For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
DEMOCRATIC
SURPRISE
VOL. CCLXX NO. 119
What’s
News
World-Wide
T he Trump administration
is looking at ways to
quickly strengthen Saudi
missile defenses and disrupt
the flow of Iranian weap-
ons across the Mideast. A1
 Saudi authorities are
widening a corruption probe
and seeking cash settle-
ments from some people. A7
 Russia’s Kaspersky, which
the U.S. suspects of a cyberspy-
ing role, was seen as a poten-
tial threat as early as 2004. A2
 Senate GOP leaders face
concerns about their tax bill
from at least a half-dozen
Republican senators. A4
 The White House request
for disaster-relief funds
falls far short of what is
needed, lawmakers said. A3
 Zimbabwe’s Mugabe made
his first public appearance
since the military took
control of the country. A6
 NATO’s head apologized
to Turkey after its leader
pulled troops from a joint ex-
ercise he called offensive. A6
 Indonesia’s speaker is the
focus of a corruption probe
into missing state funds. A7
 A Venezuelan opposition
leader fled house arrest and
crossed into Colombia. A8
Business & Finance
 Emerging-market bonds
are showing signs of stress,
part of a broader world-
wide correction in junk-
bond prices this week. A1
 Fox’s overseas operations
are the main attraction for
Comcast and others inter-
ested in acquiring some of the
media company’s assets. B1
 Wells Fargo fired its
head of consumer lending
for critical comments he
made about regulators. B1
 Auto makers in China
are struggling to find buy-
ers for electric vehicles. B1
 Tesla is playing the long
game with its approach to
an all-electric semi truck. B3
 Stocks fell, dragging the
S&P 500 and Dow to weekly
losses. The blue chips slid
100.12 points to 23358.24. B11
 Bitcoin’s price surged to
a record of almost $8,000,
erasing a sharp pullback. B10
 Stitch Fix stumbled in its
Nasdaq debut closing just
over its IPO price at $15.15. B2
 Abercrombie & Fitch and
Foot Locker posted strong
sales, boosting shares. B2
 Google is expanding in
Japan to ride a wave of tech-
nology investment in Asia. B4
Inside
NOONAN A13
Alabama
Women, Say No
To Roy Moore
CONTENTS
Business News.. B2-4 Style & Fashion D2-4
Food................... D1,9-10 Travel...................... D7-8
Gear & Gadgets... D11 U.S. News............ A2-4
Heard on Street....B11 Weather................... A14
Obituaries................. A9 Wknd Investor....... B5
Opinion............... A11-13 World News....... A5-8
HOLIDAY BOOKS..... C5-18
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
A
REVIEW
* * * * * * * *
Zimbabwe’s President Mugabe Reappears as Pressure Mounts
BEN CURTIS/ASSOCIATED PRESS
VALEDICTORY? President Robert Mugabe on Friday made his first public appearance since the military put him under house arrest, presiding
at a university graduation on the outskirts of Zimbabwe’s capital, Harare. The longtime leader’s party moved for a no-confidence vote. A6
Bannon ‘War’ a Tough Sell
Former Trump official’s
campaign against GOP
incumbents may find
luring donors difficult
BY JULIE BYKOWICZ
AND GREGORY ZUCKERMAN
Steve Bannon has vowed to
lead a “season of war” on
Washington’s Republican es-
tablishment. But donors most
likely to fund a disruptive cam-
paign may be hard to win over.
Mr. Bannon, the former
White House strategist and
Breitbart News executive, is
planning to support primary
Investor Zeal Cools
For Riskiest Debt
Emerging-market bonds are
showing signs of stress, fresh
evidence that investor interest
in some of the world’s riskiest
debt may be cooling down af-
ter a long rally.
By Manju
Dalal, Saumya
Vaishampayan
and Christopher
Whittall
Companies in China, Hong
Kong and Indonesia recently
pulled planned bond sales to-
taling $800 million in dollar-
denominated debt. The com-
panies blamed weak market
sentiment, bankers and inves-
tors said. Venezuela bonds, al-
ready trading at distressed
Activate the Crowd Control Unit!
They’re Opening a Wegmans
i i
Specialty-food chain debuts draw crowds
that rival iPhone launches, Taylor Swift
BY SARAH E. NEEDLEMAN
Sports....................... A14 AND HEATHER HADDON
VINELAND, N.J.—There are
some retail events that modern
Americans don’t hesitate to wait
in line for. An iPhone launch. A
movie-star book signing.
Next on the list: The grand
> opening of a grocery store.
Theresa Marroccelli was first
in line at 4:45 a.m. on Thursday
at the debut of a Lidl store in
Vineland, N.J. “It gives me some
practice for Black Friday,” said
the 50-year-old project man-
WEEKEND
SATURDAY/SUNDAY, NOVEMBER 18 - 19, 2017
Tax Overhaul’s Path
Concerns about the Senate tax bill are coming
from at least six GOP senators, including Bob
Corker, and supporters can lose only two of
the lawmakers for the measure to pass..... A4
challengers to GOP senators
with a goal of toppling Senate
Majority Leader Mitch McCon-
nell, who he has called ineffec-
tive and insufficiently loyal to
President Donald Trump. Mr.
Bannon, who hasn’t ramped up
any fundraising yet, wants to
defeat five GOP senators up
for re-election next year.
Turning that into reality
levels, fell further this week
after two ratings firms de-
clared the government in de-
fault after missed interest
payments.
The recent weakness in
emerging markets was part of
a broader correction in junk-
bond prices around the globe
this week that has mostly af-
fected lower-rated issuers. The
selloff followed some poor U.S.
corporate earnings and a pull-
back in the stock market that
raised concerns that riskier in-
vestments are due for a more
sustained downturn.
Flows out of high-yield
bond funds jumped to $6.7 bil-
lion in the week ended Nov. 15,
according to strategists from
Please see JUNK page A2
i eled across the ocean, sat down in a regal ho-
ager, who came to the discount
grocer hoping to win a $100 gift
card. She succeeded.
“People were walking up to
me like I was some kind of ce-
lebrity,” said Ms. Marroccelli.
She used her winnings at the
store, part of the German Lidl
Stiftung & Co. chain, to buy $36
in peppers, parsley and other
produce.
Employees danced to music
played by a DJ as a line of first-
day shoppers stretched around
the corner. Jamie Doroshuk, a
Please see OPEN page A9
Historic Recipes
Rekindled
OFF DUTY
HHHH $5.00
WSJ.com
U.S. Seeks
To Bolster
Saudi
Defenses
BY DION NISSENBAUM
AND FELICIA SCHWARTZ
WASHINGTON—The Trump
administration is looking at
ways to quickly strengthen
Saudi Arabia’s missile defenses
and disrupt the flow of ad-
vanced Iranian-made weapons
across the Middle East as con-
cerns grow over a destabilizing
new crisis in the region.
U.S. officials said they have
rushed to ease regional ten-
sions after an eruption of unex-
pected developments, including
Saudi Arabia’s internal political
upheaval, the mysterious resig-
nation of Lebanon’s prime min-
ister while visiting Riyadh, and
the launch by Tehran-backed
rebels in Yemen of an Iranian-
made missile that was shot
down near the Saudi capital.
The Trump administration is
pushing for a quick resolution
to the political stalemate in
Lebanon so the U.S. and Saudi
Arabia can focus on what
Washington sees as the most
significant regional threat:
general election. Iran’s supply of sophisticated
In recent weeks, however,
two of the biggest GOP donors
weapons to its Middle East al-
lies, including Hezbollah.
who have funded disruptive “The state of uncertainty is
campaigns in the past have not serving anyone but Hezbol-
distanced themselves from lah and its allies,” said a senior
Mr. Bannon. And the Senate Trump administration official.
race in Alabama, where Mr. “The longer it goes on, the
Bannon backs Republican can- worse it is for Saudi interests
likely would require tens of didate Roy Moore, who is fac- and U.S. interests and the inter-
millions of dollars to rally vot- ing sexual assault allegations, est of our friends.”
ers and build the name recog- has energized Mr. McConnell’s To address what it sees as
nition of various candidates defenders. the biggest danger from recent
facing well-financed, sitting Sheldon Adelson, a Las Ve- developments, the Trump ad-
senators. Indeed, outside gas gambling billionaire, and ministration is exploring new
groups spent nearly $3 million his wife indicated this week plans to help deter the Iranian
in 2012 to help Richard Mour- that they won’t be part of Mr. Please see SAUDI page A7
dock defeat Republican Sen. Bannon’s election efforts.
Dick Lugar in Indiana. Mr. “They are supporting Mitch  Riyadh pursues cash
Mourdock went on to lose the Please see BANNON page A4 settlements in probe............. A7
GORDON WELTERS FOR THE WALL STREET JOURNAL
Top-ranked grandmaster Magnus Carlsen, left, faces off with amateur Max Deutsch.
An Unlikely Chess Match Tests
Limits of Self-Improvement
Novice gives himself a month to beat world champion Magnus Carlsen
BY BEN COHEN shuffled deck of cards. He sketched an eerily
accurate self-portrait. He solved a Rubik’s
HAMBURG, Germany—Max Deutsch went Cube in 17 seconds. He developed perfect mu-
through a month of training before he trav- sical pitch and landed a standing back-flip. He
studied enough Hebrew to discuss the future
tel suite at the appointed hour and waited for of technology for a half-hour.
the arrival of the world’s greatest chess Max, a self-diagnosed obsessive learner,
player. wanted his goals to be so lofty that he would
Max was not very good at chess himself. fail to reach some. At that, he failed. Max was
He’s a 24-year-old entrepre- 11-for-11.
neur who lives in San Fran- Moves 1-9: A Strong Opening He knew from the begin-
cisco and plays the sport 8 ning of his peculiar year
occasionally to amuse him- that the hardest challenge
self. He was a prototypical 7 would come in October: de-
amateur. Now he was pre- feating Magnus Carlsen in a
paring himself for a match 6 game of chess.
against chess royalty. And Magnus Carlsen is a 26-
5
he believed he could win. year-old world champion
The unlikely series of 4 from Norway who has be-
events that brought him to come a global celebrity be-
this stage began last year, 3 cause of chess. He belongs
when Max challenged him- alongside Garry Kasparov
self to a series of monthly 2 and Bobby Fischer in any
tasks that were ambitious 1 conversation about the most
bordering on absurd. He talented players ever.
memorized the order of a a b c d e f g h Please see CHESS page A10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 18 - 19, 2017 * ******* THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

New Tobacco Ads Aren’t Likely to Go Viral

For de- all smokers pick up the habit through Thursday, between 7 million millennial prime-time phlets tucked into cigarette
cades, ciga- by age 26. p.m. and 10 p.m. for 52 weeks viewers who tuned in live or packs. Reynolds American
rette makers The corrective ads, which primarily on the major net- viewed content within seven declined to say how much it
misled the will begin rolling out on Nov. works for a total of 260 spots. days of broadcast. In addi- expects to spend.
public about 26, are the result of a 1999 Simultaneously, they must tion, 1.2 million viewers ages The combined total is
the benefits of U.S. Department of Justice publish full-page print ads in 2 to 17, a group known as likely to be a fraction of what
smoking while concealing in- lawsuit that won a court ver- at least 45 newspapers on generation Z, tuned in. The they invest to sell their prod-
formation about its dangers. dict concluding tobacco com- five Sundays spread over total audience included about ucts, though the earlier legal
Now, the companies must panies had falsely denied, about four months. If a 20 million viewers. settlements have already
run court-mandated correc- distorted and minimized the newspaper doesn’t pub- funded more than $1 billion

A
tive ads acknowledging that significant adverse health lish on Sunday, the ads will more effective strat- in antismoking campaigns.
smoking and nicotine are consequences of smoking. appear on Fridays. The ads egy to reach younger In 2015, tobacco compa-
highly addictive; cigarettes The ads are unlike those will also appear on the news- people would incorpo- nies spent $8.24 billion on
are designed to create and of other prominent anti- papers’ websites. rate additional digital plat- cigarette advertising and
sustain addiction; and smok- smoking efforts that have But few of the nation’s forms, said Keith Nieder- promotion, according to the
ing causes cancer and other aired for years, paid for with 71.7 million millennials ages meier, who directs the most recent figures pub-
diseases. money from an earlier legal 18 to 34 or its 21 million undergraduate marketing lished by the Federal Trade
But the nation’s 92 million settlement with tobacco teenagers ages 13 to 17 are program at the University of Commission.
millennials and teenagers companies. likely to notice. Pennsylvania Wharton In contrast to the tradi-
may not get the message be- The new ads will be the first According to data col- School and researches mil- tional approach taken by the
cause the ads will run pri- in which the companies ac- lected by Nielsen, 31 of the lennials. corrective ads, today’s mar-
marily on network television knowledge the risks and admit newspapers that will run the “If they’re not in the places keting campaigns to sell to-
and in newspapers. to having intentionally made corrective ads (the only ones millennials are absorbing the bacco products include so-
“That’s not where young cigarettes more addictive. Nielsen had data for) are most impactful ads—online cial-media platforms such as
people’s eyeballs are,” said All of the defendants in the read by a combined six mil- video, social media, search Instagram and $1-a-pack cou-

T
Robin Koval, CEO and presi- he media buy was
dent of Truth Initiative, a originally ordered in
nonprofit organization that 2006, before social
campaigns against youth media and other digital plat-
smoking. forms took off. Appeals by
Reaching that demo- the tobacco companies de-
graphic is important, she layed the rollout for more
said, because according to than a decade, but the origi-
the Centers for Disease Con- nal terms were never up-
trol and Prevention, virtually dated.
lawsuit are now owned by Al-
tria Group Inc. or British
American Tobacco, whose U.S.
subsidiary is Reynolds Ameri-
can Inc. Spokesmen for the
companies said they are com-
plying with the court order.
As stipulated, they must air
30- or 45-second TV ads five
times a week, Monday
lion millennials, a figure that
represents average Sun-
day readership or, if there is
no Sunday edition, average
daily or weekly readership.
Data weren’t available for
younger readers.
Meanwhile, in the past
year, ABC, CBS and NBC to-
gether averaged around 1.9
and a combination of those— pons given away in mobile
they are undershooting the pleasure lounges towed by
potential impact of the cam- 18-wheelers to concerts and
paign,” he said. bars.
The Wall Street Journal The tobacco companies’
previously reported that Al- court-ordered and marketing
tria expects to spend $31 mil- messages are both clear. The
lion to put the corrective ads only question is, which mes-
on TV, in newspapers, on its sage is getting through to
own websites and in pam- young people?

JUNK Bond Blip

Investors have been demanding more compensation to own
would go through an air
pocket,” said Luke Spajic, head
of portfolio management of Russian Firm Was
Long Seen as Threat
corporate junk bonds in the U.S. and emerging markets. emerging Asia at Pacific In-
Continued from Page One vestment Management Co.
Bank of America Merrill 5.5 percentage points Investors have turned more
Lynch. That was the third Emerging markets cautious ahead of a flurry of
highest withdrawal on record, Spreads on high-yield indexes new dollar-bond deals coming
5.0 U.S.
the bank said. before the Thanksgiving holi- BY PAUL SONNE about why other agencies con-
“We’re seeing huge out- day next week. That includes tinued to use the firm’s prod-
flows from mutual funds and 4.5 Nigeria’s plans to sell up to $5 WASHINGTON—A Russian ucts.
ETFs, so it’s triggering this billion in government debt next cybersecurity firm whose prod- The Journal reported in Oc-
domino effect,” said Stephen week, which data provider Dea- ucts current and former U.S. of- tober that hackers suspected of
Ketchum, managing partner at 4.0 logic says would be the largest ficials suspect Moscow has used working for the Russian govern-
Sound Point Capital Manage- such deal ever from Africa. as a tool for spying was flagged ment targeted a National Secu-
ment. Many issuers are also pre- by U.S. military intelligence as a rity Agency contractor through
Bondholders’ recent skit- 3.5 paring to sell bonds before potential security threat as the contractor’s use of Kasper-
tishness marks a sharp turn Christmas ahead of the Fed’s early as 2004, according to new sky Lab antivirus software and
from most of this year, when next possible interest-rate in- information the Defense Depart- stole details of how the U.S.
3.0
yield-hungry investors plowed crease. They include Chinese ment provided to Congress. penetrates foreign computer
billions of dollars into emerg- J F M A M J J A S O N internet companies Alibaba In 2013, the Defense Intelli- networks. Kaspersky has long
ing-market bonds. Sources: Bank of America Merrill Lynch; Group Holding Ltd. and Baidu gence Agency, the U.S. military said it doesn’t assist the Russian
Many investors have been Federal Reserve Bank of St. Louis THE WALL STREET JOURNAL. Inc., which are planning or spy service, also issued a Penta- government with spying.
betting that global growth and considering U.S. dollar-bond gon-wide threat assessment The revelation about Kasper-
a low default rate in the devel- also been concentrated in the for the first time this year in sales, according to people fa- about products made by the sky comes amid heightened con-
oping world means that sell- debt of some telecommunica- October, according to Australia miliar with the matter. company, Kaspersky Lab, ac- cerns following the U.S. intelli-
offs should be viewed more as tions firms, which account for & New Zealand Banking Group But other issuers have cording to an email this week gence assessment that the
opportunities than warnings a large chunk of the market. Ltd. pulled back after not finding from the Pentagon to the House Russian government worked to
signals. “When there are peri- But in much of the develop- Venezuela’s missed debt enough interest. Hong Kong- Committee on Science, Space help President Donald Trump’s
ods of weakness, investors ing world, bond markets re- payments, along with political listed Concord New Energy and Technology. The contents of 2016 campaign. Russia has de-
have been very condi- main on edge. As prices have tension stretching from Leba- Group Ltd., which has a high the assessment weren’t dis- nied meddling in the election.
tioned…to buy the dip,” said fallen, yields on global high- non to Zimbabwe, rattled in- speculative-grade credit rating, closed. The company said it remains
Ashley Perrott, head of pan- yield and emerging-market vestor sentiment. this week tried to sell three- The DIA “began producing “ready to work with the U.S.
Asian fixed income at UBS As- bonds have climbed. The aver- After months of big gains, year dollar bonds at a yield of threat reporting referencing government to address any and
set Management in Singapore. age spread—or the gap be- analysts are now watching for 7.125%, but failed to attract Kaspersky Lab as a threat actor all concerns and further collabo-
And by the end of the week, tween yields on these bonds signs of a turn in sentiment as sufficient investor demand. as early as 2004,” according to rate to mitigate against cy-
there were signs that the junk and U.S. Treasurys—this week major central banks, led by the Chinese steelmaker Inner the email, reviewed by The Wall berthreats, regardless of their
market was settling down. hit a two-month high of 3.88 Federal Reserve, reverse years Mongolia Baotou Steel Union Street Journal, raising questions origin or purpose.”
High-yield bonds staged a big percentage points, after touch- of easy monetary policies that Co. also withdrew a $200 mil-
rebound on Thursday. The av- ing a multiyear low of 3.41 have encouraged many inves- lion sale of three-year unrated
erage yield in the Bloomberg percentage points in late Octo- tors to embrace riskier assets. bonds on which it wanted to Kushner Responded Abbe Lowell, Mr. Kushner’s
Barclays U.S. corporate high- ber, according to a Bank of Yet, some say as long as cen- pay 5.7%, while Indonesian lawyer, Senate Judiciary Com-
yield index dropped to 5.82% America Merrill Lynch index. tral banks taper their bond palm-oil producer Sawit Sum- Fully, Lawyer Says mittee Chairman Chuck Grass-
from 5.97% on Wednesday, its The index has gained 8.6% this purchases or raise interest bermas Sarana canceled what ley (R., Iowa) and Sen. Dianne
largest decline in nearly 14 year. rates slowly and inflation would have been its inaugural Feinstein (D., Calif.) wrote that
months. Bond prices, which China’s benchmark 10-year stays low, higher-yielding as- sale of $300 million in U.S. An attorney for Jared Kush- Mr. Kushner hadn’t turned over
move inversely to yields, were yield jumped to a three-year sets will remain attractive. dollar bonds. ner, President Donald Trump’s all the documents the panel
mostly flat on Friday. high this week. Foreign inves- Given the strong rally ear- —Julie Wernau son-in-law, said on Friday that had requested and asked that
A large part of the recent tors were also net sellers of lier this year, “it was inevita- and Sam Goldfarb certain documents requested he be more forthcoming.
high-yield bond declines have emerging-market debt in Asia ble that emerging markets contributed to this article. by a Senate committee investi- Mr. Lowell, in a Friday letter
gating the Trump campaign’s to the senators viewed by The

U.S. WATCH
ties to Russia weren’t relevant
to its initial request, disputing
the panel’s suggestion that his
client hadn’t wholly fulfilled its
ECONOMY demand for the material.
In a letter Thursday to
Housing Starts Rose
STEPHANIE ZOLLSHAN/THE BERKSHIRE EAGLE/ASSOCIATED PRESS
Wall Street Journal, contended
that Mr. Kushner’s production
of material to congressional
committees in July had “fully
responded to their requests.”
—Rebecca Ballhaus

13.7% in October
U.S. housing starts rose last CORRECTIONS  AMPLIFICATIONS
month to the highest level in a
year, a sign that builders are
getting back on track after hurri- West Face Capital Inc. won The recipe for chocolate-
canes lashed the Southeast and a 2014 bidding war for To- swirled pumpkin Bundt cake
damped residential construction ronto wireless carrier Wind with molasses glaze requires a
activity in September. Mobile Corp. Inset text accom- 10-to-12-cup Bundt pan. An Off
Housing starts increased panying a Banking & Finance Duty article on Nov. 4 about
13.7% in October from the previ- article on Thursday about vegan desserts incorrectly
ous month to a seasonally ad- West Face incorrectly said it listed a 10-to-12-quart Bundt
justed annual rate of 1.29 million, lost the bidding war. pan.
the Commerce Department said
Friday. Readers can alert The Wall Street Journal to any errors in news articles by
Residential building permits, emailing wsjcontact@wsj.com or by calling 888-410-2667.
which can signal how much con-
struction is in the pipeline, NATIONAL ADOPTION DAY: The Bleau family adds Adrian, 2, and Natalia, 1, in Pittsfield, Mass.
jumped 5.9% to an annual pace THE WALL STREET JOURNAL
of 1.297 million last month. nore symptoms of the chronic NEW YORK PUBLIC HOUSING technical services, had resigned (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
—Laura Kusisto neurological disorder that causes on Friday. Luis Ponce, a senior
movement difficulties. Two Resign Amid vice president for operations,
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
CHICAGO About 60,000 people in the Lead Paint Claims was demoted and suspended for Periodicals postage paid at New York, N.Y., and other mailing offices.
U.S. are diagnosed with Parkin- 30 days without pay, according Postmaster: Send address changes to The Wall Street Journal,
Jesse Jackson Says son’s annually, according to the Two senior officials at New to an agency spokeswoman. 200 Burnett Rd., Chicopee, MA 01020.

He Has Parkinson’s Parkinson’s Foundation. It can
start with tremors, and symp-
The Rev. Jesse Jackson dis- toms generally worsen over
closed publicly Friday that he time. The exact cause isn’t
has been seeking outpatient known, and treatments include
care for two years for Parkin- medications, surgery and physi-
son’s disease and plans to cal therapy. The disease itself
“dedicate” himself to physical isn’t fatal but people can die
therapy. from complications.
In a letter to supporters, the Mr. Jackson noted Parkinson’s
76-year-old civil-rights icon said “bested my father.” Noah Lewis
family and friends noticed a Robinson Sr. died in 1997 at age
change in him about three years 88 after suffering a heart attack.
ago and he could no longer ig- —Associated Press
York City’s public housing au-
thority have resigned and an-
other was demoted on Friday
amid reports the agency submit-
ted false claims to the federal
government showing it had con-
ducted lead paint inspections
when it hadn’t done the required
inspections in years.
New York City Housing Au-
thority officials said Brian Clarke,
the agency’s senior vice presi-
dent for operations, and Jay
Krantz, director of the agency’s
Messrs. Kranz and Ponce
couldn’t be reached for com-
ment. A woman who identified
herself as Mr. Clarke’s wife said
he wasn’t home and that she
didn’t want to comment.
A report found that the
agency had failed to conduct
lead paint inspections required
by the federal government for
four years but submitted paper-
work saying it had done the in-
spections.
—Mara Gay
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 18 - 19, 2017 | A3

U.S. NEWS

Politicians
Spar Over
PuertoRicansTrytoStartOver
Roughly 160,000 have
Disaster arrived in Florida,
many with little cash
Relief and no one to turn to
BY KRISTINA PETERSON BY ARIAN CAMPO-FLORES
AND NATALIE ANDREWS
ORLANDO, Fla.—When Félix
WASHINGTON—Lawmak- Martell took his 5-year-old
ers from both parties said the daughter, Eliany, to her first
White House’s latest request day of school in central Flor-
for emergency disaster-relief ida this week, they stopped at
funds falls far short of what is a McDonald’s bathroom to
needed to recover from this wash her because they had
year’s devastating storms, and been living in a car for days.
braced for a political fight “I wanted her to be clean,”
over how to pay for it. he said, tearing up.
In its funding request Fri- Two months after Hurri-
CASSI ALEXANDRA FOR THE WALL STREET JOURNAL

day, its third to date, the cane Maria hit Puerto Rico,
White House asked for $44 evacuees are streaming off the
billion in emergency disaster island, fleeing grim conditions
relief and suggested trimming including a widespread lack of
federal spending by $59 billion power that prompted the res-
to offset the cost of the aid, a ignation Friday of the director
step that could ignite a con- of the island’s electric utility.
gressional fight over whether Many are landing in central
disaster relief has to be paired Florida—straining schools, in-
with budget cuts elsewhere. tensifying demand for medical
Budget Director Mick Mul- care and pinching an already-
vaney said in a letter to con- tight housing market.
gressional leaders that the About 160,000 people have
White House would be re- arrived in Florida from Puerto Storm refugees Félix Martell and his daughter, Eliany, initially slept in a borrowed car, but now they are staying at a hotel in Ocala, Fla.
questing additional funds later Rico since early October, ac-
to help Puerto Rico and the cording to state data, many scrounged together enough hurricane. Both suffer from
U.S. Virgin Islands recover coming to the Orlando metro money to buy airline tickets to asthma, and without electric-
from Hurricane Maria, but area. Some arrivals have Orlando, where he had lived a ity to run a nebulizer at home,
Number of Puerto Ricans who have come to Florida since Oct. 3
that more time was needed to enough resources to make the few years recently working as they had to travel every day to
assess the damage there. transition smoothly. Many are a cook at Applebee’s. a hospital to use one. At night,
Congress has already ap- landing with little cash and no Upon arrival last week, he the heat bathed the 2-year-old
proved almost $52 billion in friends or relatives to turn to. learned that he and Eliany and 6-month-old in sweat and
disaster relief. Mr. Mulvaney More than 26,000 arrivals would have to wait about a mosquito bites left their skin
said in his letter that the ad- have sought services at three week for a temporary housing riddled with pock marks. Find-
ministration believes it is disaster-relief centers set up application to be processed by ing ice to cool their milk was a
“prudent to offset new spend- after the storm. FEMA. With no other options daily ordeal.
ing,” and that it wants to work “What we’re facing here is for housing, he bought bus “I saw them suffering,” said
with lawmakers to find the something that’s unprece- tickets to find an acquaintance Mr. Díaz, who is studying ac-
best way to do that. dented,” said John Horan, 80 miles north in Ocala. counting. “I reached a point
The two biggest chunks of chairman of the Seminole But when he and his daugh- where I couldn’t take it any-
the disaster-relief request sent board of county commissioners. ter arrived at his friend’s more.”
to Congress Friday are $25 bil- Florida Gov. Rick Scott has house, there was no room. She The 27-year-old security
lion for the Federal Emergency assigned state agency staff to already had taken in two other guard came to Orlando, ahead
Management Agency’s disas- the disaster-relief centers to Puerto Rican families. of his wife and two children to
ter-relief fund and $12 billion help arrivals apply for benefits All she could offer Mr. Mar- make arrangements. He, too,
for flood mitigation projects. and has suspended occupa- tell and his daughter was a went to the relief center and
Even before the White tional licensing fees to help Nissan sedan, which became garten. He also contacted his the hotel room, she exclaimed, applied with FEMA for assis-
House had officially sent its Puerto Ricans work in the their temporary home at a rest former employers in the area, “Wow, there’s television!”—a tance and has lined up a tem-
request, senior Republicans state. The Federal Emergency area along Interstate 75. Mr. and was told he could start as treat after nearly two months porary hotel room through
from Texas were criticizing it Management Agency is work- Martell created a makeshift soon as he got settled. without power. Heart of Florida United Way
as insufficient. In a hearing ing to temporarily place new- bed in the back seat for his After dropping his daughter Mr. Martell said he is confi- for when his family arrives.
Thursday evening, Senate Ma- comers with the greatest daughter, covering the win- off at school Monday, he found dent he will find steady work He is also helping his
jority Whip John Cornyn (R., needs in hotel rooms. dows with a shirt. He bathed assistance at a family resource and get settled as soon as he mother, María Báez, 52, who
Texas) called the request Here are two families’ sto- her with towels and soap in a center set up for evacuees at a can figure out a housing solu- evacuated with her 5-year-old
“wholly inadequate.” Texas ries: family restroom and fed her facility run by Latino Leader- tion. But he worries about his special-needs grandson whom
Gov. Greg Abbott has re- bread, milk and snacks he ship Inc., a nonprofit in Or- daughter, who lost her mother she is raising. She has no
quested $61 billion in assis- bought with food stamps. lando. Workers were so moved to cancer a year-and-a-half friends or relatives in Orlando.
tance, which Mr. Cornyn sup- ‘I don’t want this to “I tried to explain to her, by his story they secured a ho- ago. “I don’t want this to taint Mr. Díaz and his wife are
ports, an aide said. ‘My love, we’re going to be tel room in Ocala, where he her future.” determined to get a fresh start
Democrats said the request
taint her future’ better here,’ ” Mr. Martell said. took his daughter that night. in Florida and have no plans
didn’t come close to what After nearly two months “Don’t worry, Daddy,” he re- It is only temporary, but he to return to Puerto Rico. This
would be needed, particularly with no electricity or running calls her saying. “We’re not al- hopes a FEMA-provided room ‘I saw them suffering’ week, he started a job cleaning
for Puerto Rico, which is water, and a closed elementary ways going to be in a car.” will come through. Isaac Díaz and his wife carpets, and he has enrolled in
struggling to restore power school, Mr. Martell decided to The following day, Mr. Mar- Eliany fell in love with her grew increasingly concerned English classes and plans to
and rebuild. Puerto Rico is leave the island, worried about tell enrolled his daughter in a new school, with its colorful about conditions for their two continue studying accounting.
asking Congress for $94.4 bil- the condition his daughter was school in Ocala, where she classrooms and big cafeteria, children at their home in San “You have to think about
lion to rebuild. living in. Mr. Martell, 43, could start classes in kinder- he said. When he took her to Juan in the weeks after the the future,” Mr. Díaz says.

Ethics Probes Put Committee in Spotlight Trump Adds

High-Court
BY NATALIE ANDREWS did. There is no merit to further scrutiny to the six-person

Senate Majority Leader

Mitch McConnell’s call for eth-
pursuing this matter.”
In addition, Mr. McConnell
has called for the ethics com-
ics investigations into two mittee to investigate U.S. Sen-
Democratic senators and a Re- ate candidate Roy Moore, an
publican candidate is putting a Alabama Republican, should
spotlight on a Senate commit- he be elected in December. An-
tee that largely operates in se- other senator, Cory Gardner of
JULIO CORTEZ/ASSOCIATED PRESS
panel that does most of its
work behind closed doors. The
committee generally under-
Candidates
takes its initial investigations BY LOUISE RADNOFSKY
without public disclosure to re-
spect the privacy of those fac- WASHINGTON—President
ing allegations. At times, it has Donald Trump said he was
given updates on high-profile putting five more individuals

cret and doesn’t disclose the Colorado, who leads the GOP’s cases, sometimes to announce on his list of candidates to fill
results of many of its investi- Senate campaign arm, said that a case has been dismissed. any future Supreme Court va-
gations. that Mr. Moore should be ex- In the committee’s state- cancy, adding figures Friday to
On Thursday, a woman ac- pelled if he wins election, an ment that it was resuming the a roster that has been cheered
cused Sen. Al Franken (D., outcome that the ethics com- Menendez inquiry, it said “no by his social-conservative sup-
Minn.) of sexual misconduct in mittee can recommend. other public statement will be porters.
a 2006 incident, and a federal Several women have ac- made on this matter except in Mr. Trump said during the
judge declared a mistrial in the cused Mr. Moore of making accordance with committee campaign that he would nomi-
corruption trial of Sen. Bob Me- Sen. Bob Menendez, left, outside of court in New Jersey Thursday. sexual advances on them when rules.” nate Supreme Court justices
nendez (D., N.J.). Those events they were teenage girls and he Should the panel find wrong- only from a list prepared by
prompted Mr. McConnell (R., took up the matter. Mr. Menendez’s trial turned was in his 30s. doing, it can issue a private or the Heritage Foundation, a
Ky.) to issue statements calling Prosecutors haven’t said on accusations of a yearslong Messrs. Moore and Menen- public reprimand. It can also conservative think tank, and
for the Select Committee on whether they plan to retry Mr. bribery scheme that prosecu- dez have denied the accusa- recommend censure, which re- Leonard Leo of the Federalist
Ethics to take up the two cases. Menendez. A spokeswoman for tors said involved nearly $1 mil- tions against them. Mr. Fran- quires a majority vote. The Society. The additions to the
The committee said later the panel’s chairman didn’t re- lion in campaign contributions ken said he didn’t recall the panel can also recommend ex- list, which bring it to 25
that day it would resume its spond to a question about why and lavish gifts. He said in a 2006 event in the same way as pulsion, which requires approval names, come as a convention
2012 inquiry into Mr. Menen- the panel was taking up the statement: “The ethics commit- his accuser but offered his by two-thirds of the Senate. of the Federalist Society, a con-
dez that it deferred in 2013 case before prosecutors decide tee will come to no different “sincerest apologies.” —Kristina Peterson servative legal organization, is
when the Justice Department whether to retry the senator. conclusion than this jury Taking on the cases brings contributed to this article. under way in Washington.
Two of the newcomers,
Amy Coney Barrett and Kevin

Next HHS Chief to Inherit Agency That Faces Criticism Newsom, were recently con-
firmed as judges in the Chi-
cago-based Seventh Circuit
and Atlanta-based 11th Circuit,
BY STEPHANIE ARMOUR President Donald Trump ums next year. The deadline board that are continuing to has focused on the Centers for respectively.
AND LOUISE RADNOFSKY has nominated Alex Azar, a the state wanted to meet for move forward and make a real Medicare and Medicaid Ser- Another new name, Brett
former deputy secretary at the waiver was August, and difference,” said HHS spokes- vices, the arm charged with Kavanaugh, is a judge long
The next head of the De- HHS, to succeed Dr. Price. Mr. state officials said they were woman Charmaine Yoest. implementing the ACA. Some known for siding with conser-
partment of Health and Hu- Azar will have his first nomi- told in June it would be ap- HHS officials cited the dis- employees said CMS Adminis- vative arguments on the U.S.
man Services will be handed nation hearing within weeks. proved in time. By late Sep- tribution of almost $900 mil- trator Seema Verma is fre- Court of Appeals for the Dis-
an agency facing criticism While Mr. Azar is making tember, the approval still lion in funding for the opioid quently inaccessible to them. trict of Columbia Circuit.
from state officials and inter- his way through the nomina- hadn’t come, and Mr. Dayton crisis, the release of rules par- The CMS employees also said Britt Grant, a 2017-ap-
nal strife. tion process, HHS is facing said he initially couldn’t reach ing back contraceptive-cover- they are excluded from meet- pointed justice of the Supreme
HHS, which employs about criticism from some state offi- HHS leaders on the phone. age requirements, and the ings where they could provide Court of Georgia, and Patrick
80,000 people, oversees Med- cials and its own current and “I’ve never seen anything smooth running of the ACA input into key decisions. “It’s Wyrick, a 2017-appointed jus-
icaid, Medicare, the Affordable former employees for prob- like it in my six years dealing open enrollment season. really become dysfunctional,” tice of the Supreme Court of
Care Act and such agencies as lems that range from being with a Republican administra- Running the HHS is notori- one CMS worker said. Oklahoma, were also among
the Centers for Disease Con- unresponsive on important de- tion and my 6½ years now ously challenging, as the CMS officials disputed that the additions released by the
trol and Prevention. It has cisions to neglecting staff ad- dealing with a Democratic ad- agency is often tasked with account, saying Ms. Verma White House on Friday.
been caught up in the fallout vice, while several key posi- ministration,” Mr. Dayton said handling crises, as well as im- emphasizes collaboration. Ms. The White House didn’t
from Republicans’ failure to tions remain unfilled. at the time. plementing complex programs. Verma declined to respond to suggest a Supreme Court va-
repeal the health law and a Minnesota’s Democratic White House and HHS offi- HHS’s struggles in the Obama a request for comment. cancy is imminent, and there
scandal over government- Gov. Mark Dayton has said his cials disputed the character- administration rolling out the A senior White House offi- are no public signs any justice
funded travel that led to the state had trouble getting HHS izations, saying the depart- ACA were well documented. cial said tension between ca- is preparing to step down.
resignation of Secretary Tom approval for a waiver needed ment is running well. “There’s Under the Trump adminis- reer and political staff is to be —Jess Bravin
Price in September. to cut health insurance premi- all kinds of issues across the tration, some of the criticism expected at any large agency. contributed to this article.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A4 | Saturday/Sunday, November 18 - 19, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

GOP Makes Quick Progress on Tax Plan

BY RICHARD RUBIN ter 2025, and make a corporate
tax rate cut permanent. Some
WASHINGTON—Republi- of those decisions were driven
cans are powering tax overhaul by the budgetary procedures
plans through Congress with Republicans are using. As a re-
remarkable speed, having de- sult, in the Senate bill, there
parted town for a Thanksgiv- would be tax increases for all
ing recess after important vic- income groups below $75,000
tories in the Senate and House. in 2027, though Republicans
In late October, they had no say future Congresses would
public bill text for their rewrite prevent that from happening.
of business and individual To Democrats and their al-
taxes and were mired in messy lies, the tax bill’s speed is a
debates about limiting tax ben- maddening mess that is likely
efits for 401(k) plans. Now they to lead to errors and unin-
have a House vote with a com- tended loopholes.
fortable margin, a Senate plan But they also see the GOP
that moved through committee policies fitting more perfectly in
and fresh momentum to finish their TV ads and sound bites
before Christmas. than they had ever imagined.
Republicans’ pedal-to-the- “I never would have
metal pace is driven in part by thought that they would do
political necessity. They are something so brazen and po-

CHRIS KLEPONIS/ZUMA PRESS

looking for an economic policy litically explosive as raising
victory after having failed to taxes on all individuals and
overturn the Affordable Care undermining the health-care
Act as previously promised. system to pay for corporate
Primary election campaigns tax cuts,” said Seth Hanlon, a
will crank up soon after the senior fellow at the Center for
new year starts and midterm American Progress, a Demo-
elections aren’t far off. With House Majority Leader Kevin McCarthy spoke as Republicans celebrated passing their tax overhaul bill Thursday in Washington. cratic-aligned policy group.
this week’s legislative wins Lawmakers left Washington
they stand a chance to finish a votes locked down yet. But their ideal proposals in favor of instead of full repeal. selves to removing tax breaks and won’t be back until Nov.
tax rewrite before a new sena- close watchers of the legisla- what is doable. The Senate Republicans have benefited and there are trillions of dol- 27. Expect a sprint to the fin-
tor is seated from Alabama to tion caution against underesti- plan, in particular, pushed aside from their decision to move lars of tax increases embedded ish that will last for roughly
succeed Luther Strange, who mating Republicans’ motivation several planks of the framework along the spectrum from “tax in the bills. Some of those four weeks.
took the seat vacated by Attor- to finish the tax bill very soon. that party leaders wrote in late reform” toward “tax cuts” and higher taxes are canceled out “This could all still crumble
ney General Jeff Sessions. “There’s a chance that it September. Unlike the frame- create a net tax reduction of by the tax cuts, but the pro- and come to nothing. But even
There are still roadblocks, happens even more quickly work, the Senate plan has seven nearly $1.5 trillion. That posal still creates multitudes the most hardened tax reform
especially in the Senate, where than people think,” said Rohit individual tax brackets instead means that most households of winners and losers. skeptic at this point has to ac-
concerns about business taxes, Kumar, a former Senate GOP of four, a 32% top rate on busi- would get tax cuts, at least in The Senate proposal would knowledge that this could hap-
health care and deficits could aide now at PwC LLP. nesses that don’t pay the cor- the early years of the plan. repeal the individual mandate pen,” said John Gimigliano of
slow them down or even derail To get this far, Republicans porate tax instead of 25%, and a Even with that leeway, Re- to have health insurance, set KPMG LLP. “They really want
the effort. They don’t have 50 have been flexible, setting aside doubled estate tax exemption publicans committed them- individual tax cuts to expire af- to pass something.”
JACQUELYN MARTIN/ASSOCIATED PRESS

ANDREW HARRER/BLOOMBERG NEWS

ANDREW HARNIK/ASSOCIATED PRESS

SUSAN WALSH/ASSOCIATED PRESS

TOM WILLIAMS/ZUMA PRESS

YURI GRIPAS/REUTERS

Sen. Jeff Flake (R., Ariz.) Sen. Bob Corker (R., Tenn.) Sen. Ron Johnson (R., Wis.) Sen. Lisa Murkowski (R., Alaska) Sen. Susan Collins (R., Maine) Sen. John McCain (R., Ariz.)

Six Senators to Watch as GOP Pursues Tax Overhaul

BY SIOBHAN HUGHES scale back tax cuts else- when he negotiated the deal partnerships, sole propri- Affordable Care Act—recent this month to expand access
AND KRISTINA PETERSON where. that limited the size of tax etorships, limited liability evidence that they are will- to Medicaid under the health
Here’s a look at GOP sena- cuts to a net $1.5 trillion, be- companies and others that ing to buck GOP legislative law.
Senate GOP leaders have tors to watch as leaders con- fore accounting for economic pay taxes through their own- leaders and President Donald
moved their tax bill through sider adjusting the bill be- growth. By contrast, some ers’ returns instead of at the Trump. Sen. John McCain
the committee process and fore an expected vote during Republicans had wanted tax corporate rate. The top rate Some of Ms. Murkowski’s Concern: Defense Funding
now face a new challenge: the week after Thanksgiving. cuts that would add as much for pass-throughs would re- concerns involve the tax Sen. John McCain of Ari-
Concerns about the bill are as $2.5 trillion in deficits main over 30%. bill’s effect on the health law. zona has said that he views
coming from at least a half- Sens. Bob Corker over 10 years. Some of those pass- The bill would repeal the the tax bill favorably so far
dozen Republican senators, and Jeff Flake through businesses are small health law’s individual man- and that the process that
and supporters can lose only Concern: Federal Debt Sen. Ron Johnson manufacturers. Mr. Johnson date—the requirement that went into shaping it has
two of them for the legisla- Sens. Bob Corker and Jeff Concern: Pass-Through ran a plastics manufacturing most individuals carry health been more transparent than
tion to pass. Flake have chosen not to run Businesses business before joining the insurance—a change that the GOP health-care bill he
Addressing the concerns for re-election next year. Sen. Ron Johnson of Wis- Senate. Congress’s nonpartisan bud- opposed this summer.
of some could alienate oth- That has freed them to break consin became the first Re- get analysts said would cause At the same time, Mr. Mc-
ers. Because Republicans from party leaders and take publican this week to say he Sens. Lisa Murkowski average premiums to rise. Cain is pushing to make sure
chose to limit their tax cuts positions that otherwise wouldn’t vote for the tax bill and Susan Collins Ms. Collins, of Maine, has the military gets at least
to a net $1.5 trillion over 10 could cost them influence in approved by the Senate Fi- Concern: Health Provi- also expressed concerns over $700 billion for the rest of
years, changes meant to a future Senate or endanger nance Committee because, he sions repealing the individual man- fiscal year 2018.
please senators who want them in GOP primary elec- said, it treated “pass- Sens. Lisa Murkowski and date and said Congress Mr. McCain hasn’t drawn a
deeper tax cuts for certain tions. through” entities unfairly. Susan Collins were among should pass a bipartisan bill direct connection between
businesses, for example, or Both said they are worried The Senate bill would cut the three Republicans who to extend payments to insur- the two issues, but GOP aides
rework health-care provi- that the tax bill will drive up the corporate tax rate to 20% voted this summer against ers. It is clear that health worry that a standoff over
sions would require lawmak- deficits. Mr. Corker showed from 35%, but that wouldn’t the final version of the Sen- care is a big issue in Maine, military spending could im-
ers to find new revenue or the depth of his sentiment benefit pass-throughs—the ate GOP bill to dismantle the as residents voted earlier peril his support for the bill.

