
30-year mortgage, fixed† 4.20
0.43
4.02
0.41
2.98 l
0.48
4.23 -0.20 Aggregate, Bloomberg 2168.530 2.390 2.360 2.460 1.330 –3.727 3.114
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.48 3.36 2.28 l 3.55 -0.33
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2140.530 2.560 2.520 2.600 1.480 –3.708 1.783
Jumbo mortgages, $647,200-plus† 4.21 4.04 3.03 l 4.25 -0.30 DJ Commodity 1061.58 1.35 0.13 1063.00 794.01 30.85 12.19
High Yield 100, ICE BofA 3326.006 5.263 5.233 5.367 3.162 –0.854 4.050
Five-year adj mortgage (ARM)† 2.92 2.90 2.82 l 3.43 -1.35 Refinitiv/CC CRB Index 263.62 -0.05 -0.02 265.43 184.08 39.76 13.45
New-car loan, 48-month 3.52 3.51 3.41 l 4.12 -1.18 Muni Master, ICE BofA 582.725 1.694 1.635 1.730 0.687 –2.192 2.941 Crude oil, $ per barrel 91.07 -0.69 -0.75 95.46 57.76 53.73 21.09
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 878.607 5.594 5.545 5.608 4.516 –4.020 2.972 Natural gas, $/MMBtu 4.431 -0.055 -1.23 6.312 2.456 44.38 18.79
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. 1898.60 -2.10 -0.11 1907.50 1677.70 6.92 3.89
B10 | Saturday/Sunday, February 19 - 20, 2022 * *** 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 May 647.75 656.75 646.00 652.75 3.50 597,393 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. May 35.00 35.00 t 35.00 35.00 –.05 2,744 March .7868 .7890 .7834 .7847 –.0028 128,347
Contract Open 33.25 33.25 33.25 33.25 … 1,130
March 716.25 717.75 685.25 689.50 –25.50 1,038 July'23 June .7845 –.0028 8,190
Open High hi lo Low Settle Chg interest
May 710.75 711.00 681.25 686.50 –18.75 1,784 Cotton (ICE-US)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. March 121.93 124.19 121.93 122.99 1.06 4,372 March 1.3601 –.0019 188,764
Feb 4.5195 –0.0055 996 May 119.52 121.46 119.52 121.16 1.64 110,159
March 1590.50 1608.50 1587.50 1601.50 9.50 133,405 June 1.3592 –.0019 3,902
May 4.5090 4.5770 4.5010 4.5260 –0.0020 95,772 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. May 1594.00 1611.00 1590.00 1603.50 7.50 265,593 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybean Meal (CBT)-100 tons; $ per ton. March 134.00 135.90 133.30 134.80 1.90 3,188
March 1.0875 1.0885 1.0854 1.0864 –.0011 45,501
Feb 1899.40 1899.40 1890.70 1898.60 –2.10 1,445 May 135.65 137.25 134.95 136.15 1.55 8,179
March 448.20 454.60 447.10 447.90 –1.30 69,182 June 1.0904 –.0011 445
March 1901.20 1903.50 s 1887.50 1898.80 –2.20 4,425
May 445.40 452.30 444.70 445.70 –1.80 200,740 Australian Dollar (CME)-AUD 100,000; $ per AUD
April 1901.40 1905.00 s 1888.00 1899.80 –2.20 466,805 Interest Rate Futures
June 1905.00 1907.90 s 1891.80 1903.10 –2.20 72,731 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .7186 .7229 .7166 .7187 –.0007 190,068
Aug 1909.00 1912.00 s 1895.40 1907.10 –2.20 25,147 March 66.71 67.80 s 66.47 67.57 .76 58,071 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June .7195 –.0007 680
Oct 1905.60 1914.60 s 1899.60 1911.40 –2.20 6,853 May 66.78 67.87 s 66.53 67.61 .73 151,259 March 181-170 183-180 180-220 182-310 1-31.0 1,301,756 Mexican Peso (CME)-MXN 500,000; $ per MXN
Palladium (NYM) - 50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 184-070 2-03.0 36,774 March .04908 .04918 .04900 .04910 .00005 161,811
Feb 2335.40 –21.20 1 March 14.89 14.92 14.79 14.90 –.01 2,372 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June .04828 .00004 250
June 2375.00 2385.50 2290.00 2338.60 –21.40 4,857 May 15.17 15.20 15.06 15.16 –.02 5,882 March 152-040 153-090 151-200 153-010 1-02.0 1,211,646 Euro (CME)-€125,000; $ per €
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. June 153-310 154-300 153-070 154-220 1-03.0 35,027 March 1.1367 1.1383 1.1319 1.1338 –.0031 679,318
Feb 1075.30 –15.90 1 March 797.50 812.25 790.00 797.00 –1.00 59,534 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1.1373 –.0031 8,036
April 1090.70 1100.40 s 1066.50 1076.80 –15.90 53,847 May 804.25 818.75 797.00 804.00 –.75 154,039 March 126-155 126-255 126-070 126-215 8.0 3,945,921
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. June 126-135 126-235 126-045 126-195 8.5 187,477
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
Feb 24.000 24.000 23.925 23.991 0.117 390 March 821.75 850.00 s 815.75 835.25 12.25 27,322
May 23.900 24.165 23.745 24.038 0.116 88,411 May 826.75 854.50 s 820.25 840.00 12.25 91,610 March 118-007 118-060 117-267 118-030 4.5 3,828,266 Mini DJ Industrial Average (CBT)-$5 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 117-210 117-270 117-150 117-245 5.5 282,138 March 34237 34500 33900 34007 –224 80,167
March 91.63 92.66 89.03 91.07 –0.69 73,639 March 166.225 166.225 165.175 165.425 –.775 11,349
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 33918 –221 854
March 107-242 107-267 107-223 107-250 1.2 2,082,867 Mini S&P 500 (CME)-$50 x index
April 90.06 91.07 87.46 90.21 0.17 334,319 April 171.200 171.500 170.350 170.850 –.300 12,679
June 107-141 1.5 117,226 March 4374.75 4411.50 4321.00 4343.50 –31.00 2,224,276
May 88.24 89.31 85.81 88.60 0.41 219,275 Cattle-Live (CME)-40,000 lbs.; cents per lb.
June 86.38 87.56 84.17 86.92 0.57 201,636
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 4336.50 –31.25 71,041
Feb 143.550 143.550 143.075 143.250 –.150 4,688
Feb 99.9175 99.9200 s 99.9175 99.9175 –.0025 317,566 Mini S&P Midcap 400 (CME)-$100 x index
Dec 79.94 81.24 78.40 80.74 0.77 254,704 April 146.900 146.900 145.750 145.875 –.900 147,189 April 99.5800 99.6150 99.5650 99.6050 .0250 432,095 March 2642.00 2667.10 2620.40 2627.90 –12.40 47,067
Dec'23 73.99 74.99 72.98 74.68 0.54 120,091 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
April 109.325 109.825 s 107.925 109.400 1.825 114,118 March 97-075 12.0 75,297
March 2.7909 2.8027 2.7144 2.7815 –.0047 51,455 March 14156.25 14299.00 13906.25 13996.00 –168.75 246,962
June 118.375 118.725 s 117.425 118.625 1.450 56,607 Eurodollar (CME)-$1,000,000; pts of 100%
April 2.7384 2.7675 2.6728 2.7493 .0098 84,958 June 14155.25 14302.00 13914.00 14000.25 –169.00 2,737
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 99.3450 99.3700 99.3375 99.3600 .0100 961,253 Mini Russell 2000 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 1275.00 1319.90 1261.00 1270.00 –20.40 1,035 June 98.8300 98.8650 98.8050 98.8450 .0250 1,004,168
March 2.6502 2.6882 2.5865 2.6696 .0210 50,319 March 2028.00 2049.20 2000.40 2006.60 –18.90 499,171
May 1177.60 1213.60 1164.20 1173.80 –17.90 1,091 Dec 98.1550 98.1950 98.1050 98.1700 .0300 1,286,126
April 2.7964 2.8279 2.7316 2.8119 .0159 120,604 Mini Russell 1000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. Dec'23 97.7600 97.8000 97.7100 97.7650 .0250 1,217,347 March 2400.40 –19.50 16,330
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Feb 20.89 20.90 20.85 20.90 .02 4,217
March 4.517 4.654 4.371 4.431 –.055 34,673 U.S. Dollar Index (ICE-US)-$1,000 x index
April 4.451 4.585 4.306 4.377 –.053 135,443
March 22.35 22.59 22.30 22.40 .05 5,244 Currency Futures March 95.84 96.18 95.73 96.02 .22 52,347
4.472 4.604 4.333 4.398 –.057 179,899
Cocoa (ICE-US)-10 metric tons; $ per ton. June 95.78 96.08 95.66 95.95 .23 2,079
May
March 2,595 2,605 2,560 2,573 –16 1,526
Japanese Yen (CME)-¥12,500,000; $ per 100¥
June 4.540 4.648 4.380 4.443 –.058 70,795 March .8702 .8714 .8675 .8691 –.0016 194,639
May 2,656 2,668 2,626 2,640 –15 96,667
July 4.612 4.695 4.432 4.496 –.057 83,468 June .8710 –.0016 2,748 Source: FactSet
Oct 4.577 4.702 4.443 4.510 –.053 78,690
Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 252.35 252.35 244.30 246.85 –4.65 1,476
May 250.00 250.50 242.90 246.00 –4.65 130,071
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 18.25 18.48 18.11 18.20 –.08 88,316
Bonds | wsj.com/market-data/bonds/benchmarks
March 648.50 658.00 647.00 654.25 4.25 271,475 May 17.74 17.91 17.54 17.62 –.12 322,309
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Exchange-Traded Portfolios | WSJ.com/ETFresearch selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
iShRussell1000Val IWD 161.50 –0.44 –3.8
Friday, February 18, 2022 Closing Chg YTD
iShRussell2000 IWM 199.47 –0.86 –10.3
0.875 U.S. 2 1.468 t l 1.477 1.038 0.107
ETF Symbol Price (%) (%)
Closing Chg YTD iShRussell2000Val IWN 156.60 –0.57 –5.7 1.875 10 1.930 t l 1.972 1.866 1.286
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 109.87 0.21 –3.7 iShRussellMid-Cap IWR 75.50 –0.66 –9.0
CnsmrDiscSelSector XLY 180.00 –0.62 –12.0 iShSelectDividend DVY 123.38 –0.21 0.6 iShRussellMCValue IWS 115.96 –0.38 –5.2 2.750 Australia 2 1.195 s l 1.183 0.840 0.126 -28.7 -28.7 2.1
iShESGAwareUSA ESGU 97.46 –0.69 –9.7 iShRussell1000 IWB 240.82 –0.71 –8.9
CnsStapleSelSector XLP 76.03 0.18 –1.4
iShEdgeMSCIMinUSA USMV 73.38 –0.24 –9.3 iShS&P500Growth IVW 72.41 –1.03 –13.5
1.000 10 2.244 s l 2.208 1.943 1.378 31.1 24.4 8.0
DimenUSCoreEq2 DFAC 26.90 –0.48 –7.1
iShEdgeMSCIUSAQual QUAL 128.36 –0.63 –11.8 iShS&P500Value IVE 151.70 –0.39 –3.1
EnSelectSectorSPDR XLE 68.05 –0.61 22.6
iShEdgeMSCIUSAVal VLUE 105.11 –0.59 –4.0 0.000 France 2 -0.593 s l -0.594 -0.631 -0.623 -207.5 -206.4 -72.8
FinSelSectorSPDR XLF 39.22 –0.03 0.4 iShTIPSBondETF TIP 124.14 0.33 –3.9
iShGoldTr IAU 36.06 –0.11 3.6 0.000 10 0.693 t l 0.709 0.368 -0.079 -125.5 -137.7
HealthCareSelSect XLV 127.51 –0.75 –9.5
iShiBoxx$InvGrCpBd LQD 123.68 0.24 –6.7
iSh1-3YTreasuryBd SHY 84.47 0.01 –1.3 -124.0
IndSelSectorSPDR XLI 98.34 –0.83 –7.1 iSh7-10YTreasuryBd IEF 111.22 0.32 –3.3
InvscQQQI QQQ 341.51 –1.14 –14.2
iShiBoxx$HYCpBd HYG 82.89 0.14 –4.7 iSh20+YTreasuryBd TLT 138.23 1.05 –6.7 0.000 Germany 2 -0.474 t l -0.430 -0.567 -0.687 -195.6 -190.1 -79.2
iShJPMUSDEmgBd EMB 103.00 0.04 –5.6 iShRussellMCGrowth IWP 96.70 –1.43 –16.1
InvscS&P500EW RSP 153.55 –0.38 –5.7 0.000 10 0.192 t l 0.230 -0.017 -0.343 -173.4 -164.1
iShCoreDivGrowth DGRO 52.46 –0.34 –5.6
iShMBSETF MBB 104.08 0.03 –3.1 iShUSTreasuryBdETF GOVT 25.62 0.23 –4.0 -174.1
iShMSCI ACWI ACWI 98.55 –0.75 –6.8 50.39 –0.2
JPM UltShtIncm JPST –0.04
iShCoreMSCIEAFE IEFA 71.13 –0.53 –4.7 iShMSCI EAFE EFA 75.30 –0.42 –4.3
ProShUltPrQQQ TQQQ 50.44 –3.39 –39.3
0.000 Italy 2 0.117 t l 0.140 -0.077 -0.317 -136.6 -133.1 -42.2
iShCoreMSCIEM IEMG 59.50 –0.85 –0.6 iShMSCI EAFE SC SCZ 67.81 –0.82 –7.2
iShCoreMSCITotInt IXUS 68.53 –0.61 –3.4 iShMSCIEmgMarkets EEM 48.72 –1.00 –0.3
SPDRBlm1-3MTB BIL 91.42 0.01 –0.0 0.950 10 1.851 s l 1.845 1.324 0.662 -8.2 -11.9 -63.7
iShCoreS&P500 IVV 436.07 –0.69 –8.6 SPDR Gold GLD 177.12 –0.07 3.6
iShMSCIEAFEValue EFV 52.19 –0.34 3.6
iShCoreS&P MC IJH 262.68 –0.36 –7.2 iShNatlMuniBd MUB 112.67 –0.01 –3.1
SPDRS&P500Growth SPYG 62.74 –0.99 –13.4 0.005 Japan 2 -0.010 t l -0.009 -0.067 -0.122 -149.2 -148.0 -22.7
iShCoreS&P SC IJR 106.16 –0.55 –7.3 SchwabIntEquity SCHF 37.36 –0.51 –3.9
iSh1-5YIGCorpBd IGSB 52.69 –0.06 –2.2 0.100 10 0.220 t l 0.224 0.152 0.094 -174.0 -120.4
iShS&PTotlUSStkMkt ITOT 97.28 –0.78 –9.1 iShPfd&Incm PFF 36.03 0.22 –8.6
SchwabUS BrdMkt SCHB 102.73 –0.77 –9.1 -171.3
SchwabUS Div SCHD 77.34 0.09 –4.3
iShCoreTotalUSDBd IUSB 50.90 0.12 –3.8 iShRussell1000Gwth IWF 264.05 –1.08 –13.6
SchwabUS LC SCHX 103.57 –0.77 –9.0 0.000 Spain 2 -0.034 s l -0.051 -0.547 -0.475 -151.6 -152.2 -58.0
SchwabUS LC Grw SCHG 140.64 –1.26 –14.1 0.700 10 1.188 l 1.188 0.670 0.336 -77.7 -96.2
SchwabUS SC SCHA 92.65 –0.88 –9.5
-74.5

Borrowing Benchmarks | WSJ.com/bonds Schwab US TIPs

SPDR DJIA Tr
SCHP
DIA
60.54
340.98
0.25
–0.64
–3.7
–6.1
0.125 U.K. 2 1.280 t l 1.332 0.869 -0.046 -20.2 -13.8 -15.1
SPDR S&PMdCpTr MDY 480.12 –0.39 –7.3 4.750 10 1.385 t l 1.465 1.224 0.626 -54.8 -49.9 -67.2
SPDR S&P 500 SPY 434.23 –0.65 –8.6
Money Rates February 18, 2022 SPDR S&P Div
TechSelectSector
SDY
XLK
124.14
152.44
–0.13
–1.01
–3.9
–12.3
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

VangdInfoTech 398.09 –1.25 –13.1

Key annual interest rates paid to borrow or lend money in U.S. and VangdSC Val
VGT
VBR 172.38 –0.32 –3.6 Corporate Debt
international markets. Rates below are a guide to general levels but VangdExtMkt VXF 160.88 –1.32 –12.0
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
VangdSC Grwth VBK 238.61 –1.23 –15.3
don’t always represent actual transactions. VangdDivApp VIG 158.27 –0.29 –7.8 expectations
VangdFTSEDevMk VEA 48.86 –0.53 –4.3
Inflation Week
Latest ago
—52-WEEK—
High Low
VangdFTSE EM VWO 49.69 –0.78 0.5 Investment-grade spreads that tightened the most…
VangdFTSE Europe VGK 64.71 –0.58 –5.2 Spread*, in basis points
Jan. Index Chg From (%)
VangdFTSEAWxUS VEU 59.61 –0.62 –2.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
level Dec. '21 Jan. '21 Switzerland 0.00 0.00 0.00 0.00
VangdGrowth VUG 274.41 –1.13 –14.5
Britain 0.50 0.50 0.50 0.10 VangdHlthCr VHT 238.05 –0.79 –10.6 UnitedHealth UNH 4.750 3.60 July 15, ’45 126 –9 121
U.S. consumer price index Australia 0.10 0.10 0.10 0.10 VangdHiDiv VYM 110.22 –0.22 –1.7
–5
VangdIntermBd BIV 84.42 0.18 –3.7
Credit Suisse AG CS 1.250 2.58 Aug. 7, ’26 76 75
All items 281.148 0.84 7.5
VangdIntrCorpBd VCIT 88.54 0.01 –4.5 Siemens AG SIEGR 3.400 2.53 March 16, ’27 70 –5 52
Core 285.996 0.74 6.0 Secondary market VangdLC VV 200.23 –0.77 –9.4
VangdMC VO 229.94 –0.77 –9.7 Jackson National Life … 1.750 2.38 Jan. 12, ’25 70 –4 69
Fannie Mae VangdMC Val VOE 145.38 –0.27 –3.3
International rates 51.26 0.02 –3.0 Bank of Montreal BMO 1.500 2.16 Jan. 10, ’25 50 –3 46
30-year mortgage yields VangdMBS VMBS
Week 52-Week 30 days 3.441 3.474 3.504 2.214
VangdRealEst VNQ 102.01 –0.60 –12.1 Equitable Holdings EQH 1.700 2.67 Nov. 12, ’26 84 –3 72
VangdS&P500ETF VOO 399.29 –0.64 –8.5
Latest ago High Low 60 days 3.484 3.514 3.559 2.247 VangdST Bond BSV 79.38 0.05 –1.8 Vodafone VOD 5.250 4.28 May 30, ’48 195 –3 190
VangdSTCpBd VCSH 79.48 –0.03 –2.2
Prime rates Notes on data: Bae Systems BALN 4.750 3.95 Oct. 7, ’44 162 –2 n.a.
VangdShtTmInfltn VTIP 51.01 0.06 –0.8
U.S. prime rate is the base rate on corporate VangdSC VB 206.68 –0.75 –8.6
U.S. 3.25 3.25 3.25 3.25 loans posted by at least 70% of the 10 largest VangdTaxExemptBd VTEB 53.09 0.06 –3.3 …And spreads that widened the most
Canada 2.45 2.45 2.45 2.45 U.S. banks, and is effective March 16, 2020. VangdTotalBd BND 81.53 0.17 –3.8
Japan 1.475 1.475 1.475 1.475
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 53.59 0.32 –2.8 3M MMM 5.700 3.39 March 15, ’37 145 13 n.a.
lending practices vary widely by location. VangdTotIntlStk VXUS 61.54 –0.63 –3.2
Complete Money Rates table appears Monday VangdTotalStk VTI 219.37 –0.80 –9.1 Williams WMB 8.750 3.88 March 15, ’32 194 12 n.a.
Policy Rates through Friday. VangdTotlWrld VT 100.28 –0.70 –6.7 Citigroup C 5.875 3.97 Jan. 30, ’42 163 11 n.a.
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 143.55 –0.38 –2.4
Walt Disney DIS 2.650 2.88 Jan. 13, ’31 96 10 91
International Business Machines IBM 3.500 2.85 May 15, ’29 92 9 83
9
Dividend Changes Wells Fargo WFC 5.375 4.10 Nov. 2, ’43 175 158
Delta Air Lines DAL 3.204 2.65 April 25, ’24 119 8 n.a.
Dividend announcements from February 18. Morgan Stanley MS 4.300 3.86 Jan. 27, ’45 153 8 126
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record High-yield issues with the biggest price increases…
Walmart WMT 1.6 .56 /.55 Q Apr04 /Mar18 Bond Price as % of face value
Increased Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Blue Owl Capital OWL 3.3 .10 /.09 Q Mar07 /Feb28 Reduced
Brunswick BC 1.5 .365 /.335 Q Mar15 /Feb28 Cross Timbers Royalty Tr CRT 8.1 .1009 /.12573 M Mar14 /Feb28 Sprint Capital … 6.875 3.93 Nov. 15, ’28 117.250 0.63 116.750
Century Communities CCS 1.3 .20 /.15 Q Mar16 /Mar02 Permian Basin Royalty Tr PBT 2.1 .0292 /.03161 M Mar14 /Feb28 Intesa Sanpaolo ISPIM 5.017 3.66 June 26, ’24 103.018 0.32 103.500
Cisco Systems CSCO 2.7 .38 /.37 Q Apr27 /Apr06 PermRock Royalty Trust PRT 7.0 .0661 /.07057 M Mar14 /Feb28
Coca-Cola KO 2.8 .44 /.42 Q Apr01 /Mar15 CSC Holdings … 5.250 4.78 June 1, ’24 101.000 0.25 102.314
San Juan Basin Royalty Tr SJT 12.3 .0857 /.10345 M Mar14 /Feb28
CSX CSX 1.2 .10 /.09333 Q Mar15 /Feb28 Dish DBS … 5.875 5.93 Nov. 15, ’24 99.855 0.08 100.020
Emclaire Financial EMCF 4.3 .31 /.30 Q Mar18 /Mar01 Initial
EnPro NPO 1.0 .28 /.27 Q Mar16 /Mar02 BayCom BCML 0.9 .05 Apr15 /Mar11 Lumen Technologies LUMN 7.600 8.72 Sept. 15, ’39 90.000 0.06 94.625
Equinix EQIX 1.8 3.10 /2.87 Q Mar23 /Mar07
Escalade ESCA 4.5 .15 /.14 Q Mar21 /Mar14 Foreign …And with the biggest price decreases
Group 1 Automotive GPI 0.8 .36 /.35 Q Mar15 /Mar01 Algonquin Pwr Nts 2078 AQNA 6.4 .42969 Q Apr18 /Apr01
Hannon Armstrong HASI 3.4 .375 /.35 Q Apr11 /Apr04 Argo Group Intl Hldgs ARGO 3.3 .31 Q Mar15 /Feb28 Teva Pharmaceutical TEVA 3.150 5.44 Oct. 1, ’26 90.775 –1.68 91.000
Argo Group Intl Pfd A ARGOpA 6.7 .4375 Q Mar15 /Feb28 –1.17 105.000
Humana Inc HUM 0.7 .7875 /.70 Q Apr29 /Mar31 Navient NAVI 6.750 5.92 June 15, ’26 103.125
Marine Petroleum Trust Un MARPS 4.6 .1075 /.10674 Q Mar28 /Feb28 Banco Bilbao Vizcaya ADR BBVA 4.4 .26114 SA Apr25 /Apr07
Barrick Gold GOLD 1.7 .10 Q Mar15 /Feb28 Lumen Technologies LUMN 7.650 8.51 March 15, ’42 91.750 –0.75 94.437
Medical Properties Tr MPW 5.7 .29 /.28 Q Apr14 /Mar17
MVB Financial MVBF 1.5 .17 /.15 Q Mar15 /Mar01 Brookfield Fin Nts 101680 BAMH 5.4 .28906 Q Apr18 /Apr02 Bath & Body Works BBWI 9.375 3.78 July 1, ’25 117.500 –0.55 119.250
NexPoint Real Est Finance NREF 9.9 .50 /.475 Q Mar31 /Mar15 Gold Field ADR GFI 2.0 .17383 SA Mar24 /Mar11
Pangaea Logistics Solns PANL 4.2 .05 /.035 Q Mar15 /Mar01 Grindrod Shipping Hldgs GRIN 12.8 .72 Q Mar22 /Mar11 Hughes Satellite Systems … 6.625 5.47 Aug. 1, ’26 104.486 –0.49 104.950
Reliance Steel RS 2.0 .875 /.6875 Q Mar25 /Mar11 Kinross Gold KGC 2.1 .03 Q Mar24 /Mar09 Occidental Petroleum … 6.450 4.90 Sept. 15, ’36 115.969 –0.28 118.000
Retail Opp Investment ROIC 2.9 .13 /.11 Q Apr08 /Mar18 North Amer Construction NOA 0.8 .063 Q Apr08 /Mar04
Nutrien NTR 2.5 .48 Q Apr14 /Mar31 Dish DBS … 5.125 8.39 June 1, ’29 82.500 –0.01 83.000
Richmond Mutual Bncp RMBI 2.4 .10 /.07 Q Mar17 /Mar03
Service Corp Intl SCI 1.7 .25 /.23 Q Mar31 /Mar15 PartnerRe Pfd. J PREpJ 5.1 .30469 Q Mar15 /Feb28 Venture Global Calcasieu Pass VENTGL 4.125 4.39 Aug. 15, ’31 97.990 –0.01 97.750
Spok Holdings SPOK 14.5 .3125 /.125 Q Mar30 /Mar16 Star Bulk Carriers SBLK 14.5 2.00 Q Mar15 /Mar02
Telephone & Data Sys TDS 3.9 .18 /.175 Q Mar31 /Mar15 Waste Connections WCN 0.8 .23 Q Mar16 /Mar02 *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.
Note: Data are for the most active issue of bonds with maturities of two years or more
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Bandwidth BAND 50.15 -6.6 Certara CERT 22.79 -1.3 8x8 EGHT 13.08 -4.7 GraybugVision GRAY 1.17 2.5 JupaiHoldings JP 0.67 -12.3 MorphoSys MOR 6.66 -3.3 OysterPtPharma OYST 9.24 -4.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE BankofAmPfdL BACpL1312.73 -0.3 ChannelAdvisor ECOM 16.76 -1.6 89bio ETNB 4.12 -4.3 GreatElmCap GECC 2.93 -0.3 JustEatTakeaway GRUB 8.09 -6.0 Moxian MOXC 1.58 -7.4 PPL PPL 25.73 -7.2
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low BaoshengMedia BAOS 0.60 -4.8 Chase CCF 92.05 -0.6 ElcLastMileWt ELMSW 0.23 -5.6 GreenidgeGen GREE 9.50 -7.6 KB Home KBH 37.32 -0.2 MullenAuto MULN 0.61 -19.4 ProgHoldings PRG 35.77 -1.3
in the latest session. % CHG-Daily percentage change from the previous trading session. BaudaxBio BXRX 4.17 -15.1 Check-Cap WtC CHEKZ 0.09 8.9 EnergyFocus EFOI 1.28 -6.4 Greenlane GNLN 0.55 -1.2 KaleidoBiosci KLDO 1.51 ... MuscleMaker GRIL 0.47 -8.3 PagSeguroDig PAGS 15.50 -3.7
BeazerHomes BZH 15.80 0.7 ChemomabTherap CMMB 3.74 -7.4 Enservco ENSV 0.55 -4.6 GreenLightBio GRNA 6.50 -16.3 Kemper KMPR 48.27 3.3 MustangBio MBIO 0.86 -4.7 PalantirTech PLTR 10.57 -6.4
Benefitfocus BNFT 9.86 -1.4 ChurchillVII Wt CVII.WS 0.50 -8.5 EnsysceBio ENSC 1.08 -15.2 GreenproCap GRNQ 0.38 -7.1 KemPharm KMPH 5.57 0.9 NN NNBR 2.95 -4.5 ParamountB PARA 27.62 -3.3
Friday, February 18, 2022 BerkeleyLights BLI 6.68 ... Cingulate CING 1.33 0.7 EnsysceBioWt ENSCW 0.13 -9.7 GromSocialWt GROMW 0.22 -1.3 KeyTronic KTCC 5.90 -1.3 NamTaiProperty NTP 7.83 0.4 PardesBiosci PRDS 8.31 10.6
52-Wk % 52-Wk % 52-Wk % BeyondMeat BYND 51.88 -6.9 ClarusTherap CRXT 1.07 -10.0 EnvericBiosci ENVB 0.27 -7.7 GromSocialEnts GROM 1.12 -16.5 KingsoftCloud KC 6.88 -3.0 NanoViricides NNVC 1.96 -6.2 Park-Ohio PKOH 16.95 -4.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BeyondSpring BYSI 2.63 -1.5 ClearsideBiomed CLSD 1.52 -1.3 EQRx EQRX 2.98 -5.9 GuardforceAI GFAI 0.30 -29.3 KinnateBio KNTE 8.69 -2.7 NatlHealthcare NHC 61.98 -0.1 PassageBio PASG 3.40 -6.3
BigCommerce BIGC 24.53 -4.7 CleverLeaves CLVR 1.29 -7.1 EQRxWt EQRXW 0.66 -7.7 GuardionHlth GHSI 0.19 -45.7 Kopin KOPN 2.57 -4.0 NaturalAlt NAII 11.57 0.2 Paymentus PAY 20.51 -11.1
SecurityNatFin SNFCA 10.20 0.9 AlphaProTech APT 4.13 -4.8 Biocept BIOC 2.34 -5.9 CloverHealth CLOV 2.08 -3.2 Escalade ESCA 13.32 ... Guidewire GWRE 87.37 -3.0 KronosBio KRON 6.73 -0.4 Neenah NP 42.22 -0.7 Payoneer PAYO 4.31 -4.0
Highs SkyHarbour SKYH
StarBulkCarriers SBLK
15.93
31.36
48.4
-1.0
AlsetEHome AEI
AltamiraTherap CYTO
0.30 -6.1
1.10 -2.6
Biogen BIIB 207.61 -0.4 ClovisOncology CLVS 1.69 -2.3 EsportsTech EBET 8.29 -12.7 HTG Molecular HTGM 2.02 -2.8 Kyndryl KD 15.11 3.0 NeoGenomics NEO 19.44 -4.1 PayoneerWt PAYOW 1.37 -5.3
BioLifeSols BLFS 22.41 -4.5 Co-Diagnostics CODX 6.02 -2.4 EuroTech CLWT 1.31 -19.4 HUYA HUYA 5.47 -3.5 La-Z-Boy LZB 28.55 -0.1 NeoleukinTherap NLTX 2.56 0.8 PayPal PYPL 103.03 -1.5
A SPAC I Acqn ASCAU 10.09 ... StoneX SNEX 77.25 1.0 AmbowEduc AMBO 0.66 -0.9 BiondVaxPharm BVXV 1.22 -1.6 CodereOnlineLuxem CDRO 4.83 -3.3 EveloBiosci EVLO 3.30 -3.9 HamiltonLane HLNE 76.10 -0.1 LairdSuperfood LSF 5.57 3.7 Neonode NEON 4.17 -6.1 Pegasystems PEGA 79.59 0.1
Alcoa AA 78.37 2.3 Telus TU 25.34 0.2 AmericanRebel AREB 1.70 -12.4 BirdGlobal BRDS 2.91 -9.3 CodiakBioSci CDAK 4.54 -5.0 EverestConsolidWt MNTN.WS 0.24 -7.4 HealthcrTriangle HCTI 1.15 -4.2 Latch LTCH 5.32 -4.8 NerdWallet NRDS 11.77 -3.6 Pennant PNTG 13.98 -4.9
AlphaMetal AMR 90.96 2.2 USComdtyIndxFd USCI 49.06 0.2 AmplitechWt AMPGW 0.71 -5.3 BlackKnight BKI 55.77 -3.4 CoeurMining CDE 4.21 -5.3 Evotec EVO 14.47 -8.2 HeartbeamWt BEATW 0.29 -21.6 LawsonProducts LAWS 42.43 2.5 NeuroBoPharm NRBO 0.81 -0.7 PennyMacMtg PMT 15.71 -0.3
AmerisourceBrgn ABC 144.22 -0.4 Univar UNVR 30.39 -1.2 Amplitude AMPL 16.60 20.8 BlackSpadeAcqn BSAQ.U 9.78 -1.5 CompoSecure CMPO 6.32 -3.7 Expensify EXFY 22.19 -9.5 HeartcoreEnts HTCR 2.22 9.7 LazardGrowthIWt LGACW 0.48 -1.2 Neuronetics STIM 2.84 -3.7 PerformShipping PSHG 2.60 -1.1
AmylyxPharm AMLX 26.71 15.0 ValarisWt VAL.WS 5.15 9.8 AmrytPharma AMYT 8.90 0.1
BlackBerry BB 6.64 -2.6 Compugen CGEN 2.81 -0.3 Eyenovia EYEN 2.75 -8.3 HeartlandExp HTLD 13.97 -0.5 Lazard LAZ 35.68 -0.9 NeuroSense NRSN 1.54 -2.5 PeridotII Wt PDOT.WS 0.44 -4.4
AnteroResources AR 22.36 4.5 WhitestoneREIT WSR 12.24 2.0 Angi ANGI 6.29 2.0
AtlanticusNts26 ATLCL 25.25 -0.4 BlackLine BL 72.09 -3.7 comScore SCOR 2.59 -5.4 FastAcqn FST.U 10.11 2.5 Helbiz HLBZ 2.75 -4.1 LennoxIntl LII 249.24 -0.3 NeuroSenseWt NRSNW 0.25 5.1 PetIQ PETQ 17.95 -2.3
AnnalyCap NLY 7.05 0.4 PhaseBioPharm PHAS 1.27 -5.1
Block SQ 96.83 -6.1 ConveyHealth CNVY 5.66 -1.9 Figs FIGS 16.34 -4.1 HemisphereMedia HMTV 5.57 -1.6 LexiconPharm LXRX 2.72 -4.9 NewConceptEner GBR 2.22 0.4
BayCom
BlueWaterVac BWV
BCML 22.73 0.6
57.51 537.8
Lows AppliedMolecular AMTI
AppliedTherap APLT
6.64 -3.2
2.10 1.4
bluebirdbio BLUE 6.06 -0.5 Cooper-Standard CPS 12.21 -5.3 Farfetch FTCH 15.83 -6.0 HeritageInsurance HRTG 5.42 -0.2 LigandPharm LGND 99.01 -8.6 Newegg NEGG 5.66 -1.7 PineTechWt PTOCW 0.30 -13.6
CFAcqnVII Wt CFFSW 0.50 14.9 AAON AAON 57.86 0.1 BluejayDiag BJDX 1.00 -9.9 CorbusPharm CRBP 0.35 -1.9 Fastly FSLY 18.52 -2.6 HeronTherap HRTX 7.38 -6.9 LightJumpWt LJAQW 0.24 -1.2 NexGel NXGL 1.87 -1.1 Pinterest PINS 23.61 -3.4
AppTech APCX 1.26 -6.9
ChunghwaTel CHT 44.08 0.6 AGNC Invt AGNC 13.40 -0.5 BlueprintMed BPMC 66.18 -3.5 CornerGrowthWt COOLW 0.31 -8.3 FateTherap FATE 32.90 -1.7 Hibbett HIBB 48.17 -4.7 Lilium LILM 3.90 -3.4 NextNav NN 6.03 ... PitneyBowesNt43 PBIpB 22.55 -0.7
ApreaTherap APRE 1.70 -0.6
ClearChannelOutdr CCO 3.75 3.3 AMCIAcqnIIWt AMCIW 0.39 -13.4 BoltBiotherap BOLT 2.85 6.6 CornerGrowth2Wt TRONW 0.11 -39.7 FidNatlInfo FIS 94.91 -2.0 HillstreamBio HILS 1.76 -7.6 LionGroup LGHL 0.78 -9.1 NielsenHoldings NLSN 17.22 -2.4 PivotalInvtIII Wt PICC.WS 0.41 -9.1
AquaBountyTech AQB 1.47 -2.0
Coca-Cola KO 62.82 0.7 ATI PhysTherapy ATIP 2.55 -3.4 BoneBiologWt BBLGW 0.32 -20.6 Cortexyme CRTX 4.45 -5.1 FintechEcoWt FEXDW 0.20 -13.4 Honeywell HON 181.39 -1.3 LivePerson LPSN 24.50 -8.6 NiSourcePfdB NIpB 26.15 0.1 PliantTherap PLRX 9.80 -4.0
AquestiveTherap AQST 2.41 -6.9
CyxteraTech CYXT 13.41 5.1 AVROBIO AVRO 1.50 -5.1 BostonBeer SAM 378.14 -4.8 CoStar CSGP 64.55 -1.1 FirstLightWt FLAG.WS 0.43 -1.3 HudsonCapital HUSN 3.16 ... LoopIndustries LOOP 6.57 -2.0 NiSunIntlEntDevt NISN 0.80 -12.6 PLxPharma PLXP 5.28 -1.8
ArbeRobotics ARBE 6.53 -3.0
DirectDigitalWt DRCTW 1.10 18.3 AXIS CapPfdE AXSpE 24.70 -0.3 Brady BRC 46.32 -4.8 CoupaSoftware COUP 114.27 -3.0 FirstService FSV 136.34 -2.1 HudsonPacificPfdC HPPpC 20.62 -0.3 Lottery.com LTRY 3.48 -2.2 nLIGHT LASR 13.85 -19.1 PorchGroup PRCH 7.97 -5.5
ArchCapitalPfdF ACGLO 24.39 -0.6
EncoreCapital ECPG 72.32 0.2 AZEK AZEK 28.31 -1.4 Braze BRZE 41.85 -15.3 CreatdWt CRTDW 0.32 2.4 FluenceEnergy FLNC 11.95 -7.0 HycroftMining HYMC 0.34 -6.0 Lovesac LOVE 39.02 -0.2 NovaLifestyle NVFY 1.34 2.8 PoseidaTherap PSTX 3.49 10.1
ArchCapitalPfdG ACGLN 22.10 ...
EnergyVault NRGV 18.57 11.4 AcaciaResearch ACTG 3.85 -2.7 BridgeBioPharma BBIO 8.05 -3.3 Cryoport CYRX 34.03 -2.6 FluxPower FLUX 2.55 -4.8 HyreCar HYRE 2.65 -1.1 LumenTech LUMN 9.66 1.6 Novonix NVX 15.62 0.1 Precigen PGEN 2.01 -0.5
ArctosNorthWt ANAC.WS 0.35 -2.5
EnergyVaultWt NRGV.WS 1.88 22.8 AccelerateDiag AXDX 2.45 ... BridgfordFoods BRID 10.90 3.0 CureVac CVAC 16.08 -0.2 Forian FORA 7.41 -1.3 IAC/InterActive IAC 108.42 -4.7 LuxHlthTechAcqnWt LUXAW 0.53 -3.6 NurixTherap NRIX 14.88 2.2 PreformedLine PLPC 55.89 0.1
ArgoGroup ARGO 37.56 1.1
EnstarGroup ESGR 278.81 0.6 AceGlblBusWt ACBAW 0.09 30.0 Brightcove BCOV 7.46 -4.0 CuriosityStream CURI 3.44 -5.9 FortressBiotech FBIO 1.73 -4.8 IDEAYA Bio IDYA 13.40 -1.9 MDC Holdings MDC 42.56 0.1 NuvationBioWt NUVB.WS 0.85 -4.2 Primerica PRI 134.47 -0.5
AriszAcqnWt ARIZW 0.20 -8.8
EverestRe RE 307.76 0.5 AcelRxPharm ACRX 0.38 -2.8 BroadwayFin BYFC 1.63 -3.5 CyclerionTherap CYCN 0.96 -4.7 FortressValueIV Wt FVIV.WS 0.50 -5.8 IG Acqn Wt IGACW 0.35 -12.7 MDH Acqn Wt MDH.WS 0.17 -8.7 NuvationBio NUVB 4.82 -3.2 Pro-Dex PDEX 19.14 -3.6
ArmourResPfdC ARRpC 24.04 -0.1
FNCB Bancorp FNCB 9.57 0.9 AcropolisInfr ACRO.U 9.80 0.1 BrooklineCapWt BCACW 0.21 -8.1 DISH Network DISH 28.84 -3.1 FounderSpacWt FOUNW 0.48 -0.3 IX Acqn IXAQU 9.75 -0.4 MINDTechnology MIND 1.10 -6.0 OMNIQ OMQS 5.03 -3.1 ProgressAcqnWt PGRWW 0.23 -2.0
ArmstrongFlooring AFI 1.30 -3.6
FarmersBancp FMAO 33.94 0.1 AcutusMedical AFIB 1.67 -9.5 ArrowheadPharm ARWR 43.96 -2.1 Bumble BMBL 24.88 -5.4 Dave DAVE 4.54 -0.2 FreelineTherap FRLN 1.09 -5.0 IberePharmWt IBER.WS 0.24 -7.3 Macrogenics MGNX 10.02 -3.3 ON24 ONTF 14.90 -0.7 PropSolnsII Wt PSAGW 0.30 -7.0
GeneralDynamics GD 218.60 0.7 AdaptiveBiotech ADPT 13.29 -5.5 ArtisanPtrsAsset APAM 38.28 1.2 ByrnaTech BYRN 8.07 -10.0 DecibelTherap DBTX 3.43 -5.5 FrequencyTherap FREQ 3.79 -4.5 iBio IBIO 0.33 -5.7 Magnite MGNI 11.15 -10.7 OaktreeAcqnIIWt OACB.WS 0.42 -35.2 ProQR Therap PRQR 1.16 1.7
GoldFields GFI 13.23 2.3 AdaraAcqnWt ADRA.WS 0.25 -3.6 Artivion AORT 16.56 1.4 CCNeubergerIII Wt PRPC.WS 0.58 3.4 DermataTherapWt DRMAW 0.17 -20.7 fuboTV FUBO 8.32 -13.5 IkenaOncology IKNA 7.61 -16.9 MammothEnergy TUSK 1.46 -1.6 ObsEva OBSV 1.25 -6.0 Prudential PUK 31.55 -2.2
GreeneCnty GCBC 39.92 -1.6 AddusHomeCare ADUS 71.54 -2.4 AsensusSurg ASXC 0.67 -7.4 CompassPath CMPS 13.10 -4.2 DigitalBrandsWt DBGIW 0.25 11.9 FusionAcqnIIWt FSNB.WS 0.31 -0.2 Illumina ILMN 310.02 -1.8 MarkerTherap MRKR 0.41 -9.2 OcularTherapeutix OCUL 4.89 -7.5 PureTechHealth PRTC 32.01 -3.1
GreenLightBio GRNA 15.80 -16.3 AdventTech ADN 2.99 -5.7 AssemblyBiosci ASMB 1.53 -4.3 CONXWt CONXW 0.35 14.0 DirectDigital DRCT 1.93 -4.3 GFLEnvironmental GFL 27.98 -1.6 Immatics IMTX 8.57 -1.5 MedAvail MDVL 1.13 -2.5 Okta OKTA 163.45 -5.1 PurpleInnovation PRPL 5.77 -0.3
GpoAeroportuar PAC 155.68 1.5 AdverumBiotech ADVM 1.35 ... AtaraBiotherap ATRA 11.50 -4.1 CSP CSPI 7.56 -4.2 DolbyLab DLB 74.82 0.2 GFL Env Un GFLU 66.29 -1.7 Immuneering IMRX 7.94 -5.8 MedicusSciWt MSACW 0.19 -28.2 Olaplex OLPX 17.84 0.3 QualTekSvcs QTEK 3.83 -32.1
Hawkins HWKN 43.96 0.9 AegleaBioTherap AGLE 3.03 -4.1 AteaPharm AVIR 5.88 -2.3 C3.ai AI 20.73 -5.1 DomaWt DOMA.WS 0.38 -12.7 GTY Tech GTYH 3.92 -1.2 Immunome IMNM 6.84 1.7 Medifast MED 176.52 -4.3 OlemaPharm OLMA 4.44 -6.1 QualTekSvcsWt QTEKW 0.45 -22.0
HealthcareCap HCCCU 11.42 4.1 AeriePharm AERI 5.99 -7.7 Athenex ATNX 0.78 -3.5 CYREN CYRN 2.27 -12.4 Doma DOMA 2.20 -30.0 Gaia GAIA 6.39 0.9 Independence ACQRU 9.76 -1.8 MeihuaIntlMed MHUA 7.02 -9.3 Omnichannel OCA.U 9.50 -5.9 Quantum QMCO 2.67 -0.7
HealthcareCapA HCCC 11.45 0.3 AffirmHldgs AFRM 35.90 -0.9 Atreca BCEL 1.59 -1.8 CabalettaBio CABA 2.38 -4.0 DouglasElliman DOUG 6.72 -3.8 Galecto GLTO 1.80 -5.3 InhibikaseTherap IKT 1.10 -7.6 MercadoLibre MELI 936.01 -8.2 OmniLitAcqnWt OLITW 0.24 -0.5 Quantum-Si QSI 3.79 11.6
HenrySchein HSIC 84.71 -0.6 AfricanGoldWt AGAC.WS 0.30 -10.2 ATRenew RERE 4.67 0.4 CableOne CABO 1441.78 0.8 DraftKings DKNG 17.23 -21.6 Gap GPS 14.35 0.1 InovioPharma INO 3.14 -1.9 MersanaTherap MRSN 3.77 ... Oncocyte OCX 1.40 -4.7 Quantum-SiWt QSIAW 0.81 7.3
HomeFedBncpLA HFBL 23.55 -1.1 AgEagleAerial UAVS 0.95 -5.3 Audacy AUD 2.09 -4.1 Calyxt CLXT 1.15 -14.9 DuckCreekTech DCT 21.90 -3.0 Garmin GRMN 112.04 1.1 IntegraResources ITRG 1.52 -4.0 MetaPlatforms FB 205.18 -0.7 Oncorus ONCR 2.47 2.4 Quotient QTNT 1.25 10.1
Huntsman HUN 41.52 0.4 Agora API 8.69 -14.3 AusterlitzII Wt ASZ.WS 0.54 ... CaraTherap CARA 9.72 2.7 Dynatrace DT 41.00 -0.3 GenerationBio GBIO 4.54 3.3 Intel INTC 44.51 -5.3 Metacrine MTCR 0.42 -3.2 OneConnectFinTech OCFT 1.36 -4.8 REE Automotive REE 2.91 -6.9
InspiratoWt ISPOW 3.00 -8.5 AIkidoPharma AIKI 0.40 -3.5 Autodesk ADSK 216.19 -2.9 CardiffOncology CRDF 2.88 -0.7 ECMOHO MOHO 0.24 -6.3 Genetron GTH 3.17 0.6 Intellicheck IDN 3.38 -4.2 MiNK Therap INKT 2.42 -5.0 Ontrak OTRK 2.45 -4.5 RLI RLI 98.08 0.5
MirumPharm MIRM 23.62 1.7 AirProducts APD 239.50 0.6 Avalara AVLR 93.25 -3.3 Carvana CVNA 125.25 -6.5 EG Acqn EGGF.U 9.79 -0.2 GeniusSports GENI 5.27 -8.5 InvescoMtgPfdC IVRpC 23.12 -2.6 ModelN MODN 24.82 -0.8 OntrakPfd OTRKP 9.31 -5.7 RMR Group RMR 29.29 -0.1
OldNatlBncpPfdC ONBPO 26.96 -2.2 Akouos AKUS 5.17 -3.1 Avaya AVYA 13.59 -0.9 CatalystPtrsWt CPARW 0.50 -0.2 E-HomeHousehold EJH 0.58 -8.7 GeniusSportsWt GENI.WS 1.37 -9.3 Invitae NVTA 9.25 -3.7 ModelPerformWt MPACW 0.07 -16.3 OpenText OTEX 42.72 -1.1 RainTherap RAIN 6.68 -3.0
OnyxAcqnIA ONYX 10.12 0.2 Akumin AKU 1.09 -4.3 AvenueTherap ATXI 0.25 -10.7 CatchaInvtWt CHAA.WS 0.39 -1.2 ESSTech GWH 4.43 -2.7 GeoVaxLabs GOVX 1.72 -5.2 Iridex IRIX 4.43 -3.0 Modiv MDV 17.95 -1.4 OptheaADR OPT 5.89 -2.0 Redbox RDBX 1.93 -3.4
PhilipMorris PM 112.48 -0.3 Alfi ALF 1.48 -1.3 Avinger AVGR 0.24 3.1 cbdMD PfdA YCBDpA 3.95 -1.2 EzgoTech EZGO 0.95 -4.5 GeoVaxLabsWt GOVXW 0.71 -6.4 IsleworthHlthWt ISLEW 0.28 -17.4 ModivCare MODV 102.36 -2.0 Oragenics OGEN 0.39 -4.3 Redfin RDFN 20.45 -20.2
PioneerNatRscs PXD 237.56 1.4 AligosTherap ALGS 2.32 1.7 Axogen AXGN 6.98 -1.1 CellectarBiosci CLRB 0.48 -6.2 Ecolab ECL 177.01 0.1 GinkgoBioworksWt DNA.WS 0.95 -6.7 iSpecimen ISPC 3.90 -8.8 ModularMed MODD 2.74 -9.9 OrbitalEnergy OEG 1.30 -7.1 Reed's REED 0.26 -5.3
PowerUpAcqn PWUPU 10.03 0.1 Allakos ALLK 5.73 -3.7 AyalaPharm AYLA 4.55 -4.6 Cellectis CLLS 4.75 -11.0 EdesaBiotech EDSA 3.50 -5.9 GladstonePfdE GOODN 25.41 -1.3 Itron ITRI 53.29 -1.0 Moelis MC 48.79 -0.9 Organogenesis ORGO 6.42 -5.5 RemitlyGlobal RELY 10.22 -4.9
RattlerMidstrm RTLR 13.53 1.3 AllarityTherap ALLR 6.10 4.6 Bark BARK 2.99 -4.5 CelyadOncology CYAD 3.11 2.4 EditasMedicine EDIT 15.03 -2.6 Glatfelter GLT 13.24 4.9 JaguarHealth JAGX 0.54 -8.4 MomentusWt MNTSW 0.31 -5.6 OtonomoTech OTMO 1.32 -10.7 Renalytix RNLX 9.86 -2.6
RepublicFirstBncp FRBK 5.67 -1.4 Allbirds BIRD 9.00 -6.9 Babylon BBLN 4.55 3.4 Cerence CRNC 38.34 -5.1 EffectorTherap EFTR 4.22 14.8 GlobalinkInvtRt GLLIR 0.19 2.5 JanOne JAN 2.60 -10.3 MoneyLion ML 2.23 -0.9 OtonomoTechWt OTMOW 0.18 -9.9 ReneoPharm RPHM 4.84 -2.5
SealedAir SEE 70.37 2.9 AllogeneTherap ALLO 9.10 -2.8 Backblaze BLZE 8.75 -28.7 CeridianHCM CDAY 66.18 -3.1 eHealth EHTH 14.32 -1.4 GrafTechIntl EAF 9.50 -2.2 JohnsonOutdoors JOUT 80.14 0.7 MonsterBev MNST 80.45 -1.1 Owlet OWLT 1.59 -4.2 Continued on Page B13
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, February 19 - 20, 2022 | B11