BANNON said.
Mr. Bannon could try to fi-
nance his 2018 plans with the
Gillibrand
Continued from Page One
kind of fundraising that pow-
ered Mr. Trump’s campaign:
Weighs In on
McConnell 100%. For anyone
to infer anything otherwise is
wrong,” Mr. Adelson’s spokes-
small donors. He recently be-
came involved with a political
group that amassed a large
Bill Clinton
man, Andy Abboud, said. email list of Trump supporters BY JANET HOOK
The statement came a day during the 2016 campaign.
after Mr. Bannon praised Mr. Andrew Surabian, a former A prominent Democrat who
Adelson during a Zionist Or- aide to Mr. Bannon at the is a potential 2020 White
ganization of America dinner White House, now serves as a House hopeful has said she
in New York, saying Mr. strategist to the Great Amer- thinks that Bill Clinton should
Trump’s victory “wouldn’t have ica Alliance. During the 2016 have resigned as president be-
MARY SCHWALM/ASSOCIATED PRESS

come” without the casino mag- election, the super PAC por- cause of his 1990s sexual rela-
nate’s help. Mr. Adelson, who is tion of the group raised more tionship with an intern.
a major donor to the organiza- than $28 million that it used In an interview with the
tion, didn’t attend the dinner. to back Mr. Trump, FEC re- New York Times on Thursday,
In addition, it is unclear cords show. Sen. Kirsten Gillibrand of New
how committed billionaire Led by GOP strategist Eric York was asked if Mr. Clinton
Robert Mercer remains to Mr. Beach and Ronald Reagan cam- should have stepped down af-
Bannon, whom Mr. Mercer has paign manager Ed Rollins, the ter the scandal, which broke
long supported by helping to group relied on a mix of larger open in early 1998. After a
fund Breitbart News and other Steve Bannon, former chief strategist to President Donald Trump, in Manchester, N.H., on Nov. 9. donor checks and small contri- long pause she said, “Yes I
political and media projects. butions generated through a think that is the appropriate
Mr. Mercer recently said he he wrote. “However, I make and chief executive of Canary ate, said that the Bannon-led telemarketing campaign. response.”
would step down as co-chief my own decisions with respect LLC, a Colorado drilling ser- GOP insurgency doesn’t inter- Mr. Beach said the “Great Ms. Gillibrand succeeded
executive of hedge fund Re- to whom I support politically.” vices company, said he is con- est him. He said he had spoken America Alliance and Steve Hillary Clinton as senator
naissance Technologies. Mr. Mercer’s spokesman de- sidering financially support- with Mr. Bannon in October. “I Bannon are tracking in the when she left to become secre-
Asked if Mr. Mercer would clined to comment. ing Mr. Bannon’s efforts. He will focus my funds on replac- same direction.” tary of state. Ms. Gillibrand
reduce or increase his support Mr. Adelson’s family has in- cited “a giant amount of frus- ing Democrats, not Republi- In the first half of 2017, the has been an ally of the Clin-
now that he has stepped back vested more than $200 million tration among conservatives” cans,” Mr. Friess said. group’s super PAC raised tons and has been a leader in
from his firm, Mr. Bannon said in Republican candidates and with the lack of progress in Early last month, Mr. Ban- about $1.8 million, according the effort to combat sexual ha-
in a brief interview on Sunday causes since 2012, and Mr. Mer- Congress. non met with about 20 Silicon to FEC records. rassment in the military.
that he would get more sup- cer’s has given more than $37 Others who have spoken Valley executives and spoke Part of the group is a non- The comment drew immedi-
port from Mr. Mercer. million, according to Federal with Mr. Bannon about his for over an hour about U.S. profit organization that ate fire from Philippe Reines, a
In his resignation letter Election Commission filings. 2018 plans, including retired economic policy, Iran and the doesn’t have to disclose do- top aide to Mrs. Clinton, who
from Renaissance, Mr. Mercer Mr. Bannon has met with do- Home Depot Inc. co-founder need to support politicians nors, and Mr. Beach declined was first lady at the time of
said he is selling his stake in nors across the country in re- Bernard Marcus, haven’t made willing to alter policy toward to identify those contributors the affair.
Breitbart News to his daugh- cent months and they have re- commitments for 2018 activi- China and protect intellectual or say whether any of them “Over 20 yrs you took the
ters and emphasized his inde- sponded enthusiastically, a ties, according to people fa- rights, according to a person are new to the Bannon-led Clintons’ endorsements,
pendence from Mr. Bannon. person close to Mr. Bannon said. miliar with the conversations. familiar with the meeting. cause. He said no donors had money, and seat. Hypocrite,”
“I have great respect for Mr. He is considering starting his Foster Friess, a Wyoming Some in the room expressed stepped away from the group he wrote on Twitter. “Interest-
Bannon, and from time to time own political or nonprofit group. multimillionaire who is con- willingness to finance Mr. because of Mr. Bannon’s moves ing strategy for 2020 prima-
I do discuss politics with him,” Dan Eberhart, a GOP donor sidering running for the Sen- Bannon’s effort, the person against GOP incumbents. ries. Best of luck.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
German
Talks Fail
To Bridge
Divisions
BY ANDREA THOMAS
BERLIN—Angela Merkel’s
path to a fourth term as Ger-
man chancellor hit a hurdle
Friday when negotiations to
form the country’s first three-
party coalition reached a self-
imposed deadline without an
agreement on key policy areas.
Ms. Merkel had set a Thurs-
day deadline for the talks to
produce a framework docu-
ment outlining the govern-
ment’s top priorities. But the
delegates left their meeting in
the early hours on Friday
without a deal. After four
weeks of talks, Ms. Merkel’s
conservative camp, the pro-
business FDP and the Greens
have yet to bridge deep differ-
ences on issues ranging from
migration to tax, climate
change and security.
“The task to build a govern-
ment for Germany is an im-
portant task and the effort is
worth it,” Ms. Merkel said Fri-
day.
While some delegates ex-
pressed optimism an agree-
ment could be reached over
the weekend, the lack of prog-
ress has raised the specter of
political deadlock, which could
lead to fresh elections early
next year.
“It was clear right from the
beginning that it would be ex-
tremely difficult,” said Oskar
Niedermayer, professor of po-
litical science at Berlin’s Free
University. “If they fail to
strike a deal by [Saturday],
they should end this disgrace-
ful attempt.”
Europe’s largest economy
has been without a sworn-in
government since a Sept. 24
election delivered a disap-
pointing victory for Ms.
Merkel that left the chancellor
without an outright center-
right majority.
* * * *
France Bets Big on Jobless Benefits
Welfare expansion is
needed for gig
economy, Macron says;
unions are skeptical
BY WILLIAM HOROBIN
PARIS—Should freelancers
and workers who quit their
jobs receive unemployment
checks? President Emmanuel
Macron of France thinks so.
The former investment
banker is negotiating with la-
bor unions and businesses to
smooth the way for his plan to
extend unemployment pay-
ments—until now mainly re-
served for fired or laid-off
workers—to people who volun-
tarily leave jobs. That includes
people shaking up their careers
to start their own businesses or
take up on-demand work like
driving for Uber.
Such a change would be a
groundbreaking innovation for
an economy as big as France’s,
and a considerable gamble for
Mr. Macron, who swept into
leadership this year under the
banner of more traditional
changes to labor policies.
The president says he wants
France to be at the vanguard of
countries experimenting with
ways to manage the global shift
from traditional salaried em-
ployment to a more fluid job
market defined by startups and
the gig economy. His plan—
coupled with an overhaul of
state-financed training—aims
to backstop workers so they
can take the kinds of profes-
sional risks that Mr. Macron
sees as fueling economic
growth.
“Society is changing. I’m not
proposing to protect you
against society or this change;
I am proposing to arm you to
find a place in this society,” Mr.
Macron said last month.
His proposal is a step to-
ward the “flexicurity” systems
of smaller European economies
such as Denmark. There, em-
ployers have flexibility to hire
and fire yet workers enjoy
WORLD NEWS
Activists from the labor federations CGT and FO marched in Lyon on Thursday as part of a
nationwide protest against the French government's economic and social overhauls.
greater security, with quick ac-
cess to unemployment welfare
even if they resign or are self-
employed.
But while it is easier to qual-
ify for welfare in countries
such as Denmark and Austria,
those countries have stricter
approaches than France does to
compelling job seekers to get
back to work, according to the
Organization for Economic Co-
operation and Development.
“The threat of sanction is
very credible and they really
follow job-search efforts be-
cause they are being so gener-
ous,” OECD labor economist
Stéphane Carcillo said.
France applies far less over-
sight once somebody qualifies
for unemployment checks.
Claimants spend an average of
10 months on the dole and re-
ceive around 72% of their pre-
vious salary or wage. Monthly
checks can be as high as €6,500
($7,675) after taxes. The U.S.
committed about 0.4% of its
gross domestic product to pub-
lic unemployment spending in
2013, the latest year for which
the OECD has data; France
Saturday/Sunday, November 18 - 19, 2017 | A5
Some economists say it is
difficult to predict how
France’s 2.8 million self-em-
ployed individuals will react to
gaining access to unemploy-
ment insurance. They say the
overhaul could end up indi-
rectly subsidizing the gig econ-
omy at the expense of tradi-
tional employers and
employees.
If the overhaul meets its
goal of increasing mobility in
the labor market, other critics
are concerned companies
would struggle to retain talent.
“Nobody can say what the
impact will be. We are entering
NICOLAS LIPONNE/ZUMA PRESS
a zone of great uncertainty,”
said François Hommeril, presi-
dent of white-collar labor union
CFE-CGC.
A national poll in October by
research firm Elabe showed
87% favor unemployment
checks for the self-employed,
and 74% say people quitting
their jobs should get them.
Standing in Mr. Macron’s
way is a coalition of business
Big Spender leaders and labor unions, which
France is already among Europe's most generous providers jointly manage the unemploy-
of out-of-work income maintenance and support. ment insurance system. While
the state guarantees part of the
Public spending on unemployment system’s debts and sets finan-
support as a percentage of GDP cial targets, unions and busi-
ness federations determine the
France 1.98%
rules and the size of checks.
Finland 1.96% An overhaul would change
Spain 1.91% that. As the system transforms,
Netherlands 1.82% Paris is set to wrest more con-
Belgium 1.72% trol from unions. Mr. Macron’s
government has moved to
Austria 1.50%
slash payroll levies that di-
Denmark 1.30% rectly finance the program. It
Italy 1.30% says it will pay for the program
Portugal 1.01% with revenues from general
Germany 0.88% taxation.
Note: 2015 data That approach is riling
Sweden 0.55%
Source: European Commission unions. “There is a strong risk
Poland 0.28% THE WALL STREET JOURNAL. of a…centralizing and very
technocratic shift in power,”
spent just over 1.6%. toughen monitoring of job said Laurent Berger, leader of
That largess makes France a seekers and put a limit on how the CFDT, France’s largest pri-
high-stakes testing ground for often somebody could resign vate-sector union.
welfare expansion. Unemploy- and claim unemployment All sides will meet at the end
ment rose to 9.7% in the third checks. Opponents say Mr. Ma- of the month, when the gov-
quarter and the state-backed cron’s plans could still encour- ernment is expected to detail
insurance program is saddled age the work-shy to freeload on its plan. Ultimately, it would
with more than €30 billion in benefits, driving unemploy- have to pass a vote in the Na-
debt and 2.5 million claimants. ment higher and blasting a hole tional Assembly, where Mr. Ma-
Mr. Macron says he would in public finances. cron has a large majority.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS

NATO Apologizes
To Irate Turkey
The head of NATO apolo- Mr. Stoltenberg said. “The inci-
gized to Turkey on Friday af- dents were the result of an in-
ter its president, Recep Tayyip dividual’s actions and do not
Erdogan, pulled his troops reflect the views of NATO.”
from a joint exercise he said While NATO officials de-
had offended him and the na- clined to detail the perceived
tion’s founder, Mustafa Kemal offenses, a Turkish official
Atatürk. said there were two of them.
In the first, considered
By Julian E. Barnes more minor, a technician cre-
in Brussels and David ated an internal website for
Gauthier-Villars the war game portraying the
in Istanbul fictitious enemy and including
a picture of Atatürk.
The quick apology from The more serious incident,
BEN CURTIS/ASSOCIATED PRESS

Jens Stoltenberg, the secre-
tary-general of the North At-
lantic Treaty Organization,
highlighted the delicate rela-
tions between the alliance and
Turkey, which boasts one of
the alliance’s largest militaries.
Tensions between Turkey
Pollcewomen standing outside a tent as President Robert Mugabe presides over a university graduation ceremony in Harare on Friday. and other NATO members have
the official said, was the fault
of a civilian affiliated with the
Norwegian armed forces. As
part of a media simulation
that was part of the exer-
cise, NATO created a simu-
lated version of Twitter. On
the ersatz social-media site,
the civilian created a fake ac-

Supporters Forsake Mugabe

BY GABRIELE STEINHAUSER
AND JOE PARKINSON
HARARE, Zimbabwe—Presi-
dent Robert Mugabe on Friday
made his first public appear-
ance since the military took
control of Zimbabwe, height-
ening the drama over the
longtime leader’s fate as his
remaining political support
appeared to melt away.
While a stony-faced Mr.
Mugabe appeared at a univer-
sity graduation ceremony,
war veterans, which has called
on Mr. Mugabe to resign, also
said they would rally on Sat-
urday, along with civil society
and opposition groups.
The top generals, who have
secured key government and
civic infrastructure in over-
night operations that began
on Tuesday, immediately
The party the elderly
president co-founded
ful message,” said Knox
Chitiyo, an analyst at Chat-
ham House, a London-based
think tank.
U.S. Secretary of State Rex
Tillerson called on Friday for
the rapid restoration of civil-
ian rule in Zimbabwe. “We all
should work together for a
quick return to civilian rule in
that country in accordance
with their constitution,” Mr.
Tillerson said at the start of a
meeting of African foreign
ministers at the State Depart-
nearly two days at his private
palace before being taken for
the talks to the military-occu-
pied State House, his official
residence and office.
Dressed in a blue-and-yel-
low robe and mortarboard,
Mr. Mugabe appeared to nod
off at the graduation cere-
mony on Friday of the Zimba-
bwe Open University in Ha-
rare, before he was roused by
applause and proceeded to ac-
knowledge graduates.
Officials suggested that
flared lately. Ankara has
blocked visits of German par-
liamentarians to German mili-
tary personnel stationed at
Turkish bases, and allied diplo-
mats have expressed concern
over Turkey’s perceived drift
toward Moscow, exemplified by
its recent decision to purchase
Russian weapons systems.
Mr. Stoltenberg said the con-
troversy arose during an exer-
cise Thursday at NATO’s Joint
Warfare Center in Stavanger,
Norway. “I apologize for the of-
fense that has been caused,”
count for Mr. Erdogan and is-
sued offensive tweets, accord-
ing to the Turkish official.
“This fake Erdogan he cre-
ated started sending around
weird messages,” the official
said. “It was not in line with
NATO solidarity.”
Upon learning about the in-
cidents, Mr. Erdogan ordered
the 40 Turkish troops in the ex-
ercise to leave, he said Friday.
He also said he was appalled by
the state of NATO. “There can’t
be such an alliance; there can’t
be such allies,” he said.

ADEM ALTAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

provincial branches of the rul-
ing ZANU-PF party were
meeting to recommend a vote
of no confidence in his leader-
ship. The party’s move
marked a stinging rebuke to
the 93-year old Mr. Mugabe, a
party co-founder long vener-
ated by the membership.
Earlier Friday, the party
called on all Zimbabweans to
gather on Saturday at the cap-
ital’s Robert Mugabe Square
for a mass rally in support of
the military’s actions. Zimba-
bwe’s powerful association of
has recommended a
vote of no confidence.
sanctioned the rallies, under-
lining the consensus between
the party and the military to
push Mr. Mugabe, the world’s
oldest head of state, from
power.
“Rallies with veterans
alongside opposition and civil
society all saying he must
go—it will send a very power-
ment.
The mounting pressure for
Mr. Mugabe’s exit comes after
talks to resolve the situation,
brokered by South African
ministers and a Catholic
priest, failed to reach a deal
on Thursday.
Mr. Mugabe resisted a
quick departure from power,
pinning his hopes on support
from other African heads of
state, senior security officials
said.
Mr. Mugabe was initially
held under house arrest for
ZANU-PF and former Vice
President Emmerson Mnan-
gagwa, whose ouster last
week prompted the military
intervention, were working to
keep power in their own
hands.
The ruling party’s provin-
cial branches called on Friday
for the reinstatement of
ZANU-PF members suspended
in the days ahead of the mili-
tary takeover, one of whom
was Mr. Mnangagwa.
—Bernard Mpofu Turkish President Recep Tayyip Erdogan speaking on Friday in
contributed to this article. Ankara in front of images of Mustafa Kemal Atatürk and himself.

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WORLD NEWS

Asian Nations Squeeze Pyongyang Powerful

Indonesia
After U.S. push, North
Korea’s trade partners
put more muscle into
Politician
enforcing sanctions Detained
BY JAKE MAXWELL WATTS A major corruption investi-
AND BEN OTTO gation involving some $170
million in missing state funds
SINGAPORE—Southeast is zeroing in on one of Indone-
Asian countries are cracking sia’s most powerful politicians
down on North Korea’s con- following his detention in a
duits for doing business in the hospital Friday.
region, a change for many af-
ter months of U.S. pressure, By Ben Otto
though some remain reluctant in Singapore
participants in the campaign and Anita Rachman
ED JONES/AGENCE FRANCE-PRESSE/GETTY IMAGES

to isolate Pyongyang. in Jakarta, Indonesia

The moves to stanch the
flow of funds to North Korea The case of Setya Novanto,
partly address longstanding speaker of Indonesia’s House of
charges by the United Nations Representatives, is being
that Southeast Asian states closely watched to see if the in-
haven’t done enough to curb vestigation widens to other
the regime’s access to banks, high-ranking politicians and al-
ports and markets it needs to ters the political landscape
help fund its weapons pro- ahead of elections in 2019,
gram. when President Joko Widodo is
While China accounts for expected to seek a second term.
about 90% of North Korea’s Authorities are investigating
trade, the regime has long had People walked past the central station in Pyongyang on Thursday. Singapore moved to suspend all trade with North Korea last week. a scheme in which politicians
economic links with Southeast allegedly siphoned as much as
Asia, with three countries in followed a similar move in bassy there, following the fall- $170 million in public funds
the region among Pyongyang’s September by the Philippines, out over the killing of Mr. Closing the Valve from a program issuing na-
top 10 trading partners. The whose foreign minister said af- Kim’s half brother in Kuala Southeast Asian nations rank among North Korea's top tional identity cards. Cost over-
U.N. warned in a September ter a meeting with the U.S. Lumpur in February. trade partners, after China's 2016 total of $6.06 billion. runs were allegedly generated
report that a Chinese ban on ambassador that it would cut Secretary of State Rex Til- by marking up procurement
North Korean coal exports had ties to fully comply with lerson has been leading the Rank Total trade, in millions USD, 2016 Change costs, which were divided
led Kim Jong Un’s regime to United Nations sanctions. global campaign to cut off Exports to N.K. Imports from N.K. from 2015 among dozens of politicians
focus on Southeast Asia as an Myanmar last month filed Pyongyang. On Thursday, after 2: South Korea $332.6
87.7% and government officials, the
alternative market. its first sanctions-implementa- meeting with Mr. Tillerson’s Anti-Corruption Agency says.
Mr. Kim’s regime uses diplo- tion report to the U.N.—11 deputy, the African nation of 3: Russia 76.9
8.9 Antigraft officials say they
matic and business relation- years after the U.N. initially Sudan became the latest to de- believe Mr. Setya was among
4: India 59.0
22.9
ships in the region to run front asked all member countries to clare it would sever military the politicians to have bene-
companies that breach sanc- submit accounts of enforce- and trade links. 5: Thailand 49.7
0.6 fited in the case. Mr. Setya,
tions by trading restricted ment efforts—and expelled a Administration officials who was injured in a car crash
goods with other parts of the North Korean diplomat sus- have said in recent weeks their 6: Philippines 45.0  104.7 Thursday, is under the watch of
world, such as Africa. pected of having ties to a sanc- global campaign to pressure armed guards at the hospital.
7: Pakistan 25.7  23.5
In the latest action to cut tioned company. North Korea has been fruitful, Fredrich Yunadi, Mr. Setya’s
off Pyongyang, officials in Malaysia is reviewing its citing efforts this year in more 8: Singapore 13.0
56.4 lawyer, said his client wasn’t in-
Singapore said this month that economic and diplomatic rela- than 20 nations to curb North Sources: South Korea's Korea Trade-Investment Promotion
volved in the scandal and
the country was suspending all tions with Pyongyang and is Korea’s diplomatic or business Agency (KOTRA); Ministry of Unification and Customs Service hadn’t received payments. “This
trade with North Korea. That considering shutting its em- operations. THE WALL STREET JOURNAL. is a political game,” he said.

Riyadh Seeks Cash Settlements in Corruption Probe

Authorities in Saudi Arabia dom, according to two people
are widening a corruption in- familiar with the matter.
vestigation that has reached At least two dozen military
the upper echelons of the royal officers, including multiple
commanders, recently have
been rounded up in connection
By Summer Said in with the Saudi government’s
Dubai and Margherita sweeping corruption investiga-
Stancati in Beirut tion, according to two senior
advisers to the Saudi govern-
family and entangled promi- ment. Several prominent busi-
nent businessmen who are now nessmen also were taken in by
being asked to surrender as- Saudi authorities in recent days.
sets in exchange for their free- It isn’t clear if those people
are all accused of wrongdoing,
or whether some of them have
been called in as witnesses. But
their detainment signals an in-
tensifying high-stakes cam-
paign spearheaded by Saudi
Arabia’s 32-year-old crown
prince, Mohammed bin Salman.
Saudi authorities launched a
campaign of arrests on Nov. 4
that has swept up some of the
kingdom’s wealthiest and most
powerful people, including roy-
als and cabinet ministers.
Among them are billionaire
Prince al-Waleed bin Talal, a
top investor in companies in-
cluding Twitter, Citigroup and
Lyft, as well as Prince Miteb
bin Abdullah, the former head
of the National Guard, one of
the kingdom’s three main secu-
rity forces. Neither could be
reached to comment.
The government said 201
people have been held without
charges, but hasn’t officially
named those people. Nearly
2,000 bank accounts have been
frozen, according to three peo-
ple briefed on the matter.
Saudi authorities said all
wealth that can be proved was
amassed through corruption
would become state property.
Authorities are pushing for
plea bargains that could see
the accused transfer the bulk
of their wealth to the state.
The government initially
hoped to recover as much as
$800 billion it believed was
accumulated illegally, much of
it kept abroad. Now, authori-
ties believe they can lay claim
on assets worth about $300
billion to $400 billion, accord-
ing to two people.
“They don’t want to put
these people in jail,” said one
person familiar with the mat-
ter. “They want the money.”
Most of those detained are
being held in Riyadh’s Ritz Car-
lton hotel, which is operating as
a high-security five-star prison.

SAUDI Growing Flow

Military value of U.S. arms exports to selected countries
Continued from Page One 5 billion TIV*
threats. Top of the agenda is
making sure Saudi Arabia has Qatar
the ability to defend itself from 4 Turkey
any further missile attacks. Egypt
Last month, the Trump ad- United Arab
3
ministration cleared the way Emirates
for Saudi Arabia to buy a multi- Iraq
billion-dollar missile defense 2
system. The approvals allow
Saudi Arabia
Saudi Arabia to purchase up to
$15 billion in launchers, mis- 1
siles, radar and technology to
help counter the threat. U.S. of-
ficials said that deal could be 0
accelerated as a result of the 2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16
missile fired at Riyadh. *Trend-indicator value, a unit developed by SIPRI to facilitate comparisons over time, is based on the known production costs of a core set of
The U.S. is also considering weapons. The units represent a weapon’s military value—its size, payload, speed, range, age and other factors—rather than its financial value.
new ways to disrupt the flow of Source: SIPRI Arms Transfers Database THE WALL STREET JOURNAL.
Iranian-made missiles being de-
ployed across the Middle East. program, a move the Trump ad- Mr. Hariri to return to Beirut, Arabia’s plans for an internal
The U.S. Navy has previously ministration sought even before where he must personally pres- crackdown or pivotal meeting
seized what it says are Iranian- the latest launch. Administra- ent his resignation to the presi- with Mr. Hariri, said they didn’t
made weapons bound for Iran’s tion officials say they hope to dent for it to take effect. U.S. think the Saudis had thought
Houthi allies in Yemen, who are use this month’s thwarted at- officials wouldn’t discuss spec- through the full consequences
embroiled in a protracted fight tack on Riyadh as a catalyst for ulation that Saudi Arabia forced of their actions, including the
with Saudi Arabia. international support. Mr. Hariri to resign. decision to order Saudi citizens
The most recent missile at- “It could be an impetus for Lebanese political leaders to leave Lebanon as the crisis
tack aimed at Riyadh elevated taking some sort of collective have said Mr. Hariri is effec- worsened. The U.S. relayed its
concerns about the spread of action to try to constrain the tively a captive in Saudi Arabia, displeasure to Saudi Arabia and
more advanced missiles to Ira- Iranians in that regard,” the se- and his decision to remain the situation has calmed down
nian allies, U.S. officials said. A nior administration official said. there has only fueled the per- slightly, an official said, ex-
U.N. resolution linked to the But U.S. officials are also ception that leaders in Riyadh pressing hope to see some clar-
2015 Iran nuclear agreement concerned about the surprise forced him to step aside. ity about Mr. Hariri’s next
bars the transfer of arms, in- resignation of Lebanese Prime moves soon.
cluding missiles, to and from Minister Saad Hariri, a Saudi “The next couple of days will
Iran. U.S. officials see more ally who has blasted Iran and be telling,” a second U.S. official
room to enforce that ban, its ally Hezbollah for stoking
Washington is said.
which expires in 2020. regional tensions. exploring new plans At the same time, the U.S.
The U.S. military also could Mr. Hariri’s fate has created has worked to coordinate
to help deter Iranian
The
step up its efforts to seize a frustrating complication for moves with Israel in hopes of
weapons shipments going the Trump administration, threats in the region. averting an immediate clash
through the Persian Gulf and which wants some clarity so it with Hezbollah. Members of the

Ultimate Gift
across the region, U.S. officials can galvanize support for new National Security Council re-
said. Additionally, it could action against Iran. cently flew to Israel for talks,
mount an expanded public cam- “We and the Saudis agreed U.S. officials said they hope U.S. officials said.

for Him
paign to expose the weapons that it was unfortunate Mr. Hariri’s plans to accept an Israel has carried out scores
transfers, the officials said. that…the real threat of active invitation from France to visit of airstrikes in neighboring
Saudi Arabia choked off war against the Saudi capital Paris on Saturday will silence Syria since 2012 aimed at Hez-
transportation access to Yemen was overshadowed by the questions about his ability to bollah weapons depots and
after the latest missile launch, prime minister’s resignation,” freely travel. arms shipments. The most re- ARC5 SHAVER: ES-LV95-S
drawing protest from humani- the senior official said. “We thought it might not be cent reported airstrike in Syria,
tarian-aid groups and some U.S. Mr. Hariri issued his surprise bad for him to go someplace which Israel hasn’t acknowl-
lawmakers who said Riyadh’s resignation two weeks ago from like Paris in order to demon- edged, took place on Nov. 2—
move would exacerbate cholera Saudi Arabia, which has ex- strate that he had freedom of two days before Saudi Arabia
and famine in Yemen. pressed growing concerns movement,” the senior adminis- launched its internal crack-
U.S. officials are also talking about Hezbollah’s expanding in- tration official said. down, Mr. Hariri resigned, and
to allies about efforts to con- fluence in Lebanon. U.S. officials, who said they the Saudis shot down the mis-
strain Iran’s ballistic missile Lebanese leaders have urged got no heads-up about Saudi sile near Riyadh.
 A8 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS WORLD WATCH

Kenyan Opposition Protests Turn Deadly as Odinga Presses for Election’s Annulment ARGENTINA
Navy Loses Contact
With Submarine
Argentina’s Navy said Friday
it has lost contact with a sub-
marine off the country’s south-
ern coast and has mounted an
extensive search. The Navy said
that communications were lost
Wednesday with the ARA San
Juan, a German-built diesel-elec-
tric vessel with 44 crew mem-
bers aboard.
Navy ships and aircraft were
searching near the last known
location of the vessel off the
province of Chubut. A Navy
spokesman said that it is possi-
ble that the submarine had an
electrical issue and that it
couldn’t yet be termed lost.
—Associated Press

GREECE
Violence Breaks Out
At Anniversary March
Hundreds of youths attacked
LUIS TATO/AGENCE FRANCE-PRESSE/GETTY IMAGES

police in Greece’s two largest cit-

ies Friday, hurling rocks, flares and
gas bombs, following large, peace-
ful marches to mark the anniver-
sary of the 1973 crackdown on a
student uprising against Greece’s
former military dictatorship.
In Athens, protesters hurled
gas bombs as they confronted
police in narrow streets in the
city center. Police fired tear gas
at the protesters. There were no
reports of injuries or arrests. Vi-
BLOODY RETURN: A man injured by a tear-gas canister was pulled to safety in Nairobi on Friday, after police tried to stop supporters of opposition leader Raila Odinga from olence also broke out in Greece’s
welcoming him back from overseas. At least three protesters were shot dead in a Nairobi suburb. Mr. Odinga is seeking a court ruling to annul October’s presidential vote. second-largest city, Thessaloniki.
—Associated Press

EUROZONE

Venezuela Opposition Figure Takes Fight Abroad Draghi Strikes Upbeat

BY JUAN FORERO
AND ANATOLY KURMANAEV
BOGOTÁ, Colombia—Anto-
nio Ledezma, a top opposition
figure who led protests against
President Nicolás Maduro’s
government, fled house arrest
in Caracas on Friday and
crossed the border into neigh-
boring Colombia, officials said.
Mr. Ledezma said he
planned to coordinate opposi-
tion to Mr. Maduro’s govern-
ment from abroad, saying it
was “killing Venezuela with
hunger,” a reference to a de-
clining economy and shortages
of food and medicine that have
especially devastated the poor.
“We can’t lose hope,” Mr. Le-
dezma told a Colombian radio
station. “That’s the great virtue
of the Venezuelan people.”
Mr. Ledezma, a former
mayor of greater Caracas once
seen as a presidential candi-
date, spent more than 1,000
days in jail and under house
arrest for allegedly instigating
political violence and plotting
against the government. He
was never tried, and he always
denied the charges, saying the
accusations were trumped up.
Government officials didn’t
comment on Mr. Ledezma’s dis-
appearance on Friday. He joins
a long list of government adver-
saries who have fled Venezuela,
further diluting an opposition
movement that is divided and
weakened after Mr. Maduro cre-
ated a special assembly with
powers over every institution.
Mr. Ledezma told the Colom-
bia radio station that he
planned to join his wife, Mitzy
Capriles, who resides in Madrid.
He said he would continue
to fight for the freedom of the
many political prisoners in
Venezuela from Europe and
other parts of the world.
He called on Venezuelans
not to lose their dignity and to
“continue the struggle with
decorum” against the Maduro
government, which the U.S.
calls a dictatorship.
Mr. Ledezma’s stepdaughter,
Oriette Schadendorf, said the
former mayor made the deci-
sion on his own to flee and that
he boarded a flight bound for
Madrid on Friday night.
His departure was welcomed
by allies, who recall Mr. Le-
dezma’s role in urging Venezu-
elans to protest in 2014 against
Mr. Maduro’s government.
“I salute Antonio Ledezma,
who’s a moral compass for Ven-
ezuela,” Luis Almagro, the head
of the Organization of American
States, said via his Twitter ac-
count. He said Mr. Ledezma was
“now free to lead the struggle
from exile for the installation of
a democratic system.”
Note on Growth
European Central Bank Presi-
dent Mario Draghi delivered a
glowing report card on the euro-
zone economy Friday, but indi-
cated that the ECB is in no rush
to start raising interest rates.
Speaking in Frankfurt, Mr.
Draghi said growth is broadening
across the currency bloc and in-
creasingly “feeding on itself,” as
rising employment levels boost
private consumption and invest-
ment. But he stressed that the
ECB’s support is still needed be-
cause inflation remains weak.
—Tom Fairless

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40. The Art of Effective Communications 46. Ethics and the Bathsheba Syndrome
41. The Motivation-Performance 47. Leading Real Organizational Change
Connection 48. Lifelong Learning for Career Success

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Taught by Ryan Hamilton, Emory University
49. What Is Marketing?
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57. Customer-Focused Pricing
58. Marketing Communications
That Work

Master 5 Essential Skills 53. Identifying Sources of Sales Growth

54. Deriving Value from Your Customers
55. Creating Great Customer
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of Social Media
60. Innovative Marketing
Research Techniques

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A9

OBITUARIES
VA N U B O S E AL LECHTER
1965 — 2017 1928 — 2017

Entrepreneur Found a Way Retailer Packed Stores

With Kitchen Tools
To Connect Remote Areas
A
s a retailer of pots and
pans and other kitchen-
ware, Al Lechter was old-
BY JAMES R. HAGERTY a company. school. Not for him was the 1980s
In an interview with an MIT trend of museum-style displays at
Lechters Inc., through the 1980s.
The company went public in 1989
and brought in younger execu-
tives from bigger chains as Lech-
ters raced to expand. Mr. Lechter

V
anu Bose could have coasted publication, he recalled thinking, high-end kitchen stores. He retired as president in 1993.
into the stereo-equipment “Oh my God, what have I done? I stuffed his Lechters stores with New executives spread the New
company founded by his fa- just pushed myself off the cliff.” thousands of basic kitchen tools, Jersey-based chain to malls
ther, Amar. Instead, while working While setting up the company, from spatulas and pickle grabbers across the country, opened outlet
on his doctoral degree in engineer- he got into a dispute with MIT over to egg slicers and as many as stores, experimented with new
ing and computer science in 1998, how much it would have to pay for eight types of garlic presses. Gad- formats and expanded the prod-
he set up his own company to ex- licensing technology developed by gets dangled from rows of hooks uct line to include closet organiz-
ploit new technology for cellular his team at the university. Amid a extending from floor to ceiling. ers and picture frames. Then mall
communications. bitter struggle with the university Most sold for less than $10. traffic dwindled and competition
After a wobbly start, his Vanu in 1999, he told The Wall Street “Stack it high, and let it fly,” heated up. In 2001, Lechters
Inc. has been gaining traction as a Journal: “MIT is like my second he often said. A consultant calcu- closed its remaining stores and
supplier of solar-powered equip- home. I love this place. But right lated that four out of five people liquidated.
ment used to bring cellular service now I don’t plan to donate a cent.” entering the stores ended up buy- Mr. Lechter died Nov. 6 at his
to underserved areas including The two sides eventually com- ing something. His approach home in Boca Raton, Fla. He was
Rwanda and dead zones in the promised, and Dr. Bose became an worked well from the mid-1970s, 89 and had Alzheimer’s disease.
mountains of Vermont. He hoped honored alumnus and member of when Mr. Lechter co-founded —James R. Hagerty
eventually to connect “the final bil- MIT’s board of trustees.
lion” people with zero or unreli- Vanu Inc. was founded to de-
able cell service. velop and find markets for technol-
“If we can make this network Vanu went to their apartment, pre- ogy that allows cellphone transmis- L E ES H A N B I R N EY
profitable [in Rwanda], we can pared gazpacho and other delica- sion equipment to be upgraded 1939 — 2017
probably make it work anywhere,” cies, set out candles and unplugged through changes in software rather
he said in an interview with the the phone. than more expensive installations
Boston Business Journal last year.
His company is broadening its net-
work of base stations in Rwanda
Vanu Gopal Bose was born April
29, 1965, in Boston and grew up in
Wayland, Mass. His father was a
of new hardware. Selling that tech-
nology to cellphone service provid-
ers proved difficult.
Executive Built Up
and aims to expand into other Afri-
can countries. It already supplies
technology to cellphone service
professor at the Massachusetts In-
stitute of Technology who made a
fortune with his Bose Corp. His pa-
The company, which has raised
about $35 million of venture capi-
tal, finally began focusing on cus-
Real-Estate Portfolio
providers in India, Ghana and ternal grandfather, Noni Bose, who tomers in areas neglected by the

M
other places. fought against British rule in India, major cell providers. any immigrants implant they had three children.
After Hurricane Maria knocked fled to the U.S. in 1920. Rather than relying on cellphone themselves in the U.S. by She bought her first invest-
out cell service in Puerto Rico, the Vanu Bose grew up in a home towers, Vanu provides base sta- buying real estate. Lee- ment property, an 18-unit apart-
company donated base stations to with an indoor pool and sometimes tions that stand only about 30 feet shan Birney went further, devel- ment building in South Orange,
help restore connections there. leapt into it from a balcony one off the ground and can cost as lit- oping a business that now owns N.J., in 1981, and taught herself to
“That makes it all worthwhile, flight above. As a boy, he was al- tle as $5,000 to $10,000. The Lex- 2,500 apartment units and more be a landlord.
right there,” Dr. Bose said in a ra- ready an insider at MIT, attending ington, Mass.-based company has than one million square feet of She asked hardware store em-
dio interview last month. summer programs or watching his about 65 employees. office and commercial space in ployees to tell her how to fix
On Nov. 11, he died of a pulmo- famous dad play badminton. He Survivors include his wife, Ju- New Jersey and the Houston area. leaky faucets and toilets. When a
nary embolism at age 52. later earned his bachelor’s, mas- dith, their daughter, Kamala, his At age 24, despite her parents’ repairman had to be called, “I
Dr. Bose was known for cha- ter’s and doctoral degrees at MIT. mother and a sister. misgivings, she moved from her would follow into the basement
risma and for celebrating mile- Dr. Bose recalled suffering native Taiwan to the U.S. in 1963 to see what he did,” she told the

P
stones with style. In 1995, he art of his graduate research
learned that his friends Andrew involved skin patches as al-
and Susan Beard had been too ternatives to needles or pills
busy to make plans for their first for delivery of medication, and he
wedding anniversary. “This out- pondered a career in medical tech-
raged Vanu, and he wouldn’t stand nology. He also thought about an
for it,” said Mr. Beard, now chief academic career, but then turned
operating officer of the company. down a chance to apply for a fac-
While the Beards were at work, Dr. ulty job, saying he wanted to start
through “enforced violin lessons”
as a boy. His daughter was a more
eager violin student, and he took
up the instrument anew to play it
with her. They were due to play at
a recital together the day he died.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
to study. One motive was to avoid
being pressured by her parents
into an early marriage.
She earned a master’s degree
in nutrition from Columbia Uni-
versity and an M.B.A. from New
York University. She married a
Coloradan, James Birney, who
made a career on Wall Street, and
New York Times in 2005. Some-
times, all it took was pushing a
button.
“The next time,” she said, “I
knew how to push a button.”
Ms. Birney died Oct. 27 at a
hospital in Houston. She was 78
and had liver cancer.
—James R. Hagerty