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. -18.36 222.86 162.10 FirstRepBank FRC 0.5 22 168.59 -4.03 -18.92 188.52 110.11 ManhattanAssoc MANH ... 73 126.07 -2.68 32.62 23.71 12.33 Sasol SSL 0.0 dd 21.75 -0.39
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -1.47 42.69 32.27 FirstEnergy FE 3.8 18 40.98 -0.14 10.59 22.25 17.66 ManulifeFin MFC 4.2 7 21.09 -0.14 34.26 42.64 24.52 Schlumberger SLB 1.2 30 40.21 -0.90
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -9.31 127.34 92.06 Fiserv FISV ... 47 94.13 -0.20 33.19 22.56 9.14 MarathonOil MRO 1.0 18 21.87 -0.02 1.80 96.24 61.14 SchwabC SCHW 0.9 30 85.61 -0.41
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -19.62 237.86 151.01 FiveBelow FIVE ... 36 166.30 3.95 20.36 81.39 50.19 MarathonPetrol MPC 3.0 28 77.02 0.06 -42.92 372.70 119.41 Sea SE ... dd 127.69 -9.96
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -16.19 211.68 114.37 Five9 FIVN ... dd 115.09 -7.61 -21.84 63.55 23.16 MaravaiLifeSci MRVI ... 26 32.75 0.81 -3.84 117.67 70.36 Seagate STX 2.6 14 108.64 -2.55
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 4.32 295.36 200.78 FleetCorTech FLT ... 23 233.51 -1.88 1.54 1343.56 1077.41 Markel MKL ... 7 1253.00 2.61 -22.21 192.79 118.00 Seagen SGEN ... dd 120.26 -3.90
-6.93 19.50 15.46 Flex FLEX ... 8 17.06 -0.13 -9.55 587.05 321.17 MarketAxess MKTX 0.8 55 372.01 -2.87 s 2.73 70.37 41.78 SealedAir SEE 1.2 21 69.31 1.96
-23.99 145.89 81.20 Floor&Decor FND ... 36 98.82 -0.86 5.86 184.99 127.23 Marriott MAR 0.0124 174.92 -3.25 2.44 144.93 114.66 Sempra SRE 3.2 37 135.51 0.12
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -0.81 89.59 67.91 FomentoEconMex FMX 1.4 59 77.08 -0.42 -12.44 175.12 112.98 Marsh&McLen MMC 1.4 25 152.19 1.04 -7.36 65.58 52.30 SensataTechs ST ... 25 57.15 -0.53
s-New 52-week high. standards vj-In bankruptcy or receivership or -13.14 25.87 11.13 FordMotor F 2.2 4 18.04 0.50 -12.91 446.46 312.42 MartinMarietta MLM 0.6 34 383.67 -1.35 -22.78 78.53 35.90 SentinelOne S ... dd 38.99 -2.27
t-New 52-week low. lf-Late filing being reorganized under the -15.18 371.77 161.13 Fortinet FTNT ... 84 304.85 -5.69 -23.03 93.85 37.92 MarvellTech MRVL 0.4 dd 67.34 -0.21 -16.96 71.71 45.63 ServiceCorp SCI 1.7 12 58.95 0.83
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -6.24 48.39 38.49 Fortis FTS 3.7 22 45.26 -0.28 -18.03 71.06 51.97 Masco MAS 1.9 35 57.56 -0.19 -14.34 707.60 448.27 ServiceNow NOW ...490 556.01 -9.74
four quarters. requirements. assumed by such companies. -16.44 79.87 63.04 Fortive FTV 0.4 39 63.75 0.38 -47.28 305.21 133.94 Masimo MASI ... 39 154.34 1.97 -3.53 30.66 17.40 ShawComm B SJR 3.1 18 29.27 -0.16
FD-First day of trading. t-NYSE bankruptcy -16.94 114.00 80.40 FortBrandsHome FBHS 1.3 16 88.79 -0.58 2.96 401.50 306.00 Mastercard MA 0.5 42 369.95 -3.75 22.67 56.13 36.32 Shell SHEL 2.4 10 53.24 -0.39
14.85 44.95 32.18 FoxA FOXA 1.1 17 42.38 -0.53 -18.67 182.00 105.15 MatchGroup MTCH ...124 107.56 -4.32 -23.88 354.15 218.06 SherwinWilliams SHW 0.9 37 268.07 0.85
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. 12.46 42.14 31.15 FoxB FOX 1.2 16 38.54 -0.12 15.17 25.71 17.95 Mattel MAT ... 10 24.83 -0.14 10.09 39.17 28.97 ShinhanFin SHG 4.3 5 34.03 0.01
6.86 163.79 105.62 Franco-Nevada FNV 0.9 41 147.77 -1.69 0.08 32.83 18.52 McAfee MCFE 1.7 dd 25.81 ... t -52.31 1762.92 640.42 Shopify SHOP ... 29 656.88 -3.12
YTD 52-Week Yld Net -9.32 38.27 24.91 FranklinRscs BEN 3.8 8 30.37 0.26 1.22 103.76 77.85 McCormick MKC 1.5 35 97.79 -0.29 31.74 20.68 11.15 Sibanye-Stillwater SBSW 8.0 4 16.52 -0.61
Friday, February 18, 2022 3.09 46.20 29.45 FreeportMcM FCX 0.7 15 43.02 -0.19 2.09 103.62 77.05 McCormickVtg MKC.V 1.5 35 97.39 -1.11 3.64 374.76 205.00 SignatureBank SBNY 0.7 22 335.25 -3.34
% Chg Hi Lo Stock Sym % PE Last Chg 2.87 42.45 29.71 FreseniusMed FMS 3.2 18 33.39 0.06 -6.52 271.15 202.73 McDonalds MCD 2.2 25 250.60 -0.33 -11.78 171.12 104.12 SimonProperty SPG 4.7 23 140.95 -2.72
YTD 52-Week Yld Net
22.77 54.73 27.01 CanNaturalRes CNQ 3.6 13 51.87 -2.04 1.79 22.80 7.09 FullTruck YMM ... dd 8.52 -1.09 8.95 282.73 169.34 McKesson MCK 0.7 30 270.81 -2.54 -5.04 7.29 5.75 SiriusXM SIRI 1.5 19 6.03 ...
% Chg Hi Lo Stock Sym % PE Last Chg 0.58 83.07 64.37 CanPacRlwy CP 0.8 21 72.36 -1.02 -13.25 24.13 19.39 MedicalProp MPW 5.7 19 20.50 0.02 -11.96 204.00 129.72 Skyworks SWKS 1.6 16 136.58 0.72
ABC 0.61 25.94 20.73 Canon CAJ 3.0 13 24.58 0.12 GHI -2.77 135.89 98.38 Medtronic MDT 2.5 29 100.58 -1.12 -17.06 86.74 58.53 SmithAO AOS 1.6 24 71.20 0.15
6.11 177.95 116.67 CapitalOne COF 1.6 6 153.96 -0.40 t -30.49 1970.13 936.01 MercadoLibre MELI ...589 937.26 -83.81 -5.86 44.47 31.55 Smith&Nephew SNN 2.2 26 32.59 -0.13
4.47 72.37 44.25 Capri CPRI ... 19 67.81 -0.33 -9.69 116.49 34.95 GDS Holdings GDS ... dd 42.59 -0.40 -0.35 91.40 68.38 Merck MRK 3.6 15 76.37 0.01 2.33 145.82 111.59 Smucker SJM 2.8 20 138.99 0.66
-10.03 39.11 28.61 ABB ABB 2.1 38 34.34 -0.12 t -24.91 43.71 27.98 GFLEnvironmental GFL 0.2 dd 28.42 -0.45
-5.99 78.62 55.30 AECOM ACM 0.8 51 72.72 0.20 5.22 62.96 45.85 CardinalHealth CAH 3.6 28 54.18 -0.33 t -38.71 384.33 205.18 MetaPlatforms FB ... 15 206.16 -1.55 -19.18 83.34 24.32 Snap SNAP ... dd 38.01 -1.44
-5.67 250.23 143.88 Carlisle CSL 0.9 30 234.06 -1.12 -10.59 105.92 48.38 GXO Logistics GXO ... 61 81.21 -3.01 11.30 72.55 55.21 MetLife MET 2.8 10 69.55 -0.26 0.04 259.99 191.64 SnapOn SNA 2.6 14 215.47 -0.87
-12.51 28.86 21.14 AES AES 3.0 28 21.26 -0.21 -9.07 171.21 118.84 Gallagher AJG 1.3 35 154.28 0.78
8.19 66.97 47.52 Aflac AFL 2.5 10 63.17 -0.03 -16.74 60.62 33.43 Carlyle CG 2.2 6 45.71 0.13 -17.01 1714.75 1033.40 MettlerToledo MTD ... 43 1408.46 -8.66 -19.18 405.00 184.71 Snowflake SNOW ... dd 273.77 -12.51
-18.88 155.98 102.47 CarMax KMX ... 15 105.64 -1.84 -18.10 348.50 38.50 GameStop GME 0.0 dd 121.53 -1.88 -17.55 90.00 64.53 MicrochipTech MCHP 1.4 42 71.78 0.86 21.87 71.50 40.53 SOQUIMICH SQM 0.6 69 61.46 -1.50
10.33 158.62 108.56 AGCO AGCO 0.6 11 128.01 0.13 -8.53 51.46 40.71 Gaming&Leisure GLPI 6.0 18 44.51 0.19
-34.19 72.62 5.51 AMC Ent AMC 0.0 dd 17.90 -1.04 10.19 31.52 16.32 Carnival CCL 0.0 dd 22.17 -0.25 -2.52 98.45 65.67 MicronTech MU 0.4 14 90.80 -2.93 -27.96 24.95 10.51 SoFiTech SOFI ... dd 11.39 -0.79
10.60 27.31 15.16 Carnival CUK 0.0 dd 20.45 -0.31 t -15.90 178.81 112.04 Garmin GRMN 2.3 20 114.52 1.20 -14.39 349.67 224.26 Microsoft MSFT 0.9 31 287.93 -2.80 -8.08 389.71 199.33 SolarEdgeTech SEDG ... 84 257.91 -5.35
-25.32 413.89 292.79 Ansys ANSS ... 56 299.57 -11.22
-18.73 58.89 34.75 CarrierGlobal CARR 1.4 24 44.08 -0.50 -13.79 369.00 175.18 Gartner IT ... 31 288.23 1.73 -10.90 231.63 131.45 MidAmApt MAA 2.1 44 204.44 -0.65 -17.54 133.75 91.75 Sony SONY 0.4 16 104.23 -0.58
19.60 36.46 15.54 APA APA 1.6 20 32.16 -0.23
t -45.47 376.83 125.25 Carvana CVNA ... dd 126.40 -8.83 -16.24 524.31 251.74 Generac GNRC ... 35 294.76 -8.04 -7.14 201.34 131.87 Middleby MIDD ... 24 182.71 -2.96 -7.01 69.77 56.69 Southern SO 4.1 23 63.77 -0.36
-4.99 9.62 6.53 ASETech ASX 2.9 11 7.42 0.04 s 3.53 218.60 163.12 GeneralDynamics GD 2.2 19 215.82
-22.64 142.64 95.43 Catalent CTLT ... 31 99.04 1.07 1.42 15.93 6.62 5.15 MitsubishiUFJ MUFG 3.0 7 6.33 -0.05 9.53 83.29 54.92 SoCopper SCCO 5.3 15 67.59 0.32
-18.63 895.93 501.11 ASML ASML 0.8 38 647.83 -2.60
-7.15 246.69 186.98 Caterpillar CAT 2.3 16 191.95 -2.79 -1.88 116.17 88.05 GeneralElec GE 0.3 dd 92.69 -5.77 9.41 3.21 2.33 MizuhoFin MFG 3.8 7 2.79 -0.04 7.33 64.75 38.66 SouthwestAir LUV 0.0 29 45.98 -0.40
-2.97 33.88 22.02 AT&T T 8.7 9 23.87 0.11
-14.17 176.50 132.21 Celanese 1.14 69.95 54.31 GeneralMills GIS 3.0 19 68.15 0.36 -42.62 497.49 117.34 Moderna MRNA ... 9 145.74 -0.62 -0.88 176.66 105.45 Splunk SPLK ... dd 114.70 -2.84
-17.02 142.60 105.36 AbbottLabs ABT 1.6 30 116.79 -3.79 CE 1.9 9 144.25 -8.00 -17.11 67.21 47.07 GeneralMotors GM 0.0 7 48.60 -0.22
6.37 147.22 102.05 AbbVie ABBV 3.9 22 144.03 -0.94 -17.70 9.09 5.28 Cemex CX ... 13 5.58 -0.05 -18.62 231.80 143.25 MohawkInds MHK ... 10 148.26 1.46 t -34.94 387.44 150.74 Spotify SPOT ... dd 152.27 -6.95
25.16 16.17 6.80 CenovusEnergy CVE 0.7 69 15.37 -0.50 -18.60 49.07 30.10 Genmab GMAB ... 46 32.20 -0.48 -1.01 328.11 209.22 MolinaHealthcare MOH ... 28 314.87 -4.97 t -14.22 225.00 159.50 StanleyBlackDck SWK 2.0 16 161.79 -1.00
-16.93 379.30 261.27 Abiomed ABMD ...103 298.38 -8.73
-0.41 86.81 57.16 Centene CNC ... 36 82.06 -0.75 -18.26 54.03 39.04 Genpact G 1.2 23 43.39 0.27 5.72 61.48 42.46 MolsonCoorsB TAP 2.8 dd 49.00 0.25 -20.20 126.32 92.42 Starbucks SBUX 2.1 25 93.34 0.29
-22.52 417.37 244.44 Accenture ACN 1.2 33 321.18 -1.73
-4.66 28.52 19.31 CenterPointEner CNP 2.6 18 26.61 -9.51 142.97 100.33 GenuineParts GPC 2.8 23 126.86 -0.75 7.76 70.00 45.29 MolsonCoorsA TAP.A 2.2 dd 62.50 2.50 0.42 104.87 71.37 StateStreet STT 2.4 13 93.39 -0.26
21.82 103.08 56.40 ActivisionBliz ATVI 0.6 24 81.05 0.08 -0.20
9.85 9.61 4.93 CentraisElBras EBR 10.4 9 6.69 -0.08 1.22 7.27 4.19 Gerdau GGB 0.5 3 4.98 -0.04 -36.91 450.00 155.01 monday.com MNDY ... dd 194.76 -9.89 3.03 74.37 40.01 SteelDynamics STLD 1.6 4 63.95 0.71
-21.96 699.54 420.78 Adobe ADBE ... 44 442.56 -15.15
t -36.00 130.37 66.18 CeridianHCM CDAY ... dd 66.85 -2.14 -15.92 74.12 60.82 GileadSciences GILD 4.8 12 61.05 -0.24 -0.47 69.47 52.91 Mondelez MDLZ 2.1 22 66.00 -0.06 0.75 21.99 14.89 Stellantis STLA 0.0 dd 18.90 -0.01
-8.79 244.55 160.03 AdvanceAuto AAP 1.8 23 218.80 -1.61
-1.53 93.44 67.96 Cerner CERN 1.2 53 91.45 -0.26 -44.04 15.86 4.34 GinkgoBioworks DNA ... dd 4.65 -0.29 -26.29 590.00 238.01 MongoDB MDB ... dd 390.18 -19.38 -7.14 248.29 170.36 Steris STE 0.8 78 226.03 -0.67
-14.37 138.02 93.66 AdvDrainageSys WMS 0.4 41 116.57 -2.22
-22.07 460.21 259.02 CharlesRiverLabs CRL ... 39 293.61 1.98 -29.56 137.00 53.13 GitLab GTLB ... dd 61.28 -5.53 -7.29 580.00 301.51 MonolithicPower MPWR 0.7 90 457.35 -4.53 6.56 83.28 57.55 StifelFinancial SF 1.6 11 75.04 -0.96
-20.90 164.46 72.50 AdvMicroDevices AMD ... 44 113.83 1.46
-8.46 825.62 549.59 CharterComms CHTR ... 24 596.83 -2.40 46.85 33.53 GSK GSK 4.6 18 43.04 -0.28 t -15.38 99.89 80.45 MonsterBev MNST ... 28 81.27 -0.87 -11.64 52.15 33.30 STMicroelec STM 0.4 20 43.19 -0.42
9.51 6.22 3.89 Aegon AEG 3.1 ... 5.41 -0.06 -1.00
12.21 133.87 107.85 CheckPoint CHKP ... 21 130.79 -1.64 1.07 220.81 116.75 GlobalPayments GPN 0.7 42 136.62 -1.19 -17.15 407.94 272.60 Moody's MCO 0.9 27 323.58 0.44 -7.21 281.16 227.84 Stryker SYK 1.1 48 248.14 -3.44
0.54 71.38 44.13 AerCap AER ... 9 65.77 0.22
t -62.88 176.65 35.90 AffirmHldgs 14.40 121.31 65.23 CheniereEnergy LNG 1.1 dd 116.02 0.14 -23.49 73.25 43.59 GlobalFoundries GFS ... ... 49.71 0.76 -2.79 109.73 75.43 MorganStanley MS 2.9 12 95.42 -0.73 9.13 7.95 6.39 SumitomoMits SMFG 4.0 8 7.41 -0.03
AFRM ... dd 37.33 -0.34 -17.40 354.62 191.92 Globant GLOB ...126 259.45 0.72
-17.29 179.57 112.47 AgilentTechs A 0.6 33 132.05 1.80 13.78 51.78 38.00 CheniereEnerPtrs CQP 5.6 17 48.06 0.33 -19.91 350.21 219.85 Morningstar MORN 0.5 56 273.89 0.14 -11.72 211.79 138.11 SunComms SUI 1.8 57 185.36 -2.38
1.95 73.66 40.00 ChesapeakeEner CHK 2.7 9 65.78 -1.04 12.12 108.61 85.25 GlobeLife GL 0.8 15 105.08 0.44 14.53 47.55 27.89 Mosaic MOS 1.0 10 45.00 -1.02 -4.78 58.49 48.05 SunLifeFinancial SLF 3.3 10 53.03 -0.72
-27.48 44.83 14.36 agilon health AGL ... dd 19.58 -0.59
13.69 139.44 92.86 Chevron CVX 4.3 16 133.42 -0.19 -1.46 90.43 65.70 GoDaddy GDDY ... 59 83.62 0.57 -19.83 273.65 173.79 MotorolaSol MSI 1.5 30 217.81 1.90 16.14 30.51 17.10 SuncorEnergy SU 4.5 13 29.07 -0.59
3.35 74.50 45.42 AgnicoEagle AEM 2.5 21 54.92 -1.23 s 19.02 13.23 7.75 GoldFields
t -20.47 316.39 239.50 AirProducts APD 2.7 25 241.97 1.36 -25.10 116.35 36.70 ChewyA CHWY ...1954 44.17 -1.49 GFI 2.0 12 13.08 0.29 -24.36 319.88 211.25 NICE NICE ... 77 229.64 -9.61 2.50 14.45 8.37 Suzano SUZ 1.1 9 11.07 -0.09
-9.54 426.16 310.23 GoldmanSachs GS 2.3 6 346.04 -3.02 -26.74 56.04 19.31 NIO NIO ... dd 23.21 -1.51 -24.52 299.39 114.05 Synaptics SYNA ... 62 218.53 -5.90
5.05 215.49 129.71 Airbnb ABNB ... dd 174.90 -8.70 13.14 26.19 17.09 ChinaEastrnAir CEA ... dd 20.93 -0.34
7.29 11.07 7.85 ChinaLifeIns LFC 4.8 6 8.83 -22.46 54.68 21.13 GoodRx GDRX ... dd 25.34 -1.62 -10.79 46.10 31.94 NRG Energy NRG 3.6 4 38.43 0.11 -6.40 52.49 36.98 SynchronyFin SYF 2.0 6 43.42 -0.24
-14.28 120.67 92.64 AkamaiTech AKAM ... 26 100.33 -2.60 0.05
11.44 58.40 43.52 ChinaPetrol SNP 9.5 7 51.83 -0.29 -22.58 17.15 4.95 Grab GRAB ... dd 5.52 -0.29 -15.45 5982.44 4330.00 NVR NVR ... 16 4996.04 -5.29 -23.07 104.18 69.53 SyneosHealth SYNH ... 33 78.99 -0.37
-18.40 291.48 133.82 Albemarle ALB 0.8178 190.76 -6.26
14.50 39.96 25.07 ChinaSoAirlines ZNH 0.0 dd 33.96 -11.13 81.09 64.34 Graco GGG 1.2 28 71.65 -0.08 -17.86 239.91 164.19 NXP Semi NXPI 1.8 27 187.09 -0.52 -21.95 377.60 217.69 Synopsys SNPS ... 50 287.63 -5.68
-3.91 37.85 15.97 Albertsons ACI 1.7 17 29.01 0.26 0.04
s 31.25 78.37 21.55 Alcoa -12.87 1958.55 1256.27 Chipotle CMG ... 66 1523.32 13.46 -8.55 527.06 369.26 Grainger GWW 1.4 24 473.93 2.56 -18.32 214.96 135.57 Nasdaq NDAQ 1.3 24 171.54 -0.34 6.37 86.73 68.05 Sysco SYY 2.3 55 83.55 -0.71
AA ... 35 78.20 1.73
-0.27 19.07 10.10 Grifols GRFS 3.1 10 11.20 0.15
-12.52 88.78 65.60 Alcon ALC 0.1100 76.21 -1.24 -7.60 157.46 100.25 ChoiceHotels CHH 0.7 28 144.13 -0.76 2.12 75.14 55.89 NationalGrid NGG 4.6 26 73.85 0.22
-16.75 224.95 154.37 AlexandriaRlEst ARE 2.5 49 185.61 -0.40 5.90 211.78 155.07 Chubb CB 1.6 11 204.71 1.08 -4.99 269.75 170.13 HCA Healthcare HCA 0.9 11 244.10
2.89 84.00 61.35 HDFC Bank HDB 0.3 25 66.95
-6.70
0.99
4.58 7.00 4.94 NatWest NWG 2.5 11 6.39 -0.09 TUV
0.17 269.39 108.70 Alibaba BABA ... 17 118.99 -5.44 s 4.31 44.08 38.52 ChunghwaTel CHT 2.7 27 44.03 0.26 -1.18 96.82 58.83 NetApp NTAP 2.2 22 90.90 -0.17
-3.90 39.65 26.11 HP HPQ 2.8 7 36.20 -0.22 -3.20 126.58 77.97 NetEase NTES 0.8 36 98.52 -1.32 12.70 55.34 41.89 TC Energy TRP 5.2 36 52.45 0.04
-24.12 737.45 432.09 AlignTech ALGN ... 51 498.65 -3.11 -3.63 104.84 77.62 Church&Dwight CHD 1.1 30 98.78 1.83 -8.54 130.93 84.22 TD Synnex SNX 1.1 16 104.59 0.04
-9.71 262.20 175.01 ChurchillDowns CHDN 0.3 38 217.52 22.09 38.61 24.31 HSBC HSBC 3.0 13 36.81 0.31 -35.05 700.99 351.46 Netflix NFLX ... 35 391.29 4.62
3.03 737.89 601.26 Alleghany Y 0.0 14 687.80 7.44 -5.75 -11.07 166.44 123.31 TE Connectivity TEL 1.4 19 143.48 -0.82
-10.74 78.28 47.52 Ciena 41.06 34.32 17.82 Halliburton HAL 1.5 20 32.26 -0.71 0.18 114.33 71.88 Neurocrine NBIX ... 93 85.32 0.64
-13.83 148.69 106.52 Allegion ALLE 1.4 21 114.13 -0.46 CIEN ... 22 68.70 -0.33 s 6.79 25.34 19.74 Telus TU 4.1 26 25.17 0.04
-0.43 272.81 191.74 Cigna 2.16 78.17 49.47 HartfordFinl HIG 2.2 11 70.53 -0.09 18.41 30.10 20.36 NewellBrands NWL 3.6 19 25.86 -0.06
-7.11 62.35 45.99 AlliantEnergy LNT 3.0 23 57.10 0.48 CI 2.0 15 228.65 1.54 -8.77 120.50 69.16 TFI Intl TFII 1.1 16 102.28 -1.57
7.00 140.00 102.57 Allstate 10.23 129.17 95.06 CincinnatiFin CINF 2.2 8 125.58 -0.67 -3.73 105.73 85.97 Hasbro HAS 2.9 32 97.98 -1.10 9.11 75.31 52.60 Newmont NEM 3.3 27 67.67 -0.08
ALL 2.6 7 125.89 3.25 -40.24 102.95 45.43 HashiCorp HCP ... dd 54.41 -4.10 -12.87 77.35 61.15 TJX TJX 1.6 30 66.15 0.98
4.52 56.61 40.64 AllyFinancial ALLY 2.4 6 49.76 0.42 -16.16 461.44 321.39 Cintas CTAS 1.0 35 371.57 0.93 -0.72 27.96 20.58 NewsCorp A NWSA 0.9 27 22.15 -0.61
-12.08 37.69 28.86 HealthpeakProp PEAK 3.8 35 31.73 -0.13 -0.58 26.21 20.78 NewsCorp B NWS 0.9 27 22.37 -0.69 6.90 150.20 101.51 T-MobileUS TMUS ... 51 123.98 -0.57
-13.02 212.00 125.00 AlnylamPharm ALNY ... dd 147.50 -2.45 -9.72 64.28 44.15 CiscoSystems CSCO 2.7 20 57.21 1.44 t -27.04 224.56 141.53 TRowePrice TROW 3.3 11 143.47 0.05
-9.82 3042.00 2002.02 Alphabet C GOOG ... 23 2609.35 -36.82 6.21 80.29 57.59 Citigroup C 3.2 6 64.14 -0.57 -1.55 152.49 117.06 Heico HEI 0.1 64 141.98 -1.77 -20.58 93.73 68.33 NextEraEnergy NEE 2.1 41 74.15 -1.23
-8.64 139.65 107.20 Heico A HEI.A 0.2 53 117.41 -1.13 -14.23 179.10 125.44 Nike NKE 0.9 37 142.95 0.15 -0.83 145.00 107.58 TaiwanSemi TSM 1.3 29 119.31 -0.45
-9.98 3030.93 1990.23 Alphabet A GOOGL ... 23 2608.06 -42.72 12.70 57.00 39.55 CitizensFin CFG 2.9 10 53.25 0.16 -10.81 198.12 138.19 TakeTwoSoftware TTWO ... 35 158.50
s 7.66 84.71 60.70 HenrySchein HSIC ... 19 83.47 -0.53 3.04 30.19 21.11 NiSource NI 3.3 25 28.45 -0.12 -3.63
9.18 52.59 42.53 Altria MO 7.0 39 51.74 0.37 7.71 144.47 78.07 CitrixSystems CTXS 1.5 42 101.88 0.21 12.62 19.96 13.17 TakedaPharm TAK 4.6 12 15.35 0.09
24.40 23.90 9.99 AlumofChina ACH ... 21 17.08 0.08 -31.97 34.79 14.43 Clarivate CLVT ... dd 16.00 0.08 4.71 207.82 143.58 Hershey HSY 1.8 28 202.59 0.56 -9.00 6.40 3.75 Nokia NOK 0.0 17 5.66 0.01
-26.73 46.00 14.15 HertzGlobal HTZ ... dd 18.31 -0.62 8.55 6.72 4.10 NomuraHoldings NMR 3.9 dd 4.70 -0.01 -2.78 49.66 35.37 Tapestry TPR 2.5 13 39.47 -0.38
-8.47 3773.08 2707.04 Amazon.com AMZN ... 47 3052.03 -41.02 -12.31 26.51 12.77 Cleveland-Cliffs CLF 0.0 4 19.09 -0.09 18.86 64.29 29.09 TargaResources TRGP 2.3 53 62.09 -0.37
2.86 3.95 2.38 Ambev ABEV 3.6 15 2.88 0.02 -13.66 196.66 138.61 Clorox CLX 3.1 76 150.55 4.54 26.80 96.76 60.85 Hess HES 1.1 52 93.87 -0.33 -10.09 272.28 183.53 Nordson NDSN 0.9 30 229.51 1.14
6.84 30.87 20.36 HessMidstream HESM 7.0 17 29.52 -0.81 -9.23 299.19 238.62 NorfolkSouthern NSC 1.6 22 270.22 -3.01 -11.69 268.98 166.82 Target TGT 1.8 15 204.39 0.39
-1.08 12.92 10.33 Amcor AMCR 4.0 19 11.88 0.09 -27.10 221.64 60.96 Cloudflare NET ... dd 95.87 -7.94 1.81 35.38 18.48 TataMotors TTM ... dd 32.67 -0.30
6.32 82.38 68.33 Amdocs DOX 2.0 19 79.57 -0.19 s 5.62 62.82 48.97 Coca-Cola KO 2.8 28 62.54 0.42 9.89 17.76 12.99 HewlettPackard HPE 2.8 7 17.33 0.09 -0.91 135.15 94.87 NorthernTrust NTRS 2.4 17 118.52 0.07
-3.27 48.98 39.43 HighwoodsProp HIW 4.6 14 43.13 -0.34 1.08 408.97 291.60 NorthropGrum NOC 1.6 9 391.25 -6.86 23.14 37.23 17.30 TeckRscsB TECK 0.4 26 35.49 -0.49
-19.11 769.90 523.94 Amerco UHAL 0.0 10 587.43 -2.68 -0.95 63.04 48.88 Coca-ColaEuro CCEP 2.9 22 55.40 -0.36 t -29.21 294.94 64.92 TeladocHealth TDOC ... dd 65.00 -5.49
-4.88 90.77 69.79 Ameren AEE 2.8 22 84.67 0.16 -3.58 160.96 114.51 Hilton HLT 0.0104 150.41 -2.63 7.66 30.91 19.41 NortonLifeLock NLOK 1.8 18 27.97 -0.10
-15.48 92.17 61.59 Cognex CGNX 0.4 40 65.72 4.07 -3.88 465.40 354.17 TeledyneTech TDY ... 42 419.92 -0.06
-13.83 21.37 12.70 AmericaMovil AMX 1.9 12 18.19 -0.19 -8.50 83.00 60.10 Hologic HOLX ... 11 70.05 0.17 2.22 34.48 17.78 NorwegCruise NCLH ... dd 21.20 -0.57
-2.66 92.44 66.19 CognizantTech CTSH 1.3 21 86.36 0.44 -3.87 449.38 289.00 Teleflex TFX 0.4 35 315.78 -2.21
-14.16 21.34 12.76 AmericaMovil A AMOV 2.2 12 18.07 -0.30 -16.42 420.61 246.59 HomeDepot HD 1.9 23 346.87 -1.07 -1.23 95.17 79.34 Novartis NVS 2.5 8 86.39 -0.27
-25.05 429.54 162.20 CoinbaseGlbl COIN ... 16 189.16 -2.76 -7.45 14.39 9.93 Ericsson ERIC 1.6 13 10.06 -0.25
-0.50 26.09 14.90 AmerAirlines 12.02 33.42 27.11 HondaMotor HMC 3.2 8 31.87 0.31 -9.99 117.35 66.59 NovoNordisk NVO 1.0 31 100.81 -1.64
AAL 0.0 dd 17.87 -0.35 -6.78 85.61 74.01 ColgatePalm CL 2.3 31 79.55 0.40 t -12.65 236.86 181.39 Honeywell 11.91 9.72 7.46 TelefonicaBras VIV 5.3 18 9.68 0.02
-3.66 91.66 74.80 AEP AEP 3.6 18 85.71 0.22 -7.33 61.80 45.47 Comcast A CMCSA 2.3 15 46.64 -0.13
HON 2.2 23 182.13 -2.46 1.23 232.76 59.57 Novocure NVCR ... dd 76.00 -2.63
-13.35 120.53 79.81 HorizonTherap HZNP ... 40 93.37 -0.99 5.01 12.24 6.40 NuHoldings NU ... dd 9.85 -0.24 15.09 5.17 4.12 Telefonica TEF 3.4 2 4.88 -0.01
19.12 199.55 129.49 AmerExpress AXP 0.9 20 194.88 -0.83 10.18 102.09 63.07 Comerica CMA 2.8 12 95.86 -0.93 5.07 30.98 20.44 TelekmIndonesia TLK 4.2 19 30.46 -0.01
-1.94 146.63 106.49 AmericanFin AFG 1.7 6 134.65 -0.97 -2.79 50.74 40.48 HormelFoods HRL 2.2 29 47.45 0.14 -0.31 55.55 39.90 NuanceComms NUAN ... dd 55.15 -0.03
3.56 79.10 61.81 CommerceBcshrs CBSH 1.5 17 71.19 0.29 -45.25 208.99 75.87 10xGenomics TXG ... dd 81.56 0.57
-13.46 44.07 28.63 AmHomes4Rent AMH 1.1106 37.74 0.06 -23.06 110.45 72.57 DR Horton DHI 1.1 7 83.44 0.69 7.69 128.81 56.73 Nucor NUE 1.6 5 122.93 1.99
5.48 39.09 30.44 ConagraBrands CAG 3.5 16 36.02 0.14 23.20 27.20 17.24 Tenaris TS 0.0 18 25.70 -0.53
8.56 63.54 42.08 AIG AIG 2.1 6 61.73 0.35 9.89 19.75 14.67 HostHotels HST 0.0 dd 19.11 -0.19 0.77 78.76 52.28 Nutrien NTR 2.5 14 75.78 -1.39
10.40 208.48 105.42 Concentrix CNXC 0.5 26 197.20 -2.74 -17.52 32.25 5.36 TencentMusic TME ... 17 5.65 -0.34
-21.90 303.72 197.50 AmerTowerREIT AMT 2.3 42 228.44 -0.23 8.58 36.03 27.41 HowmetAerospace HWM 0.2 59 34.56 -0.42 -18.21 140.23 43.10 Nuvei NVEI ... 67 53.15 -3.14
-38.34 94.97 37.71 Confluent CFLT ... dd 47.01 -5.30 -1.44 88.19 49.15 TenetHealthcare THC ... 10 80.51 -3.59
-20.67 28.77 13.05 HuanengPower HNP 4.7 dd 20.95 -0.37 -19.62 346.47 115.67 NVIDIA NVDA 0.1 61 236.42 -8.65
-21.50 189.65 131.01 AmerWaterWorks AWK 1.6 21 148.26 0.20 24.18 94.93 47.51 ConocoPhillips COP 2.1 15 89.63 -1.53 -29.78 168.91 102.51 Teradyne TER 0.4 21 114.83 -1.17
-0.36 332.37 213.38 Ameriprise AMP 1.5 13 300.56 1.16 17.19 61.85 32.99 Huazhu HTHT ...140 43.76 -1.14
-0.83 87.67 65.56 ConEd ED 3.7 25 84.61 3.16
s 6.48 144.22 100.71 AmerisourceBrgn ABC 1.3 18 141.50 -0.61 -13.99 258.00 207.35 ConstBrands A STZ 1.4 dd 215.85 -3.02
-13.89 212.54 168.56 Hubbell
-24.51 866.00 403.00 HubSpot
HUBB 2.3 25 179.35
HUBS ... dd 497.59
-1.55
-9.99
OPQ -18.91 1243.49 539.49 Tesla
-12.22 192.91 116.01 TetraTech
TSLA ...175 856.98
TTEK 0.5 33 149.05
-19.37
-9.71
-12.80 148.07 117.80 Ametek AME 0.7 30 128.22 -0.10 17.90 60.16 21.72 ContinentalRscs CLR 1.3 12 52.77 -1.17 5.19 66.78 42.55 ONEOK OKE 6.1 19 61.81 -0.79 1.75 11.99 7.73 TevaPharm TEVA ... 22 8.15 -0.17
-1.87 261.00 198.64 Amgen AMGN 3.5 21 220.77 -0.91 -9.08 475.44 351.20 Humana HUM 0.7 19 421.75 -2.96
-7.15 463.59 368.05 Cooper COO 0.0 7 388.98 0.03 -4.14 710.86 443.56 OReillyAuto ORLY ... 22 676.96 2.02 -11.53 202.26 161.04 TexasInstruments TXN 2.8 20 166.74 2.09
-12.84 88.45 58.58 Amphenol -7.88 208.87 140.88 JBHunt JBHT 0.8 26 188.29 0.45
APH 1.0 30 76.23 0.75 -19.32 161.12 101.92 Copart CPRT ... 27 122.32 -2.48 36.46 43.16 21.62 OccidentalPetrol OXY 0.1 dd 39.56 -0.30 -9.95 79.45 48.83 Textron TXT 0.1 21 69.52 -0.59
-8.77 191.95 142.25 AnalogDevices ADI 1.9 51 160.36 -0.07 2.79 17.79 13.01 HuntingtonBcshs HBAN 3.9 17 15.85 -0.02
12.01 46.82 33.93 Corning GLW 2.6 34 41.70 0.34 s 18.12 41.52 24.09 Huntsman t -26.54 290.60 163.45 Okta OKTA ... dd 164.67 -8.78 -19.50 672.34 433.52 ThermoFisherSci TMO 0.2 28 537.14 -3.40
4.86 26.77 14.57 AngloGoldAsh AU 2.3 10 22.00 -0.26 7.23 52.38 40.60 Corteva CTVA 1.1 21 50.70 -0.57 HUN 2.1 9 41.20 0.16
5.32 108.10 67.70 HyattHotels H 0.0 dd 101.00 -1.10 t -37.93 30.41 17.84 Olaplex OLPX ... 65 18.08 0.05 -16.24 123.60 80.16 ThomsonReuters TRI 1.8 9 100.19 -0.52
4.13 79.67 54.08 AB InBev BUD 0.7 22 63.05 -0.11 7.21 21.30 13.59 Cosan CSAN 2.6 8 16.80 -0.79 -19.65 373.58 207.01 OldDomFreight ODFL 0.4 32 287.96 -1.78 t -16.89 208.95 147.24 3M MMM 4.0 15 147.62 -1.02
t -9.08 9.64 7.05 AnnalyCap t -16.19 179.12 108.42 IAC/InterActive IAC ... 17 109.55 -5.46
NLY 12.4 4 7.11 0.03 t -17.82 101.05 64.55 CoStar CSGP ...109 64.95 -0.70 7.04 27.19 19.18 OldRepublic ORI 3.3 5 26.31 0.08 -39.87 69.93 18.72 Toast TOST ... dd 20.87 -0.80
-3.73 472.01 290.86 Anthem ANTM 1.1 18 446.24 -5.10 0.61 22.34 14.30 ICICI Bank IBN 0.2 23 19.91 0.19
-9.69 571.49 307.00 Costco COST 0.6 44 512.67 -2.34 6.31 11.16 5.56 ICL Group ICL 1.5 17 10.28 -0.09 -13.79 64.76 28.36 Olin OLN 1.6 6 49.59 -0.50 -1.71 118.13 90.26 Toro TTC 1.2 26 98.20 -0.15
-5.58 326.25 221.82 Aon AON 0.7 51 283.80 2.76 18.89 24.39 14.28 CoterraEnergy CTRA 2.2 26 22.59 -0.20 14.81 91.61 65.76 Omnicom OMC 3.3 13 84.12 -0.34 8.53 86.02 59.70 TorontoDomBk TD 3.1 14 83.22 -0.68
-25.67 706.95 460.36 IdexxLab IDXX ... 57 489.45 -3.90
-6.62 55.53 40.05 AptIncmREIT AIRC 3.5 18 51.05 -0.65 t -26.62 377.04 114.27 CoupaSoftware COUP ... dd 115.97 -3.62 -33.80 55.87 22.82 OnHolding ONON ...749 25.03 -1.51 16.42 60.03 40.33 TotalEnergies TTE ... 10 57.58 0.09
-11.40 81.07 45.40 ApolloGlbMgmt APO 2.5 8 64.17 -1.06 -19.42 135.82 88.44 IHS Markit INFO 0.7 36 107.11 -0.78
-21.75 69.00 16.61 Coupang CPNG ... dd 22.99 -0.28 2.01 15.97 10.81 ING Groep ING 4.2 ... 14.20 -0.07 -11.37 71.25 34.01 ON Semi ON ... 26 60.20 0.01 1.98 213.74 145.55 ToyotaMotor TM 2.1 9 188.97 2.43
-5.78 182.94 116.21 Apple AAPL 0.5 28 167.30 -1.58 26.09 165.29 88.67 Credicorp BAP 0.8 15 153.92 -0.88 t -9.96 55.25 42.72 OpenText OTEX 2.1 24 42.75 -0.48 -10.23 239.86 148.43 TractorSupply TSCO 1.7 25 214.18 0.70
-15.26 167.06 105.50 ApplMaterials AMAT 0.7 19 133.35 -3.12 -2.39 29.71 20.25 Invesco IVZ 3.0 8 22.47 0.08
-7.37 14.95 8.77 CreditSuisse CS 0.5 dd 8.93 -0.04 -19.09 285.61 181.13 IQVIA IQV ... 46 228.27 1.91 -14.49 106.34 61.08 Oracle ORCL 1.7 22 74.57 -0.96 -14.83 114.09 46.71 TradeDesk TTD ...114 78.05 -1.36
-32.35 116.09 49.41 Applovin APP ...708 63.77 -0.36 -19.45 298.48 150.02 CrowdStrike CRWD ... dd 164.93 -4.92 18.10 13.09 9.85 Orange ORAN 5.9 30 12.46 0.08 -19.44 102.33 66.50 Tradeweb TW 0.4 74 80.67 -1.20
-14.43 180.81 127.63 Aptiv APTV 0.0 73 141.15 -1.98 11.43 69.10 48.93 IcahnEnterprises IEP 14.5301 55.26 -0.03
-22.23 209.87 146.15 CrownCastle CCI 3.6 61 162.34 -1.03 -26.75 313.00 168.76 Icon ICLR ... 58 226.84 -3.10 18.52 38.75 27.25 Organon OGN 3.1 7 36.09 -0.28 -24.60 207.06 149.61 TraneTech TT 1.8 26 152.33 0.90
2.50 43.12 31.22 Aramark ARMK 1.2303 37.77 0.17 9.13 124.58 94.11 CrownHoldings CCK 0.7 dd 120.72 -0.91 0.31 112.91 79.51 Orix IX 3.1 10 102.10 -0.26 1.99 688.03 552.72 TransDigm TDG 0.0 51 648.96 -8.84
-4.71 37.87 22.73 ArcelorMittal MT 1.9 2 30.33 -0.13 -19.88 240.33 187.94 IDEX IEX 1.1 32 189.34 0.63
-15.50 57.34 34.96 CubeSmart CUBE 3.6 44 48.09 -0.32 -12.56 249.81 199.31 IllinoisToolWks ITW 2.3 25 215.81 -1.35 -12.31 92.84 62.52 OtisWorldwide OTIS 1.3 26 76.35 0.13 -17.53 125.35 83.11 TransUnion TRU 0.4 40 97.79 -0.51
5.96 49.15 34.73 ArchCapital ACGL ... 9 47.10 0.13 12.40 147.39 100.35 Cullen/Frost CFR 2.1 21 141.70 0.03 20.18 43.10 20.98 Ovintiv OVV 1.4 dd 40.50 -0.77 9.08 174.55 144.44 Travelers TRV 2.1 12 170.63 0.04
13.02 78.03 54.94 ArcherDaniels ADM 2.1 16 76.39 -0.26 t -18.00 526.00 310.02 Illumina ILMN ... 62 311.97 -5.87
-0.04 277.09 203.38 Cummins CMI 2.7 15 218.05 -0.64 20.30 45.33 20.61 ImperialOil IMO 2.5 16 43.43 -0.75 8.36 109.89 75.66 OwensCorning OC 1.4 10 98.07 0.39 -36.74 140.98 81.76 Trex TREX ... 44 85.42 -3.75
-5.32 90.08 47.77 AresMgmt ARES 3.2 39 76.95 -2.06 0.27 90.35 61.64 CyrusOne CONE 2.3432 89.96 0.08 -6.01 13.19 8.24 PG&E PCG ... dd 11.41 -0.18 -21.61 96.49 65.00 Trimble TRMB ... 35 68.35 0.29
-20.59 372.84 248.21 arGEN-X ARGX ... dd 278.10 -9.79 -6.63 88.26 61.91 Incyte INCY ... 16 68.53 0.70
0.32 228.14 167.07 PNC Fin PNC 2.5 16 201.17 -0.13 16.04 45.19 21.40 Trip.com TCOM ... 14 28.57 -1.23
-12.40 148.57 65.52 AristaNetworks ANET ... 48 125.92 -3.31
-7.84 137.95 96.40 ArrowElec ARW ... 8 123.74 -1.42
DEF -11.06 26.39 16.94 Infosys
-14.22 62.64 43.05 IngersollRand IR
INFY 1.1 33 22.51
0.2 34 53.07
0.08
-0.24 -0.43 92.19 54.20 POSCO PKX 5.1 4 58.04 -0.46 6.44 68.95 51.87 TruistFinl TFC 3.1 14 62.32 -0.23
t -10.73 47.05 28.84 DISH Network DISH ... 7 28.96 -0.92 -11.99 324.81 193.70 Insulet PODD ... dd 234.18 -6.63 -13.22 182.97 132.10 PPG Ind PPG 1.6 25 149.64 0.59 t -39.88 434.33 157.72 Twilio TWLO ... dd 158.33 -11.80
-15.31 145.79 25.41 Asana ASAN ... dd 63.14 -4.04 t -13.17 30.71 25.73 PPL -20.59 80.75 32.05 Twitter TWTR ... dd 34.32 -1.11
-6.14 169.22 122.29 AspenTech AZPN ... 38 142.86 1.83 -0.16 123.74 98.43 DTE Energy DTE 3.0 26 119.35 0.80 t -12.54 68.49 44.51 Intel INTC 3.2 9 45.04 -2.53 PPL 6.4 71 26.10 -2.04
10.66 44.18 24.20 DXC Tech DXC 0.0 dd 35.62 -0.17 -11.66 82.83 58.84 InteractiveBrkrs IBKR 0.6 21 70.16 -1.00 -10.14 153.73 105.49 PTC PTC ... 26 108.86 -0.68 -23.55 557.55 372.80 TylerTech TYL ...108 411.28 -17.34
6.21 172.22 121.55 Assurant AIZ 1.6 23 165.54 -0.48 6.29 99.48 77.96 Paccar PCAR 1.4 18 93.81 0.17 5.86 100.72 67.23 TysonFoods TSN 2.0 9 92.27 -0.94
2.76 64.21 46.48 AstraZeneca -18.87 333.96 211.22 Danaher DHR 0.3 43 266.93 -2.34 -10.16 139.79 109.04 ICE ICE 1.2 17 122.87 -0.38
AZN 2.3440 59.86 -1.13 4.94 75.20 58.74 InterContinentl IHG 0.0 dd 68.43 -0.72 9.05 156.54 124.78 PackagingCpAm PKG 2.7 17 148.47 -0.06 12.81 21.48 14.42 UBS Group UBS 2.5 10 20.16 -0.03
-21.83 483.13 198.80 Atlassian TEAM ... dd 298.07 -5.93 -3.92 164.28 128.59 Darden DRI 2.9 21 144.74 1.89
-3.98 85.98 58.70 DarlingIngred DAR ... 21 66.53 -0.82 -6.97 145.99 113.07 IBM IBM 5.3 20 124.35 -0.62 t -39.48 30.19 10.57 PalantirTech PLTR ... dd 11.02 -0.75 -9.58 61.06 41.15 UDR UDR 2.7116 54.24 0.01
1.21 109.22 84.59 AtmosEnergy ATO 2.6 20 106.04 -0.62 -13.40 572.67 311.56 PaloAltoNtwks PANW ... dd 482.17 -16.97 -17.14 48.55 37.34 UGI UGI 3.6 8 38.04 -0.54
t -22.88 344.39 216.19 Autodesk ADSK ... 37 216.84 -6.55 -10.72 199.68 69.73 Datadog DDOG ... dd 159.02 -6.79 -10.53 157.08 125.39 IntlFlavors IFF 2.3133 134.79 -0.91
1.52 136.48 94.38 DaVita DVA ... 13 115.49 -1.83 -0.51 61.80 43.87 IntlPaper IP 4.0 11 46.74 0.62 t -5.96 101.97 27.62 ParamountB PARA 3.4 4 28.38 -0.97 10.34 42.10 30.02 US Foods USFD ...229 38.43 -0.43
-3.97 110.59 80.83 Autoliv ALV 2.6 20 99.30 -1.04 -2.07 101.60 31.18 ParamountA PARAA 2.9 5 32.68 -0.32 -17.29 61.50 32.81 Uber UBER ... dd 34.68 -1.03
-18.71 248.96 167.13 ADP ADP 2.1 31 200.45 -0.01 -19.12 451.49 289.23 DeckersOutdoor DECK ... 20 296.26 -3.53 -3.58 39.98 24.97 Interpublic IPG 3.2 15 36.11 -0.01
7.64 400.34 315.87 Deere DE 1.1 19 369.10 -11.43 -25.19 716.86 365.15 Intuit INTU 0.6 64 481.20 -14.98 -5.69 340.00 269.38 ParkerHannifin PH 1.4 22 300.03 -2.99 -18.37 401.81 231.85 Ubiquiti UI 1.0 29 250.37 4.42
-8.41 2110.00 1145.15 AutoZone AZO ... 19 1920.01 26.90 -15.14 138.97 88.69 Paychex PAYX 2.3 33 115.84 -0.51 -12.01 90.00 31.47 UiPath PATH ... dd 37.95 1.38
t -27.66 191.67 93.25 Avalara AVLR ... dd 93.40 -3.17 4.86 61.54 38.97 DellTechC DELL ... 7 58.90 -0.36 -21.85 369.69 227.47 IntuitiveSurgical ISRG ... 60 280.78 -3.30
9.62 52.28 33.40 DeltaAir DAL 0.0103 42.84 -0.47 -14.82 45.80 27.43 InvitatHomes INVH 2.3111 38.62 -0.66 -23.27 558.97 296.68 PaycomSoftware PAYC ... 95 318.57 -9.15 -8.85 422.43 297.29 UltaBeauty ULTA ... 24 375.83 6.71
-6.93 257.52 174.85 Avalonbay AVB 2.7 33 235.09 -1.05 -18.53 314.50 154.26 Paylocity PCTY ...121 192.41 -5.22 -2.77 61.81 46.07 Unilever UL 3.8 19 52.30 0.61
-12.11 55.57 43.21 Avangrid AGR 4.0 20 43.84 -0.30 -1.25 69.54 48.13 DentsplySirona XRAY 0.8 29 55.09 -0.46 -17.81 53.14 31.58 IronMountain IRM 5.8 20 43.01 -0.56
22.48 16.70 11.41 DeutscheBank DB 0.0 12 15.31 -0.14 34.93 5.57 3.55 ItauUnibanco ITUB 2.6 10 5.06 0.05 t -45.04 310.16 103.03 PayPal PYPL ... 30 103.65 -1.55 -0.29 256.11 195.68 UnionPacific UNP 1.9 25 251.19 0.20
-19.32 44.37 26.14 Avantor AVTR ... 40 34.00 -0.40 -17.14 141.67 22.81 Peloton PTON ... dd 29.63 -0.96 8.34 63.70 38.79 UnitedAirlines UAL ... dd 47.43 -0.93
-16.48 229.24 168.47 AveryDennison AVY 1.5 20 180.87 -1.83 24.36 56.42 19.61 DevonEnergy DVN 3.6 13 54.78 -0.47
-22.63 545.11 44.56 AvisBudget CAR ... 8 160.45 -4.74 -29.00 659.45 318.45 DexCom DXCM ...247 381.24 -6.01 JKL 9.13 34.73 25.38 PembinaPipeline PBA 5.8 dd 33.10
-8.83 142.00 37.76 PennNational PENN ... 19 47.27
-0.19
-2.04
-18.72 12.68 7.90 UnitedMicro
-2.32 233.72 156.59 UPS B
UMC 2.3 13 9.51
UPS 2.9 14 209.36
-0.01
0.17
-18.17 209.00 121.09 AxonEnterprise AXON ... dd 128.47 -4.11 -9.29 223.14 156.66 Diageo DEO 2.0 28 199.69 1.14 2.55 107.67 61.65 JD.com JD ... 29 71.86 -2.69
21.90 136.55 63.05 DiamondbkEner FANG 1.5 68 131.47 1.78 -6.59 114.34 63.98 PenskeAuto PAG 1.8 7 100.15 0.31 -6.16 414.99 278.07 UnitedRentals URI ... 16 311.82 -2.39
0.46 53.55 42.75 BCE BCE 5.5 22 52.28 -0.28 -3.92 172.96 139.57 JPMorganChase JPM 2.6 10 152.14 0.71 -20.84 80.40 54.64 Pentair PNR 1.5 18 57.81 0.19 1.66 63.57 49.27 US Bancorp USB 3.2 11 57.10 -0.03
14.90 82.07 51.88 BHP Group BHP 13.0 10 69.34 1.42 -9.69 147.39 66.76 Dick's DKS 1.7 8 103.85 -0.93 -15.34 72.11 41.43 Jabil JBL 0.5 12 59.56 -0.07
-19.08 18.01 3.33 DiDiGlobal DIDI ... ... 4.03 -0.23 -26.51 320.00 193.62 Penumbra PEN ...236 211.15 -5.00 -9.06 218.38 155.71 UnitedTherap UTHR ... 20 196.50 -3.41
-1.69 74.09 37.15 BJ'sWholesale BJ ... 22 65.84 -0.09 3.28 179.98 146.10 JackHenry JKHY 1.1 37 172.46 2.11 16.50 21.60 15.18 People'sUtdFin PBCT 3.5 15 20.76 -0.06 -6.84 509.23 320.35 UnitedHealth UNH 1.2 26 467.81 -2.53
19.30 34.16 22.53 BP BP 4.0 14 31.77 -0.52 -23.56 178.22 124.65 DigitalRealty DLR 3.4 57 135.20 -2.56 -14.06 149.55 111.73 JacobsEngg J 0.8 56 119.65 -0.05
7.14 135.69 89.83 DiscoverFinSvcs DFS 1.6 7 123.81 0.73 -3.45 177.24 128.32 PepsiCo PEP 2.6 31 167.71 0.96 -30.70 210.00 76.00 UnitySoftware U ... dd 99.09 -3.18
6.00 354.82 132.14 Baidu BIDU ... 26 157.72 -8.68 -19.24 41.85 28.24 JamesHardie JHX 0.9 29 32.86 -0.20 16.17 59.89 38.82 PerformanceFood PFGC ...201 53.31 0.52 3.96 165.00 116.23 UniversalHealthB UHS 0.6 11 134.79 -1.57
20.99 30.11 18.75 BakerHughes BKR 2.5 dd 29.11 -0.32 5.88 150.72 27.19 DiscoveryB DISCB ... 17 31.50 0.23 8.23 189.00 117.64 JazzPharma JAZZ ... dd 137.89 -3.01
26.85 78.14 21.66 DiscoveryA DISCA ... 16 29.86 -0.01 -10.87 203.16 119.95 PerkinElmer PKI 0.2 22 179.21 1.39 -14.04 401.49 42.51 Upstart UPST ... 92 130.05 -9.58
-5.88 98.09 77.95 Ball BLL 0.9 34 90.61 -0.31 -5.80 44.47 28.55 JefferiesFin JEF 3.3 6 36.55 -0.12 18.50 55.18 34.15 PetroChina PTR 5.7 10 52.39 0.12 t -19.19 90.79 58.76 VF VFC 3.4 17 59.17 0.02
10.05 7.25 5.04 BancoBilbaoViz BBVA 4.4 8 6.46 -0.02 29.87 66.70 20.86 DiscoveryC DISCK ... 16 29.74 -0.02 -4.51 179.92 151.47 J&J JNJ 2.6 21 163.36 -1.77
-2.28 203.02 129.26 Disney DIS 0.0 90 151.36 -1.59 27.60 14.44 7.06 PetroleoBrasil PBR 14.0 4 14.01 0.04 -7.27 33.35 26.23 VICI Prop VICI 5.2 15 27.92 0.01
18.62 4.86 2.79 BancoBradesco BBDO 3.8 8 3.44 0.01 -19.60 81.77 55.14 JohnsonControls JCI 2.1 30 65.37 -0.45 27.10 13.11 7.09 PetroleoBrasilA PBR.A 15.3 3 12.85 0.17 -18.88 376.24 263.23 VailResorts MTN 1.3 78 266.00 -0.29
34.56 25.12 15.60 BancodeChile BCH 4.0 10 21.14 -0.29 -11.60 73.43 23.21 dLocal DLO ... ... 31.55 -0.61 -9.91 275.76 150.97 JonesLang JLL 0.0 16 242.66 -2.44
-27.60 314.76 108.06 DocuSign DOCU ... dd 110.28 -4.72 -17.82 61.71 33.36 Pfizer PFE 3.3 13 48.53 -0.37 18.69 23.18 11.16 Vale VALE 16.1 5 16.64 0.04
16.20 9.02 5.18 BancSanBrasil BSBR 8.7 ... 6.24 0.07 -3.89 36.03 23.12 JuniperNetworks JNPR 2.4 45 34.32 -0.06 s 17.48 112.48 83.98 PhilipMorris PM 4.5 19 111.61 -0.29 15.46 93.77 58.85 ValeroEnergy VLO 4.5 38 86.72 -0.32
19.09 26.15 15.37 BcoSantChile BSAC 5.3 9 19.40 0.10 -15.21 240.14 173.50 DollarGeneral DG 0.8 20 199.97 2.85 t -24.16 19.84 8.09 JustEatTakeaway GRUB ... dd 8.16 -0.52
1.65 149.37 84.26 DollarTree DLTR ... 24 142.84 7.09 17.40 94.34 63.19 Phillips66 PSX 4.3 29 85.07 -1.05 -14.71 343.96 212.49 VeevaSystems VEEV ... 82 217.90 -1.39
15.20 4.38 2.96 BancoSantander SAN 1.0 7 3.79 ... 14.88 55.31 38.32 KB Fin KB 3.5 6 53.03 -0.64 -3.89 204.39 47.67 Pinduoduo PDD ... dd 56.03 -3.61 3.56 61.09 45.44 Ventas VTR 3.4101 52.94 1.01
8.10 37.00 27.64 BanColombia CIB 3.2 26 34.15 -0.26 0.75 81.67 67.85 DominionEner D 3.4 20 79.15 0.01 ... 76.92 15.15 KE Holdings BEKE ...106 20.12 -0.65 t -34.36 88.83 23.61 Pinterest PINS ... 52 23.86 -0.83 -17.97 257.03 184.60 VeriSign VRSN ... 30 208.22 -0.15
3.30 50.11 34.18 BankofAmerica BAC 1.8 13 45.96 -0.11 -22.81 567.57 319.71 Domino's DPZ 0.9 33 435.62 5.09 -20.62 83.90 43.68 KKR KKR 1.0 8 59.14 0.73 s 28.32 237.56 131.81 PioneerNatRscs PXD 4.5 28 233.38 3.25 -17.24 231.57 159.79 VeriskAnalytics VRSK 0.6 44 189.30 -1.00
6.57 120.86 78.95 BankofMontreal BMO 3.6 12 114.80 -0.86 -35.39 257.25 91.96 DoorDash DASH ... dd 96.21 -8.82 -16.70 457.12 273.24 KLA KLAC 1.2 18 358.30 -7.75
-12.43 184.04 120.30 Dover DOV 1.3 21 159.03 -0.36 8.46 12.38 8.07 PlainsAllAmPipe PAA 7.1 18 10.13 -0.07 3.60 59.85 49.69 Verizon VZ 4.8 10 53.83 0.25
-2.93 64.63 41.98 BankNY Mellon BK 2.4 14 56.38 -0.97 -4.53 44.96 25.00 Kanzhun BZ ... dd 33.30 -0.84 8.19 12.96 8.26 PlainsGP PAGP 6.6 35 10.97 -0.09 4.56 254.93 176.36 VertxPharm VRTX ... 25 229.61 -3.16
0.42 74.86 56.19 BkNovaScotia BNS 4.4 12 71.99 -0.43 6.82 71.38 52.07 Dow DOW 4.6 7 60.59 -0.58 2.56 68.60 56.75 Kellogg K 3.5 15 66.07 1.23
13.70 107.79 39.92 Doximity DOCS ... 95 57.00 -0.38 2.29 99.60 67.89 PlanetFitness PLNT ...169 92.65 -0.22 8.72 18.48 11.96 Viatris VTRS 3.3 dd 14.71 -0.12
1.35 12.20 8.47 Barclays BCS 1.5 ... 10.49 -0.05 4.40 39.35 30.28 KeurigDrPepper KDP 1.9 32 38.48 0.56 -21.82 57.78 17.51 PlugPower PLUG ... dd 22.07 -1.08 2.76 252.67 190.10 Visa V 0.7 38 222.69 -1.92
21.79 25.37 17.27 BarrickGold GOLD 1.7 21 23.14 -0.09 -12.99 75.50 54.15 DrReddy'sLab RDY 0.5 25 56.91 0.78 10.85 27.17 17.90 KeyCorp KEY 3.0 10 25.64 -0.09
t -37.06 74.38 17.23 DraftKings -19.64 582.26 305.47 Pool POOL 0.7 28 454.83 8.91 -5.80 24.20 15.47 Vistra VST 2.8 dd 21.45 -0.04
-25.09 82.00 39.59 Bath&BodyWks BBWI 1.5 9 52.28 0.12 DKNG ... dd 17.29 -4.77 -22.24 209.08 129.09 KeysightTechs KEYS ... 34 160.59 -4.91 0.21 80.36 53.80 PrincipalFin PFG 3.5 12 72.48 -0.34 5.86 172.00 108.80 VMware VMW ... 26 122.67 -1.73
-13.33 34.80 22.30 BauschHealth BHC ... dd 23.93 -0.77 -6.19 33.00 21.63 Dropbox DBX ... dd 23.02 -0.56 6.55 74.05 57.35 KilroyRealty KRC 2.9 13 70.81 -1.21 -19.84 108.75 56.00 ProcoreTech PCOR ... dd 64.10 -2.24 24.78 20.36 14.53 Vodafone VOD 5.4 dd 18.63 -0.06
-4.07 89.70 73.12 BaxterIntl BAX 1.4 33 82.35 -0.45 -4.85 108.38 85.56 DukeEnergy DUK 3.9 26 99.81 1.08 -6.84 145.79 125.27 KimberlyClark KMB 3.5 25 133.15 1.52 -2.25 165.35 121.54 Procter&Gamble PG 2.2 28 159.90 0.08 6.28 50.91 36.11 VornadoRealty VNO 4.8 85 44.49 -0.59
4.99 280.62 235.13 BectonDicknsn BDX 1.3 46 264.04 -2.11 -19.38 66.22 37.74 DukeRealty DRE 2.1 24 52.92 -0.09 -3.45 25.62 17.61 KimcoRealty KIM 3.2 15 23.80 -0.08 3.66 111.85 85.50 Progressive PGR 0.4 15 106.41 1.18 -10.73 213.65 157.80 VulcanMatls VMC 0.8 37 185.31 -2.30
-21.38 426.56 194.50 BeiGene BGNE ... dd 213.00 7.81 -2.49 86.28 66.37 DuPont DD 1.7 7 78.77 -0.96 4.67 19.29 14.62 KinderMorgan KMI 6.5 21 16.60 -0.16 -15.33 169.93 94.14 Prologis PLD 1.8 37 142.55 -0.73
-22.49 71.92 36.05 BentleySystems BSY 0.3116 37.46 -0.36
9.81 93.79 67.14 Berkley WRB 0.6 16 90.47 0.71
-0.49 81.40 32.42 DutchBros
t -31.00 80.13 41.00 Dynatrace
BROS
DT
... ... 50.66
...154 41.64
0.64
-0.12
-11.60 62.29 42.30 Knight-Swift KNX 0.9 12 53.87 0.19 5.39 124.22 82.58 PrudentialFin PRU 4.2 6 114.07 -0.18 WXYZ
16.93 64.80 43.67 Kohl's KSS 1.7 9 57.75 -0.41 t -8.13 43.60 31.55 Prudential PUK 1.0 dd 31.63 -0.71
4.79 488399 362860 BerkHathwy A BRK.A ... 8 472257 1602.00 9.95 31.08 21.91 ENI E 3.7 29 30.40 0.11 -7.25 61.23 31.34 KoninklijkePhil PHG 2.4 8 34.18 0.52 -7.28 99.86 80.55 WEC Energy WEC 3.2 22 90.00 0.61
-3.07 68.06 53.77 PublicServiceEnt PEG 3.3 dd 64.68 -0.05
5.28 325.63 240.25 BerkHathwy B BRK.B ... 8 314.80 1.25 25.66 116.89 60.79 EOG Rscs EOG 2.7 22 111.62 -0.98 3.06 12.28 8.30 KoreaElcPwr KEP 4.6 dd 9.42 0.19 -6.93 83.19 66.12 W.P.Carey WPC 5.5 34 76.36 0.29
-8.28 377.36 229.14 PublicStorage PSA 2.3 41 343.56 -2.50
-15.41 74.73 55.39 BerryGlobal BERY ... 12 62.41 -0.32 -33.69 725.40 338.69 EPAM Systems EPAM ... 54 443.23 2.24 7.13 44.95 32.78 KraftHeinz KHC 4.2 47 38.46 0.67 6.21 83.69 58.52 WPP WPP 2.3 dd 80.24 -0.02
-15.80 63.91 42.31 PulteGroup PHM 1.2 6 48.13 0.18
-3.83 141.97 92.93 BestBuy BBY 2.9 9 97.71 -0.92 2.34 24.84 15.71 EQT EQT 0.0 dd 22.32 -0.89 0.73 50.15 32.00 Kroger KR 1.8 34 45.59 0.36 5.16 99.17 71.21 Wabtec WAB 0.6 33 96.86 0.82
-12.41 58.00 45.58 Qiagen QGEN ... 22 48.68 -0.54
-26.12 151.79 28.32 Bilibili BILI ... dd 34.28 -2.26 13.03 93.51 65.87 EastWestBncp EWBC 1.8 15 88.93 -0.76 -18.09 60.43 37.12 LKQ -10.64 57.05 43.62 WalgreensBoots WBA 4.1 6 46.61 -0.20
LKQ 2.0 14 49.17 1.53 -14.83 201.68 123.92 Qorvo QRVO ... 13 133.20 0.16
-10.00 348.50 128.00 Bill.com BILL ... dd 224.23 -7.81 0.31 130.47 98.24 EastmanChem EMN 2.5 19 121.28 -0.54 13.16 196.28 127.03 LPL Financial LPLA 0.6 32 181.16 -1.42 -4.63 152.57 126.28 Walmart WMT 1.6 28 137.99 -0.89
-8.33 193.58 122.17 Qualcomm QCOM 1.6 19 167.64 0.84
-22.49 543.85 338.79 Bio-Techne TECH 0.3 78 401.01 2.82 -11.26 175.72 126.03 Eaton ETN 2.0 29 153.36 0.96 2.05 246.08 181.60 L3HarrisTech LHX 1.9 24 217.62 -3.38 -15.17 50.23 31.50 WarnerMusic WMG 1.6 48 36.63 0.32
-18.81 49.03 22.72 QualtricsIntl XM ... dd 28.74 -0.70
-22.74 832.70 547.22 Bio-RadLab A BIO ... 4 583.76 -4.47 -16.60 81.19 51.51 eBay EBAY 1.3 3 55.46 -0.30 -15.83 317.17 230.89 LabCorp.ofAmerica LH ... 11 264.47 2.55 -10.89 124.69 74.84 QuantaServices PWR 0.3 27 102.17 -0.81 -11.21 138.82 97.02 WasteConnections WCN 0.8 51 121.00 0.54
t -12.56 468.55 207.61 Biogen BIIB ... 20 209.79 -0.81 t -23.85 238.93 177.01 Ecolab ECL 1.1 46 178.64 0.26 -20.74 731.85 501.67 LamResearch LRCX 1.1 18 569.99 -10.62 -14.72 168.04 109.11 WasteMgt WM 1.6 33 142.33 -0.73
-24.06 174.16 113.36 QuestDiag DGX 2.0 8 131.38 2.26
1.31 151.51 62.57 BiohavenPharm BHVN ... dd 139.61 -1.33 17.61 15.91 11.52 Ecopetrol EC 0.6 10 15.16 -0.17 -8.24 124.32 84.08 LamarAdv LAMR 3.6 30 111.31 0.31 -15.14 428.22 258.91 Waters WAT ... 28 316.18 1.20
-3.95 94.20 71.59 BioMarinPharm BMRN ...2801 84.86 -5.44
-39.12 464.00 90.29 BioNTech BNTX ... 5 156.94 -0.42
-12.18 68.62 53.92 EdisonInt
-18.47 131.73 78.44 EdwardsLife
EIX
EW
4.7 30 59.94
... 44 105.62
-0.31
-1.26
4.92 86.41 50.22 LambWeston LW 1.5 50 66.50 0.37 RS -17.15 318.98 233.13 Watsco
t -32.57 355.96 125.31 Wayfair
WSO 3.0 24 259.21
W ...165 128.09
1.26
-2.71
25.19 66.77 33.75 LasVegasSands LVS 0.0 dd 47.12 0.06
t -32.61 84.57 55.77 BlackKnight BKI ... 42 55.86 -1.95 -10.11 37.49 24.23 ElancoAnimal ELAN ... dd 25.51 -0.27 -21.23 85.45 39.08 LatticeSemi LSCC ... 90 60.70 -1.00 -6.56 32.71 23.37 RELX RELX 2.2 29 30.47 0.05 6.91 65.00 45.60 WebsterFin WBS 2.7 14 59.70 -0.48
-17.43 973.16 670.28 BlackRock BLK 2.6 20 756.02 -6.48 -1.95 148.98 120.08 ElectronicArts EA 0.5 58 129.33 -1.07 -6.11 204.91 144.78 Lear LEA 1.0 28 171.77 -0.63 -25.33 744.56 362.00 RH RH ... 19 400.20 -2.33 -2.68 64.70 27.30 Weibo WB ... 21 30.15 -1.64
-4.27 149.78 63.71 Blackstone BX 2.4 15 123.86 1.23 -0.22 105.99 84.33 EmersonElec EMR 2.2 20 92.77 -0.42 4.62 108.83 81.07 Leidos LDOS 1.5 18 93.01 1.20 -14.65 101.48 76.43 RPM RPM 1.9 25 86.20 ... 15.94 60.30 35.93 WellsFargo WFC 1.8 11 55.63 -0.52
t -39.50 289.23 96.83 Block SQ ... 93 97.72 -6.30 5.37 43.72 33.78 Enbridge ENB 6.5 18 41.18 -0.33 -23.01 117.54 77.86 Lennar A LEN 1.7 6 89.43 0.10 6.50 142.06 102.95 RalphLauren RL 2.2 19 126.58 -0.12 -3.39 89.80 67.41 Welltower WELL 2.9368 82.86 0.72
-17.51 17.89 9.35 BlueOwlCapital OWL 3.3 dd 12.30 0.43 -11.75 35.28 22.02 Endeavor EDR ... dd 30.79 0.03 -20.52 96.42 62.54 Lennar B LEN.B 2.0 5 76.00 0.73 8.09 117.37 75.91 RaymondJames RJF 1.3 15 108.52 -0.46 1.23 101.83 61.36 WestFraserTimber WFG 1.0 4 96.53 -0.79
3.83 278.57 183.77 Boeing BA 0.0 dd 209.03 -4.55 6.99 8.88 5.25 EnelAmericas ENIA 2.9 11 5.82 0.04 t -22.31 356.36 249.24 LennoxIntl LII 1.5 20 251.98 -0.76 8.49 96.96 71.99 RaytheonTech RTX 2.2 36 93.37 -0.99 -21.22 475.35 253.85 WestPharmSvcs WST 0.2 46 369.49 -17.81
9.05 2715.66 2053.57 BookingHldgs BKNG ...286 2616.41 -7.54 22.11 11.55 6.82 EnergyTransfer ET 7.0 5 10.05 -0.17 -12.03 30.84 20.18 LeviStrauss LEVI 1.5 16 22.02 0.26 -6.93 72.55 56.43 RealtyIncome O 4.4 52 66.63 -0.49 -13.53 124.93 83.41 WestAllianceBcp WAL 1.5 11 93.08 -0.51
-13.87 91.00 72.64 BoozAllen BAH 2.4 17 73.03 -0.84 -23.28 282.46 108.88 EnphaseEnergy ENPH ...137 140.35 -8.02 -11.06 37.45 15.98 LiAuto LI ... dd 28.55 -1.08 -7.99 176.91 125.42 RegalRexnord RRX 0.8 30 156.58 -1.05 -14.84 78.19 48.62 WesternDigital WDC 0.0 9 55.53 -0.92
-3.35 55.55 40.28 BorgWarner BWA 1.6 19 43.56 -1.06 -6.05 158.00 93.50 Entegris ENTG 0.3 43 130.19 -3.31 -9.46 188.76 135.10 LibertyBroadbandA LBRDA 0.0 44 145.68 -0.69 -11.75 78.78 52.60 RegencyCtrs REG 3.8 31 66.50 -0.22 15.90 27.29 14.73 WesternMidstrm WES 5.1 12 25.81 -0.34
5.23 128.00 91.16 BostonProps BXP 3.2 38 121.20 -0.82 -7.13 115.02 85.78 Entergy ETR 3.9 17 104.62 -0.33 -7.96 194.05 136.56 LibertyBroadbandC LBRDK ... 45 148.28 -0.53 -2.60 686.62 441.00 RegenPharm REGN ... 9 615.13 -11.59 10.59 26.61 15.69 WesternUnion WU 4.8 10 19.73 -0.08
0.16 46.28 37.13 BostonSci BSX ... 62 42.55 -0.28 6.97 25.69 20.42 EnterpriseProd EPD 7.9 11 23.49 -0.27 -5.52 30.49 23.09 LibertyGlobal C LBTYK ... 1 26.54 -1.63 8.72 25.57 18.02 RegionsFin RF 2.9 10 23.70 -0.20 10.62 110.94 78.06 WestlakeChem WLK 1.1 9 107.45 -2.29
8.34 69.75 53.22 BristolMyers BMY 3.2 22 67.55 0.16 6.35 49.92 36.73 Envista NVST ... 25 47.92 -1.09 -4.29 30.58 23.19 LibertyGlobal A LBTYA ... 1 26.55 -1.59 7.85 181.21 126.42 RelianceSteel RS 2.0 10 174.95 1.21 5.16 62.03 41.85 WestRock WRK 2.1 14 46.65 0.14
24.30 47.23 33.62 BritishAmTob BTI 6.3 11 46.50 -0.68 -27.24 300.11 161.87 Equifax EFX 0.7 35 213.04 1.43 -2.24 60.94 36.65 LibertyFormOne A FWONA ... dd 58.01 0.13 -31.78 327.32 162.29 Repligen RGEN ... 86 180.68 -1.74 -4.86 43.04 31.80 Weyerhaeuser WY 1.8 11 39.18 0.01
-12.84 677.76 419.14 Broadcom AVGO 2.8 39 579.99 0.99 -18.08 885.26 586.73 Equinix EQIX 1.8125 692.94 1.33 -0.33 65.24 42.17 LibertyFormOne C FWONK ... dd 63.03 0.05 -15.71 145.98 88.62 RepublicSvcs RSG 1.6 29 117.54 0.81 1.33 49.10 34.85 WheatonPrecMet WPM 1.3 32 43.50 -0.59
-22.12 185.40 137.91 BroadridgeFinl BR 1.8 31 142.38 ... 14.01 32.16 17.78 Equinor EQNR 1.6 11 30.02 -0.02 -7.41 34.99 24.75 LibertyBraves A BATRA ... dd 26.62 0.04 -11.04 301.34 179.37 ResMed RMD 0.7 65 231.73 -2.51 -12.84 257.68 183.75 Whirlpool WHR 2.7 7 204.54 -0.39
-11.89 62.47 40.01 BrookfieldMgt BAM 1.1 22 53.20 -1.38 1.16 37.13 27.54 Equitable EQH 2.2 dd 33.17 -0.05 -8.43 31.76 24.60 LibertyBraves C BATRK ... dd 25.73 -0.04 -5.98 71.12 53.47 RestaurantBrands QSR 3.8 21 57.05 0.04 13.75 31.02 22.18 Williams WMB 5.7 36 29.62 -0.07
-1.73 62.48 50.32 BrookfieldInfr BIP 3.6 34 59.76 0.04 -14.00 88.70 58.27 EquityLife ELS 1.9 53 75.39 -0.27 0.49 56.26 40.00 LibertySirius A LSXMA ... dd 51.10 -0.09 -14.14 81.68 45.90 RexfordIndlRealty REXR 1.8 88 69.64 -0.35 -17.01 223.32 118.07 Williams-Sonoma WSM 2.0 11 140.36 -2.22
-5.62 49.68 31.10 BrookfieldRenew BEPC 3.7 dd 34.76 -0.17 -6.78 93.03 65.37 EquityResdntl EQR 2.9 24 84.36 -0.57 0.61 56.19 40.05 LibertySirius C LSXMK ... dd 51.16 0.05 t -21.60 428.77 143.79 RingCentral RNG ... dd 146.88 -9.43 -5.00 271.87 199.78 WillisTowers WTW 1.4 7 225.61 2.44
-5.89 70.75 44.27 Brown&Brown BRO 0.6 32 66.14 0.51 -5.63 258.38 168.87 ErieIndemnity A ERIE 2.4 31 181.81 1.59 -17.25 154.45 80.28 LifeStorage LSI 3.2 45 126.75 -1.21 15.97 95.97 59.58 RioTinto RIO 8.8 7 77.63 0.95 -9.23 42.00 24.51 WillScotMobile WSC ... 66 37.07 -0.39
-8.73 76.15 59.41 Brown-Forman A BF.A 1.2 39 61.87 0.50 -15.22 53.93 41.11 EssentialUtil WTRG 2.4 28 45.52 -0.41 -13.00 283.90 178.58 EliLilly LLY 1.6 39 240.31 -0.66 -35.99 179.47 50.00 Rivian RIVN ... ... 66.37 1.63 -24.90 9.96 6.09 Wipro WIT 0.2 25 7.33 -0.03
-8.70 81.57 64.48 Brown-Forman B BF.B 1.1 42 66.52 0.54 -10.45 359.49 254.63 EssexProp ESS 2.7 42 315.43 0.83 2.04 77.57 54.07 LincolnNational LNC 2.6 9 69.65 -0.67 7.94 125.77 73.17 RobertHalf RHI 1.4 22 120.38 -0.75 -13.58 142.33 75.06 Wolfspeed WOLF ... dd 96.59 -3.46
-17.96 92.35 56.93 Bruker BRKR 0.2 38 68.84 0.76 -18.16 374.20 278.28 EsteeLauder EL 0.8 34 302.99 -1.30 -12.58 352.18 241.88 Linde LIN 1.4 41 302.86 3.89 -33.50 85.00 9.94 Robinhood HOOD ... dd 11.81 -0.44 15.06 39.71 25.18 WooriFin WF 2.9 4 36.97 -0.12
-16.32 86.48 39.20 BuildersFirst BLDR ... 10 71.72 2.67 -41.86 307.75 125.37 Etsy ETSY ... 38 127.30 -4.87 8.66 417.98 274.03 LithiaMotors LAD 0.4 9 322.66 1.41 t -51.80 141.60 48.13 Roblox RBLX ... dd 49.72 -4.77 t -21.49 307.81 212.23 Workday WDAY ...14689 214.47 -2.24
6.36 103.59 71.73 Bunge BG 2.1 7 99.30 -0.70 s 11.13 307.76 234.87 EverestRe RE 2.0 12 304.42 1.66 -1.88 127.75 74.01 LiveNationEnt LYV ... dd 117.44 0.96 -10.36 43.00 11.44 RocketCos. RKT 0.0 6 12.55 -0.26 -2.15 93.72 60.20 WyndhamHtls WH 1.5 34 87.72 0.28
-24.17 357.34 206.70 BurlingtonStrs BURL ... 34 221.06 3.54 -11.14 69.45 51.92 Evergy EVRG 3.8 16 60.97 -0.08 7.45 3.00 2.09 LloydsBanking LYG 2.5 8 2.74 -0.02 -24.15 354.99 237.13 Rockwell ROK 1.7 31 264.59 -1.87 9.54 143.88 76.03 WynnResorts WYNN 0.0 dd 93.15 -0.72
-8.13 111.00 70.38 CBRE Group CBRE ... 23 99.69 -0.11 -8.97 92.66 76.64 EversourceEner ES 3.1 23 82.82 0.54 8.74 398.85 324.23 LockheedMartin LMT 2.9 17 386.46 -2.31 9.20 53.90 43.18 RogersComm B RCI 3.0 21 52.01 -0.98 18.89 53.08 25.82 XP XP ... 29 34.17 -0.41
-11.24 208.71 148.91 CDW CDW 1.1 26 181.76 -0.52 -4.75 148.27 66.80 ExactSciences EXAS ... dd 74.13 -0.64 6.65 63.19 47.53 Loews L 0.4 10 61.60 0.60 t -50.72 490.76 102.60 Roku ROKU ... 55 112.46 -32.25 -7.68 90.78 61.63 XPO Logistics XPO ... 24 71.48 0.52
3.52 77.27 43.19 CF Industries CF 1.6 17 73.27 -2.92 1.08 44.02 27.35 Exelon EXC 3.2 24 41.63 -0.12 -9.37 140.17 71.11 LogitechIntl LOGI 1.3 17 74.75 -0.73 -9.00 40.11 28.50 Rollins ROL 1.3 44 31.13 -0.06 -2.51 72.94 57.23 XcelEnergy XEL 2.8 22 66.00 -0.10
-6.47 93.93 74.58 CGI GIB ... 19 82.77 -0.46 15.74 217.72 136.77 Expedia EXPE 0.0 dd 209.17 -0.14 -13.85 263.31 150.84 Lowe's LOW 1.4 19 222.69 -1.10 -10.48 505.00 365.23 RoperTech ROP 0.6 43 440.33 2.14 -24.72 56.45 22.73 XPeng XPEV ... dd 37.89 -1.47
-14.54 112.15 84.67 CH Robinson CHRW 2.4 15 91.98 1.13 -20.90 137.80 91.10 ExpeditorsIntl EXPD 1.1 16 106.22 0.16 -30.12 63.20 16.12 Lucid LCID ... dd 26.59 -1.52 t -18.21 134.22 91.26 RossStores ROST 1.2 21 93.47 1.72 -24.40 138.78 87.44 Xylem XYL 1.3 39 90.66 0.85
3.57 256.94 185.79 CME Group CME 1.7 32 236.62 -2.23 -17.31 228.84 117.35 ExtraSpaceSt EXR 3.2 35 187.48 -1.25 18.12 17.00 4.19 LufaxHolding LU ... 7 6.65 0.10 4.13 119.41 84.98 RoyalBkCanada RY 3.4 13 110.52 -0.82 -26.03 87.11 39.00 Yandex YNDX ... dd 44.75 -4.19
-3.90 65.79 53.19 CMS Energy CMS 2.9 13 62.51 0.11 26.43 83.08 51.91 ExxonMobil XOM 4.6 14 77.36 -0.87 -21.15 485.82 269.28 lululemon LULU ... 46 308.66 -1.37 8.83 99.24 64.20 RoyalCaribbean RCL 0.0 dd 83.69 -1.45 -9.41 139.85 101.94 YumBrands YUM 1.8 24 125.80 2.32
4.67 49.40 41.44 CNA Fin CNA 3.5 10 46.14 0.02 -17.58 249.00 174.34 F5 FFIV ... 37 201.69 1.04 t -20.80 15.45 9.66 LumenTech LUMN 10.1 5 9.94 0.16 -1.10 48.75 34.86 RoyaltyPharma RPRX 1.9 26 39.41 -0.27 5.18 69.67 43.91 YumChina YUMC 0.9 23 52.42 0.49
-6.97 17.13 12.64 CNH Indl CNHI 0.8 12 15.71 -0.20 6.37 122.50 87.27 FMC FMC 1.8 21 116.89 -1.22 -3.44 68.28 33.94 Lyft LYFT ... dd 41.26 -1.64 -4.61 41.14 25.57 RyanSpecialty RYAN ...151 38.49 -0.80 18.69 75.20 18.70 ZimIntShipping ZIM 14.3 3 69.86 -1.56
-6.87 54.54 42.96 CRH CRH 2.4 26 49.17 -0.26 -17.08 495.39 294.21 FactSet FDS 0.8 38 403.01 -2.67 8.25 118.02 84.17 LyondellBasell LYB 4.5 6 99.84 -1.11 5.44 127.25 95.06 Ryanair RYAAY ... dd 107.90 -0.59 5.78 37.75 25.23 ZTO Express ZTO 0.0 38 29.85 -0.69
-7.82 38.01 29.05 CSX CSX 1.2 21 34.66 -0.44 14.88 553.97 342.89 FairIsaac FICO ... 37 498.20 -10.73 t -17.41 151.48 115.61 SAP SAP 2.5 22 115.71 -2.13 t -29.38 615.00 418.42 ZebraTech ZBRA ... 27 420.31 -3.19
-1.00 111.25 68.02 CVS Health
t -16.36 2136.14 1441.78 CableOne
CVS 2.2 17 102.13 -0.17
CABO 0.7 27 1474.87 12.29
-20.07 64.75 43.37 Fastenal
-13.38 140.51 97.87 FederalRealty FRT
FAST 2.4 32 51.20
3.6 36 118.08
-0.08
-0.31
MN -19.76 484.21 322.37 S&P Global
-25.24 391.15 232.88 SBA Comm
SPGI
SBAC
0.8 30 378.67
0.8110 290.82
-2.82
-5.16
10.33 159.80 87.90 Zendesk
-4.76 189.12 44.80 Zillow C
ZEN ... dd 115.06
Z ... dd 60.81
-1.59
-1.87
-27.58 192.70 118.11 CadenceDesign CDNS ... 54 134.95 -3.27 -14.08 319.90 216.34 FedEx FDX 1.3 15 222.23 -2.14 18.73 186.95 128.46 M&T Bank MTB 2.6 13 182.35 -0.31 -3.07 65.22 54.03 SEI Investments SEIC 1.3 15 59.07 0.13 -2.28 197.90 44.08 Zillow A ZG ... dd 60.80 -1.43
0.79 34.19 22.80 CAE CAE 0.0 90 25.44 -0.35 -15.21 183.67 116.70 Ferguson FERG 1.6 18 152.11 1.45 -7.17 43.19 31.81 MGMGrowthProp MGP 5.5 28 37.92 -0.06 -5.51 55.30 25.05 SK Telecom SKM 7.2 14 25.20 -0.37 -4.74 180.36 108.47 ZimmerBiomet ZBH 0.8 64 121.02 1.05
-15.24 119.81 68.00 CaesarsEnt CZR ... dd 79.28 -2.64 -14.85 278.78 183.82 Ferrari RACE 0.5 41 220.38 -0.59 -2.94 51.17 34.14 MGM Resorts MGM 0.0 18 43.56 -0.12 -9.83 84.85 62.93 SS&C Tech SSNC 1.1 25 73.92 -0.77 11.97 75.44 47.06 ZionsBancorp ZION 2.1 10 70.72 -0.50
-9.39 180.37 99.70 CamdenProperty CPT 2.3 55 161.90 0.07 -8.49 56.44 35.72 FidNatlFin FNF 3.7 5 47.75 0.52 -13.62 199.44 138.70 MKS Instrum MKSI 0.6 15 150.44 -1.84 -11.37 37.13 29.52 StoreCapital STOR 5.1 33 30.49 -0.11 -21.60 249.27 141.41 Zoetis ZTS 0.7 45 191.32 -1.75
-7.29 28.49 14.50 Cameco CCJ 0.5 dd 20.22 -0.82 t -12.38 155.96 94.91 FidNatlInfo FIS 2.0143 95.64 -1.93 8.82 34.41 23.24 MPLX MPLX 8.8 11 32.20 -0.40 -9.60 763.22 467.22 SVB Fin SIVB ... 19 613.13 -7.67 t -30.97 440.00 124.71 ZoomVideo ZM ... 34 126.96 -2.42
3.43 52.23 39.76 CampbellSoup CPB 3.3 14 44.95 0.76 10.75 50.64 33.40 FifthThirdBncp FITB 2.5 13 48.23 0.04 -13.99 679.85 400.01 MSCI MSCI 0.8 61 527.00 -4.48 t -22.54 311.75 195.79 Salesforce.com CRM ...109 196.84 -3.19 -18.16 79.17 37.86 ZoomInfoTech ZI ...194 52.54 -0.76
8.00 132.48 90.56 CIBC CM 3.8 11 125.88 -0.68 -6.99 947.71 727.49 FirstCitizBcshA FCNCA 0.2 14 771.82 5.80 1.72 53.85 40.34 MagellanMid MMP 8.8 11 47.24 -0.72 -39.13 31.41 14.55 Samsara IOT ... dd 17.11 -1.69 -20.57 376.11 157.03 Zscaler ZS ... dd 255.22 -6.72
1.49 136.22 100.66 CanNtlRlwy CNI 1.9 23 124.69 -1.48 10.84 19.45 14.67 FirstHorizon FHN 3.3 10 18.10 0.29 -4.35 104.28 72.65 MagnaIntl MGA 2.3 15 77.42 -0.81 4.79 54.26 45.17 Sanofi SNY 2.6 19 52.50 -0.37 38.12 12.32 5.57 Zynga ZNGA ... dd 8.84 -0.04