FROM PAGE ONE

OPEN
Continued from Page One
GINA FERAZZI/LOS ANGELES TIMES/GETTY IMAGES

31-year-old accountant who

came to check out international
fare, left with German chocolate
truffles, clementines and gluten-
free cinnamon-raisin bread. “It
was exciting,” she said. “I’d
rather go to a grocery-store
opening than a bar or a club.”
Across the U.S., grand open-
ings of specialty grocery chains
such as Whole Foods Market,
Stew Leonard’s and Wegmans
Food Markets Inc. are attracting
customer hordes. Credit televi- Lining up for a 2016 Aldi grand opening in Moreno Valley, Calif.
sion shows such as “Mas-
terChef” and the spread of so- days since at least the 1950s and drinks at the stores. “I will go
called food porn on social doesn’t give out freebies to woo see people at the bar having a
media, industry observers say, shoppers at dawn, according to beer at 10 a.m.”
for popularizing party-atmo- the company. As part of its multibillion-
sphere store openings. Stores are beefing up grand dollar expansion, the German
By 7 a.m., roughly 2,000 peo- openings, said Mr. Livingston, discount grocer Aldi is running
ple had swarmed a shopping because of intensifying competi- multiday openings with tastings
center in Hanover, N.J., to mark tion for shopper loyalty. At to- of chocolate truffles and im-
the arrival one Sunday this day’s store debuts, handouts ported brie—and a chance to
summer of a Wegmans and its might include free groceries for win produce for a year. People
exotic cheeses and hen-of-the- months, artisanal tote bags, came in droves, said Scott Pat-
woods mushrooms. fresh-baked muffins or Havarti ton, vice president for corporate
“It reminded me of when the cheese tastings. Some chains buying in the U.S., like they
Beatles came to America,” said pour small-batch India pale ales were “lining up for a concert.”
Robin W. Dente, community-af- starting in the morning or hire By persuading Americans to
fairs coordinator for the town- local funk bands. try chili-lime chicken burgers
ship, which needed 14 police of- The most eager patrons and champagne mangoes, gro-
ficers to direct traffic. camp out the night before the cers can help amass cultlike fol-
Lindsey Mixer, a recent uni- doors open. Heidi Ji and Sara lowings. Sprouts Farmers Mar-
versity graduate, said she Savino, both 19, crept out of Ms. ket, a Phoenix-based natural-
skipped class last year to attend Ji’s Honda Civic at 5 a.m., sleep- grocery chain of 285 stores, is Gourmet Français
a Trader Joe’s grand opening in ily wrapping themselves in blan- bringing ghee oil (a sprayable
Metairie, La. She kets and sitting on a Indian butter) and matcha tea French Duck Press
walked away with concrete entrance (an Asian brew) to parts of the
Thai chili lime ca- walkway at a Whole U.S. more accustomed to meat Culinary rarity. Superior craftsmanship. Timeless sophistication.
shews. Foods store opening and potatoes. The duck press was an indispensable tool of French haute
“There was a row in Cary, N.C., in early Stew Leonard’s, a Connecti- cuisine. Solid in construction and built to last, this silverplate
of employees high- November. cut-based chain, is known for press à canard was used in the preparation of the traditional
fiving you as you An employee in a holding Christie Brinkley wine
walked in,” she said. carrot costume tastings and other celebrity French dish canard au sang. At one time, no exceptional French
“There was a brass schmoozed with events. Before it entered Long restaurant would be without one of these grand devices,
band playing music shoppers in folding Island last year, it hit up local but today, these presses are exceedingly scarce. Circa 1890.
outside, and people chairs. “We really al- media and handed out 100,000 133/4”w x 13”d x 23”h. #30-6323
were dancing.” ready did our gro- $5-off coupons at a village
More than 830 cery shopping” the pumpkin festival and several
new grocery stores Carrot man prior weekend, Ms. other events.
are slated to have Ji said. “We just More than 20,000 people
opened this year in the U.S., up came for the free food.” Four showed up at its Farmingdale
slightly from last year, accord- hours later, the college sopho- store the first day, and the crush
ing to a survey by the IHL mores left with fresh sourdough clogged the aisles, Stew Leon-
Group consultancy. In the past, boules and $5 gift cards. ard’s officials said.
those new stores might have “We feel honored people The company reassessed its
had lower-key openings, said su- want to spend that much time approach. For the debut of a 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
permarket-research analyst Da- in our stores,” said David Lan- second Long Island store in Au-
vid J. Livingston. “Nobody ever non, executive vice president of gust, it invited local politicians Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
got excited if a new A&P operations for Whole Foods, re- for a party but kept the grand Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
opened.” cently acquired by Amazon.com opening pared down, said Stew
One exception has been Weg- Inc. Some patrons, he said, take Leonard Jr., the chain’s CEO.
mans, which has drawn lines of the day off for an opening, “We’ve gone from a thunder
loyal “Wegmaniacs” to opening which can include morning to a rain philosophy.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, November 18 - 19, 2017
CHESS
Continued from Page One
It was undeniably a stunt,
one The Wall Street Journal
helped arrange, but it was
also about something bigger,
a grand experiment in human
performance. Max’s adventure
had implications for children
and parents, workers in any
industry and really anyone in-
terested in self-improvement.
At the heart of their chess
match was a question about
success: Can we hack our
brains in a way that radically
accelerates the traditional
learning curve?
“Huh,” Magnus said. “Why
not?”
To understand how Max
Deutsch found himself sitting
across the chessboard staring
at Magnus Carlsen, there are
worse places to start than a
Brown University dormitory.
Max heard music coming
from a room down the hall
one night and walked outside
to investigate with his friend
Cliff Weitzman. They found
three people on the floor
playing the sitar. Max sat
down with them. Weitzman
chatted with his hall mates.
“But 15 minutes later, I
stopped the conversation and
started listening to Max,” he
said. “He had taught himself
sitar in 15 minutes sitting on
the floor.”
The most surprising thing
about the night was that
Weitzman wasn’t surprised.
“Max learns faster than
anybody I’ve ever met in my
entire life,” he said.
Max has been that way lon-
ger than he can remember.
Growing up in the
Westchester County, N.Y., sub-
urbs—his father ran a lighting
company and his mother was
a theater actress before stay-
ing home to care for her
kids—he was an inquisitive
child with a voracious appe-
tite for learning.
He’d always dreamed of
completing a bucket list of
seemingly impossible tasks—
crazy ideas that would stretch
the boundaries of his own
performance. Max came up
with goals he believed he
could achieve within a month.
The only thing they had in
common was the underlying
motivation.
“To take basic skills,” Max
said, “and very rapidly push
them to the extreme.”
He told Weitzman about
his plan. “Well, this sounds
very much like you,” he said.
And then he showed Weitz-
man the list.
“Max, this is absurd,” he
said. “You can’t learn things
this fast.”
Rubik’s Cube
But he could. And he did.
Max began every month by
considering the process that
would lead to his desired re-
sult. He concocted an elabo-
rate plan to crack the Rubik’s
Cube, for example, that in-
volved memorizing patterns
and ordering lubricant to cut
seconds off his solving time.
He tracked his progress
through daily blog posts and
video evidence.
He had some familiarity
with his tasks. Max had been
playing chess since he was
young and still messes around
on a board with life-size
pieces outside Weitzman’s
apartment. He’d played Mag-
nus on his Play Magnus app,
which is powered by an en-
gine that simulates the Nor-
wegian’s skill and style at dif-
ferent ages.
It might seem beneath the
best player on the planet to
entertain the whims of a ran-
dom amateur for no good rea-
son. But Magnus had done it
before. He seems to enjoy the
spectacle.
Magnus agreed to play Bill
Gates and limit himself to a
severe time handicap. He
crushed the billionaire in nine
moves. He visited Harvard
University to play 10 lawyers
at the same time while blind-
folded. He beat them anyway.
Magnus often gets com-
pared to chess greats, but the
better analog may be some-
one in his other favorite
sport: basketball. Magnus
Carlsen is similar to LeBron
James. They were both recog-
nized as prodigies who came
of age in an era of unprece-
dented public scrutiny. They
both exceeded the hype.
Magnus became the sport’s
youngest grandmaster in
2004 at 13 years old. He as-
cended to No. 1 in 2010. He
won his first world champion-
ship in 2013. And he achieved
the highest rating in the his-
‘Max learns faster than anybody I’ve ever met in my entire life,’ says
a friend. His absurd goals include trying to beat Magnus Carlsen.
Clockwise, from top: Max Deutsch mastering chess, guitar, the Rubik’s Cube and pull-ups
tory of chess in 2014.
Magnus is now an interna-
tional star and such a Norwe-
gian hero that nearly half the
population stayed up past
midnight to watch last year’s
world championship.
To play Magnus is a cruel
form of chess torture.
“Most schools of chess put
a lot of emphasis on the
openings to get an edge be-
fore the actual fight begins,”
said Susan Polgar, the oldest
of three renowned chess-play-
ing sisters. “He puts the least
emphasis on that. He puts a
lot more emphasis on the psy-
chological aspect of the
game.”
Magnus can look at the
pieces of a chessboard and im-
mediately recall what match it
was, who was playing, when
and where it took place and
why it was worth his atten-
tion. It’s difficult to appreciate
how amazing this is without
seeing it for yourself.
“I know how to play
chess,” he said. “I don’t know
much else.”
Chess experts found them-
selves in rare agreement: One
month of training wouldn’t
cut it. Polgar was flabber-
gasted that Max was even try-
ing.
“What?!” she said. “Will
that person have any aid?
Like, a computer?”
Nope.
“You mean just his own
skill?”
That’s right.
“And no prior tournament
experience?”
Correct.
“Well,” she said, “it sounds
quite unrealistic.”
Wynn Las Vegas odds-
maker Johnny Avello said the
probability of an upset was
100,000 to 1. No betting house
would ever offer those odds.
The line that betting house
Pinnacle posted, at the Jour-
nal’s request, was the most
lopsided one that internal
regulators would allow.
A $100 wager on Max paid
$50,000. A $100 wager on
Magnus paid 10 cents.
“I’ve consulted with some
of our chess experts,” said
Pinnacle sports manager Jel-
ger Wiegersma, “and they all
pretty much guaranteed me
that Max will have no shot.”
It was the reigning world
champion’s right to set the
rules of the match. His camp
decided it would be rapid-for-
mat chess in which each
player had 20 minutes to
make all his moves. The date
was set for Nov. 9 in Ham-
burg, where Magnus was al-
ready scheduled to host a
promotional event.
Max hadn’t started think-
ing about chess at the end of
September. He was still learn-
ing how to freestyle rap.
He played real people on-
line, but only after lying
about his meager chess rating
to make himself appear better
than he really was. Max fig-
ured he could only improve
* *** THE WALL STREET JOURNAL.
IN DEPTH
Gates—that Max showed vul-
nerability. Every move he’d
made until then had been the
right one. And yet he knew
immediately that he’d done
something wrong, even if he
didn’t know what it was. He
could see it on Magnus’s face.
‘You twitched’
“You twitched,” Max said
afterward.
Max dragged his knight to
the middle of the board. It
KEVIN HAGEN FOR THE WALL STREET JOURNAL
wasn’t technically a mistake.
It was more a waste of a
move that didn’t advance a
larger strategy. If he were
playing Weitzman back home,
he might have recovered. But
he couldn’t against Magnus.
They remained statistically
tied until Max picked up his
queen and jumped her two
spots diagonally to the right
for his 12th move. He could’ve
kept his slight edge for at
least another four turns by
repositioning a pawn instead.
But he didn’t have Magnus’s
experience to foresee he was
leaving his knight exposed,
and he didn’t have his propri-
etary algorithm to let him
know that moving his queen
was foolish.
“This is a typical mistake
for an amateur,” Polgar said,
“not recognizing the potential
threat.”
Max was in trouble. It only
got worse from there. Two
moves later, instead of taking
Magnus’s knight with his
pawn, Max used his queen. It
was a horrible mistake. Mag-
nus made him pay.
“When you moved your
queen over here,” Magnus
said as he remade the board
from memory, “what was the
idea?”
Max didn’t have a convinc-
by playing better competi- cuts that would allow him to numbers to memorize and no ing explanation. There was
tion—that he would have to automate Magnus’s intuition. time even if there were. none. It was the type of error
lose as much as possible to Max guessed that Magnus His attempt to build him- his opponent had methodi-
learn as much as possible. would play a certain opening, self into a computer had cally drilled himself to avoid,
He was in New York visit- and he downloaded thousands failed. Max Deutsch would and Magnus pounced once he
ing family one day midway of games with that opening to have to beat Magnus Carlsen identified the precise moment
through October when he build a computer model that as a human being. that probability had swung
agreed to take on the chess would distinguish good moves decisively in his favor. He
regulars who congregate ev- from bad moves. He would knew he was not going to lose
ery afternoon in Bryant Park. use techniques of machine Funk music from that point on. He was
Max played three matches learning to identify patterns— Max was anxious. He tried right.
that day. He lost all three. the patterns that Magnus has to relax by listening to funk Magnus’s body language
Max realized that he would internalized—and devise an music and fiddling with his shifted. He barely thought
have to be more inventive in algorithm that computed Rubik’s Cube, but the setting about his moves anymore.
his approach to learning whether a move was good or wasn’t ideal. The room on the Max deliberated for minutes;
chess. bad. ground floor of the Hotel At- Magnus swiped his pieces in
“If I can’t play like a hu- He began to doubt himself lantic Kempinski was so chilly seconds. He felt the board
man,” he said, “then how can two weeks before the match. Max had to wear a fleece shrinking. Max was beginning
I play?” He didn’t have the algorithm North Face jacket he nearly to see he couldn’t escape. The
Max figured he would have even after buying extra com- forgot to pack. He was more situation was as unpleasant
to play like a computer. puting power to expedite the tired than he would’ve pre- as the chess intelligentsia had
He thought about memo- number-crunching. And he ferred. cautioned. At one point, Max
rizing every configuration of admitted he wasn’t sure he Magnus commanded atten- accidentally toppled his king.
the chessboard. But he calcu- could pull off the mental gym- tion from the second he sat Not long afterward, he was
lated that would take approxi- nastics in 20 minutes. By the down. He looked slick in a tai- officially checkmated. The
mately one trillion trillion time he made it to Hamburg, lored suit, and he maintained match had lasted 39 moves
trillion years. Max didn’t have the algorithm was churning a steely demeanor behind each over 22 minutes and 21
that kind of time. away on his laptop, but it thick-rimmed glasses. He was seconds. Magnus stuck out his
He went hunting for short- wasn’t ready. There were no taking the match seriously hand. Max shook it. Only then
enough that he barely ex- did Magnus finally unfurl a
changed pleasantries before- smile.
The Turning Point hand. He didn’t try to make Max’s year of monthly
Max Deutsch was holding his own against chess world champion small talk, either. Max looked challenges was over. But he
Magnus Carlsen until he made a couple of rookie mistakes. intimidated. refused to take his loss as
Magnus wasn’t invincible. anything but a victory. He’d
On the 12th move, Max creates a vulnerability… His peak rating is higher than wanted his ambitions to be
that of anyone else who has ambitious enough that he fell
ever played chess, but his ca- short. He said in a postgame
8 reer winning percentage in interview that attempting to
competition is only 62.5%. He beat the most unbeatable
lost several days earlier to chess player had introduced
7 someone online whose name him to new lines of thinking.
he couldn’t recall. Magnus He was smarter about ma-
didn’t want to lose again, and chine learning. There was also
6
he didn’t think he would. nothing stopping him memo-
“But I’ve been surprised rizing those tens of thousands
before,” he said. of numbers when his algo-
5
Max moved his white pawn rithm was finished. Maybe
to e4. Magnus moved his there would be a rematch.
2 …leaving
4
black pawn to e5. And they “Till next time,” Magnus
his knight
3 Moving his unprotected. were off. wrote on the board.
pawn forward Max had been right about And then something funny
1 Max moves the opening. If his algorithm happened. It became clear
3 would have
his queen… had worked, he would’ve been Magnus wasn’t ready to leave.
been wiser.
in a solid position. But he was His previously blank face
2 anyway. After eight moves, brightened. Now he was ebul-
using his own limited chess lient. He zipped pieces around
ability, the unthinkable was the board and mumbled how
1 occurring: Max was winning. he would’ve handled certain
His skill wasn’t lost on Play situations if he were Max. He
a b c d e f g h Magnus’s chief executive offi- recalled the exact chronologi-
cer, Kate Murphy, and head of cal order of all 39 moves and
…and on the 14th move, Magnus exploits the opening. communications Arne Horvei scribbled them in a notebook.
as they watched silently from He looked disappointed when
a distance. “It’s lasting much Max revealed that his original
8 longer than I expected,” Hor- plan to write an algorithm
vei whispered. had been foiled.
Magnus had reason to be- His handlers looked at
7 lieve his opponent was better their watches. Magnus was
than he actually was. He was late. In a few weeks he’ll fly
aware of Max’s algorithm, but to London for the final stage
6 Max hadn’t informed the en-
of the Grand Chess Tour as
emy it wasn’t done. Max had the heavy favorite to win the
his full attention because sport’s prestigious annual cir-
5
Magnus didn’t know he was cuit, and he will almost cer-
bluffing. At one point, Mag- tainly end this year the same
3 Magnus then takes 1 Max takes nus’s hands were shaking. way he’s ended the last six
4 Magnus’s knight
Max’s knight with “This is not going to be years: as the No. 1-ranked
his bishop, leaving with his queen… easy,” Magnus thought. chess player.
3
Max’s queen vulnerable. Max knew the probability So why was he still linger-
of him winning. But even ing with this stranger? It
2 …when he while being highly rational, turned out that Magnus
2 should have he’d allowed himself some ir- Carlsen was envious of Max
used his pawn. rational thoughts. A small Deutsch. He still had the
part of him believed he could whole game ahead of him.
1 win. He’d fantasized about “I hope you at least keep
how it would happen. an interest in the game, be-
a b c d e f g h
It was on the ninth move— cause it’s very interesting,”
the same point in the game Magnus said. “I wish I could
THE WALL STREET JOURNAL. that Magnus checkmated Bill learn it new.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
OPINION
Trump vs. the Deep Regulatory State
By Christopher DeMuth
F
ederal regulation has
been growing mightily
since the early 1970s,
powered by statutes that
delegate Congress’s law-
making authority to mission-
driven executive agencies. Begin-
ning in 2008, the executive state
achieved autonomy. The Bush ad-
ministration during the financial
crisis, and the Obama administra-
tion in normal times, decreed ma-
jor policies on their own, without
congressional authorization and
sometimes even in defiance of
statutory law.
President Trump might have
been expected to continue the
trend. As a candidate, he had
railed against imperious Washing-
ton and promised to clear regula-
tory impediments to energy de-
velopment and job creation. Yet
he also was an avid protectionist,
sounded sometimes like an anti-
trust populist, and had little to
say about regulatory programs
like those of the Federal Commu-
nications Commission and the
Food and Drug Administration. He
was contemptuous of Congress
and admiring of President
Obama’s unilateral methods.
Clearly, this was to be a results-
oriented, personality-centered
presidency.
The tempestuous president
is overseeing a principled,
far-reaching reform of
agencies that had exceeded
their constitutional writ.
The record so far has been rad-
ically different. With some excep-
tions (such as business as usual
on ethanol), and putting aside a
few heavy-handed tweets (such as
raising the idea of revoking
broadcast licenses from purvey-
ors of “fake news”), President
Trump has proved to be a full-
spectrum deregulator. His admin-
istration has been punctilious
about the institutional preroga-
tives of Congress and the courts.
Today there is a serious prospect
of restoring the constitutional
status quo ante and reversing
what seemed to be an inexorable
regulatory expansion. Consider
three leading indicators.
First, Mr. Trump has appointed
regulatory chiefs who are excep-
tionally well-qualified and are de-
termined reformers. Deregulation
succeeds only when political offi-
cials are earnestly committed to
the broad public missions of their
agencies—and equally committed
to ferreting out bureaucratic ex-
cesses, ideological detours and in-
terest-group machinations.
Mr. Trump’s new agency leaders
are making these distinctions and
pushing ahead: FDA Commissioner
Scott Gottlieb on facilitating ge-
neric drug competition and incor-
porating “real-world evidence” in
reviewing new medications and
devices; FCC Chairman Ajit Pai on
lifting public-utility controls from
the internet and ownership re-
strictions from the media; Educa-
tion Secretary Betsy DeVos on cor-
recting the abuses of Title IX;
Interior Secretary Ryan Zinke on
active forest management and
multiple use of public lands;
How New York Courts Are Keeping Prosecutors in Line
A good prosecutor
never forgets the
government’s con-
stitutional obliga-
tions. Every prose-
cuting attorney has
a legal and ethical
CROSS
COUNTRY duty to seek out
and turn over to the
By Emmet G.
defense all evidence
Sullivan
favorable to the ac-
cused that is in the
possession of any government offi-
cial, including the police. The Su-
preme Court made this clear in a
1963 case, Brady v. Maryland, and a
line of subsequent rulings over five
decades.
The trouble is what to do about
prosecutors who deliberately ignore
these rulings. Most prosecutors op-
erate under high ethical standards,
but a small minority intentionally
withhold evidence that might lead
to acquittal, which too often results
in innocent people serving lengthy
prison sentences.
One solution is for judges, at the
start of each new case, to issue
what’s known as a Brady order. The
order notifies prosecutors of their
legal and ethical obligations, re-
minding them of their duty to seek
out—and then to turn over to the
defense in a timely fashion—evi-
dence favoring the accused.
A judge-issued Brady order en-
* * * *
Environmental Protection Agency
Administrator Scott Pruitt on end-
ing sweetheart legal settlements
and putting the misbegotten Clean
Power Plan out of its misery;
Transportation Secretary Elaine
Chao on modernizing air-traffic
control and streamlining permit
reviews. All are outstanding exam-
ples of regulatory statesmanship.
Second, the Trump administra-
tion is turning back from unilat-
eral lawmaking. Mr. Obama made
several aggressive excursions into
MICHAEL REYNOLDS/BLOOMBERG
this dangerous territory. He is-
sued orders shielding certain
classes of illegal aliens from de-
portation, spent billions without
a congressional appropriation to
subsidize insurance plans on the
ObamaCare exchanges, and im-
posed the EPA’s Clean Power
Plan. Each was a substantive pol-
icy that Congress had considered
and declined to enact. Each was
justified by legal arguments that
administration officials conceded
to be novel and that many impar-
tial experts (including those who
favored the policies on the mer-
its) regarded as risible. Each ran
into strong resistance from the
courts.
Mr. Trump is returning immi-
gration policy and ObamaCare ap-
propriations to Congress, where
they belong. His EPA has pro-
posed to withdraw the Clean
Power Plan and replace it with
something else, based on a solid
analysis of what the Clean Air Act
actually authorizes the agency to
do. The constitutional significance
of these steps has been masked
by media accounts and interest-
group perseverations that focus
on politics and policy, not the
separation of powers. But Mr.
Trump has made clear that he
would be happy to see Congress
enact legal status for aliens who
were brought to the U.S. as chil-
dren, as well as health-insurance
subsidies, if legislated in conjunc-
tion with other policies he favors.
Global-warming policy is a work
in progress in both the adminis-
tration and Congress.
Perhaps Mr. Trump was led to
summon Congress on these mo-
mentous matters by political cal-
culations and his own policy
preferences. That would be fine—
the Constitution depends on po-
litical self-interest to sustain its
structure. But one should not
gainsay the administration’s
broader concerns with the trajec-
tory of unbounded executive gov-
ernment. Neomi Rao, who leads
the influential Office of Informa-
tion and Regulatory Affairs at the
Office of Management and Bud-
get, is a constitutional scholar
and a deep critic of congressional
overdelegation. She has mused,
with fine subtlety, that the
Trump administration aims to
make the federal government
“more constitutional.”
A third indicator is the intro-
duction of regulatory budgeting,
which sounds tedious but is po-
tentially revolutionary. The idea
goes back to the late 1970s, when
the new health, safety and envi-
ronmental agencies were first is-
suing rules that required private
businesses and individuals to
spend tens of millions of dollars
or more. It seemed anomalous
that this should be free of the dis-
ciplines of taxing, appropriating
and budgeting that applied to di-
rect expenditures. Jimmy Carter’s
sures that busy prosecutors will
make finding and turning over
such material a priority. It’s one
thing for prosecutors to know they
are supposed to follow the law. But
it’s far more likely actually to hap-
pen when a judge’s order tells
them exactly what is expected, and
what the consequences are for
noncompliance.
A Brady order also ensures that
prosecutors who commit intentional
misconduct can be held account-
able. Often it takes years for a
wrongly convicted defendant to dis-
cover that exculpatory evidence was
withheld. By that time, the statute
of limitations for bringing disciplin-
ary or criminal charges against the
prosecutor may have already ex-
pired. If a Brady order is in place,
however, the prosecutor can be held
in contempt of court or subjected to
other judicial sanctions.
As of 2015, roughly 28 of the 94
federal district courts nationwide
have promulgated rules clarifying
the disclosure obligations of prose-
cutors who appear before them. But
only a fraction of federal and state
judges have standing orders focused
on the duty to disclose exculpatory
evidence.
In New York state courts, at
least, that is about to change,
thanks to a groundbreaking rule is-
sued last week by Chief Judge Janet
President Trump signs an executive order, March 13.
commerce secretary, Juanita
Kreps, proposed a regulatory bud-
get as a good-government mea-
sure; Sen. Lloyd Bentsen (D.,
Texas) introduced legislation; and
several academics (myself in-
cluded) worked out the theory
and practicalities in congressional
reports and journal articles.
The idea never went anywhere.
One problem was the inherent
sponginess of regulatory cost es-
timates, which seemed inconsis-
tent with the clear dollar metrics
that drive spending budgets. An-
other was the herculean task of
tracking the aggregate cost of the
stock and flow of agency rules.
When Ronald Reagan came into
office, he instead imposed a cost-
benefit test on individual rules,
enforced by OMB. All subsequent
administrations essentially con-
tinued that approach.
But several developments have
combined to revive the budgeting
idea in a more workable form. Al-
though the cost-benefit test has
improved regulation at the mar-
gins, it has become progressively
less constraining over time and
proved manifestly inadequate to
the dynamics of large-scale regu-
latory growth. The Obama admin-
istration corrupted cost-benefit
analysis, inflating benefits while
minimizing costs, to sell a host of
dubious energy and environmen-
tal rules. Moreover, the cost-bene-
fit test applies only to new rules,
leaving established and often ob-
solete regulations untouched.
Most administrations, including
Mr. Obama’s, have compensated
by nudging agencies to review
their regulatory accumulations,
but with generally meager results.
A
t the same time, a hybrid
form of regulatory budgeting
has been adopted with some
success in Britain and Canada,
while kindling interest in the U.S.,
notably from Sen. Mark Warner
(D., Va.) and House Budget Com-
mittee Republicans. Under this
variant, agencies may issue new
rules only by simultaneously with-
drawing some existing rules, with
the estimates of the costs imposed
and saved used to make the trade-
off commensurate. So the budget-
ing begins by counting rules and
employs cost estimates only for in-
cremental actions, but it creates in-
centives for agencies to assess the
effectiveness of their existing regu-
lations and to set priorities.
President Trump’s regulatory
budget is of this form. In an exec-
utive order issued shortly after
DiFiore and Chief Administrative
Judge Lawrence Marks. Starting on
Jan. 1, 2018, trial judges statewide
will be required to issue Brady or-
ders in all criminal proceedings.
This is the first rule of its kind in
the nation, though I hope my col-
leagues in the federal and other
state courts will follow suit.
Evidence that supports the
accused is supposed to be
turned over to the defense.
Ted Stevens would know.
My wake-up call to the impor-
tance of Brady orders came when I
presided over the deeply flawed
trial of Ted Stevens, the longtime
U.S. senator from Alaska. In Octo-
ber 2008, Stevens was nearing the
end of his seventh term, and was
almost certain to be re-elected,
when he was found guilty of lying
on Senate disclosure forms about
the cost of renovations to his vaca-
tion home. Stevens’s name was
tainted, and he lost re-election, al-
tering the course of events in the
Senate.
Just six months later, it was re-
vealed that federal prosecutors had
concealed numerous pieces of evi-
Saturday/Sunday, November 18 - 19, 2017 | A11
taking office, he directed that un-
less a statute requires otherwise,
agencies may issue new regula-
tions only by rescinding two or
more existing regulations, with
net costs held to an annual bud-
get. His budget for fiscal 2017
was zero, which was easily met
after agencies issued few new
rules and lawmakers rescinded
many under the Congressional Re-
view Act. Now, an OMB directive
from Ms. Rao in September has
set a goal of “net reduction in to-
tal incremental regulatory costs”
in fiscal 2018.
The Trump regulatory budget
is still in beta version. Many tech-
nical and procedural issues re-
main to be worked out regarding
cost estimation, the timing of
new versus rescinded rules, and
the interplay of the regulatory
budget with the cost-benefit test
and the requirements of adminis-
trative law. As the new protocols
take shape, it is important to un-
derstand their potential for re-
versing the heretofore uninter-
rupted expansion of the
regulatory state.
Budget cutting is conventional
in business. Doing more next year
at 5% less expense is private-sec-
tor progressivism—a means of
pursuing continuous improve-
ment in operating methods and
market performance. But the ap-
proach is unfamiliar in govern-
ment, where budgeting is con-
ceived of as adding to an
inflation-adjusted baseline.
Even more alien in government
is considering the costs its rules
impose on others. The regulatory
agency’s ethos is to extend con-
trols to an ever-widening range of
entities and activities while tight-
ening them continuously along
every margin.
This mindset is by no means
universal, but it is the source of
many regulatory pathologies: in-
difference to the other worthy
purposes competing for the lim-
ited resources of regulated par-
ties; obliviousness to the unin-
tended, counterproductive ways
that markets and people respond
to the rules; and disdain for pri-
vate social and economic forces
that advance agency goals inde-
pendently and sometimes out-
flank them. The Clean Power Plan
was stayed by the Supreme Court
in February 2016—and U.S.
greenhouse-gas emissions have
since fallen by more than the
plan projected.
The cost-benefit standard is a
useful counterweight, but a
dence that very likely could have
resulted in Stevens’s acquittal.
Among the more egregious exam-
ples: Rather than call a witness
whose testimony would have sup-
ported Stevens, the government
flew the witness home to Alaska.
The prosecution also concealed that
its star witness had an illegal sex-
ual relationship with an underage
prostitute, whom he had asked to
lie about their relationship.
Henry Schuelke, the special pros-
ecutor I appointed to investigate the
misconduct, found that Justice De-
partment lawyers committed delib-
erate and “systematic” ethical viola-
tions by withholding critical
evidence pointing to Stevens’s inno-
cence. Yet Mr. Schuelke also found
that I was powerless to act against
the wrongdoers, because I had not
issued a direct, written court order
requiring them to abide by their eth-
ical and constitutional obligations to
disclose favorable evidence.
The experience led me to change
my own courtroom practice. I now
issue a detailed, standing Brady or-
der in every criminal case before
my court. This reminds the prose-
cutors who appear before me ex-
actly what is required of them, and
it ensures that any who intention-
ally withhold evidence can be held
accountable.
Over the past eight years, I have
regulatory budget goes much
deeper. It aims not only at re-
straint but at reforming agency
culture. Faced with a two-for-one
rule and a requirement to reduce
annual costs, regulators will be
obliged to monitor the effective-
ness of all their rules and to
make choices. There will be ef-
forts to game the system, as
there always are. But the best
game in town may be to shift
from maximizing rules to maxi-
mizing, within the budget con-
straint, environmental quality,
public health, workplace safety
and other regulatory goals. And,
in all events, there will be fewer
rules!
Many readers may be puzzled
that our tempestuous president
should preside over the princi-
pled, calibrated regulatory reform
described here. I have a hypothe-
sis. Perhaps our first business-
man-president, whatever his trou-
bles in dealing with Congress,
foreign leaders and other outside
forces, is comfortable and profi-
cient in managing his own enter-
prise, which is now the executive
branch. He devoted unusual per-
sonal attention to his regulatory
appointments, including those
whose programs did not figure in
his campaign strategy. He gives
his subordinates wide running
room, checks in with questions
and pep talks, and likes manage-
ment systems and metrics. He
may even understand that modern
presidents have become too pow-
erful for their own good and can
benefit from sharing responsibil-
ity with Congress.
I
t may all come to naught. Mr.
Trump’s officials may get
worn down and his regulatory
budget mired in bureaucracy. He
may eventually lose patience with
Congress and claim kingly prerog-
atives, as Mr. Obama did.
But if my hypothesis is correct,
it is more likely that he will go
further in making the administra-
tive state less stultifying and
“more constitutional.” He could,
for example, follow the Supreme
Court’s lead in the Clean Power
Plan case and require that all new
rules take effect only after legal
challenges have been resolved. He
could apply White House regula-
tory policies and budgeting to the
“independent agencies” such as
the FCC and Securities and Ex-
change Commission. He could re-
nounce the many instances of di-
rect executive taxing and
appropriation-free spending that
have grown in recent decades. He
could, rather than fussing over
his adversaries’ broadcast li-
censes, liberate all spectrum li-
censes from their antiquated, in-
novation-deadening use
restrictions.
The list is long of salutary reg-
ulatory reforms that are well
within the jurisdiction of our fed-
eral CEO. Pursuing them energeti-
cally could restore the good name
of executive initiative.
Mr. DeMuth is a distinguished
fellow at the Hudson Institute and
former president of the American
Enterprise Institute. He worked on
environmental policy and the cre-
ation of EPA in the Nixon White
House and was administrator of
the Office of Information and Reg-
ulatory Affairs under President
Reagan.
made concerted efforts to persuade
my colleagues on the federal bench
to do the same. In 2009 I urged
the Judicial Conference Advisory
Committee on the Rules of Crimi-
nal Procedure to propose amend-
ments requiring the disclosure of
all exculpatory information to the
defense.
But the committee chose not to
act, saying that the number of af-
fected cases did not suggest “that
the problem is so severe as to war-
rant a rule change.” While the egre-
gious intentional misconduct of the
Stevens case thankfully does not
happen every day, failure to comply
with constitutionally required dis-
closures does occur. Judges have a
responsibility to take action against
unethical prosecutors and to exer-
cise their supervisory authority to
prevent Brady violations before
they happen.
By mandating that judges
throughout New York issue Brady
orders, Chief Judges DiFiore and
Marks have taken a bold stance that
will no doubt be noticed by their
colleagues across the nation. It is
my hope that other states, and our
federal court system, soon will fol-
low New York’s lead.
Mr. Sullivan is a U.S. district
court judge for the District of Co-
lumbia.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A12 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Germany’s Green Energy Meltdown The Moore Mess Is a Subset of a Sad Polity

A
merican climate-change activists point to generate in parts of Germany that need the Regarding your editorial “The Roy charge in a political campaign without
to Europe, and especially Germany, as power the least, especially the north. Berlin will Moore Mess” (Nov. 15): America is a much challenge.
constitutional republic and, as such, WILLIAM E. TURNAGE
the paragon of green energy virtue. But need to spend another huge sum building trans-
Roy Moore’s acceptability as a senator Jacksonville, Fla.
they ought to look closer at mission lines to the industrial should be judged solely by the people
Angela Merkel’s political Voters promised a south. of Alabama, not editorial boards or Sen. Cory Gardner proclaims Mr.
struggles as she tries to form revolution get coal and providing The other costs relate to cynical, self-serving politicians. There Moore should be expelled from the
a new government in Berlin electricity when the is no way to prove or disprove the 40- Senate if he wins the election because
amid the economic fallout high prices instead. wind doesn’t blow and the sun year-old accusations regarding his he “does not meet the ethical and
from the Chancellor’s failing doesn’t shine, which is often conduct, which he denies, and it is moral requirements of the U.S. Sen-
energy revolution. in Germany. The traditional classically hypocritical that Democrats ate.” Apparently this is a new guide-
Berlin last month conceded it will miss its plants needed to fill in the gaps are overwhelm- condemn Mr. Moore when much line, as it didn’t exist when it might
2020 carbon emissions-reduction goal, having ingly fired by coal, on which Germany still relies worse sexual misconduct was proved have hurt Democrats in the Senate or
cut emissions by just under 30% compared with for roughly 40% of its power. to have been committed by Ted Ken- White House. Perhaps the Senate
nedy and Bill Clinton with nary a peep should publish these “requirements”
1990 instead of the 40% that Mrs. Merkel prom- Natural gas would be cleaner and is easy to
from the left. so we can review and hold our sena-
ised. The goal of 55% by 2030 is almost surely switch on and off. But gas is more expensive CLYDE HARKINS tors to these high standards.
out of reach. than coal, and the peak daytime consumption Corona del Mar, Calif. EMERY SALADIN
Mrs. Merkel’s failure comes despite astro- hours when gas could recoup that investment Wildwood, Mo.
nomical costs. By one estimate, businesses and are also the times utilities are more likely to be This is right out of the Democrats’
households paid an extra €125 billion in in- required to buy overpriced solar power. playbook that has been used many The lesson of the Mr. Moore mess
creased electricity bills between 2000 and 2015 As a result, natural gas accounts for only times. They even rerun the same isn’t just that Alabama Republicans
to subsidize renewables, on top of billions 9.4% of Germany’s electricity, down from a little scene of a teary woman in company of made a poor choice in nominating Roy
more in other handouts. Germans join Danes over 14% in 2010. Gas accounts for some 30% the same lawyer who was used the Moore for the Senate. The larger les-
in paying the highest household electricity of U.S. electricity generation, and the shift to last time. son is that Washington is now gener-
Mr. Moore may not be an attractive ally held in such low esteem by Ameri-
rates in Europe, and German companies pay gas from coal explains a majority of the reduc-
candidate, but notions of fair play cans that they are often willing to
near the top among industrial users. This is a tions in carbon emissions in U.S. generation aren’t reserved for those we like. By vote for any outsider knucklehead who
big reason Mrs. Merkel underperformed in since 2005, according to a report last month by failing to look at the creditability of comes along. Some get elected.
September’s election. the U.S. Energy Information Administration. the accusers, the Journal and others JOHN ENDEAN
Berlin has heavily subsidized renewable en- German households pay nearly 36 U.S. cents a give free rein to anyone to make a Washington
ergy since 2000, primarily via feed-in tariffs re- kilowatt-hour of electricity, versus an average
quiring utilities to buy electricity from renew- of 13 cents in America.
able generators at above-market rates. Mrs. No wonder voters are in revolt. Surveys say
Merkel put that effort into overdrive in 2010 that in theory Germans like being green, but Virtual Medicine Could Do a Lot More Good
when she introduced the Energiewende, or en- polls about household energy costs say other-
ergy revolution. wise. The right-wing Alternative for Germany In “The Hype of Virtual Medicine” doing well and when something is
(Review, Nov. 11), Ezekiel J. Emanuel wrong. This would eliminate the need
The centerpiece is the escalating emissions- (AfD) won a surprising 13% vote share in part
is right that medical technology isn’t for the types of “see you in three
reductions targets Germany now is missing, on a promise to end the Energiewende immedi- changing patient behavior. After all, month” checks, and ensure the pa-
which surpass the 20% reduction by 2020 to ately. A new study from the RWI Leibniz Insti- no home-monitoring device can roll tient gets seen as soon as a problem
which the rest of the European Union has com- tute for Economic Research finds that 61% of us out of bed, lace up our running develops.
mitted. The policy is also supposed to reduce Germans wouldn’t want to pay even one euro- shoes or remove the salty snacks That type of algorithmic analysis is
total energy consumption to 50% of the 2008 cent more per kilowatt-hour of electricity to from our cupboards. But high-tech being used in large hospital systems
level by 2050, with a 25% reduction in electric- fund more renewables. systems can do a lot more to improve today to notify physicians when a pa-
ity use. That was a tall enough order for an in- This is casting Mrs. Merkel’s coalition talks patient health than the doctor sug- tient on a medical or surgical floor is
dustrial economy. Then Mrs. Merkel made it into disarray. Her prospective Green Party part- gests. By blaming the limitations of likely to need ICU care the next day,
even harder in 2011, with a hasty promise after ners want to double down on Energiewende dis- technology and patient noncompli- but it isn’t available for patients to
Japan’s Fukushima disaster to phase out nu- tortions by banning coal, starting with the 20 ance, he’s overlooking the fundamen- use in their own homes. The reason is
tal problem: Med-tech systems are as senseless as it is damaging to our
clear power by 2022. most-polluting plants. Mrs. Merkel’s center-
designed around the needs of the de- health. Simply, developers fear mal-
Energiewende enthusiasts say the policy is right Christian-Democratic parties and the free- veloper, not the user. That’s made ev- practice suits. Every such data ana-
racking up successes despite the problems. market Free Democrats are willing to close 10 ident by the countless home-monitor- lytic approach is based on probability
That’s true only in the sense that if you throw plants at most, in recognition that more would ing devices that stream endless data analysis, and as such it will miss a
enough money at something, some of the cash strangle the economy of energy absent nuclear to busy doctors who don’t want it or problem on occasion. But it is far su-
has to stick. In electric generating capacity, for power after 2022. have the time to sift around for pos- perior to what happens today.
instance, renewables are now running almost Whatever agreement she works out, it’s clear sible abnormalities. But imagine a ROBERT PEARL, M.D.
even with traditional fuel sources. that German voters want more honesty about tool that tells the patient when he is Washington
Yet much of that capacity is wasted—only the cash-and-carbon costs of Mrs. Merkel’s
one-third of Germany’s electricity is actually green ambitions. If instead she recommits to
generated by renewables. Berlin has invested soaring energy costs and dirty-coal electricity, Where Is the FEC on DNC’s Abuse of the Law?
heavily in wind and solar power that is easiest expect another voter rebellion in 2021. Cleta Mitchell guidelines. This is
and Hans von Spa- the most clearly

A Blue Slip—Not a Franken Veto kovsky’s “Hillary

Clinton, the DNC
germane argument
in relation to Mrs.

T
and the Law” (op- Clinton, the DNC
he hits keep coming for Al Franken. At nees for district courts, whose authority is gen- ed, Nov. 13) obfus- and the law.
TOM WILLIAMS/CQ ROLL CALL

the same time folks are calling on the erally limited to one state, and appellate-court cates the intersec- Bernie Sanders
Minnesota Democrat to resign after he’s nominees, whose jurisdiction might span sev- tion of these wasn’t the only one
been accused of sexual assault, eral states. He implied that he topics. The meet- to lose out. Martin
the Chairman of the Senate Ju- Restoring an important is still inclined to give home- ing ground is clear. O’Malley, Lawrence
The most basic le- Lessig, Lincoln
diciary Committee is ending a Senate courtesy to state Senators more say over
gal infraction here Chaffee and Jim
Franken veto over judicial district nominees. But he is skirting Federal Webb at least de-
nominees. its rightful purpose. made clear he won’t let the Election Commis- Former DNC Chair Donna Brazile. served a fair shake.
Chairman Chuck Grassley blue slip become a substitute sion rules. FEC reg- I still want to be-
said Thursday that he’ll move for the filibuster, which Demo- ulations cap individual campaign con- lieve in an America that takes pride in
forward with a confirmation hearing for Minne- crats eliminated to pack the D.C. Circuit during tributions to individual candidates at free and fair elections.
sota Supreme Court Justice David Stras. Mr. the Obama years. a more austere level than what can be GRANT FEROWICH
Stras’s nomination to the Eighth Circuit Court The Iowa Republican also noted that only two contributed to a party. If one candi- Washington
of Appeals has stalled because of Mr. Franken’s of the 18 Judiciary Chairmen had allowed a single date had effective control over the
failure to return a “blue slip” signalling that a home-state Senator to stop nominees with blue party’s operations, were contributions
Senator doesn’t object to the nomination. Re- slips. When Joe Biden chaired the committee, he made to the DNC funneled dispropor- H-1B Enforcement Is Right
tionally to Hillary Clinton’s campaign?
publican John Kennedy has likewise not re- let President George H.W. Bush know that though
FEC rules expressly prohibit this type
And Helps American Labor
turned his blue slip for Kyle Duncan, a nominee a Senator’s decision to withhold a blue slip would of campaign-finance activity. While many have great sympathy
for the Fifth Circuit, but Mr. Kennedy isn’t trying weigh heavily in the evaluation of a nominee’s fit- Ms. Mitchell and Mr. von Spakovsky for Violet Tran’s desire to remain and
to block a hearing. ness, “it will not preclude consideration of that admirably introduce the convoluted work in America, the fact is that her
The Senate’s blue slip tradition spans a cen- nominee unless the Administration has not con- schema but they wound up burying the job isn’t one for which there is a
tury and is meant to encourage consultation be- sulted with both home state Senators prior to lead. Since everyone is to be treated shortage of U.S. citizens ready, will-
tween the White House and Senate on nominees. submitting the nomination to the Senate.” equal under the law according to our ing and able to fill it (“Trump’s de
But Mr. Franken is using the blue slip as an ideo- That’s the approach Mr. Grassley is following, Constitution, I fail to discern the faint- Facto Small-Business Tax,” op-ed,
logical veto. and it restores a Senate courtesy to its rightful est reason why it would not be applied Nov. 15). President Trump ran on a
Mr. Grassley distinguished between nomi- purpose. and enforced in the case of persons platform that included a review of
wittingly or unwittingly violating FEC the H-1B program with the goal of re-
ducing the number of foreign workers

The Menendez Mistrial Faith and Other Resources

taking jobs from our labor force.
It seems only fair and reasonable

V
that the president serves the needs
arious ethicists are pronouncing shock for Melgen over a Medicare coverage decision, For Overcoming Adversity and interests of our country and only
that a federal jury failed to convict New the Department of Health and Human Services Meg Jay’s essay “The Secrets of Re- extends this visa program, as it was
Jersey Senator Robert Menendez on listened but rejected the Senator’s pleas. Mel- silience” (Review, Nov. 11) resonates originally envisioned, to individuals
corruption charges, resulting gen was convicted of Medicare on many levels. All the successful peo- with highly specialized technical ex-
in a mistrial Thursday after The charges were thin fraud in a separate trial in ple I’ve known have the ability to pertise not otherwise available. The
the jury ended up hung 10-2 problem solve, persevere and persist result of this effort will benefit both
for acquittal by one juror’s ac-
against the Iran deal’s April. Prosecutors and political in the face of adversity. The secret is the home countries of these bright
to find what you’re good at as early and energetic young workers, while
count. But our readers weren’t main Democratic critic. partisans claim it is becoming
as possible in life. Then seek out oth- allowing Americans to pursue their
surprised, since we wrote as impossible to convict a politi- ers who care about you and can help dreams.
early as April 2015 that the cian of corruption, but that’s you—mentors, teachers and friends. WES POTTER
charges were thin and deserved “more than a an exaggeration and ignores that prosecutors Last, plan how to grow these talents Natick, Mass.
little skepticism.” too often abused the law to put politicians in the with realistic goals. Maybe the es-
The New Jersey Democrat isn’t a model pub- dock. They so broadly defined “honest services” sence of life is struggle. It’s a teacher
lic servant, and the details of his support for his fraud that a jury could interpret it as a politician that leaves an indelible impression— Pepper ...
longtime friend Salomon Melgen, a Palm Beach doing anything for a donor. one that can serve us well in both our
doctor and Democratic Party donor, aren’t Mr. Menendez thanked the jury on Thursday, personal and professional lives.
And Salt
pretty. He supported visa applications for Mel- though it’s a shame he indulged in the race card LARRY SLEEP THE WALL STREET JOURNAL

gen’s overseas girlfriends—Brazilian ac- by claiming that “certain elements of the FBI Santa Barbara, Calif.
tresses—and interceded with government offi- and of our state cannot understand, or even
Throughout America’s history,
cials on behalf of his business interests, among worse, accept that the Latino kid from Union faith has lifted countless everyday
other things. City and Hudson County can grow up to be a folks, as well as presidents, astro-
Few of these facts were in dispute during the United States Senator and be honest.” The late nauts, prisoners of war, scientists,
nine-week trial, but the question for the jury GOP Senator Ted Stevens could tell him that etc. Our faith can provide a dramatic
was whether this behavior is a crime. Prosecu- prosecutorial abuse doesn’t need race as a mo- role in overcoming the inner strug-
tors claimed they amounted to quid-pro-quo tive. (See Judge Emmet Sullivan nearby.) gles we all face.
corruption, but Mr. Menendez replied that they The Menendez indictment also suffered from ROBERT MILLER
were routine constituent service or the result suspicious timing, coming as it did when the Maitland, Fla.
of a 25-year friendship. Senator was the ranking Democrat on the For-
Most of the jurors sided with the defense, eign Relations Committee and among the skep- Letters intended for publication should
and that’s not surprising after the Supreme tics of Barack Obama’s Iran nuclear deal. He had be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Court narrowed the definition of bribery and to step back from his committee role after the or emailed to wsj.ltrs@wsj.com. Please
corruption in its landmark Skilling (2010) and indictment. Prosecutors will want to retry the include your city and state. All letters
McDonnell (2016) cases. Prosecutors now have Senator to vindicate their charges, but the bet- are subject to editing, and unpublished
to prove a genuine bribe or a specific, clear ter part of the law and wisdom calls for drop- letters can be neither acknowledged nor “I cherish my creamer-stirring
returned.
quid-pro-quo. In Mr. Menendez’s intervention ping the case. as a moment for quiet reflection.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A13

OPINION

Alabama Women, Say No to Roy Moore

of rape, harassment and exposing rise up. It has to do with the victims
himself, but his party backed him Moore chose.
and he kept the presidency. Demo- Who were the girls he targeted? In-
cratic Sen. Al Franken was credibly terestingly, this tribune of the com-
DECLARATIONS accused Thursday, by an anchor at mon folk and their earnest, believing
By Peggy Noonan KABC radio in Los Angeles, of grop- ways allegedly preyed mostly on the

A
ing and harassing her on a USO tour unprotected. He chose young women
labama has its back up, or in 2006. When she resisted him, Lee- he could push around. Some came to
at least its Republicans and ann Tweeden wrote, “Franken repaid him at his law office, bringing with

JONATHAN BACHMAN/GETTY IMAGES

conservatives do, and it’s
understandable. They don’t
like when Northerners and
liberals and people in Washington tell
them who their senator should be.
They don’t like when reporters from
outside come down and ask questions
and turn over rocks looking for what’s
crawling on the underside. There’s al-
ways an underside. Man is made from
crooked timber.
This tribune of the
common folk and their
earnest ways allegedly
preyed on the unprotected.
People from the Deep South feel
culturally patronized. This is because
they are. Reporters from outside don’t
admire or relate to them; when a
Washington Post journalist presented
as fact, in a 1993 news report, that
evangelical Christians are “largely
poor, uneducated and easy to com-
mand,” you know he was thinking of
Southern evangelicals. Hollywood has
long cast Southerners as witless and
brutish in films from “Inherit the
Wind” to “Deliverance” and “Missis-
sippi Burning.”
Politically, Southern conservatives
have long decried a double standard.
Ted Kennedy spent much of his life
as a somewhat inebriated roué
whose actions caused the death of a
young woman, but now we’re in-
structed to call him the Lion of the
Senate. Bill Clinton was worse than
Roy Moore. Mr. Clinton was accused
me with petty insults,” and took an them all the problems of broken
obscene photo of her on the way America—child-custody fights, violent
home, as she slept. Will the liberal divorces, bounced checks. They
media dig into Mr. Franken as they worked at Red Lobster, at a mill, on
have dug into Mr. Moore? Or is he the night shift at Sears.
too good a source and friend? A thing about predators, from the
Alabama Republicans are accused men of the Catholic Church sex scan-
of mere tribalism in sticking with Mr. dals to the man cruising the mall, is
Moore, who has been accused of re- that they never prey on the protected.
peated sexual predation on teenage Roy Moore in Jackson, Ala., Nov. 14. They don’t prey on the daughter of
girls. But serious policy issues are at the biggest family in town, the child
play in the December election, includ- If you care about late-term abor- what he stands accused of doing. His of the man who owns the factory or
ing ones that have to do with our tion, that is enough reason to oppose “porn,” his addiction, was cruising the local newspaper. They tend to
character as a nation. Here is one. Ala- Mr. Jones. It is not surprising that Mr. malls for young women, often teenag- prey on kids with no father in the
bama is one of the most pro-life states Moore’s supporters would stick with ers. His “attacking children” was mov- home.
in the nation. Alabamans take abortion him when seen through that light. ing sexually on those young women Tina Johnson “was 28 years old, in
seriously and are profoundly opposed But still: It won’t do. All the above and leaving them damaged. a difficult marriage headed toward di-
to partial-birth abortion, the aborting having been said, Alabamans who Women around the world are mov- vorce, and unemployed,” AL.com re-
of a child so late in gestation that it continue to back Mr. Moore are mak- ing against predators, harassers, bul- ported of the latest accuser, Wednes-
could survive outside the womb, with ing a terrible mistake. lies, rapists. It is inspiring. The legali- day. “She was at the office to sign
or without medical assistance. Just because something is under- ties of the Alabama race may be at an over custody of her 12-year-old son to
Most of Europe outlaws late-term standable doesn’t mean it’s right. The impasse, but it would be good to see her mother.”
abortion. They see the very idea of it charges against Mr. Moore are not Republican women in the state lead a As they left the office, she said, Mr.
as barbaric. As it is. only serious; they are completely charge and insist on someone else. Moore molested her. She told no one,
Roy Moore is against partial-birth credible. Find another conservative. There are not even her mother.
abortion. His Democratic challenger, If you read the original Washington plenty in Alabama. That is a tell, that she didn’t tell
Doug Jones, was asked his position by Post story, you know it was rigorously I put it on the women because Re- her mother. They almost never tell
Chuck Todd, in an interview in Sep- reported, with great care and profes- publican men there right now are lost. the mother. She’s got enough going
tember on MSNBC. sionalism. Four women who did not They are busy playing to every stereo- on. Maybe she can’t handle more.
Mr. Todd: “What are the limita- seek out the press, who did not know type every bigot ever held about Maybe she’s not interested in han-
tions that you believe should be in the each other, and who surely guessed them. They are busy comparing Roy dling more.
law when it comes to abortion?” going public would bring them noth- Moore and his victims to St. Joseph Often the victims had had brushes
Mr. Jones replied: “I am a firm be- ing but grief, came forward and pro- and the Virgin Mary. They are busy with the law. Predators can smell that:
liever that a woman should have the vided first-person details that estab- leaving phone messages falsely claim- It means no one will believe them if
freedom to choose what happens to lished a pattern. Thirty people ing to be Washington Post reporter they talk.
her own body.” corroborated details. This is not attack “Bernie Bernstein,” offering big cash Roy Moore targeted the deplorables.
Mr. Todd: “You wouldn’t be in fa- journalism. It is great journalism. for dirt on Mr. Moore. They are busy They were people with no sway, no
vor of legislation that said ban abor- If Roy Moore had a long and dem- saying they’d vote for any Republican pull. Some of them, in the presidential
tion after 20 weeks or something like onstrated history of randomly attack- over a Democrat. Gotta be loyal to election, voted for Donald Trump.
that?” ing children with a baseball bat, or if your own. There are better conservatives in
Mr. Jones: “I’m not in favor of any- the FBI announced it had found in his They have been busy making them- Alabama than Roy Moore. Republican
thing that is going to infringe on a possession a stash of child porn, selves look like fools. women, rise up and raise hell. That
woman’s right and her freedom to Moore supporters would never back There is another reason Republi- would be real loyalty, and to those
choose.” him. But that, in a way, figuratively, is can and conservative women should who are really your own.

Philanthropy Booms in the Trump Era—but It Also Gets Political

By James Piereson As of August, total commitments ex- largest gatherings of nonprofit lead- Manhattan Institute report published lanthropy mirrors changes in the
And Naomi Schaefer Riley ceeded $700 million, “not including ers in the country, Ellen Alberding, earlier this year, left-leaning policy wider political landscape. In the past,

T
he Trump administration has
turned out to be a bonanza for
the nonprofit world. Liberal
groups like the American Civil Liber-
ties Union and Planned Parenthood
have reported great fundraising suc-
cess since last year’s election. In addi-
tion, many large foundations have de-
cided to direct hundreds of millions
of dollars toward new ventures to
combat the supposedly ill effects of
administration policies. Though few
Such advocacy fails
to provide direct
and tangible benefits
to individuals in need.
conservatives will applaud the aims
of these campaigns, the expenditures
have ironically helped to demonstrate
a core conservative principle: When
government steps back, private
money often fills the void.
A few leaders in the liberal philan-
thropic world saw this dilemma ap-
proaching. After the 2016 election,
Caleb Gayle, a former program officer
at the George Kaiser Family Founda-
tion, argued in the Chronicle of Phi-
lanthropy that the nonprofit sector
shouldn’t spend more to make up for
gaps in government funding. Instead
he counseled exercising “strategic re-
straint.” Why? “To many founda-
tions,” he wrote, “it might seem cruel
to resist calls to spend more . . . But
if grant makers start to far exceed
the 5 percent annual minimum, they
will validate the conservative desire
to strip money from government an-
tipoverty measures.”
This summer, the Chronicle col-
lected information on “foundation ac-
tions taken in direct response to
Trump administration policies or
more generally linked by grant makers
to the current political environment.”
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Gerard Baker
Editor in Chief
Matthew J. Murray
Deputy Editor in Chief
DEPUTY MANAGING EDITORS:
Michael W. Miller, Senior Deputy;
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Washington; Andrew Dowell, Asia;
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Paul A. Gigot, Editor of the Editorial Page;
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WALL STREET JOURNAL MANAGEMENT:
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EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
those by groups that announced pro- president of the Joyce Foundation,
portional increases in grant making told a cheering audience, “founda-
but did not give dollar amounts.” tions could and should be more ag-
These grants include $375 million gressive on the advocacy front on the
from the Bill and Melinda Gates issues they really care about.” Brian
Foundation for “responding to Trump Gallagher, chief executive of United
administration plans to cut federal Way Worldwide, expanded this mes-
spending on international family sage beyond foundations to nonprof-
planning”; $100 million from the its generally: “If you don’t have a pol-
Omidyar Network to “support inves- icy strategy, then you don’t have a
tigative journalism, help citizens en- mission and purpose.” Philanthropy,
gage with government, and reduce in other words, is politics in a differ-
hate speech”; and $35 million from ent guise.
the California Foundation, which is While they would presumably ar-
“shifting its entire grant-making bud- gue that such advocacy brings bene-
get to focus on access to health care fits to those on the margins of soci-
for Californians, including immi- ety in the long run, it does not
grants; maintaining the social safety provide the direct and tangible bene-
net for low-income residents; and fits that improve the material, spiri-
preventing hate crimes.” tual and intellectual lives of individu-
Between new money given to com- als right now. This is one reason why
bat discrimination, climate change it is disappointing that the assets
and “fake news,” and funds to pro- controlled by left-leaning foundations
vide for abortion and other liberal vastly outweigh those controlled by
advocacy groups, liberal foundations right-leaning ones. According to a
are doing a great deal to make up for
any reductions in government money
going toward these causes. Moreover,
according to the Chronicle, “the Ford
and MacArthur funds said their
For GE Investors, Growth in the Spring
grant-making strategies were already Don’t believe in
aligned with the challenges posed by magic. The secret
the current political and economic revealed in GE’s
environment.” troubles is that
But mega-spending by billionaire there is no secret.
family foundations is not exactly General Electric
what most people, let alone conser- fared brilliantly
BUSINESS
vatives, have in mind when they think two decades ago
WORLD
about the private sector filling the under Jack Welch
By Holman W.
void where government falls short. because he steered
Jenkins, Jr.
They think about churches running it into growing
soup kitchens or the YMCA providing businesses in a
temporary housing for the homeless. booming global economy, then
They think about private citizens do- whipped his underlings to control
nating money and time to everything costs and extract profits. Any syner-
from foster-care agencies to drug- gies from a lower cost of capital or
treatment centers. mastering the arcana of tax regula-
While some liberal philanthropies tion were probably a small factor in
help people who are genuinely in his success.
need, a great deal of their money has His methods were always going
been diverted instead to political ad- to be hard for his successors to
vocacy. At last year’s annual meeting replicate. Competition from private
of Independent Sector, one of the equity for undervalued business op-
portunities is greater. Other compa-
nies use the same whips now to
mobilize employees. A certain
CNBC host used to debunk corpo-
Robert Thomson rate tax reform because companies
Chief Executive Officer, News Corp like then-parent GE seldom pay the
William Lewis statutory rate. In fact, curbing
Chief Executive Officer and Publisher wasteful tax-minimization strate-
DOW JONES MANAGEMENT: gies is the best argument for tax
Mark Musgrave, Chief People Officer; reform. In any case, Corporate
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
America (especially Silicon Valley)
Katie Vanneck-Smith, President has long since caught up with GE in
OPERATING EXECUTIVES: this department.
Ramin Beheshti, Product & Technology; Under Jeffrey Immelt, GE suf-
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services; fered a pretty ordinary case of a
Steve Grycuk, Customer Service; company being in markets that
Kristin Heitmann, Transformation; didn’t grow as expected, especially
Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International power. And a good bit of successor
DJ Media Group: John Flannery’s turnaround, the
Almar Latour, Publisher; plan for which was unveiled this
Kenneth Breen, Commercial
Professional Information Business: week, will actually consist of wait-
Christopher Lloyd, Head; ing till things get better.
Ingrid Verschuren, Deputy Head Unlike Mr. Immelt, though, he has
the advantage of being able to bash
previous management in the mean-
time. Staff at the power division are
foundations such as Rockefeller and
Carnegie control about $38.38 billion,
compared with $7.41 billion for those
that lean right, such as the Charles
Koch and Earhart foundations.
Not only does this mean less long-
term funding for, say, voucher pro-
grams that directly help low-income
families; it means less support for all
sorts of educational institutions and
social-service groups that shun gov-
ernment funding. This trend coin-
cides with the disappearance of small
religious institutions in areas where
they are most needed. Catholic par-
ishes and schools in inner cities have
been consolidated, some shutting
their doors. Evangelical churches in
Appalachia often find their pews
empty as the young move away or
abandon religious commitments. Ef-
forts to address these trends are un-
likely to find much sympathy at left-
wing philanthropies.
The evolving focus of liberal phi-
singled out for being slow to re-
spond to falling turbine shipments,
etc. But it wasn’t staff that decided
to saddle GE with the turbine busi-
ness of France’s Alstom two years
ago. And what to make of French
Minister Arnaud Montebourg’s
comment that the GE-Alstom deal
represented “the return of the
state in the economy”? Mr. Monte-
bourg opposed GE’s bid at first,
then ended the fight by allowing
three of Alstom’s units to become
joint ventures of GE and the
French state. Mr. Immelt even
promised that GE, which usually
cuts costs and consolidates opera-
tions, would create 1,000 additional
jobs in France.
GE struck a similarly ill-starred
bargain last year for a controlling
stake in oil-field services outfit
Baker Hughes, hoping to catch a re-
bound in oil prices. It didn’t happen
but still might, in which case Mr.
Flannery may well shelve plans to
dump the stake when contractually
permitted to sell in 2019.
Mr. Flannery is said to be hard-
headed and probably is. Half his job
now is to beat down the stock price
and blame previous management,
then wait for things to look up.
He receives only lukewarm
plaudits from Wall Street for his
promise to make GE smaller, with
fewer ways to stumble in the fu-
ture. Any philosophizing about
what businesses are “core” to GE
was always a bit of a show. The
“core” businesses are those that
stand to make Mr. Flannery look
good a year or two from now.
Electricity demand is expected to
increase 50% in the next 20 years;
GE turbines generate one-third of
the world’s electric power. You
would be crazy to sell this busi-
ness at a price depressed by a
liberal advocacy efforts were heavily
focused on preserving funds for anti-
poverty programs. But that focus
seems increasingly dated as support
for a wide social safety net consoli-
dates, to the point that existing pro-
grams are increasingly difficult to cut
or even reform.
Liberal philanthropists today are
absorbed in a network of new
causes: abortion rights, climate
change, income inequality, immi-
grant rights, regulation of the inter-
net, the elimination of “hate,” and
other social and identity-based proj-
ects. Without a counterbalance pro-
vided by right-leaning philanthro-
pies, expect private money to flow
even more asymmetrically toward
ever more radical causes.
Mr. Piereson is a senior fellow at
the Manhattan Institute. Ms. Riley is
a senior fellow at the Independent
Women’s Forum.
passing episode of mismanage-
ment, especially when it has
strong technical overlap with GE’s
aircraft-engine business.
What do these have to do with
medical devices? Nothing, but GE
will be keeping medical devices too,
because the division is doing well
and Mr. Flannery ran it.
Whether GE is a sensible con-
glomerate is a question that occu-
pies theorists. From today’s position,
cyclical and management improve-
ments alone ought to be able to pro-
vide shareholders a return on their
now-depressed holdings.
What strategic suspense remains
concerns Mr. Immelt’s digital strat-
egy, subject of so many curious
commercials featuring wispy mil-
lennials explaining their jobs to
their dads.
He spent $4 billion on an “in-
dustrial internet” to monitor the
performance of turbines and other
devices down to their smallest
parts, greatly economizing on
maintenance and downtime. But
GE’s “Predix” software proved
buggy. The company had to call a
two-month “timeout” earlier this
year. And customers were confused
why a software “service” came
with so many equipment-purchase
obligations. Eventually, too, GE
dumped its own expensively built
server farms in favor of Amazon
Web Services. Shareholders, of
course, have yet to see a return
from any of this.
Mr. Immelt was surely correct
that digital technology will revolu-
tionize heavy industry. Whether GE
really has much to offer against
nimbler startups with names like
Uptake and Flutura remains a ques-
tion. Never mind. What will really
make Mr. Flannery’s tenure is to-
day’s battered down stock price.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
From left, Tottenham’s Eric Dier,
Mousa Dembele and Dele Alli walk
off the pitch after a 1-0 defeat to
Manchester United on Oct. 28.

OLI SCARFF/AGENCE FRANCE-PRESSE/GETTY IMAGES

SOCCER

Spurs’ Revival Cursed by Bad Timing

Tottenham is enjoying its best run in decades but has no title to show for it, thanks to chaos at the top of the Premier League
cio Pochettino said late last season. “We tories in 38 games. ing to keep his personal record intact when
BY JOSHUA ROBINSON
need time to try to create a strong team, a Now Tottenham has to deal with Pep the two rivals meet at Emirates Stadium on
strong club, a strong mentality.” Guardiola’s undefeated Manchester City Saturday.
ONLY ONE TEAM in the English Premier Which is why Tottenham’s best shot at a side, which is blowing away opponents for “Our challenge, our aim, is to win, not
League has spent nearly every moment of title might have come too early. In 2015-16, fun and leads Europe’s five major leagues in only to beat Arsenal,” Pochettino said last
the past 2½ seasons locked in a title race. one season after Pochettino’s arrival, every scoring. It hasn’t helped matters that Tot- season when it became mathematically im-
It’s a club that has developed one of the other big club in England seemed to fall tenham’s temporary move to Wembley Sta- possible for the Gunners to overtake his
most exciting attacks in the country and one apart at the same time. By spring, the title dium jarred the club into dropping seven side. “It’s to [beat] the 19 other teams
of its meanest defenses. It has genuine su- was Tottenham’s to win if it could just hold points in its first three home games. against us in the Premier League.”
perstars for the first time in a generation. its nerve and keep the pressure on Leicester Still, since the beginning of the 2015 sea- Tottenham’s general improvement the past
And its drill-sergeant manager is turning City. Unfortunately for Spurs, they happened son, only Manchester City has posted more couple of seasons recently sparked a conversa-
the heads of the biggest clubs on the conti- to catch the one season out of 132 when total points than Tottenham—and even then tion at the club around the term “Spursy.” For
nent. Somewhere along the line, all of that Leicester defied the odds to win the title. the gap is only two. Spurs have been 10 years, it has served as convenient shorthand
probably should have turned into a champi- The following year, Tottenham was even points better off in that time than Arsenal, for the club’s habit of being capable of great-
onship for Tottenham Hotspur. more dangerous as forwards Harry Kane and 13 better than Chelsea and a full 15 better ness, but just as likely to trip over its own
But Tottenham remains without a cham- Dele Alli evolved into world-beaters. Spurs than Manchester United. And yet, Totten- shoelaces. Losing to Crystal Palace, as it nearly
pionship in the Premier League era, despite led the league in scoring on the back of ham has nothing to show for itself. did earlier this month, in the same week it
the fact that Spurs have lost fewer games Kane’s 29 goals in 30 appearances, plus 18 So the club has had to satisfy itself with beat Real Madrid in the Champions League,
than any team in the country since the start from Alli and 14 more from Son Heung-Min. small, but significant benchmarks, such as for instance, would have been textbook Spursy.
of the 2015-16 campaign. The club also conceded the fewest goals in all finally breaking the hoodoo its neighbor Ar- “To be honest I have heard of the ‘Spursy’
The problem is that Tottenham’s strongest four professional divisions of English soccer. senal lorded over it. Spurs finished above term,” Pochettino said this month. “I’ve heard
spell in decades happens to overlap with the So what happened? How did Spurs’ first the Gunners last season for the first time in people say we are not that anymore. In the
most chaotic period in Premier League his- league title since 1961 elude them that time? 22 years, which prompted plenty of Arsenal last few years I’ve heard more and more peo-
tory. Instead of lifting trophies, the club Well, English soccer’s state of chaos hand-wringing over a possible shift in the ple say that. The challenge is to keep the
charged headfirst into new and confusing ob- caught up to it again. balance of power. good times as it’s a great club.”
stacles like the Leicester City miracle, a mys- Chelsea, after being so disastrous under How much that matters to anyone outside “All those people like the fans and staff
teriously revived Chelsea side, a historically Jose Mourinho a season earlier, recovered in of North London is debatable, but it has who love Tottenham feel disappointed for
brilliant Manchester City and even Totten- spectacular fashion. Under manager Antonio done plenty for the Tottenham’s self-esteem. this history of the club,” he added. “There is
ham’s own stadium. Conte, virtually the same squad of players Pochettino has never lost to the Gunners in a view of Tottenham in the past we are try-
“We need to be patient,” manager Mauri- bludgeoned the Premier League with 30 vic- six Premier League meetings and he’s hop- ing to change things.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. THE COUNT
d
Edmonton 0s <0
•
RECEIVERS ARE
V
Vancouver Calgary
0s
10s
30s 10s
ip
Winnipeg

DRIVING FANTASY
Seattle
ttl 20s
30s
Portland
P d 30s
l
Helena Montreal
50s Ottawa

OWNERS INSANE
Bismarckk 20s 40s
A g t
Augusta
g
Eugene Boise
i 20s Billings Mpls./St.
pls //St. Paul
P
Pa T
Toronto A bany
b y
Albany t
Boston 50s
50s 40s
oux FFalls
Sioux ll k
Milwaukee rtford
Hartford 60s
30s P
Pierre Detroit
t Buffalo
ff l
New Yorkk
ew Y 70s
60s Reno Cleveland
C d
Salt La
Lake
Lake City
C 20s Cheyenne
es Moines
Des i h g
Chicago
Pittsburgh Ph
hil d lph
hi
b g Philadelphia
Fantasy football’s popularity has grown in
h
Omaha 80s
Sacramento
Denver
Indianapolis
di p li 50s recent years with pinball scoring driven by the
40s 30s hington
hi gton D.C.
Washington DC 90s
San
an Francisco
Colorado
C d Topeka p d
Kansas Springfield most dominant position in the sport—wide re-
Cityy
Cit Charles
h
Charleston h d
Richmond 100+
50s
Las
Veg
Vegas
Springs
40s St.. Louis
L
Lou Louisville
L
Lou ill ceiver. But if you’re wondering why your team
l igh
h
Raleigh
Los A
Angeles
Angel
Wichita
hit 60s doesn’t seem very good and Sundays are in-
Santaa Fe Nashville
h
80s Phoenix
Ph LLittle
ittlee Rock Ch l
Charlotte creasingly filled with disappointment, the an-
Albuquerque kl homa
om City
Oklahoma City Memphis
ph Warm Rain
San Diego Atlanta C l bbi
Atl t Columbia swer is simple: Wide receivers have stopped
70s 80s
Birmingham
i gh
Tucson
Tuc Ft. Worth Dallas
D ll Jackk
Jackson
Cold
putting up points.
El P
Paso 70s 80s T-storms
bil
Mobile Jacksonville The last time there were fewer productive
Austin
A ti 80s
0s Houston Stationary NFL wideouts was 1991. Julio Jones is having a down year.
Orlando
l d Snow
10s -0s New
w Orleans
ew
Tampa 80s This season through Week 10, no receiver
70s
Missing in Action
an Antonio
San A
20s Anchorage
A h g Honolulu
l l 70s Miami
Showers Flurries is averaging 100 yards per game. As recently
30s 80s as 2014, there were four.
Ice
Number of receivers averaging 100+ yards per
There are only three wide receivers averag- game and 80+ yards per game:
ing 80 or more yards per game: Antonio
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W Brown (Steelers, 98.0), DeAndre Hopkins (Tex- SEASON 100+ YPG 80+ YPG
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; ans, 89.2) and Adam Thielen (Vikings, 88.1). 2017* 0 3
Omaha 48 25 s 53 36 s Frankfurt 43 35 sh 44 35 sh
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 80 59 s 78 50 pc Geneva 46 32 pc 43 33 c From 2012 to 2015, there were 10 or more re- 2016 1 5
Today Tomorrow Philadelphia 55 50 r 55 36 pc Havana 83 63 pc 82 63 pc
City Hi Lo W Hi Lo W Phoenix 80 54 pc 80 55 s Hong Kong 79 66 sh 72 66 c
ceivers each year averaging 80 or more yards 2015 2 10
Anchorage 24 13 c 24 16 sn Pittsburgh 56 36 r 38 26 sf Istanbul 63 52 c 59 50 sh per game, according to Stats LLC. Granted, 2014 4 13
Atlanta 70 42 pc 54 32 s Portland, Maine 44 41 r 53 24 r Jakarta 89 74 sh 92 76 t Brown broke through with 144 yards and 2013 2 12
Austin 79 43 s 65 39 s Portland, Ore. 50 38 c 50 44 r Jerusalem 73 53 pc 68 50 pc
Baltimore 56 49 pc 54 34 pc Sacramento 61 36 s 61 48 pc Johannesburg 77 52 s 82 58 pc
three touchdowns on Thursday night against
2012 1 10
Boise 47 29 pc 50 40 pc St. Louis 63 30 sh 45 32 s London 48 37 pc 47 43 pc the Titans, but those types of games increas-
Boston 50 48 r 55 31 r Salt Lake City 44 25 pc 49 34 s Madrid 68 36 s 64 36 s ingly seem like outliers rather than the norm. 2011 1 7
Burlington 44 39 r 47 23 r San Francisco 61 47 s 62 54 pc Manila 90 78 sh 90 78 pc 2010 0 5
Charlotte 66 44 pc 57 30 s Santa Fe 50 21 s 52 24 s Melbourne 82 62 t 82 61 pc
The question is, “Why?”
Chicago 48 28 r 35 28 s Seattle 51 43 c 50 40 r Mexico City 76 44 s 68 44 pc The easy answer is that quarterback play *Through Week 10 Source: Stats LLC; WSJ
Cleveland 55 35 r 38 28 sn Sioux Falls 39 20 s 47 28 s Milan 54 34 s 52 34 s is at an all-time low due to top passers get-
Dallas 70 42 s 63 41 s Wash., D.C. 59 51 pc 54 35 pc Moscow 37 33 c 36 30 c
Denver 47 26 s 59 29 s Mumbai 93 78 pc 93 80 pc
ting hurt or aging out of excellence. But the
league-wide passer rating is barely different choice, as teams are increasingly stockpiling qual-
Detroit
Honolulu
54 33 r
81 68 pc 82 68 s
38 27 sf
International Paris
Rio de Janeiro
50
94
42 pc
75 s
48 38 pc
88 72 sh now (86.7) than in the peak-WR year of 2014 ity defensive backs through the draft, according
Houston 83 47 pc 67 44 s Today Tomorrow Riyadh 80 55 s 79 55 c
Indianapolis 60 29 r 37 26 pc City Hi Lo W Hi Lo W Rome 60 41 s 58 42 pc
(87.0) Others point to formations with more to Pro-Football-Reference’s statistical analysis.
GRANT HALVERSON/GETTY IMAGES

Kansas City 49 29 sh 52 38 s Amsterdam 48 42 sh 48 41 sh San Juan 85 74 sh 84 76 sh wide receivers on most plays. Note, however, The idea is to nab someone like Saints rookie
Las Vegas 64 41 pc 65 47 pc Athens 63 54 t 63 54 t Seoul 34 23 s 38 30 pc that the percentage of three-WR sets in 2014 cornerback Marshon Lattimore, who has trans-
Little Rock 71 38 c 57 33 s Baghdad 80 56 pc 78 62 c Shanghai 54 42 c 56 48 pc
Los Angeles 77 55 s 75 55 pc Bangkok 94 80 s 91 78 c Singapore 87 74 t 88 76 pc was 59.6% and this year it’s 62.1%, actually formed the team’s defense into one of the top
Miami 83 66 s 84 68 s Beijing 43 20 s 44 22 c Sydney 73 66 t 75 64 pc down from last year (65.7%). units in the league this year. Lattimore joins the
Milwaukee 43 27 sn 35 27 pc Berlin 42 36 pc 43 35 sh Taipei 74 62 r 66 65 r But quarterbacks are throwing less to all growing stable of corners league wide capable of
Minneapolis 35 19 pc 38 29 s Brussels 46 35 sh 46 36 pc Tokyo 56 45 r 52 41 pc
Nashville 69 36 t 48 27 s Buenos Aires 67 50 s 79 51 s Toronto 47 35 r 38 27 c wide receivers than in any year since 2010, locking down an opposing team’s top wideout—
New Orleans 80 50 pc 63 46 s Dubai 88 72 s 88 70 s Vancouver 49 43 sh 48 36 r just 57.2% of the time, according to Stats. and making fantasy lineups seem more barren
New York City 54 51 r 55 35 pc Dublin 46 36 sh 48 46 pc Warsaw 41 35 sh 40 33 sh This may be out of necessity rather than than ever. —Michael Salfino
Oklahoma City 58 32 s 60 36 s Edinburgh 45 30 pc 44 34 r Zurich 43 31 pc 41 29 sh
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
WEEKEND INVESTOR B5 | MARKETS DIGEST B6 | HEARD ON THE STREET B11

TECH GOOGLE EXPANDS IN JAPAN B4 PROFILE BROOKFIELD PUSHES BACK B10

© 2017 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Saturday/Sunday, November 18 - 19, 2017 | B1
DJIA 23358.24 g 100.12 0.4% NASDAQ 6782.79 g 0.2% STOXX 600 383.80 g 0.3% 10-YR. TREAS. À 3/32 , yield 2.352% OIL $56.55 À $1.41 GOLD $1,295.80 À $18.40 EURO $1.1793 YEN 112.11

Wells Fargo Fires

A Top Official
BY EMILY GLAZER tives as a sort of parting gift
AND ALLISON PRANG for years of service. They can
add up to several years’ worth
Wells Fargo & Co. fired its of pay in stock grants, options
head of consumer lending, and bonuses all at once. In re-
Franklin Codel, for critical cent years, banks have clawed
comments he made about reg- back or withheld such pay-
ulators to a former employee, ments from executives when
according to a people familiar their conduct leads to regula-
with the matter. tory fines or losses.
The abrupt dismissal of the The restrictions on the pay-
23-year Wells Fargo veteran, ments at Wells Fargo affected
one of the top dozen officials Mr. Gwizdz, who had led the
at the bank, highlights the national sales team for the
tense environment at the bank’s mortgage division, one
lender as it sorts through a va- of the people said.
riety of regulatory probes Regulations of golden para-
stemming from sales-practice chute payments for the
issues in its retail bank. bank are administered by all
Specifically, Mr. Codel was the bank’s main regulators, in-
fired Thursday over a dispar- cluding the Federal Deposit In-
JIM DAVIS/GETTY IMAGES

aging remark he made about surance Corp., the Federal Re-

regulators to Greg Gwizdz, a serve and the Office of the
senior mortgage official who Comptroller of the Currency.
worked under Mr. Codel and Last year, the OCC restricted
was terminated earlier this Wells Fargo’s ability to give
year, people familiar with the the payments.
A jet ascends after taking off from Boston’s Logan International Airport, with a rental-equipment lot in the foreground. matter said.

Carriers Battle in Boston

Mr. Codel’s remarks related

JetBlue controls third
of lucrative travel
market but Delta
is staking a claim
BY SUSAN CAREY
JetBlue Airways Corp. and
Delta Air Lines Inc. are ramp-
ing up a turf war in Boston.
Airline executives say a di-
verse economy, growing popu-
lation and high concentration
of business fliers are spurring
their expansion at Boston’s Lo-
gan International Airport,
which generates outsize reve-
nue for its size.
American Airlines Group
Inc., United Continental Hold-
ings Inc. and ultradiscounter
Spirit Airlines Inc. also are in-
creasing seats and flights to
Boston albeit at a slower clip,
according to data from OAG
Aviation Worldwide Ltd.
The U.S. airline industry has
been consolidating, but that
hasn’t kept carriers from com-
peting aggressively in lucrative
markets such as Boston, San
Francisco and Seattle. Along
with added service, JetBlue
Beantown Brawl
Delta and other major airlines are increasing service in Boston, but so
is market leader JetBlue.
Number of scheduled one-way flights out of Boston*
JetBlue
March 2017
March 2018
Delta
American
United
Southwest
Spirit
0 1,000
Source: OAG Aviation Worldwide
says fares have dropped on
some routes where it now com-
petes with Delta out of Boston.
Meanwhile, Alaska Air
Group Inc. is building on its
acquisition of San Francisco-
based Virgin America Inc. by
bringing new flights to Cali-
fornia. Southwest Airlines
Co., the biggest carrier in Cali-
2,000 3,000 4,000 5,000
THE WALL STREET JOURNAL.
fornia, is adding service and
working with regulators to
launch flights from the Golden
State to Hawaii in the next
year or so. And the entire in-
dustry is battling for market
share at Los Angeles Interna-
tional Airport, where no single
airline dominates.
“Every legacy airline has
tried to make a run at Bos-
ton,” said Marty St. George,
executive vice president of
commercial and planning for
discounter JetBlue. “We kind
of do our own thing and don’t
focus that much on the com-
petitive traffic flows. We are
really confident in our value
proposition.”
Bob Cortelyou, Delta senior
vice president of network
planning, said the No. 2 U.S.
airline by traffic is well posi-
tioned to compete even as Jet-
Blue adds flights from Boston
to Delta’s Atlanta and Minne-
apolis hubs. “I think they’re
trying to stretch their wings,”
he said of JetBlue. Delta plans
to have 105 daily flights out of
Boston by March, up from 93
in June of this year.
JetBlue controls nearly a
third of passenger traffic in
Boston, serving 65 destina-
tions in the U.S., the Carib-
bean and Central America with
160 daily flights and plans to
go to 200 within a few years.
The airline partners with 17
foreign airlines on interna-
tional routes out of Boston.
Mr. St. George said Boston
Please see AIR page B2
23
to how so-called golden para-
chute payments had been lim-
ited at the bank because of its
regulatory problems last year,
one of the people said. Number of years that Franklin
Mr. Gwizdz reported Mr. Codel worked at Wells Fargo
Codel’s comment to the bank,
which reported it to its regula-
tors. Though it isn’t uncom-
mon for bankers to make dis- In a brief interview Friday,
paraging remarks about Mr. Codel said he was “proud
regulators in private, one per- of my career with Wells Fargo”
son familiar with the matter but declined to comment on
said that given Wells Fargo’s details of his firing, saying ad-
position with a bevy of investi- ditional questions should be
gations, it felt the need to act. directed to the bank.
“Wells has to be very Mr. Codel’s firing comes
thoughtful and careful here,” more than a year after it was
this person said, “What others discovered that Wells Fargo
may do, they can’t.” was involved in a sales scan-
Timothy Sloan, Wells dal that is now expected to
Fargo’s CEO, said in a state- have resulted in the creation of
ment that as “difficult as this as many as 3.5 million accounts
situation is, the decision re- using fictitious or unauthorized
flects our commitment to our customer information. He
values and culture.” wasn’t directly implicated in
Mr. Gwizdz, who couldn’t be that scandal.
reached to comment, was fired The company said in July it
over the summer related to the would refund $80 million to
regulatory problems within customers who had been in-
Wells Fargo’s mortgage divi- correctly charged for auto in-
sion. A 26-year veteran of the surance.
bank, Mr. Gwizdz had previ- The bank then said 570,000
ously overseen Wells Fargo’s customers could have been af-
roughly 7,900 mortgage-loan fected. In October, the bank
officers. said it would refund around
Golden-parachute payments 110,000 mortgage customers
are controversial with some who may have wrongfully paid
regulators and investors, typi- fees for mortgage lock exten-
cally going to exiting execu- sions.

THE INTELLIGENT INVESTOR | By Jason Zweig

Electric
A 10% Stock Gain Vehicles
May Feel a Bit Puny Struggle
Big gains
can be hard to
ments from 1984 through
2013 in which companies
In China
20TH CENTURY FOX/EVERETT COLLECTION

find in the fi- earned either more or less BY TREFOR MOSS

nancial mar-
kets. Nowa-
days, though,
they seem to be everywhere,
and that could change how
you feel about taking risks.
Through Thursday, the
S&P 500 was up 359% since
the bull market began March
9, 2009, counting dividends,
according to S&P Dow Jones
Indices. This year alone
through Thursday, Alphabet
Inc. (the parent company of
Google) has returned 32%;
Amazon.com Inc., 52%; Ap-
ple Inc., 50%; and Facebook
Inc., 56%, including divi-
dends.
Against that backdrop,
even what investors used to
regard as a generous annual
gain—say, 10%—starts to feel
paltry. New research into a
mental process called “con-
trast effects” shows how
that works and how it can
alter your behavior.
Finance professors Samuel
Hartzmark of the University
of Chicago Booth School of
Business and Kelly Shue of
Yale University’s School of
Management analyzed nearly
76,000 earnings announce-
than investors had expected.
In a positive earnings sur-
prise, a company reports net
income greater than the av-
erage forecast by Wall Street
analysts; in a negative sur-
prise, earnings fall short of
that consensus.
The researchers found
that when companies an-
nounced a positive surprise
the day after a firm in the
top tenth by market value
also beat expectations, their
shares didn’t go up nearly as
much as they normally
would. And the day after a
big company announced a
negative earnings surprise,
the shares of all companies
reporting earnings per-
formed slightly better than
usual.
An earnings surprise
should move a stock only be-
cause it contains new infor-
mation about that company’s
prospects. In fact, “today’s
news will seem slightly less
impressive if yesterday’s at-
tention-grabbing surprises
were positive,” says Prof.
Hartzmark, “and slightly
more impressive if yester-
Please see INVEST page B5
Among properties on the table is the Twentieth Century Fox studio, producer of ‘The Greatest Showman.’
Fox Overseas Assets Lure Bids
BY JOE FLINT
For Comcast Corp. and oth-
ers interested in acquiring
pieces of 21st Century Fox,
the media company’s interna-
tional operations are the main
attractions, as the U.S. pay-
television market slows down.
21st Century Fox is enter-
taining acquisition interest
from companies including Com-
cast, Verizon Communications
Inc. and Sony Corp.’s entertain-
ment unit, people familiar with
the matter say. Fox earlier held
talks with Walt Disney Co., but
didn’t reach a deal. The assets
on the table include the Twen-
tieth Century Fox movie and
TV studio, some U.S. cable net-
works and the international op-
erations, as well a stake in
streaming service Hulu.
Comcast is especially inter-
ested in Fox’s holdings in Eu-
rope and India, according to a
person familiar with the cable
giant’s thinking. They include
its 39% stake in U.K. pay-TV op-
erator Sky and Star India, a
fast-growing group of channels
carrying everything from
cricket to nightly soap operas.
The largest U.S. cable-TV
and broadband provider, Com-
cast has a market cap of $169
billion. It owns the NBC net-
work, the NBCUniversal suite
of cable channels and the Uni-
GUANGZHOU—Electric ve-
hicles aren’t yet living up to
the hype, auto makers in China
are finding, as they churn out
more EVs than they can sell to
satisfy government directives.
Beijing tempts buyers with
subsidies and the construction
of a vast charging network—
and pushes consumers to buy
electric cars in crowded cities.
The policies have made China
a driving force in world-wide
development of EVs, and left
versal studio, but hasn’t built foreign auto makers scram-
as big an overseas presence as bling to keep up.
some of its peers. Yet at the Guangzhou Auto
Comcast only gets about 8% Show, companies are reckon-
of its revenue from interna- ing with the challenge of at-
tional operations, largely be- tracting buyers—and generat-
cause its massive cable and ing profits—while meeting
broadband distribution business Beijing’s requirement that
operates just in the U.S. By con- electric vehicles account for
trast, 21st Century Fox gets 28% roughly 3% to 4% of their total
of total revenue from overseas, output in 2019.
while Discovery Communica- Volkswagen AG aims to
tions Inc. gets 47%. build 400,000 EVs by 2020 to
The U.S. pay-TV business has meet the green-car targets,
been hugely profitable for years. but it is unrealistic to expect
And Comcast, which invested consumers alone to buy that
heavily in advanced set-top box many, said Jochem Heizmann,
technology, was able to fend off the company’s chief executive
some of the impact rivals felt as in China. The company, he
Please see FOX page B4 Please see CHINA page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Ford Motor..................B3 RH..............................B11

Abercrombie & Fitch...B2 Funko...........................B2 Rockwell Automation
Alaska Air Group........B1 G ...................................B11
Alphabet ................ B1,B4 Roku .......................... B11
General Electric.B10,B11
Amazon.com..........B1,B4 General Motors...........B3 S
American Airlines Group Goldman Sachs Group Siemens.....................B11
.....................................B1 .....................................B2 Snap...........................B11
American International SoftBank Group..........B4
Group.......................B10
H
Southwest Airlines .... B1
Apple...........................B1 Honeywell International Spirit Airlines ............. B1
Axios ........................... B4 ...................................B11 Stitch Fix...................B11
B J T
BlackRock..................B10 J.C. Penney..................B5 Tesla.....................B3,B11
Blue Apron Holdings JetBlue Airways ......... B1 Toyota Motor..............B3
............................. B3,B11 J.P. Morgan Chase......B2
U
Brookfield Asset L
Management...........B10 United Continental
Lidl...............................A1 Holdings....................B1
C Lidl Stiftung ............... A1 Urban Outfitters.......B11
Cloudera .................... B11 M V
Cummins ..................... B3 Macy's.........................B5 Virgin America............B1
D MetLife......................B10 Volkswagen.................B3
Daseke.........................B3 Microsoft.....................B4 W
Delta Air Lines ........... B1 N-O Wal-Mart Stores
Dongfeng Motors........B3
Nikola Motor...............B3 ........................ B3,B5,B11

KELSEY AYRES/NASDAQ
E Nissan Motor..............B3 Walt Disney................B4
Electronic Arts............B4 Okta...........................B11 Wells Fargo.................B1
Emerson Electric.......B11 P-R West Face Capital......A2
F Peugeot-Citroen..........B3 Y
Facebook......................B1 Prudential Financial..B10 Yahoo...........................B4
Foot Locker..........B2,B11 PSA Group...................B3 Yahoo Japan................B4
CEO Katrina Lake, center, celebrates the company’s IPO on Nasdaq. The stock closed up 1% on Friday after its price was cut.