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Intl Stk 48.71 -0.33 3.0 Balanc 28.23 -0.19 -7.0 Harbor Funds PGIM Funds Cl Z CapOpAdml r175.58 -2.11 -9.3 USGroAdml 136.56 -2.43-18.9 MdCpVlAdml 75.33 -0.17 -3.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 244.59 -1.48 -0.3 BluCh 153.62 -2.46-16.3 CapApInst 82.98 -1.27-17.7 HighYield 5.22 -0.01 -4.4 DivAppIdxAdm 42.94 -0.13 -7.9 ValAdml 55.99 -0.22 -2.4 SmValAdml 74.00 -0.30 -3.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
DoubleLine Funds Contra 15.97 -0.15-13.8 Harding Loevner TotalReturnBond 13.81 +0.03 -4.2 EMAdmr 41.17 -0.35 0.4 WdsrllAdml 77.61 -0.58 -5.2 TotBd2 10.62 +0.02 -3.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, TotRetBdI 10.12 +0.01 -2.5 ContraK 16.03 -0.14-13.7 IntlEq 27.76 -0.22 -7.7 PIMCO Fds Instl EqIncAdml 90.97 -0.21 -1.4 WellsIAdml 67.97 +0.08 -3.1 TotIntlInstIdx r132.31 -0.89 -3.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc r 10.59 -0.02 -5.1 Invesco Funds Y AllAsset NA ... NA ExplrAdml 104.73 -0.96-12.0 WelltnAdml 77.88 -0.24 -7.1 TotItlInstPlId r132.34 -0.89 -3.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 48.66 -0.67-19.6 GroCo 30.72 -0.46-15.8 DevMktY 45.30 -0.46 -3.7 TotRt NA ... NA ExtndAdml 122.07 -1.57-12.0 WndsrAdml 82.48 -0.43 1.1 TotSt 106.71 -0.85 -9.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity GrowCoK 30.83 -0.47-15.8 John Hancock Instl PIMCO Funds A GNMAAdml 10.29 ... -2.2 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem151.15 -1.06 -8.6 InvGrBd 11.20 +0.02 -3.3 DispValMCI 27.33 -0.09 -1.3 IncomeFd NA ... NA GrwthAdml 141.15 -1.65-14.5 DivdGro 36.99 -0.08 -5.8 BalInst 45.58 -0.19 -7.0
Contrafund K6 20.06 -0.18-13.6 LowP r 52.24 -0.27 -2.9 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 87.28 -0.68 -8.9 IntlVal 41.57 -0.23 ... DevMktsIndInst 15.72 -0.09 -4.5
ExtMktIdxInstPre 76.76 -0.99-12.0 Magin 12.96 -0.12-15.7 EqInc NA ... NA Income NA ... NA HYCorAdml r 5.67 ... -4.2 LifeCon 21.96 -0.04 -4.8 DevMktsInxInst 24.57 -0.15 -4.5
Friday, February 18, 2022 FidSerToMarket 14.50 -0.11 -9.1 NASDAQ r 170.54 -2.07-13.4 JPMorgan R Class InfProAd 27.50 +0.07 -3.3 ExtndInst 122.07 -1.56-12.0
PIMCO Funds Instl LifeGro 41.67 -0.23 -6.2
Net YTD Net YTD Net YTD GrowthCompanyK6 19.22 -0.29-16.0 OTC 16.74 -0.25-14.6 CoreBond NA ... NA IncomeFd NA ... NA IntlGrAdml 119.29 -2.54-14.4 GrwthInst 141.16 -1.65-14.5
LifeMod 31.70 -0.11 -5.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 47.12 -0.30 -4.4 Puritn 25.10 -0.15 -7.7 Lord Abbett A ITBondAdml 11.45 +0.02 -3.5 InPrSeIn 11.20 +0.03 -3.4
Price Funds PrmcpCor 31.48 -0.26 -6.4
MidCpInxInstPrem 29.10 -0.20 -9.0 SrsEmrgMkt 20.49 -0.31 -2.5 ShtDurIncmA p 4.09 ... -1.4 InstIdx
American Century Inv Artisan Funds MktNeutI 14.28 -0.03 -1.7 BlChip 148.23 -2.02-16.6 ITIGradeAdml 9.49 +0.01 -4.3 STAR 29.79 -0.18 -6.7
370.99 -2.62 -8.6
SAIUSLgCpIndxFd 20.79 -0.14 -8.6 SrsGlobal 14.61 -0.11 -3.0 Lord Abbett F LTGradeAdml 9.93 +0.05 -8.7 InstPlus 370.99 -2.62 -8.6
Ultra 75.14 -0.90-14.2 IntlVal Inst 42.46 -0.24 0.2 Columbia Class I DivGro 68.29 -0.23 -7.8 TgtRe2015 14.02 -0.01 -4.0
SeriesBondFd 10.02 +0.01 -3.6 SrsGroCoRetail 17.23 -0.26-15.6 ShtDurIncm 4.08 ... -1.4 InstTStPlus 80.09 -0.64 -9.2
American Funds Cl A Baird Funds DivIncom I 29.76 -0.09 -5.9 EqInc 36.41 -0.20 1.2 MidCpAdml 284.71 -2.23 -9.7 TgtRe2020 29.57 -0.07 -4.7
SeriesOverseas 12.70 -0.09-11.8 SrsIntlGrw 16.74 -0.14-12.4 Lord Abbett I MuHYAdml 11.52 +0.01 -3.6 MidCpInst 62.89 -0.50 -9.8
AmcpA p 38.95 -0.44-14.3 AggBdInst 10.93 +0.02 -3.7 Dimensional Fds Growth 88.30 -1.19-16.9 TgtRe2025 19.26 -0.06 -5.3
SmCpIdxInstPrem 24.70 -0.23-10.4 SrsIntlVal 11.28 -0.05 1.0 ShtDurInc p 4.08 ... -1.4 MuIntAdml 14.23 +0.02 -2.9 MidCpIstPl 310.19 -2.43 -9.7
AMutlA p 51.01 -0.22 -4.0 CorBdInst 11.22 +0.02 -3.7 5GlbFxdInc 10.45 +0.01 -2.3 Metropolitan West HelSci 88.82 -0.84-14.7 TgtRe2030 36.25 -0.15 -5.6
TMktIdxInstPrem121.54 -0.98 -9.1 TotalBond 10.65 +0.02 -3.4 MuLTAdml 11.65 +0.01 -3.6 SmCapInst 99.06 -0.72 -8.6
BalA p 31.72 -0.09 -5.2 BlackRock Funds EmgMktVa 32.17 ... 3.7 TotRetBdI 10.49 +0.02 -3.7 LgCapGow I 61.87 -0.67-15.8 TgtRe2035 22.44 -0.10 -5.9
USBdIdxInstPrem 11.51 +0.02 -3.7 Fidelity SAI MuLtdAdml 10.96 ... -1.7 SmCapIstPl 285.93 -2.08 -8.6
BondA p 12.90 +0.02 -3.5 HiYldBd Inst 7.47 ... -4.1 EmMktCorEq 25.13 -0.08 0.4 TRBdPlan 9.83 +0.01 -3.7 MidCap 101.40 -0.40-13.6 TgtRe2040 39.44 -0.22 -6.2
Fidelity Advisor I TotalBd 10.07 +0.02 -3.2 MuShtAdml 15.75 ... -0.7 STIGradeInst 10.53 ... -2.0
CapIBA p 69.12 -0.23 -1.5 BlackRock Funds A IntlCoreEq 15.63 -0.09 -2.9
GrOppI MFS Funds NHoriz 61.87 -1.16-19.5 TgtRe2045 26.56 -0.16 -6.4
129.79 -3.09-18.1 Fidelity Selects PrmcpAdml r157.23 -1.73 -7.2 STIPSIxins 25.59 ... -0.7
CapWGrA 59.66 -0.46 -6.3 GlblAlloc p 19.69 -0.14 -5.3 IntSmCo 20.67 -0.13 -5.1 NwInsghtI 35.46 -0.36-13.8 IIE 31.79 -0.07 -5.0 R2020 21.12 -0.07 -4.9 TgtRe2050 43.85 -0.29 -6.5
Softwr r 25.53 -0.40-14.9 RealEstatAdml144.59 -0.93-12.0 TotBdInst 10.75 +0.02 -3.7
EupacA p 58.48 -0.66 -9.7 BlackRock Funds III IntSmVa 21.38 -0.13 ... Fidelity Freedom Tech r 24.50 -0.29-15.8 MFS Funds Class I R2025 18.46 -0.08 -5.4
SmCapAdml 99.06 -0.72 -8.6 TgtRet2055 48.82 -0.31 -6.5 TotBdInst2 10.62 +0.02 -3.7
FdInvA p 70.01 -0.56 -7.8 iShS&P500IdxK512.45 -3.62 -8.6 TAUSCoreEq2 NA ... NA FF2020 15.89 -0.06 -4.6 First Eagle Funds GrowthI 164.00 -2.06-15.7 R2030 27.70 -0.13 -6.0 SmGthAdml 83.87 -1.03-15.3 TgtRetInc 13.88 -0.01 -4.0 TotBdInstPl 10.75 +0.02 -3.7
GwthA p 63.78 -0.78-14.2 BlackRock Funds Inst US CoreEq1 33.79 -0.20 -7.3 FF2025 14.64 -0.07 -4.8 GlbA 64.27 -0.28 -0.4 ValueI 51.14 -0.12 -6.5 R2040 30.43 -0.19 -7.1 STBondAdml 10.41 ... -1.7 TotIntBdIxInv
10.71 +0.03 -2.9 TotIntBdIdxInst 32.12 +0.08 -2.9
ICAA p 47.63 -0.36 -8.1 StratIncOpptyIns 9.97 ... -1.5 US CoreEq2 30.69 -0.16 -7.1 FF2030 18.36 -0.10 -5.1 Franklin A1 Northern Funds Schwab Funds STIGradeAdml 10.53 ... -2.0 USGro 52.71 -0.94-18.9 TotStInst 106.77 -0.85 -9.2
IncoA p 25.27 -0.05 -2.2 Bridge Builder Trust US Small 43.63 -0.19 -7.3 FF2035 16.00 -0.12 -5.5 IncomeA1 p 2.49 ... -0.5 StkIdx 47.74 -0.33 -8.6 1000 Inv r 94.07 -0.75 -9.1 STIPSIxAdm 25.57 ... -0.7 WellsI 28.06 +0.03 -3.1 ValueInst 55.99 -0.21 -2.4
N PerA p 58.41 -0.62-12.0 CoreBond 10.03 +0.02 -3.6 US SmCpVal 42.76 -0.12 -1.6 FF2040 11.46 -0.10 -5.9 FrankTemp/Franklin A Nuveen Cl I S&P Sel 66.69 -0.47 -8.6 TotBdAdml 10.75 +0.02 -3.7 Welltn 45.10 -0.14 -7.1 WCM Focus Funds
NEcoA p 52.59 -0.66-15.0 CorePlusBond 9.95 +0.01 -3.4 US TgdVal 29.71 -0.10 -1.6 Freedom2025 K 14.62 -0.07 -4.8 DynaTech A p122.88 -2.40-20.8 HYMunBd 17.62 +0.02 -4.0 TSM Sel r 74.75 -0.60 -9.2 TotIntBdIdxAdm 21.40 +0.05 -2.9 WndsrII 43.74 -0.33 -5.2 WCMFocIntlGrwIns 22.97 -0.28-17.0
NwWrldA 79.03 -0.79 -8.1 Intl Eq 12.70 -0.10 -5.1 USLgVa 44.99 -0.20 -2.3 Freedom2030 K 18.35 -0.10 -5.0 Growth A p 129.75 -1.46-13.8 Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 33.08 -0.23 -3.3 VANGUARD INDEX FDS Western Asset
SmCpA p 68.45 -0.85-14.5 LargeCapGrowth 20.47 -0.21-13.0 Dodge & Cox Freedom2035 K 15.99 -0.11 -5.5 RisDv A p 87.46 -0.40 -9.8 LrgCpStr 16.95 -0.16-10.0 500Adml 402.11 -2.84 -8.6 TotStAdml 106.75 -0.85 -9.2 ExtndIstPl 301.24 -3.86-12.0 CoreBondI 12.43 +0.02 -4.8
TxExA p 13.10 +0.01 -3.1 LargeCapValue 16.99 -0.06 -1.8 Balanced 108.59 -0.38 -0.7 Freedom2040 K 11.47 -0.09 -5.8 Guggenheim Funds Tru Parnassus Fds BalAdml 45.58 -0.18 -7.0 TxMCapAdml225.53 -1.74 -9.0 IdxIntl 19.78 -0.13 -3.3 CorePlusBdI 11.34 +0.02 -4.5
WshA p 56.79 -0.26 -6.1 Calamos Funds Income 13.57 +0.01 -3.5 Fidelity Invest TotRtnBdFdClInst 27.27 +0.05 -4.2 ParnEqFd 57.81 -0.48 -8.8 CAITAdml 11.79 +0.01 -3.1 TxMIn r 15.70 -0.09 -4.5 MdCpGrAdml 92.14 -1.28-15.9 CorePlusBdIS 11.33 +0.01 -4.6
B12 | Saturday/Sunday, February 19 - 20, 2022 * ******* THE WALL STREET JOURNAL.