B
INDEX TO PEOPLE
J Porat, Ruth ................. B4
Stitch Fix Trips Down the Runway
Brown, Tina.................C7 Jobs, Laurene Powell . B4 R BY MAUREEN FARREL tors had said they were con- she had the “luxury of choosing
C Johnson, Dick..............B2 Rosenthal, Jeff...........B2 AND CORRIE DRIEBUSCH cerned about the company’s Rocky Debut timing,” as they didn’t need the
K ability to keep up its growth Shares of Stitch Fix closed cash because they had roughly
Codel, Franklin............B1 S
Stitch Fix Inc. stumbled in and fend off potential compe- slightly above their IPO price $110 million ahead of the IPO.
Cortelyou, Bob............B1 Katzenberg, Jeffrey....B4 Saikawa, Hiroto..........B3 its stock-market debut, dip- tition. The company had been on their first day of trading. Stitch Fix’s revenue rose
D Ketchum, Stephen......B2 Schwartz, Roy.............B4 ping below its IPO price before aiming to price its shares be- 34%, to $977 million, in the
Kondratiuk, Jean- Shanker, Ravi..............B3 $19
Dominique, Larry........B3 François.....................B3 eking out a gain at the close. tween $18 to $20 apiece. year ended July 29, from $730
Singh, Navjot..............B2 The fashion startup had While some closely held million in 2016, according to a
E L Sloan, Timothy ........... B1 priced its shares below expec- companies have opted to raise regulatory filing. Between the
Elon Musk.................B11 18
Lake, Katrina...............B2 Spallanzani, John......B10 tations Thursday night in the large amounts of private capi- years ended July 2015 and 2016,
F Linebarger, Tom..........B3 T latest rocky debut for a high- tal to put off going public, revenue more than doubled.
Flannery, John .......... B11 M Talal, Prince al-Waleed profile technology offering. company founder and CEO Ka- 17 Meal-kit-delivery service
G Müller, Matthias.........B3 bin.............................A7 The stock opened at $16.90 trina Lake said an IPO was al- Blue Apron Holdings Inc. and
Gabrielson, Oskar.......B4 Musk, Elon..................B3 Tavares, Carlos ........... B3 Friday, above the initial-pub- ways the plan. Early on, she 16 Snapchat maker Snap Inc. are
O Thompson, Ben.........B10 lic-offering price of $15, and said, she struggled to raise fi- both trading below their IPO
Glynn, Thomas............B2
Troska, Hubertus........B3 rose as high as $18.53. But the nancing from venture-capital prices. It marks another blow
Gwizdz, Greg...............B1 Osborne, Jeffrey.........B3
stock, which listed on Nasdaq investors. Stitch Fix last raised 15 IPO price for Goldman Sachs Group
H-I V
P Inc., closed trading at $15.15, capital in 2014 at a $300 mil- Inc., which was a lead under-
VandeHei, Jim.............B4
Heizmann, Jochem ..... B3 Penner, Greg ............... B4 up 1%, valuing Stitch Fix at lion valuation, according to a writer on Stitch Fix’s offering
Y 14
Hirsch, Greg................B3 Perrott, Ashley...........B2 $1.46 billion. person close to the deal. along with J.P. Morgan Chase
Iger, Robert.................B4 Pitaro, Jimmy ............. B4 Yang, Jing....................B3 The average first-day pop “We always imagined that 10 11 noon 1 2 3 4 & Co. Goldman also led the
for a U.S.-listed IPO in 2017 is this is a path we’d want to have Source: FactSet IPOs of Blue Apron and Funko
10%, according to Dealogic available for us,” she said. “The THE WALL STREET JOURNAL. Inc., the latter of which earlier

CHINA for some Chinese auto mak-

ers—but not electric pioneers
like BYD Co. and BAIC Motor
data through Thursday.
Stitch Fix, which selects
and ships outfits for its cli-
question was always around
timing.” She said that they
chose to go public now because
jectory, a difference from a
year ago when the company
this month posted the worst
first-day fall since 1995 for a
company raising $100 million
Continued from the prior page Co., whose overall car sales in ents, has a track record of the business has “good predict- was notching “really crazy or more in a U.S.-listed IPO,
said, is studying options like the first nine months of 2017 profitability, but some inves- ability” around its revenue tra- growth rates.” Still, she said, according to Dealogic.
car-sharing services to soak up were down 19% and 26%, re-
the excess. spectively. They have over-
EV supply already exceeds
demand: Auto makers made
424,000 in the first nine
months of the year, but sold
committed to EVs, some ana-
lysts think, accounting for
nearly half the Chinese market
between them.
Hopeful Signs for Some Apparel Retailers
only 398,000, according to the EV launches at the auto BY AUSTEN HUFFORD
China Association of Automo- show Friday included the BAIC AND ALLISON PRANG
bile Manufacturers. And ana- Lite, a two-seater that seeks to
lysts estimate individual con- stand out with flashing exte- Specialty retailers, includ-
sumers account for as little as rior LED panels that Deputy ing Abercrombie & Fitch Co.
a quarter of the total, with the General Manager Lu Hao said and Foot Locker Inc., gave
rest bought by state-run taxi will entice young buyers. With some hope to investors that
companies or other public-ser- subsidies, the Lite costs their businesses were evolving
vice fleets. This echoes the EV around $13,100. Pushing up with the times, providing a re-
market’s development in the the price when subsidies end prieve after a sluggish start to
U.S., where demand is flagging would kill sales, Mr. Lu said, the year as they warned that
even with heavy incentives in so to make the cars viable changes in shoppers’ habits
DAVID PAUL MORRIS/BLOOMBERG NEWS

some areas. BAIC would need to develop would hurt profits.

“Customers are hesitant to service revenues. Shares in Foot Locker had
pay a lot more money for an BYD is sticking to its 2018 their best day in at least 40
electric vehicle,” said Huber- EV sales target of 200,000, a years in Friday trading, while
tus Troska, China head for company spokeswoman said, Hibbett Sports Inc. and Aber-
Daimler AG, parent of Mer- up from its goal of 170,000 crombie stock rose 15% and
cedes-Benz. And that cost gap this year. Through October, it 24%, respectively. The compa-
is with generous EV subsidies had sold 88,000 EVs. nies all posted same-store
in place. The government is Even as China’s EV leaders sales that were higher than
set to end them in 2020. struggle and despite concerns expected, with the price
Still, car makers pile on. about the strength of demand, moves highlighting the impact Abercrombie & Fitch Co. sales at stores opened at least a year grew at its fastest rate in six years.
Last week, Ford Motor Co. be- the big foreign players are of positive reports from the
came the latest foreign maker readying their assault on the sector. Still, the companies re- year ago. times this year, raising its
to commit to make EVs in market. Volkswagen will invest At Abercrombie & Fitch, ported that to win customers, Foot Locker in August sig- forecast Friday from previ-
China, announcing plans for a nearly $12 billion in EV devel- sales at stores opened at least they had to increase discount- naled that growth in the ath- ously lowered guidance,
new $756 million plant. Tesla opment and launch five EVs a a year grew at its fastest rate ing and marketing spending, leisure market may be coming though the new guidance re-
Inc. aims to build an EV fac- year in China through 2025, in six years as the teen retailer which cut into profits. Hibbett to an end, as it reported its mains below what was ex-
tory in Shanghai. Mr. Heizmann said. Daimler is closed stores, lowered prices said those promotions hurt its first same-store sales decline pected even earlier.
Government policy assures investing around $750 million and revamped its marketing. gross margin for the quarter, since 2009. On Friday, the re- Hibbett Chief Executive Jeff
a certain level of demand: In in a local battery plant to The quarter’s results “re- which was 32% of net sales, tailer’s 3.7% decline in compa- Rosenthal said that in the third
congested cities like Guang- power electric Mercedes-Benz flect clear progress across all down from 35.4% a year ago. rable-store sales came in quarter the performance of its
zhou, new license plates for cars. our brands in a still challeng- “Our markdown strategy is ahead of estimates, as analysts e-commerce business beat in-
gasoline cars are severely re- Their determination chal- ing market,” Abercrombie based on our being competi- polled by Consensus Metrix ternal expectations, as it saw
stricted, making EVs more ap- lenges Chinese hopes of domi- Chief Executive Fran Horowitz tive in the marketplace,” Foot expected a 4.2% decline. results from marketing cam-
pealing. And for now there are nating the future EV market. said on a call with analysts. Locker Chief Executive Dick For Hibbett, analysts ex- paigns and strong conversion
the generous subsidies. Con- When it comes to EVs, “profit- Abercrombie and others have Johnson said on a call with pected a drop of 8.4%, but the from those browsing online to
sumers pay only $5,400 for ability will be achieved with been hit hard by declining analysts. retailer posted same-store actual sales. Those investments
the Baojun E100 electric car, volume sales,” and ultimately mall traffic, changing tastes Even with the stock gains sales that fell 1.3%. led to higher store operating,
for example, but its maker—a only the big foreign manufac- and competition from fast- Friday, all three companies Hibbett has also altered its selling and administrative ex-
joint venture between General turers have the scale, said fashion and online players. were lower than they were a annual guidance multiple penses, the company said.
Motors Co. and SAIC Motor Janet Lewis, Macquarie Capi-
Co.—gets an extra $8,760 from tal Research’s managing direc-
the government.
Even given falling costs for
batteries and other EV tech-
tor of equity research.
—John Stoll in Detroit
contributed to this article.
AIR Seattle early next year. Mint is
aimed at corporate clients and
affluent leisure fliers looking
with the goal of creating a new
hub and gateway to Asia there.
That sparked a slugfest with
business class on flights to San
Francisco and Los Angeles.
Logan can accommodate
nologies, the end of subsidies Continued from the prior page for lower fares than JetBlue’s longtime code-sharing partner the added flights from JetBlue,
will make it impossible for is JetBlue’s highest-margin rivals charge for the front of Alaska Airlines in which the Se- Delta and other carriers, said
many makers to profit on EVs, Electric Shock city and predicted Logan will the cabin. attle-based carrier held its own Thomas Glynn, chief executive
said Jing Yang, an associate Sales of electric vehicles are pass its base at New York’s Delta, which traces its roots in its hometown and Delta got a of the Massachusetts Port Au-
director at Fitch Ratings. They forecast to grow in China, but John F. Kennedy International in Boston to its 1972 acquisi- hub—though at the expense of thority, which operates the
will “have to sacrifice short- will still make up a small share of in the years ahead as its busi- tion of Northeast Airlines, has their relationship. airport. Today, larger air-
term profitability for market the market when subsidies end. est airport. added 11 destinations from Lo- planes serve some of the
share,” or simply quit the EV Government data shows gan in the past year—some of routes to handle rising de-
Passenger-vehicle sales in China
business, Ms. Yang said. fares to and from Boston in them cities that JetBlue also mand at lower per passenger
Auto makers could face
EVs Others
the second quarter were serves—and intends to fly to
The added airline cost, and the overall number
similar problems in the U.S. 35 million vehicles cheaper than in many other 42 destinations by spring. competition could be of flights has actually
GM, for example, which cur- End of government large markets. Nonetheless, Taking a page from Delta’s dropped, Mr. Glynn said.
rently sells one fully electric
30 subsidies Logan, the nation’s 17th-larg- playbook, JetBlue has signed
a boon for travelers The added competition
vehicle there—the Chevrolet 25 est airport by passenger traf- sponsorship deals with the four in the Boston area. could be a boon for travelers.
Bolt—plans two more by early fic, is No. 7 in overall revenue biggest professional sports JetBlue says fares have
2019. But demand is uncertain 20 because of a preponderance of teams in the Boston area. But dropped on routes where it
outside states that offer heavy business fliers, who tend to Delta’s charter unit transports competes with Delta. And road
incentives, such as New York, 15 pay more because they book the Celtics and Red Sox to Mr. Cortelyou said Delta’s warriors are cheering the new
California and Colorado. The trips at the last minute. away games. Delta said it has global reach will help it com- choices, including a doubling
10
company, which aims to be JetBlue launched its luxury new sponsorships with Bos- pete with JetBlue in Boston for of international routes since
profitable on battery-powered 5 business-class service, dubbed ton’s House of Blues, Boston corporate customers. Delta 2006. “From the perspective
cars by 2021, has said ride- Mint, last year on flights from Calling Music Festival and the serves four of the five leading of business travelers, having
sharing fleets, such as Lyft 0 Boston to San Francisco and Head of the Charles Regatta. European destinations from more international and domes-
Inc. drivers, will play an im- ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 Los Angeles. More Mint desti- This won’t be the first time Boston and operates a shuttle tic flights is good for us,” said
portant role in keeping EV forecast nations from Boston are in the Delta is chasing a market service with frequent flights to Navjot Singh, managing part-
sales viable. Source: Bernstein Research works, including San Diego leader. The airline started grow- New York. It is also introduc- ner at McKinsey & Co.’s Bos-
This has been a strong year THE WALL STREET JOURNAL. next month and Las Vegas and ing rapidly in Seattle in 2013 ing its Delta One lie-flat bed ton office.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, November 18 - 19, 2017 | B3

BUSINESS NEWS

Tesla Plays the Long Game With Semi

Company touts range time to market.” Cowen analyst
Jeffrey Osborne said “our mind
and cost to operate, wasn’t blown.”
but questions remain; Trucking companies are fo-
cused on ownership costs, reli-
‘mind wasn’t blown’ ability and the availability of
service. Without costs for diesel
Tesla Inc. Chief Executive fuel and maintenance expenses
Elon Musk is taking on the for an internal combustion en-
commercial truck market with gine, Mr. Musk said the Semi
an approach that defies conven- will cost $1.26 a mile to oper-
tional expectations: an all-elec- ate, compared with $1.51 for a
tric vehicle capable of traveling diesel truck.
for hundreds of miles on a sin- Incumbent truck and engine
gle charge. makers in the U.S. remain wary
of the economics behind heavy-
By Bob Tita, duty electric trucks. With the
Tim Higgins price of diesel averaging $2.50
ALEXANDRIA SAGE/REUTERS
about $500 million over the
next three years developing
electric powertrains for buses,
fork lifts, city delivery trucks
and other vehicles that typically
travel shorter distances and
would require smaller batteries.
Tesla was vague about how
it achieves the cost difference.
Tesla would charge truckers 7
cents per kilowatt-hour for
electricity drawn from its solar-
powered charging stations.
That is about half the average
kilowatt cost in the U.S.
Part of Mr. Musk’s calcula-
tion for making his trucks at
least 20% cheaper to operate

and Jennifer Smith
Commercial truck makers
trying electrification initiatives
have largely focused on smaller
trucks for short-run duties, ar-
guing the battery range, weight
and cost of long-haul electric
trucks makes them impractical.
With the Semi, unveiled this
week and due out in 2019, Mr.
Musk is promising a vehicle
that can travel 500 miles on a
single charge—enough to cover
most regional freight deliver-
ies—and is cheaper to operate
than diesel trucks.
Some potential customers
said they are willing to give
Tesla a try. Retailer Wal-Mart
Tesla’s new electric semi truck was unveiled during a presentation this week in Hawthorne, Calif.
Stores Inc. said Friday it has
preordered 15 Tesla trucks to
test. J.B. Hunt Transport Ser-
vices Inc. also placed a reserva-
tion for “multiple” Semis, but
only to deploy in short-run ser-
vice such as to and from West
Coast ports and truck-to-train
transfer yards.
Fleets that move cargo thou-
sands of miles may be less ea-
ger. The Semi is aerodynamic,
but the likely weight of the bat-
tery and its 500-mile range may
hurt its ability to compete
against heavy-duty diesel trucks
can run for 800 to 1,000 miles
between refills.
“The limited 500-mile range
of the Tesla truck hinders our
ability to be an early adopter,”
Greg Hirsch, a senior vice presi-
dent at trucking company
Daseke Inc., said in an email.
The company specializes in
hauling oversize industrial
equipment and materials, often
over long distances.
Morgan Stanley auto analyst
Ravi Shanker said the Semi
“topped most of our expecta-
tions in terms of performance,
cost savings, capability and
a gallon and new model trucks
providing significantly better
fuel economy than a decade
ago, most predict that wide-
spread adoption of large elec-
tric trucks is at least a decade
away and will be driven by reg-
ulatory restrictions for truck
engine emissions.
“We don’t think they’re viable
in long-haul, heavy-duty trucks,”
Tom Linebarger, chief executive
of engine maker Cummins Inc.
told investors Thursday. “Given
the range and given the weight
sacrifice with lithium ion, it just
doesn’t look like battery electric
vehicles are the right solution
for long-haul trucks.”
Cummins plans to spend
than a diesel truck is through
the creation of a fast-charging
network dubbed Megachargers
that he says will be built world-
wide, allowing the commercial
vehicles to regain 400 miles
worth of charge in 30 minutes.
They could be installed at ori-
gin and destination points al-
lowing for recharging during
loading and unloading.
Mr. Musk didn’t release a
price for the Semi and there are
other issues to address. Lithium
ion batteries are heavy and
bulky, for instance, and extend-
ing the range of the battery
likely adds weight, which sub-
tracts from the amount of cargo
that can be carried.

Peugeot Takes Slow Lane in Return to U.S. Market

BY WILLIAM BOSTON
AND NICK KOSTOV
BERLIN—Peugeot SA wants
to become a household name
in the U.S., but there is one
hitch: The maker of the Peu-
geot, Citroën, and Opel brands
hasn’t sold a car in America in
nearly three decades.
“Our goal is to become a
global car maker,” Carlos Tav-
ares, Peugeot’s 59-year-old,
Portuguese-born chief execu-
tive told The Wall Street Jour-
nal in an interview. “The U.S.
is a country that is very close
to our hearts.”
His plan is a 10-year road
map that is so gradual that its
initial step doesn’t involve
Peugeot-made cars and instead
focuses on a car-sharing app
and a peer-to-peer car-sharing
service to learn consumer
preferences. Consumers will
be able to test-drive Peugeot
cars long before they can buy.
“If we make a big mistake,
it’s over,” he said. “We don’t
want to step in and step out.
We want to step in and stay.”
Peugeot pulled out of the
U.S. in 1991 after years of
plunging sales, which hit a low
of 4,261 in its last year. But
the company has a long his-
tory in the U.S., said Mr. Tava-
res, a former race-car test-
driver who recounted Peugeot
vehicles winning the Indianap-
olis 500 in 1913, 1916 and 1919.
Since taking the helm of the
nearly bankrupt PSA Group SA,
which owns the Peugeot, Cit-
Peugeot last year was one of the world’s most
profitable mass-volume car makers.
roën and Opel brands, Mr. Tava-
res has overseen a cost-cutting
turnaround, helped by a bailout
from the French state and
China’s Dongfeng Motors Ltd.
After bleeding more than €1
billion ($1.18 billion) in cash in
2013, Peugeot had €8.1 billion
in positive cash flow last year
and a 6% profit margin, mak-
ing it one of the most profit-
able mass-volume car makers
in the world.
The former Nissan and Re-
nault executive this year ap-
pointed a former Nissan col-
league, Larry Dominique, to
steer Peugeot’s campaign to
re-enter the U.S. market.
Mr. Dominique has
launched a handful of mobility
services for Peugeot North
America such as Free2Move, a
car-sharing app, in Seattle,
and TravelCar, a service that
allows car owners to rent their
vehicles when they aren’t in
use. The mobility services are
Peugeot’s first efforts to get
its feet wet in the U.S. market.
“It’s a way of stepping in
without taking enormous risks
by throwing new cars at the
market,” Mr. Tavares said.
He has already brought in a
team of U.S. engineers to over-
see development of new models
that would be designed to U.S.
standards. That would allow
Peugeot to “push the button and
very quickly…make those cars
for the U.S. market,” he said.
Besides having improved
Peugeot’s finances, Mr. Tavares
also has repaired its relations
with French employees. The
company, France’s biggest car
maker by sales, shed 17,000
jobs over three years without
forced layoffs, which got the
unions on board and overcame
resistance to his plans.
Jean-François Kondratiuk, a
former union representative
who sits on Peugeot’s supervi-
sory board, said Mr. Tavares,
unlike his predecessors, takes
time to meet with workers and
their representatives.

VW Bets Big on Electric Cars

BY WILLIAM BOSTON

BERLIN—Volkswagen AG
in just a few years are ex-
pected to drive themselves
and be part of roaming robot
Friday, after company direc-
tors approved his five-year
budget, adding that the plan
DEFY
Your Age.
plans to invest around $40 bil- taxi services. “creates the framework to
lion over the next five years to Critics have dismissed the make Volkswagen No. 1 world-
develop electric vehicles, self- vision of a driverless automo- wide in electric mobility by
driving cars and Uber-like mo- tive world as pie in the sky, 2025.”
bility app services, in the lat- but the multibillion-dollar Volkswagen said it would
est sign that auto makers are gamble by the industry’s big- retool its plant in Zwickau in
betting the future of their in- gest players demonstrates that eastern Germany to become
dustry on the new technology. Volkswagen, Ford Motor Co., its first electric-car plant in
Volkswagen’s drive to pro- General Motors Co., Toyota Europe. It is expected soon to
duce electric cars and self- Motor Corp., and others are announce that will produce
driving vehicles comes as the committed to develop the new electric cars at its U.S. plant in
entire industry pivots from a technology and quickly get the Chattanooga, Tenn., or its
century-old business model of new vehicles on the road. Puebla, Mexico, factory.
building gasoline-powered “The car is being rein- U.S. auto makers are also
cars for the family to produc- vented,” Volkswagen Chief Ex- beginning to redirect invest-
ing fleets of electric cars that ecutive Matthias Müller said ment capital away from con-
ventional engines and into
electric cars.
Ford has said that by 2022
it would slash spending on
conventional engines by a
third, around $500 million,
and invest instead in develop-
ing electric and hybrid vehi-
cles. That comes on top of
about $4.5 billion in planned
spending to develop more
than a dozen new electric ve-
hicles. GM plans to launch 20
electric vehicles world-wide
over the next six years.
But those plans pale in
KRISZTIAN BOCSI/BLOOMBERG NEWS

comparison to Volkswagen.
Under its “Roadmap E” um-
brella, Volkswagen plans to Take Control of Your Health.
produce at least one electric
or hybrid version of each of its Feel 10+ years younger with the Cenegenics Elite Health
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taking bids for $59 billion of Program, the Gold Standard in Age Management Medicine.
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—Nathan Allen in Barcelona
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BY SEAN MCLAIN The scandal resulted in Nis- cle checks at Nissan factories + Increased Physical and + Decreased Risk of
san recalling 1.2 million vehi- possibly as far back as 1979,
YOKOHAMA, Japan—Nis- cles in Japan, nearly every one and the practice became the Sexual Vitality Age-related Diseases
san Motor Co. released an in- it produced in the past three norm throughout the 1990s.
ternal report detailing how years, and has hammered do- “For us, this happened all
factory workers engaged in a mestic sales after the company of a sudden. But in retrospect,
multidecade coverup designed shut down production for looking at the details, I see Schedule your complimentary consultation today!
to fool inspectors and meet Japan to resolve the issues. that there are things we
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Friday’s report seeks to out- ment for setting unrealistic Executive Hiroto Saikawa.
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tion scandal at Japan’s second- workers to figure out the de- factory workers were aware of
largest car maker by sales—in tails. As a result, factory work- the violations and made efforts
which final vehicle inspections ers cut corners to meet those to hide the evidence from com-
where being conducted by the
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targets and then hid the evi-
dence, the report said.
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example, received badges to The investigation found dence that factory manage- TRYCENEGENICS.COM
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY

Google to Add Engineers in Japan Media

Startup
Company is pushing
infrastructure buildup
at time Yahoo Japan Bolsters
also is expanding
BY MAYUMI NEGISHI
Funding
BY BENJAMIN MULLIN
TOKYO—Google is expand-
ing in Japan to ride a wave of Less than a year after Polit-
technology investment in Asia ico co-founder Jim VandeHei
and challenge cloud-computing launched the media startup
providers Amazon.com Inc. Axios with plans to upend the
and Microsoft Corp. way news organizations de-
Google, a unit of Alphabet liver stories and advertising,
Inc., said on Friday it plans to the company is plotting a ma-
move in 2019 to a new Tokyo jor expansion of its newsroom.
office big enough to double To fund the expansion, Ax-
its staff. The company also ios has raised $20 million, ac-
said it is seeking new ways to cording to Axios co-founder
use big data and machine and President Roy Schwartz.
learning in Japan, as well as The funding round, Axios’s
expand its cloud services for second, was co-led by venture-
local businesses. capital firms Greycroft Part-
Japanese companies, includ- ners, e.ventures and Lerer
ing the likes of utility Tokyo Hippeau Ventures.
Electric Power Co. and cloth- Greycroft and Lerer Hip-
ing-chain operator Fast Retail- peau both participated in Ax-
ing Co., increasingly are looking ios’s initial $10 million round
for faster and more secure last year.
KIYOSHI OTA/BLOOMBERG NEWS

ways to store and analyze huge Other backers from last year
amounts of data. also increased their invest-
Google’s plans for Japan ment, including Comcast
come as the company invests Corp.’s NBCUniversal, Laurene
heavily in Asia to catch up in Powell Jobs’s Emerson Collec-
services such as cloud-storage tive and Wal-Mart Stores Inc.
products from Amazon and Mi- Chairman Greg Penner. Wn-
crosoft. drCo, a media-and-technology
“Doubling our presence in A Google Cardboard virtual reality headset was used to demonstrate SoftBank’s Pepper robot at a media event in Tokyo last year. firm founded by Hollywood ex-
Japan means growing our ecutive Jeffrey Katzenberg, is a
strong engineering teams Japan’s biggest internet-portal deep-learning applications and delivery system. firm Nielsen Co. Japan. new investor in the round.
here,” Alphabet Chief Financial operator, a joint venture be- a data-research center with 500 As a trailblazer for Japan’s But increasing smartphone Axios plans to use some of
Officer Ruth Porat said at a tween SoftBank Group Corp.’s engineers, spending years to use of the internet, Yahoo use has helped Google log twice the financing to expand its ca-
news conference. Google has Japan unit and Yahoo Inc., is personalize its voice-recogni- Japan has managed to keep its as many user searches as Yahoo pacity for data analysis, prod-
about 1,300 employees in building up its own infrastruc- tion and electronic-payments lead over Google among per- Japan, according to web-traffic uct development and audience
Japan. ture for big data and machine services. sonal computer users, with a analysis firm Statcounter. growth, as well as developing
That could see Google vying learning. In 2010, the company ad- monthly average of 34 million A Yahoo Japan spokesman new coverage areas, said Mr.
with Yahoo Japan Corp. for en- Yahoo Japan has invested in opted Google’s search-engine users to Google’s 22 million, ac- declined to comment on Schwartz. By the end of 2018,
gineers in a tight labor market. a supercomputer specializing in algorithms and advertisement- cording to market research Google’s plans. Axios plans to have roughly 150
staffers, up from 89 now.

FOX Global Hunt

Comcast is especially interested in Fox's international assets, in part because the U.S. pay-TV market has stagnated.
Jim VandeHei
launched Axios
in January to
Continued from page B1 Quarterly net change in Comcast’s video subscribers Share of revenue from international operations* help fix what

ZUMA PRESS
customers retreated from cable. International Total revenue he labeled a
100 thousand customers
But lately, the cable giant has Comcast $80.4B ‘broken’ media
also gotten hit. In the most re- business.
cent quarter, it lost 125,000 res- 50 Disney $55.6
idential and business TV cus-
tomers, its largest quarterly loss When Axios made its debut
in three years. 0 Time Warner $29.3 in January, Mr. VandeHei said
Comcast noted that a spate the company would introduce
of major hurricanes had cost it Fox† $28.5 a high-end paywall, help fix
some subscriptions, but ac- –50 what he called a “broken” me-
knowledged on an earnings call CBS $13.2 dia business and create smart,
that larger forces were also at short content and newsletters
work, including competition –100 aimed at corporate executives
3Q 2017 Netflix $8.8
from online TV services and t125,000 and other professionals.
“skinny” pay-TV bundles. The –150 Today, there is still no pay-
impact of consumers cutting or Discovery $6.5 wall. Mr. VandeHei says that
trimming back cable-TV pack- 2014 ’15 ’16 ’17 has been put off until late
ages has also hurt the cable net- *Based on most recent fiscal year †21st Century Fox owns a minority stake in Sky and doesn't consolidate its revenue 2018, in part to allow the com-
works business for all media Sources: the company (customers); MoffettNathanson (revenue) THE WALL STREET JOURNAL. pany to continue to build its
companies, including Comcast, audience with the free site.
putting pressure on ratings and the Fox International Chan- AT&T’s deal, it would be un- benefit from combining their cast is effectively a silent part- Advertising and audience
advertising revenue. nels, which include networks likely to let Comcast add even movie and TV studios with ner in Hulu now—one of the growth have beat expecta-
21st Century Fox’s portfolio in Europe, Latin America and more content to its portfolio. Twentieth Century Fox. Disney conditions of its 2011 purchase tions, the chief executive said,
would immediately make Com- Asia, according to analysis Comcast’s last attempt at a has already announced its in- of NBCUniversal. That condi- so “we’d be insane not to pour
cast a force overseas. Star India from MoffettNathanson. so-called horizontal acquisi- tentions to launch a streaming tion expires next year. Time all of our effort into building
alone has grown to $1.3 billion 21st Century Fox and Wall tion—buying Time Warner Ca- service that would compete Warner is the other stake- that audience.”
in revenue from $570 million in Street Journal-parent News ble—fell apart following resis- with Netflix; having access to holder. According to a person fa-
2010, and its earnings before Corp share common ownership. tance from regulators. Fox properties would boost its Both Disney and Comcast al- miliar with Axios’s pitch to in-
interest, taxes, depreciation For all suitors, AT&T Inc.’s Comcast would have no in- offerings. Sony’s motion picture ready own several popular U.S. vestors, the company brought
and amortization are expected pending deal with Time War- terest in spinning off its NB- business has been struggling cable networks, so the 21st in more than $10 million in
to grow from $230 million in ner Inc. looms as an important CUniversal properties to help for years and consistently Century Fox networks that may revenue in its first seven
the most recent fiscal year to signal of the regulatory envi- get a deal done, the person fa- lagged behind that of Fox, so it be available for purchase aren’t months, mostly through short-
$1 billion by 2020. ronment. The government is miliar with the company’s could benefit from the in- as crucial. Sony, however has form native advertising that
There are still some risks of threatening to sue to block the thinking said. creased scale of a combination. only a small U.S. cable pro- appears in between stories.
betting on non-U.S. assets, in- transaction, which could Sony has a larger presence Another benefit to Comcast gramming presence and acquir- Delaying the subscription
cluding exposure to foreign scramble the calculations for abroad with entertainment and Disney would be the oppor- ing FX, it’s sister channel FXX service means the startup will
currency fluctuations. And the deal makers about what kind channels reaching close to two tunity to acquire 21st Century and the National Geographic continue to rely on advertising
profit margins are generally of mergers could get approval. billion subscribers. Acquiring Fox’s 30% stake in the online Channel would instantly make to drive revenue at a time
thinner: At Fox, domestic net- Some antitrust experts ex- Sky and Star would greatly in- video-streaming service Hulu it a substantial player. when troubles in the online ad
works have an Ebitda margin pect that if the Justice Depart- crease its already strong hand. and become the controlling —Ben Fritz and Keach Hagey business are making it tough
of 41% compared with 22% for ment doesn’t give the nod to Disney and Sony would each partner, with a 60% stake. Com- contributed to this article. for new-media upstarts.

EA Halts In-Game Sales for ‘Star Wars Battlefront’ Sequel

BY SARAH E. NEEDLEMAN week outlining Disney’s con- tronic Arts developers re-
AND BEN FRITZ cerns, the person said. tooled the game by making
“We’ve heard the concerns some features more widely
Electronic Arts Inc. halted about potentially giving play- available without asking play-
in-game sales of virtual goods ers unfair advantages,” Oskar ers to reopen their wallets.
in its high-profile sequel to Gabrielson, general manager It wasn’t enough: An outcry
“Star Wars Battlefront” on the at Electronic Arts’s DICE stu- in early November forced Elec-
eve of the game’s launch, bow- dio, said in a statement. “This tronic Arts to tweak the game
ing to pressure from Walt Dis- was never our intention. Sorry again, allowing players to
ney Co. as well as customers we didn’t get this right.” much more quickly access be-
who fear big spenders could A little more than a month loved champions such as Luke
gain an unfair edge over other Skywalker and Darth Vader
players. without needing to dole out
Electronic Arts said it was extra cash. Electronic Arts fi-
turning off such microtransac-
tions for now and that they
would be restored at an un-
specified later date.
$5.1B
Electronic Arts’ revenue forecast
nally put a temporary stopper
on Thursday.
Electronic Arts doesn’t ex-
pect the move to have signifi-
PATRICK T. FALLON/BLOOMBERG NEWS

The decision came after ex- for the fiscal year ending in March cant impact on fiscal 2018
ecutives at Disney, which owns earnings, it said Friday in a
“Star Wars” and licensed the Securities and Exchange Com-
videogame rights to Electronic mission filing. The company’s
Arts, grew upset at how online before the “Star Wars Battle- forecast calls for $5.1 billion in
outrage over the costs of gain- front II” launch, players test- revenue for the fiscal year
ing access to popular charac- ing the game told Electronic ending in March.
ters such as Luke Skywalker Arts it had gone over to the Electronic Arts’ pivot on
reflected on their marquee dark side. the cusp of releasing a poten-
property, a person familiar The sequel packed in too tial blockbuster—the game’s
with the matter said. many ways to bleed money— predecessor sold more than 14 Stormtroopers at an Electronic Arts event in June, when it unveiled its ‘Battlefront II’ videogame.
Even Chief Executive Robert for souped-up weapons or million copies—reflects swell-
Iger was alarmed. Ultimately, fancy character animations— ing tension over how video- ity to sell full games, as well retailing, videogame makers to new highs over the past five
Disney’s head of consumer from people already expected games are conceived, created as add-on content and lucra- have boosted profit margins. years. In late trading Friday,
products and interactive me- to spend $60 to buy the game, and sold. tive in-game goods digitally, at The allure of digitally fueled Electronic Arts stock price was
dia, Jimmy Pitaro, sent a mes- the testers said. Just before Driving the transformation any time. By sidestepping gains has sent the shares of $108.82, up from $78 a year
sage to Electronic Arts this Friday’s release date, Elec- is videogame companies’ abil- manufacturing, packaging and major game publishers soaring ago and $13 in 2012.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | B5

WEEKEND INVESTOR
TAX REPORT | By Laura Saunders

Republican Bills and the Art of the Possible

Lawmakers There are provisions that but fewer filers could deduct rescinds or postpones the rent law allows a saver with ance. Under the proposal,
in the U.S. appear in both bills, and charitable donations. value of many tax breaks. a traditional individual re- borrowers would have until
House of Rep- these are likelier than others Both bills would also re-  State and local tirement account, or IRA— they file their federal return
resentatives to make it to the finish peal the personal exemption taxes. Both bills repeal the which typically has taxable to repay the loan.
and Senate line. There are also a few for each family member, deduction for state and local payouts—to convert some or  Stock options. Both
have separate proposals that were in both which stands at $4,150 for income and sales taxes, so all assets to a Roth IRA, bills originally had provisions
tax-overhaul bills with a mul- bills but have been discarded, 2018. expect that to happen if the which typically has tax-free that effectively killed the use
titude of differences, but the and are likely to stay out.  Estate tax. Both bills overhaul goes through. payouts. Taxes are usually of so-called nonqualified
similarities between them are Here are areas of overlap would double the current es- It is worth noting that the due on such transfers. stock options, which many
a good indicator of what between the House and Sen- tate-tax exemption of $5 mil- bills differ on property taxes. Current law also allows companies award to valued
could actually pass. ate tax bills for individual The House would allow filers savers who do this Roth con- employees. These provisions
Right now, the differences taxpayers. to deduct up to $10,000 of version to undo it, as long as have been withdrawn from

stand out the most. Republi-
cans in the House, for exam-
ple, have voted to shrink the
mortgage-interest deduction
and end the write-off for
large medical expenses and
teachers’ expenses. Senate
Republicans want to keep the
current deductions for mort-
gage interest and large medi-
cal expenses. And they would
expand the write-off for
spending by teachers.
Republicans in both cham-
bers want to cut taxes for
pass-through businesses such
as partnerships and S corpo-
rations, but in very different
ways.
 Standard deduction
and personal exemption.
Both bills would almost
double the deduction taxpay-
ers get if they don’t itemize
write-offs on Schedule A. For
2018, this break would rise to
$24,400 in the House bill and
$24,000 in the Senate bill for
married couples, and half
that for singles.
Currently about 30% of
more than 150 million filers
itemize, and the change could
reduce the portion of those
who itemize to 10%. This
would simplify filing for
many people and make en-
forcement easier for the IRS,
$22.4M
Estate-tax exemption for married
couples proposed by Republicans
lion per person, adjusted for
inflation. The change would
take effect for 2018, and the
exemption would be $11.2
million per individual and
$22.4 million for a married
couple.
 Alternative minimum
tax. Both bills repeal the
AMT, a complex surtax that
property taxes, while the the reversal is complete both bills.
Senate fully repeals this by Oct. 15 in the following  Moving expenses. Both
write-off. year. This option has allowed bills also repeal a deduction
 Home sales. Both bills savers whose assets drop in by taxpayers for certain mov-
make an important change to value after a Roth conversion ing expenses and another
the popular exemption of to get out of owing tax on break for moving expenses
profit on the sale of a home, phantom income. Both bills that are reimbursed by em-
which is $500,000 for mar- would end the ability of sav- ployers. There is an exception
ried couples and $250,000 ers who do these Roth con- for Armed Forces members
for singles. versions to reverse them. on active duty.
The new rule would re- Both bills also include a  Donations for athletic
quire sellers to live in a provision that would extend seating. Both bills prohibit
house for five of the prior the time for employees who charitable deductions for do-
eight years, rather than two leave a company to repay nations made to colleges and
out of the prior five years, to 401(k) loans. Under current universities for the right to
get the exemption. The House law, workers must repay such purchase tickets to sporting
bill also limits the exemption loans within 60 days of leav- events beginning in 2018.
for high earners. ing a firm, or else owe in- Current law allows such de-
 Retirement plans. Cur- come tax on the loan’s bal- ductions.

INVEST not stocks, but if you think

chowing down on Cheetos or
Oreos has nothing in com-
and the light seems daz-
zlingly bright. In speed dat-
ing, men who have just met
good news is making the lat-
est surprises seem pallid.

I
Continued from page B1 mon with investing, you’re an attractive woman find n the battered retail in-
day’s surprises were disap- mistaken. their next prospective date dustry, however, any
pointing.” less attractive, even if out- news that isn’t bad feels

On average, a highly posi-
tive surprise from a big com-
pany yesterday reduces stock
returns by 0.55% for firms
announcing earnings today,
even if their results were ex-
traordinarily good. That ex-
tra 0.55% price change soon
disappears, suggesting that
investors overreact to the
event and its context.
Another study, just pub-
lished in the Proceedings of
A
fter being exposed to
a run of snack foods
they valued highly,
people lowered their bids for
the next Snickers or Fritos
they encountered; after see-
ing a batch of snacks they
wouldn’t pay up for, they bid
more for the next ones they
saw.
“Investors probably pro-
cess gains and losses not
just in the moment, but rela-
side observers judge their
appearance as equivalent.
The stock market is full of
contrast effects.
Over the past five years,
according to FactSet, the
stocks of companies that
beat the consensus forecast
of Wall Street analysts have
risen 1.2%, on average, over
the period from two days be-
fore the announcement of
earnings through the second
great. On Nov. 9, Macy’s Inc.
exceeded analysts’ earnings
expectations after falling
short for the past six quar-
ters, according to Dow Jones
Market Data Group; the
stock shot up 11% on the day.
On Nov. 10, J.C. Penney Co.
jumped 15% in a day after
the company beat revenue
forecasts and lost less
money than analysts had ex-
pected.

the National Academy of Sci-
ences, found that “how much
people would pay for any
item was a function of what
they’d seen in the recent
past,” says Kenway Louie, a
neurobiologist at New York
University and co-author of
the study.
People in that experiment
were bidding on snack foods,
tive to the other gains and
losses they’ve recently been
seeing,” says Prof. Louie. If
stocks are doubling all
around you, he says, a mod-
erate gain like 10% may
make you feel “What’s the
big deal?”
Contrast effects are every-
where. Walk out of a movie
theater into the sunshine,
CHRISTOPHE VORLET
day after. Even mighty Wal-Mart
So far this quarter, more Stores Inc. leapt 11% on
than 90% of companies have Thursday when it earned
reported earnings, of which more than analysts pre-
74% earned more than ana- dicted; that positive surprise
lysts expected. Yet their followed two straight quar-
shares have risen an average ters of falling short of expec- get an equivalent rise out of only feelings. The market is
of only 0.4%, or one-third of tations, according to Dow investors—or stocks might expensive by any measure.
the typical gain from a posi- Jones Market Data Group. seem like bargains when Don’t let contrast effects fool
tive surprise over the past While it may take ever- they reverse a string of dis- you into thinking bargains
five years. Too much past more-positive surprises to appointments—those are abound.