BUSINESS & FINANCE

China Orders Cuts for Delivery Fees, Sinking Stocks

Shares of Meituan and which has a food-delivery
business called Ele.me, fell
other popular apps fall 2.8%, while Tencent Holdings
as Beijing’s crackdown Ltd.—a big Meituan share-
holder—dropped 1.9%.
on internet broadens China’s state planner and
13 other Chinese government
BY ANNIEK BAO bodies said in a joint state-
AND YIFAN WANG ment that authorities would
guide delivery-platform oper-
Chinese authorities on Fri- ators on lowering the fees
day said the country’s online charged to restaurant owners
food-delivery platforms to reduce catering businesses’
should reduce the fees they operating costs.
charge businesses, sending The directive, which was
shares of industry giant led by China’s National Devel-
Meituan plummeting to their opment and Reform Commis-
lowest level in more than a sion, said the internet compa-
year. nies should also give periodic
Meituan, one of China’s preferential discounts to food
most valuable internet-plat- and beverage vendors in cities
form companies, operates a that have been affected by
mobile app that hundreds of coronavirus outbreaks. Out-
millions of people use to or- breaks in China over the past
der food. Its shares tumbled year have led to tighter so-

THOMAS PETER/REUTERS
15% in Friday afternoon trad- cial-distancing rules and lock-
ing in Hong Kong to their downs in some cities, which
lowest close since July 2020. has hurt the service sector.
The drop shaved $26 billion Meituan’s app says the fees
off Meituan’s market capital- it charges merchants vary
ization, taking it to the equiv- based on the types of food
alent of about $148 billion, sold and which cities the res- Carriers for Alibaba’s Ele.me food-delivery service preparing their trunks in Beijing last month. Regulators want to help restaurants.
according to FactSet. taurants are located in.
Meituan has lost more than In the third quarter of
half its value over the past 2021, the Beijing-based com- Developer Misses gest players and largest inter- taled $27.3 million. Price of a Yango
year following Beijing’s wide- pany said it handled more national borrowers, such as Bondholders have been Group dollar bond
ranging crackdown on inter- than four billion food-delivery Interest Payments China Evergrande Group and caught out in recent months by
120 cents on the dollar
net-technology companies. On transactions. Revenue from Kaisa Group Holdings Ltd., have shifts by some Chinese real-es-
Friday, the Hong Kong-listed this business totaled 26.5 bil- already been judged in default tate companies. For instance,
shares of e-commerce giant lion yuan, equivalent to $4.2 A Chinese developer failed on international debt collec- luxury developer Fantasia Hold- 100
Alibaba Group Holding Ltd., billion, up 28% from the year- to make overdue interest pay- tively running into the tens of ings Group Co. made a U-turn
earlier period. That included ments on two dollar bonds billions of dollars. that caught the market off 80
Meituan’s food-delivery commissions from merchants, months after winning a reprieve Because of factors “includ- guard. After saying that it had
revenue, quarterly delivery fees paid by custom- from debt investors, the latest ing the macroeconomic environ- “no liquidity issue” in late Sep-
ers, and fees from online mar- hit to the country’s deeply trou- ment, the regulations on real tember, the following month 60
25 billion yuan
keting services. bled offshore bond market. estate and financial industry Fantasia defaulted on a matur-
Meituan’s food-delivery The speed with which and the Covid-19 pandemic, the ing bond. 40
business produced an operat- Yango Group Co. has run into company is facing a temporary A failure to pay interest by
20 ing profit of 876 million yuan trouble again shows that bond cash-flow issue,” Yango Group the end of a grace period
($138.2 million) for the pe- exchanges—a popular tool for said in a filing late Thursday. would typically count as an 20
riod. The company also makes developers seeking to avert de- The Fujian-based real-estate event of default. That would al-
15 money from facilitating hotel, fault and a broader debt re- group said a 30-day grace pe- low bondholders to demand 0
travel and other bookings. structuring—won’t necessarily riod for paying the interest on that the company make an ac- March 2021 ’22
Meituan, one of China’s be enough to tide over all of the bonds, which were issued celerated repayment of the out-
fastest-growing companies in these companies through a by its Yango Justice Interna- standing interest and principal Note: Shows 7.5% bond due 2024
10 issued by the group’s Yango Justice
recent years, has already been brutal industry downturn. tional Ltd. unit, ended earlier they are due. International unit; Data as of Thursday
under pressure from regula- Some of the industry’s big- this week. The interest due to- —Rebecca Feng Source: Refinitiv

5 tors to reform its business

practices. Last year, it was
fined more than $533 million to fork out more money to panies summoned by regula- vice sector, which has been a as monthslong rent exemp-
for engaging in anticompeti- improve pay and other bene- tors and told to improve con- persistent laggard in China’s tions for small service compa-
0
tive practices, after it effec- fits for its millions of delivery ditions for workers. post-pandemic recovery. They nies that lease properties
2020 ’21 tively forced merchants to sell riders and other gig workers. On Friday, Chinese authori- included tax breaks and addi- from state landlords.
Note: 10 billion yuan=$1.58 billion exclusively on its platforms. Last autumn, Meituan was ties also introduced other tional financial support for —Grace Zhu
Source: the company The company has also had among Chinese internet com- measures to support the ser- struggling businesses, as well contributed to this article.

Regulator Pushes Back on Tesla’s

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

BOATING
Allegations of Harassment of Musk
BY DAVE MICHAELS
AND REBECCA ELLIOTT

WASHINGTON—The Securi-
ties and Exchange Commission
pushed back Friday on Tesla
JIM WATSON/AFP/GETTY IMAGES

Inc.’s allegation that regulators

are harassing Chief Executive
Officer Elon Musk over his
 ! "#$%& $%%&#''&'''
compliance with a 2018 regula-
    
         
                 
tory settlement.
That deal focused on claims

      !" # that Mr. Musk misled investors
with a tweet in 2018 about tak-
ing the electric-vehicle maker Mr. Musk and the SEC have been at odds since 2018 when he landed in trouble over a tweet.
BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE private. The judgment required
Tesla to preclear some of Mr. “Enough is enough,” lawyer nior SEC official in San Fran- stituted fraud.
Musk’s public statements, in- Alex Spiro wrote. “Mr. Musk and cisco, wrote in the letter. Mr. Musk and Tesla settled
,-
.
  cluding tweets deemed material
to shareholders.
Tesla write in the hope that the
court can bring the SEC’s ha-
Tesla’s stock, which closed
Friday at $856.98, is down
the SEC lawsuit by each agree-
ing to pay $20 million, and Mr.
!"" #$% & Tesla said in a regulatory fil- rassment campaign to an end.” roughly 7% since Feb. 4, before Musk stepped down as chair-
 '(% ))*+ #"+  ing last week that the SEC had In a letter filed Friday to a the company disclosed the new man. He also agreed to preclear
//, subpoenaed the company in Manhattan federal judge, the SEC subpoena. tweets that were deemed mate-
 
 
   0)(*%
#)*  +1/2 !
 3/32 "% November about compliance SEC said its engagement with Mr. Musk, Tesla and the SEC rial to Tesla shareholders with


 #( 0)(*% with the settlement. That sub- Tesla and Mr. Musk about how have been skirmishing since Tesla’s lawyers. A Manhattan
 %( .#))% poena relates to how Tesla they comply with the policy is 2018, when he landed in trou- federal court approved the pol-
 4%"# " oversaw Mr. Musk’s statements, consistent with the expecta- ble over a tweet that regulators icy, which covered a list of
 
  but was issued as part of a tions of the court overseeing said was misleading. Mr. Musk events, financial metrics and
 
 
  newer investigation, not as a the settlement. wrote that he had “funding se- product announcements.
  continuation of the earlier liti- “The commission’s enforce- cured” to take Tesla private at Now that the SEC has re-
     gation, a person familiar with ment staff have…sought to $420 a share. After an investi- sponded to Mr. Spiro’s letter, it


!"# the matter said. meet and confer with counsel gation, the SEC said that Mr. isn’t clear what comes next.
$%&'( )*+'+ A Tesla lawyer on Thursday for Tesla and Mr. Musk to ad- Musk had never discussed such U.S. District Judge Alison Na-
 
       

  
accused the SEC of harassing dress any concerns regarding a going-private deal and that than has previously urged the
 
    


 
  Mr. Musk with “serial investiga- Tesla and Mr. Musk’s compli- his statement, which caused two sides to negotiate their
   tions” of him or the company. ance,” Steven Buchholz, a se- Tesla’s stock to skyrocket, con- compliance disputes.
", -  .#""%   /
  
    
    

 

  
Celanese to Acquire Most of a DuPont Unit
   
 
   
 
  
   ! BY WILL FEUER cash flow. We are confident in said at the time that it DuPont's segment revenue
   "  #$  $%#$! our ability to capture syner- planned to sell most of its
"& '(" " )* " &)!


 Chemical and specialty-ma- gies that would allow us to mobility and materials unit. $4 billion

  terials company Celanese double Celanese total free DuPont emerged from the
  

Corp. has reached a deal to cash flow within the next five three-way breakup of Dow Du-
buy most of DuPont de Ne- years,” Celanese Chief Finan- Pont Inc., which was formed Water &
   
PRODUCTS mours Inc.’s mobility and ma- cial Officer and Executive by the merger of Dow and Du- 3 Protection
+,  !&-
%. &# /+/ 0 -$ #1$.  2,/ terials unit for $11 billion. Vice President Scott Richard- Pont in 2015. DowDuPont’s
 !"#$%&' '#(!)"$*
The deal includes customer son said. materials-science business is
   !"
 #$ !% and supplier contracts and DuPont said the deal repre- now Dow Inc. and its agricul-
CAREERS $& '!& & (% agreements, a global produc- sents an enterprise value mul- ture operation is Corteva Inc.
tion network of 29 facilities tiple of 14 times the business’ The company in early 2020 2
  Electronics &
 
 
 and an intellectual-property 2021 operating earnings be- brought back the chief archi- Industrial
   
 

   portfolio, Celanese said. fore interest, taxes, deprecia- tect of the megamerger and
     

    DuPont’s mobility and ma- tion, and amortization. spinoff, Edward D. Breen, as
  
   terials business, which makes The deal is expected to its chief executive after the 1
  

polymers, resins and various close around the end of 2022, moves left the smaller indus-
       products for cars and other the companies said. trial-materials maker strug- Mobility &
  
 
  !" THEMARKETPLACE applications, generated sales Shares of DuPont closed gling to generate sales Materials
 !   " ADVERTISE TODAY of about $5 billion last year, down about 1% on Friday growth. Mr. Breen said at the
#
$
%& & '& (800) 366-3975 or almost a third of the com- while Celanese slipped more time the company didn’t meet 0
( 
)#* & & '& pany’s total annual sales. than 5%. Dupont agreed in expectations and needed to 2020 ’21
© 2022 Dow Jones & Company, Inc.
+    
  &
 All Rights Reserved. “M&M has historically November to pay about $5.2 accelerate operational im- Note: Excludes corporate revenue
been a strong generator of billion for Rogers Corp., and provement. Source: S&P Capital IQ
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | B13

MARKETS

Climate Disclosures
Pose Test for SEC
Agency weighs how Sept. 26, 2020, is barely more emissions.
than the average emissions SEC officials drawing up
much detail to request each year from a Boeing Co. the landmark rules face a bal-
from companies and twin-aisle aircraft delivered in ancing act. Many investors are
2020, according to The Wall demanding the information so
their suppliers Street Journal’s analysis of the they can judge the risks faced
plane maker’s data. Apple’s by companies from climate

ANDREW KELLY/REUTERS
BY JEAN EAGLESHAM Scope 3 emissions are 475 change and regulations de-
AND PAUL KIERNAN times as large. signed to mitigate it.
Not including these Scope 3 Some business groups say
Apple Inc. says it produced emissions can paint an incom- that rules requiring Scope 3
47,430 tons of greenhouse plete picture of a company’s disclosures would be burden-
gases in a recent year. The impact. some and that available data
production of its computers According to CDP, a non- isn’t always good enough to Apple’s greenhouse-gas emissions are wildly higher if it includes what its suppliers produce.
and phones by its suppliers, profit group formerly known make accurate disclosures. If
plus their transportation and as the Carbon Disclosure Proj- the new rules stretch beyond atively easy bit. 2020, according to data pro- whether to give companies a
use by customers, generated ect, supply-chain emissions the SEC’s authority or are too The agency may take a vider Refinitiv. Small to me- safe-harbor legal protection
an estimated 22 million tons. alone from companies in its onerous for companies, courts more selective approach on dium-size companies are less for unintentionally inaccurate
The numbers let investors environmental-disclosure da- could overturn them. Scope 3 emissions. One option likely still to measure these reporting.
and customers decide if Apple tabase were on average 11.4 The SEC is struggling to would require companies to emissions—likely fewer than 1 Walmart Inc.’s math shows
is a lean, green machine or a times as much as operational square this circle, according to report Scope 3 only if they in 5 reports them, said Simon the mind-boggling number-
carbon hog. people close to the agency. have set specific emissions Fischweicher, a CDP official. crunching that can be in-
Now federal regulators are Increasing numbers of S&P That has delayed the timing of targets, such as becoming “net Those companies that do volved. The retailer reported
closing in on rules requiring 500 companies are reporting its climate-reporting propos- zero” by a certain year, people report emissions from their that around three-quarters of
all public companies to dis- at least some of the Scope 3 als, a priority for SEC Chair- close to the agency said. An- value chain may not measure its 171 million tons of Scope 3
close their greenhouse-gas carbon emissions from their man Gary Gensler, from the other would be to impose their full carbon footprint. emissions in 2020 came from
output. But they are strug- supply chain and customers. end of last year to the spring lighter requirements for Exxon Mobil Corp. began its network of more than 1,200
gling to figure out how much of this year, the people added. smaller companies than for reporting Scope 3 emissions suppliers. It figured out its
detail to demand about emis- S&P 500 companies reporting Sen. Elizabeth Warren (D., large ones. last year in response to pres- suppliers’ emissions by taking
sions produced by businesses’ 250 Mass.) sent a letter to the reg- Thomas Peterson, share- sure from investors. The oil the data reported by 228 of
suppliers and customers. ulator on Feb. 9 urging it to holder advocate at Boston- company disclosed a portion them and scaling up.
At issue are so-called Scope move faster. “These ongoing based asset manager Green of its emissions: the estimated Walmart “recognizes such
200
3 emissions, which are mostly delays are not acceptable,” Ms. Century Capital Management 540 million tons of carbon cre- estimates rely on broad as-
greenhouse gases produced by Warren wrote, demanding a Inc., said not requiring disclo- ated by the use of its products sumptions,” a spokeswoman
a company’s suppliers and by 150 clear timeline for the proposal sure of Scope 3 emissions in 2020. Smaller sources of said. “The company is working
customers using its products. by Feb. 23. would allow companies to ap- Scope 3 emissions, such as with suppliers…and others to
How to handle these indirect An SEC spokesman declined pear to cut their carbon foot- from transporting its oil and improve the availability and
100
emissions has emerged as a to comment. print by shifting emissions to gas, couldn’t be estimated quality of supply-chain emis-
sticking point inside the Secu- The SEC’s proposed rules their suppliers and customers. “due to lack of third-party sions data.”
rities and Exchange Commis- 50 will likely require public com- At present, even the biggest data,” an Exxon report last Companies may also be
sion as it deliberates on the panies to report emissions companies often don’t mea- year said. forced to report on Scope 3 by
new rules. 0 from their operations and the sure their full carbon foot- Companies often resort to laws in other countries, or in
The 47,430 tons of green- energy they purchase, known prints. Almost half of the S&P estimates, or rely on industry- states. Europe is stepping up
2015 ’16 ’17 ’18 ’19 ’20
house gases Apple emitted in as Scope 1 and Scope 2, offi- 500, or 242 companies, didn’t wide averages, to fill such requirements for companies
its financial year that ended Source: Refinitiv cials have said. That is the rel- report on Scope 3 at all in gaps. The SEC is weighing doing business there.

Roku Shares Tumble on Continuing Supply-Chain Issues

BY DENNY JACOB Roku executives said this Wood said Thursday on a call fallen compared with peak ing, the real surprise was Roku content and expansion into in-
caused its active accounts with analysts. prices in 2021, overall compo- saying it plans to increase in- ternational markets like Brazil
Roku Inc. shares fell 22% growth rates in the second Roku said it expects supply- nent and logistics costs as well vestment spending to a level being ramped up, he said.
Friday after the streaming-ser- half of 2021 to slow down. chain disruptions to continue as availability issues in 2022 that adjusted profitability Roku added 3.7 million ac-
vice provider said supply-chain “While we continue to to affect the broader con- are expected to persist, Chief would revert to 2020 levels, tive accounts in the holiday
disruptions weighed on its scale, we believe that the sumer-electronics market- Financial Officer Steve Louden says Thomas Forte, equity ana- quarter, bringing its total ac-
fourth-quarter results and are slowdown in the active ac- place—especially the TV in- said on Thursday’s call. lyst at D.A. Davidson & Co. The tive users to 60.1 million. Ana-
expected to continue in 2022. count growth rate in the sec- dustry. The company generates While persisting supply greater investment spending is lysts expected 2.9 million ad-
The company, which sells ond half of the year was, in the bulk of its revenue by sell- chain issues were disappoint- a combination of proprietary ditional accounts.
smart televisions with built-in large part, attributable to ing ads on streaming channels
streaming technology, as well global supply chain disrup- and taking a share of the
as devices that users can plug tions that have impacted the streaming services’ subscrip- READERS SPECIAL OFFER
into TVs, had previously said overall U.S. TV market and our tion revenue and ad inventory.
global supply-chain issues TV OEM partners in particu- While some component
were affecting new TV sales. lar,” Chief Executive Anthony costs in the supply chain have CL ASSIC BRITISH

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42 44 46 48 50 52"
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 B14 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

How Are Crypto

Riches Being Spent?
It’s time to start contemplating how vast wealth created
in cryptocurrencies filters through the economy

Cryptocurrency companies just on a daily basis. Though only

spent millions of dollars on Super some merchants accept crypto di-
Bowl ads. What’s harder to say is rectly as payment, firms like Coin-
how much crypto investors spent base Global and PayPal Holdings
on game day. are making it possible to pay with
Vast wealth has been created in it via typical instruments. These
cryptocurrencies, which globally are cards or digital wallets funded
now have a value of nearly $2 tril- by crypto holdings. Visa has attri-
lion, according to CoinMarketCap. buted about $6 billion in payment
While that pales in comparison to volume to crypto-linked debit
many other asset classes, it has cards from October 2020 to the
risen quickly. The global value of end of 2021. That sounds big, but
crypto grew by nearly $1.5 trillion for now is still a drop in the over-
last year, compared with the S&P all bucket. Visa’s global debit vol-
500’s rise of nearly $9 trillion in ume increased by over $1 trillion
market value, according to Fact- last year.
Set. One obstacle is that spending
Crypto wealth might be harder crypto in the U.S. is like selling it

GUY PARSONS
to spend in some key ways than for tax purposes. It also might be
gains from rising stock or house anathema to long-term believers
prices, making its impact on over- who think prices are ultimately
all economic activity more diffi- going far higher. Recall the cau-
cult to predict. But it’s time to tionary tale of the man who paid
start contemplating how that 10,000 bitcoin to get two Papa mortgage giant put out guidance originators might try to consider 2021. That made a splash in pop
wealth filters through the rest of John’s pizzas in 2010; those coins for mortgage qualifications that crypto as part of a borrower’s as- culture, but it’s still a fraction of
the economy. would now be worth over $400 said that income paid in crypto sets, which could be a way to re- the crypto wealth grown in recent
Some crypto wealth could now million. couldn’t be counted. Crypto as- spond to rising mortgage rates. years.
be filtering through to spending For the wealthy, stock portfo- sets also can’t be counted as a Counting some adjusted portion of It could also be the case that
lios can be spent without a sale basis for repayment or potential a crypto portfolio, as they would a someone who has generated
using a “buy, borrow, die” maneu- sources of income the way stock 401(k) retirement account, could meaningful wealth in the digital
Percentage change in market value ver of getting low-interest loans dividends might be. And even if be a way to expand the pool of realm spends more today because
from end of 2020, monthly secured by their investments. That you borrow dollars against your people to underwrite without go- they simply feel richer, or if they
kind of secured lending is emerg- crypto, those obligations would ing further down the credit spec- expect to be able to use crypto
250%
ing in crypto as well. There are a have to be included in your debt- trum, he says. more readily in the future. In ad-
number of firms and decentralized to-income ratio. By contrast, Some crypto wealth might also dition, it is likely that many inves-
Crypto
200 finance, or DeFi, applications that loans secured by salable non- be recycled within the digital eco- tors are putting more discretion-
offer crypto-backed lending. For crypto financial assets don’t have system. Believers in the asset ary money into crypto. They
example, Milo Credit has started to be included. class may not be eager to convert might have a greater propensity
150 working with individuals to use Of course crypto can be sold their money into fiat currency. So to spend or leverage those gains
bitcoin as collateral for home and converted into fiat currency they may diversify by borrowing than their traditional retirement
loans. and used for whatever purpose. against existing holdings to buy savings.
100
Some people who have made Already, about 12% of first-time new coins, or by spending crypto Whether or not you think it is
vast wealth by owning crypto or home buyers surveyed by broker- to buy nonfungible tokens, or really money, we are now talking
50 by starting crypto businesses are age Redfin in the fourth quarter NFTs. People who sell or “mint” about real money. Crypto is start-
making their presence known in said selling crypto investments NFTs might view this as a source ing to matter even to people who
S&P 500
the high-end real-estate market. helped with down payments. Less of traditional income if they cash have never bought a cent of digi-
0 But anyone trying to get a more than 5% of home buyers said that out their earnings. Chainalysis es- tal tokens. Investors and economic
2021 ’22 typical mortgage, like one eligible in a third-quarter 2019 survey. timated that at least $44 billion observers should be watching as
Note: Total cryptocurrency market value as of day's end;
for a guarantee by Freddie Mac, Rick Palacios Jr., director of re- worth of cryptocurrency was sent closely as they do a splashy TV
S&P 500 market value at close might have trouble using their search at John Burns Real Estate to contracts associated with NFT commercial.
Sources: FactSet (S&P 500); CoinMarketCap (crypto) crypto wealth. Last year the Consulting, predicts that more marketplaces and collections in —Telis Demos

Number of months supply of

existing homes for sale
15 months supply
Intel Puts a Price on
12
Its Leap of Faith
The chip maker marks 2025 as its comeback year,
9
but first comes a sharp rise in capital spending
GENE J. PUSKAR/ASSOCIATED PRESS

Intel Corp. had two basic ques- Intel’s capital expenditures as a

6 tions to answer at its long-awaited share of revenue
analyst meeting Thursday: How 40%
bad? And for how long? Company
A hint about the first one came projections
3 35
in the chip maker’s third-quarter
report nearly four months ago,
when Chief Executive Pat Gelsinger 30
0 warned that Intel’s gross margins
Existing-home sales rose 6.7% in January from the prior month. would fall into the 51%-53% range
1982 ’90 2000 ’10 ’20 25
as the company races to catch up

The House Party May its manufacturing technology

Source: FactSet
while also building a new foundry 20
business that makes chips de-
views about housing, and the push signed by other companies. 15

Be Winding Down toward suburban living it helped

set off remains strong. Moreover,
after more than a decade of under-
Thursday’s meeting shed more
light on the matter as Intel pro-
jected a substantial increase in its
10
building—a consequence of the capital spending levels over the
housing bust that began in 2005— next few years and said free cash 5
Higher rates may be impacting the market already there is a dearth of available flow would drop into negative ter-
homes. ritory this year. For context, Intel 0
But it is too early to conclude hasn’t burned cash over the course
2010 ’15 ’20 ’24
There is reason to believe that est level since May 2019. And with that the rise in rates isn’t having of a fiscal year since at least 1990,
America’s housing market will be the Federal Reserve on course to an effect. Friday’s existing home which is as far back as data com- Source: the company
able to weather rising interest start raising overnight rates in an sales figures reflect sales that piled by S&P Global Market Intelli-
rates. That doesn’t mean that attempt to tame inflation, long- closed in January. In many cases gence goes.
higher borrowing costs can’t blow term interest rates might only be they were signed earlier, with buy- As far as duration, Intel expects spending is at least partially offset
a few shingles off. heading higher. ers locking in lower borrowing to climb out of its “investment by government subsidies and cus-
The National Association of Re- Indeed, housing’s biggest hurdle costs than what prevailed last phase” by 2025. That is when the tomers willing to pay early to lock
altors on Friday reported that 6.5 still seems to be supply. Friday’s month. Moreover, this is a fallow company expects both spending to in production capacity. Other chip
million previously owned homes report on existing home sales time for home sales—before sea- moderate and annual revenue to companies are cashing in on the
were sold in January at a season- showed that there was only 1.6 sonal adjustment, there was a big be growing in the low-double-digit same trend. GlobalFoundries, a
ally adjusted, annual rate, up from months’ worth of housing inven- sales drop in January from Decem- range. The latter would be an im- contract chip maker Intel report-
6.09 million a month earlier and tory on the market, which is the ber. pressive achievement given the 6% edly tried to buy last year, said in
well above the 6.1 million econo- lowest that figure has ever gotten. Finally, there have been some annual revenue growth averaged its fourth-quarter call last week
mists had expected. tentative signs of weakness. Thurs- over the past five years. that it has secured more than $3.2
Other measures suggest the day’s home-building report showed The near-term outlook won’t billion in long-term customer
housing market continues to do For now, the biggest that traffic from prospective buy- come as much of a shock. Wall agreements.
well. On Wednesday, the National ers, while still strong, has dipped a Street already was projecting a Intel has still set an ambitious
Association of Home Builders said issue affecting the bit. And weekly data from the sharp drop in gross margins and task for itself, with little prece-
that its measure of builder senti- housing market seems to Mortgage Bankers Association on free cash flow through 2024, along dent. The company’s position as
ment remained elevated. In its mortgage applications for the pur- with sharply elevated capital one of the world’s largest produc-
fourth-quarter earnings call Thurs- be the lack of supply. pose of home buying, which can spending, according to consensus ers of a key technology product
day, Tri Pointe Homes Chief Exec- admittedly be volatile, has soft- projections from FactSet. that is very hard to make gives the
utive Douglas Bauer said that de- ened slightly. And Intel’s timing is at least business a lot of resilience. The
mand for the builder’s homes “has Tri Pointe said that demand for The real test will come in the good, with geopolitical instability stock fetches just 14 times forward
once again accelerated in 2022.” new homes continues to outstrip spring when home sales enter and the global chip shortage creat- earnings, though—a 35% discount
The strength in housing comes the supply of new homes in the what is typically their strongest ing a ripe opportunity for an to rival Taiwan Semiconductor
despite an increase in interest markets where it operates—a situ- period of the year. An easing pan- American chip maker looking to Manufacturing—precisely because
rates that is making already pricey ation exacerbated by the difficul- demic and strong job market set expand domestic production ca- investors are unsure if Intel can
homes more difficult to afford. The ties that builders have faced ob- the stage for what could be a good pacity. Mr. Gelsinger and Intel’s claw back its highly profitable
average rate for a 30-year fixed- taining necessary materials. selling season. But rising rates new chief financial officer, David technological edge. The odds are
rate loan was 3.92% for the week The forces driving housing de- could make it less good than it Zinsner, both spent Thursday’s good that it can, but investors will
ended Thursday, according to mand are powerful. The pandemic might have been. meeting discussing the company’s have to settle in for a long wait to
Freddie Mac, putting it at its high- has reshaped many Americans’ —Justin Lahart “smart capital” strategy, in which find out. —Dan Gallagher
 CULTURE | SCIENCE |
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For ‘tetrachromats,’ an
inherited condition reveals
a world of unusual hues C4

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * **
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bald eagle Books C7

Saturday/Sunday, February 19 - 20, 2022 | C1

March 2020: How The Fed

Averted Economic Disaster
As markets plunged,
Jerome Powell and his
colleagues vastly
expanded the reach of
the central bank, with
implications that will be
felt for years to come.
By Nick Timiraos

‘G
et in the boats and go.” As
the coronavirus pandemic
upended global commerce
in March 2020, Fed Chair-
man Jerome Powell re-
peatedly invoked the urgent British evacua-
tions from Dunkirk in World War II.
This wasn’t the time, he said, to get
hung up on the technicalities that central
bank economists and lawyers love to chew
over. Mr. Powell bluntly directed his col-
leagues to move as fast as possible. They
devised unparalleled emergency-lending
backstops to stem an incipient financial
panic that threatened to exacerbate the un-
folding economic and public-health emer-
gencies.
Over the week of March 16, markets ex-
perienced an enormous shock to what in-
vestors refer to as liquidity, a catchall term
for the cost of quickly converting an asset
into cash.
The Fed had tried to get ahead of liquid-
ity problems that Sunday, March 15, when
Mr. Powell led his colleagues to slash inter-
est rates to zero at a second emergency
meeting in as many weeks. They were of-
fering nearly unlimited cheap debt to keep
the wheels of finance turning, and when
that didn’t help, the Fed began purchasing
massive quantities of government debt out-
right.
The next morning, at 6:56 a.m., Mr. Pow-
ell dashed off an email to one of his top
lieutenants, Vice Chairman Richard Clarida:
“Focus turns 100% now to liquidity, where
we may have a lot to do!”
But none of the Fed’s actions were hav-
ing their intended effect. Investors dumped
whatever they could, including ostensibly
“risk-free” U.S. Treasury securities. As a
global dash for dollars unfolded, Treasurys
were no longer serving as the market’s tra-
ditional shock absorbers, amplifying ex-
treme turmoil on Wall Street.
“Hell is coming,” said billionaire inves-
tor Bill Ackman, calling into CNBC at mid-
day on March 18 during an emotional, 28-

‘The pandemic is just raging. And

we don’t have a plan. Nobody
in the world has a plan.’
JEROME POWELL, FED CHAIRMAN

minute live interview. He called for a 30-

day shutdown of the economy. “We need to
shut it down. Shut it down now,” he said.
The Dow tumbled as Mr. Ackman spoke,
dropping as much as 2,000 points and trig-
gering a marketwide 15-minute trading halt
shortly before 1 p.m., one of several that
month. By week’s end, the Dow had
plunged more than 10,000 points since
mid-February as investors struggled to get
their arms around what a halt to global
ILLUSTRATION BY NIGEL BUCHANAN; GETTY IMAGES (BOOKS)

commerce would mean for businesses that

would soon have no revenue.
Daleep Singh, the markets desk chief at
Please turn to page C2

This essay is adapted from Mr.

Timiraos’s new book, “Trillion Dollar
Triage: How Jay Powell and the Fed
Battled a President and a Pandemic—
and Prevented Economic Disaster,”
which will be published by Little, Brown
on March 1. He is a reporter at The Wall
Street Journal.

Inside
CLEAN ENERGY
Ocean U.S. HISTORY WEEKEND
CONFIDENTIAL

Environmental rules
from decades past are Blues Denmark Vesey,
executed 200 Pioneering chef
blocking the Jason Gay doubts years ago for Ferran Adrià
infrastructure urgently that it would be much planning a slave sets his sights
fun to live in a
needed to combat proposed new deep- revolt, still divides on the humble
climate change. C5 sea Atlantis. C6 his city. C3 breakfast. C6
C2 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

REVIEW

The Fed’s Battle

With the Pandemic
Continued from the prior page ner offices of American
the New York Fed, was inundated corporations, across
with messages from contacts urging (virtual) trading floors
a shutdown to trading. on Wall Street and
“It was sheer, unadulterated even along the actual
panic, of a magnitude that was far corridors of the West
worse than in 2008 and 2009. Far Wing. If the hardest-
worse,” said Mr. Singh, who had hit companies like Car-
spent the 2008 crisis on the inter- nival, with its fleet of
est-rate desk at the Goldman Sachs 104 ships docked in-
trading floor in London. The idea of definitely, could raise
shutting down markets was espe- money in capital mar-
cially discouraging: “It was a pro- kets, who couldn’t?
foundly un-American thing to con- Mr. Powell unveiled
template, to just shut everything his philosophy during
down, and almost fatalistic—that a webinar on April 9,
we’re not going to get out of this.” where he shed an ear-
Working from a home office that lier reluctance to ex-
overlooks the 10th hole of a coun- press an opinion about
try-club golf course outside Wash- government spending
ington, Mr. Powell pressed col- policies, which are set
leagues to work through the by elected officials and
weekend finalizing a raft of unprec- not the Fed. He spoke
edented backstops. The plan, circu- in unusually moral
lated that Saturday in a Word docu- terms. “All of us are affected,” he aged to keep doing the stupid North Carolina Rep. Patrick Traders at the opening bell
ment titled “Near-term plan March said. “But the burdens are falling thing.” McHenry, the top Republican on the at the New York Stock
21,” would draw the central bank most heavily on those least able to Reservations about Mr. Powell’s House Financial Services Commit- Exchange on March 16, 2020,
carry them…. They didn’t cause this. make-people-whole mantra weren’t tee, gave Mr. Powell an “A-plus for before trading was halted.
Their business isn’t closed because limited to the free-market libertar- 2020,” he said. “On a one-to-10
of anything they did wrong. This is ian set. The breathtaking speed with scale? It was an 11. He gets the high-
During the darkest what the great fiscal power of the which the Fed moved and with est, highest marks, and deserves cool the economy and reduce high
weeks of the crisis, United States is for—to protect which Wall Street rallied after the them. The Fed as an institution de- inflation.
these people as best we can from Fed’s announcements infuriated serves them.” The federal debt rose by $5 tril-
the Fed talked about the hardships they are facing.” Dennis Kelleher, a former corporate The pandemic was the most se- lion between February 2020 and
a ‘mini-Depression They were extraordinary words lawyer and high-ranking Senate aide vere disruption of the U.S. economy June 2021, to $22.2 trillion, and the
scenario,’ in which the from a Fed chair who during earlier, who runs Better Markets, an advo- since the Great Depression. Econo- Fed’s holdings of that public debt
hot-button policy debates said the cacy group lobbying for tighter fi- mists, financial-market profession- rose by more than $2.5 trillion. The
virus kept society central bank needed to “stay in its nancial regulations. als and historians are only begin- Congressional Budget Office forecast
closed indefinitely. lane” and avoid providing specific “Literally, not only has no one in ning to wrestle with the in December 2020 that if rates rose
advice. finance lost money, but they’ve all implications of the aggressive re- by just 0.1 percentage point more
Earlier that day, the Fed had an- made more money than they could sponse by fiscal and monetary pol- than projected in each year of the
nounced its most novel lending pro- have dreamed,” said Mr. Kelleher. “It icy makers. decade, debt-service costs in 2030
into a realm where it had never grams yet, which were made possi- just can’t be the case that the only Altogether, Congress approved would rise by $235 billion—more
gone before or wanted to go—lend- ble after Congress included more thing the Fed can do is open the fire nearly $5.9 trillion in spending in than the Pentagon had requested to
ing directly to U.S. businesses, cities than $450 billion as capital to cover hydrants wide for everybody. This is 2020 and 2021. Adjusted for infla- spend in 2022 on the Navy.
and states. losses on Fed loans to businesses, a ridiculous discussion no matter tion, that compares with approxi- Another key issue is the growing
Today, nearly two years later, cities and states. how heartfelt Powell is about ‘we mately $1.8 trillion in 2008 and 2009. class divide. Trillions of dollars in
most agree that the Fed’s actions To avoid a widening rift between can’t pick winners and losers’—to By late 2021, it was clear that triage can save the financial system,
helped to save the economy from the market haves (who had been which my answer is, ‘So instead you many private-sector forecasters and but the Fed’s economic-stabilization
going into a pandemic-induced tail- given access to Fed backstops) and just make them all winners?’” economists at the Fed had mis- tools are blunt. They operate pri-
spin. The question now is what will the market have-nots (who had been Mr. Powell later defended his de- judged both the speed of the recov- marily through financial markets,
be the long-term costs and implica- left out because their debt was cision to purchase ETFs that had in- ery and the ways in which the crisis and its low-rate policies have coin-
tions of that emergency activism— deemed too risky), Mr. Powell had vested in junk debt. “We wanted to had upset the economy’s equilib- cided with—and critics say it has
for the Fed, the financial markets supported a decision to extend the contributed to—a longer-running
and the wider economy. Fed’s lending to include companies widening of wealth inequality.
“My thought was—I remember that were being downgraded to In 2008, household wealth fell by
this very clearly—‘O.K. We have a “junk” status in the days after it $8 trillion. It rose by $13.5 trillion in
four-or-five-day chance to really get agreed to backstop their bonds. 2020, and in the process, spot-
our act together and get ahead of Most controversially, Mr. Powell lighted the unequal distribution of
this. We’re gonna try to get ahead of recommended that the Fed purchase wealth-building assets such as
this,’” Mr. Powell recalled later. investment vehicles known as ex- houses and stocks. Without heavy
“And we were going to do that by change-traded funds, or ETFs, that spending from Washington, focused
just announcing a ton of stuff on invest in junk debt. He and his col- on the needs of the least well-off,
Monday morning.” leagues feared that these “high- these disparities might have at-
It worked. The Fed’s pledges to yield” bonds might buckle, creating tracted more negative scrutiny.
backstop an array of lending, an- a wave of bankruptcies that would Finally, the Fed is a technocratic
nounced on Monday, March 23, cause long-term scarring in the body that can move quickly because
would unleash a torrent of private economy. Given the speed with it operates under few political con-
borrowing based on the mere prom- which markets had cracked up in straints. Turning to it as the first
ise of central bank action—together March, Mr. Powell decided that it line of defense in this and future
with a massive assist by Congress, was better to err on the side of do- crises could compromise its institu-
which authorized hundreds of bil- ing too much than not doing tional independence. Mr. Powell
lions of dollars that would cover any enough. Markets tumbled as billionaire investor Bill Ackman (left) called for a 30- knew there were risks with the cen-
losses. In a letter circulated to investors, day economic shutdown on March 18, 2020. Hedge-fund chief Paul Singer tral bank’s incursion into credit pol-
FROM TOP: JOHANNES EISELE/AFP/GETTY IMAGES; CHRISTOPHER GOODNEY/BLOOMBERG NEWS (ACKMAN); PATRICK T. FALLON/BLOOMBERG NEWS (SINGER); MANDEL NGAN/AFP/GETTY IMAGES; TIM RUE/BLOOMBERG NEWS

No company illustrated the speed Paul Singer, who runs the hedge- (right) warned the Fed’s market interventions would stoke new risks. icy, but he concluded it would be
with which the Fed’s announcement fund firm Elliott Management, nearly impossible for the Fed to
had buoyed investors better than warned that the Fed was sowing the hold back on certain uses of its au-
Carnival Corp., the world’s largest seeds of a bigger crisis by absolving find a surgical way to get in and rium. Washington soon faced a dif- thorized powers “because we find it
cruise-line operator. Its business markets of any discipline. “Sadly, support that market because it’s a ferent problem. Disoriented supply icky,” he said to his staff.
had collapsed as Covid halted when people (including those who huge market, and it’s a lot of peo- chains and strong demand—boosted Step one, he said, was to get in
cruises world-wide. Within days of should know better) do something ple’s jobs… What were we supposed by government stimulus—had pro- the fight and try to win. Figuring
the Fed’s announcement, Carnival stupid and reckless and are not pun- to do? Just let them die and lose all duced inflation running above 7%. out how to exit would be a better
was able to borrow nearly $6 billion ished,” he wrote, “it is human na- those jobs?” he said. “If that’s the The Fed’s highly improvised re- problem to have, because it would
from large institutional investors. ture that, far from thinking that biggest mistake we made, stipulat- sponse to the pandemic also re- mean they had succeeded.
News of the financial salvation they were lucky to have gotten away ing it as a mistake, I’m fine with vealed long-term problems and new But he saw the risk. Having
ricocheted through the (virtual) cor- with something, they are encour- that. It wasn’t time to be making precedents that could make ad- crossed familiar boundaries, there
finely crafted judgments,” Mr. Pow- dressing future crises more chal- was a danger, he understood, that
ell said. He hesitated for a moment lenging. lawmakers would come to the Fed
before concluding. “Do I regret it? I In the first place, because the later and say, “Fix climate change”
don’t—not really.” pandemic shock was akin to a natu- or “Use your digital printing press
Mr. Powell and his colleagues ral disaster, it allowed Mr. Powell to finance every highway repair.”
waged war against the pandemic and the Fed to sidestep concerns Mr. Powell told his staff, “There will
shock with their eyes focused on the about moral hazard—that is, the come a time when we’re saying ‘No’
lessons of the 2008 financial crisis. possibility that their policies would to people.”
He later conceded that during the encourage people to take greater
darkest weeks of the crisis, the Fed risks knowing that they were pro-
talked about a “mini-Depression tected against larger losses. If a fu-
scenario,” one in which the virus ture crisis is caused instead by The final verdict on
kept society closed indefinitely. greed or carelessness, the Fed the crisis response
“We didn’t know there was a vac- would have to take such concerns
cine coming. The pandemic is just more seriously. may turn on whether
raging. And we don’t have a plan,” Still, in 2020, there was no risk- Powell is able to bring
said Mr. Powell. “Nobody in the free option for monetary policy inflation under
world has a plan. And in hindsight, makers. The real question is
the worry was, ‘What if we can’t re- whether the risks that Mr. Powell control without a
ally fully open the economy for a and his Fed colleagues took were painful recession.
long time because the pandemic is sensible given the likely alterna-
just out there killing people?’” tives.
Mr. Powell never saw this as a The high inflation that followed
particularly likely outcome, “but it in 2021 might have been worse if The final verdict on the 2020 cri-
was around the edges of the conver- the U.S. had seen more widespread sis response may turn on whether
sation, and we were very eager to bankruptcies or permanent job Mr. Powell is able to bring inflation
do everything we could to avoid losses in the early months of the under control without a painful re-
that outcome,” he said later. pandemic. On the other hand, an ad- cession—either as sharp price in-
The Fed’s initial response in 2020 ditional burst of stimulus spending creases from 2021 reverse on their
received mostly high marks—a nota- in 2021, as vaccines hastened the re- own accord, as officials initially an-
ble contrast with the populist ire opening of the economy, raised the ticipated, or because the Fed cools
that greeted Wall Street bailouts risk that monetary and fiscal policy down the economy by raising inter-
following the 2008 financial crisis. together would flood the economy est rates.
with money and further fuel infla- “We have a recovery that looks
tion. completely unlike other recoveries
Empty supermarket shelves in The surge in federal borrowing that we’ve had because we’ve put so
Bethesda, Md., on March 16, 2020 since 2020 creates other risks. It is much support behind the recovery,”
(top). Carnival’s Royal Princess in manageable for now but could be- Mr. Powell said last month. “Was it
Los Angeles on March 8, 2020, just come very expensive if the Fed has too much? I’m going to leave that to
before cruises were suspended. to lift interest rates aggressively to the historians.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | C3

REVIEW

Denmark Vesey’s
Fraught Legacy
BY JEREMY SCHIPPER and 250 of them were buried there

I
in a mass grave. As the war ended,
n March 1863, three months Black Americans led an effort to
after the Emancipation Proc- build a new cemetery and reinter
lamation went into effect, the fallen soldiers. On May 1, 1865,
Frederick Douglass barn- they held what historians now rec-
stormed across the Northeast ognize as one of the earliest Memo-
encouraging Black men to enlist in After two centuries, Charleston, S.C., is still divided on how to remember rial Day celebrations, and a marker
the Union army. In his recruitment reading “First Memorial Day in the
speech, titled “Men of Color, to
a man executed for planning a revolt of enslaved people. United States of America” was set
Arms!”, he exhorted his audience, up in Hampton Park in 2010.
“Remember Denmark Vesey of Just over a year after the statue’s
Charleston.” installation, in April 2015, a com-
Vesey had been executed 40 memoration was held in Hampton
years earlier, on July 2, 1822, after Park to celebrate the 150th anniver-
being convicted on a charge of “at- sary of the end of the Civil War.
tempting to raise an Insurrection Among the speakers was Rev. Clem-
amongst the Blacks against the enta C. Pinckney, a state senator
Whites.” For Douglass, Vesey was and the pastor of Charleston’s
one of the “glorious martyrs” of Emanuel African Methodist Episco-
anti-slavery, and he connected the pal Church. In his remarks at the
Union cause with Vesey’s thwarted commemoration, Rev. Pinckney
revolt. But efforts to “remember called attention to his church’s his-
Denmark Vesey” have faced opposi- torical connection with Vesey, who
tion for 200 years, and even today was active in a Black congregation
some in Charleston actively—and that was a forerunner of Emanuel.
sometimes violently—resist public
recognition of his name.
Little is known about Vesey’s ‘Vesey had this
early life. He was born sometime
around 1767 and was enslaved as a
wonderful,
teenager by Joseph Vesey, the cap- crazy idea
tain of a ship engaged in slave-traf- that...freedom
ficking, who gave him the name
Telemaque. Eventually Joseph Vesey was for all
settled in Charleston, where Black people.’
people began to refer to Telemaque
as Denmark. In 1799, Denmark REV. CLEMENTA
PINCKNEY
Vesey was able to purchase his free-
dom for $600 after winning $1,500
in a local lottery, and he soon estab-
lished a thriving carpentry business. “It was in 1822 that Mother
A fellow carpenter described him as Emanuel was standing strong and
“a large, stout man,” and he was one of its members and ministers
known for his commanding person- Denmark Vesey had this wonderful,
ality. Vesey spoke multiple lan- crazy idea that the Constitution ac-
guages and could read and write. He tually was correct that freedom was
married three times, had children for all people,” Rev. Pinckney said.
and became a lay leader in a local Like Douglass, Rev. Pinckney linked
Black congregation. Vesey’s legacy with the causes of
Yet he wasn’t content to live out the Civil War, in contrast to those
his days in what could have been a who remembered him only as a con-
relatively comfortable existence. In victed criminal. Less than two
1822, Vesey planned a massive re- months later, Rev. Pinckney was
volt of enslaved people, aiming to among nine Black people murdered
seize a cache of weapons from the by a white supremacist at Emanuel
local armory, set fires around after a Wednesday night Bible
Charleston, slaughter the city’s study.
white population and escape to Last year, at some point on the
Haiti. The uprising was to take weekend of May 29-30, vandals se-
place on July 14, the anniversary of verely damaged the Vesey monu-
the fall of the Bastille. But two en- ment, making a deep crack across
slaved men named Peter Prioleau the name inscribed in large letters
and George Wilson revealed the near the top of the pedestal. It
plan to their slaveholders, and the seems the vandals sought to chisel
revolt was suppressed before it Denmark Vesey out of the public
launched. By early August, more memory. That the monument was
than 130 Black people had been ar- defaced over Memorial Day week-
rested in connection with the plan. end is probably not a coincidence,
Over 60 were convicted and 35, in- considering the park’s role during
cluding Vesey, were hanged. the Civil War.
Vesey spoke at his trial, but the Sculptor Ed Dwight’s memory and the history he repre- Vesey as a criminal. As historians Last month, Charleston newspa-
court didn’t include any record of statue of Denmark Vesey sents remain contested in Charles- Ethan J. Kytle and Blain Roberts pers and TV stations reported that
his testimony in its published re- in Charleston, S.C. ton. In 2014, the city erected a Den- write in their book “Denmark an anonymous local contractor had
ports. Other witnesses were re- mark Vesey monument after a Vesey’s Garden,” the committee that offered to repair the damage to the
corded, including several enslaved passionate campaign that lasted proposed the memorial in the 1990s monument free of charge. If the
people who testified that Vesey ap- in Charleston published sermons, nearly two decades and faced intended to locate it in Marion work progresses on schedule, it
pealed to biblical texts to promote letters and pamphlets offering de- heated opposition. No images of Square, a popular tourist site in should be complete by March. Two
his revolt, such as Exodus 21:16: tailed biblical defenses of slavery. Vesey were made during his life- downtown Charleston, but the own- centuries after Denmark Vesey’s
“And he that stealeth a man, and Yet these publications tended to time, so the statue by Black sculptor ers of the square rejected the idea. death, he remains a figure of fierce
selleth him, or if he be found in his avoid mentioning Vesey by name, Ed Dwight imagines what he might Eventually the committee found a controversy.
hand, he shall surely be put to making only vague references to have looked like: a man standing home for the monument in Hamp-
death.” In response, the magistrate “the late iniquitous and murderous proudly with his head held high, ton Park, which far fewer tourists Dr. Schipper is a professor of
who sentenced Vesey lectured him plot” or “the unhappy event which holding his hat and a carpenter’s visit. The park is named for Wade religion at Temple University. His
about proper biblical interpretation, gave rise to these remarks.” In the bag with his right hand and a Bible Hampton, a Confederate general new book “Denmark Vesey’s Bible:
quoting Colossians: “Servants, obey early 1820s, there was no guarantee with his left hand. who was later elected governor of The Thwarted Revolt that Put
in all things your masters.” that future generations would re- While the monument was being South Carolina. During the Civil Slavery and Scripture on Trial”
In the aftermath of Vesey’s member Denmark Vesey. planned, local newspapers published War, however, the site served as an will be published March 8 by
ALAMY

death, prominent white clergymen Two centuries later, Vesey’s editorials protesting it, describing outdoor prison for Union soldiers, Princeton University Press.

Pushing Thomas Otway, “The Soldier’s

Fortune,” includes the line,
in Hartford, Conn., Stevenson
slammed Dulles for “boasting

Danger “Fortune made the peace just

when we were upon the brink
of a War.” The “brink of war”
of his brinkmanship—the art of
bringing us to the edge of the
nuclear abyss.”
To Its imagery got supercharged in
American political rhetoric dur-
Stevenson’s neologism
grafted the ending “-manship”
WORD ON
THE STREET Farthest ing the Cold War. When the Ko-
rean War broke out in 1950,
onto “brink,” following a jokey
pattern of word formation that
BEN
ZIMMER Edge President Harry Truman
warned the nation that Com-
munist forces “are now willing
was popular at the time. First
came “gamesmanship” (on the
model of the old word “sports-
to push the world to the brink manship”), which the New Zea-
THE RUSSIAN MILITARY from the other side.” mantically, coming to refer to of a general war to get what land journalist Ian Coster de-
buildup on Ukraine’s border is The word “brinkmanship”— the edge of a grassy area like a they want.” fined in 1939 as “the art of
best understood, in the opinion defined by Merriam-Webster as pasture or village green.) In a 1956 interview with Life winning games by cunning
of many foreign-policy pundits, “the art or practice of pushing a The morbid image of being Magazine, Secretary of State against opponents with supe-
as a return to Cold War “brink- dangerous situation or confron- “on the brink of the grave” John Foster Dulles defended rior skill.” In 1947, the British
manship.” tation to the limit of safety es- dates back to Chaucer’s “Can- the Eisenhower administra- humorist Stephen Potter pub-
Andrew Wilson, a Russian af- pecially to force a desired out- terbury Tales.” In “The Mer- tion’s policy of deterrence lished a popular book titled
fairs analyst at the European come”—only dates back to the chant’s Tale,” the character against the Soviet Union and “The Theory and Practice of
Council on Foreign Relations, 1950s, but its roots are consid- Januarie is an old man who China, despite the high risks. Gamesmanship,” which he fol-
erably older. moans that he is “on my pittes “The ability to get to the verge lowed up with “Some Notes on

[Brinkmanship]
The un- brynke,” meaning “on my without getting into the war is Lifemanship” (1950) and “One-
derlying con- grave’s brink.” And in “Paradise the necessary art,” Dulles said. Upmanship” (1952).
cept is that Lost,” Milton describes Satan “If you cannot master it, you Stevenson (or his speech-
of approach- before embarking on his jour- inevitably get into war. If you writer) took inspiration from
ing the very ney to the Garden of Eden: try to run away from it, if you these lighthearted terms, but
brink of war “Into this wild abyss the wary are scared to go to the brink, “brinkmanship” has typically
told the Washington Post ear- without necessarily engaging in fiend / Stood on the brink of you are lost.” been used in a dead-serious
lier this month that Vladimir it. “Brink” originated as a Ger- hell and looked a while, / Pon- Adlai Stevenson, preparing fashion, for precarious political
Putin’s aggressive stance is “the manic word, possibly imported dering his voyage.” to run for the Democratic presi- situations in which a dangerous
standard not just Russian but from a Scandinavian language, Since the 17th century, dential nomination, was harshly policy is pursued to the very
JAMES YANG

Soviet method: brinkmanship, for the edge of a steep place, “brink” has also been applied critical of the Dulles inter- limit. We can only wait and see
demand the maximum, don’t like a precipice. (In German and to a country on the verge of view—and in so doing, he if Mr. Putin’s brinkmanship has
concede, extract concessions Dutch, “brink” got softened se- war. A 1681 comic play by coined a new word. In a speech gone beyond the brink.
 C4 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

REVIEW
HISTORICALLY SPEAKING
AMANDA FOREMAN

Anorexia’s
Ancient Roots
And Present Toll
TWO YEARS AGO, when
countries suspended the
routines of daily life in
an attempt to halt the
spread of Covid-19, the
mental health of children took a
plunge. One worrying piece of evi-
dence for this was an extraordinary
spike in hospitalizations for anorexia
and other eating disorders among ad-
olescents, especially girls between the
ages of 12 and 18, and not just in the
U.S. but around the world.
Anorexia nervosa has a higher
death rate than any other mental ill-
ness. According to the National Eat-
ing Disorders Association, 75% of its
sufferers are female. And while the
affliction might seem relatively new,
it has ancient antecedents.
As early as the sixth century B.C.,
adherents of Jainism in India re-
garded “santhara,” fasting to death,
as a purifying religious ritual, partic-
ularly for men. Emperor Chan-
dragupta, founder of the Mauryan dy-
nasty, died in this way in 297 B.C. St.
Jerome, who lived in the fourth and
fifth centuries A.D., portrayed ex-
treme asceticism as an expression of
Christian piety. In 384, one of his dis-
ciples, a young Roman woman named
Blaesilla, died of starvation. Perhaps
because she fits the contemporary
stereotype of the middle-class, female
anorexic, Blaesilla rather than Chan-

The Rare Gift of

dragupta is commonly cited as the
first known case.
The label given to spiritual and as-
cetic self-starvation is anorexia mira-

Seeing Extra Colors

bilis, or “holy anorexia,” to differenti-
ate it from the modern diagnosis of
anorexia nervosa. There were two
major outbreaks in history. The first
began around 1300 and was concen-
WALLACE KIRKLAND/THE LIFE PICTURE COLLECTION/SHUTTERSTOCK

BY JACKIE HIGGINS Research on colorblindness has led to a new ‘Fan of Heaven,’ a painting

I
by tetrachromat artist
n 2015, the internet was
understanding of tetrachromacy, an inherited Concetta Antico.
consumed by debate over ability to perceive subtle shades.
whether the dress in a cer-
tain photograph was blue Who wouldn’t be?” she asked.
and black or white and per. Picking up the baton from de the trial again, then again, even a “The more I read about it, the
gold. It was a compelling re- Vries, she embarked on a quest fourth time: still, zero mistakes. more fascinated I became.” Ms.
minder that color isn’t “out for the world’s first known tetra- She was very unlike every subject Antico sought out testing to see
there” in the world but within chromat. She recruited 31 women I had seen before. It was compel- if she had a fourth cone cell, and
each of us. In fact, for certain whose sons had a form of color- ling. After she had left, I was so the result was positive. Cognitive
rare individuals, recent research blindness, indicating they might excited that I jumped up and scientist Kimberley Jameson of
on human vision has found that have inherited an unusually tuned down!” the Color Cognition Laboratory at
the world they see is more color- cone from their mothers. “A At last, she had identified the the University of California, Ir-
ful than most of us can imagine. month, maybe two, was what I world’s first “strong” tetrachro- vine, knew instantly that Ms. An-
Human beings are “trichro- thought it might take me at the mat, a doctor from the north of tico was unusual, since “in addi-
mats”—that is, the cones in our beginning,” Dr. Jordan recalled. England who, until that day, had tion to the genetic potential for
A subject under study in the Minnesota eyes are sensitive to three fre- It turned out to be much more never realized her outlook on the tetrachromacy, Concetta has a
Starvation Experiment, 1945. quencies of light: long-wave- difficult to devise a visual test for world was anything special. “She considerable history of art train-
length reds, medium-wavelength something that was beyond her had no idea, but there is no doubt ing. She evaluates the uses of
greens and short-wavelength own perception. “There were no that she is the real deal,” said color and light, making hundreds
trated among nuns and deeply reli- blues. As this trio reacts, in dif- off-the-shelf instruments I could Jordan. “She occupies a percep- of color space decisions every
gious women, some of whom were fering intensities and combina- use, so I had to engineer an en- tual dimension that is denied the day.”
later elevated to sainthood. The sec- tions, our brain compares their tirely different colorimeter from rest of us.” Perhaps the usual Dr. Jameson was particularly
ond took off during the 19th century. outputs to create the perception scratch, one that could create and trichromatic world would appear impressed by Ms. Antico’s art-
So-called “fasting girls” or “miracu- of color. If red and green cones control for subtleties of color as bereft of color to her as a col- works of dimly lit scenes: “If you
lous maids” in Europe and America are activated, we perceive yel- that I could not see,” she re- orblind world would to most peo- look at her pictures of dawn and
won acclaim for appearing to survive lows and oranges, whereas differ- called. The design took months of ple. “This private perception is dusk, she uses many colors.”
without food. Some were exposed as ing combinations of green with careful experimentation in a what everybody is curious about. These monochromatic landscapes
fakes; others, tragically, were allowed blue cones can make teals and darkroom, splitting beams of I would love to see through are portrayed in pastels; tree sil-
to waste away. turquoises, and blue with red white light, filtering it through cDa29’s eyes.” houettes are rendered in magen-
But, confusingly, there are other cones might make violets and in- various combinations of lenses to The closest ordinary trichro- tas and mauves, their shadows in
historical examples of anorexic-like digos. distill fine, spectrally pure bands. mats can get may be the paint- madders and russets.
behavior that didn’t involve religion The most common form of col- Finally, Dr. Jordan came Ms. Antico insists that
or women. The first medical descrip- orblindness in humans results up with an experiment in these spectral shades are
tion of anorexia, written by Dr. Rich- from an absence of red or green which subjects were shown not imagined. “The colors I
ard Morton in 1689, concerned two cones. But there is another form three different lights in paint into twilights are not
patients—an adolescent boy and a in which all three cones are pres- quick succession and asked artistic expression. Where
young woman—who simply wouldn’t ent, only tuned to somewhat un- to identify the odd one out. you see grays, I see a rich
eat. Unable to find a physical cause, usual frequencies of light. Such Two of the lights were and beautiful mosaic of li-
Morton called the condition “nervous anomalous trichromats fascinated monochromatic yellow of lacs, lavenders, violets, em-
consumption.” the 20th-century Dutch physicist differing brightness; the eralds.” She talks as if col-
Almost two centuries passed be- Hessel de Vries. In 1948, de Vries third was a varying red- ors splinter beneath her
fore French and English doctors ac- tested two daughters of a color- green mixture that would gaze. “Take what you call
cepted Morton’s suspicion that the blind father, finding that while appear discernibly different white. You might see lead
malady had a psychological compo- they weren’t colorblind, the way only to someone with strong whites, ivories, chalks, sil-
nent. In 1873, Queen Victoria’s physi- their eyes created color mixes tetrachromacy. vers, warm whites, cold
cian, Sir William Gull, coined the differed from the norm. The first volunteer whites, but I see so many
term “anorexia nervosa.” Pondering this, he wondered seemed to pass the challenge more subtle shades, most
Naming the disease was a huge whether these daughters might with flying colors, but any without a name.”
step forward. But its treatment was see more colors than others did, excitement was short-lived. Dr. Jameson had Ms. An-
guided by an ever-changing under- not fewer. Perhaps, in addition to “She was so clever,” Dr. Jor- tico take a battery of visual
standing of anorexia’s causes, which the normal sweep of red, green dan recalled. “She had heard tests and found that she
has spanned the gamut from the bio- and blue cones, they had also in- the shutters releasing the perceives far finer grada-
logical to the psychosexual, from bad herited a fourth cone, their fa- beams of light and worked tions of color than most
FROM TOP: COURTESY CONCETTA ANTICO; COLIN CUTHBERT/SCIENCE PHOTO LIBRARY

parenting to societal misogyny. ther’s anomalous one. Conceiv- out that one click was for yellow, Color vision researcher others. The scientist says that the
The first breakthrough in treat- ably such people could be capable two clicks for the red-green mix- Dr. Gabriele Jordan. artist not only has a fourth cone
ment came from the Minnesota Star- of superhuman vision, since a ture. It’s amazing the cues people but also exemplifies the power of
vation Experiment, a World War II– fourth cone could fracture our fa- are alert to when asked to per- practice. “Concetta is the perfect
era study on how to treat starving miliar colorscape into myriad, form a sensory test.” Dr. Jordan ings of Concetta Antico. As a storm for tetrachromacy,” Dr.
prisoners. Researchers found that the more subtle shades. These “tetra- asked her next subjects to don child in Australia, Ms. Antico was Jameson says, the embodiment of
36 male volunteers exhibited many of chromats” would more likely be headphones as she streamed drawn to color and decided on a a spectacular synergy between
the same behaviors as anorexics, in- women as the mutations are lo- white noise to mask any other career as an artist at the age of nature and nurture. As for Ms.
cluding food obsessions, excessive cated on the sex chromosome “unforeheard” clues. five. Yet she never suspected that Antico, she wishes ”everyone
chewing, bingeing and purging. The they inherit in duplicate (XX de- Finally, on the morning of the world she saw was different could realize how beautiful the
study showed that the malnourished termining female, as opposed to April 20, 2007, a subject code- from everyone else’s. “Growing world actually is. Then perhaps
brain reacts in predictable ways re- XY male). named cDa29 took the same tests up, you don’t question what you they might value it more.”
gardless of gender. De Vries noted the phenome- with very different results. “At see,” she admitted. “It’s only now,
Recent research suggests that a ge- non in a paper but never investi- first, I couldn’t believe it,” Dr. looking back, that I realize I was Ms. Higgins is a science docu-
netic predisposition is a strong risk gated it further. Neither did any- Jordan told me. “Every test we always different.” mentarian. This essay is
factor for the disease. If this knowl- one else until almost a half- put in front of her, she got Many years and a move to Los adapted from her new book
edge leads to new treatments, it will century later, when Gabriele right—no errors—and her re- Angeles later, she learned about “Sentient: How Animals Illumi-
do so at a desperate moment. Pan- Jordan, a graduate student at the sponses were instant, without the condition of tetrachromacy nate the Wonder of Our Human
demic restrictions are ending. Now it University of Cambridge, grew in- hesitation. She was making color from someone buying her paint- Senses,” published Feb. 22 by
is time to save the children. trigued by the long-forgotten pa- discriminations with ease. We ran ings. “I was instantly fascinated. Atria.
C6 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

REVIEW

W
hen Ferran Adrià WEEKEND CONFIDENTIAL | EMILY BOBROW didn’t know quite what to expect.
hung up his chef’s The “smoke mousse” he served in
whites in 2011, he 1997 was essentially a foam of
seemed to be at
the height of his
powers. His renowned El Bulli, hailed
as the most influential restaurant in
the world, had become a gastro-
Ferran Adrià smoked water. “This was the most
avant-garde dish ever made,” he
says. “But we learned that was not
the way forward. Often times it’s
much more important to know what
nomic mecca in the Catalan seaside not to do than to know what to do.”
town of Roses, serving a rarefied 40- A pioneer of avant-garde cuisine turns his sights on breakfast. The unexpected tastes and tex-
course meal to a mere 50 diners a tures confected in his lab set the res-
night out of the millions who sought taurant apart but then inspired imi-
a reservation. sector. After examining coffee, cock- opher. The organization, supported in nearby Castelldefels, where the tators, many of them trained in El
Diners flocked to El Bulli not tails, tomatoes and other gustatory by the Italian coffee company La- chef, a family friend, taught him Bulli’s kitchen. Initially bizarre con-
merely to eat well but for a four-hour phenomena, Mr. Adrià and his multi- vazza and other corporate sponsors, some basic culinary techniques. Mr. cepts, like capturing the essence of
adventure in performance art. Mr. disciplinary team of experts have is dedicated to distilling the process Adrià brought these skills back to flavor in foam, soon became clichés.
Adrià’s “chicken curry” was a plate of just released the latest installment, of creativity at El Bulli to help other restaurants in Barcelona and then Still, it was a surprise when Mr.
curry ice cream with a drizzle of “Italian Breakfast,” a coffee-table chefs and entrepreneurs. “The most used them to run a kitchen as a Adrià decided to close El Bulli. Some
chicken demiglacé. His take on a clas- tome about the morning meal. important thing we did at El Bulli draftee in the Spanish Navy. wondered whether he was tired of
sic Spanish stew featured a decon- Skeptics may dismiss breakfast as was to question everything,” he says. When his service ended in 1983, the pressure of maintaining his place
structed mosaic of cauliflower the least interesting meal of the day, Mr. Adrià sought a job at El Bulli, at the top. Others suggested that
mousse, beetroot foam, tomato purée but Mr. Adrià insists that our morn- then a relatively unknown restau- serving only one meal a day, six
and peach water ice. Mr. Adrià’s inno- ing calories are worthy of scrutiny. ‘What is cooking? rant, where a fellow naval recruit months a year, was financially un-
vations earned El Bulli two Michelin “To talk about breakfast is to talk worked. He became a line cook at 22 sustainable.
stars in 1990, three by 1997, and Res- about the first action of the day in If you arrange and head chef two years later. He ad- Mr. Adrià is happy to put such
taurant Magazine’s title of world’s every family in the world,” he writes strawberries mits he didn’t love cooking at first, guesswork to rest. “Our ambition
best restaurant five times between in the book, which is filled with pho- but he discovered he was good at it. was to seek the limits of the gastro-
2002 and 2009. tographs, short essays and business
nicely in a bowl, is Mr. Adrià’s initial menus for El nomic experience,” he explains. “By
But when asked if he misses run- advice for restaurateurs. He quotes that cooking?’ Bulli—which means “bulldog”—fea- the end we had a tasting menu with
ning a professional kitchen, Mr. the esteemed British food critic A.A. tured the usual French standards, 44 dishes on it. We couldn’t go any
Adrià, 59, doesn’t hesitate. “No, no, Gill: “Breakfast is everything. The such as a roast leg of lamb and steak further than that.” He adds that his
no,” he says through a translator on beginning, the first thing. It is the Of all of his ventures, Mr. Adrià is with morels and cream. But his sensi- aspirations for El Bulli were to “pre-
a video call from Barcelona. “I still mouthful that is the commitment to most excited about a plan to trans- bility began to change in 1987 after a serve the act of creating,” not to
cook in my mind, but managing a a new day, a continuing life.” form the old restaurant into a com- trip to the French Riviera, where he make money. To keep the restaurant
team, thinking about awards, things Mr. Adrià’s own breakfast long bination museum and research lab, heard the great French chef Jacques afloat, he and Soler, who died in
like that, I’m not interested in those consisted of little more than an devoted to understanding “what Maximin declare: “Creativity means 2015, ran a lucrative side business
things anymore. It was a very tough espresso; he would wake at 4:30 happened” at El Bulli. “It’s about not copying.” Mr. Adrià and Juli devoted to consulting, catering and
thing to do.” a.m. and work till 8 p.m., skipping preserving my legacy,” he says. Soler, his friend and business partner, talks on creativity.
EDU BAYER FOR THE WALL STREET JOURNAL

Instead, Mr. Adrià has spent the lunch. He now starts his day at a “That’s important to me.” decided then to close the restaurant Although he is no longer crafting
past decade working on an array of more civilized hour, exercises out- Growing up in Barcelona, Mr. for six months every year to spend menus, Mr. Adrià has not stopped
projects through his El Bulli Founda- doors at his home near Barcelona Adrià set his sights on football, not that time researching and developing asking questions. “What is cooking?”
tion, a kind of think tank whose and shares breakfast with his wife cooking. When he failed to see a way new culinary concepts in a “labora- he asks, looking slightly mischievous.
motto is “feeding creativity.” These Isabel—a simple spread of fruit, bis- forward in cleats he began studying tory” in Barcelona. “I was constantly “Is opening an oyster cooking? If you
ventures include an encyclopedia of cuits or cereal and freshly squeezed business administration at a voca- asking myself why things were so,” arrange strawberries nicely in a
gastronomy lavishly published by orange juice. tional training institute, but got he says. “I had no masters.” bowl, is that cooking?” It doesn’t
Phaidon, “Bullipedia,” which aims to “I’m completely devoted to the bored and dropped out at 18 in 1980. Mr. Adrià recalls how some of his bother Mr. Adrià that his days are
investigate nearly all aspects of food foundation,” Mr. Adrià says of his To earn money for traveling, he more provocative dishes frustrated often riddled with more questions
and drink, mostly for the fine-dining transition from chef to foodie philos- washed dishes at a hotel restaurant customers in the 1990s, when people than answers. In fact, he prefers it.

Live Under the on TV of kids on waterslides

with parents who love them.
But this new Atlantis is sup-
Sea? Not for Me. posed to be a lifesaver escape
pod, in the event of catastro-
phe, like the seas rising over
Architects propose a real-life Atlantis, the mountains, or the Patriots
within eight years. Our columnist is skeptical. starting to win Super Bowls
again. It feels like a worthwhile
concept, and I bet you are
I RECENTLY READ that archi- crossed. grateful if you get a slot inside.
tects from Japan have designed Delivery on a full-scale At- But after a while I think At-
a viable undersea Atlantis, and lantis in 96 months? I’m skepti- lantis would start to be like any
it could be built and ready for cal. other community. There would
human habitation in as little as I am not sure I want to live like sea pigeons. You don’t even fee shop that makes the coffee be local issues and petty poli-
eight years. in an undersea Atlantis, any- look up from the phone. the way you like it, because it’s tics and people who have no
JASON Kudos to the architects, but I way. Another hammerhead. Great. not like you can just go wander business running for office de-
GAY have some doubts. Not about I imagine the first few amazing. I’m so excited. down the block and see what’s ciding to run for office. You’d
the viable Atlantis, because, re- months, maybe even the first And once you’re in Atlantis, out there. You better hope the find yourself sitting in a six-
ally, what do I know about deep year, is incredible. You’re con- you’re kind of stuck there. I Wi-Fi is strong and there’s hour Atlantis town meeting
sea architecture and engineer- stantly seeing fascinating sea know Ringo told us he’d like to somebody who knows how to talking about a bond issue and
ing? It’s more about its being creatures out the window—a be under the sea in an octo- repair smartphone screens, or you think: Dry land was not so
ready in eight years. hammerhead shark! You’re pus’s garden in the shade, but else you’re wandering around bad.
Have you tried to order any bragging about your Atlantis did he really mean it in perpe- Atlantis for the rest of your life I bet you miss the sun. I bet
kind of furniture lately? I re- apartment nonstop on Insta- tuity? When he said he’d ask with a cracked phone screen, you miss birds.
cently ordered a coffee table, gram, and you get out of going his friends to come, did he ex- and that really would be the What if underwater is just
nothing fancy, and I was told, to lots of stuff (birthdays, office pect them to agree, or for them pits. loaded with Duke fans?
due to global supply chain is- retreats, destination weddings) to say: I don’t know. The traffic Yes, I know there was an At- This is what I think about.
sues, I could expect it anywhere you don’t want to go to, be- on the Merritt Parkway is really lantis before, a lost city—and Please invite Ringo, but in lieu
between seven months from cause you live underwater now. bad. there’s also an Atlantis resort of an emergency there is no
ZOHAR LAZAR

now and the year 3000. Give or But after a while, those ham- Also, you better pray that in the Bahamas, which my kids way I’m ready to move my exis-
take four to six weeks. Maybe merhead sharks lose their nov- underwater Atlantis has a hard- scream at me to take them to, tence underwater. Not before
I’ll get it in 2998. Fingers elty. I bet they start seeming ware store and the kind of cof- when they see the commercials the coffee table comes.
 BOOKS
Between Sand and Sea Rival in Chief
The mystery Salmon P. Chase,
and drama of life Lincoln’s
in a tidepool C12 indispensable man C9

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 19 - 20, 2022 | C7

A Scourge
Of the Past—
And Present
Phantom Plague
By Vidya Krishnan
PublicAffairs, 300 pages, $27
BY KYLE HARPER

I
N 1992, a blue-ribbon panel
commissioned by the Insti-
tute of Medicine published
“Emerging Infections: Microbial
Threats to Human Health in
the United States.” The report was a
broadside aimed at the “complacency of
the scientific and medical communities,
the public, and the political leadership
of the United States toward the danger
of emerging infectious diseases and the
potential for devastating epidemics.”
A stream of like-minded books followed
—Laurie Garrett’s “The Coming Plague,”
David Quammen’s “Spillover.” But the
IMAGES; ALAMY

risks were hard to calculate, and despite

some near misses (including Ebola and
SARS-1), the possibility of a new plague
seemed remote from day-to-day life.
TOMÁŠ KOPECNÝ/GETTY

The warnings
went
unheeded. TB may be
Š

The
Institute of
the most
Medicine damaging
A KING AND A KNAVE Potent symbol of a nation, or notorious baby snatcher? report infectious
mentioned
tuberculosis, disease

Bald-Faced Myths
which had humanity
started a
resurgence
has ever faced.
by taking
advantage of
Americans have always venerated the bald eagle as an icon of self-reliance, patients suffering from AIDS. In the
years since, a chorus of voices has
strength and courage—but enduring misconceptions nearly led to its extinction been gathering strength, warning us
of a looming microbial threat that can
The Bald Eagle after taking their parents as “good Canada showed much the same scene. seem as esoteric and far away as bat
By Jack E. Davis eating, the flesh resembling veal in That video was quickly exposed as a viruses once did: multidrug-resistant
taste and tenderness.” hoax, but not before it garnered two tuberculosis (MDR-TB) and extensively
Liveright, 417 pages, $29.95
In “The Bald Eagle: The Improbable million hits on YouTube in its first 24 drug-resistant tuberculosis (XDR-TB).
BY BILL HEAVEY Journey of America’s Bird,” Jack E. Davis hours. Mr. Davis is unable to find any Add Vidya Krishnan’s “Phantom
sets out to puncture the popular myths variation on this myth that stands up to Plague” to the chorus. Covid-19 is a

I
T’S COMMONLY BELIEVED about the eagle and to write “a com- examination. The problem is that the real new infectious disease, but old foes
that Benjamin Franklin would prehensive account of a singular avian bird maxes out at about 14 pounds (for a have not gone away. Antibiotic resis-
have preferred the wild turkey species and its relationship with a nation very large female, which, on average, tance by the tuberculosis bacterium
as America’s national bird. In a and its people.” Historically, Mr. Davis is 20% larger than a male) and can’t lift represents a continuing evolutionary
letter addressed to his daughter, tells us, Americans have had a violently more than half its weight. An eagle’s bread arms race between biomedical science
he branded the bald eagle a “rank cow- bifurcated attitude toward the eagle— and butter is fish, although there are and one of the great killers of all time.
ard” and a bird of “bad moral character” venerating it as a national symbol “rep- stories of eagles carrying off small cats. In the middle are millions of victims,
because it feeds on the meat of dead resenting fidelity, self-reliance, strength, Throughout the 19th century and into mostly poor, caught in the ancient vice
animals and steals food from other and courage” while all but exterminating the 20th, myths such as this helped fuel grip between destitution and disease.
birds—particularly the honest osprey. the creature itself. “The bald eagle,” what Mr. Davis calls “a fierce coast-to- Tuberculosis—“consumption,” the
He admitted that the turkey was a “vain Mr. Davis reminds us, “has been associ- coast assault,” pushing the bald eagle “white plague”—could rightfully claim
and silly” creature but still deemed it ated with higher principles and better toward extinction. “The aggression was to be the great infectious disease.
a “much more respectable” candidate. attributes since 1782, when Congress nothing short of premeditated and ac- Bubonic plague, smallpox and influenza
Franklin was, of course, anthropomor- made it the central figure on the Great ceptable—legally and socially. Anyone were more explosive, but only malaria
phizing the wild birds by the moral stan- Seal of the United States.” Soon balds anywhere in the position to do so can contend with tuberculosis for the
dards of his time, a misguided practice could be found adorning everything squeezed the trigger and carried out steady, relentless toll taken on our
that continues to this day. It is only from architecture to currency, orna- the bird’s execution—respectable, hard- species. The keys to TB’s success are
ments, knickknacks working, churchgoing people who tenacity and stealth. Most of history’s
and corporate logos. thought they were doing no more harm notorious germs cause acute infection
Yet “Americans trea- than pulling up an annoying dandelion.” —short and dramatic. TB is one of a
sured the bald eagle’s It took the Bald Eagle Protection Act handful of really successful agents of
image even as they of 1940, which prohibited the taking of chronic infection. It lurks inside the
detested its living eagles or disturbing them in any way, to immune cells meant to protect us,
complement.” help bring the bird back from the brink. then patiently grinds down its victims.
For almost as long Yet even as the bird itself was under TB is primarily a disease of the
as Europeans have assault, it’s difficult to overstate the lungs, spread via the respiratory route.
been on this conti- potency and popularity of the eagle as a It thrives where human hosts are
nent, eagles have national symbol. We put it on coins and crowded together in squalor. Probably
risked their lives fly- coffee mugs, banners and belt buckles. no infectious disease has killed more
ing across American Remember the screaming eagle that humans throughout history, but as
skies. As early as the opened “The Colbert Report”? That was Ms. Krishnan vividly reminds us, TB
1660s, the settlers of actually the call of a red-tailed hawk, is not a disease of the past. Up to one
Casco Bay, Maine, used to make the eagle sound more quarter of the global population carries
were shooting the intimidating—an old Hollywood trick. the bacterium in a latent state. Every
birds to feed their The real call of the bald is too feeble: year, some 10 million people fall sick,
hogs. Cash bounties a high-pitched, chittering squeak that and in 2020 more than 1.5 million died
were paid for eagle sounds like a plea for some WD-40. of a disease that is preventable and
CARRIED through the human lens that a pig is talons throughout the 19th century, a Then there was Old Abe, perhaps the treatable. Indeed, the TB bacterium
AWAY greedy, a donkey stubborn or a fox sly. practice that continued in Alaska until country’s most fabled eagle. Born in 1861 was the deadliest microbe on the planet
A scene There is, naturally, more to Franklin’s 1952, when it was finally outlawed. and secured from an Ojibwa trader for a before it was dethroned by SARS-CoV-2.
from the story. At the time of his writing, he was Searching a newspaper database for bushel of corn, he was carried into battle It is a safe bet that TB will soon resume
silent film incensed by the Society of the Cincinnati, instances of “bald eagle shot” appearing during the Civil War as a living mascot by its place atop the rankings.
‘Rescued which had been formed to commemorate between the years 1850 and 1920, a regiment from Wisconsin. Gens. Grant, The subtitle of Ms. Krishnan’s book—
From an the officers of the Revolutionary War. Mr. Davis came up with an astonishing Sherman and McPherson doffed their hats “How Tuberculosis Shaped History”—
Eagle’s The society included in its iconography 183,959 hits. It’s safe to assume that the upon encountering the bird in the field. undersells what is inside. The only
Nest’ the bald eagle. It also, more significantly, true number is many times higher. Old Abe eventually became so well-known history to be found consists of anec-
(1908). excluded Franklin from its membership. “False accusations fostered a cross- that P.T. Barnum offered to buy him. dotes from the 19th century. It is
So it’s easy to imagine Franklin, who eyed vision of a morally depraved preda- “The Bald Eagle” is an impressive unfortunate that the deeper history of
admitted he was fond of “prattling, pun- tor and thief, and degenerate scavenger work of scholarship by Mr. Davis, a pro- tuberculosis does not seem to interest
ning and joking,” writing a polemic aimed —a bird more corrupt than the pilfering fessor of history at the University of Please turn to page C8
at the bald eagle. It’s also easy to imagine garden crow,” Mr. Davis tells us. One of Florida who won a Pulitzer Prize in
him thinking that the screed would have the enduring myths around the bald 2018 for “The Gulf: The Making of an
more punch if discovered, as it indeed eagle is the notion that it routinely American Sea.” The notes alone run to
was, in an unsent private letter. This was snatches defenseless animals—and not 20 pages of small type. Mr. Davis suc-
a man who seldom put quill to paper only lambs, pigs or calves. From time ceeds in making the history of the bird
without an eye toward public consump- immemorial there have been stories accessible to general readers.
tion—and if it meant taking an elitist about eagles carrying off human babies. At the same time, there are parts of
society to task, all the better. An early silent movie, “Rescued From it that read like a textbook. The 30-page
STEFANO BIANCHETTI/BRIDGEMAN IMAGES

Then there’s John James Audubon, an Eagle’s Nest” (1908), feeds this ancient chapter on how the eagle made it onto
our most famous ornithologist and the fear, depicting a bald eagle, flapping the national seal—a process that involved
author of the enduring “Birds of Amer- its wire-controlled wings, as it steals three congressional committees, nine
ica.” Like Franklin, Audubon found the an infant and hoists it into the sky. The delegates, three artists and a consultant
bald eagle to be cowardly and tyrannical. heroic father in the film (played by —provides more detail than you may
“Suffer me, kind reader,” he wrote, “to D.W. Griffith, who would go on to fame want. The same goes for the chapter on
say how much I grieve that [the bald as director of the racist epic “Birth of the history of the bald in early science.
eagle] should have been selected as the a Nation”) eventually bludgeons the prop But if you have any questions about our
Emblem of my Country.” Audubon killed eagle to death, throwing it off a cliff national bird, Mr. Davis’s “The Bald Eagle”
a great many balds with his beloved before joyfully reuniting with his child. is a great place to look for answers.
fowling gun, which he named Long Tom, More than 100 years later, a 2012 ALLONS Detail of a 1917 poster pro-
and pronounced the eaglets he procured video created by animation students in Mr. Heavey is a writer in Bethesda, Md. moting the fight against TB in France.
C8 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘I have to be seen to be believed.’ —ELIZABETH II

FIVE BEST ROYAL BIOGRAPHIES

Jane Ridley
The author, most recently, of ‘George V: Never a Dull Moment’

Queen Mary the turbulent reign of George V. Victoria R.I. than engage, Albert withdrew and The Queen
By James Pope-Hennessy (1959) In all, “Queen Mary” is a wonderful By Elizabeth Longford (1964) tried to teach his wife self-control, By Ben Pimlott (1996)

1 3 5
read, generally considered to be the making her write the details of
James Pope-Hennessy’s brief, best royal biography ever written. The most entertaining and her lapses into emotionalism in Queen Elizabeth II is one
as Queen Mary’s official biog- informative royal biographies a special book. For Longford’s of the most famous and
rapher, was to write a formal tend to be the authorized scholarship, among other reasons, most photographed women
account of the queen’s good Queen Victoria kind, based on research in this remains one of the best full in the world. Her papers are
works—a form of royal propaganda. By Lytton Strachey (1921) the Royal Archives but not commis- biographies of Victoria. not available, and her archive will

2
Alan Lascelles, King George VI’s sioned as official lives upon the probably not be accessible until
private secretary, once told one More has been written about death of a royal. One of the earliest her official biography is published.
such biographer: “You will be writ- Queen Victoria (1819-1901) such biographies was Elizabeth The Reluctant King She never gives interviews and
ing a book on the subject of a myth than any other modern Longford’s “Victoria R.I.” Longford By Sarah Bradford (1990) is protected by a wall of silence.

4
and will have to be mythological.” monarch. She herself was a broke new ground with her use There have been several attempts to
What Pope-Hennessy produced prolific writer, penning an estimated of documents from the Windsor This life of King George VI write her life, notably
is a mythological 2,000 words a day for her journal archives, which provide an intimate (1895-1952), the father of Sally Bedell Smith’s
biography of a while also managing a massive cor- Queen Elizabeth II, takes a excellent “Elizabeth
very different sort. He respondence. No official biography close look at the reluctant, the Queen” (2012). But
deconstructs the image was commissioned after stammering king whose the most original and
of Queen Mary (1867- her death. Instead story is told in the politically astute biogra-
1953)—the formidable royal advisers 2010 film “The phy so far was published
grand dame with her published King’s more than 25 years ago
toque hats, ankle-length by the academic historian
skirts, ramrod-straight Ben Pimlott. As Elizabeth
back and, Longford notes,
not least, this is “an out-
diamond-laden standing biogra-
bust—and focuses phy for a historian to
on Mary as a young have written, and
princess, in a life an equally out-
filled with moments standing history
strongly resembling to be written by
a fairy tale. The a biographer.”
opening sen- Pimlott
tence in “Queen treats his
Mary” reads: subject as a
“One late April historical figure.
day in the He isn’t inter-
year 1867 ested in gossip;
a letter nor does he
from probe the inti-
England mate details of
reached the queen’s life.
Schloss The subject
Reinthal, of her relations
the turreted, POPPERFOTO/ with Philip doesn’t con-
GETTY IMAGES
ochre- cern him. The author is,
coloured however, interested in
castle of the how the marriage is
von Hügel presented to the world.
family, hid- He writes about the queen’s
den in the fir changing images and their
woods of the KINGMAKER From a postcard celebrating the coronation of King George V and Queen Mary. effect: how she is some-
Styrian hills, times praised for her seemingly
within an easy distance of Graz.” a redacted edition of her letters. account of Queen Victoria’s private Speech.” Sarah Bradford made little down-to-earth ordinariness and at
We are thus transported to the (Her journals were released online life. The author was the first to use of the Royal Archives but still other times for her presence as the
vanished world of small German in 2012.) Lytton Strachey helped fill suggest that the marriage between penetrated “the secret and closed queen. The fundamental question
courts, the world of Mary’s Austrian- the vacuum with this brilliant, brief Victoria and Prince Albert—hitherto circle” that surrounds the royal at the heart of the book is how the
born father, Francis, Duke of Teck. and witty life—an outlier that still hailed as one of happiest marriages family. She discovered many reveal- monarchy has survived as a national
Pope-Hennessy expends 420 of his stands the test of time. When it ever—was in reality a stormy power ing diaries and letters outside the institution. As Pimlott observes,
book’s 622 pages on Mary’s life prior was published, the book infuriated struggle. Albert plotted to take over archives and interviewed many there is a paradox—a pilloried
to 1910, when she became queen. Victoria’s grandson King George V Victoria’s capacities as sovereign, people who still remembered the family, a criticized institution,
Remarkably, he devotes a mere 120 but made George’s son Edward, causing Victoria to lose her temper king. The result is an astonishingly a widely questioned role, and yet
pages to her years as consort during Duke of Windsor, roar with laughter. and throw violent tantrums. Rather well-informed and readable account. an esteemed and popular queen.