Futures Contracts Contract Open Global Government Bonds: Mapping Yields

Open High hilo Low Settle Chg interest
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 15.26 15.46 15.20 15.37 .11 397,446 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Contract Open May 15.22 15.40 15.17 15.33 .11 135,567
Open High hi lo Low Settle Chg interest Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Copper-High (CMX)-25,000 lbs.; $ per lb. March 27.33 27.33 27.33 27.33 … 2,795
Nov 3.0300 3.0645 3.0300 3.0625 0.0190 323 Cotton (ICE-US)-50,000 lbs.; cents per lb. 1.500 U.S. 2 1.726 s l 1.712 1.542 1.046
March'18 3.0735 3.0950 3.0550 3.0910 0.0195 110,195 69.21 70.08 69.21 69.78 .57 19,350
Dec 2.250 10 2.354 t l 2.376 2.300 2.304
Gold (CMX)-100 troy oz.; $ per troy oz. March'18 69.18 69.75 69.06 69.35 .17 144,080
Nov 1288.30 1288.30 1288.30 1295.80 18.40 40 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2.750 Australia 2 1.787 t l 1.800 1.921 1.724 6.1 8.7 67.8
Dec 1278.80 1297.50 1278.10 1296.50 18.30 257,076 Dec … … s … 166.80 .70
Feb'18 1282.70 1301.70 1282.60 1300.90 18.30 198,177
2.750 10 2.584 t l 2.594 2.773 2.577 23.0 21.8 27.3
Jan'18 165.15 167.00 165.15 166.80 .70 7,408
April 1290.60 1306.00 1290.30 1305.20 18.40 21,757 0.000 France 2 -0.595 t l -0.589 -0.530 -0.578 -232.0 -230.1 -162.5
June 1292.80 1310.00 1292.50 1309.40 18.40 21,104 Interest Rate Futures
Dec 1308.20 1322.80 1307.80 1322.60 18.60 11,454 0.750 10 0.713 t l 0.729 0.622 0.747 -164.1 -164.8 -155.7
Palladium (NYM) - 50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.711 s l -0.745 -0.727 -0.632 -243.6 -245.8 -167.8
Dec 986.40 995.45 985.70 992.90 8.05 22,368 Dec 153-050 154-050 153-030 153-250 7.0 756,246
March'18 983.55 991.00 980.00 988.80 9.10 12,561 March'18 152-040 153-010 152-010 152-210 7.0 56,077 0.500 10 0.362 t l 0.380 0.367 0.284 -199.2 -199.7 -202.1
June 973.80 973.80 973.80 982.20 8.30 413 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 124-255 125-025 124-245 124-290 1.5 3,275,498 0.050 Italy 2 -0.266 t l -0.252 -0.151 0.043 -199.1 -196.4 -100.4
Nov 928.20 928.20 926.40 951.40 18.40 4 March'18 124-160 124-250 124-160 124-200 1.5 148,492 2.050 10 1.835 t l 1.839 2.003 2.109 -52.0 -53.8 -19.6
Jan'18 934.40 957.50 933.80 954.60 18.40 69,519 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 116-292 117-007 116-287 116-300 .2 3,210,630 0.100 Japan 2 -0.193 t l -0.189 -0.135 -0.156 -191.9 -190.2 -120.2
Nov 17.125 17.305 17.125 17.358 0.302 5 March'18 116-230 116-265 116-225 116-237 .2 167,868
0.100 10 0.037 t l 0.046 0.070 0.009 -231.7 -233.0 -229.5
Dec 17.080 17.385 17.020 17.373 0.301 101,613 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 107-157 107-162 107-150 107-152 –.5 1,741,621 2.750 Spain 2 -0.362 t l -0.352 -0.306 -0.127 -208.7 -206.4 -117.3
Dec 55.25 56.68 55.18 56.55 1.41 91,396 March'18 107-107 107-112 107-100 107-102 –.5 149,509
Jan'18 55.46 56.82 55.39 56.71 1.36 579,065 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 1.450 10 1.551 s l 1.540 1.547 1.611 -80.3 -83.6 -69.4
Feb 55.60 56.89 55.51 56.81 1.32 193,140 Nov 98.845 98.845 98.843 98.843 … 206,411 1.750 U.K. 2 0.483 t l 0.500 0.411 0.186 -121.3 -86.0
-124.3
March 55.67 56.93 55.58 56.87 1.27 287,699 Jan'18 98.610 98.610 t 98.605 98.610 … 343,550
June 55.51 56.71 55.44 56.65 1.08 233,871 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 4.250 10 1.298 t l 1.311 1.279 1.294 -105.6 -106.6 -101.1
Dec 53.97 54.96 53.84 54.81 0.78 260,418 Dec 100.813 101.125 100.797 100.984 .094 29,353
1 Month Libor (CME)-$3,000,000; pts of 100% Source: Tullett Prebon
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec 1.9058 1.9545 1.9001 1.9466 .0445 73,403 Dec 98.5400 98.5400 t 98.5400 98.5400 .0050 2,264 Corporate Debt
Jan'18 1.9094 1.9560 1.9030 1.9486 .0433 121,887 Jan'18 98.5250 98.5250 t 98.5250 98.5250 –.0025 165 in that same company’s share price.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100%
Dec 1.7188 1.7523 1.7169 1.7447 .0310 82,592 Dec 98.4625 98.4650 98.4550 98.4575 –.0050 1,678,030 Investment-grade spreads that tightened the most…
Jan'18 1.7170 1.7505 1.7146 1.7442 .0325 170,441 March'18 98.2950 98.3000 98.2900 98.2950 … 1,384,991 Spread*, in basis points Stock Performance
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 98.1600 98.1700 98.1550 98.1600 … 1,274,074 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Dec 3.072 3.134 3.059 3.097 .044 92,941 Dec 98.0050 98.0200 98.0000 98.0100 .0050 1,638,453
Jan'18 3.171 3.221 3.159 3.191 .038 310,495 Pitney Bowes PBI 3.625 Sept. 15, ’20 275 –33 303 9.93 –0.40
Feb 3.169 3.216 3.161 3.190 .035 104,351 Currency Futures Teva Pharmaceutical Finance TEVA 2.950 Dec. 18, ’22 335 –22 328 ... ...
March 3.134 3.176 3.127 3.152 .031 180,331
April 2.946 2.978 2.934 2.961 .018 125,022 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Synovus Financial SNV 3.125 Nov. 1, ’22 95 –17 n.a. 46.39 0.30
May 2.930 2.957 2.922 2.943 .015 93,889 Dec .8852 .8944 .8849 .8929 .0068 266,614 HSBC Holdings HSBC 6.000 May 22, ’49 248 –15 244 48.28 0.02
March'18 .8899 .8991 .8898 .8976 .0067 4,723
Canadian Dollar (CME)-CAD 100,000; $ per CAD GE Capital International Funding Unlimited GE 2.342 Nov. 15, ’20 55 –9 52 ... ...
Agriculture Futures Dec .7844 .7868 .7800 .7838 –.0007 135,330 AT&T T 4.800 June 15, ’44 220 –9 224 34.51 –0.03
Corn (CBT)-5,000 bu.; cents per bu. March'18 .7857 .7874 .7810 .7847 –.0007 3,458 Toyota Motor Credit TOYOTA 2.600 Jan. 11, ’22 27 –9 29 ... ...
Dec 336.50 343.50 336.50 343.00 6.50 522,895 British Pound (CME)-£62,500; $ per £
March'18 348.75 355.50 t 348.75 355.00 6.00 622,874 Dec 1.3204 1.3271 1.3178 1.3228 .0034 169,801
Barclays BACR 5.250 Aug. 17, ’45 160 –8 n.a. ... ...
Oats (CBT)-5,000 bu.; cents per bu. March'18 1.3263 1.3306 1.3227 1.3271 .0034 3,572
Dec 262.25 262.25 254.50 257.00 –5.25 3,131 Swiss Franc (CME)-CHF 125,000; $ per CHF …And spreads that widened the most
March'18 276.25 276.25 269.00 272.25 –5.00 3,994 Dec 1.0080 1.0143 1.0076 1.0134 .0052 82,691
1.0181 1.0214 1.0151 1.0207 .0051 304
Viacom VIA 5.875 Feb. 28, ’57 386 31 361 33.00 9.63
Soybeans (CBT)-5,000 bu.; cents per bu. March'18
Jan 972.75 992.00 971.50 990.50 18.50 327,103 Australian Dollar (CME)-AUD 100,000; $ per AUD Alliance Data Systems ADS 5.375 Aug. 1, ’22 306 11 273 224.35 –0.43
March 983.75 1003.00 982.50 1001.50 18.25 141,864 Dec .7584 .7605 .7533 .7564 –.0021 123,730 AT&T T 5.150 March 15, ’42 223 10 225 34.51 –0.03
Soybean Meal (CBT)-100 tons; $ per ton. Jan'18 .7561 .7596 t .7535 .7562 –.0021 620 General Motors Financial GM 3.200 July 6, ’21 85 9 70 ... ...
Dec 310.70 318.90 310.20 318.20 7.70 72,674 Feb .7580 .7600 t .7538 .7561 –.0021 593
Jan'18 312.60 320.70 312.20 320.00 7.50 116,979 March .7588 .7598 .7530 .7560 –.0021 1,177 Amazon.com AMZN 3.800 Dec. 5, ’24 55 8 48 1129.88 –0.65
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .7540 .7557 .7535 .7558 –.0021 253 Comcast CMCSA 3.600 March 1, ’24 62 8 n.a. 36.16 –2.45
Dec 34.52 34.65 34.15 34.44 .01 100,087 Mexican Peso (CME)-MXN 500,000; $ per MXN Hartford Financial Services HIG 6.100 Oct. 1, ’41 137 7 n.a. 56.14 0.23
Jan'18 34.66 34.80 34.31 34.59 … 131,347 Dec .05221 .05265 .05205 .05258 .00042 178,557
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'18 .05146 .05181 .05128 .05179 .00042 609 Banco Santander SANTAN 3.125 Feb. 23, ’23 116 7 106 ... ...
Jan 1213.00 1230.00 1205.50 1228.50 12.00 9,284 Euro (CME)-€125,000; $ per €
March 1241.50 1257.00 1238.50 1256.00 11.50 1,122 Dec 1.1790 1.1840 1.1783 1.1815 .0031 457,469 High-yield issues with the biggest price increases…
Wheat (CBT)-5,000 bu.; cents per bu. March'18 1.1866 1.1906 1.1862 1.1885 .0031 7,183 Bond Price as % of face value Stock Performance
Dec 421.50 428.00 421.00 427.25 5.75 145,743 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
March'18 437.50 444.00 437.25 443.50 5.50 233,128 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Frontier Communications FTR 7.875 Jan. 15, ’27 66.250 2.20 n.a. 6.96 4.50
417.75 422.75 416.50 422.00 5.00 69,776 Mini DJ Industrial Average (CBT)-$5 x index
Dec
Dec 23416 23440 23305 23316 –108 157,902
Men's Wearhouse TLRD 7.000 July 1, ’22 94.750 2.00 92.450 ... ...
March'18 434.00 440.00 434.00 439.50 5.00 156,651
Wheat (MPLS)-5,000 bu.; cents per bu. March'18 23416 23426 23299 23307 –110 2,440 BI–LO BILOLF 9.250 Feb. 15, ’19 94.500 1.88 92.750 ... ...
Dec 631.00 635.75 626.75 635.00 4.75 24,526 S&P 500 Index (CME)-$250 x index Tesla TSLA 5.300 Aug. 15, ’25 97.000 1.84 94.000 315.05 0.82
March'18 645.25 651.00 641.50 650.00 4.75 34,204 Dec 2582.20 2584.90 2575.60 2576.30 –8.70 65,063
March'18 2580.80 2583.00 2578.80 2577.10 –8.70 5,180 EP Energy EPENEG 9.375 May 1, ’20 78.063 1.59 80.500 ... ...
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov 157.775 157.925 157.575 157.775 … 2,642 Mini S&P 500 (CME)-$50 x index Denbury Resources DNR 4.625 July 15, ’23 62.800 1.55 61.000 1.74 6.75
Jan'18 154.000 154.000 151.350 151.725 –2.175 27,788 Dec 2584.25 2586.00 s 2574.75 2576.25 –8.75 3,219,914 Post Holdings POST 5.750 March 1, ’27 102.750 1.50 100.750 80.95 –1.59
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'18 2585.00 2586.50 s 2575.75 2577.00 –8.75 95,818
Mini S&P Midcap 400 (CME)-$100 x index Coveris Holdings EXOPAC 7.875 Nov. 1, ’19 100.625 1.25 99.750 ... ...
Dec 119.625 119.800 118.550 118.850 –.700 58,458
Dec 1834.70 1843.60 1830.10 1840.20 4.30 94,260
Feb'18 125.200 125.375 124.350 124.675 –.450 155,674
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'18 1820.70 1820.70 s 1820.70 1838.30 4.30 9 …And with the biggest price decreases
Dec 60.200 62.100 60.000 60.650 .550 45,720 Mini Nasdaq 100 (CME)-$20 x index Revlon Consumer Products REV 6.250 Aug. 1, ’24 55.250 –5.00 62.000 ... ...
Feb'18 66.525 68.075 66.350 67.075 .500 93,446 Dec 6342.8 6351.8 s 6308.5 6313.3 –27.8 292,214
March'18 6360.0 6367.3 s 6325.3 6329.5 –27.5 2,452 Community Health Systems CYH 8.000 Nov. 15, ’19 88.875 –2.88 90.250 4.15 –1.66
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan 451.90 451.90 439.70 439.70 –10.00 5,668 Mini Russell 2000 (ICE-US)-$100 x index SFR Group SFRFP 7.375 May 1, ’26 102.500 –2.80 104.250 ... ...
March 438.30 438.40 427.60 427.60 –10.00 895 Dec 1485.90 1498.80 1480.20 1492.90 6.70 67,360 Windstream Services WIN 6.375 Aug. 1, ’23 65.000 –2.00 n.a. ... ...
Milk (CME)-200,000 lbs., cents per lb. March'18 1493.40 1493.40 1493.00 1493.90 6.80 92
Mini Russell 1000 (ICE-US)-$100 x index Altice Luxembourg ATCNA 7.625 Feb. 15, ’25 97.050 –1.95 103.750 ... ...
Nov 16.79 16.81 16.78 16.79 –.01 4,317
Dec 15.38 15.42 15.26 15.27 –.19 4,355 Dec 1430.90 1431.80 1429.30 1429.10 –3.40 279 Altice Financing ALTICE 7.500 May 15, ’26 106.000 –1.25 105.750 ... ...
March'18 … … … 1430.10 –3.40 1
Cocoa (ICE-US)-10 metric tons; $ per ton. Talen Energy Supply TLN 6.500 June 1, ’25 82.750 –1.19 84.250 ... ...
Dec 2,115 2,140 2,115 2,126 –5 533 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 93.72 93.85 93.42 93.58 –.28 39,766 Masonite International DOOR 5.625 March 15, ’23 103.750 –1.03 104.500 72.00 0.84
March'18 2,145 2,147 2,112 2,131 –9 137,756
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 93.39 93.52 93.12 93.26 –.29 2,728
*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.
Dec 126.15 126.55 123.55 123.80 –2.90 20,654 Note: Data are for the most active issue of bonds with maturities of two years or more
March'18 129.80 130.05 127.05 127.25 –2.90 117,141 Source: SIX Financial Information Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B6 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23358.24 t 100.12, or 0.43% Trailing P/E ratio 20.56 20.58 2578.85 t 6.79, or 0.26% Trailing P/E ratio 24.44 24.19 6782.79 t 10.50, or 0.15% Trailing P/E ratio * 26.10 23.75
High, low, open and close for each P/E estimate * 19.17 17.74 High, low, open and close for each P/E estimate * 19.36 18.25 High, low, open and close for each P/E estimate * 21.25 19.12
trading day of the past three months. Dividend yield 2.20 2.55 trading day of the past three months. Dividend yield 1.93 2.14 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23563.36, 11/08/17 All-time high: 2594.38, 11/08/17 All-time high: 6793.29, 11/16/17

Current divisor 0.14523396877348

23500 2580 6750

23000 2550 6650

22500 2520 6550

Session high
22000 2490 6450
DOWN UP
t

Session open Close

65-day moving average
Close Open 21500 2460 6350
t

65-day moving average 65-day moving average

Session low
21000 2430 6250

Bars measure the point change from session's open

20500 2400 6150
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 868,823,257 14,155,400
Industrial Average 23433.77 23356.01 23358.24 -100.12 -0.43 23563.36 18867.93 23.8 18.2 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 545,489,034 10,796,582
Transportation Avg 9568.40 9469.90 9483.09 -110.00 -1.15 10038.13 8783.74 7.1 4.9 1.7 Most-active issues in late trading Decl. volume* 311,734,240 2,859,944
Utility Average 763.96 757.27 758.08 -6.11 -0.80 774.47 626.66 20.9 14.9 8.5 Volume After Hours Issues traded 3,074 330
Company Symbol (000) Last Net chg % chg High Low Advances 1,915 210
Total Stock Market 26759.66 26697.24 26718.22 -37.94 -0.14 26830.60 22691.17 17.7 14.8 8.0
SPDR S&P 500 SPY 11,853.5 257.66 -0.20 -0.08 258.59 257.61 Declines 1,039 104
Barron's 400 688.67 683.76 687.39 2.20 0.32 691.56 581.60 18.2 14.3 8.5
Principal US Mega-Cap USMC 6,200.0 25.13 -0.06 -0.25 25.13 25.13 Unchanged 120 16
Nasdaq Stock Market PwrShs DB Com Track DBC 3,902.9 16.32 … unch. 16.32 16.26 New highs 113 3
Nasdaq Composite 6797.75 6777.43 6782.79 -10.50 -0.15 6793.29 5251.11 27.5 26.0 13.2 PS DB Opt Yd Div Cmdty PDBC 3,654.8 17.78 -0.02 -0.13 17.78 17.78 New lows 28 2
6345.56 6308.48 Closing tick 265 67
Nasdaq 100 6314.51 -24.63 -0.39 6345.81 4734.10 31.3 29.8 14.4 iShares China Large-Cap FXI 3,166.9 46.56 0.07 0.15 46.57 46.45
Closing Arms† 0.94 0.85
VanEck Vectors Gold Miner GDX 2,898.2 22.79 … unch. 22.82 22.73
Standard & Poor's Block trades* 6,668 106
iShares MSCI EAFE ETF EFA 2,614.4 68.84 -0.07 -0.10 68.94 68.84
500 Index 2583.96 2577.62 2578.85 -6.79 -0.26 2594.38 2181.90 18.2 15.2 8.1 Nasdaq NYSE Arca
PwrShrs QQQ Tr Series 1 QQQ 2,517.3 153.70 -0.25 -0.16 154.00 153.64
MidCap 400 1843.34 1831.02 1840.74 4.35 0.24 1843.36 1605.93 14.6 10.8 8.8 Total volume*1,974,170,017 214,948,949
SmallCap 600 912.60 902.39 908.91 3.68 0.41 918.72 803.00 13.2 8.5 10.5 Percentage gainers… Adv. volume*1,148,086,602 109,236,370
Decl. volume* 789,146,108 104,344,067
Other Indexes Accuray ARAY 326.9 5.25 0.45 9.38 5.25 4.80
Issues traded 3,061 1,301
Russell 2000 1496.86 1481.09 1492.82 5.94 0.40 1512.09 1313.80 13.5 10.0 8.6 Diana Containerships DCIX 33.8 8.77 0.54 6.56 8.94 8.12
Advances 1,755 696
NYSE Composite 12314.69 12277.31 12302.89 -0.39 -0.003 12430.52 10709.51 14.9 11.3 4.2 Caesars Entertainment CZR 40.4 13.00 0.68 5.48 13.00 12.30 Declines 1,170 582
Value Line 543.73 539.80 542.76 2.47 0.46 545.98 494.76 9.7 7.2 3.1 Pennsylvania REIT PEI 9.9 11.96 0.44 3.82 11.96 11.52 Unchanged 136 23
NYSE Arca Biotech 4154.32 4126.63 4150.01 8.94 0.22 4304.77 3075.02 23.1 35.0 8.3
TPI Composites TPIC 16.1 19.60 0.54 2.83 19.60 19.06 New highs 132 67
New lows 32 10
NYSE Arca Pharma 535.25 533.18 534.52 -0.43 -0.08 560.52 463.78 11.9 11.0 -0.2 ...And losers
Closing tick 391 12
KBW Bank 99.49 98.42 99.18 0.11 0.11 102.31 85.30 15.7 8.1 10.9 BBX Capital Cl A BBX 20.0 6.99 -0.57 -7.54 6.99 6.99 Closing Arms† 1.03 1.16
PHLX§ Gold/Silver 81.16 80.02 80.88 1.04 1.30 96.72 73.03 2.0 2.6 4.0 Anthera Pharmaceuticals ANTH 9.8 2.10 -0.11 -4.98 2.14 2.10 Block trades* 7,189 1,132
PHLX§ Oil Service 131.91 129.60 131.31 1.79 1.38 192.66 117.79 -20.0 -28.6 -18.5 California Resources CRC 18.0 15.20 -0.71 -4.46 15.91 15.20 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1320.16 1304.83 1306.93 -6.18 -0.47 1321.13 836.79 49.8 44.2 26.7 Immunogen IMGN 299.3 5.95 -0.20 -3.25 6.15 5.95 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 12.01 11.16 -0.33 -2.81 16.04 9.14 -11.1 -18.6 issues with the volume of shares rising and falling. An
11.43 -6.5 Domtar UFS 43.1 45.00 -1.20 -2.60 47.02 45.00 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2953.40 3.03 0.10 16.7 Gulfmark Offshore GLF 29.50 22.24 306.34 34.96 0.11 1934.5 Ameri Holdings AMRH 3.49 -5.21 -59.89 ... ... ...
DJ Global Index 384.19 0.13 0.03 17.8 Eastside Distilling ESDI 5.69 1.34 30.80 12.00 3.35 -2.7 OptimumBank Holdings OPHC 4.98 -3.27 -39.64 13.96 1.85 18.0
DJ Global ex U.S. 258.50 0.62 0.24 20.8 Shoe Carnival SCVL 26.75 6.12 29.67 31.79 15.08 -9.6 Carver Bancorp CARV 3.31 -1.72 -34.21 7.95 2.01 -17.3
Americas DJ Americas 620.22 –0.84 –0.14 14.8 Foot Locker FL 40.82 8.97 28.16 79.43 28.42 -43.1 Meridian Waste Solutions MRDN 1.75 -0.90 -33.96 12.50 0.68 -87.0
Brazil Sao Paulo Bovespa 73437.28 925.49 1.28 21.9 Diana Containerships DCIX 8.23 1.63 24.70 262765.44 1.56 -99.9 China Adv Constr Matrl CADC 5.25 -2.60 -33.12 9.75 1.55 118.8
Canada S&P/TSX Comp 15998.57 63.20 0.40 4.7 Abercrombie Fitch ANF 15.55 3.00 23.90 16.36 8.81 6.5 Vascular Biogenics VBLT 6.85 -2.15 -23.89 9.05 3.90 39.8
Mexico S&P/BMV IPC 47857.14 109.45 0.23 4.9 Tuniu ADR TOUR 8.97 1.59 21.54 9.75 6.69 -2.6 CHF Solutions CHFS 10.03 -2.76 -21.58 576.00 3.60 -90.5
Chile Santiago IPSA 4089.35 58.57 1.45 26.9 PAVmed PAVM 4.33 0.72 20.04 10.72 2.54 -51.3 Destination XL Group DXLG 1.83 -0.48 -20.65 4.55 1.46 -56.5
Catalyst Biosciences CBIO 5.93 0.94 18.84 21.30 3.11 -48.7 SemiLEDS LEDS 5.52 -1.41 -20.35 10.49 1.61 41.2
EMEA Stoxx Europe 600 383.80 –1.13 –0.29 6.2
Natural Grocers NGVC 6.25 0.95 17.92 13.79 4.79 -44.2 Birks Group BGI 1.98 -0.48 -19.52 2.72 1.00 70.7
Eurozone Euro Stoxx 386.45 –1.69 –0.44 10.3
Belgium Bel-20 3954.04 –37.82 –0.95 9.6 Splunk SPLK 81.70 12.40 17.89 81.99 50.64 36.4 Newater Technology NEWA 10.65 -2.11 -16.54 16.25 7.32 ...
France CAC 40 5319.17 –17.22 –0.32 9.4 Sportsman's Warehouse SPWH 4.68 0.70 17.59 9.87 3.40 -45.5 Comstock Hldg Cl A CHCI 1.76 -0.31 -14.80 3.36 1.58 -6.9
Germany DAX 12993.73 –53.49 –0.41 13.2 NantKwest NK 4.91 0.66 15.53 8.45 2.71 -35.3 Jianpu Technology ADR JT 7.20 -1.20 -14.29 8.43 7.15 ...
Israel Tel Aviv 1405.60 … Closed –4.4 Aegean Marine Petroleum ANW 3.75 0.50 15.38 13.10 3.20 -65.0 Century Casinos CNTY 7.83 -1.25 -13.77 9.50 6.28 17.7
14.9 Key Energy Services KEG 10.14 1.35 15.36 38.00 8.20 ... Williams-Sonoma WSM 45.78 -7.09 -13.41 56.94 42.68 -13.5
Italy FTSE MIB 22092.95 –113.65 –0.51
Netherlands AEX 536.62 –2.57 –0.48 11.1
Russia RTS Index 1132.45 5.93 0.53 –1.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10010.40 –78.30 –0.78 7.0
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 577.36 –4.61 –0.79 8.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9183.61 36.79 0.40 11.7
SPDR S&P 500 SPY 63,826 2.7 257.86 -0.29 259.35 218.29 Atlantic Coast Financial ACFC 1,381 5272 9.07 4.37 9.24 6.63
U.K. FTSE 100 7380.68 –6.26 –0.08 3.3
Intel INTC 61,692 150.4 44.63 -2.23 47.30 33.23 Natural Resource Partners NRP 744 3790 25.35 -0.59 45.60 22.81
Asia-Pacific General Electric GE 58,460 -14.6 18.21 -0.22 32.38 17.46 GTY Technology Hldgs Cl A GTYH 610 3338 9.95 -1.29 13.00 9.75
Australia S&P/ASX 200 5957.30 13.80 0.23 5.1 Advanced Micro Devices AMD 55,285 -1.4 11.38 1.16 15.65 8.26 FinTech Acqn II FNTE 336 3293 9.81 0.16 11.76 9.70
China Shanghai Composite 3382.91 –16.34 –0.48 9.0 Bank of America BAC 47,621 -25.5 26.62 -0.52 27.98 19.87 Century Casinos CNTY 1,673 2675 7.83 -13.77 9.50 6.28
Hong Kong Hang Seng 29199.04 180.28 0.62 32.7 iShares MSCI Emg Markets EEM 45,091 -5.3 46.82 0.49 47.02 33.94 Presidio PSDO 3,648 2221 14.96 2.82 16.90 12.75
India S&P BSE Sensex 33342.80 235.98 0.71 25.2 Finl Select Sector SPDR XLF 41,796 -18.5 26.16 -0.11 26.93 22.00 VanEck Vectors Retail ETF RTH 161 2214 85.17 1.00 85.25 75.72
Japan Nikkei Stock Avg 22396.80 45.68 0.20 17.2 Teva Pharmaceutical ADR TEVA 40,694 68.4 13.84 8.21 39.08 10.85 TPG Pace Holdings Cl A TPGH 515 1966 9.71 -0.10 9.89 9.70
Singapore Straits Times 3382.38 41.08 1.23 17.4 Square Cl A SQ 38,916 373.4 44.18 5.44 45.74 12.08 Direxion S&P 500 Bear 1X SPDN 271 1929 31.82 0.19 38.20 31.64
South Korea Kospi 2533.99 –0.80 –0.03 25.0 Comcast Cl A CMCSA 37,371 53.7 36.16 -2.45 42.18 33.97 Gores Holdings II Cl A GSHT 905 1735 9.94 -0.60 11.24 9.30
Taiwan Weighted 10701.64 76.60 0.72 15.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its 5-year CDs
3.75% Argentina peso .0572 17.4785 10.1 Czech Rep. koruna .04611 21.688 –15.6
benchmark over the past year 10% Brazil real .3070 3.2578 0.1 Denmark krone .1585 6.3094 –10.7
Bankrate.com avg†: 1.48% s
3.00 Euro Canada dollar .7832 1.2768 –5.0 Euro area euro 1.1793 .8480 –10.8
Barclays 2.35% 5
Chile peso .001598 625.80 Hungary forint .003780 264.54 –10.1
–6.6
Five-year CD yields 1.50% Wilmington, DE 888-720-8756
t 2.25 0 Ecuador US dollar 1 1 unch Iceland krona .009676 103.35 –8.5
EverBank 2.35% Mexico peso .0529 18.9179 –8.8 Norway krone .1214 8.2393 –4.7
Friday
t

1.00 1.50 Uruguay peso .03389 29.5100 0.5 Poland zloty .2784 3.5919 –14.2
t Jacksonville, FL 855-228-6755 –5
Venezuela b. fuerte .095622 10.4579 4.6 Russia ruble .01696 58.964 –3.8
Federal-funds 0.50 Home Savings Bank 2.35% 0.75 –10
s Yen s Sweden krona .1186 8.4326 –7.4
target rate Asia-Pacific
One year ago
t

Salt Lake City, UT 801-487-0811 WSJ Dollar index Switzerland franc 1.0114 .9887 –3.0
0.00 –15 Australian dollar .7565 1.3219 –4.8
0.00 First Internet Bank of Indiana 2.38% Turkey lira .2579 3.8776 10.0
China yuan .1509 6.6287 –4.6
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0378 26.4530 –2.3
Indianapolis, IN 888-873-3424 Hong Kong dollar .1280 7.8115 0.7
–0.50 month(s) years UK pound 1.3216 .7567 –6.6
Goldman Sachs Bank USA 2.40% India rupee .01540 64.940 –4.4
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13515 Middle East/Africa
–0.1
2017 New York, NY 855-730-7283
Japan yen .008920 112.11 –4.2 Bahrain dinar 2.6466 .3779 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003012 331.96 –0.5 Egypt pound .0567 17.6460 –2.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1243 8.0451 1.6 Israel shekel .2845 3.5150 –8.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2406 4.1555 –7.4 Kuwait dinar 3.3116 .3020 –1.2
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6818 1.4667 1.6 Oman sul rial 2.5979 .3849 –0.01
Pakistan rupee .00949 105.360 0.9 Qatar rial .2590 3.861 6.1
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0197 50.831 2.5 Saudi Arabia riyal .2666 3.7503 –0.01
Libor, 3-month 1.44 1.41 0.92 l 1.44 1.21 Singapore dollar .7375 1.3560 –6.3 South Africa rand .0715 13.9874 2.1
Money market, annual yield 0.32 0.32 0.26 l 0.36 -0.11 Treasury, Ryan ALM 1461.847 2.167 2.172 2.237 1.818 2.389 2.035 South Korea won .0009136 1094.54 –9.4
Five-year CD, annual yield 1.48 1.49 1.19 l 1.49 -0.07 .0065079 153.66 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1733.484 2.352 2.397 2.609 2.058 2.142 1.840 Sri Lanka rupee 3.5
30-year mortgage, fixed† 3.90 3.88 3.73 l 4.33 -0.16 Taiwan dollar .03324 30.085 –7.3 WSJ Dollar Index 87.09 –0.25–0.28 –6.29
DJ Corporate 378.227 3.162 3.172 3.390 2.879 5.461 3.939
Thailand baht .03043 32.860 –8.2 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.30 3.25 2.99 l 3.50 0.07 Aggregate, Barclays Capital 1939.500 2.660 2.670 2.790 2.380 2.967 2.394 Vietnam dong .00004403 22713 –0.3
Jumbo mortgages, $424,100-plus† 4.26 4.23 4.21 l 4.88 -0.04 High Yield 100, Merrill Lynch n.a. n.a. 5.572 n.a. n.a. n.a. n.a.
Five-year adj mortgage (ARM)† 3.55 3.48 3.20 l 4.03 0.01
Fixed-Rate MBS, Barclays 1985.950 2.880 2.910 3.120 2.660 1.837 2.040
New-car loan, 48-month 2.99 3.01 2.85 l 3.36 -0.24
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill n.a. n.a. 2.000 n.a. n.a. n.a. n.a. COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 800.331 5.587 5.662 6.290 5.279 9.913 5.867 Commodities Friday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 613.09 8.20 1.36 616.58 532.01 14.05 8.08

Get real-time U.S. stock quotes and track most-active Track the Markets 190.39 1.14 195.14 3.96 -1.10

WSJ
TR/CC CRB Index 2.14 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 56.55 1.41 2.56 57.35 42.53 23.77 5.27
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.097 0.044 1.44 3.93 2.56 8.93 -16.84
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1295.80 18.40 1.44 1346.00 1127.80 7.22 12.68
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | B7