Thomas Malthus gave voice to the tuberculosis. Her disease presented as daquiline, the Johnson & Johnson drug ment spends around $400 million a
Tuberculosis widespread recognition that the “close- a limp, which eventually led to a diag- that is the other major addition to the
ness and foulness of the air” in places nosis that upended the lives of every- anti-TB arsenal, she fought back in
year on tuberculosis research, 44% of
the global total, for a disease that only

Past and like London was especially “unfavour- one in her family. For Piya, it meant a Indian court and won. But it was too
able to the tender lungs of children.” daunting regimen of ineffective pills late, and in October 2018, the disease
In the early 19th century, TB came to that turned her teeth yellow and her took her life. Ms. Krishnan is unsparing
kills about 500 Americans each year
(just slightly more deadly than bath-
tubs). Given that Bill Gates has “the
Present account for upward of one third of all face flush red. The side effects only in her denunciations of the inefficiency
deaths in industrial cities, an almost added to the stigma and shame of and “callousness” of the Indian govern-
morals of a thug,” according to Ms.
Krishnan, one might also be surprised
unfathomable share. the disease itself. Meanwhile, she had ment, but she reserves even sharper that the Bill & Melinda Gates Founda-
Continued from page C7 The decline of TB in the West was to undergo excruciating debridement criticism for patent-holders. The cen- tion spends over $100 million annually
Ms. Krishnan. As we have recently late but miraculous; accomplished be- surgeries, in which infected tissue is tral chapters of the book depict pa- on TB research, at last count about 13%
learned, the bacterium that causes TB tween about 1870 and 1940, it has been scooped out. Fortunately for Piya, her tient-centered stories against the back- of the entire global budget. Yet we are
has not existed time out of mind. Both the subject of one of the most resonant plucky father flew to Tokyo and man- drop of the bureaucratic and material told to discount this. The author quotes
ancient bacterial DNA recovered from debates in the history of health. Chinua Achebe: “Charity . . . is
archaeological skeletons and massive Mortality from TB was reduced the opium of the privileged.”
data sets of modern DNA are allowing thanks to a combination of three There has been hard-won
us to piece together the hidden back factors: improved living stan- progress against TB over the
story of TB (and so many other human dards that liberated people from last two decades, with substan-
pathogens). The TB bacterium is only desperate poverty; public health tial decline in total mortality
4,000 to 5,000 years old, a product measures (such as bans on spit- due to the disease. Still, recent
of the Bronze Age. It emerged when ting, a government-driven be- progress has fallen short of
humans first built cities and long- havioral change that Ms. Krish- World Health Organization
distance trade networks, and it has nan colorfully narrates); and goals. Now Covid-19 has re-
opportunistically thrived on human biomedical interventions (from versed recent gains. TB remains
progress ever since. the BCG vaccine to antibiotics). a global plague in the here and
The medical historian now, and we are not on track to
Thomas McKeown, in the 1960s win in the foreseeable future.
Tuberculosis emerged and ’70s, argued that the lion’s To make matters worse, drug-
share of the credit should go to resistant forms of TB can be
when humans first built improved living standards. Ever actively transmitted (that is,
cities and long-distance since, there has been spirited resistant strains do not just
trade networks. It thrives disagreement. The question re- develop in patients who are
mains potent because it echoes struggling with a brutal phar-
on dense populations.
BRIDGEMAN IMAGES

contemporary development pol- maceutical regimen of toxic

itics, where there is an enduring pills), and infections caused by
tension between investments these nastier breeds are rising.
Over the centuries, the bacterium in broader social welfare versus Meanwhile, drug discovery is
diversified into geographically distinct more targeted interventions hard, slow, risky and expensive.
lineages in different parts of the world, that address disease directly. VICTIMS A tuberculosis ward in Turkey in 1900. The specter of a future in which
some strains more virulent than What makes Ms. Krishnan’s the effectiveness of our limited
others. European expansion in modern book worth the price of admission is aged to arrange an audience with obstacles to effective care. Whatever antibiotic arsenal continues to decline
times helped to disseminate a particu- the tableau she paints of the current Otsuka, the Japanese pharmaceutical one’s ideology, these accounts of how is terrifying. TB is a scandal today, and
larly deadly lineage world-wide. And plague. She writes with authority about company that sells delamanid, one of legal, medical and economic structures it may be a catastrophe tomorrow.
nothing played into the hands of TB the current state of TB globally, espe- the two relatively new drugs used to play out in the lives of people with tu- Covid-19 reminds us that nightmare
like industrialization. As people left the cially in her native India, which is the treat the hardest cases. Against the berculosis ought to be reckoned with. scenarios seem remote—until they
countryside for factory work and tene- epicenter of the disease today. A 20- odds, he was able to have his daughter Ms. Krishnan’s book is self-con- aren’t.
ment life, TB became the overwhelm- year veteran of medical journalism, qualified for a compassionate-use case, sciously a work of activism. She does
ingly pre-eminent cause of death. Ms. Krishnan is a powerful storyteller, and she has recovered. not believe in intellectual property Mr. Harper, a professor at the Uni-
When bubonic plague, smallpox and her accounts of frustration, suffer- Piya was lucky; her middle-class rights; pharmaceutical companies are a versity of Oklahoma, is the author
and typhus were brought under con- ing, grief and resilience are moving. family more resourceful than most. Ms. source of exploitation, not innovation. of “Plagues Upon the Earth: Disease
trol, TB was left to claim a larger share There is the case of 11-year-old Piya, Krishnan also narrates the wrenching These parts of the book cannot be and the Course of Human History”
of the victims. Children, especially of whose ankle bone was infected with story of Shreya Tripathi, diagnosed accused of nuance. One would never and “The Fate of Rome: Climate,
the working classes, suffered most. an extensively drug-resistant form of with TB in 2012. Denied access to be- guess that the United States govern- Disease, and the End of an Empire.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | C9

BOOKS
‘True democracy makes no enquiry about the color of the skin, or the place of nativity, or any other similar circumstance.’ —SALMON P. CHASE

In Praise of ‘Old Greenbacks’

ALAMY; ON C7: SARIN IMAGES/GRANGER

LEGAL TENDER The 1862 ‘greenback’ dollar, featuring a portrait of then-Treasury Secretary Salmon P. Chase.

Salmon P. Chase: earlier, masterly biographies. Most people with at edited by Frederick Douglass’s son Lewis, eulogized rency—previously the nation had been awash in
Lincoln’s Vital Rival least a passing understanding of the Civil War the late chief justice with words that Chase himself a perplexing mix of individual banknotes and
By Walter Stahr recognize the contributions of Seward and Stanton had spoken two decades before the Civil War. All foreign change—and a system of national banks.
in helping Lincoln win the war. Many, however, who claimed freedom for themselves “as a birth- This was no small feat. As Mr. Stahr explains,
Simon & Schuster, 836 pages, $35
dismiss Chase as a conniver for the presidency right, precious beyond all price, and inalienable as “there had been no chance, in the 1850s, of per-
BY PETER COZZENS who contributed little of consequence to the cause. life,” Chase had asserted, knew instinctively that suading Congress to create national banks and a

S
Few realize that Chase not only played a crucial “no person can rightfully hold another as a slave.” single national currency; nor would there have
ALMON P. CHASE first laid eyes on role in setting the stage for a Union triumph, but The man with the “awkward, fishy name,” as been much chance for such legislation in the con-
the nation’s capital in December that he also was an indefatigable and unwavering Chase said of himself, considered his struggle on tentious decade after the Civil War. Chase deftly
1826. An earnest and pious honors champion of African-American rights more than a behalf of black rights—including universal male guided the measure through Congress in the
graduate of New England’s pres- decade before Abraham Lincoln first denounced suffrage and full integration—to be his life’s work. midst of the crisis.” In 1877, five men created an
tigious Dartmouth College, the 18- slavery. As Mr. Stahr ably demonstrates, no 19th- So too did those whom he sought to elevate to enduring monument to the late Treasury secre-
year-old cut a fine figure. Ruggedly handsome, century American political figure worked as tire- equal rights with whites. Mr. Stahr makes this clear tary’s achievements: the Chase National Bank.
he stood slightly over 6 feet tall, with expressive lessly and consistently to advance the cause of in relating Chase’s visit to a political meeting of Walter Stahr convincingly refutes the commonly
brown eyes that shone forth beneath his thick, free blacks and former slaves in the conquered city held belief that Chase sought to subvert President
wavy brown hair. Determined to succeed, he stud- of Charleston, S.C., in May 1865, writing: Lincoln in the interest of his own presidential nom-
ied law and immersed himself in the political Lincoln’s Treasury secretary ination in 1864. On the contrary, Mr. Stahr demon-
and social life of Washington, D.C. The black crowd stood and cheered, and the mil- strates Chase’s continued loyalty and admiration
Even the best-intentioned young men form
played an essential role in itary band played “Hail to the Chief,” as Chief for Lincoln, whose judgment he always found
judgments they later regret. Living in a city in the Union victory and was Justice Salmon Portland Chase walked down the “wonderfully good.” When the Union Party chose
which most leading families owned slaves, Chase an unwavering champion of aisle and up to the platform. “More than anyone Lincoln for a second presidential bid, Chase
initially sided with wealthy Southern friends on the else, he looked the great man,” one of his friends campaigned tirelessly on his behalf.
slave question. “The truth is,” he wrote a friend, African-American rights. recalled: six feet tall, solid, strong, clean shaven, Chase knew profound personal tragedy. By the
“that little cause exists for that sickly sympathy nearing sixty. The crowd cheered Chase not age of 44, he had lost three wives to untimely
which many at the North feel or affect to feel with because of his work on the Supreme Court . . . deaths. After his third wife succumbed to tubercu-
the fancied suffering of the slave. The master has black civil rights than did Salmon P. Chase in his or because of his work during the Civil War losis in 1852, Chase never remarried. He also lost
a far more just claim upon our commiseration.” varied roles of attorney, senator, governor of Ohio, (although some called him “Old Greenbacks” nine siblings and four children. The tumultuous
Four years later, Chase had not only repudiated secretary of the Treasury and finally as chief for his role in creating the new green paper marriage of his beautiful and fiery daughter Kate
such sentiments, but he also had started down the justice of the U.S. Mr. Stahr convincingly makes the currency). No: the black Charleston crowd to the alcoholic Gov. William Sprague of Rhode
political path that would make him one of the most case for Chase’s greatness without neglecting his cheered Chase because Chase was known as Island, a union doomed to mutual infidelity, and
effective antislavery advocates in the United States. shortcomings, chief of which was a burning ambi- a lawyer who had defended fugitive slaves and their scandalous divorce caused Chase intense
The acclaimed biographer Walter Stahr has tion to become president. As chief justice, Chase a leader who, in his various government roles, grief. Mr. Stahr weaves Chase’s personal and
given us definitive biographies of William H. went so far as to change political parties in his had always argued against slavery and in favor political lives together deftly, revealing for readers
Seward and Edwin Stanton, two of the ablest and second unsuccessful quest for the White House. of black rights. the whole man. “Salmon P. Chase: Lincoln’s Vital
most influential members of President Abraham In his deepest principles, however, Salmon P. Rival” is as powerful and moving a political biog-
Lincoln’s cabinet. The Lincoln administration, Chase never wavered. On Chase’s death from a Chase also contributed significantly to Union raphy as I have read. I learned a great deal from
however, contained a triumvirate of exceptionally stroke in 1873, the New York Tribune editorialized victory in the more mundane but nevertheless it, and I warmly commend it to those seeking a
talented cabinet members. Mr. Stahr has followed that to him, “more than any other one man, be- vital task of wartime Treasury secretary: that of fuller understanding of the turbulent American
his earlier works with an eloquently written, longs the credit of making the antislavery feeling financing the struggle with a rapid and necessary 19th century and the critical early decades in
impeccably researched and intensely moving what it had never been before: a power in politics.” expansion of federal spending from $80 million to the struggle for black rights.
biography of the third cabinet standout—Treasury Chase accomplished this as a founder of the Re- $1.3 billion largely through an appeal, orches-
Secretary Salmon P. Chase. publican Party, the instrument of Lincoln’s rise to trated with financier Jay Cooke, to citizens to buy Mr. Cozzens is the author, most recently,
In “Salmon P. Chase: Lincoln’s Vital Rival,” Mr. the White House. Lamenting that “a great man has government bonds and by a selective increase of “Tecumseh and the Prophet: The Heroic
Stahr faced a greater challenge than in either of his gone to an honored grave,” the New National Era, in taxation. Chase also established a national cur- Struggle for America’s Heartland.”

Douglass, who as a young man had planned to attack Lincoln’s carriage course if this or that detail had been of the racial hierarchy the war had
With Malice experienced the savagery of chattel
slavery, escaped to free soil in 1838 and
when it stopped to switch lines in Balti-
more.
otherwise. But “The Lincoln Conspir-
acy” also includes much on Lincoln’s
destroyed.
The point of Mr. Avlon’s book,

Toward soon became one of the nation’s great

exponents of abolition. He wanted an
outright end to slavery; opposed the
Their mistake was to let too many
people in on the secret. Samuel Felton,
president of P.W. & B. Railroad, heard
life and character, and every episode is
scrupulously referenced. An occasion-
ally melodramatic page-turner with
though, is not to offer counterfactuals
but to afford readers a glimpse of
Lincoln’s generous outlook and magnan-
None colonization of Liberia as a solution to
the problem; and, when war finally
rumors about it and hired a private
detective, Allan Pinkerton, to find out
proper endnotes—not a bad thing.
There are some magical moments,
imous conduct. One passage I found
very moving. On April 8, 1865, Lincoln
came in 1861, championed the enlist- too. On Feb. 22, 1861—George Washing-
BY BARTON SWAIM ment of black soldiers. ton’s birthday—Lincoln’s train stopped

A
Lincoln’s announced intention in his in Philadelphia. The night before, he ‘I tell you, sir,’ recalled
CASUAL OBSERVER of first presidential campaign, by con- had been informed by two independent
American culture and trast, was to keep slavery out of the sources of a plot to assassinate him in
a rebel soldier, ‘he had
politics could be forgiven territories but not to outlaw it where Baltimore. Asked to say a few words the most magnificent
for wondering when the it already existed. Initially he favored at Independence Hall, Lincoln spoke
NATIONAL MUSEUM OF

face and eye that I have

AMERICAN HISTORY

cancel mobs would catch colonization and opposed the idea of about the principle of freedom implicit
up with Abraham Lincoln. For decades blacks serving in the U.S. military. in the Declaration. “If this country ever gazed into.’
our schools and universities have busied Lincoln’s highest concern was the pres- cannot be saved without giving up that
themselves in the work of persuading ervation of the Union, and he knew he principle,” he concluded—then trailed
the young that America’s noblest efforts could not achieve that end by giving off, evidently deep in thought. visited Gen. Grant’s headquarters near
to achieve racial parity were hopelessly full expression to his instinctive “I was about to say I would Richmond and consoled wounded Union
compromised by racism. Lincoln did not revulsion at slavery. As matters rather be assassinated on this soldiers in a field hospital. When he be-
begin his political career with a fully of abstract morality Douglass spot than to surrender to it.” gan walking toward a tent separated
enlightened understanding of racial was right and Lincoln was John Avlon’s “Lincoln and the from the others, a doctor tried to stop
equality. That should make him, in the wrong. But Lincoln the politi- Fight for Peace” (Simon & Schuster, him. Those, the doctor said, were for
eyes of the race-fixated ideologues cian understood, as Douglass the 354 pages, $30), an account of the wounded Confederates. “That,” Lincoln
who run some of our elite institutions, journalist and intellectual did not, that TALL ORDER Abraham Lincoln’s president’s thinking and conduct in replied, “is just where I do want to go.”
a prime candidate for demotion. freeing the slaves would remain a hat, last worn the night the wartime, underscores his desire not There, too, the president spoke
The publishing industry happily dream if the Union fell apart. president attended Ford’s Theatre only to preserve the Union but also to peaceably to the wounded. Years later
appears to want nothing to do with such Most books on Lincoln are imbued on April 14, 1865. reconcile North and South, Republican one of the sick rebels, Col. Henry L.
foolishness. Our 16th president con- with a sense of tragic melancholy— and Democrat, white and black. Benbow, recalled Lincoln extending
tinues to attract capable and admiring like those on JFK, only more so. more. Pinkerton and his colleagues Lincoln grasped a crucial truth: his hand. “Mr. President, I said, do you
authors. Brian Kilmeade’s “The Presi- “The Lincoln Conspiracy” (Flatiron, insinuated themselves into secessionist There would be no reconciliation with- know to whom you offer your hand?
dent and the Freedom Fighter” 432 pages, $29.99), by Brad Meltzer circles and, with the aid of cash and out victory. He rejected all proposals ‘I do not,’ he replied. Well, I said, you
(Sentinel, 292 pages, $28) chronicles and Josh Mensch, is a refreshing alcohol, coaxed the conspirators into for a cease-fire and negotiated settle- offer it to a Confederate colonel, who
the relationship between Lincoln and counterinstance to this generality. The saying too much. ment. His objective, as Mr. Avlon has fought you as hard as he could for
Frederick Douglass. That relationship conspiracy of the title is an assassi- Mr. Meltzer, the author of popular shows, was to vanquish the South four years. ‘Well,’ said he, ‘I hope a Con-
has been treated many times before, but nation plot—not the one that succeeded thrillers and a host on the History Chan- militarily, and then to rebuild it by a federate colonel will not refuse me
Mr. Kilmeade, a co-host of Fox & Friends in 1865 but the one that failed in 1861. nel, and Mr. Mensch, a historian and program of political reform, economic his hand.’ No, sir, I replied, I will not,
and the author of several previous works The Baltimore Plot, as it’s remem- television producer, have written a tale expansion and assistance to land- and I clasped his hand in both mine.
of popular history, has a team of capa- bered, involved a confederation of pro- that begs to be a movie. The book is owning black farmers. We cannot know I tell you, sir, he had the most magnif-
ble researchers and a snappy story- slavery zealots, led by a Corsican immi- narrated in the present tense, like the how Reconstruction would have fared icent face and eye that I have ever
telling style. The book is impressively grant and barber named Cypriano script of a documentary, and its 81 short if Lincoln had lived, but Mr. Avlon lays gazed into. He had me whipped from
produced, with more than 50 illustra- Ferrandini. After the November election, chapters typically end on a note of much of the blame for its failure on the time he first opened his mouth.”
tions, all clearly captioned; handsome President-elect Lincoln in February 1861 heavy suspense. There are constant and President Andrew Johnson, whose
endpapers showing a Civil War-era traveled by train from Springfield, Ill., unnecessary reminders of how Ameri- administration allowed white populists Mr. Swaim is an editorial-page writer
map; and copious citations in the back. to Washington D.C. The conspirators can history would have taken a different in the South to re-create a semblance for the Journal.
C10 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘Always read stuff that will make you look good if you die in the middle of it.’ —P. J. O ’ROURKE

MYSTERIES

Rebel in a Repp Tie Candor

TOM NOLAN

BY DAVE SHIFLETT

T
HE WORLD seems Among
ragged these days—
roiled by viruses,
inflation, rampaging
Thieves
woke folk, omni-
present smartphone zombies and PITY POOR constable Peregrine
a ruling class that makes romantic Twitten, the young “clever
types pine for the good old guillo- clogs” copper working in
tine. The good news is that his- the seaside town of Brighton,
tory has provided sages who have England, in 1957. In the three
beheld the grim and gruesome books preceding Lynne Truss’s
and have somehow come through latest series entry, “Psycho by
with a smile—or at least a smirk— the Sea” (Raven, 298 pages,
on their faces. Among them is $27), the novice detective
P.J. O’Rourke, who died this week has encountered all sorts of larcenous and
at the age of 74. He now belongs homicidal incidents—most of them engineered
to the ages—which are no doubt by Mrs. Palmeira Groynes, a criminal
MICHAEL BUCKNER/GETTY IMAGES

happy to have him. mastermind working undercover as the

O’Rourke didn’t have an easy cockney charlady at Twitten’s own police
childhood. “My own family was station.
poor when I was a kid,” he once The constable quickly deduced the char-
recalled, “though I didn’t know it. lady’s true identity, but the canny Mrs.
I just thought we were broke. . . . Groynes has convinced all of Brighton that
What we managed to escape in Twitten suffers from a delusion “planted in
1966 in Squareville, Ohio, was not his mind by a stage hypnotist in front of a
poverty. We had that. What we PARTY OF ONE O’Rourke in 2007. thousand witnesses.” Whatever success the
managed to escape was help.” local force has in combating crime is unfairly
He went on to prosper in a consuming activity while both rified by what he found. Many of thirds car wreck and descended attributed to the “heroic” deeds of Inspector
major way, writing for National sides made money off the rest his foreign-correspondent dis- from a stock market crash on our Steine, “a man of small
Lampoon, Car & Driver, the Amer- of us. . . . He reminded us that patches—often from war zones mother’s side. You take your Ger- THIS WEEK achievements, feeble intel-
ican Spectator, Playboy and (espe- none of these people we saw in but not always—are found in many, France, and Spain, roll lect, and no self-knowledge
cially) Rolling Stone. He wrote politics or on TV were very smart. “Holidays in Hell” (1988), “Give them together, and it wouldn’t Psycho whatsoever.”
roughly 20 books, including You aren’t the idiot; they are.” War a Chance” (1992) and “Peace give us room to park our cars.” by the Sea In the wake of the death
“Modern Manners” (1983), “Re- O’Rourke wrote some unfor- Kills” (2004). He covered the He was proudly (or perhaps By Lynne of Mrs. Groynes’s most
publican Party Reptile” (1987), gettable magazine pieces. One of invasion of Iraq, where his travel- defiantly) conservative, even Truss murderous gang rival,
“Parliament of Whores” (1991), the most striking, which appeared ing companion, Atlantic editor declaring the Almighty a Repub- changes are in store for
“Eat the Rich” (1998) and “Peace in Harper’s in 1982, followed his Michael Kelly, was killed in an lican, though this didn’t mean villains and heroes alike. The crooked char
Kills” (2004). infiltration of a “peace” cruise accident during the assault on the all Republicans were worthy of briefs her minions on an elaborately planned
New readers will want to start down the Volga River. (He had adoration. So appalled was he by Christmas heist at Gosling’s Department Store.
with “Thrown Under the Omni- seen the adventure advertised in Donald Trump that he announced “It would go down in history,” she’s sure,
bus” (2015), a delightful collection the Nation magazine.) These were APPRECIATION his intention to vote for Hillary “as the cleverest and cleanest (and most
of his work and a constant re- the good old days, at the run-up Clinton. lucrative) commercial robbery ever carried
minder that O’Rourke was a high to the reign of KGB thug Yuri P.J. O’Rourke O’Rourke was also a friend and out in Great Britain.” Another crime boss,
deacon in the Church of Mirth Andropov, who was too modest mentor to young writers trying the charming but ruthless con artist
with a talent for upsetting all the to pose shirtless but whose So- 1947-2022 to make their way. Hannah Long, Adelaide Vine, is scheming to take the place
right people. He happily provided viet gulag, by some estimates, now an editor at HarperCollins, of Mrs. Groynes’s late competitor. Meanwhile,
tips on how to drive while would house five million guests. came under his wing while writing an escaped homicidal maniac named Geoffrey
drugged and possum-eyed drunk O’Rourke considered socialism Baghdad airport. His eye was ever an early-career article for Ameri- Chaucer has made up his disturbed mind to
while engaging a female com- “a violation of the American prin- sharp: Kuwait City is “Houston can Consequences, an online pub- assassinate Inspector Steine and boil his
panion—one of the many valuable ciple that you shouldn’t stick your without beer,” while suicide lication that he edited. “I was severed head.
insights found in “Republican nose in other people’s business bombers in Afghanistan, a guide hovering on the threshold between Ms. Truss enlivens her text with 1950s
Party Reptile,” which assured except to make a buck” and didn’t tells him, usually attack at morn- the academic and the ‘real’ world,” references while keeping Grand Guignol acts
right-leaners that they need not feel much at home with his fellow ing because “it’s a hot country she says, “and it felt magical to of violence discreetly offstage. Mrs. Groynes
be bound by the rules they might travelers either. and the explosive vests are thick step across it with his blessing.” gets her gang geared up for the Christmas
have picked up in the Revival One peacenik, he reported, and heavy.” He gave his blessing to other robbery with a screening of the “sensationally
Tent. radiated “not the kind of ugliness Yet he also found signs of deserving entities, advising us to tense” French crime movie “Rififi.” Twitten,
“Parliament of Whores” aptly that’s an accident of birth but progress during his travels. In “wield a heavy hand at the bar” the son of a psychologist, ponders the modern
described Congress as a place the kind that is the result of years Albania, post-communist entre- and even describing the reso- mind by reading Vance Packard’s bestselling
where non-cinematic Mr. Smiths of ill temper, pique, and petty preneurs raised their game to nating pleasure of drinking a “The Hidden Persuaders.” “Why do you always
don’t stand a chance. “How did malice. These had given a rattish, awe-inspiring levels: “The Na- cocktail made of cobra blood want to know how criminals think?” Inspector
an allegedly free people spawn shrewish, leaf-nosed-bat quality tional Commercial Bank in the during a visit to China. None of Steine scolds Twitten. “Our job is to catch
a vast, rampant cuttlefish of do- to her face.” His investigative city of Gjirokaster was robbed which likely endeared him to criminals, not to understand them!”
minion with its tentacles in every skills uncovered another telling with a tank.” the Surgeon General. The witty and action-packed “Psycho by
orifice of the body politic?” he datum: His shipmates “were But it was mostly the American P.J. O’Rourke seemed prepared the Sea” carries readers along in surprising fits
wonders. O’Rourke’s commend- people who believed everything scene that captured his interest. for that contingency. “Jesus said and starts, like a bumper-car ride. Elaborate
able cynicism enlightened a multi- about the Soviet Union was He loved nothing more than tying ‘love your enemies.’ He didn’t say schemes go awry, architectural follies self-
tude of readers, including a young perfect, but they were bringing a deserving politician to his not to have any.” destruct and the intelligence of several char-
Greg Gutfeld: “He could step back their own toilet paper.” bumper and taking him for a spin. acters increases ever so slightly. This is a
and see the big picture: that the O’Rourke reported from more He also closely identified with Mr. Shiflett posts his original book in which there is candor (if not honor)
back-and-forth between polit- than 40 countries over the course ordinary Americans. “We’re three- music and writing at Dave- among thieves. One looks forward with glee
ical parties was simply a time- of his career and was often hor- quarters grizzly bear and two- shiflett.com. to a proper sendoff for this unique series.

A Wholehearted Plunge Into the Unknowable

IN THE LAST scene of “How first draft. Whereas “How how a person should be into greater meaning has to do finally falling out with Carla.
Should a Person Be?,” Sheila Should a Person Be?” is roughly tendentious rationalizations with the difficult poetic “Chilean Poet” moves deftly
Heti’s 2010 autofiction about about love and friendship, of how Ms. Heti actually is. potentiality for inspiration among different points of
Toronto bohemians, Sheila and “Motherhood,” from 2018, But the fantastical quality of and transcendence, which this view, arriving at Vicente’s
watches her friends playing on concerns family, “Pure Colour” “Pure Colour” has given her splendid book finds in family maturation—inevitably, he too
a squash court and realizes turns on the death of Mira’s the unfettered freedom to relationships as much as in becomes a moody wannabe
that, although they’re having father. Witnessing the event create, in the knowledge that artistic creation. poet. His complicated reunion
fun running around whacking from his bedside, Mira every creation can only be It tells the story of Gonzalo, with Gonzalo is one of the
the ball, none of them actually experiences a metamorphosis provisional, a flawed first draft. a Santiago literature teacher best endings to a novel that
knows the rules to the game. when a part of her father’s Uncertainty is the paradoxical and would-be poet who re- I have read in years, a scene
FICTION In their ignorance and childlike spirit enters her body. binding agent of Ms. Heti’s connects with his high-school of beautiful emotional
SAM SACKS enthusiasm Sheila has found “Perhaps,” she thinks, “we can myth-making and this lovely sweetheart Carla almost a improvisation.
a metaphor for her generation only give in total beauty and book. For what else does death decade after their breakup, Aneliya, the narrator of
of artists, who are spiritually simplicity in the moment of during which time she’s had David Keenan’s “Xstabeth”
yearning but religiously bereft. our dying, because that is the THIS WEEK a son named Vicente. Gonzalo (Europa, 170 pages, $20),
When old forms of guidance only giving that demands no moves in and takes to father- is trying to free herself
have been discredited but the return.” Transfigured by his Pure Colour hood with the gusto he had from caring for her father,
need for meaning remains, gift, Mira joins her father in his By Sheila Heti once given to becoming the a washed-up Russian folk
Sheila they have to make up their state of enlightened non-being next Pablo Neruda. It is not musician, when one night he
Heti’s own system. inside the leaf of a tree—and Chilean Poet that he, or Mr. Zambra, ever gives a drunken, droning,
“Pure Colour” (Farrar, only when her dearest friend By Alejandro Zambra gives up on poetry, as the spooky performance in a club.
medi- Straus & Giroux, 216 pages, notices her absence and coaxes novel is replete with poets, Unbeknownst to him, the show
tations $26) is Ms. Heti’s latest novel her out does she rejoin the Xstabeth their underground scenes, is recorded and distributed
on and her most explicit attempt living. By David Keenan their dreams and their follies. under the enigmatic name
mortality to forge a new mythology. The There are aspects of “Pure But this is woven into quotidian Xstabeth, becoming a sensation
story follows a young woman Colour” that seem merely accounts: Gonzalo and Carla’s of outsider music. This short
are named Mira, who studies art whimsical or dippy, but the reveal to us than our “not- fights and reconciliations novel is about art’s occult
serious criticism and struggles to long passages that flow from knowing, our hope, our sense (there is a lot of matter-of-fact properties, its eerie singularity
yet square her vocation, which the death scene (Mira’s “one of connection to something smut in this novel, which you and independence.
requires a temperament of cool true experience of life”), universally shared—which won’t find in American fiction) “Xstabeth” is, then, appro-
feather- detachment, with her desire to and the fables invented to en- was our not-knowing, so mag- or Vicente’s rebellion when priately weird itself, written in
light love and be loved. But mixed in compass and poeticize it, are nificent and dizzyingly deep.” his parents refuse to pay chopped-up, oracular syntax
and with the account of Mira’s life by far the best writing Ms. Heti There is a gentle joke in for his cat’s dental surgery. and veering into inexplicable
are exuberant flights of fantasy, has ever done and alone make the title of Alejandro Zambra’s “They usually had heartburn,” tangents (quite randomly, the
radiant part creation legends and part this book well worth reading. “Chilean Poet” (Viking, 358 Mr. Zambra writes of the story shifts from Russia to a
with bedtime stories. In Ms. Heti’s These chapters are forthright, pages, $27) that leads readers family, in Megan McDowell’s golf tournament in Scotland).
wonder. imagining, existence is a cosmic attentive, unembarrassed, to expect some kind of high- translation. “They usually There is also a postmodern
work of art, and its troubles radiant with wonder, serious brow Künstlerroman while had hopes and misgivings.” framework pretending that
(as well as its thrills) are due yet feather-light—and, to me, actually delivering a novel of Yet what is Gonzalo to David Keenan has died and
to the fact that we are living courageous in their willingness domesticity filled with prosaic Vicente? As with the tenuous interspersing annotations from
in God’s “first draft,” able to plunge so wholeheartedly records of daily life. This is label of poet, a stepfather is a his acolytes. The gimmicks
only to dream of what a final, into the unknowable. partly because, as Mr. Zambra position that seemingly must seem overly aggressive, as
perfected project might be. The autobiographical nature teases, Chile has so many damn be redefined in every circum- though to bully readers into
Mortality is, to Ms. Heti, of Ms. Heti’s previous books poets that the calling has lost stance. Even more baffling is mistaking opacity for pro-
the most awesomely bewild- tended to irk me, because it its mystique and become a the role of the ex-stepfather, fundity. But if there’s any
ering condition of the creator’s turned the explorations of national industry. But the which Gonzalo becomes after music here, I couldn’t hear it.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | C11

BOOKS
‘I have packed Russia in my bag / And take her with me anywhere I go.’ — V L A D I S L AV K H O DA S E V I C H

From Czar’s Palace to Taxi Stand

After the Romanovs
By Helen Rappaport
St. Martin’s, 317 pages, $29.99
BY DOUGLAS SMITH

‘P
ARIS IS FULL of Russians,”
Ernest Hemingway wrote
in 1922 soon after arriving
in the French capital.
“They are drifting along
. . . in a childish sort of hopefulness that
things will somehow be all right, which is
quite charming when you first encounter it
and rather maddening after a few months.”
The city was indeed full of Russians at
the time, tens of thousands who had fled
first the violence of the revolution and
civil war and then the repression of the new
Soviet state. Although often assumed to be
nothing but a collection of dispossessed
aristocrats, the pitiful jetsam of a sunken
world, these “White Russians,” as they came
to be known, drew from a wide cross-section
of society and represented a broad range
of political beliefs. What they all shared,
as Helen Rappaport writes in her enter-
taining and, at times, heart-wrenching
ROGER VIOLLET/GETTY IMAGES

book “After the Romanovs: Russian Exiles

in Paris From the Belle Époque Through
Revolution and War,” was a fierce hatred
of the Bolsheviks and longing for home.
Ms. Rappaport, a prolific historian and
highly regarded Romanov expert, unveils
a Paris in which Russians had long played
a prominent role. In the years before CITY OF LIGHTS, CITY OF REFUGE Russian expatriates in Paris, ca. 1920.
World War I, members of the Romanov
family, together with their aristocratic Seine. They arrived with nothing more than Russian-language newspaper, Russkii shofer Berberova wrote of the “concentrated but
kinsmen, had made the city their play- they could carry, most of them certain that (Russian Driver). One of drivers was the airless space in which we lived.” The sense
ground, where they abandoned themselves wealth in the form of jewels would keep writer Gaito Gazdanov, who drove all night of longing for the past was overwhelming.
to what one contemporary described as them afloat until the Bolsheviks collapsed, so he could work on his novels and stories Ms. Rappaport comments on how most in
“reckless extravagance.” But it wasn’t just which, they presumed, would be any day. during the day. the Russian colony were dogged by a “vein
moneyed bad behavior that the Russians Yet even before the last diamond brooch Ms. Rappaport’s treatment of the various of nostalgia, a deep, fatalistic yearning for
brought with them: there had been art too. had been hawked, it had become clear that writers who ended up in Paris is one of the world that they had lost.” The frenzied
“The name Sergey Diaghilev,” Ms. Rappaport they would not be going back any time soon her book’s many strengths. She writes with attempt to re-create this bygone world with
reminds us, “has become synonymous with and were now facing that most horrendous sensitivity of Gazdanov, Nina Berberova, Teffi, Russian-themed restaurants, cabarets and
Paris in the 1900s.” His Ballets Russes of fates: finding work. and especially Ivan Bunin, one of the greatest clubs, with Russian-language newspapers,
conquered the city, creating a fad for all The women (perhaps not surprisingly) Russian writers of the last century, winner of journals and books, with Russian Orthodox
things Russian. Many of the great names of coped much better than the men. Many, churches, with Russian cemeteries could
Russian art and culture could be found there like Grand Duchess Maria Pavlovna, knew never fill that hole. In the end, every émigré
—Igor Stravinsky, Feodor Chaliapin, Vaslav needlework. She bought herself, on credit, Pre-World War I Paris had had to ask themselves the question that
Nijinsky, Anna Akhmatova and Marc Chagall. a Singer sewing machine and got busy. Berberova once put to her fellow writer
Diaghilev had been drawn to Paris for the Coco Chanel was an early patron and
been a playground for Russia’s Zinaida Gippius: “What is dearer to you:
greater freedom it offered him as an artist. buyer of the grand duchess’s embroidery, idle rich. After the revolution, Russia without freedom or freedom
It was for the same promise of freedom that and before long Maria launched her own many returned seeking refuge without Russia?” They, and most others,
a squat, balding man with a bulging forehead clothing line, Kitmir. Other woman followed chose freedom. Some, however, like the
and intense manner could be spotted reading her example: by the mid-30s Russian —and in some cases, a job. poet Marina Tsvetaeva, chose Russia.
in the Bibliothèque Nationale or playing émigrées had established 27 fashion houses. She left France for the Soviet Union
chess at the Café du Lion. Lenin had escaped The men struggled to find their place. in 1939. Two months after her arrival, her
Russia to plot revolution and ended up living The impoverished aristocrats struck Chanel the Nobel Prize in 1933 and the voice for daughter was arrested by the secret police.
in Paris for over three years, the longest as “diminished, almost emasculated by “Russia Abroad.” Few of these names are Shortly after that, they arrested and shot her
time he spent in any Western European city. their poverty in exile.” Behind their still- remembered, and even fewer, unfortunately, husband. In 1941, Tsvetaeva hanged herself.
He was not alone. Russia’s revolutionaries elegant appearance one could make out are still read, but “After the Romanovs” “Can one return to a / House which has
had turned Paris into their headquarters. “nothing—just vodka and the void.” Old brings them marvelously back to life. been razed?” one of her poems had asked.
They were all there—Bolsheviks, Mensheviks, grandees succumbed to “drastic proletari- The old divisions of the homeland—social, It’s one of the sad ironies of Russian
Bundists—arguing, scheming and waiting. anization” and took jobs as waiters, porters, economic, political—didn’t fade. The émigrés’ history that the country’s so-called
With the outbreak of war in 1914, rich freight handlers and laborers. About 5,000 shared loss and common hardship did not proklyatye voprosy—accursed questions—
Russians returned home, followed three years Russians found employment at the Renault bring them together. The Romanovs fought never get answered. Once again, many
later by the revolutionaries. The revolution’s car factory at Billancourt. over who was now the rightful head of Russians are asking themselves the exact
first targets, the czarist elite, soon found Driving a taxi, however, was the preferred the family; politicians argued over what question Berberova posed a century ago.
themselves on the run for their lives. These job for most men given the autonomy and was to be done about Soviet Russia;
“former people” formed the initial wave of independence it afforded. Their numbers writers quarreled about nearly everything. Mr. Smith’s books include “Rasputin”
emigrants to wash up on the banks of the grew so large they even started their own Suffering rarely ennobles the spirit. and “The Russian Job.”

Go Ahead, Meet the Grandparents

IT’S AXIOMATIC that grand- taking a similar emotional laughed like lesser thunder an earthy palette and a kind loses more and more of his
parents will love their grand- trajectory in “Grandpa and we jaguared on.” of stylized emptiness in her words.” There is an unusually
children, but the relationship Across the Ocean” (Abrams, In other picture books, rendering of land and water. truthful quality to this beautiful
doesn’t always work both ways. 32 pages, $16.99). Here the the intergenerational kinship At one point the grandfather book, which doesn’t shy from
For children who are raised at grandparent lives in South is already strong. An elder of alludes to being sent away as showing the painful realities
a distance, or who have only Korea, where everything Canada’s Cree Nation takes a boy, but it’s clear that he’s of memory loss but which
met a grandparent via a screen, “smells strange” and “sounds his grandson north to see choosing his words with care. also points the way to a new,
it can be uncomfortable to strange” to a visiting boy. the land where he lived as “I learned in both places,” he consolatory kind of family love.
come face-to-face with a Bored and rebellious and a child in “On the Trapline” says at last. “I just learned Translated from the Danish
relative stranger. Language unable to connect with (Tundra, 42 pages, $18.99), different things.” This quiet by Sinéad Quirke Køngerskov,
CHILDREN’S and cultural differences can his grandfather, the child a picture book written by story of connection and recon- “Coffee, Rabbit, Snowdrop,
BOOKS also make it hard to establish plays ball in the house and nection for children ages 5-10 Lost” recently won a Mildred L.
MEGHAN a bond. For families of young accidentally smashes an THIS WEEK includes terms in Swampy Cree. Batchelder Honor as an
COX GURDON children in the throes, these orchid pot. In warm colored- In a moving portrayal of outstanding children’s book
notable new (and new-ish) pencil drawings, we see the Amah Faraway late-life dementia, a young girl originally published in a
picture books may be helpful. grandfather trying to cheer up By Margaret Chiu Greanias describes her grandfather’s foreign language and country.
The grandmother in the unhappy boy. He succeeds! Illustrated by Tracy Subisak growing disorientation and the We see the affectionate if
“Amah Faraway” (Blooms- Soon the two are eating ice effect on his wife in “Coffee, somewhat distant relationship
bury, 32 pages, $18.99) lives cream and teaching each Grandpa Across Rabbit, Snowdrop, Lost” between an Iranian grandfather
in Taipei. Her granddaughter other words in English and the Ocean (Enchanted Lion, 44 pages, and his English-speaking grand-
Five in San Francisco knows Amah Korean. By Hyewon Yum $17.95), a tender picture book child in “The Sour Cherry
picture from video chats, but she’s In its portrait of initial for children ages 5-9 written Tree” (Owlkids, 32 pages,
books nervous about visiting. The alienation, at least for the On the Trapline by Betina Birkjaer. In Anna $18.95), a picture book for
child’s trepidation hangs over child, “Grandpa Across By David A. Robertson Margrethe Kjaergaard’s soft 4- to 8-year-olds written by
explore the trip to Taiwan until the the Ocean” brings to mind Illustrated by Julie Flett watercolors, we see beautiful Naseem Hrab and illustrated
the “brand-new day” that she joins Minh Lê’s uplifting 2018 title, scenes from a close inter- by Nahid Kazemi. On the
tender, Amah in a hot-springs pool. “Drawn Together.” Illustrated Coffee, Rabbit, generational relationship. opening pages, a young girl
In loose strokes of by Dan Santat, that book Snowdrop, Lost The girl loves to watch her uses childlike language to say
some- watercolor, Tracy Subisak shows a Thai grandfather and By Betina Birkjaer grandfather tending his plants that her grandfather has died:
times shows them paddling joyfully his English-speaking grandson Illustrated by Anna (he knows all their botanical “My baba borzog forgot to
fraught together. At this point the text finding a common language Margrethe Kjaergaard names in Latin), and at break- wake up yesterday.” In Ms.
by Margaret Chiu Greanias in art. Another picture book fast she does the crossword Kazemi’s soft, cloudy pictures
relations goes into reverse, making a worth revisiting is Dave The Sour Cherry Tree with both grandparents. picked out with tiny details,
among kind of book-length palin- Eggers’s “We Became Jaguars,” By Naseem Hrab One day, when the crossword the girl moves through the
the drome. Sentences that first illustrated by Woodrow White. Illustrated by Nahid Kazemi clue is “a four-letter word for rooms of Baba Borzog’s house
expressed negative feelings In that clever 2021 title, a chic a fragrant flower with thorns,” looking at his things: his
family’s (“Why do we have to go?!”) grandmother short-circuits the grandfather can’t find the samovar and his favorite tea-
youngest take on happier interpretations her grandson’s uneasiness David A. Robertson and illus- word “rose.” He laughs: “Soon cup; his slippers and his note-
and (“Why do we have to go?”). at being left alone with her. trated by Julie Flett. The I won’t be able to remember books and the wrappers from
oldest Sprinkled with words in Instead of making small talk, events are narrated by the boy, my own name, either.” We see the mints he liked to eat. In
Chinese, this story for 4- to 8- she drops straight into whose grandfather, his moshom, the grandmother’s discomfort: memory, she sees him as he
members. year-olds includes information imaginary play, transforming explains to him that “traplines “I’m sure it won’t come to that.” was, with his wry, twinkling
at the end about Taiwanese the two of them into prowling are where people hunt animals But it does. “Autumn eyes under bushy brows and
landmarks and cuisine. jungle cats. As the delighted and live off the land.” There’s arrives,” the girl tells us, “and his determination always to
For the same age group, child reports: “She laughed a sober quality to the text that as the trees lose more and wave goodbye until his family
Hyewon Yum follows a child like great thunder and I Ms. Flett accentuates by using more of their leaves, Grandpa was out of sight.
C12 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

BOOKS
‘Patinated and oddly/muscular.../eight complexly folded/scuttling works/of armament, crowned/by the foreclaws’/gesture of menace/and power.’ —MARK DOTY

Rings of Bright Water

Life Between the Tides
By Adam Nicolson
Farrar, Straus & Giroux,
370 pages, $30
BY CHRISTOPH IRMSCHER

T
HE VICTORIAN natural-
ist Philip Henry Gosse
(1810-1888), caught in
the rigidities of his low-
church fundamentalism,
often didn’t know what to do with
his little boy Edmund, a moody child
given to visions and dreams. But
there was one thing father and son
could always agree on, the beauty
of the tidepools on their Devonshire
beach. “What eager pursuer of marine
animals has not gloated over a rock-
pool?” exclaimed the senior Gosse,
hailed by Adam Nicholson in his “Life
FRANCOIS GOHIER/SCIENCE SOURCE; ON C7: ED RESCHKE/GETTY IMAGES

Between the Tides” as “the great

apostle of the pools.” And gloat
Gosse’s son did. In his otherwise am-
bivalent memoir “Father and Son”
(1907), Edmund, by then a well-known
literary critic, heaped praise on the
pools near their Devonshire home,
those “submarine gardens” of fabu-
lous beauty, “fringed by corallines,
filled with still water almost as pellu-
cid as the upper air itself,” inhabited
by “soft and radiant” forms of life,
seaweed, shells and fish, which
seemed to have been there since the
beginning of time. The younger Gosse
was so inspired that he gave in to his
artistic inclinations and made up his
own fantastical tidepool creatures, IN THE ARENA A striped shore crab feeds in a tidepool.
drawing them “with sapphire spots
and crimson tentacles and amber The thought that philosopher eyes or ears, whose sole purpose in them is for nothing. His tidepool- enacted by the translators of the King
bands.” Was he mocking his scientist- Herbert Spencer coined his notorious life appears to be to eat and excrete. making is a form of narrative-making, James Bible, for whom each word
father? phrase “survival of the fittest” close Yet, its blood-red tentacles raised, it the deeply human effort—unachiev- carried the weight of the world. And
To Mr. Nicolson, tidepools are no to his tidepools, during an 1864 readily scares off anemones from able for prawn or periwinkle—to in “Arcadia” (first published, in 2008,
laughing matter. Neither are they summer vacation in Ardtornish Bay, other colonies (a set of gorgeous extract meaning where water meets as “Earls of Paradise”) he extolled
timeless wonders. If the Gosses raptly pleases Mr. Nicolson greatly. But so photographs included in the book the land, where human history and the “woven fabric” of village life
gazed at their magical underwater does the fact that his pools don’t documents one such skirmish). De- natural history merge. Several chap- in 16th- and 17th-century England, in
gardens, gingerly extracting speci- at all prove Spencerian “evolution- lightfully, Mr. Nicolson proposes that ters in the book’s second half address which people—rising above grinding
mens for reverent classification, towards-perfection.” What he finds young crabs share a kind of “tidal the manifold ways in which humans, poverty and fears of illness—would
Mr. Nicolson builds his pools from there instead is a powerful, multifac- consciousness” that enables them to from Mesolithic fishermen to Gaelic still find comfort in community and
scratch. His “Life Between the Tides” eted, exhilarating affirmation of the distinguish the flow that will carry bards to modern scientists, have the steady rhythms of nature.
is, on the most obvious level, a record fierce autonomy of even the weakest- them out to sea from the one bound made sense of life in the intertidal Such connectedness, in Mr. Nicol-
of three separate tidepools he created seeming creatures. to hurl them on the deadly shore. zone, from middens made of limpets son’s view, is the abiding lesson he
over the course of a year in Ard- Tidepools are tough environments. and stories told about fairies to well- learned in Ardtornish Bay. “Life Be-
tornish Bay on the western coast Once Mr. Nicolson observes a shore ordered diagrams of marine food webs. tween the Tides” thus tells a story that
of Scotland—the first by applying Within the luminous crab, a multi-limbed wonder resplen- And with that Mr. Nicolson, the is not just about tidepools but even
a pickax, the second by building a dent in green armor, poking out from prolific scion of a pen-wielding family more so about the ways, barely re-
dam, and the third by raising a wall
tidepool, enchanting deep down under the rocks. The that includes his father, the editor membered today, in which one might
of concrete around it. displays of natural prawns in his pool panic. Their tails and biographer Nigel Nicolson, as well strive to live a life in sync with the
What he encounters as life unfolds beauty are also arenas contract, propelling them away from as his grandparents, the diplomat-dia- rhythms of the land and the sea. “The
in these miniature oceans is a strug- the source of danger, as they do what rist Harold Nicolson and the novelist soul wants to be wet,” said Heraclitus,
gle for existence eerily like that in the for endless struggle. most humans, thrust into a compa- Vita Sackville-West, returns to one the tutelary spirit behind Mr. Nicol-
human world, as tragic as a Shake- rable situation, would do—seek shelter. of his favorite themes. A master of son’s writing, over 2,000 years ago.
speare play or as grimly comic as a But prawns aren’t limited to such exquisite, personable prose, he has And to that idea Mr. Nicolson, halfway
Dickens novel. (As the title of the In the “half-soft, semi-elastic, reflexes. Moving the shadow of his written authoritatively about Homer, through a book as shimmeringly beau-
book’s British edition reminds us, glossy-shelled bodies” of tiny sand- hand over them as fast as he can, Jacobean England, romantic poetry, tiful as any of his pools, raises his
“The Sea Is Not Made of Water.”) Not hoppers, for example, resides a sturdy Mr. Nicolson is tickled to see his seabirds and the stark landscapes of glass, a tumbler of vodka into which,
unexpectedly, an ancient mussel “decision-making, life-perpetuating” prawns freeze like dancers in mid- the Shiants, a group of small, un- for lack of a better means of preser-
hiding in a crevice, wrapped in coral- force that allows them to confuse movement, weighing their options, inhabited islands he inherited from vation, he had earlier dropped some
line and channel wrack, reminds their predators and adapt to sudden trying to decide when they may con- his father. Yet, as diverse as they are, microscopic organisms scooped from
Mr. Nicolson of Dickens’s cobwebby changes in their environment. Look at tinue the performance. Mr. Nicolson’s books are unified by the sea. A “Plankton Shot,” he calls his
Miss Havisham. Other comparisons the prawn that casually lifts one of its Close to the end of “Life Between a similar impossible hankering— new drink. It tastes salty, like the
are less literary: The spectacular star- limbs to reach “up and over the back the Tides,” Mr. Nicolson, looking back, exquisitely expressed—for a more ocean and, perhaps, life itself.
fish that shows up one fine day has of the carapace, cleaning and sifting concedes the apparent “pointless- cohesive past, for all the things that
arms that look, alternately, like the there like a man scratching the bald- ness” of his shoreline shenanigans: premodern forms of social life and Mr. Irmscher’s book “The Poetics
searching fingers of a man lost in the ness on his head.” Or consider the “They were for nothing.” Yet Mr. culture got right. In “God’s Secre- of Natural History” is now avail-
dark or like the sugar crust on an beadlet anemone, nothing but a glori- Nicolson’s tidepools are for nothing taries” (2003), for example, Mr. Nicol- able in a new edition, with photo-
Eccles cake. fied stomach to most, sans brain or only in the sense that writing about son praised the “dream of wholeness” graphs by Rosamond Purcell.

Bestselling Books | Week Ended February 12

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPD BookScangatherspoint-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan 16,000locationsacrossthe U.S.,
representingabout 85%ofthe nation’s booksales.
Life Force 1 New Atlas of the Heart 6 3 Little Blue Truck’s Valentine 1 1 The Boy, the Mole, the Fox and... 6 6 Print-book data providersincludeall majorbooksellers,
Tony Robbins/Simon & Schuster Brené Brown/Random House Alice Schertle/Clarion Charlie Mackesy/HarperOne webretailersand food stores.Ebook dataproviders
includeall majorebook retailers.Freeebooks and
Atomic Habits 2 2 The Nineties 7 New Abandoned in Death 2 New In My Heart 7 10 those sellingforless than 99centsare excluded.
James Clear/Avery Chuck Klosterman/Penguin Press J.D. Robb/St. Martin’s Jo Witek/Abrams Appleseed The fictionand nonfictioncombinedlists include
aggregatedsalesfor allbook formats (exceptaudio
Red-Handed 3 1 The 1619 Project: A New Origin Story 8 5 Love From the Very Hungry Caterpillar 3 4 The Midnight Library 8 9 books, bundles,boxedsets andforeign
Peter Schweizer/Harper Nikole Hannah-Jones/One World Eric Carle/World of Eric Carle Matt Haig/Viking language editions)and featurea
combinationof adult,youngadultand
Living Fully 4 New The Way of Integrity 9 — Cat Kid Comic Club: Perspectives 4 3 Happy Valentine’s...Curious George! 9 — juvenile titles. Thehardcover fiction
Mallory Ervin/Convergent Martha Beck/Open Field Dav Pilkey/Graphix H.A. Rey/Clarion and nonfictionlists alsoencompassa
mixof adult,young adultandjuvenile titles whilethe
The Complete Maus 5 10 My Little Golden Book About Betty White 10 4 Big Shot 5 5 Love From the Crayons 10 8 business listfeatures onlyadulthardcover titles.
Art Spiegelman/Pantheon Deborah Hopkinson/Golden Jeff Kinney/Abrams Drew Daywalt & Oliver Jeffers/Penguin Workshop Refer questionsto [email protected].

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

The NeuroPreneur 1 New Life Force 1 New Abandoned in Death 1 New Abandoned in Death 1 New Atomic Habits 1 1
James Nitit Mah/Cranberry Tony Robbins/Simon & Schuster J.D. Robb/St. Martin’s J.D. Robb/St. Martin’s James Clear/Avery
Vanderbilt 2 — Atomic Habits 2 2 City of the Dead 2 New Little Blue Truck’s Valentine 2 1 The Voltage Effect 2 3
Anderson Cooper & Katherine Howe/Harper James Clear/Avery Jonathan Kellerman/Random House Alice Schertle/Clarion John A. List/Currency
Life Force 3 New Red-Handed 3 1 Rescuing Annie 3 New It Ends With Us 3 2 Baby Steps Millionaires 3 9
Tony Robbins/Simon & Schuster Peter Schweizer/Harper Susan Stoker/Susan Stoker Colleen Hoover/Atria Dave Ramsey/Ramsey
The Art of Peace 4 — The NeuroPreneur 4 New Steal 4 New Verity 4 6 StrengthsFinder 2.0 4 5
Robert Moriarty/Crown James Nitit Mah/Cranberry James Patterson & Howard Roughan/Grand Central Colleen Hoover/Grand Central Tom Rath/Gallup
Tactical LinkedIn Secrets 5 New Atlas of the Heart 5 5 Dark Horse 5 New City of the Dead 5 New Extreme Ownership 5 8
David Cobb/Morgan James Brené Brown/Random House Gregg Hurwitz/Minotaur Jonathan Kellerman/Ballantine Jocko Willink & Leif Babin/St. Martin’s
Origin 6 New Living Fully 6 New A Kingdom of Ruin 6 New You’re My Little Cuddle Bug 6 7 Miss Independent 6 2
Jennifer Raff/Twelve Mallory Ervin/Convergent K.F. Breene/Hazy Dawn Nicola Edwards/Silver Dolphin Nicole Lapin/Harper Leadership
Lifespan 7 — The Complete Maus 7 — Change of Heart 7 — Steal 7 New Think Again 7 —
David A. Sinclair/Atria Art Spiegelman/Pantheon Jodi Picoult/Atria James Patterson & Howard Roughan/Grand Central Adam Grant/Viking
The Nineties 8 New My Little Golden Book About Betty White 8 3 Caught by Love 8 New Happy Valentine’s Day, Mouse! 8 — Principles...Changing World Order 8 10
Chuck Klosterman/Penguin Press Deborah Hopkinson/Golden Melissa Foster/World Literary Press Laura Joffe Numeroff/Balzer & Bray Ray Dalio/Avid Reader
Atomic Habits 9 8 The Nineties 9 New A Chance for Us 9 New Reminders of Him 9 5 Dare to Lead 9 7
James Clear/Avery Chuck Klosterman/Penguin Press Corinne Michaels/BAAE Colleen Hoover/Montlake Brené Brown/Random House
When Breath Becomes Air 10 — The Body Keeps the Score 10 9 Goodbye Again 10 New Llama Llama I Love You 10 — The Five Dysfunctions of a Team 10 —
Paul Kalanithi/Random House Bessel van der Kolk/Penguin Mariah Stewart/Montlake Anna Dewdney/Viking Young Readers Patrick M. Lencioni/Jossey-Bass
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | C13

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

1. Jurors in Sarah 5. Which of these was Cell Blocks Cell Blocks

Palin’s defamation a key clue in leading Divide the grid
suit against the authorities to a cou- into square or
New York Times ple accused of steal- rectangular blocks, For previous
learned while ing a sum of Bitcoin each containing weeks’ puzzles,
deliberating that now worth $4.5 bil- one digit only. and to discuss
the judge planned lion? Every block must
strategies with
to reject her contain the number
other solvers, go
claims. How’d they
A. Bitcoin dust in a of cells indicated by
to WSJ.com/
find out? pants cuff the digit inside it.
puzzles.

B. A $500 Walmart gift card

A. One of them was a psychic.
C. A candlestick Killer Sudoku

B. Some got push notifica-
D. A dead aspidistra Level 4 Suko
tions on their phones.

C. They heard it on NPR dur-
6. Former Attorney General Lo-
ing a lunch break.
retta Lynch has a new law cli-

D. A bailiff let it slip.
ent. Who is it?

A. The NFL (facing a suit by Killer Sudoku Level 1

2. Charlie Munger said he thinks Brian Flores) As with standard
the world of somebody, “but I’m
B. Steve Bannon (facing con- Sudoku, fill the
not sure I want him to be my tempt charges) grid so that every
emperor.” Who’s he talking
C. Planned Parenthood (bat- column, every row
about? tling Texas abortion law) Alternate Plans
and every 3x3 box

D. Students for Fair Admis- contains the digits T R A G CI R A
S H F I S H S L A Y

A. Hirohito sions (suing Harvard) 1 to 9. Each set of U N H U HN E P
E E A S I A H I D E

B. Larry Fink B A S S IF D D L
E S V E E R U T E S
cells joined by T TO E S U
P D O E S B A T T L E

C. Jeff Bezos dotted lines must S I M S O C H S G E R T O U S L E S

D. Justin Trudeau 7. France said it will withdraw add up to the O N E WW I I AM P A R T I E
its forces from Mali but keep target number in F AM E A N D F O R T U N E I N L E T
them in which two countries? T B O N D E T R E T O N I C S U K E
its top-left corner. C I R C E S A V I O R C OM P L E X
3. The mascot—or at least the Within each set S T Y L I S R O E E R I E R O U S T
mascot costume—of a collegiate
A. Gambia and Guinea Bissau of cells joined by A N I T A M R S C R A S S

B. Ivory Coast and Guinea L O B S S I N B A D MO S T I T A N
baseball team was returned two dotted lines, a digit
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

S T E P P I N G A S I D E I T A L O
weeks after it went missing in a
C. Burkina Faso and Niger cannot be repeated. A T E A S T E R S I M P S N E L L S
piece of lost luggage. Which
D. Mauritania and Senegal T O K E N S T A G G E R I N G D E B T
mascot? E L I T E G A S E G O S S U R
C L E A N E D P E P R E N T F E T A
8. Who became the world’s big- Suko H O P P I N G MA D S AM U R A I

A. Dillon The Pickle gest exporter of liquid natural Place the numbers A R E S D I A L S K I P P E D R O P E

B. Penny The Quaker I N R E T E R M P E S T A I S L E S
gas for the first time last De- 1 to 9 in the spaces so that N E S S O R E S AWE S L A T E N T

C. Meyer The Crier cember? the number in each circle is

D. Alan The Aardvark equal to the sum of the four Rising and Falling

A. China surrounding spaces, and
FROM TOP: SETH WENIG/ASSOCIATED PRESS; VENTURE GLOBAL LNG

B. Russia each color total is correct. C O S T O F L I V I N G

4. Which state, after adopting
C. Nigeria S C A M P R O S E T T A
the nation’s lowest blood-alco-
D. The U.S. A R R A I G N O R D E R
hol limit for drivers, saw
P U G E T W E B S I T E
auto fatalities drop
sharply? U P O F E I N T A N H E
L I N I N G E R I G I D

A. Vermont ACROSS 1. SCAM + P 5. ROSETTA (anag.) 11. ARRAIGN (“a reign” hom.) 12. bORDER
A E P N E U R A L S S I

B. New Mexico 13. PU + GET 14. WEBSITE (anag.) 15. FEINT (“faint” hom.) 17. LINING (hid.) D R A G S S K V E T C H

C. California 18. RI(GI)D 21. NEURAL (anag.) 24. DR + AG’S 25. K(V)ETCH 28. SE(X)ES

D. Utah 29. CORRALS (“chorales” hom.) 30. RUN-UP (even letters) 31. ASTI + R E H R E S E X E S A O O
32. A + S + SIGNS (“sings” anag.) 33. MA’S + SAGE 34. GUST + O C O R R A L S R U N U P
DOWN 1. SCAPULA (anag.) 2. CROUPIER (2 defs.) 3. S + ARGON 4. POLITENESS (anag.)
6. ON + EL + IN + ER 7. VERS(A + ILL)ES 8. TI + DINGS 9. TEN + TH (“net” rev.)
A S T I R A S S I G N S
Answers are listed 10. A + GREED 15. FINGERTIPS (anag.) 16. TRAVERSING (anag.) 19. V(IS) + COUNT M A S S A G E G U S T O
below the crossword 20. PAR + ROTS 22. FUSELAGE (anag.) 23. I HOPE SO (“shoofly pie” anag. minus “fly”)
solutions at right. 24. DEC + A + MP 26. TANG(O)S 27. HOSE + A P E O P L E I N L O V E

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 41 Rat
1
19 20 21 22
42 Parade sights
44 Vivid purple-red
23 24 25 26
47 Film for which 7 8 2
27 28 29 30 31 Vincente Minnelli
won a directing
32 33 34 35 36 37 38 Oscar 13
39 40 41 42 49 High roller?
51 Fashion designer
43 44 45 16
Klein
46 47 48 49 50 51 52 52 Nick
Mohammed’s 19 14 9
53 54 55 56 57 58
“Ted Lasso” role
59 60 61 62 54 Tears
63 64 65 66 67 68 69 70
55 Bisquick, for
example
71 72 73 74 75 76 56 Has way too
much, in brief 12 21 17
77 78 79 80 81 82 83
57 Ranch
84 85 86 87 88 alternative 6 20 3
89 90 91 92 93 94 62 Cherry variety
63 Character with
95 96 97 98
a whalebone leg 18 10
99 100 101 64 Annoy
102 103 104 105 106 107 108 109 65 You can make
15
arrangements
110 111 112 113 114 115 for them
116 117 118 119 67 Sporty Chevy 11 4
68 Coaching
120 121 122 123 legend
Parseghian 5
Endpieces | by Gary Cee 69 Litter’s littlest
72 Crude shelter
Across 48 “Got it, 94 Practical lesson 3 Popular podcast
1 Source of some continue...” 95 Tortoises in genre 74 Wine grapes Alternation | by Mike Shenk
academic 50 Way of ancient lockstep? 4 Crude shelter 76 Comfortable
Rome 78 Take for a ride
This puzzle has three sets of clues: 8 Lowlifes When the Supreme Court
problems 98 Deep-fried 5 “No argument Mixed, Light and Dark. Answers to
53 Hair extension 79 Gets skunked 9 Be mindful of term starts
5 Troubles vegetable or here!” the Mixed clues should be entered
9 Traveling bags that keeps meat pastry 6 High-end hotel 80 Rotary device one after the other in the grid, one 10 Windowsill occupant, Grammatical stickler
popping up? 99 Bill chain
14 Held up 81 It really is letter per space, starting at the perhaps (2 wds.) Command to a cockapoo
58 Chaplin of 100 Davis of “Do the 7 Particular rocket science upper left and spiraling around to
19 Almond’s kin “Game of Right Thing” positions 82 Some nest eggs the center. The starting spaces for 11 Dead ringer Matter of no consequence
20 Repetitive music Thrones”
segment 101 Relinquishes 8 Website with 83 1970 hit for the these answers are numbered in the 12 Slowly increased (2 wds.) Pennant shape (2 wds.)
59 Lament audibly trivia quizzes Kinks
21 Tony-winning 102 Funder of some grid. Answers to the Light and Dark
60 GPS suggestions PBS shows 9 Toll hwy. 85 “Count me in!” clues should be entered in order, 13 Bitterly criticizes (2 wds.) Dark
baritone Szot
61 Giant at age 16 103 Kansas governor 90 Long Island’s one after the other, also starting at 14 Loosely woven cotton fabric
22 Visitor from 10 Granola grain Chooses
beyond 62 Chief impact Laura oldest university the upper left, but using only every
11 Saharan nomad 15 Drops from above
23 Screwdriver in 63 Pound sound 105 Bather’s bubbles 92 Presidential other space, so the Light answers Fine sprays
12 “Night” author
a NASA vehicle? 66 Aries preceder 107 Downloaded Wiesel briefing will fill all of the light yellow spaces 16 Discharge Pigment obtained from
26 Tenth of 24 crossword, frequency in the grid, beginning in the first
68 Aziz of “Master 13 Sun porches 17 Stamp on a dossier cuttlefish
letters of None” perhaps 93 Peter out space of the top row, and the Dark
14 Place for bear answers will fill all of the darker 18 Views badly? (2 wds.) Look down on
27 Pro answer 70 “Didn’t I tell 110 Hereditary class 94 Hermana de
claws and
28 Eddying you?” 112 Deer adorned in elephant ears una tía blue spaces, beginning in the 19 Painful thing for an athlete Made blank
71 Roman septet gems? 95 1996 Kevin second space.
29 “The Cloister 15 “Hello” in Rio to pull Nick’s wife
and the Hearth” 73 Descartes 116 Start of a brain Costner movie
16 Extremely funny 20 Florence’s Ponte Amerigo
author Charles determination health adage 96 Anxiety Mellifluous
117 International 17 South Asian 97 Ocean trip Vespucci spans it
31 Strike with force 74 Grand-___ The Alhambra and
Court of Justice language
32 Soda aisle stock (Nova Scotia 98 Be furious 21 Really irritated
community) setting, with 18 Ceramics Versailles, e.g.
34 Small thicket coating 101 Baby bird Mixed
75 Moon goddess “The” Light “Give My Regards to
37 Deep-fried meat 24 Accounts 104 Father of
118 Horseshoe shape Broadway” songwriter
pastry 77 Soothing stuff Cordelia, 1 Cry of frustration (3 wds.) Nathan Chen’s activity in
119 Estate agent’s 25 Is sickeningly Goneril and
39 Gleason’s co-star 78 Raccoon the long program (2 wds.) Gift to the needy
spotted all metric sweet Regan 2 Stella ___ (Belgian beer)
41 Out-of-control 30 Bleak
around town? 120 Green sauce 106 “Comin’ ___ the 3 Yuletide quaff Alternative Dormant
plane maneuver?
84 Lament audibly 121 Worth of the 33 Early stages Rye”
43 A bit off
theater 4 One who needs to be Pals for pols Christopher Paolini fantasy
86 Impulse 35 Mountaineers’ 108 Scandalous
44 Celebration in
122 Symbol of spikes scuttlebutt brought back into the fold Discriminatory policy novel
San Juan conductor
87 Have a nosh oppression 36 Full of twists 109 Beagle biter (2 wds.) repealed in 1991 Polar explorer Amundsen
45 “The Quick and
the Dead” author 88 Lifeguard, at 123 Testing period 38 Semiconscious 111 ___ for tat 5 Lucy McGillicuddy’s married
Down state Get the solutions to this week’s Journal Weekend Puzzles in next
s

Louis times 113 Diamond score name

46 Buzzworthy 89 Captivate 1 Big butte 39 Mottled garb, 114 Spike in the Saturday’s Wall Street Journal. Solve crosswords and acrostics
for short 6 Behind bars, colloquially
item 91 Completely 2 In need of a movie business online, get pointers on solving cryptic puzzles and discuss all of the
47 Cause to race soaked massage 40 Revival cry 115 Bill at a bar 7 Firm, juicy fruit (2 wds.) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

REVIEW
ICONS

The Human Body

Laid Bare in Art
Since the Renaissance, anatomical illustration has served art and science by
examining how we look beneath the skin.

BY PETER SAENGER at modern artists who have incorpo- mous life-size prints by Antonio Cat-

T
rated anatomical themes into their tani. Cattani’s figures are posed ele-
he art of anatomy work. gantly, with one holding a flayed
formed a crucial part of An early ancestor of anatomical hand up to his skull as if he has a
the rebirth of learning art was the genre known as “The headache.
in the Renaissance. Dance of Death,” in which death, of- Dramatic poses are found in many
“Flesh and Bones,” a ten portrayed as a skeleton, invites anatomic artworks, says exhibition
new exhibition opening Feb. 22 at people from all ages and walks of life curator Monique Kornell. She points
the Getty Center in Los Angeles, fea- into a fatal dance. Conceived in the to the 1724 etching “Two Muscle Fig-
tures a first edition of “On the Fabric wake of the Black Death of the 14th ures in Profile” by William Cowper,
of the Human Body,” the enormously century, the genre gave rise to varia- in which two half-dissected figures,
influential 1543 book by Andreas tions such as Hans Holbein’s drawing muscles still hanging on in places,
Vesalius that challenged ancient of a skeleton dressing a young noble- walk down a slope in tandem, their
ideas about how the body looked and woman in a necklace of bones. At the right pointer fingers raised in uni-
moved. The book includes illustra- Getty, a print of the son. “They always
tions by the artist Jan Steven van image published strike me as disco
Calcar that show an abdominal dis- around 1680 includes a dancers,” Ms. Kornell
section and a detailed sketch of the quotation from the
Anatomical says. “It’s not about ‘re-
gallbladder. Book of Job: “They prints did member death’…they’re
It wasn’t only scientists who spend their days in in the world. The world
were interested in looking beneath wealth, and in a mo-
double duty that we live in.”
the skin. Decades before Vesalius, ment go down to the in medical Cowper was a sur-
Michelangelo was dissecting bodies
so that he could accurately repre-
grave.”
Detailed anatomical
schools geon, but many of the
works in “Flesh and
sent muscled human forms. Ever diagrams became pow- and art Blood” were made by
since, anatomical illustration has ex- erful tools for physi- academies. fine artists like Carlo
isted at the intersection of art and cians and surgeons. Cesi, whose “Écorché
science, and “Flesh and Bones” fea- Two wooden statues Torso with Bones of the
tures prints that did double duty in made by Ercole Lelli in 1734 repre- Shoulder and of the Hip” depicts a
medical schools and art academies. sent the human body with the skin man looking skyward who seems un-
The images are sometimes uncanny, removed to show the muscles be- concerned that he is missing his
offering lively skeletons and corpses neath, a style known as écorché. skin. Some of Cesi’s nonmedical art-
who cheerfully raise flaps of their Originally made for use in an anat- works remain in famous Roman
skin to show the organs beneath. At omy theater in Bologna, the statues buildings like the basilica of Santa
the same time, the exhibition looks were faithfully reproduced in enor- Maria Maggiore.
In the 20th century, anatomy be-
gan to fade as an expected course of
study for artists, Ms. Kornell says.
Thomas Eakins, born in 1844, be-
longed to one of the last generations
to master the discipline, which he
studied at Jefferson Medical College
in Philadelphia. His interest in mus-
culature led him to make many pic-
tures of athletes. To create “Wres-
tlers” (ca. 1899), Eakins
photographed two young men dem-
onstrating a wrestling hold; in the
resulting painting, the straining
muscles are more detailed and visi-
GETTY RESEARCH INSTITUTE, LOS ANGELES (2)

ble than the wrestlers’ faces. More

recently, the Pop Art forerunner
Robert Rauschenberg created
“Booster,” a 1967 lithograph and
screenprint that he called “a self-
portrait of inner man,” by assem-
bling X-rays of himself into an im- chan, an anatomical 3-D memorial to void, allowing Lawrence to reach
perfect, slightly askew skeleton. Robert Henry Lawrence, Jr., the first outer space as he never did in life.
One of the latest works in “Flesh Black astronaut, who died in a 1967 “A uniting image, in a way,” says Ms.
Above: An anatomical rendering of the head of the Apollo Belvedere, and Blood” is “Robert” (2018) by Ba- training event. Mr. Strachan’s pulsat- Kornell. “We are all the same under
1812. Right: A print of an écorché figure by Antonio Cattani, 1780. hamian-born artist Tavares Stra- ing neon tubes seem to float in a the skin.”

MASTERPIECE | ‘GETTYSBURG LINCOLN’ (1863), BY ALEXANDER GARDNER

Two Sides of a President in One Photo visage (to the viewer’s right)
seems bemused, the mouth curling
into a smile, the eye rolling up-
ward as if in mock dismay. From
BY HAROLD HOLZER reproduced, eagerly collected, Once Lincoln triumphed at Get- with a waist-up profile emphasiz- the other half comes a hard stare
and lovingly displayed in family tysburg 11 days later, all the Gard- ing Lincoln’s brawny arms and and tight-lipped frown, determined
AS ABRAHAM LINCOLN’S assis- albums. ner poses should have enjoyed shoulders, she held onto the if not grim.
tant private secretary, John Hay, Then why did the beguiling No- prompt, broad circulation. But the waist-up frontal view only later How to account for the curious
cryptically noted in his diary on vember 1863 Gardner close-up—a magisterial full-face portrait re- cropped into the startlingly inti- disparity? Do the lopsided fea-
Sunday, Nov. 8, 1863: “Went with potential best-seller—remain ob- mained unpublished—because mate close-up that became fa- tures suggest the presence of Mar-
Mrs Ames to Gardner’s gallery & scure until the 20th century? The Ames had likely paid for and re- mous decades later. We cannot fan Syndrome, the rare malady
were soon joined by Nico & the answer lay with Ames—for it was tained it, along with one other know for sure why Ames kept some (unjustifiably) have diag-
Prest. We had a great many pic- she who requested the sitting in image, for her exclusive use as them under wraps. She died in nosed from a distance? Or do they
tures taken. Some of the Presdt. the first place. Commissioned by models for her sculpture. Along 1901, taking the secret with her. reveal the lingering effects of a
the best I have ever seen.” the U.S. Senate to fashion Only then did the first farm accident decades earlier,
Unpacking that entry opens a a Lincoln bust for the Cap- reproductions appear, when pre-adolescent Abe was
window onto the long-misunder- itol, Ames had no luck published by Washington kicked in the head by a horse and,
stood sitting that yielded the getting the busy president photographer Moses P. as he later put it, “apparantly [sic]
“best” Lincoln pictures that Hay to sit for her. So she urged Rice, who had taken pos- killed for a time”?
had ever seen—one in particular. Lincoln to meet her at session of Gardner’s Lopsided or not, here is Presi-
And it helps explain why the gen- Gardner’s, where she abandoned glass nega- dent Lincoln as he surely looked to
eral public failed to see it for could pose her subject just tives. contemporaries, his expression
nearly two-score years. as she planned to portray In the years since, the mysterious yet mesmerizing: gray
“Gardner” was Alexander Gard- him in marble. Lincoln so-called “Gettysburg Lin- eyes sunken within dark hollows;
ner, Scottish-born former camera agreed to visit on a Sun- coln”—more accurately, brow creased; sallow cheeks mot-
operator for legendary photogra- day. That was the one “the Ames Lincoln”—has tled by scars and moles; huge ears
pher Mathew Brady. Yearning for morning he could travel adorned many a book akimbo; nose large but blunt; and
sole credit, Gardner had opened a about the city, he ex- jacket. But its fame ar- the head, he noted in his only per-
gallery of his own above a Wash- plained to Noah Brooks, a rived generations too late sonal description, crowned “with
ington bookstore just three newspaperman who joined to stir Lincoln’s contem- coarse black hair.” A great suf-
months earlier—welcoming the the party, without attract- poraries—except through ferer, perhaps, but firmly in con-
“Presdt.” as his first celebrity sit- ing curiosity seekers or Ames’s comparatively pal- trol and command.
ter. “Nico” was presidential secre- “interfering with . . . the lid draped bust, unveiled As Union officer and future U.S.
tary John G. Nicolay, Hay’s White photographer’s business.” in 1868 and still resting Rep. Theodore Lyman III once re-
House boss. As Brooks noted, “it in a niche outside the called of Lincoln—as if viewing
Neglected by history is the chanced to be the Sunday Senate’s public gallery. this very pose: “He has the look of
other eyewitness Hay named: “Mrs before the dedication of What sets the haunt- sense and wonderful shrewdness,
Ames.” This was sculptor Sarah the national cemetery at ing Gardner close-up while the heavy eyelids give him a
Fisher Ames. Gettysburg” (though the apart from other Lincoln mark almost of genius”—a genius
President Lincoln was already journalist was off by a photos is that it conveys desperately needed in Lincoln’s
accustomed to posing for photo- week). Brooks would have both aspects of the presi- time, and fully reflected in this
graphs—and reaping the growing been a poor newspaper- dent’s personality at timeless image.
LIBRARY OF CONGRESS

fame generated by their prolifer- man had he not asked Lin- once: the merry and the
ation. Carte-de-visite Lincoln coln if he’d finished his remarks Taken shortly before his historic morose. Take a vertical strip of Mr. Holzer is the director of
photos, made with multiple-lens for the upcoming event. Not yet, address, the picture captures an paper and cover first one side of Hunter College’s Roosevelt House
cameras that took four small im- Lincoln replied. But they would be Abraham Lincoln who is both the face, then the other; the dif- Public Policy Institute and has
ages simultaneously, were widely “short, short, short.” serious and sly. ference is startling. Lincoln’s left written 40 books on Lincoln.
 OFF DUTY
Refined Bubble
Recliners Factories
What would We test the next
Chandler and wave of home
Joey think? seltzer-makers
D8 D10
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * ** Saturday/Sunday, February 19 - 20, 2022 | D1

Upcycle and Away

Erin Beatty, designer of
New York brand Rentrayage,
custom-made this cheerful
sweatshirt for Off Duty
using vintage and found
materials.

Most of us have
enough stuff. And yet,
we crave novelty.
Here, five ways to update
your wardrobe without
buying a single thing
that’s ‘new.’

Denim Reborn
Levi’s Secondhand
takes old, broken-in Levi’s,
spruces them up and tweaks
the style for resale. Jeans,
$128, SecondHand.
Levi.com
F. MARTIN RAMIN/THE WALL STREET

BY JESSICA IREDALE There are ever more conscientious ways to

D
scratch the itch for novelty without technically
O YOU HAVE a closet full of per- buying “new” stuff. From upcycling and rental
fectly appealing clothes, shoes and to clothing swaps and resale, the circular econ- Showers to Flowers
bags that you haven’t touched in omy is booming. Here, five tips to help you recy-
months? Do they seemingly stare cle, reduce and reuse your way to an updated
at you asking, “Why’d you even wardrobe.
buy me?” as you reach for the sweater you wore
yesterday and the day before that? Do your 1. Trade Retail for Resale
dressing habits reflect the Pareto principle in Resale has come a long way since eBay. Today, myr-
that you wear 20% of your wardrobe 80% of the iad online platforms cater to everyone from de-
time? Has that calculus changed for you two signer junkies to streetwear obsessives. Popular
years into a pandemic that has drastically shifted destinations include: the RealReal, an OG, luxury-fo-
the way we dress? Maybe now you wear 5% of cused consignment option that launched in 2011;
your wardrobe 95% of the time. Grailed, an e-store favored by on-the-pulse types;
If you answered yes to any of these questions, and eBay-like (but more strictly vetted) peer-to- Cecilie Bahnsen’s structured handbags,
you definitely don’t need anything new. But that peer sites like Vestiaire Collective and Tradesy. For made in collaboration with Japanese brand
doesn’t diminish the desire for new acquisitions. a boutique experience, consider Dora Maar, which Chacoli, are crafted from upcycled raincoat
Retail therapy is real and it needn’t induce guilt: Please turn to page D2 fabric. $1,023, CecilieBahnsen.com

Inside

GRANDLY GOOEY MIDDAY AT THE OASIS LOOSER STANDARDS DRIVE-THROUGH DÉCOR

Baked pastas that update—and elevate— Why Los Angelenos keep escaping to the How to dress down classic menswear A chic garage conversion that still
the concept of comfort food D6 spa town of Desert Hot Springs D4 after two years of casual WFH D3 accommodates cars D9
D2 | Saturday/Sunday, February 19 - 20, 2022 NY * *** THE WALL STREET JOURNAL.

STYLE & FASHION

BUY OR RENT?
No need to choose—
do both. This pre-
owned dress sells for
an estimated $2,060
less than its original
retail price, while the
knit is available for
hire. Vince Sweater,
$160 a month for a
rental membership,
VinceUnfold.com; The
Row Dress, $360,
therealreal.com

GOLDEN OLDIES
This button-down
from the brand a
Shirt Story was
found at a thrift
store and
revamped with
crystal buttons.

Used Is the tail price. There are different mem-

bership tiers—four items a month
for $89, eight items a month for
The patchwork
pants by Marine
Serre were

New New $135 and so on—which include re-

turns and cleaning.
Similar concepts followed, each
assembled from
repurposed silk
scarves. Shirt,
Continued from page D1 with its own shtick. Nuuly is Urban $190,
gives members access to items con- Outfitters Inc.’s rental arm that AShirtStory.com;
signed by its “Muses” including styl- grants users access to brands includ- Pants, $895,
ist Alexandra Loeb; or Basic.Space, ing Anthropologie and Free People. MarineSerre.com
where cool, creative folks, like musi- Subscribers to Ralph Lauren’s the
cian Caroline Vreeland, sell some of Lauren Look can rent 16 items at
the contents of their closets. Luxury once, while contemporary label
retail platforms such as Net-a-Porter Vince’s Vince Unfold program lends
and Farfetch have added resale, too. members unlimited pieces per month

F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY REBECCA MALINSKY

Resale sites often offer merch at a (though you can only rent four pieces
fraction of the retail price. at a time). For a special occasion,
With an abundance of inventory, consider Nova Octo—which rents de-
the sites can be overwhelming. Lau- signer formal wear—and Beekman
rie Trott, head of brand at Tradesy, New York, a fine-jewelry service.
recommends making saved searches Rental offers affordable, commit-
and alerts for favorite designers and ment-free variety, but inventory can
specific items. It helps to be familiar be unreliable. There’s no guarantee
with how your top brands fit. Some that your desired look will be avail-
sites allow returns; many do not. able in your size when you want it.
Ms. Trott, however, is not afraid
to buy something that’s not her ex- 3. Do a Switcheroo
act size—bigger is better than too Clothing swaps are events at which
small—and have it tailored to fit. you trade clothes with other guests.
Some might recoil at the thought of The keys to a successful one are
secondhand shoes, but don’t be de- crowd control and vetting. Yes, one
terred, said Ms. Trott. “Take them man’s trash can be another man’s
to a cobbler, get them resoled, get treasure, unless it’s just trash. When
them cleaned. It’s actually nice—you organizing the group, invite people
don’t have to break them in.” with compatible tastes who take
care of their stuff, said Julia Gall, a ing. U.K. label Toast hosts swaps at sourced deadstock fabric from de- and Sasha Iglehart’s a Shirt Story,
fashion editor who hosted an inti- its stores where customers bring in signer friends at big-name fashion which transforms shirts found in
mate clothing swap with resale plat- a Toast item from their own closet brands who would rescue leftover thrift stores with crystal buttons and
‘I think of my stock form ThredUp for industry friends and trade it for another customer’s materials. Mr. Peters has since ex- reworked collars and cuffs.
portfolio and closet in the during New York fashion week in Toast piece. To date, Toast has re- panded his fabric-scavenging
same way: I buy and hold.’ 2021. “We understood the value of corded over 1,500 exchanges. sources: his fall collection features a 5. Shop Your Own Closet
the pieces...and [we knew no one black shift dress made of deadstock “I think of my [stock] portfolio and
was] going to bring a bunch of 4. Opt for Upcycling lace from the centuries-old French my wardrobe in the same way: I like
junk,” she said, noting that attend- An upcycled garment or collection is manufacturer Riechers Marescot. to buy and hold,” said New York-
2. Rent, Don’t Buy ees were asked to contribute three made from existing materials—rem- Erin Beatty, the New York designer based Preston Davis, a former Vogue
You’ve probably heard of Rent the and take three items. Among the nants, repurposed fabrics or dead- behind Rentrayage, takes a similar editor who runs the lifestyle and
Runway, the clothing-rental pioneer spoils were Khaite jeans and Phoebe stock, i.e. fabric a designer never approach to a more eclectic, slightly fashion website KeepItChic.com. Re-
that launched in 2009. What started Philo-era Céline. Why swap vs. sell? used or that didn’t sell and is no homespun look in women’s clothes pairs and alterations help her clothes
as a resource for special-occasion As Ms. Gall sees it, “There’s some- longer made—rather than new yard- and homewares. endure. In New York, she relies on
wear—a dress for a wedding, for in- thing about the friend-to-friend con- age. The collections are small by na- Other upcycled lines include Patri- Leather Spa for shoes and accesso-
stance—became a go-to for those nection that’s like, ‘I know you’ll ture and inventory is limited. cia Voto’s romantic One/Of; We-Ar4, ries, Alteration Specialists for tailor-
who want a bottomless closet of de- wear it well or treat it nicely.’” When New York designer Chris a new collection of polished essen- ing, and French American Reweaving
signer clothes at a fraction of the re- It’s not just pals doing the trad- Peters launched CDLM in 2018, he tials, most of which are under $700; Co., to which she took a hole-laden
1990s Prada skirt to be revamped.
Not only can these fixers repair
WEEKDAY beloved garments—they can give
UPDATE This forgotten pieces new life. Ms. Davis
Everything under the work-appropriate quickly tired of the gold buttons on

SUN
outfit comprises the black, floor-length Miu Miu mili-
a secondhand tary coat she bought in 2018. “I
coat by Rokh, a never reached for it because the
top from Toast, a buttons just were too much.” But

OCEAN
brand that will Ms. Davis rediscovered the coat
mend your much- more than three years later and had
loved clothes, those showy buttons replaced with

DINING
and a pleated glossy black ones. “It looks amaz-
skirt made from ing,” she said. It’s as easy as going
deadstock fabric. to your local dry cleaner for tailor-

GOLF
Rokh Coat, $650, ing services, and it doesn’t have to
Dora-Maar.com; be expensive.
Vest, $235,

SPA
us.Toa.st; Skirt,
$350, We-Ar4.com

SHOPPING

Once you stay, you’ll understand ®

thebreakers.com | 855-318-0628
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | D3

STYLE & FASHION

Classic Tweaks Tuxedo

They’ve endured for decades, but can traditional

menswear staples be adapted for today’s casual
climate? How to update five old-school go-tos.

BY MAX BERLINGER

W
E ALL HAVE wardrobe mainstays—timeless items we
bought knowing we’d wear them for years to come. But
as the world makes a wobbly recovery from a wildly
unpredictable—and dressed-down—two years, will
these smart staples translate to our new normal? Will
the tuxedo you bought for your sister’s wedding ever leave its garment
bag again? Can that cashmere cable-knit you once adored ever compete
with the fleece-lined hoodie you wore to WFH? The experts say yes.
“Customers are embracing the idea of getting dressed up again,” said
Justin Berkowitz, the men’s fashion director at Bloomingdale’s. But be
prepared to make some revisions. “Designers are selecting classics to re-
work and reinterpret through a novelty lens,” he added. New York stylist
Natto Balladares posited that men might be gravitating toward classics
because “everyone is feeling very nostalgic and maybe [missing] some
simpler times.” But our lives have evolved, and from offices to dinner
Loafers
parties, dress codes have relaxed. Here, five essential men’s classics—
and how to update them for the here and now.

The Timeless Tuxedo hence the term “blue collar.”

Quick History Pioneered by Prince Why It’s Lasted Chambray is kind
Edward VII in 1865 as a relaxed alter- of like denim but lighter and more
native to the more formal tailcoat, the refined, so the shirts go with every-
less-stuffy style was later adopted by thing. Plus, Elvis wore them.
Anglophilic Americans in the tony en- Make It Now Mix this workwear
Pleated Khakis
clave of Tuxedo Park, N.Y., which gave staple with something laid-back and
the garment its official name. sporty, like track pants or sneakers,
Why It’s Lasted Tuxedos are the advised Mr. Balladares. Once the
gold standard for any event with a weather warms, he advocates wear-
black-tie dress code and they’re a go- ing it loose and pairing it with vin-
to for grooms and wedding guests— tage athletic shorts.
and 2022 is shaping up to be the
biggest year for nuptials since 1984. The Constant Cable-Knit
Make It Now Mr. Berkowitz wears Quick History Cable-knits are a
his tux insouciantly. He dons a band- type of Aran sweater (named for
collar shirt and scarf in lieu of a bow the Irish islands where it origi-
tie and punctuates the whole thing nated) and were likely first made by
with raffish slippers or sneakers. Al- fishermen’s wives in the 1800s.
ternatively, you can try a tux-shirt- Some believe that the cable stitch
bow-tie combo rendered in nontradi- represents fishing ropes.
tional colors and fabrics, like the Why It’s Lasted Densely woven
black and blue denim version here. with worsted wool, it fiercely
guards against the elements

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (SUIT, CHAMBRAY), GETTY IMAGES (STREET STYLE)
The Indelible Loafer whether you’re heading out to sea
Quick History When King George or into work. And in the ’50s and
VII requested laid-back shoes for ’60s, JFK and Steve McQueen im-
“loafing” around his country estate, bued it with classic cool.
shoemaker Raymond Lewis Wild- Make It Now Trade traditional white
smith conceived of this easy slip-on. and cream hues for sweaters in
Later, the Norwegian Nils Gregori- burnt orange or fiery red, and pair
usson Tveranger created ones them with relaxed fare like jeans and
based on Native American mocca- sneakers instead of country-clubbish
sins and, much later, they became collared shirts and dress shoes.
midcentury prepsters’ go-to shoes.
Why It’s Lasted Versatile loafers el- Dependable Pleated Khakis
egantly straddle the divide between Quick History Khaki—the color— Chambray Shirt
casual and dressy, meaning you can was most likely first worn by the
wear them in most any situation. Corps of Guides in the British In-
Make It Now Try a pair in a snazzy dian Army in the mid-1800s.
color like green, suggests Mr. Berko- Pleated pants, meanwhile, were
witz. He’s partial to Prada’s lug- popularized in men’s suiting during
soled take. Team a similarly chunky the 1930s. The two joined forces as CASUAL ENCOUNTERS Clockwise from top left:
style with a tapered trouser, T-shirt a casual trouser option in the ’40s Jacket, $4,395; Pants, $1,600, Shirt, $1,075,
and lightweight over-shirt for a ca- and ’50s on college quads. Cable-Knit Sweater Brunello Cucinelli, 212-334-1010; Bow Tie, $125,
sual-but-not-too-casual office look. Why It’s Lasted They’re adaptable, Drake’s, 917-261-5005; Shoes, $895, Manolo Blah-
seasonless and let men split the nik, 212-255-2600; a guest in chunky loafers at
The Sturdy Chambray Shirt difference between formal wool Paris men’s fashion week in January; Shirt, $265,
Quick History Chambray is a woven trousers and casual denim. us.OfficineGenerale.com; T-shirt, $78, us.Carhartt-
cotton textile that originated in a Make It Now Finding a light fabric WIP.com; Pants, $115, AlexMill.com; Shoes, $185,
French commune in the 1500s. Tra- that falls and drapes nicely is para- NewBalance.com; a guest snazzes up a bi-color
ditionally a cornflower blue, durable, mount, said New York stylist Julie cable-knit at Milan fashion week in January; a
breathable chambray shirts became Ragolia. For maximum modernity, opt model wears a roomy pair of pleat-front khakis in
popular among the working class, for a loose pair that’s cropped. Hermès’s spring 2022 Paris menswear show.
 D4 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

HEATLAND Clockwise from far left:

One of the numerous mineral pools
at the Two Bunch Palms, an adults-
only wellness resort in Desert Hot
Spring; Capone Master Suite at
Two Bunch Palms; the resort’s
restaurant leans vegetarian.

ral wine on the restaurant patio.

Once we’d shed that nagging feeling
we ought to keep busy, we got on
the program. Simply put: Soak, rinse
and repeat. (Access to the resort’s
pools and most classes are included
in the room rate, which starts at
about $400, but meals and spa
treatments are priced separately.)
“It’s all about the waters,” said
one longtime resident of Desert Hot
Springs. And the precious liquid was
everywhere. Our suite had its own
Over the years, many of these hot tub in a patio outside the bed-
STEPHANIE PIA (PALM TREE, FRUIT PLATE), DYLAN + JENI (ROOM); MAP: ALY MILLER

original resorts fell into disrepair room, but it seemed almost redun-
and eventually closed. To be sure, dant given the sheer number of pos-
Desert Hot Springs has little in sibilities for solitary soaking. Pools
common with its more manicured of all different sizes are scattered
neighbor to the south, Palm around the grounds.
Springs, or the golf-happy Palm I found an unoccupied medium-
Desert. You don’t go there for fancy size pool in a shaded corner off the
restaurants or nightlife. Rather, it’s main path, and was just settling in
the “rebel cousin,” as one denizen with a book when an attendant
put it, of the swankier burgs came by to ask if the temperature
nearby. Many Desert Hot Springs was satisfactory, mentioning that
spas (like those elsewhere) suffered most tubs are heated to 102 to 104.
during the pandemic; hot tubs and But other than the warmth, what
high-touch services like massages really sets this apart from just sit-
were a hard sell at a time of lock- ting in a bubble bath at home?
downs and social distancing. But re- A scientific analysis of the water
sorts began fully reopening in the wasn’t performed until 1937, when,
middle of last year, prompting our as per local history, “its therapeutic
impromptu getaway. value was affirmed.” In layman’s
As soon as we arrived at Two terms, that means it contains a

Soak It All In
Bunch Palms, extensively renovated mashup of minerals—lithium, silica,
in 2018, we noticed guests clad in magnesium, calcium, among oth-
terry cloth robes wandering around ers—that its boosters in the well-
the resort; a few were even dining ness sector claim reduce pain and
in the elegant restaurant. It didn’t improve mobility, increase blood cir-
take us long to adjust: Not having culation and cell oxygenation.
to fret about what to wear is an- I’m not sure which minerals were
At Desert Hot Springs, a glitz-free getaway spot for Angelenos, the agenda is other freeing aspect of the spa life- at work, but after 48 hours, much
style. One repeat guest told me it of it spent floating in this soothing
simple: Sink into a mineral pool, rinse, repeat reminded her of the ryokans she’d soup, the persistent soreness in my
stayed at in Japan. It was so quiet neck and shoulder had all but van-
draw, whether you’re staying in a we whispered even when we didn’t ished. My daughter found that for
BY BARBARA PETERSON posh spa hotel like Two Bunch have to. Like most of the boutique pure relaxation, nothing topped a

I
Palms, the smaller Hope Springs or hotels and resorts here, Two Bunch midnight soak under a starry desert
N ROBERT ALTMAN’S dev- even a motel. Palms is adults-only. sky. Perhaps it’s not a “cure” per se,
astating Hollywood satire, While the existence of these Along sandy paths marked with and to be fair, most of the spas here
“The Player,” Tim Robbins warm springs was known to the in- “roadrunner crossing” warnings, we in Desert Hot Springs aren’t claim-
plays an amoral studio exec- digenous Cahuilla tribe for hun- drifted over to the spaceship-style ing to deliver more than a restful
utive pursued by police who dreds of years, they weren’t widely yoga dome to take a class. After escape. As Two Bunch Palms puts it
suspect him of murder. As cops reported until the early 20th cen- massages in the spa treatment in its literature, “wellness is what-
close in on him at the airport, he tury. Around 1914, a homesteader rooms, we ordered glasses of natu- ever you make of it.”
hits on an escape plan: “I know this named Cabot Yerxa, while trying to
great hideaway in Desert Hot locate water on his land with his
Springs,” he says to his female com- pick and shovel, stumbled on both
panion. “It’s a two-hour drive.” spa resort that Altman had chosen springs near where Two Bunch
When we next see them, they’re for this location shoot. Aside from stands today. Yerxa named the spot
pulling up in a Range Rover to a its brief cameo in the 1992 film, the “Miracle Hill.” Soon after, real-es-
gated oasis in the desert, dotted property has long had a reputation tate developers began building a spa
with towering palms and stone cot- as a refuge, for celebrities seeking center to rival other mineral spring
tages surrounding a grotto filled privacy and even some real-life “cure towns” in the U.S. and abroad.
with gurgling waters. “It comes crooks: Al Capone is rumored to By the 1940s Desert Hot Springs
right out of the ground,” the Rob- have holed up at the oasis of Two lured not just Hollywood types but
bins character explains as guests Bunch Palms during the 1920s. ordinary folks seeking a miracle
frolic nearby in steaming mineral Desert Hot Springs, which sits on cure for all manner of ills, from ar-
pools. (Spoiler alert: This romantic a swath of arid land in the Coachella thritis to polio. Soon there were
idyll is soon interrupted by a phone Valley, styles itself as “spa city” af- more than 200 “spa-tels” and bath-
call from his lawyer.) ter its most unusual feature: It sits houses advertising the therapeutic
Last October, seeking an escape atop two aquifers, one hot and one benefits of their mineral pools. An-
of another sort, I set out on the cold, that supply the mineral waters other selling point: Unlike the sulfu-
same auto route, with my grown that flow into the spa resorts and ric waters of warm springs in other
daughter at the wheel, and headed their ubiquitous mineral baths and places, these desert springs had no The 10-room Hope Springs Resort, an updated midcentury modern motel,
for Two Bunch Palms, the sprawling pools. Those waters are the main rotten egg odor. has three pools, fed by the springs, and a range of spa treatments

TUMBLEWEED CONNECTION / NOT ALL DESERTSCAPES ARE THE SAME. FOR A MILDER CLIMATE AND VARIED OUTDOOR DIVERSIONS, HIT THESE HIGH-DESERT TOWNS.