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 11.92 49.38 39.74 KAR Auction KAR 2.9 28 47.70 0.17 17.53 48.98 36.62 ShinhanFin SHG ... 8 44.24 -0.51 140.41 142.80 44.35 ChinaLodging HTHT ... 67 124.63 -2.83
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 47.35 54.36 34.36 KB Fin KB ... 9 52.00 -1.28 144.67 123.94 38.69 Shopify SHOP ... dd 104.89 1.00 -3.02 81.98 68.24 CincinnatiFin CINF 2.7 24 73.46 -0.13
The list comprises the 1,000 largest companies based on market capitalization. 27.10 20.77 15.14 KKR KKR 3.5 10 19.56 0.01 -8.85 188.10 150.15 SimonProperty SPG 4.6 29 161.95 2.08 28.87 152.83 109.74 Cintas CTAS 1.1 34 148.92 -1.19
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 1.56 18.82 13.43 KT KT ... 11 14.31 0.05 24.37 62.16 46.44 SmithAO AOS 1.0 29 58.89 -0.14 18.80 36.67 29.12 CiscoSystems CSCO 3.2 19 35.90 0.02
volume. 21.00 109.13 79.05 KSCitySouthern KSU 1.4 20 102.67 -0.85 18.45 40.43 27.26 Smith&Nephew SNN 1.4 19 35.63 -0.34 21.65 87.99 67.23 CitrixSystems CTXS ... 29 86.51 0.87
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was -11.33 76.69 58.76 Kellogg K 3.3 29 65.36 0.08 -10.83 143.68 99.56 Smucker SJM 2.7 24 114.19 -2.46 120.87 140.94 57.42 Cognex CGNX 0.3 52 140.52 2.58
$2 or higher. 0.22 19.53 16.28 KeyCorp KEY 2.3 16 18.31 0.18 -46.94 29.44 11.28 Snap SNAP ... dd 12.99 0.43 30.13 76.51 51.35 CognizantTech CTSH 0.8 23 72.91 -2.32
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 19.28 45.65 34.79 KeysightTechs KEYS ... 33 43.62 -0.28 -8.32 181.73 140.83 SnapOn SNA 2.1 16 157.02 -0.05 123.69 314.76 124.94 Coherent COHR ... 37 307.32 2.99
s-New 52-week high. standards vj-In bankruptcy or receivership or 1.24 78.33 67.00 KilroyRealty KRC 2.3 49 74.13 0.05 108.73 63.80 26.68 SOQUIMICH SQM 1.3 46 59.80 2.54 4.74 42.18 33.97 Comcast A CMCSA 1.7 17 36.16 -0.91
t-New 52-week low. lf-Late filing being reorganized under the 0.18 136.21 109.67 KimberlyClark KMB 3.4 19 114.32 -0.58 64.72 47.59 27.72 Sony SNE ... 26 46.17 0.07 -3.03 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.06 0.36
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -23.09 26.63 17.02 KimcoRealty KIM 5.8 38 19.35 0.05 3.62 53.51 46.20 Southern SO 4.6 93 50.97 -0.39 -8.82 42.75 30.95 CommScope COMM ... 34 33.92 0.24
four quarters. requirements. assumed by such companies. t-17.87 23.01 16.70 KinderMorgan KMI 2.9 30 17.01 0.18 34.47 44.69 31.15 SoCopper SCCO 2.3 28 42.95 0.49 28.32 36.76 26.47 Copart CPRT ... 21 35.55 -0.39
FD-First day of trading. t-NYSE bankruptcy 15.09 44.45 26.68 Knight-Swift KNX ... 55 38.94 -0.12 9.77 64.39 44.70 SouthwestAir LUV 0.9 16 54.71 -0.56 s 61.67 306.69 179.22 CoStar CSGP ... 92 304.74 1.21
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -11.46 59.67 35.16 Kohl's KSS 5.0 12 43.72 1.47 -10.89 47.48 39.78 SpectraEnerPtrs SEP 7.1 14 40.85 -0.61 6.79 183.18 149.52 Costco COST 1.2 28 170.98 ...
changes in the closing prices from 4 p.m. the previous day. 27.22 42.35 28.19 KoninklijkePhil PHG 2.3 23 38.89 -0.46 -8.13 146.09 98.11 SpectrumBrands SPB 1.5 23 112.39 2.89 19.35 60.65 39.71 Ctrip.com CTRP ... 83 47.74 0.91
YTD 52-Week Yld Net -6.11 21.59 16.51 KoreaElcPwr KEP ... 4 17.35 0.02 38.35 84.75 51.85 SpiritAeroSys SPR 0.5 28 80.73 -0.01 38.90 65.73 39.77 CyrusOne CONE 2.7 dd 62.13 -0.63
Friday, November 17, 2017 -32.16 36.44 19.69 Kroger KR 2.1 14 23.41 1.13 -12.55 66.50 46.07 DISH Network DISH ... 24 50.66 0.16
% Chg Hi Lo Stock Sym % PE Last Chg -26.01 9.65 5.62 Sprint S ... dd 6.23 -0.02
YTD 52-Week Yld Net 43.63 71.75 47.08 Kyocera KYO ... 23 71.50 -0.18 s224.14 45.74 12.08 Square SQ ... dd 44.18 2.28 17.01 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.55 0.37
% Chg Hi Lo Stock Sym % PE Last Chg 6.36 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.58 -0.39 77.02 15.06 8.07 LATAMAirlines LTM 0.5 dd 14.48 0.86 42.36 168.25 114.27 StanleyBlackDck SWK 1.5 21 163.27 0.28 6.41 114.93 82.77 DiamondbkEner FANG ... 26 107.54 1.01
9.86 77.27 63.43 ColgatePalm CL 2.2 28 71.89 -0.74 -23.33 75.50 35.00 L Brands LB 4.8 15 50.48 1.36 -1.69 23.01 21.27 StarwoodProp STWD 8.9 13 21.58 0.03 -38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46 0.74
NYSE -18.16 16.09 12.12 ColonyNorthStar CLNS 8.8 dd 12.21 -0.17 6.93 17.05 11.64 LG Display LPL ... 7 13.74 0.18 18.77 99.99 74.45 StateStreet STT 1.8 16 92.31 -0.09 -25.56 30.80 19.25 DiscovComm B DISCB ... 11 21.70 0.70
16.18 80.25 60.39 Comerica CMA 1.5 18 79.13 0.71 27.55 44.16 30.90 LINE LN ... 85 43.38 0.25 9.32 21.02 16.16 Statoil STO 4.4 dd 19.94 -0.06 -35.97 30.25 15.99 DiscovComm A DISCA ... 9 17.55 0.79
19.74 26.48 20.26 ABB ABB 3.0 23 25.23 -0.05 8.99 11.33 7.82 SABESP SBS ... 8 9.46 0.01
-8.69 12.47 10.00 AES AES 4.5 dd 10.61 -0.16 21.22 192.00 143.54 L3 Tech LLL 1.6 25 184.39 -0.80 30.36 93.39 64.37 Steris STE 1.4 52 87.85 -0.04 22.58 95.64 65.63 DollarTree DLTR ... 24 94.61 -0.02
-9.71 41.68 32.16 ConagraBrands CAG 2.4 25 35.71 0.09 17.12 164.22 123.36 LabCpAm LH ... 21 150.36 -0.66 111.54 24.80 9.34 STMicroelec STM 1.0 35 24.01 -0.19 27.50 45.70 32.25 E*TRADE ETFC ... 21 44.18 0.16
20.47 85.70 66.50 Aflac AFL 2.1 12 83.85 -0.46 4.56 147.77 106.73 ConchoRscs CXO ... 37 138.65 0.41
-18.86 43.03 32.55 AT&T T 5.7 17 34.51 -0.01 40.58 54.03 30.43 LambWeston LW 1.4 24 53.21 -0.24 29.71 160.62 108.29 Stryker SYK 1.1 33 155.40 -1.08 340.64 63.60 13.05 EXACT Sci EXAS ... dd 58.87 0.37
-0.02 54.22 42.27 ConocoPhillips COP 2.1 dd 50.13 -0.09 24.51 68.41 51.35 LasVegasSands LVS 4.4 25 66.50 -0.18 3.01 8.30 6.93 SumitomoMits SMFG ... 8 7.87 0.06 13.91 61.90 45.80 EastWestBncp EWBC 1.4 16 57.90 0.68
44.65 56.69 37.38 AbbottLabs ABT 1.9 43 55.56 0.02 17.44 89.58 68.85 ConEd ED 3.2 22 86.53 -0.83 12.19 48.86 38.46 Lazard LAZ 3.6 13 46.10 0.10 20.87 93.85 69.90 SunComms SUI 2.9125 92.60 -0.66 19.84 39.27 27.28 eBay EBAY ... 5 35.58 -0.04
49.49 98.26 58.60 AbbVie ABBV 3.0 23 93.61 -0.86 41.08 227.20 144.00 ConstBrands A STZ 1.0 28 216.29 -1.05 32.11 178.81 124.90 Lear LEA 1.1 11 174.88 1.16 2.45 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.35 ... 16.50 62.50 49.79 EchoStar SATS ... 48 59.87 0.67
24.18 147.28 112.31 Accenture ACN 1.8 27 145.45 -1.59 -10.90 60.30 29.08 ContinentalRscs CLR ... dd 45.92 0.40 -4.97 54.97 43.16 Leggett&Platt LEG 3.1 19 46.45 0.46 8.29 36.71 27.96 SuncorEnergy SU 2.9 21 35.40 0.12 34.13 153.13 98.42 ElbitSystems ESLT ... 25 136.67 -0.40
-29.91 257.94 153.28 AcuityBrands AYI 0.3 22 161.82 -2.54 36.43 256.39 158.73 Cooper COO 0.0 34 238.65 -0.80
30.02 86.42 51.74 Adient 19.46 64.20 47.30 Leidos LDOS 2.1 30 61.09 -0.75 5.32 61.69 51.06 SunTrustBanks STI 2.8 15 57.77 0.05 38.17 122.79 73.74 ElectronicArts EA ... 29 108.82 -2.78
ADNT 1.4 8 76.19 1.75 30.33 32.33 23.48 Corning GLW 2.0 13 31.63 -0.02 39.56 59.32 41.12 Lennar A LEN 0.3 17 58.89 0.80 32.29 495.35 327.37 Equinix EQIX 1.7155 472.80 -2.29
-47.21 177.83 78.81 AdvanceAuto AAP 0.3 19 89.27 -1.23 -6.64 38.05 26.01 SynchronyFin SYF 1.8 13 33.86 0.48
-6.88 20.88 14.24 Coty COTY 2.9 dd 17.05 0.20 44.04 50.75 32.74 Lennar B LEN.B 0.3 14 48.72 0.52 16.77 93.61 75.07 Syngenta SYT ... 41 92.31 -0.05 4.12 7.47 5.09 Ericsson ERIC 1.8 dd 6.07 -0.02
23.21 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.21 0.01 32.16 213.82 146.03 Credicorp BAP 2.3 14 208.62 4.72 26.82 201.40 146.25 LennoxIntl LII 1.1 28 194.25 -0.75 -0.87 57.23 48.85 Sysco SYY 2.4 25 54.89 0.41 9.16 129.73 105.38 ErieIndemnity A ERIE 2.5 30 122.75 0.48
9.58 6.21 4.73 Aegon AEG 5.0 17 6.06 0.05 12.51 16.46 13.06 CreditSuisse CS 4.4 dd 16.10 0.12 76.93 32.50 14.22 Exelixis EXEL ... 54 26.38
21.32 54.50 41.34 AerCap AER ... 8 50.48 0.29 8.09 27.34 20.61 LeucadiaNatl LUK 1.6 16 25.13 0.08 154.54 36.16 11.02 TAL Education TAL ...197 29.76 0.38 0.55
26.79 114.97 80.82 CrownCastle CCI 3.8 91 110.02 -1.10 12.30 45.08 37.21 LibertyProperty LPT 3.6 19 44.36 -0.25 s 37.18 95.37 66.14 TE Connectivity TEL 1.7 20 95.04 -0.11 9.42 161.00 111.88 Expedia EXPE 1.0 49 123.95 1.91
39.67 184.98 116.04 Aetna AET 1.2 32 173.20 -1.56 11.49 61.61 51.57 CrownHoldings CCK ... 17 58.61 -0.60 11.65 62.63 50.48 ExpeditorsIntl EXPD 1.4 25 59.13 -0.65
28.07 198.40 139.52 AffiliatedMgrs AMG 0.4 20 186.09 0.60 12.70 89.09 64.18 EliLilly LLY 2.5 40 82.89 -0.55 19.22 38.47 30.81 Telus TU 4.2 23 37.97 0.26
8.10 103.37 79.76 Cullen/Frost CFR 2.4 18 95.38 0.58 12.09 77.45 61.45 LincolnNational LNC 1.8 12 74.28 0.27 55.42 19.42 11.17 TIM Part TSU ... 29 18.34 0.44 -9.96 77.50 55.80 ExpressScripts ESRX ... 10 61.94 -0.51
s 50.99 69.09 42.92 AgilentTechs A 0.9 35 68.79 0.05 16.64 181.79 134.06 Cummins CMI 2.7 16 159.41 -7.72 21.15 33.68 24.27 LionsGate A LGF.A ... 34 32.59 1.55 -5.47 80.92 66.44 TJX TJX 1.8 19 71.02 1.96 -14.61 149.50 114.63 F5Networks FFIV ... 19 123.58 1.52
6.19 51.86 35.05 AgnicoEagle AEM 1.0 38 44.60 -0.02 25.69 60.98 43.95 DCT Industrial DCT 2.4 55 60.18 -0.36 55.58 182.90 114.00 Facebook FB ... 35 179.00 -0.59
6.28 111.88 87.82 Agrium AGU 3.3 41 106.86 0.06 26.16 32.08 22.50 LionsGate B LGF.B ... 32 30.96 1.43 46.33 42.71 28.34 TaiwanSemi TSM 2.7 19 42.07 -0.03
14.63 116.21 90.91 DTE Energy DTE 3.1 21 112.92 -1.07 70.45 46.33 26.41 LiveNationEnt LYV ...2267 45.34 -0.02 18.96 48.85 34.16 Tapestry TPR 3.2 26 41.66 0.66 3.17 52.74 39.79 Fastenal FAST 2.6 26 48.47 ...
12.35 163.56 133.63 AirProducts APD 2.4 29 161.58 0.40 39.97 99.00 64.06 DXC Tech DXC 0.7164 96.90 -0.42 5.49 29.39 23.20 FifthThirdBncp FITB 2.2 11 28.45 -0.02
14.84 3.87 2.86 LloydsBanking LYG 3.0 19 3.56 0.02 -25.02 61.83 39.59 TargaResources TRGP 8.7 dd 42.04 0.14
-25.17 101.43 61.10 AlaskaAir ALK 1.8 11 66.40 0.53 19.86 93.86 76.27 Danaher DHR 0.6 28 93.30 -0.28 87.54 62.57 25.56 FirstSolar FSLR ... dd 60.18 -0.17
23.91 322.19 245.50 LockheedMartin LMT 2.6 25 309.70 -2.95 -19.51 79.33 48.56 Target TGT 4.3 12 58.14 3.04
58.24 144.99 82.18 Albemarle ALB 0.9 32 136.21 0.88 13.88 95.22 71.02 Darden DRI 3.0 21 82.81 0.48 20.80 130.20 102.51 Fiserv FISV ... 30 128.39 -1.15
5.10 49.99 43.70 Loews L 0.5 17 49.22 0.02 -5.55 40.34 28.96 TataMotors TTM 0.0 14 32.48 0.67
54.56 50.31 28.01 Alcoa AA ... 28 43.40 1.10 -14.47 70.16 52.51 DaVita DVA ... 21 54.91 -0.73 s 29.23 18.74 13.97 Flex FLEX ... 18 18.57 0.15
12.80 86.25 67.77 Lowe's LOW 2.0 23 80.22 0.75 -25.08 37.09 24.53 TechnipFMC FTI 2.0 ... 26.62 0.08
13.57 127.15 105.74 AlexandriaRlEst ARE 2.7144 126.21 0.02 31.76 136.69 91.33 Deere DE 1.8 23 135.77 1.16 28.57 48.06 33.75 FlirSystems FLIR 1.3 29 46.53 -0.95
21.12 107.83 78.01 LyondellBasell LYB 3.5 11 103.90 0.70 9.49 33.76 14.56 TeckRscsB TECK 0.7 7 21.93 0.71
110.83 191.22 86.01 Alibaba BABA ... 54 185.13 -0.30 48.24 83.98 51.02 DellTechs DVMT ... dd 81.49 0.16 33.83 41.56 28.50 Fortinet FTNT ... 84 40.31 0.05
2.65 173.72 139.46 M&T Bank MTB 1.9 19 160.57 0.70 86.08 34.20 17.04 TelecomArgentina TEO 1.3 17 33.81 0.42
-6.83 667.19 521.07 Alleghany Y ... dd 566.60 -8.15 46.55 104.09 60.50 DelphiAuto DLPH 1.2 19 98.70 -0.54 16.62 39.32 29.32 Gaming&Leisure GLPI 7.1 20 35.71 -0.61
14.46 34.65 25.15 MGM Resorts MGM 1.3 32 33.00 ... -9.67 10.53 7.10 TelecomItalia TI 3.2 ... 8.03 -0.02
29.14 89.81 63.71 Allegion ALLE 0.8 23 82.65 0.24 1.28 55.75 43.81 DeltaAir DAL 2.4 10 49.82 -0.63 s 26.73 61.75 47.03 Garmin GRMN 3.3 17 61.45 0.70
-0.43 39.43 30.88 MPLX MPLX 6.8 38 34.47 0.04 -8.64 8.45 5.85 TelecomItalia A TI.A 4.6 ... 6.66 0.03
-16.73 256.80 169.61 Allergan AGN 1.6 dd 174.88 0.07 18.38 19.48 13.47 DeutscheBank DB 1.1 dd 19.13 0.09 1.16 86.27 63.76 GileadSciences GILD 2.9 8 72.44 0.03
60.68 128.00 76.52 MSCI MSCI 1.2 38 126.58 1.20 45.93 185.66 119.67 TeledyneTech TDY ... 31 179.50 -1.59
-1.82 266.25 209.00 AllianceData ADS 0.9 24 224.35 -0.98 -15.31 50.69 28.79 DevonEnergy DVN 0.6 13 38.68 0.52 -9.36 73.34 52.12 Macerich MAC 4.6 74 64.21 -0.45 -3.01 37.20 28.81 Goodyear GT 1.9 8 29.94 0.63
17.18 45.55 35.26 AlliantEnergy LNT 2.8 24 44.40 -0.23 s 65.19 266.45 142.97 Teleflex TFX 0.5 49 266.21 2.77
30.94 137.59 99.75 Diageo DEO 3.0 25 136.10 0.07 -43.17 45.41 17.41 Macy's M 7.4 9 20.35 0.10 12.93 16.85 11.95 TelefonicaBras VIV ... 22 15.11 0.25 44.87 24.20 14.33 Grifols GRFS 1.4 ... 23.28 0.47
15.61 45.69 32.01 AllisonTransm ALSN 1.5 17 38.95 -2.42 20.20 127.23 86.70 DigitalRealty DLR 3.1 95 118.11 -2.16 -14.25 81.77 63.83 MagellanMid MMP 5.6 18 64.85 -0.30 101.52 58.61 23.23 GpoFinGalicia GGAL 0.0 15 54.25 -0.40
35.15 101.12 69.04 Allstate ALL 1.5 15 100.17 0.60 8.70 11.64 8.15 Telefonica TEF 4.5 18 10.00 -0.02
-9.75 74.33 57.50 DiscoverFinSvcs DFS 2.2 11 65.06 0.24 23.36 55.76 39.50 MagnaIntl MGA 2.1 10 53.54 0.18 5.66 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.81 0.14 -17.71 44.73 28.97 HD Supply HDS ... 11 34.98 -0.15
40.22 26.93 18.11 AllyFinancial ALLY 1.8 12 26.67 0.25 -0.75 116.10 96.20 Disney DIS 1.5 18 103.44 -0.16 41.98 127.31 84.89 Manpower MAN 1.5 19 126.18 -0.70 23.27 116.20 77.20 Hasbro HAS 2.4 20 95.89 -0.01
-39.28 35.29 18.73 AlticeUSA ATUS ... ... 19.86 -0.38 -20.05 37.21 25.91 Tenaris TS 1.8113 28.55 0.56
s 36.07 61.59 44.98 DolbyLab DLB 1.0 32 61.49 0.54 18.41 21.70 16.62 ManulifeFin MFC 3.0 15 21.10 0.05 71.54 44.33 23.39 Teradyne TER 0.6 20 43.57 -0.26 -8.88 93.50 65.28 HenrySchein HSIC ... 20 69.12 -0.39
-1.77 77.79 60.01 Altria MO 4.0 8 66.42 0.54 s 15.43 85.52 65.97 DollarGeneral DG 1.2 19 85.50 0.59 -13.06 19.28 10.55 MarathonOil MRO 1.3 dd 15.05 0.53 -0.40 46.80 35.76 Hologic HOLX ... 15 39.96 0.24
67.78 23.54 9.93 AlumofChina ACH ... 42 17.13 -0.31 -61.82 39.08 10.85 TevaPharm TEVA 2.5 dd 13.84 1.05
6.18 83.64 70.54 DominionEner D 3.8 24 81.32 -0.64 23.67 63.41 42.57 MarathonPetrol MPC 2.6 19 62.27 0.26 9.08 55.80 43.66 Textron TXT 0.2 23 52.97 0.07 4.50 111.98 83.35 JBHunt JBHT 0.9 27 101.44 -1.54
27.09 7.03 4.70 Ambev ABEV ... 35 6.24 0.07 12.19 221.58 156.26 Domino's DPZ 1.0 34 178.65 1.18 18.19 1105.23 870.07 Markel MKL ...238 1069.00 3.88 2.42 14.74 12.14 HuntingtonBcshs HBAN 3.2 16 13.54 0.14
20.66 64.89 48.28 Ameren AEE 2.9 25 63.30 -0.34 34.78 201.20 139.07 ThermoFisherSci TMO 0.3 32 190.17 -0.44
11.48 48.91 39.49 Donaldson DCI 1.5 27 46.91 -0.02 21.84 84.90 66.75 Marsh&McLen MMC 1.8 23 82.35 -0.56 0.34 48.61 41.81 ThomsonReuters TRI 3.1 30 43.93 -0.12 96.36 137.86 64.50 IAC/InterActive IAC ... 32 127.22 2.77
37.23 19.50 11.23 AmericaMovil AMX 1.8 32 17.25 0.03 10.80 41.12 34.98 DouglasEmmett DEI 2.3 76 40.51 -0.17 -6.23 244.32 191.09 MartinMarietta MLM 0.8 30 207.72 -1.66 32.07 173.01 113.47 IdexxLab IDXX ... 50 154.88 0.80
37.92 19.11 11.09 AmericaMovil A AMOV 1.8 31 16.96 ... 33.80 138.07 86.27 ThorIndustries THO 1.1 19 133.87 2.68
25.74 97.09 68.10 Dover DOV 2.0 22 94.22 0.21 24.48 41.10 30.08 Masco MAS 1.1 23 39.36 0.22 28.44 238.90 170.72 3M MMM 2.0 26 229.36 -0.06 23.19 48.53 34.20 IHSMarkit INFO ... 45 43.62 0.16
-15.83 51.70 41.06 AmCampus ACC 4.2102 41.89 -0.46 5.30 73.85 64.01 DowDuPont DWDP ... 47 70.74 0.06 44.33 152.00 99.51 Mastercard MA 0.6 35 149.02 -1.31 s140.33 238.89 93.38 IPG Photonics IPGP ... 35 237.23 3.96
21.32 77.93 57.89 AEP AEP 3.2 20 76.38 -0.38 22.47 97.29 75.72 Tiffany TIF 2.1 26 94.83 1.89
-3.76 99.47 82.89 DrPepperSnap DPS 2.7 22 87.26 0.14 6.43 106.50 88.64 McCormick MKC 1.9 27 99.33 -0.22 -8.09 103.90 85.88 TimeWarner TWX 1.8 17 88.72 0.71 20.86 64.68 40.52 IRSA Prop IRCP 4.3 15 57.25 -0.30
26.47 96.90 70.77 AmerExpress AXP 1.5 18 93.69 0.13 -20.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.91 0.24 6.87 106.58 89.14 McCormickVtg MKC.V 1.9 27 99.50 0.84 -11.31 64.46 47.06 IcahnEnterprises IEP 11.4 5 52.86 0.19
15.69 106.77 79.95 AmericanFin AFG 1.4 13 101.95 -0.22 s 51.61 47.45 28.93 Toll Bros TOL 0.7 17 47.00 0.27
14.04 91.80 72.34 DukeEnergy DUK 4.0 29 88.52 -0.69 36.97 170.92 117.71 McDonalds MCD 2.4 24 166.72 -1.37 15.84 86.50 69.32 Torchmark TMK 0.7 18 85.44 0.43 55.92 124.48 73.76 Icon ICLR ... 23 117.25 1.57
2.24 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.45 -0.23 8.58 30.14 23.70 DukeRealty DRE 2.8 39 28.84 -0.17 1.20 169.29 133.82 McKesson MCK 1.0 7 142.13 -0.57 63.25 214.50 119.37 Illumina ILMN ... 39 209.02 0.51
-8.04 67.47 57.90 AIG AIG 2.1 dd 60.06 ... 10.40 73.86 52.31 Toro TTC 1.1 26 61.77 -0.08
0.96 34.62 26.15 ENI E 5.9 32 32.55 0.14 11.60 89.72 69.35 Medtronic MDT 2.3 27 79.49 0.23 16.80 57.79 45.18 TorontoDomBk TD 3.3 14 57.63 0.24 5.19 153.15 98.49 Incyte INCY ... dd 105.47 -1.01
38.03 155.28 99.72 AmerTowerREIT AMT 1.8 55 145.87 -2.53 0.53 109.37 81.99 EOG Rscs EOG 0.710164 101.64 0.21 -6.23 66.80 54.40 Merck MRK 3.4 54 55.20 0.03 23.05 47.30 33.23 Intel INTC 2.4 16 44.63 -1.02
23.02 91.39 69.96 AmerWaterWorks AWK 1.9 34 89.02 -0.67 7.47 56.98 45.47 Total TOT 5.4 16 54.78 0.24
-9.74 75.74 49.63 EQT EQT 0.2281 59.03 -0.27 7.55 55.91 44.17 MetLife MET 3.1 dd 51.65 0.11 50.48 74.44 47.01 TotalSystem TSS 0.7 33 73.78 -0.24 49.33 55.66 33.01 InteractiveBrkrs IBKR 0.7 47 54.52 0.13
42.67 163.04 109.19 Ameriprise AMP 2.1 15 158.28 1.20 19.32 94.96 73.52 EastmanChem EMN 2.3 13 89.74 -0.41 50.74 694.48 407.87 MettlerToledo MTD ... 38 630.92 0.42 s 36.59 156.71 111.48 Intuit INTU 1.0 42 156.55 0.90
0.83 97.85 71.90 AmerisourceBrgn ABC 1.9 21 78.84 -1.09 5.20 128.11 103.62 ToyotaMotor TM ... 11 123.29 -1.08
12.74 82.34 63.94 Eaton ETN 2.0 12 75.64 -0.80 s 30.97 56.43 32.38 MichaelKors KORS ... 16 56.29 0.53 8.48 51.85 43.71 TransCanada TRP 4.0 32 48.98 -0.48 s 85.67 400.00 203.57 IntuitiveSurgical ISRG ... 51 392.48 -1.32
44.57 70.43 45.78 Ametek AME 0.5 30 70.26 0.14 23.66 52.36 38.98 EatonVance EV 2.4 23 51.79 0.29 s 25.54 35.72 27.86 MicroFocus MFGP ... 52 35.44 -0.09 13.21 65.51 37.26 IonisPharma IONS ...369 54.15 -0.21
s 33.21 89.72 66.00 Amphenol APH 0.8 29 89.52 0.21 5.67 295.00 203.72 TransDigm TDG ... 33 263.08 -5.32
12.14 134.89 114.09 Ecolab ECL 1.1 30 131.45 -0.54 4.53 110.95 87.59 MidAmApt MAA 3.4 48 102.36 -0.78 s 78.76 55.75 28.92 TransUnion TRU ... 43 55.29 0.98 58.22 48.99 25.25 JD.com JD ... dd 40.25 0.03
-30.95 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.15 0.65 28.73 12.30 7.84 Ecopetrol EC ... 21 11.65 0.02 7.14 7.01 5.83 MitsubishiUFJ MTU ... 9 6.60 0.03 26.24 115.34 84.28 JackHenry JKHY 1.1 35 112.08 -0.11
20.46 112.21 75.11 Andeavor ANDV 2.2 21 105.34 0.55 6.13 135.71 110.82 Travelers TRV 2.2 15 129.92 -0.89
12.36 83.38 67.73 EdisonInt EIX 2.7 18 80.89 -0.86 -1.95 3.87 3.37 MizuhoFin MFG ... 9 3.52 -0.03 34.78 9.79 6.35 TurkcellIletism TKC ... 13 9.30 0.06 22.78 163.75 99.28 JazzPharma JAZZ ... 22 133.87 0.34
-12.42 60.14 43.21 AndeavorLog ANDX 8.9 19 44.50 0.07 14.29 121.45 81.12 EdwardsLife EW ... 31 107.09 -0.01 16.03 11.59 7.19 MobileTeleSys MBT 6.7 12 10.57 0.10 -10.84 24.13 18.05 JetBlue JBLU ... 10 19.99 -0.27
9.06 126.50 98.28 AB InBev BUD 3.2 58 114.99 0.08 -4.95 3.80 2.44 TurquoiseHill TRQ ... 28 3.07 0.06
7.35 67.78 53.92 EmersonElec EMR 3.2 27 59.85 0.83 s 36.32 272.46 189.44 MohawkInds MHK ... 21 272.20 1.55 27.36 21.96 14.12 Twitter TWTR ... dd 20.76 0.40 211.09 61.59 17.52 JunoTherap JUNO ... dd 58.64 0.90
15.25 12.73 9.83 AnnalyCap NLY 10.4 5 11.49 0.02 -45.80 26.17 13.63 EnbridgeEnPtrs EEP 10.1 23 13.81 -0.12 -18.12 102.14 78.10 MolsonCoors B TAP 2.1 8 79.68 0.19 29.19 110.00 74.66 KLA Tencor KLAC 2.3 16 101.65 -3.12
-15.77 27.23 17.89 AnteroResources AR ...398 19.92 0.66 23.37 183.98 139.61 TylerTech TYL ... 52 176.14 2.40
-16.52 44.52 34.39 Enbridge ENB 5.4 24 35.16 0.66 12.47 122.80 100.29 Monsanto MON 1.8 23 118.33 -0.27 s 26.41 78.03 55.72 TysonFoods TSN 1.5 16 77.97 0.71 -8.81 97.77 75.21 KraftHeinz KHC 3.1 25 79.63 -0.05
s 53.60 222.24 135.00 Anthem ANTM 1.3 20 220.83 -0.06 0.94 13.85 8.01 Encana ECA 0.5 15 11.85 0.16 55.71 148.00 93.51 Moody's MCO 1.0 53 146.79 2.70 23.16 38.16 27.85 LKQ LKQ ... 23 37.75 0.08
26.58 152.78 109.82 Aon AON 1.0 ... 141.18 -0.10 9.44 18.31 15.10 UBS Group UBS 3.5 16 17.15 0.10
24.97 11.10 7.75 EnelAmericas ENIA 3.4 28 10.26 0.12 15.27 51.52 39.89 MorganStanley MS 2.1 13 48.70 0.10 7.37 40.71 32.85 UDR UDR 3.2126 39.17 -0.34 s 99.06 217.00 97.79 LamResearch LRCX 1.0 19 210.47 -2.75
-35.12 69.00 38.14 Apache APA 2.4 24 41.18 0.69 25.27 6.31 4.25 EnelChile ENIC ... 12 5.70 0.02 -21.79 34.36 19.23 Mosaic MOS 0.4 24 22.94 0.46 13.86 79.09 62.45 LamarAdv LAMR 4.3 24 76.56 0.10
-2.77 46.85 39.66 ApartmtInv AIV 3.3140 44.19 -0.50 4.10 52.00 43.92 UGI UGI 2.1 20 47.97 -0.10
36.11 27.74 18.35 EnelGenChile EOCC 7.2 14 26.46 0.37 9.72 94.94 76.92 MotorolaSol MSI 2.3 23 90.95 -0.02 -0.11 30.73 22.46 US Foods USFD ... 23 27.45 0.55 23.60 104.35 66.76 LibertyBroadbandA LBRDA ...527 89.56 1.31
51.24 33.37 18.90 ApolloGlbMgmt APO 5.3 10 29.28 -0.05 -15.54 20.05 15.03 EnergyTransferEq ETE 7.2 20 16.31 -0.33 140.54 29.78 10.75 NRG Energy NRG 0.4 dd 29.49 0.05 22.98 104.66 68.15 LibertyBroadbandC LBRDK ...536 91.09 1.35
21.07 37.30 29.24 AquaAmerica WTR 2.3 27 36.37 -0.24 7.52 25.39 18.99 UltraparPart UGP 2.4 24 22.30 0.24
-30.27 26.99 15.97 EnergyTransfer ETP 13.5 8 16.75 0.12 9.76 25.06 21.96 NTTDoCoMo DCM ... 17 24.97 -0.01 36.92 61.62 38.41 Unilever UN ... 25 56.22 -0.74 -1.99 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.11 0.34
14.28 44.12 32.87 Aramark ARMK 1.0 27 40.82 0.08 17.75 87.95 67.39 Entergy ETR 4.1 dd 86.51 0.61 95.23 3362.85 1570.00 NVR NVR ... 24 3258.47 -17.88 -1.47 37.69 28.17 LibertyGlobal A LBTYA ... 34 30.14 0.31
27.85 30.50 19.59 ArcelorMittal MT ... 4 28.00 -0.09 35.14 60.13 38.58 Unilever UL 3.1 25 55.00 -0.76
-10.21 30.25 23.59 EnterpriseProd EPD 7.0 19 24.28 -0.05 -7.37 75.24 58.80 NationalGrid NGG 3.5 12 58.94 -0.36 11.53 119.71 98.60 UnionPacific UNP 2.3 20 115.63 -0.94 2.13 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.62 -0.30
-13.65 47.44 38.59 ArcherDaniels ADM 3.2 18 39.42 0.23 -5.80 147.02 89.59 Equifax EFX 1.4 25 111.37 1.79 -14.48 43.63 29.90 NatlOilwell NOV 0.6 dd 32.02 0.51 -2.46 28.11 19.65 LibertyLiLAC A LILA ... 24 21.42 -0.38
28.64 30.69 18.47 Arconic ARNC 1.0 dd 23.85 0.12 -20.14 83.04 56.51 UnitedContinental UAL ... 9 58.20 -0.48
23.55 90.86 66.66 EquityLife ELS 2.2 43 89.08 -0.99 -3.76 46.34 36.45 NatlRetailProp NNN 4.5 35 42.54 0.27 48.00 2.73 1.74 UnitedMicro UMC 3.2 20 2.59 -0.02 24.42 26.00 17.24 LibertyQVC A QVCA ... 10 24.86 0.64
s141.62 234.63 87.33 AristaNetworks ANET ... 48 233.82 2.05 6.15 70.45 58.28 EquityResdntl EQR 2.9 60 68.32 -0.90 112.09 94.63 37.16 NewOrientalEduc EDU ... 49 89.29 1.16 56.50 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.70 0.62
8.88 84.53 65.51 ArrowElec ARW ... 14 77.63 -0.84 -1.48 121.75 102.12 UPS B UPS 2.9 28 112.94 -0.76
7.89 270.04 208.92 EssexProp ESS 2.8 31 250.85 -3.09 -20.11 17.68 11.67 NY CmntyBcp NYCB 5.4 15 12.71 0.05 s 42.16 151.15 90.77 UnitedRentals URI ... 21 150.09 1.73 23.56 41.14 27.55 LibertyFormOne C FWONK ... ... 38.71 1.88
22.47 35.60 25.55 AstraZeneca AZN 2.7 25 33.46 -0.06 63.01 126.99 75.30 EsteeLauder EL 1.2 34 124.69 -0.95 -36.04 55.08 27.45 NewellBrands NWL 3.2 11 28.56 0.38 18.37 39.37 27.63 LibertyFormOne A FWONA ... ... 37.11 1.78
2.60 55.22 43.25 Athene ATH ... 7 49.24 -0.05 0.99 56.61 48.66 US Bancorp USB 2.3 15 51.88 0.07
4.58 277.17 206.60 EverestRe RE 2.3 36 226.32 0.85 -25.19 50.00 24.41 NewfieldExpln NFX ... 17 30.30 0.86 6.30 124.79 106.21 UnitedTech UTX 2.4 18 116.53 -1.36 8.93 26.52 18.85 LibertyBraves A BATRA ... dd 22.32 -0.01
20.47 91.00 69.57 AtmosEnergy ATO 2.2 24 89.33 -0.62 16.26 66.15 50.56 EversourceEner ES 3.0 21 64.21 -0.68 6.28 39.62 30.40 NewmontMin NEM 0.8186 36.21 0.12 8.55 26.20 18.57 LibertyBraves C BATRK ... dd 22.35 -0.01
141.30 67.69 24.71 Autohome ATHM ... 40 61.00 0.05 31.15 213.93 148.56 UnitedHealth UNH 1.4 23 209.90 -1.23
16.26 42.67 31.55 Exelon EXC 3.2 19 41.26 0.02 30.62 159.28 112.63 NextEraEnergy NEE 2.5 18 156.04 -1.25 -8.61 129.74 95.26 UniversalHealthB UHS 0.4 13 97.22 -1.16 19.41 46.43 33.79 LibertySirius A LSXMA ... 30 41.22 0.44
7.11 127.75 96.08 Autoliv ALV 2.0 21 121.19 -0.07 s 12.89 87.48 68.09 ExtraSpaceSt EXR 3.6 33 87.20 ... -13.28 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.38 0.71 21.52 46.24 33.14 LibertySirius C LSXMK ... 30 41.22 0.61
-20.30 813.70 491.13 AutoZone AZO ... 14 629.43 10.84 21.69 53.61 42.00 UnumGroup UNM 1.7 13 53.46 0.21
-11.10 93.22 76.05 ExxonMobil XOM 3.8 26 80.24 -0.32 16.45 60.53 50.06 Nike NKE 1.4 25 59.19 1.96 -4.61 9.12 7.44 VEREIT VER 6.8 dd 8.07 0.06 15.39 99.59 71.62 LincolnElectric LECO 1.8 21 88.47 0.51
4.08 199.52 158.32 Avalonbay AVB 3.1 29 184.37 -1.72 64.32 95.25 53.63 FMC FMC 0.7649 92.94 -0.38 22.31 27.76 21.31 NiSource NI 2.6 33 27.08 -0.24 43.96 40.82 23.59 LogitechIntl LOGI 1.8 28 35.66 0.46
35.80 53.10 35.42 Avangrid AGR 3.4 24 51.44 -0.56 32.73 71.95 48.05 VF VFC 2.6 29 70.81 0.73
19.98 196.70 155.09 FactSet FDS 1.1 30 196.09 0.80 -31.79 42.03 22.98 NobleEnergy NBL 1.5 dd 25.96 0.16 40.76 112.91 75.17 Visa V 0.7 40 109.82 -1.20 20.56 129.51 90.35 LogMeIn LOGM 0.91058 116.40 -1.00
54.22 108.99 69.53 AveryDennison AVY 1.7 24 108.29 0.04 -6.76 145.80 119.37 FederalRealty FRT 3.0 42 132.50 0.60 2.70 6.65 4.13 Nokia NOK 3.8 dd 4.94 0.02 2.03 72.70 47.26 lululemon LULU ... 32 66.31 0.60
22.50 34.47 24.72 AxaltaCoating AXTA ...139 33.32 0.14 42.84 237.77 154.11 VailResorts MTN 1.8 47 230.41 1.84
16.00 231.35 182.89 FedEx FDX 0.9 20 216.00 -1.91 -4.07 6.80 5.28 NomuraHoldings NMR ... 9 5.66 -0.05 74.24 110.60 53.51 MKS Instrum MKSI 0.7 19 103.50 -0.35
-0.43 49.91 41.17 BB&T BBT 2.8 17 46.82 0.05 32.68 11.71 7.00 Vale VALE 5.6 10 10.11 0.14
87.77 121.14 52.72 Ferrari RACE ... 37 109.17 -0.85 -14.75 61.85 37.79 Nordstrom JWN 3.6 14 40.86 0.89 s 21.31 82.92 60.35 ValeroEnergy VLO 3.4 18 82.88 22.79 211.06 145.10 MarketAxess MKTX 0.7 46 180.40 4.15
11.89 48.59 42.44 BCE BCE 4.6 20 48.38 0.18 0.76 s 51.77 125.64 76.88 Marriott
90.35 18.33 7.42 FiatChrysler FCAU ... 8 17.36 -0.20 18.02 134.52 102.76 NorfolkSouthern NSC 1.9 20 127.54 -1.68 17.39 73.14 54.38 Vantiv VNTV ... 48 69.99 -0.35
MAR 1.1 34 125.48 1.10
15.65 44.62 33.37 BHPBilliton BHP 4.2 19 41.38 ... 67.12 17.21 7.98 FibriaCelulose FBR ... 38 16.06 0.27 27.63 306.61 220.72 NorthropGrum NOC 1.3 22 296.85 -3.70 46.29 21.08 13.59 MarvellTech MRVL 1.2 47 20.29 0.03
14.97 39.12 28.73 BHPBilliton BBL 4.8 16 36.17 0.14 37.14 109.71 76.29 VarianMed VAR ... 41 109.03 -0.19
62.80 40.12 22.84 FidNatlFin FNF 2.7 18 39.91 0.12 15.29 86.90 66.93 Novartis NVS 3.2 30 83.98 0.96 68.54 32.87 15.42 MatchGroup MTCH ... 19 28.82 0.18
4.57 41.55 33.10 BP BP 6.1 33 39.09 0.32 52.50 21.63 11.55 Vedanta VEDL 11.6 19 18.94 0.43
26.64 18.48 11.65 FNFV Group FNFV ... 8 17.35 -0.20 s 41.97 51.05 30.89 NovoNordisk NVO 0.9 22 50.91 0.41 -32.20 32.43 12.71 Mattel MAT ... dd 18.68 0.46
-11.86 16.00 10.60 BRF BRFS ... dd 13.01 0.20 50.20 68.07 40.50 VeevaSystems VEEV ... 74 61.13 -0.01
21.71 96.67 73.97 FidNatlInfo FIS 1.3 57 92.06 -1.14 -7.93 68.00 51.67 Nucor NUE 2.8 16 54.80 0.01 38.73 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.51 -0.03
-28.83 24.65 16.15 BT Group BT 3.9 16 16.39 0.03 3.01 72.36 57.97 Ventas VTR 4.8 38 64.40 -0.11 60.06 26.54 14.88 MelcoResorts MLCO 1.4 41 25.45 0.26
167.14 75.86 27.58 58.com WUBA ...162 74.80 0.96 5.23 37.41 30.63 OGE Energy OGE 3.8 18 35.20 -0.24 -14.91 54.83 42.80 Verizon VZ 5.2 12 45.42 0.65
50.93 61.88 37.63 BWX Tech BWXT 0.7 31 59.92 0.04 48.68 56.40 35.28 FirstAmerFin FAF 2.8 22 54.46 -0.32 -11.74 59.47 47.14 ONEOK OKE 5.9 32 50.67 0.02 72.75 297.95 148.98 MercadoLibre MELI 0.2 90 269.73 7.25
-17.02 40.82 29.62 BakerHughes BHGE 2.3 dd 30.91 0.76 23.55 21.20 13.65 VistraEnergy VST ... 0 19.15 0.17 42.32 95.92 60.77 MicrochipTech MCHP 1.6 37 91.30 0.52
17.90 19.23 13.96 FirstData FDC ... 22 16.73 -0.04 -3.97 73.51 57.20 OccidentalPetrol OXY 4.5526 68.40 1.23 s 56.56 123.50 76.81 VMware VMW ... 39 123.26 0.55
6.51 43.24 35.65 Ball BLL 1.0 62 39.98 -0.54 0.18 105.52 80.55 FirstRepBank FRC 0.7 22 92.31 0.81 41.47 37.52 24.88 Olin OLN 2.2 81 36.23 0.16 s110.58 46.55 18.18 MicronTech MU ... 11 46.16 -0.02
26.00 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.53 -0.01 -9.18 90.29 71.89 VornadoRealty VNO 3.1 19 76.60 -0.22 -1.76 57.97 46.09 Microsemi MSCC ... 35 53.02 -0.16
11.88 35.22 27.93 FirstEnergy FE 4.2 dd 34.65 0.01 -18.41 89.66 65.32 Omnicom OMC 3.2 14 69.44 1.99 7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06 0.53
31.15 95.80 65.53 BancodeChile BCH 2.9 18 90.00 1.61 26.26 183.61 121.52 FleetCorTech FLT ... 30 178.69 0.04 27.28 53.14 37.64 Oracle ORCL 1.6 21 48.94 -0.26 32.60 86.20 58.80 Microsoft MSFT 2.0 28 82.40 -0.80
60.62 136.10 61.12 BancoMacro BMA 0.7 13 103.36 -4.02 -1.69 136.82 108.95 VulcanMatls VMC 0.8 43 123.04 -0.81 -11.74 150.87 107.53 Middleby MIDD ... 21 113.69 2.48
-11.08 58.37 37.04 Fluor FLR 1.8 33 46.70 0.28 9.78 17.63 13.98 Orange ORAN 3.5 89 16.62 0.08 36.26 156.08 96.10 WABCO WBC ... 26 144.64 -0.39
40.51 32.02 21.06 BcoSantChile BSAC 3.4 18 30.73 0.38 14.91 103.82 73.45 FomentoEconMex FMX 1.5 12 87.57 0.74 50.69 134.59 82.44 OrbitalATK OA 1.0 25 132.20 -0.23 69.86 46.69 16.73 Momo MOMO ... 24 31.22 -0.94
24.52 6.99 4.40 BancoSantander SAN 2.9 13 6.45 -0.05 16.27 70.09 54.96 WEC Energy WEC 3.1 22 68.19 -0.58 -4.58 47.23 39.19 Mondelez MDLZ 2.1 29 42.30 0.11
-0.99 13.27 10.47 FordMotor F 5.0 11 12.01 -0.03 6.95 89.51 73.70 Orix IX ... 8 83.24 -0.29 20.92 71.99 55.97 W.P.Carey WPC 5.6 47 71.45 -0.05
5.53 48.74 32.02 BanColombia CIB 3.3 10 38.71 0.53 20.73 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.16 0.22 31.98 94.16 61.74 Oshkosh OSK 1.1 23 85.27 0.67 40.21 62.80 41.02 MonsterBev MNST ... 45 62.17 0.17
20.45 27.98 19.87 BankofAmerica BAC 1.8 15 26.62 -0.14 -10.90 93.81 69.20 Wabtec WAB 0.6 28 73.97 0.30 -1.47 45.87 29.39 Mylan MYL ... 23 37.59 0.09
20.50 38.24 29.51 Fortis FTS 3.7 20 37.21 -0.55 s 66.08 85.76 50.77 OwensCorning OC 0.9 26 85.63 1.84 s 41.02 100.13 65.28 Wal-Mart WMT 2.1 23 97.47 -2.15
7.84 78.86 64.55 BankofMontreal BMO 3.7 13 77.56 -0.02 34.72 74.38 52.99 Fortive FTV 0.4 27 72.25 -0.19 -11.14 71.57 49.83 PG&E PCG 3.9 12 54.00 -1.15 17.85 118.20 96.00 NXP Semi NXPI ... 25 115.50 0.31
10.74 55.29 43.85 BankNY Mellon BK 1.8 15 52.47 0.24 32.56 74.20 49.79 WasteConnections WCN 0.8 53 69.45 -1.07 13.16 78.31 63.36 Nasdaq NDAQ 2.0 50 75.95 -0.02
21.14 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.76 0.32 21.09 38.54 25.50 PLDT PHI 5.6 14 33.36 0.69 13.74 82.87 68.52 WasteMgt WM 2.1 26 80.65 -1.05
s 19.00 66.35 52.87 BkNovaScotia BNS 3.8 14 66.26 0.41 41.10 85.67 53.31 Franco-Nevada FNV 1.1107 84.32 -0.51 13.59 139.23 109.16 PNC Fin PNC 2.3 16 132.85 0.36 44.16 46.33 29.44 NatlInstruments NATI 1.9 53 44.43 -0.21
-11.27 12.05 9.29 Barclays BCS 2.2 dd 9.76 0.05 47.49 199.83 133.35 Waters WAT ... 29 198.21 -1.39 s266.67 46.98 11.41 NektarTherap NKTR ... dd 44.99 0.06
2.27 47.65 38.54 FranklinRscs BEN 2.0 13 40.48 -0.07 35.45 77.76 50.37 POSCO PKX ... 14 71.18 0.36 11.31 167.94 134.08 Watsco WSO 3.0 31 164.87 -1.08
48.47 335.84 206.26 Bard CR BCR 0.3 44 333.56 -0.69 5.08 17.06 11.05 FreeportMcM FCX ... 19 13.86 0.24 20.12 119.85 93.80 PPG Ind PPG 1.6 22 113.83 -0.18 s 50.13 54.72 34.72 NetApp NTAP 1.5 23 52.95 -0.16
-11.95 20.78 13.80 BarrickGold ABX 0.9 8 14.07 0.15 89.42 84.19 32.60 Wayfair W ... dd 66.39 0.49 s 70.66 375.10 211.11 Netease NTES 0.8 25 367.50 41.26
15.68 50.22 38.05 FreseniusMed FMS 1.1 22 48.83 -0.32 6.49 40.20 32.67 PPL PPL 4.4 16 36.26 0.04 44.44 208.89 127.82 WellCareHealth WCG ... 25 198.00 -2.02
44.07 65.70 43.13 BaxterIntl BAX 1.0 34 63.88 -1.11 -5.28 26.63 18.83 GGP GGP 3.7 33 23.66 -0.26 s 47.52 133.47 84.53 PVH PVH 0.1 25 133.12 3.18 56.06 204.38 113.51 Netflix NFLX ...195 193.20 -2.31
33.08 225.23 161.29 BectonDicknsn BDX 1.3 63 220.31 -1.21 -1.74 59.99 49.27 WellsFargo WFC 2.9 14 54.15 -0.45 86.77 75.98 37.34 Neurocrine NBIX ... dd 72.28
s 26.96 66.12 48.97 Gallagher AJG 2.4 26 65.97 0.14 32.60 120.75 84.01 PackagingCpAm PKG 2.2 21 112.47 0.60 -0.02
0.80 73.17 59.63 Berkley WRB 0.8 16 67.04 -0.04 1.54 78.17 61.08 Welltower HCN 5.1 59 67.96 0.02 s 37.29 16.27 11.75 NewsCorp B NWS 1.2 dd 16.20
s 31.02 30.14 21.02 Gap GPS 3.1 14 29.40 1.92 14.13 164.57 107.31 PaloAltoNtwks PANW ... dd 142.72 4.02 0.20
11.18 285950 235320 BerkHathwy A BRK.A ... 24 271410 -1290.00 16.66 103.36 77.97 WestPharmSvcs WST 0.6 39 98.96 0.26 s 38.22 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.84 0.12
42.42 30.66 19.91 GardnerDenver GDI ... dd 30.05 1.16 -3.28 33.40 24.65 ParkHotels PK 5.9 2 28.92 ... -1.65 57.50 49.20 WestarEnergy WR 2.9 23 55.42 -0.45
11.09 190.68 156.82 BerkHathwy B BRK.B ... 24 181.06 -0.99 15.66 130.02 90.37 Gartner IT ... dd 116.90 -2.07 30.24 189.83 134.03 ParkerHannifin PH 1.4 23 182.34 0.04 13.06 131.49 103.76 Nordson NDSN 0.9 25 126.68 0.78
s 22.33 61.19 45.47 BerryGlobal BERY ... 25 59.61 -0.30 12.34 57.04 43.68 WestAllianceBcp WAL ... 19 54.72 0.48 5.64 99.30 80.49 NorthernTrust NTRS 1.8 21 94.07 0.36
12.73 10.69 8.36 Gazit-Globe GZT 4.1 2 9.74 0.19 -27.78 39.82 22.98 ParsleyEnergy PE ...318 25.45 0.48
30.84 63.32 41.67 BestBuy BBY 2.4 15 55.83 0.58 -13.74 47.82 35.56 WesternGasEquity WGP 5.9 22 36.53 0.14 28.94 61.48 38.66 NorwegCruise NCLH ... 17 54.84 0.87
14.54 214.81 164.97 GeneralDynamics GD 1.7 20 197.77 -1.45 -8.01 10.31 7.04 Pearson PSO 1.5 dd 9.19 0.05
40.16 268.40 169.19 Bio-RadLab A BIO ...323 255.49 -0.77 -23.71 67.44 43.62 WesternGasPtrs WES 8.1 34 44.83 -0.39 98.01 218.67 84.77 NVIDIA NVDA 0.3 52 211.36 -0.25
-42.37 32.38 17.46 GeneralElec GE 5.3 23 18.21 -0.04 11.05 36.30 28.30 PembinaPipeline PBA 4.9 37 34.78 -0.05
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.70 -9.39 22.70 18.39 WesternUnion WU 3.6 43 19.68 -0.09 -20.80 286.57 169.43 OReillyAuto ORLY ... 19 220.49 0.83
-13.03 64.06 49.65 GeneralMills GIS 3.6 19 53.72 0.05 22.06 71.65 55.76 Pentair PNR 2.0 31 68.44 0.21
49.49 11.78 6.65 BlackBerry BB ... 9 10.30 -0.08 67.01 96.14 52.57 WestlakeChem WLK 0.9 20 93.51 0.82 38.68 124.13 80.56 OldDomFreight ODFL 0.3 29 118.97 -0.12
25.95 46.76 31.92 GeneralMotors GM 3.5 10 43.88 0.28 9.61 119.39 98.50 PepsiCo PEP 2.8 24 114.68 -0.55
24.56 489.79 365.83 BlackRock BLK 2.1 22 473.99 -0.03 3.02 27.05 22.17 WestpacBanking WBK 6.0 14 24.19 -0.07 68.03 22.03 10.85 ON Semi ON ... 24 21.44 0.05
28.47 31.93 23.34 Genpact G 0.8 23 31.27 -0.02 38.66 73.05 49.72 PerkinElmer PKI 0.4 37 72.31 0.01
17.57 35.09 25.57 Blackstone BX 5.5 14 31.78 0.21 17.20 61.60 49.23 WestRock WRK 2.9 36 59.50 0.35 6.97 35.45 29.57 OpenText OTEX 1.6 58 33.06 -0.04
-9.85 100.90 79.86 GenuineParts GPC 3.1 19 86.13 0.14 3.20 91.73 63.68 Perrigo PRGO 0.7 dd 85.89 -1.11
68.46 267.62 144.46 Boeing BA 2.2 24 262.26 -1.44 20.57 36.92 29.81 Weyerhaeuser WY 3.5 32 36.28 -0.27 40.74 67.12 45.57 PTC PTC ...1302 65.12 -0.08
20.65 32.15 23.55 Gildan GIL 1.2 18 30.61 0.23 -9.13 81.80 60.69 PetroChina PTR 3.1 36 66.97 -0.73
31.69 53.84 34.44 BorgWarner BWA 1.3 38 51.94 -0.10 8.28 23.06 16.94 WheatonPrecMet WPM 1.7 45 20.92 0.36 4.37 75.68 58.78 Paccar PCAR 1.5 17 66.69 -3.01
-8.96 44.53 34.72 GSK GSK 5.7 29 35.06 -0.13 0.30 11.71 7.61 PetroleoBrasil PBR ... dd 10.14 0.17
-0.59 140.13 116.77 BostonProps BXP 2.4 39 125.04 -0.14 -9.01 202.99 158.80 Whirlpool WHR 2.7 16 165.40 2.52 -17.05 57.53 43.08 PacWestBancorp PACW 4.4 15 45.16 1.30
44.11 104.83 65.91 GlobalPayments GPN 0.0 ... 100.03 -0.19 11.80 10.73 6.96 PetroleoBrasilA PBR.A ... dd 9.85 0.15 t-12.46 32.69 26.82 Williams
30.65 29.93 19.67 BostonSci BSX ... 46 28.26 -0.02 s 41.77 49.78 33.06 GoDaddy GDDY ... dd 49.55 WMB 4.4 48 27.26 0.24 6.64 66.31 54.20 Paychex PAYX 3.1 28 64.92 -0.72
0.22 8.90 36.78 30.51 Pfizer PFE 3.6 22 35.37 -0.19 -7.34 42.32 33.12 WilliamsPartners WPZ 6.8 23 35.24 0.22
36.21 33.73 15.26 Braskem BAK 2.7 61 28.89 0.67 -1.40 17.87 11.91 Goldcorp GG 0.6 22 13.41 0.17 12.19 123.55 86.78 PhilipMorris PM 4.2 23 102.64 -0.02 s 93.51 78.01 38.06 PayPal PYPL ... 59 76.38 -1.32
4.93 66.10 46.01 Bristol-Myers BMY 2.5 24 61.32 -0.55 -0.60 255.15 209.18 GoldmanSachs GS 1.3 12 238.02 9.09 6.40 4.50 Wipro WIT 0.6 32 5.28 0.01 -6.15 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.17 0.06
-1.35 7.22 95.00 75.14 Phillips66 PSX 3.0 23 92.65 0.19 36.00 53.50 30.62 WooriBank WF 2.9 9 43.52 -0.88
17.48 73.41 53.52 BritishAmTob BTI 2.3 11 66.18 0.61 56.54 134.11 80.20 Graco GGG 1.1 70 130.07 0.40 4.08 66.67 48.38 PinnacleFoods PF 2.3 38 55.63 -0.31 s 84.36 35.30 17.15 PilgrimPride PPC ... 14 35.01 0.03
-23.75 25.34 17.23 BrixmorProp BRX 5.9 18 18.62 0.27 -14.82 262.71 155.00 Grainger GWW 2.6 24 197.82 42.41 110.74 71.87 Wyndham WYN 2.1 20 108.76 0.53 19.18 2067.99 1459.49 Priceline PCLN ... 24 1747.22 15.57
-0.68 15.40 92.48 72.61 PinnacleWest PNW 3.1 19 90.05 -0.73 s 73.01 74.90 41.89 XPO Logistics XPO ... 62 74.67 0.48
34.62 91.75 63.28 BroadridgeFinl BR 1.6 31 89.25 0.59 24.50 34.09 25.85 GreatPlainsEner GXP 3.2 33 34.05 0.06 -15.47 199.83 125.46 PioneerNatRscs PXD 0.1213 152.22 1.18 6.61 36.34 27.51 Qiagen QGEN ... ... 31.02 -0.01
25.45 43.15 32.41 BrookfieldMgt BAM 1.4 92 41.41 0.17 8.06 9.38 7.18 GpoAvalAcc AVAL 4.7 13 8.58 25.04 52.22 38.22 XcelEnergy XEL 2.8 22 50.89 -0.29 46.65 81.20 49.53 Qorvo QRVO ... dd 77.33 -0.58
0.13 -37.94 33.95 18.76 PlainsAllAmPipe PAA 6.0 22 20.04 0.09 -18.79 39.08 25.84 Xerox XRX 3.5 dd 28.36 0.10
31.28 44.91 31.03 BrookfieldInfr BIP 4.0163 43.94 -0.12 14.46 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.23 0.09 -40.02 36.09 18.98 PlainsGP PAGP 5.8 dd 20.80 0.22 2.33 70.24 48.92 Qualcomm QCOM 3.4 26 66.72 0.61
11.19 50.81 41.10 Brown&Brown BRO 1.2 26 49.88 -0.05 t-10.58 27.37 18.63 GrupoTelevisa TV 0.5 48 18.68 34.13 67.64 46.67 Xylem XYL 1.1 39 66.42 -0.06 22.64 108.29 67.54 RandgoldRscs GOLD 1.1 32 93.62 0.90
-0.43 46.80 126.85 77.91 PolarisIndustries PII 1.9 38 120.95 1.20
26.51 60.28 45.17 Brown-Forman A BF.A 1.4 33 58.51 -0.05 65.19 83.47 49.18 Guidewire GWRE ...291 81.49 39.27 26.48 15.00 YPF YPF 1.0 69 22.98 -0.02 6.67 543.55 340.09 RegenPharm REGN ... 36 391.59 -3.10
0.31 5.53 20.27 15.74 Potash POT 2.1 35 19.09 0.04
30.34 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.55 0.20 1.65 91.03 69.18 HCA Healthcare HCA ... 11 75.24 -0.73 s 28.54 151.44 115.00 Praxair 24.11 81.65 61.38 YumBrands YUM 1.5 24 78.60 0.06 s 10.14 73.94 52.85 RossStores ROST 0.9 24 72.25 6.56
PX 2.1 27 150.64 1.60 62.71 43.55 25.53 YumChina YUMC ... 29 42.50 0.27
-28.11 73.01 46.94 BuckeyePtrs BPL 10.6 15 47.56 0.26 -9.83 33.67 25.09 HCP HCP 5.5 18 26.80 -0.04 18.63 69.95 56.12 PrincipalFin PFG 2.9 11 68.64 0.25 34.78 94.39 60.21 RoyalGold RGLD 1.2 55 85.38 -0.28
-9.33 83.75 63.87 Bunge BG 2.8 21 65.50 0.33 59.85 100.26 59.00 HDFC Bank HDB 0.5 ... 97.00 39.44 18.08 11.14 ZTO Express ZTO ... 38 16.83 -0.03 42.78 122.67 78.34 Ryanair RYAAY ... 17 118.88 1.45
2.47 5.17 94.67 81.18 Procter&Gamble PG 3.1 24 88.43 -0.82
s 23.58 104.84 74.01 BurlingtonStrs BURL ... 29 104.73 4.58 46.56 22.31 14.40 HP HPQ 2.6 16 21.75 7.55 36.79 29.30 ZayoGroup ZAYO ... 96 35.34 0.46 55.29 170.81 102.29 SBA Comm SBAC ...197 165.21 0.54
0.18 45.21 52.08 32.77 Progressive PGR 1.3 22 51.55 -0.02
35.59 25.90 14.08 CBD Pao CBD 0.1 66 22.44 0.72 20.16 50.86 38.95 HSBC HSBC 4.1 73 48.28 8.15 133.49 98.20 ZimmerBiomet ZBH 0.9 35 111.61 -0.63 s 35.94 67.15 46.20 SEI Investments SEIC 0.8 29 67.10 0.70
0.01 25.59 67.25 46.33 Prologis PLD 2.7 20 66.30 -0.75 s 32.24 71.12 48.55 Zoetis
35.85 43.35 28.21 CBRE Group CBG ... 18 42.78 -0.21 -22.78 58.78 38.18 Halliburton HAL 1.7174 41.77 0.26 5.95 115.26 97.88 PrudentialFin PRU 2.7 11 110.25 -0.12
ZTS 0.6 40 70.79 0.38 89.68 119.20 55.79 Sina SINA ... 35 106.40 -1.11
-10.92 71.07 53.00 CBS A CBS.A 1.2 80 57.74 0.63 -9.60 25.73 18.90 Hanesbrands HBI 3.1 12 19.50 0.28 s 25.51 50.05 37.32 Prudential PUK 1.6 18 49.94 0.57 39.65 42.48 28.43 SS&C Tech SSNC 0.7 38 39.94 -0.17
-10.81 70.09 52.75 CBS B CBS 1.3 79 56.74 0.34
NASDAQ 25.38 223.82 149.01 SVB Fin SIVB ... 24 215.22 0.99
-19.01 63.40 44.52 HarleyDavidson HOG 3.1 15 47.25 -0.85 17.37 52.12 40.11 PublicServiceEnt PEG 3.3 58 51.50 0.12
12.71 39.32 25.04 CF Industries CF 3.4 dd 35.48 -0.69 36.47 141.97 99.13 Harris HRS 1.6 31 139.84 -0.51 -5.21 232.21 192.15 PublicStorage PSA 3.8 31 211.85 -1.82 9.32 22.34 17.30 AGNC Invt AGNC 10.9 5 19.82 0.06 12.96 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.62 0.81
11.31 54.07 45.81 CGI Group GIB ... 21 53.46 0.02 17.82 57.16 46.35 HartfordFinl HIG 1.8 43 56.14 0.13 s 75.46 32.45 18.18 PulteGroup PHM 1.1 16 32.25 0.35 -7.05 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.86 0.11 3.27 50.96 30.60 Seagate STX 6.4 15 39.42 0.30
11.93 50.40 39.48 CIT Group CIT 1.3 dd 47.77 0.72 4.98 33.00 27.47 HealthcareAmer HTA 4.0127 30.56 0.01 1.24 112.97 85.24 QuestDiag DGX 1.9 19 93.04 0.10 62.80 155.14 91.89 Ansys ANSS ... 47 150.57 -0.89 13.30 73.91 45.31 SeattleGenetics SGEN ... dd 59.79 0.50
19.15 50.85 39.42 CMS Energy CMS 2.7 26 49.59 -0.58 44.70 93.00 59.94 Heico HEI 0.2 44 89.31 -0.62 35.02 22.72 15.68 RELX RENX 1.4 28 22.63 -0.01 60.72 185.39 98.84 ASML ASML 0.7 ... 180.33 -1.46 -13.51 192.15 137.17 Shire SHPG 0.2 29 147.37 2.74
29.18 55.62 37.88 CNA Fin CNA 2.2 16 53.61 -0.62 38.16 78.70 50.72 Heico A HEI.A 0.2 37 75.05 -0.10 29.88 23.41 16.90 RELX RELX 1.3 29 23.34 -0.04 72.45 198.29 103.53 Abiomed ABMD ... 96 194.32 -0.59 -13.50 164.23 116.68 SignatureBank SBNY ... 18 129.92 0.13
9.14 143.39 108.05 CNOOC CEO 3.8 17 135.29 -0.52 -28.06 85.78 42.16 Helm&Payne HP 5.0 dd 55.68 1.31 -3.64 56.48 47.87 RPM RPM 2.5 38 51.87 0.26 77.51 67.03 35.12 ActivisionBliz ATVI 0.5145 64.10 -0.03 22.70 5.89 4.22 SiriusXM SIRI 0.8 30 5.46 0.06
9.68 17.69 13.90 CPFLEnergia CPL 1.6 32 16.89 0.11 36.41 79.64 47.62 Herbalife HLF 1.8 15 65.67 0.21 -19.07 46.92 28.76 RSP Permian RSPP ... 60 36.11 0.48 77.02 184.44 98.00 AdobeSystems ADBE ... 57 182.24 -0.06 47.33 117.65 71.65 Skyworks SWKS 1.2 20 110.00 -0.06
3.61 38.06 32.44 CRH CRH 1.2 20 35.62 0.47 5.48 116.49 95.68 Hershey HSY 2.4 32 109.10 -0.60 -1.34 114.00 66.06 RalphLauren RL 2.2 92 89.11 0.70 0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38 0.13 s 59.73 81.99 50.64 Splunk SPLK ... dd 81.70 12.40
-10.43 84.72 66.45 CVS Health CVS 2.8 15 70.68 0.42 -28.48 65.56 37.25 Hess HES 2.2 dd 44.55 0.46 20.95 87.22 68.97 RaymondJames RJF 1.1 19 83.78 0.48 -16.86 71.64 44.65 AkamaiTech AKAM ... 33 55.44 0.18 2.54 64.87 52.58 Starbucks SBUX 2.1 29 56.93 -0.31
s 25.81 29.41 20.55 CabotOil COG 0.7 dd 29.39 0.65 1.64 15.12 12.70 HewlettPackard HPE 2.2195 13.68 0.41 28.77 190.25 137.70 Raytheon RTN 1.7 25 182.85 -1.42 -9.38 149.34 96.18 AlexionPharm ALXN ... 49 110.87 0.54 3.57 40.17 32.15 SteelDynamics STLD 1.7 17 36.85 -0.10
53.81 52.73 31.99 CalAtlantic CAA 0.3 15 52.31 0.70 s 32.80 74.44 49.95 Hilton HLT 0.8783 74.11 0.09 -1.74 63.60 52.85 RealtyIncome O 4.5 46 56.48 -0.01 164.11 257.60 88.56 AlignTech ALGN ... 77 253.89 -1.03 17.37 34.20 23.20 Symantec SYMC 1.1 dd 28.04 -0.16
10.72 96.39 75.36 CamdenProperty CPT 3.2 56 93.08 -1.24 s 35.56 44.48 23.46 HollyFrontier HFC 3.0 23 44.41 0.61 80.70 126.67 68.54 RedHat RHT ... 76 125.95 -0.68 -12.92 63.40 46.42 Alkermes ALKS ... dd 48.40 0.65 s 50.12 89.40 56.03 Synopsys SNPS ... 42 88.36 -0.68
-17.78 64.23 44.99 CampbellSoup CPB 2.8 17 49.72 1.40 s 25.10 168.43 127.41 HomeDepot HD 2.1 23 167.74 0.24 -2.25 72.05 58.63 RegencyCtrs REG 3.1105 67.40 0.14 240.57 147.63 35.98 AlnylamPharm ALNY ... dd 127.51 1.13 11.79 51.22 36.12 TD Ameritrade AMTD 1.7 30 48.74 -0.35
10.49 92.22 76.42 CIBC CM 4.6 11 90.16 0.64 11.75 33.75 27.05 HondaMotor HMC ... 10 32.62 0.02 10.03 16.03 12.98 RegionsFin RF 2.3 16 15.80 0.10 32.04 1048.39 737.02 Alphabet C GOOG ... 34 1019.09 -13.41 4.36 68.88 53.09 T-MobileUS TMUS ... 24 60.02 0.22
18.35 84.48 63.71 CanNtlRlwy CNI 1.7 23 79.77 -0.24 26.45 147.60 111.78 Honeywell HON 2.0 22 146.49 -0.39 19.50 152.19 120.31 ReinsGrp RGA 1.3 12 150.37 1.05 30.72 1063.62 753.36 Alphabet A GOOGL ... 35 1035.89 -12.58 27.53 97.35 65.33 TRowePrice TROW 2.4 16 95.98 0.45
9.38 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.87 -0.07 -4.85 37.97 29.75 HormelFoods HRL 2.1 20 33.12 0.19 9.45 67.18 54.47 RepublicSvcs RSG 2.2 26 62.44 -0.80 83.66 72.47 38.24 Altaba AABA ... dd 71.02 0.27 139.03 120.62 46.27 TakeTwoSoftware TTWO ...108 117.82 -1.08
18.12 179.17 141.32 CanPacRlwy CP 1.0 18 168.64 -0.56 s 76.11 48.31 27.14 DR Horton DHI 1.0 18 48.13 0.61 36.39 87.81 57.45 ResMed RMD 1.7 34 84.63 -0.35 50.68 1139.90 736.70 Amazon.com AMZN ...287 1129.88 -7.41 47.43 389.61 180.00 Tesla TSLA ... dd 315.05 2.55
36.03 39.15 27.76 Canon CAJ 3.7 20 38.28 -0.20 5.57 20.23 16.40 HostHotels HST 4.0 25 19.89 -0.08 36.24 68.89 45.92 RestaurantBrands QSR 1.3 45 64.93 -0.24 9.06 67.98 56.10 Amdocs DOX 1.4 21 63.53 -1.26 33.95 99.05 69.92 TexasInstruments TXN 2.5 23 97.74 -0.58
0.68 96.92 76.05 CapitalOne COF 1.8 12 87.83 0.68 4.72 31.85 23.75 HuanengPower HNP 6.1 30 27.27 -0.16 23.74 50.77 36.25 RioTinto RIO 4.7 14 47.59 -0.04 -4.24 400.99 338.30 Amerco UHAL ... 21 353.91 -3.99 -14.92 78.25 49.87 TractorSupply TSCO 1.7 19 64.50 1.47
-20.09 84.88 55.69 CardinalHealth CAH 3.2 17 57.51 0.09 2.70 127.34 109.31 Hubbell HUBB 2.6 23 119.85 -0.45 s 12.55 55.22 42.92 RobertHalf RHI 1.7 22 54.90 ... 1.50 54.48 39.21 AmerAirlines AAL 0.8 12 47.39 -0.29 37.38 43.97 27.18 Trimble TRMB ... 54 41.42 -0.11
-1.32 116.40 92.09 Carlisle CSL 1.4 22 108.83 -0.05 14.42 264.56 186.25 Humana HUM 0.7 18 233.46 -2.45 44.61 210.72 129.66 Rockwell ROK 1.7 31 194.36 0.75 16.27 191.10 138.83 Amgen AMGN 2.7 15 170.00 -0.77 11.09 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 31.15 1.83
7.86 77.64 54.29 CarMax KMX ... 19 69.45 -1.10 26.43 253.44 174.07 HuntingIngalls HII 1.2 18 232.87 -2.95 42.59 136.50 87.48 RockwellCollins COL 1.0 28 132.27 -0.34 24.51 92.96 67.62 AnalogDevices ADI 2.0 43 90.42 -0.06 11.85 31.94 24.30 21stCenturyFoxB FOX 1.2 19 30.48 1.88
27.20 69.89 49.73 Carnival CCL 2.7 18 66.22 0.40 60.12 32.59 18.18 Huntsman HUN 1.6 14 30.55 0.31 39.06 54.24 37.81 RogersComm B RCI 2.9 28 53.65 0.27 46.91 176.24 108.25 Apple AAPL 1.5 18 170.15 -0.95 -15.63 314.86 187.96 UltaBeauty ULTA ... 29 215.10 9.14
29.91 70.56 49.44 Carnival CUK 2.7 18 66.50 0.33 26.46 70.95 50.21 HyattHotels H ... 42 69.88 -0.12 33.24 48.29 31.39 Rollins ROL 1.0 54 45.01 -0.30 s 75.05 60.89 29.85 ApplMaterials AMAT 0.7 20 56.49 -1.35 8.43 233.42 180.29 UltSoftware ULTI ...204 197.72 0.23
46.79 140.44 90.34 Caterpillar CAT 2.3 95 136.13 -0.23 s 45.25 9.93 6.69 ICICI Bank IBN 0.8 22 9.89 0.17 40.02 261.37 179.96 RoperTech ROP 0.5 37 256.34 -0.16 11.21 102.60 79.95 ArchCapital ACGL ... 31 95.96 0.27 s221.49 182.65 52.10 UnivDisplay OLED 0.1 89 181.00 1.75
32.96 109.11 75.79 Celanese A CE 1.8 18 104.69 0.46 28.09 19.01 13.16 ING Groep ING 3.1 ... 18.06 -0.01 16.72 80.98 64.20 RoyalBkCanada RY 3.7 14 79.03 0.22 117.48 53.45 23.80 Atlassian TEAM ... dd 52.37 -0.06 1.04 4.50 3.21 VEON VEON 2.8 4 3.89 0.14
1.67 10.37 7.36 Cemex CX ... 11 7.85 ... 15.29 37.75 28.75 Invesco IVZ 3.3 15 34.98 0.41 32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05 s 72.26 127.92 68.06 Autodesk ADSK ... dd 127.49 0.49 s 49.53 114.00 75.71 VeriSign VRSN ... 31 113.75 0.78
-32.85 16.82 6.76 CenovusEnergy CVE 1.5 4 10.16 0.09 37.36 110.67 71.90 IQVIA IQV ...361 104.46 0.02 51.63 133.75 78.77 RoyalCaribbean RCL 1.9 17 124.40 1.61 8.06 121.77 93.95 ADP ADP 2.3 28 111.06 0.03 13.17 92.92 75.60 VeriskAnalytics VRSK ... 34 91.86 1.04
68.36 98.72 54.40 Centene CNC ... 19 95.14 -0.80 42.25 129.40 88.29 IDEX IEX 1.2 33 128.11 ... 13.83 65.83 48.34 RoyalDutchA RDS.A 6.1 24 61.90 0.34 45.53 274.97 160.79 Baidu BIDU ... 31 239.27 -0.05 100.10 167.85 71.46 VertxPharm VRTX ...189 147.41 -0.53
17.69 30.45 23.24 CenterPointEner CNP 3.7 21 29.00 -0.03 28.32 159.36 120.06 IllinoisToolWks ITW 2.0 24 157.14 -0.78 9.99 67.40 51.10 RoyalDutchB RDS.B 5.9 25 63.76 0.20 -16.14 56.86 40.15 BankofOzarks OZRK 1.7 15 44.10 0.03 -25.50 46.72 22.13 Viacom B VIAB 3.1 7 26.15 2.46
-9.33 7.60 3.49 CentraisElBras EBR ... 3 6.22 0.16 2.43 16.14 13.42 Infosys INFY 2.6 16 15.19 -0.08 31.61 116.90 81.30 SAP SAP 1.2 33 113.75 -0.19 20.20 348.84 244.28 Biogen BIIB ... 19 313.97 -0.01 -14.29 49.00 28.20 Viacom A VIA 2.4 9 33.00 2.90
-37.76 27.61 14.06 CenturyLink CTL 14.6 26 14.80 0.05 13.43 96.23 74.02 Ingersoll-Rand IR 2.1 21 85.12 -0.14 49.33 166.17 107.21 S&P Global SPGI 1.0 24 160.59 0.49 0.05 100.51 79.50 BioMarinPharm BMRN ... dd 82.88 0.32 s 26.73 31.03 24.17 Vodafone VOD 3.6 dd 30.96 0.32
137.66 58.08 20.76 Chemours CC 0.2 36 52.50 0.98 7.07 134.03 113.07 Ingredion INGR 1.8 19 133.79 0.83 7.17 64.80 50.67 SINOPEC SHI 6.3 7 58.01 -1.18 18.13 64.41 40.00 Bioverativ BIVV ... 14 56.11 0.82 -24.06 119.12 82.44 WPP WPPGY 3.6 10 84.03 0.46
-2.54 120.89 102.55 Chevron CVX 3.8 33 114.71 0.14 18.03 71.24 53.91 ICE ICE 1.2 25 66.59 0.51 23.21 28.13 20.44 SK Telecom SKM ... 11 25.75 -0.28 20.88 29.84 21.51 BlueBuffaloPet BUFF ... 33 29.06 0.07 -13.91 88.00 63.82 WalgreensBoots WBA 2.2 19 71.25 -0.05
23.80 30.90 21.38 ChinaEastrnAir CEA ... 9 27.67 0.87 22.14 57.80 42.05 InterContinentl IHG ... 26 56.55 0.12 -6.21 115.34 93.92 SLGreenRealty SLG 3.1 98 100.87 0.06 164.51 164.80 56.80 bluebirdbio BLUE ... dd 163.20 3.05 s185.05 118.65 40.12 Weibo WB ... 98 115.73 -1.99
33.88 17.85 12.74 ChinaLifeIns LFC 1.0 20 17.23 -0.16 -10.25 182.79 139.13 IBM IBM 4.0 12 148.97 -0.15 s 57.14 107.87 66.43 Salesforce.com CRM ... dd 107.58 0.55 -20.47 75.00 52.75 BrighthouseFin BHF ... ... 55.67 0.25 34.36 95.77 58.30 WesternDigital WDC 2.2 19 91.30 0.09
-4.33 58.83 50.00 ChinaMobile CHL 4.1 13 50.16 -0.25 26.24 153.97 113.16 IntlFlavors IFF 1.9 28 148.75 0.16 10.14 50.65 38.45 Sanofi SNY 3.7 22 44.54 -0.11 53.79 281.80 160.62 Broadcom AVGO 1.5265 271.86 -0.25 30.90 165.00 119.70 WillisTowers WLTW 1.3 48 160.07 0.14
-0.52 84.88 67.82 ChinaPetrol SNP 4.3 11 70.65 -0.38 11.83 32.07 17.25 IntlGameTech IGT 2.8 dd 28.54 -0.26 20.89 17.05 11.12 SantanderCons SC 0.7 9 16.32 0.17 2.33 36.54 30.01 CA CA 3.1 19 32.51 -0.07 s 68.98 112.80 65.79 Workday WDAY ... ... 111.68 2.34
63.75 43.35 25.60 ChinaSoAirlines ZNH 1.7 10 42.10 0.13 2.17 58.96 47.85 IntlPaper IP 3.5 25 54.21 0.14 6.65 32.40 25.34 Sasol SSL 3.9 13 30.49 0.51 12.13 67.49 56.50 CDK Global CDK 0.9 32 66.93 0.53 76.03 156.40 85.57 WynnResorts WYNN 1.3 42 152.28 -0.92
7.59 53.77 45.58 ChinaTelecom CHA 2.7 15 49.63 1.02 -18.62 25.71 18.30 Interpublic IPG 3.8 13 19.05 0.39 -40.71 74.99 41.15 Scana SCG 5.6 14 43.45 -1.55 26.91 71.53 50.49 CDW CDW 1.3 24 66.11 -0.31 18.95 75.14 52.54 Xilinx XLNX 1.9 30 71.81 -0.86
29.09 16.55 11.25 ChinaUnicom CHU ...148 14.91 -0.17 14.10 23.93 19.80 InvitatHomes INVH 1.4 ... 22.82 -0.37 -26.19 87.84 61.02 Schlumberger SLB 3.2159 61.96 0.65 7.07 81.35 63.41 CH Robinson CHRW 2.3 23 78.44 -1.96 172.02 116.90 37.81 YY YY ... 20 107.23 0.21
-23.18 499.00 263.00 Chipotle CMG ... 56 289.84 6.14 25.52 41.18 31.29 IronMountain IRM 5.8 52 40.77 -0.05 13.20 46.21 37.00 SchwabC SCHW 0.7 29 44.68 0.04 20.93 141.44 111.19 CME Group CME 1.9 32 139.49 -0.60 64.88 34.83 17.88 Yandex YNDX ... 99 33.19 0.79
12.50 156.00 125.00 Chubb CB 1.9 18 148.63 -0.23 -4.14 4.95 3.70 IsraelChemicals ICL ... 5 3.94 -0.02 2.33 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.78 -0.18 38.94 55.48 33.82 CSX CSX 1.6 26 49.92 -0.20 26.82 117.44 72.73 ZebraTech ZBRA ...193 108.76 0.90
7.83 36.37 31.28 ChunghwaTel CHT 4.8 22 34.02 0.08 26.85 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.04 0.26 0.84 50.62 41.22 SealedAir SEE 1.4 30 45.72 0.14 76.76 45.39 24.15 CadenceDesign CDNS ... 48 44.58 -0.28 12.54 50.91 32.63 Zillow A ZG ... dd 41.02 -0.07
1.27 54.18 42.55 Church&Dwight CHD 1.7 26 44.75 -0.39 13.73 102.42 77.29 JPMorganChase JPM 2.3 14 98.14 -0.33 -6.69 9.14 4.49 SemicondctrMfg SMI ... 5 7.11 -0.51 45.00 13.60 6.95 CaesarsEnt CZR ... dd 12.32 -0.43 12.12 51.23 32.56 Zillow C Z ... dd 40.89 0.02
48.41 206.45 131.03 Cigna CI 0.0 22 197.97 -3.00 2.86 63.42 49.31 JacobsEngg JEC 1.0 31 58.63 0.20 18.75 122.97 98.12 SempraEnergy SRE 2.8 27 119.51 -0.35 38.36 24.85 14.85 Carlyle CG 10.6 12 21.10 0.05 7.57 48.33 37.64 ZionsBancorp ZION 1.4 17 46.30 0.19
-14.22 146.96 89.49 CimarexEnergy XEC 0.3 29 116.57 0.96 0.69 17.28 13.55 JamesHardie JHX 1.2 27 16.01 0.25 22.75 50.83 36.48 SensataTech ST ... 27 47.81 0.03 57.64 116.91 67.85 CboeGlobalMkts CBOE 0.9 63 116.48 0.46 NYSE AMER
20.02 76.14 54.98 Citigroup C 1.8 14 71.33 -0.34 19.71 37.39 30.24 JanusHenderson JHG 3.5276 36.63 0.56 25.77 36.56 26.28 ServiceCorp SCI 1.7 19 35.72 0.12 -10.06 147.17 94.55 Celgene CELG ... 25 104.10 0.75
7.13 39.75 31.51 CitizensFin CFG 1.9 15 38.17 0.25 19.78 144.35 109.32 J&J JNJ 2.4 24 138.00 -0.87 23.28 48.48 36.34 ServiceMaster SERV ... 27 46.44 -0.22 1.83 22.11 13.31 CentennialRsc CDEV ...143 20.08 0.39 17.55 51.51 37.85 CheniereEnergy LNG ... dd 48.70 -0.55
11.24 141.76 112.28 Clorox CLX 2.5 25 133.51 -1.03 -11.65 46.17 34.51 JohnsonControls JCI 2.7 21 36.39 0.25 71.56 129.56 72.80 ServiceNow NOW ... dd 127.54 1.82 38.06 73.86 47.01 Cerner CERN ... 33 65.40 -0.14 -4.55 33.47 26.41 CheniereEnerPtrs CQP 6.4 dd 27.51 -0.07
10.25 47.48 39.88 Coca-Cola KO 3.2 44 45.71 -0.84 49.32 155.25 97.60 JonesLang JLL 0.5 20 150.87 -2.16 10.57 23.31 19.29 ShawComm B SJR 4.2 28 22.18 0.16 18.62 408.83 260.00 CharterComms CHTR ...116 341.54 0.91 17.39 27.45 19.34 CheniereEnHldgs CQH 6.9328 26.26 0.32
21.59 44.75 30.55 Coca-Cola Euro CCE 2.5 24 38.18 -0.14 -6.94 30.96 23.87 JuniperNetworks JNPR 1.5 16 26.30 0.11 44.00 398.22 260.00 SherwinWilliams SHW 0.9 34 386.98 -1.05 20.94 119.20 80.78 CheckPoint CHKP ... 22 102.15 -0.86 -10.13 36.85 27.59 ImperialOil IMO 1.6 17 31.24 0.03
B8 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