Parks and Recreation art festivals throughout the where hiking, mountain biking
St. George, Utah year. The Trail of the Moun- and stand-up paddleboarding
As the gateway to five na- tain Spirits, a scenic byway, are free-time favorites, along
tional parks (Arches, Bryce, starts in town and runs north with rafting and canoeing. The
Canyonlands, Capitol Reef and to the Gila Cliff Dwellings Na- nearby red rock spires of the
Zion), St. George sits at the tional Monument, where the Colorado National Monument
northernmost tip of the Mo- Mogollon people lived in the and Grand Mesa, one of the
jave Desert. “It serves as a 1200s. About 30 miles south- world’s largest flat-top moun-
sweet hopping off spot to east of Silver City, hikers can tains, are both primed for nim-
those natural wonders,” said drop for ATV/UTV escapades, scale monoliths rising from ble rock climbers and cany-
Tracey Welsh, general man- concerts at Tuacahn Amphi- the desert floor in City of oneering enthusiasts. Check
ager of Red Mountain Resort, theatre and athletic competi- Rocks State Park. Those seek- into Hotel Maverick on the Col-
7 miles outside of town. Hikers, tions, including the Huntsman ing a peek at the Milky Way orado Mesa University campus
bikers and kayakers can ex- World Senior Games and Iron- and distant galaxies find the and borrow a bike to size up
plore the area’s spectacular man and Ironman 70.3 triath- heart of darkness at Cosmic the town, then stop at
terrain while museums and lons (pictured above). Campground, a designated Moody’s Lounge, a new speak-
galleries abound downtown. Dark Sky Sanctuary on Gila easy on Main Street. For out-
Among the new arrivals to Art, Caves and Stars National Forest land. door pursuits, you can fish for
downtown St. George are the Silver City, N.M. catfish, trout or largemouth
Advenire, an Autograph Collec- For an old mining town tucked Rockin’ the Rivers bass in Highline Lake State
GETTY IMAGES

tion hotel, and Wood.Ash.Rye, into the mountains of south- Grand Junction, Colo. Park or sample the wines at
a venue known for its biscuits western New Mexico, Silver Two large rivers—the Colorado vineyards in nearby Palisade.
and burgers. Still, the biggest City has an unexpectedly en- and the Gunnison—meet at Book a table at Colterris at the
STAR STRUCK City of Rocks State Park in the Chihuahuan draw remains the otherworldly ergetic downtown district. It’s Grand Junction, a high-desert Overlook for views of the Colo-
desert region of southwestern New Mexico. red rock landscape—a back- lined with galleries and hosts town in western Colorado, rado River. —Donna Bulseco
 THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, February 19 - 20, 2022 | D5

ADVENTURE & TRAVEL

cles” were everywhere. Humility and
respect reigned supreme.
In the early 1990s, I started writ-
ing about surfing, and my interest in
the North Shore became anthropo-
logical. I was fascinated by this Nev-
erland of taut bodies and perfect
waves. Many of my Hawaiian con-
temporaries worked just enough to
make ends meet, their primary focus
on the surf. Rent was cheap enough
that you could raise a family if not
on the beach, then within walking
distance of it.
But those days are over. In 2006,
Kammie’s Market lost its lease after
nearly half a century. A family-run
institution a short walk from Sunset
Beach, Kammie’s was a community

Roosters crowed in the

morning. We hitchhiked
to the surf breaks,

outpost, a social hub. Board design,

swell predictions, gossip and the oc-
casional fist fight happened in the
ALPHA WAVE Waimea Bay, one parking lot. Then came the razing of
classic North Shore surf cottages.
KEITH KANDELL

of a string of beaches on Oahu’s

North Shore where the winter What was once a sleepy little
waves are big and bountiful. country surf town is now an over-
crowded destination for investment
and tourism. Here’s the great irony.
weren’t a complete surfer until you Pro surfing modeled itself on golf
TRAVELER’S TALE / JAMIE BRISICK ON THE EVOLUTION OF OAHU’S NORTH SHORE proved yourself in the heavy water and tennis, with the hope of becom-
of Sunset Beach, Pipeline and Wai- ing a mainstream sport. There are
mea Bay. It soon became a kind of more surfers in the world today

When Life Revolved Mecca—surfers from around the

world made the pilgrimage.
I was one of them. During my
first trips in the ’80s, when I was
than at any time in history. In 2021,
surfing made its debut in the Tokyo
Olympics. “It’s a classic case of ‘be
careful what you wish for’,” said

Around the Waves still in high school, I’d stay with

family friends in their rustic home
in Pupukea Heights. Palm trees
poked through bedroom windows.
Randy Rarick, co-founder of the IPS
and North Shore resident since 1969.
“Traffic’s out of control. Home
prices are through the roof. The surf
Roosters crowed in the morning. scene has become commercialized.
IN JANUARY, I spent two weeks on hameha Highway were not, however, It wasn’t always like this. Often We hitchhiked to the surf breaks, It’s like Waikiki!”
the North Shore of Oahu, a trip I’ve the usual dusty pickups with surf- referred to as “The Country,” the often getting rides in the backs of But there are moments. One af-
made nearly every winter since boards poking out of the back but North Shore, about 30 miles from pickup trucks, reggae blaring out ternoon, as I headed to the Kahuku
1982. One bright Tuesday morning, I tour buses and rental minivans. The Honolulu, was once a farming com- of the cab. Life revolved around Superette for ahi poke on hot rice, I
headed out for my routine surf mass of people checking the surf munity, with fields of pineapple and the waves. When the swell came got stuck behind a car going about
check. Known as the “Seven-Mile made me anxious, and the parking sugar cane. During World War II, up, you felt it not just on the 25 mph in the 35-mph zone. Stuck
Miracle,” this stretch of coastline is lot was full, so I kept driving. there was a distinct military pres- beach, but in the aisles of Food- was what I thought at first, but the
home to several of the world’s most Ditto along the stretch near Ehu- ence. The surfers arrived in the land and in the booths at the Sea sluggish pace forced me to really
hallowed surf breaks. The trade kai Beach Park, which looks straight 1950s—the living was cheap; the View Inn’s restaurant. look. It was a rusted-out pickup. I
winds were light and balmy; the into the barrel of Pipeline, aka the winter waves were big and bounti- The North Shore was simple and imagined reggae playing in the cab.
swell was up: 12- to 18-feet out of “world’s deadliest wave.” A wall of ful. In 1976, the IPS (International down-home in a way that my glossy,
the northwest. cars lined the road; a big crowd Professional Surfers) was formed, materialistic Los Angeles was not. Jamie Brisick’s books include “Be-
As I approached Sunset Beach, filled the grassy park. Waimea Bay, establishing a world tour with the There was a strong sense of commu- coming Westerly: Surf Champion
traffic slowed to a crawl. The vehi- too, was packed, with tourists far North Shore as the sport’s center nity. Families seemed to extend be- Peter Drouyn’s Transformation
cles congesting the two-lane Kame- outnumbering the surf tribe. stage. It was a rite of passage: You yond bloodlines. “Aunties” and “un- into Westerly Windina.”

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 D6 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Cheesy Bacon-Gruyère Macaroni and
Cheese
If you don’t have an ovenproof skillet, transfer
the pasta to a 9-by-13 baking dish before finish-

But Not ing it in the oven. If you’d like to work ahead,

keep the prepped pasta in the fridge for up to 12
hours, then pop it in the oven à la minute.
Total Time 45 minutes Serves 5-6

Clichéd ¾ pound thick-sliced bacon

2 cloves garlic, peeled and very thinly sliced
3 shallots, peeled and thinly sliced
1 pound short pasta, such as penne
1/
3 cup white wine

A gooey, gorgeous baked 1¼ cups heavy cream

A pinch of freshly grated nutmeg
pasta can be as exciting A pinch of cayenne
as it is comforting. Leaves from 3 sprigs fresh thyme
White pepper
2 cups Gruyère or Comté, grated
BY ALEKSANDRA CRAPANZANO

CHELSIE CRAIG FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY SOPHIE STRANGIO
1. Preheat oven to 425 degrees. Slice bacon into
1/
NIONS AND LEEKS 3-inch pieces. In a wide ovenproof skillet over

melted into a sweet low heat, cook bacon until it renders its fat,
and delicate sauce about 7 minutes. Add garlic and shallots to skil-
seasoned with fresh let stir to coat in bacon fat. Increase heat to me-
thyme; batons of dium-low and cook until garlic and shallots are
smoked bacon and the unmistakable translucent, about 3 minutes more.
depth of a good Gruyère; smoked 2. Meanwhile, bring a large pot of salted water
paprika, fiery harissa and cool, to a boil over high heat. Add pasta and cook 2
tangy feta: If this isn’t the sort of minutes short of time stated on package.
thing that comes to mind when you 3. Add white wine to skillet with bacon and
think baked pasta, think again. Even shallots, increase heat to high and let wine
comfort food needs an update, or at come to a boil. When it has reduced by about
least a new angle. And this is the half, after about 4 minutes, stir in cream and
season to experiment. reduce heat to low. Add nutmeg, cayenne and
Nobody in my household likes a thyme. Season with white pepper.
classic lasagna made with meat 4. Drain pasta, reserving ¾ cup cooking water.
ragù or tomato sauce. They say they Add pasta to skillet and toss well, adding re-
find it too heavy, too reminiscent of served pasta water a tablespoon or so at a time,
bad cafeteria lunches. I beg to dif- to create an emulsified sauce. Toss in 1 cup
fer, but lasagna isn’t the sort of cheese. Taste and add salt as needed. (If you are
meal one prepares just for oneself. transferring to a baking dish, do so now. At this
My revisionist lasagna made with point, if you are working ahead, you can keep the
melted alliums satisfies my own dish, covered with plastic wrap, in the refrigera-
cravings and my family’s desire for tor up to 12 hours and then let sit at room tem-
something surprising. It couldn’t be perature for 30 minutes before baking.)
simpler, but allow 45 minutes to 5. Top with remaining cheese and bake until just
slowly soften the onions and leeks golden, 20 minutes.
over low heat until they are translu-
cent and mellow. Add layers of noo-
dles, Parmesan and béchamel, and Merguez, Smoked 6-8 minutes. Use a slot-
the result is really quite elegant. Mozzarella, Feta ted spoon to remove
We’re all supposed to love mac and Harissa Baked sausage from pan and
and cheese, but so much of it is Pasta set aside on a plate.
gluey, bland and artificial. When I Use fresh feta and moz- 2. Add onions to pot, re-
make it, I look to the French Alps for zarella for this recipe— duce heat to low and
inspiration and add lardons of the kind stored in water. cook until translucent,
smoky bacon and an abundance of Before cutting the about 20 minutes. Add
aged Gruyère. With most any maca- cheeses into cubes per garlic and cook until soft,
roni and cheese, browning and the the instructions below, 2 minutes more. Increase
nice crunch that comes with it are  Find a recipe for melted onion drain them and pat heat to high. Stir in to-
easily accomplished via a couple and leek lasagna at wsj.com/food. them dry. For a vegetar- mato paste and smoked
minutes under the broiler; some ol- ian version of this dish, paprika, and cook to cara-
ive-oil-tossed breadcrumbs scat- spices and chiles for the energizing use cubes of charred melize, 1 minute.
tered on top will amplify the effect. warmth they provide. Merguez, a and baked eggplant in 3. Add tomato purée and
For those who believe mac and North African sausage made with place of the merguez simmer to thicken, about
cheese should be eaten with a lamb and heavily spiced with sausage. 8 minutes. Add harissa
spoon, not a fork, set a sheet of alu- cumin, coriander, fennel, chiles, su- Total Time 1 hour according to your taste
minum foil over the pasta during the mac and garlic, adds an unexpected Serves 5-6 and the strength of the
last 10 minutes of baking. boldness to a quick weeknight pasta brand you are using. Sea-
Baked pasta, ever a welcoming bake. Feta, harissa and fresh cilan- ¼ cup extra-virgin son with salt as needed.
dish, takes well to all manner of tro stand up well to the sausage’s olive oil Add 1½ cups water and
inputs. Italians will add multiple robust flavor. In the recipe at right, 1 pound Merguez pasta to the same pot.
cheeses, offsetting a sharp gorgon- a small pasta shape—little shells of sausages Bring to a simmer while
zola with salty pecorino, unctuous cavatelli, for instance—cooks right 1 yellow onion, finely black pepper ½ cup chopped cilantro stirring. Cook at a simmer
fontina and milky mozzarella. In in the tomato sauce, saving you the chopped 11/2 cups water leaves for 3 minutes. Stir in half
fall, truffles and porcini mush- effort of parboiling. 2 garlic cloves, thinly 1 pound dried pasta, the mozzarella. Transfer
rooms become the focal point; Baked pasta is best brought to sliced such as cavatelli, 1. Preheat oven to 425 to a 9-by-13-inch baking
you’ll also see pancetta, roasted the table in its baking dish, after it 1 tablespoon tomato lumache or mezzi degrees. In a wide pot, dish. Bake for 18 minutes.
squash and fried sage. Come sum- has had five minutes to cool from paste rigatoni warm olive oil over me- Top with remaining moz-
mer, lightly fried zucchini coins oven-hot to edible. And before 1½ teaspoons smoked 12 ounces fresh dium heat. Crumble in zarella and feta. Return
and basil might be enlisted. In the that, the time the dish spends in paprika mozzarella, cut in sausage and use a to oven and bake until
American southwest, additions the oven, taking care of itself, 2 (28-ounce) cans ½-inch cubes wooden spoon to break the cheese melts, 5 min-
might include chipotles, jalapeños, gives the cook time to sit with a tomato purée 6 ounces fresh feta, up any large pieces. utes more. Let cool 5
roasted peppers and Monterey glass of wine, free of any last-min- 2-3 teaspoons harissa preferably French, in Cook, stirring, until start- minutes before serving.
Jack or sharp cheddar. ute frenzy. This is the way to feed Salt and freshly ground ½-inch cubes ing to brown on all sides, Sprinkle with cilantro.
This time of year, I, too, rely on a crowd.

GAMECHANGER

The Mayonnaise Chefs Love

If you’re looking for a custardy mayo with the
greatest umami oomph, it’s got to be Kewpie. Here’s
how to use it in your kitchen.

MOST PEOPLE don’t think about cakes). Mr. Hereford’s forthcoming

mayonnaise as much as Mason cookbook, “Turkey and the Wolf:
Hereford does. Most people cer- Flavor Trippin’ in New Orleans”
Drizzle tainly do not have a mayonnaise (Ten Speed Press), out in June, con-
it on roasted tattoo. But Mr. Hereford, who tains a recipe for what he calls
vegetables; owns the beloved New Orleans okra-nomiyaki—roasted okra served
it goes especially sandwich joint Turkey and the with traditional okonomiyaki gar-
well with Brussels Wolf, considers himself an adher- nishes like seaweed and bonito
sprouts and ent to the religion of mayonnaise. flakes—with a zigzag of Kewpie on
endive. Mix it with It is, he says, a faith with many top. Those are excellent ideas. But
your favorite gods—one of the most powerful of Kewpie also adds oomph to tuna or
spice—curry powder, which is Kewpie. egg salad. (The Los Angeles restau-
paprika, Sriracha— For the uninitiated, Kewpie is a rant Konbi, which made its egg-
and slather on a Japanese brand made with egg salad sandwich an Instagram sensa-
sandwich or use yolks, rice vinegar for a touch of tion, uses Kewpie.) A few dots on
as a dipping sweetness, and a dash of MSG. It top of grilled vegetables makes it
sauce. all adds up to a more custardy, much more fun to get your recom-
velvety, savory mayonnaise than mended daily allowance. Mr. Here-
most. Bonus: It comes in a squeeze ford particularly values Kewpie as a
F. MARTIN RAMIN/THE WALL STREET JOURNAL

bottle that allows you to drizzle it shortcut to all sorts of spreads and
artistically onto your plate. sauces: “You just chop stuff up and
Traditionally, Kewpie is used mix it in. With gravy, you actually
Pair it
atop okonomiyaki (savory pan- have to cook.” —Jane Black
with pork. Mr.
Hereford loves
it with roast
Where to Buy It Kewpie is widely available online and at grocery stores. A
pork—and hot
version made for the U.S. market contains yeast extract instead of MSG.
dogs, too.
But die-hards prefer the original and, anyway, there is no conclusive evi-
dence to support last-century fears that MSG causes headache and nausea.
Read the ingredients label to see which version you’re getting.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | D7

EATING & DRINKING

THE FROST LANE | Freezer Cocktail Recipes for Breezy Bartending
1 ounce Giffard passion amount. Adjust the bitters
fruit liqueur as necessary, adding a cou-
3 dashes Bittermens ple of dashes if you prefer.
‘Elemakule Tiki bitters Freeze for at least 3 hours.
Grapefruit twist, for 2. To serve, pour about 31/2
garnish ounces into a chilled Nick &
Nora or Martini glass. Gar-
1. Use a measuring cup to nish with the olive. Twist the
measure all of the ingredi- lemon peel over the surface
ents, and funnel them into a of the drink to express the
bottle. Seal the bottle, turn it essential oils, then discard
over a few times to mix the the peel.
ingredients and taste a small
Freezer Bar amount. Adjust the bitters
Manhattan as necessary, adding a cou-
Active Time 5 minutes Total ple of dashes if you prefer.
Time 31/4 hours (includes Freeze for at least 3 hours.
freezing) Makes 6 drinks 2. To serve, pour about 3
ounces into an old-fashioned
12 ounces Rittenhouse rye glass, over 1 large ice cube.
6 ounces Carpano Antica Express the grapefruit twist
sweet vermouth over the drink, then place it
6 dashes Angostura bitters in the drink to garnish.
3 ounces filtered water
Brandied cherries, for Freezer Bar Negroni
garnish An optional but extra-luxe
tweak: Add a ½ ounce of
1. Use a measuring cup to crème de cacao and a pinch
measure all of the ingredi- of salt to your Negroni batch.
ents, and funnel them into a According to Death & Co co-
bottle. Seal the bottle, turn it owner Alex Day, “The choco-
over a few times to mix the latey notes hide just under
ingredients and taste a small Campari’s bitterness, making
amount. Adjust the bitters as for a pleasantly rich after-
necessary, adding a couple of dinner digestif, while the salt
dashes if you prefer. Freeze Devon’s Martini helps to tamp down some of
for at least 3 hours. (Freezer Bar Version) the bitterness.”
AS YOU LIKE IT Customize a Martini straight from the freezer with a drop of this, a dash of that. 2. To serve, pour about 31/2 Named for Death & Co part- Active Time 5 minutes Total
ounces into a chilled Nick & ner Devon Tarby, this is her Time 31/4 hours (includes

Maximum Cool
Nora glass. Garnish with preferred Martini—2 parts freezing) Makes 6 drinks
brandied cherries. gin to 1 part dry vermouth—
adapted for the freezer. 6 ounces gin
Get Free (Freezer Bar Active Time 5 minutes Total 6 ounces Cocchi vermouth
Version) Time 31/4 hours (includes di Torino sweet vermouth
Created by Death & Co bar- freezing) Makes 6 drinks 6 ounces Campari
tender Matthew Belanger,
With a batch of cocktails ready in the freezer, happy hour is this is a tropical-inspired riff 12 ounces Beefeater gin 1. Use a measuring cup to
on a classic whiskey cocktail 6 ounces Dolin dry measure all of the ingredi-
always imminent and parties are so much more fun to host called the Fancy Free. If you vermouth ents, and funnel them into
enjoy Old Fashioneds, give 3 dashes orange bitters a bottle. Seal the bottle,
BY KARA NEWMAN This trick works best with spirituous cock- this drink a try. 3 ounces filtered water turn it over a few times to
tails—that is, those that don’t include citrus Active Time 5 minutes Total Olives and lemon twists, mix the ingredients and

T
and have a high enough proof to resist freez- Time 31/4 hours (includes for garnish taste a small amount. Ad-
HE FREEZER Martini has long ing semi-solid. So skip the Margaritas, which freezing) Makes 6 drinks just the bitters as neces-
been a pro move at bars: Pre-mix, would turn slushy, and try this with a stiff 1. Use a measuring cup to sary, adding a couple of
decant into a bottle and super- Manhattan variation instead. In general, if the 6 ounces bourbon or rye measure all of the ingredi- dashes if you prefer. Freeze
chill to a velvety-cold, almost overall strength of the drink is 30% alcohol or 6 ounces El Dorado ents, and funnel them into a for at least 3 hours.
syrupy consistency, ready to pour higher, it won’t freeze in a standard home 15-year Demerara rum bottle. Seal the bottle, turn it 2. To serve, pour about 3
the moment an order comes in. Throughout freezer. A bit of water—the equivalent of a 2 ounces Luxardo over a few times to mix the ounces into a chilled rocks
the pandemic, it’s been my best at-home hack, quarter-ounce per drink—is often added to maraschino liqueur ingredients and taste a small glass, over a large ice cube.
too, a real sanity saver at the end of an endless mimic the effect of melting ice.
day when my energy is totally zapped. The measure-once, pour-many-times ap- All recipes adapted from ‘Death & Co: Welcome Home’ by Alex Day,
There’s no reason to limit freezer mixology proach has multiple benefits, ranging from the Nick Fauchald and David Kaplan (Ten Speed Press)
to Martinis, the bar experts say. Indeed, the quick top-up to the “dividend”—a mini Mar-
latest book from one of America’s top cocktail tini, Manhattan or Negroni close at hand.
destinations, “Death & Co: Welcome Home” “Sometimes you just want a little nip of some- bottle as a base ingredient. In 2020, when queur enlivens a Manhattan.
(Ten Speed Press), includes a slew of recipes thing, maybe while you’re cooking dinner, or cocktails to go became a pandemic lifeline at Think, too, about different drink styles be-
right after dinner,” Mr. Buhler said. It’s also Thyme Table Restaurant & Bar in Bay Village, yond strong-and-stirred. “Not everyone wants
handy for home entertaining. Instead of prep- Ohio, beverage director Eric Scott customized big and boozy cocktails,” Mr. Buhler noted. “A
ping individual drinks for guests, Mr. Buhler the bottled house Martini in various creative fully batched cocktail can turn into a lot of dif-
“It’s really easy to grab a bottle said, “I’d rather just hang out with them, and ways. Starting with a vermouth-heavy, not ferent drinks: a spritz topped with sparkling
out of the freezer, pour into a host. It’s really easy to grab a bottle out of the quite 50-50 gin Martini base, his Savory Mar- wine; a highball, mixed with cold seltzer over
glass and garnish.” freezer, pour into a glass and garnish.” tini almost edged into Dirty Martini territory, ice.” Lengthen two ounces of the Freezer Bar
But utility is only part of the allure. “Frozen dressed up with celery shrub, a couple drops Manhattan recipe above with ginger beer to
DEATH & CO. (COCKTAILS), GETTY IMAGES (ICE CUBE)

cocktails have a glorious texture you can’t rep- of saline solution and a fat Castelvetrano ol- make a highball, or shake with ¾ ounce each
licate any other way,” said Phoebe Esmon, ive; the citrusy Bright version, meanwhile, was lemon juice and simple syrup for a whiskey
flagged (with a tiny snowflake icon) as ideal partner in Asheville, N.C.-based cocktail con- lit up with orange bitters and a lemon twist. sour variation.
for the make-ahead deep-freeze treatment. sultancy Spirit Animal Beverage Solutions. To “Fine adjustments can go a long way with a For some, the freezer drink is an act of
The best part about these drinks? “The prep a batch of her end-of-day usual—a Ne- Martini,” Mr. Scott said. self-care: a gift from your past self. “There
ease,” said Tyson Buhler, national beverage di- groni, though she also favors the minty Stinger Almost-empty bottles of liqueurs or ama- have been times in the past two and a half
rector for Death & Co. Mr. Buhler said he usu- as a freezer option—she cracks ros from last year’s stock-up years when the act of picking up three bot-
ally has a bottle of pre-mixed Negronis open a new bottle of vermouth to stash can always be enlisted to tles instead of one was more than I could
stashed in his home freezer. “It’s the ability to freeze at peak freshness. add variety. An ounce of crème de face,” Ms. Esmon confessed. “I know that
grab a drink, a cocktail, like you would a glass If you fear you’ll get bored cacao can bring chocolaty rich- probably sounds over-dramatic, but the fall-
of wine or a beer,” he said. “So much of the drinking the same thing over and ness to a 750-ml bottle of Negro- out from the isolation of quarantine has
work is frontloaded.” over again, think of that batched nis, while a dose of orange li- taken many shapes.”

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

Chicken Milanesa Torta With Avocado and Pickled Jalapeños

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

SANDWICHES ARE something of a specialty crunchy, fresh, creamy. A garnish of pickled

for Philadelphia chef Cristina Martinez. For jalapeños isn’t mandatory, but it does add a
a time in her native Mexico, she sold hand- great kick.
held meals like this torta milanesa along The chef has mastered baking her own pan
with fresh-pressed juices out of her telera, a soft roll with a thin crust. If you
mother’s kitchen. can’t find that at a Mexican bakery, try a Por-
In Ms. Martinez’s final Slow Food Fast tuguese roll or something similarly crusty.
The Chef: recipe, the centerpiece is the chicken mil- Serving this today, Ms. Martinez looks
Cristina Martinez anesa, a cutlet pounded thin, breaded and back with pride on her days slinging sand-
fried to a crisp golden brown. Served on a wiches. “It was food for a hard day of
Her Restaurants: roll slathered in mayonnaise and refried physical work,” she said—something her
South Philly beans, with toppings of avocado, tomato and customers looked forward to and relied on.
Barbacoa, Casa shredded lettuce, it hits all the marks: salty, You will, too. —Kitty Greenwald
México and the
People’s Kitchen, all Total Time 20 minutes 1. Use a meat mallet or rolling fried cutlets to a paper-towel-
in Philadelphia Serves 4 pin to pound chicken thighs to lined plate and season with
a uniform ¼-inch thickness. salt. Repeat with remaining
What She’s Known 4 boneless chicken thighs Season both sides of cutlets cutlets.
For: Authentic Mexi- Kosher salt and freshly with salt, pepper and lime 4. Heat a griddle or skillet
can cooking that’s ground black pepper juice. Let meat marinate at over medium-high heat. Set
earned a fervent fol- Juice of 1 lime least 5 minutes. halved rolls on griddle, cut-
lowing in Philadel- 11/2 cups all-purpose flour 2. Place flour, breadcrumbs side down, and toast until
phia and beyond. 2 cups breadcrumbs and eggs in separate bowls. crisp 30 seconds. Spread a
Flavorful, expertly 3 eggs, beaten Set a large skillet over me- generous smear of refried
crafted dishes that 4 cups canola oil dium heat and fill with 1/2 inch beans on bottom half of each
take no shortcuts. 4 pan telera, Portuguese oil. As oil heats, dip each cut- toasted roll and mayonnaise
rolls or other crusty rolls, let in flour, then egg, then on top half. Press lettuce, to-
slit crosswise breadcrumbs to fully coat. mato and avocado onto bot-
1 cup refried beans, warm Shake off excess crumbs. tom halves, seasoning each
2 tablespoons mayo 3. Once oil is hot, carefully lay layer with salt. Place one fried
1 cup shredded lettuce in 2 breaded cutlets. Fry at a cutlet on each bottom roll and
1 tomato, sliced into rounds steady, controlled sizzle, turn- garnish with pickled jalape-
1 avocado, sliced into ing once, until breading is ños, if using. Top with remain-
wedges golden brown on both sides ing rolls and press down.
1/
3 cup pickled jalapeños and meat just cooks through, Halve sandwiches on the di- BEAT IT Pounding chicken to a uniform 1/4-inch thickness ensures even
(optional) 2-3 minutes per side. Transfer agonal and serve immediately. cooking. Breaded and fried, the cutlet acquires a satisfying crunch.
D8 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

JENNIFER HUGHES (DINING ROOM); MATT HARRINGTON (LIVING ROOM)

THAT’S A WRAP Pierre Frey’s Yunnan
wallpaper mural cloaks a Bethesda, Md., dining
room by local designer Erica Burns.

Big, Bank-Friendly Art

Where design pros source large-scale wall hangings when budgets are wrung dry

BY REBECCA MALINSKY Wrap the Room designers. Now the Gloucester-

L
While it’s nice to dream of a virtu- shire, England, company sells its
AUREN McGrath has osic muralist gracing your room’s re-creations of European master-
spent the last decade four walls with luscious land- pieces online. A popular pastoral
fine-tuning her hunt for scapes or abstract panoramas, style about 7 feet wide, lined and
statement-making art wallpapers can do that now much weighted, costs approximately
that won’t break the more affordably. Exhibit A: the $1,900. “You get a million-dollar
bank. “Beautiful rugs and sofas are Yunnan mural from French fur- look that feels totally original,”
great, but if you don’t have anything nishings company Pierre Frey said interior designer Martyn Law- BIG PICTURE A large-scale photograph by Werner Pawlok hangs in this
on the walls, it doesn’t look com- shown above. The misty mountains rence Bullard, who has hung these Rye, N.Y., living room by Greenwich, Conn., interior design team McGrath II.
plete,” said the Greenwich, Conn., that envelop the Bethesda, Md., tapestries in a 12th-century castle
interior designer. Many clients don’t dining room by designer Erica in Italy and a home in Connecticut. photograph (above) for $1,173 un- Look to the Old World
think about art until the budget is Burns require no more adornment Greg Penn, a home restorer in framed. Her source: Lumas, a web- A vintage classroom map of Europe
tapped out. than a simple mirror over the Devon, England, hung a Zardi & site and global network of small gal- takes up most of the wall behind Ca-
Finding reasonably priced large- mantel. Murals range from $5.85 a Zardi tapestry in the cavernous leries whose aim is “the liberation of ley Weyman’s living room sofa. “It’s
scale artwork to fill those gaping square foot, from online wallpaper bedroom of his 19th-century Geor- art” via reasonable prices. always the life of the party,” said the
voids over beds and sofas is particu- purveyor Rebel Walls, to $350 for gian home. (The studio, which has When shopping the local market, Toronto collectibles dealer. “It
larly tough. But if blue-chip paint- 24 square feet from West Elm. A sponsored posts on Mr. Penn’s room-size paintings—which fewer doesn’t have a date, so people are al-
ings are beyond your reach, you 13-foot-wide Hudson River land- @manwithahammer Instagram ac- buyers can accommodate—can be a ways looking for clues as to when
aren’t doomed to hanging museum scape based on an antique etching count, sent him the tapestry gra- better deal than modestly scaled it’s from.” She sells vintage wares
posters. Here, the newest ways de- runs $595 on furnishings site One tis.) The classic bucolic hanging art, said Patrick Bradbury, owner of through her Instagram shop @ship-
sign pros are filling big blank walls Kings Lane. warms the vast space and “helps Tuxedo Park Junk Shop in Tuxedo yardvintage and says maps sell im-
when cash is tight. Ms. Burns has one warning for with the acoustics,” he said. Park, N.Y. He recently scored an 8- mediately. She favors rolling class-
mural hangers: Avoid a single state- foot square acrylic work on canvas room maps over flat maps for their
ment wall. Envelop the entire room Stay Local by American contemporary artist durable vinyl finish, weighted wood
for a modern, finished feel. Small art shops are not only less in- Allan Hacklin for $200 at auction. dowels and built-in hardware. “They
timidating than big-name, big-city He advises seeking out vintage have longevity and hang nicely.” She
Dig a Digital Tapestry galleries, they represent lesser- shops that have a lot of space to sources hers at salvage and thrift
Zardi & Zardi, founded by PJ Keel- known artists who don’t yet com- fill. Given his own gallery’s expan- shops and wouldn’t pay more than
ing, started digitally printing tap- mand top dollar. “Starting at a more sive walls, he’s more likely to stock $400 for one. Schoolroom maps,
estries on linen in the early 2000s, local level, when it comes to galler- big art than boutique galleries with which typically span 5 feet, not only
at first just as placeholders for his- ies, is the way you’re going to find a small retail footprint. Another bring a bigger statement into your
toric originals that were being re- big pieces that fill a space at an af- plus: Regional operations might let home than a dinky print but convey
A Greek classroom world atlas, with stored. Soon, however, he was tak- fordable price,” said Ms. McGrath, you take the art home so you can an equally expansive sense of nos-
wooden dowels. $143, Etsy.com ing commissions from interior who nabbed the large-scale, signed see it in situ. talgia and adventure.

Chairs to
Convert You
Think recliners are
unrefined? These four are
so stylish, you’ll happily
add one to your décor.
THE UNCOUTH behemoths that
Joey Tribbiani Jr. and Chandler
Bing defended on “Friends” have
gotten a glow-up. Arhaus produces
the Rowland Leather Motion Re-
cliner, a blocky seat whose supple
leather is sewn into stylish flanged
edges. Design Within Reach offers
the svelte Vala Swivel Recliner—a
pebble-shaped perch that would
satisfy James Bond, off the clock
and ready to tip back a martini.
Hlynur Atlason, designer of the
Vala, explained that dense yet con-
genial car-industry foams recently
available to furniture manufactur-
ers make the chic convertibles pos-
sible. “I’m all about recliners,” said
Portland, Ore., designer Max Hum-
phrey. Today they’re as handsome
as any other armchair, he said, and
“just happen to recline.”
— Kathryn O’Shea-Evans

LAY BACK POSITIONS Clockwise

from top left: Rowland Leather Mo-
tion Recliner, $3,299, Arhaus.com;
Leisure Power Recliner Chair, $1,699,
CrateAndBarrel.com; Four Hands
Chance, $1,999, Perigold.com; Vala
Swivel Recliner, $4,695, DWR.com
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 19 - 20, 2022 | D9

DESIGN & DECORATING

EMBELLISH SUBTLY
Interior designer Lisa le Duc
relied primarily on a chic, utili-
tarian aesthetic to banish the
banality of her Tiburon, Calif.,
garage, but when it came to
the corner where a door con-
nects to the main house, she
indulged in pure decoration.
Of the African Ankara fabric
that covers the bench, she
said, “It’s just that small punc-
tuation of different art, color,
vibrancy.” The fabric’s pattern
chimes with the hand-woven
tote atop the bench. Also
purely ornamental: the sham-
rock-green hands of the Swiss
luggage clock.
The adjacent kitchenette,
which sees “messy water ac-
tion” from chores like arrang-
ing flowers and washing boots,
is a windowless nook. Here Ms.
le Duc used design to maxi-
mize light, cloaking the cabi-
SETH SMOOT, STYLING BY KENDRA SMOOT

nets and walls in Farrow &

Ball’s Slipper Satin, a creamy
white, and echoing the hue in
the quartz counters and back-
splash. For the latter, she chose
glossy tiles that, together with
a chrome faucet, deliver a dol-
lop of brightness “to bounce
light around and contrast the
flatness of the green.”

READ THE ROOM RACK WITH STYLE surrounding wood from

The bike docks add another getting bashed when the
bit of unifying verticality to bikes are stowed or un-

Two-Car
the room’s design. The loaded—and nod to the util-
mounts hold the two-wheel- ity of the room. “It’s just to
ers in tracks that recede 3 reference that slightly more
inches, ensuring that the industrial, workshop-y vibe,”

Mirage
bikes’ protrusion into the Ms. le Duc said of the rein-
room nearly matches that of forced slots. “You can see
the neighboring cabinets. the welding marks [in the
This helps neaten what can metal]. You know, it’s in its
be a messy jumble of handle- raw form.” Softening the rug-
bars and wheels. ged corner: A basket-like
Industrial metal frames straw dog bed from Baba
How to convert a garage into a homey, around the docks protect the Tree Basket Company.
multipurpose living space—without
giving up your parking privileges

BY ELIZABETH QUINN BROWN same units, the same

A
hardware and the same
T FIRST finished surfaces.” The
glance, Lisa designer honored the
le Duc’s oa- room’s original purpose
sis-like ga- through low-tech refer-
rage doesn’t ences, including oil-
appear to accommodate rubbed pulls and knobs.
actual automobiles, but it “They’re black, metal,
does. “I wanted a space really nice, chunky, solid
that was an extension of hardware,” she said.
a mudroom and kitchen “I didn’t want it to be
and just nicer to be in brass and shiny and
than a garage,” said the pretty. I needed it to be
English interior designer industrial.”
of her Tiburon, Calif., Unifying lines tidy up
room. She transformed the design and minimize
the square footage into a clutter. All the top cabi-
multipurpose retreat that nets descend to the same
can easily be cleared horizontal point, an even-
when she needs to house ness that’s easy on the
cars. Her design arsenal: eyes, as is the verticality
beadboard, sage-green that recurs in the bead-
paint, a cream-colored board paneling, the
kitchenette and a decora- planks of the cabinet
tive but drivable epoxy- doors and the ceramic
coat deck. A garage tiles that are installed on-
“doesn’t have to be all end. From a very pulled-
metal shelving and a hor- back point of view, said
rible floor, a room no- Ms. le Duc, “the vision is CHOOSE PIECES THAT CAN STOW AWAY garage is open, the same color pairing salmon fleck. The beech-wood workbench
body bothered to paint,” green punctuated by To build a relaxing place that she and seen inside—that earthy verdigris and from Sweden’s Sjobergs adds another or-
she said. a cream, and that’s it.” her husband would like spending time in, the off-white of the tiny kitchen—recurs ganic layer, and though the table weighs
She likens the visual Here, more details Ms. le Duc painted the millwork in Far- outside. “That cream is like the craggy 350 pounds, it can slide across the nearly
organization of the space on how she rescued a row & Ball’s Lichen, a calming, naturalis- rock against the green brush in the smooth floor—to the left to accommodate
to that of a kitchen, which garage from a lifetime of tic green applied to the cabinet faces in landscape that I look out onto.” one car and into the kitchenette to fit two.
“generally all has the ugly utility. a diluted form that lets the grain show A durable speckled flooring reprises “I’ll do it when we’re away for the sum-
through. Ms. le Duc likes that, when the these shades and adds a complementary mer,” said Ms. le Duc of storing autos.

Rules of the Rug rug. “This allows you to be

less rigid,” she said. “You
can then get away with hav-
Experts answer the frequently asked question ing furniture half off the rug
‘What size rug do I need for my living room?’ without visually throwing
the design off balance.”
INTERIOR DESIGN experts
love to say there are no
rules in the decorating
1 Go big. The universal
bugaboo seems to be
skimpiness. “When a rug is
But if you do end up
buying a too-small rug,
layering it atop a larger jute
process, citing increasingly too small, it creates distract- or sisal version is an easy
popular anything-goes ing broken space between the fix, said Twin Cities de-
aesthetics. But ask a design rug and the furniture sur- signer Victoria Sass.
pro about living room rugs rounding it,” said New York
and suddenly they’re all
about mandates, from size
and shape to material and
designer Jackie Young. Vivian
Torres, lead designer for on-
line interior design resource
4 Choose the rug first.
“It’s far easier to build a
design scheme around a rug
furniture placement. Here, Havenly, recommends you get than it is to hunt for a rug
their guidelines. the largest size a living room that miraculously ties a
can accommodate. room together,” said Tim
Sheridan, brand ambassador

2 Leave some
framing floor.
Rugs should never
for carpet and rug purveyor
Stark. If you’re just begin-
ning a room, you might want
touch the wall. “We’d to heed this advice.
call that a carpet,” said COUCHED IN COMFORT A sofa needs at least 12 inches of rug on either side, said Brooklyn
Ms. Young. Aim for at
least 4 inches of bare
flooring from the edge
pro Athena Calderone, who designed for Beni Rugs the floor covering in her living room.

most experts fall into one of said Atlanta designer Jas- on either side, said Brooklyn
5 Lay some tape. For best
results when considering
a carpet, break out the yard-
ADRIAN GAUT (LIVING ROOM)

of the rug to the wall, two camps: 1) All of the fur- mine Crockett, and in the interior designer Athena stick. “Take the time to mea-
advises Ms. Torres. The niture needs to be on the latter, “the rug becomes the Calderone. sure and tape out the exact
ideal is 12 to 18 inches. rug or 2) just the front legs standout.” In either case, the London designer Beata size of the rug on your floor,”
of each major piece—sofa sofa should be well em- Heuman likes to use thin said Ms. Calderone. “It might
A sketch courtesy of Ballard
Designs shows how a typical living
room would sit on two sizes of rug.
3 Put furniture ON
the rug. When
placing furniture,
and accent seating—does.
In the first scenario, “the
furniture is the focal point,”
braced, with rug beneath ex-
tending one third of the
couch’s depth and 12 inches
floor coverings, often in jute
or hemp, to minimize con-
trast between the floor and
feel like an extra step, but it
will make all the difference.”
—Allison Duncan
 D10 | Saturday/Sunday, February 19 - 20, 2022 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

EV DOES IT The performance
Mach-E GT has a highway range of
260 miles and a nice bump in
torque over the standard Mach-E.

Given these deficits, it’s worth

considering what might have moti-
vated Mach-E buyers to choose the
Ford over the Tesla.
Protest vote? Elon canceling?
That might account for 10%. Mus-
tang superfans? Five percent, and
they’d have to be real simps.
Exterior design? Definitely
some. In so many ways, the Model
Y’s presentation comes across as
unemotional, rigorously post-style.
The Mach-E’s designers had no
such compunctions. The car bulges

It’s worth considering

what might have
motivated Mach-E
buyers to choose the
Ford over the Tesla.

in all the right places. It’s got a

fast back, a waspy waist and sick-
ass wheels. Our example, painted a
metallic white that sparkled like a
snow field, featured the black con-
trasting underbody kit, which
makes all the difference, visually.
They should all look like that.
FORD

Interior design? Some people—

not me—allege that Tesla’s interior
RUMBLE SEAT / DAN NEIL environment is too sterile and un-
familiar. It’s clear that the Mach-
E’s designers heard those voices.

Ford’s Mach-E GT: The

The cabin is trimmed in warm tex-
tiles, with a lot of wool-on-wool
action (the speaker covers and
door trim) and stippled aluminum

Quiet Mustang Has Arrived trim. There are conspicuous ef-

forts to avoid alienation: the con-
ventional Start button, the rotary
gear selector, the letterbox-sized
driver information display ahead
I LIVE IN A QUIET neighborhood with sporty, temperature-sensitive of the driver, where in a Tesla
next to a racetrack. At night the 2021 FORD MUSTANG MACH-E GT PERFORMANCE Pirellis. But because of the time of there is nothing.
local delinquents use the express- year, Ford sent the car wearing As for the touch screen UX,
ways to test and tune their rashly Price, as tested $71,348 four fabulous winter tires: the Mi- Tesla’s is the greatest and the
overbuilt heaters—peeling out, Powertrain All-electric, with front chelin X-Ice Snow (245/40 20s). Ford’s is fairly ordinary. But it
snatching upshifts and bawling and rear AC permanent magnet While the regular hot-rods would does have a large central volume
into the night. I was once like motors, direct-drive transmission, be skittering and squirming off the button, which people—not me—
them but then I turned 9. 91-kWh lithium battery, AWD line, the Mach-E would be getting told them was important.
I hear a lot of late-model Ford Power/torque 480 hp/634 lb-ft. down the road in the gathering Could it be the Mach-E’s artifi-
Mustangs out there. The Ford 5.0- Length/wheelbase/width/height roar of … snow tires. cial soundscapes? Like other EV
liter Coyote V8 has a distinctive 186.7/117.5/74.1/63.5 inches Built to rival Tesla’s Model Y designs, the Mach-E generates
timbre: not a dry, drumlike rap- Curb weight 4,989 pounds Performance crossover, the Mach- humming, thrumming, engine-like
ping; more like the way SWAT 0-60 mph 3.5 seconds (with E GT Performance Edition doesn’t, sounds in the cabin—partly as
teams knock on doors. My neigh- summer tires) not in the usual figures of merit: usual feedback, partly as emo-
bor once asked me when does it Cargo volume 59.6/29/4.8 cubic EPA estimated range (260 vs. 303 tional gimmick. Making yummy
end? I said about 7,000 rpm. feet (behind second row/trunk/ miles for Tesla) and performance engine sounds is a game the hy-
But I saw in the headlines last frunk) (12.7 seconds in the ¼-mile, as per-rational Tesla doesn’t play.
month a sign that maybe the birds Maximum range 260 miles tested by Car and Driver, com- In daily use, the Mach-E’s drive
can one day return to my trees. In EPA fuel economy 88/75/82 mpg-e pared to 12.1 seconds for the modes (the grammatically troubling
2021 Ford made almost as many (city/highway/combined) Model Y Performance). Whisper, Engage, Unbridled) are
Mach-E’s globally (63,683) as gas- The Mach-E’s fundamental prod- less about ratcheting up the car’s
powered Mustangs (65,590). uct-design challenge—the size and dynamic performance and more
In one respect, this develop- to-drive premium EVs in North possession would take a silent weight of the battery pack, relative about strengthening the emotional
ment is none whatsoever. The America and buyers want more. stick to them boys. It’s not simply to the Tesla’s—jumps out of the connection to the machine through
Mach-E—a large and pricey cross- More has arrived with the that AWD EVs generally have bet- numbers. These vehicles measure sound, helping buyers of their first
over wagon with four large doors, Mach-E GT Performance Edition ter acceleration; it’s that they put roughly the same on the outside. EVs to feel … something.
five comfy seats and optional all- ($71,348, as tested), a hotsy-totsy the power down consistently, But the Tesla’s more compact bat- Whisper is as quiet as it gets.
wheel drive—shares nothing with version of the dual-motor GT, with launching themselves more or less tery pack, power electronics and In Unbridled, the driver’s demand
its patrilineage except the badge a 91-kWh battery; 20-inch wheels; straight, every time. drive modules preserve 76 cubic for power is answered with a
on the nose. It’s not like a bunch magnetic dampers; a glammy body Also, it’s been below freezing at feet of cargo space behind the front dark, impetuous trilling, an elec-
of noisy, petrol-powered zebras kit; as well as nice bump in torque night. I knew those cats were all seats, compared to the Ford’s 59.6. tronic warble, growing louder
changed their stripes. (634 lb-ft, up from 600 in the GT). running summer tires, which have Meanwhile, the Ford weighs with speed.
But it is significant that Ford One night I was sorely tempted. rubbish grip in the cold. The Per- 4,989 pounds; the Tesla, 4,555 And the beauty of it is, only you
sold trainloads of functional, fun- I knew that the Mach-E GT in my formance Edition usually comes pounds. have to hear it.

Home Seltzer Makers: Same

Sparkle, Less Waste 1 2 3 4
We tested the latest bubble factories that let
you stay effervescent more eco-efficiently
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI

IF YOU WANT to sip some- 1. For Fuss-Free Bubbles

thing healthier than sugar- The SodaSense machine re-
laced soda, seltzer is decidedly sembles the DrinkMate (See
livelier than plain water. But 4, below); it uses the same
schlepping seltzer home from patented “fizz infuser,” but
the supermarket is decidedly a comes in an unusual matte-
drag. As we’ve known since gray color, which might ap-
SodaStream took off in the peal to minimalists, and has
2010s, home seltzer makers— a steel plate at the bottom
with their reusable bottles—of- to catch any drips. Soda-
fer a convenient way to reduce Sense offers an “on-demand
both your waist and your CO2 exchange” where cus-
waste, but some seltzer con- tomers mail back their empty
noisseurs remain skeptical. carbon dioxide cylinders in a
Though Alex Gomberg, provided box and automati-
vice president of delivery ser- cally receive new cylinders by
vice Brooklyn Seltzer Boys, mail. (Most rivals’ CO2 ex-
says homemade seltzer will changes require extra steps.)
never be as bubbly as what While most machines we
old-school siphon bottles tested produced similar re- home models. Instead it uses company, claims to make devices in our test do. $219, cluding juice, wine and cock-
showily spew, he offers tips: sults (good, though not quite sachets containing citric acid “the world’s most beautiful Aarke-Usa.com tails). In addition to CO2
Always use filtered water as good as seltzer from a can and sodium bicarbonate to sparkling water maker.” Its cartridges, the DrinkMate uses
and store carbonated bever- or bottle), we liked the con- create bubbles. Downsides: It latest model, the Carbonator 4. For Carbonating More a “fizz infuser” that sits atop
ages in glass, not plastic bot- venience of the SodaSense wasn’t as intuitive to use as 3, was a breeze to use and Than Just Water the bottle and uses a two-
tles. “We triple-filter our wa- system. $129, SodaSense.com our other picks, required produced carbonated water Unlike many other sparkling stage pressure-release control,
ter,” he said, but a standard electricity to run and took that very closely approxi- drink makers on the market ensuring drinks are carbon-
water filter should suffice for 2. For Cartridge-Free Results longer than other machines mated supermarket seltzers. (like most SodaStream mod- ated safely and effectively.
home bubblifiers. The Spärkel seltzer maker to carbonate the water. $120, And it did look gorgeous on els), which explicitly caution DrinkMate machines come in
We tested four devices lets you carbonate water (as Sparkel.com the kitchen counter, though you not to carbonate any bev- multiple colors, including
from newer brands to see well as other beverages) that beauty comes at a price: erages other than water, the white, black, red and arctic
which offer the most fizz and without relying on CO2 cylin- 3. For Design Enthusiasts The Aarke machines cost al- DrinkMate claims you can car- blue. $120, IDrinkProducts.com
least hassle. ders or cartridges like most Aarke, a Swedish design most double what the other bonate nearly any drink (in- —Janine Annett

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.