NEW HIGH AND LOWS

WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session. WellsFargoPfdN WFCpN 25.32 0.3 DiamondHillVal DHVW 30.89 -0.2 SPDRMSCIUSAStrat QUS 75.78 -0.3 ComstockMining LODE 0.37 0.6 Flex FLEX 18.74 0.8 OrganicsETF ORG 32.46 0.8 VeriSign VRSN 114.00 0.7
WellsFargoPfdO WFCpO 25.27 0.7 DirexAllCapIns KNOW 42.23 0.5 SPDR NYSE Tech XNTK 85.58 0.2 Freshpet FRPT 18.55 -0.5 PDLCommBncp PDLB 15.34 0.9 VicShUS500Vol CFA 47.18 ...
Friday, November 17, 2017 Winnebago WGO 49.95 1.7 DirexEM Bull3 EDC
DirexHmbldrBull3 NAIL
120.84
78.58
1.5
2.7
SPDRRuss1000Mom ONEO 74.65 0.2 Nasdaq highs - 132 Garmin GRMN
GladstonePfd2024 GLADN
61.75
26.00
1.2
0.9
PatriotNatBncp PNBK 18.00 0.7 VidentCoreUSEquity VUSE 32.06 0.5
XPO Logistics XPO 74.90 0.6 SPDRRuss1000Yd ONEY 72.58 1.0 PayPal PYPL 78.01 -1.7 Vodafone VOD 31.03 1.0
52-Wk % 52-Wk % 52-Wk % AllenaPharm ALNA 12.87 2.6
Zoetis ZTS 71.12 0.5 DirexPharmBl3X PILL 24.66 5.4 SPDR S&P500MidGr MDYG 153.62 0.2 GlbXConsciousCos KRMA 18.80 -0.1 pdvWireless PDVW 35.50 0.6 Weibo WB 118.65 -1.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AltairEngg ALTR 24.33 0.9
DirexNasd100EW QQQE 42.65 0.3 SPDRS&PSft&Svs XSW 69.10 0.3 GlbXMillThematic MILN 18.87 0.4 PilgrimPride PPC 35.30 0.1 WisdTrChinaxSOE CXSE 87.13 0.3
AmerCarMart CRMT 48.95 9.4
Gannett GCI 11.66 1.8 OnAssignment ASGN 63.00 1.3 NYSE lows - 28 EmgMktInternetEcom EMQQ 39.10 1.1 SchwabUS MC SCHM 51.68 0.4
AnaptysBio ANAB 79.18 2.4
GlbXSocialMedia SOCL 33.82 1.4 PinnacleEnt PNK 28.86 0.6 Workday WDAY 112.80 2.1
NYSE highs - 113 Gap GPS
GlMedREIT PfdA GMREpA
30.14
25.38
7.0
0.7
Oppenheimer A OPY
OwensCorning OC
25.50
85.76
1.0
2.2
AXIS Capital AXS 51.20 0.1
ETFMG VideoGame GAMR
ETRACSMnly2xLevISE HOML
47.70
54.15
-0.5
2.3
SPDR S&P Home XHB 41.66 0.2
ApplMaterials AMAT 60.89 -2.3
HailiangEduc
HimaxTechs
HLG
HIMX
43.00
12.00
9.6
-2.4
PorterBancorp PBIB 15.55 -1.0 Xunlei XNET 16.65 0.1
VanEckCSI300 PEK 49.08 0.1 PwrShDWA EM PIE 20.30 0.8
AT&T Nts 2066 TBB 25.65 0.2 AMBR 6.14 0.3 AssemblyBiosci ASMB 36.90 1.7
AdamsDivEquityFd ADX 15.92 0.3
GlbNetLeasePfdA GNLpA 25.50 1.1 PBF Energy PBF 33.02 0.9 AmberRoad
BlkRk2022GlbIncm BGIO 9.61 -0.5
EthoClimateLeader ETHO
FidelityMSCICnDisc FDIS
33.18
37.10
0.4
0.7
VanEckRetail RTH 85.25 1.0 AtlanticCoastFin ACFC 9.24 4.4
HorizNasd100 QYLD
Hortonworks HDP
24.56
19.53
-0.5
-0.1
PwrShGoldDragon PGJ 46.20 1.3 Nasdaq lows - 32
GoDaddy GDDY 49.78 0.4 PGT Innovations PGTI 15.80 2.3 VangdCnsmrDiscr VCR 148.19 0.6 PwrShNasdInternet PNQI 115.48 0.6
AgilentTechs A 69.09 0.1 BridgepointEduc BPI 8.18 -10.6 FidelityQualFactor FQAL 30.71 -0.2 Autodesk ADSK 127.92 0.4 HutchisonChina HCM 36.32 -0.8 Ability ABIL 0.50 1.0
GrubHub GRUB 64.99 0.3 PVH PVH 133.47 2.4 VangdMCGrowth VOT 125.93 0.2 PwrShRuss1000Low USLB 30.34 -0.1
AlabamaPwrPfdA ALPpQ 26.65 1.1 BylineBancorp BY 19.11 -0.3 FT ConsDscAlpDx FXD 39.54 1.3 BuildersFirstSrc BLDR 19.37 2.5 IIVI 48.60 1.3 ArchrockPtrs APLP 11.70 0.4
Guess GES 18.20 4.9 PennyMacFinS PFSI 19.55 2.6 VangdS&P400Grwth IVOG 130.79 0.2
II-VI PwrShS&P SC CD PSCD 57.13 1.6
AlbanyIntl AIN 61.45 1.5 ChinaOnlineEduc COE 12.10 1.0 FNI 40.08 0.8 CB FinSvcs CBFV 31.10 -2.5 IPG Photonics IPGP 238.89 1.7 AtlasFinNt2022 AFHBL 25.11 -0.3
Haemonetic HAE 58.02 1.2 Praxair PX 151.44 1.1 FT Chindia PrincipalContVal PVAL 25.49 0.2
AlonUSAPartners ALDW 14.59 4.3 VirtusGlovistaEM EMEM 25.20 0.8 CCMP 99.81 -0.7 BKYI 1.54 4.0
HeritageInsurance HRTG 17.43 4.8 ProPetro PUMP 17.96 4.2 Despegar.com DESP 27.25 -2.3 FT USEquityOpp FPX 66.70 0.3 CabotMicro Interface TILE 24.40 0.2 BIO-key
WBITacticalLCGD WBIE 25.17 0.1 Cal-MaineFoods CALM 46.65 0.3 PrincplMillennials GENY 33.35 2.5 18.05 -9.2
Amphenol APH 89.73 0.2 Hillenbrand HI 43.90 2.0 Prudential PUK 50.05 1.2 EllingtonResiMtg EARN 12.50 2.3 FT Water FIW 47.26 0.3 Intermolecular IMI 1.21 3.4 Bandwidth BAND
WisdTrBloomFR USFR 25.27 0.7 Children'sPlace PLCE 128.50 2.6 RCI Hospitality RICK 31.31 1.0 BisonCapAcqnRt BCACR 0.25 -18.2
Anthem ANTM 222.24 ... Hilton HLT 74.44 0.1 PulteGroup PHM 32.45 1.1 GenieEnergy GNE 4.67 -10.5 FlexShQualDivDef QDEF 42.70 -0.1 Intuit INTU 156.71 0.6
AristaNetworks ANET 234.63 0.9 WisdTrEMxSOE XSOE 31.56 1.0 ChinaInternet CIFS 59.18 2.7 RMR Group RMR 56.80 1.8 BroadwindEnergy BWEN 2.39 -0.4
HollyFrontier HFC 44.48 1.4 PureStorage PSTG 17.43 2.1 Glaukos GKOS 26.44 -2.3 FrankFTSEChina FLCH 25.71 0.2 IntuitiveSurgical ISRG 400.00 -0.3
BBTpF 25.56 1.5 WisdTrUSLCValueFd EZY 78.72 0.3 ChromaDex CDXC 7.10 3.9 Rambus RMBS 14.95 0.4 CTI Ind CTIB 3.25 0.7
BB&T Pfd F HomeDepot HD 168.43 0.1 RH RH 107.48 -2.4 GrupoTelevisa TV 18.63 -2.3 GSActiveBetaEM GEM 35.33 0.5 iPath2yearBear DTUS 33.80 0.3
BankofAmPfdCC BACpC 27.29 1.0 WisdTrUSMCDivFd DON 34.05 0.2 Cimpress CMPR 122.33 2.6 RedRockResorts RRR 28.13 1.6 CapitalaFinance CPTA 7.43 0.1
DR Horton DHI 48.31 1.3 Regis RGS 15.90 -0.6 JianpuTech JT 7.15 -14.3 GuggChinaTech CQQQ 64.88 -0.2 iRhythmTechs IRTC 54.01 4.3
BankofAmPfdI BACpI 26.61 0.9 WisdTrUSTotalEarn EXT 30.84 -0.4 ClearBrLCGrw LRGE 28.16 0.9 RossStores ROST 73.94 10.0 CapitalaFinNts22 CPTAG 24.25 0.1
ICICI Bank IBN 9.93 1.7 RexfordIndPfdB REXRpB 25.01 ... KinderMorgan KMI 16.70 1.1 HartfordMultiUSEqu ROUS 29.86 ... iShAsia50ETF AIA 66.69 0.2
BkNovaScotia BNS 66.35 0.6 CommVehicle CVGI 11.34 1.8 SEI Investments SEIC 67.15 1.1 CECO Env CECE 5.15 5.5
Insperity NSP 115.75 3.4 RingCentral RNG 48.15 1.7 KinderMorganPfdA KMIpA 32.18 1.1 InnovatorIBD50Fd FFTY 34.27 -0.1 iShMSCIACxJpn AAXJ 76.92 ...
BerryGlobal BERY 61.19 -0.5 InterXion INXN 57.77 1.6 RiverNorthMktPfA RMPLp 25.48 -0.4 MainStreetCapNt MSCA 25.52 1.2 iShCoreMSCIEmgMk IEMG 56.72 0.4 NYSE Arca lows - 10 CoriumIntl CORI 11.65 6.9 iShMSCIEMESGOpt ESGE 73.43 0.5
SMTC
SandersonFarms SAFM
SMTX 1.84
167.32
-2.4
-1.7
ClearSignWt CLIRW 0.51 -21.4
Box BOX 22.34 -0.8 Kaman KAMN 57.56 1.5 RobertHalf RHI 55.22 ... NuvHiIncmDec18 JHA 9.77 ... iShEdgeMSCIMultUSA LRGF 31.25 ... CoStar CSGP 306.69 0.4 J&JSnackFoods JJSF 145.83 -0.3 CoherusBioSci CHRS 8.10 -11.6
AdvShRangerEqBear HDGE 8.22 -0.5 ScientificGames SGMS 50.53 1.0
BoydGaming BYD 30.15 1.0 KornFerry KFY 42.94 0.4 Salesforce.com CRM 107.87 0.5 NuvHiIncm2020 JHY 9.86 -0.1 iShMSCIEmgMarkets EEM 47.02 0.5 Crocs CROX 10.86 0.1 Kingstone KINS 18.74 ... Conifer CNFR 5.85 ...
DirexEM Bear3 EDZ 9.60 -1.5 SierraOncology SRRA 2.44 8.3
BurlingtonStrs BURL 104.84 4.6 LifeStorage LSI 89.85 -1.1 SiteOneLandscape SITE 71.20 3.2 NuvMN QualMuni NMS 14.92 -0.3 iShMSCIUSAEqWeight EUSA 53.61 0.2 DicernaPharma DRNA 9.90 0.6 LamResearch LRCX 217.00 -1.3 Curis CRIS 0.88 -5.4
DirexSemiBear3 SOXS 14.50 1.4 SinovacBiotech SVA 7.84 2.1
CabotOil COG 29.41 2.3 LomaNegra LOMA 22.35 0.2 Square SQ 45.74 5.4 PQ Group PQG 14.85 0.5 iShMorningstarMC JKG 179.42 0.2 DigitalTurbine APPS 1.79 6.7 LendingTree TREE 292.40 3.8 ENGlobal ENG 0.77 ...
FrankFTSEAustralia FLAU 24.89 -0.2 SkyWest SKYW 50.40 1.4
CanadaGoose GOOS 26.40 5.3 MI Homes MHO 34.87 1.7 SteelPtrsPfdA SPLPpT 21.19 0.5 Qudian QD 21.15 -9.1 iShMornMCGrowth JKH 198.30 0.2 EducDev EDUC 14.45 2.7 LivaNova LIVN 84.91 ... GeniusBrands GNUS 2.64 0.7
KraneMSCIChinaEnv KGRN 24.71 -2.7 Splunk SPLK 81.99 17.9
CantelMedical CMD 104.28 -0.3 MVC Capital MVC 10.88 -0.9 TE Connectivity TEL 95.37 -0.1 SandRidgeMS II SDR 1.18 ... iShRussellMid-Cap IWR 202.36 0.2 Electro-Sensors ELSE 5.24 3.7 MillAcqn Un MIIIU 10.91 0.8 GlobalBrokerage GLBR 1.05 -15.1
ProShDecRetail EMTY 37.68 -3.5 EnphaseEnergy ENPH 3.19 -0.4 StaarSurgical STAA 16.55 5.5 HaymakerAcqnUn HYACU 9.98 0.1
Carters CRI 106.67 1.1 MeritageHomes MTH 50.95 0.7 Teleflex TFX 266.45 1.1 Semgroup SEMG 21.35 0.2 iShS&PMC400Growth IJK 210.94 0.2 Marriott MAR 125.64 0.9
COT 16.97 2.8 ProShLgOnline CLIX 39.61 -1.2 EsquireFinancial ESQ 17.00 -1.3 StarBulkNts22 SBLKZ 24.64 0.3 HeatBiologics HTBX 0.41 -17.0
Cott MetropolitanBk MCB 39.65 1.1 Toll Bros TOL 47.45 0.6 SendGrid SEND 17.50 2.6 iShGlobalConsDiscr RXI 104.98 ... MicronTech MU 46.55 ...
DK 29.77 3.9 ProShrUS MSCI EM EEV 8.72 -1.5 FANH 21.60 6.5 SuperiorUniform SGC 24.99 3.1 HighlandSrLoan SNLN 18.13 -0.2
DelekUS MichaelKors KORS 56.43 1.0 TransUnion TRU 55.75 1.8 SocialCapHed IPOA 9.97 -0.3 iShRussellMCGrowth IWP 117.61 0.3 Fanhua MidPennBancorp MPB 31.09 1.9
DLB 61.59 0.9 SchwabSrtTRmUSTrsr SCHO 50.17 ... FirstBancshares FBMS 32.70 -0.2 Synopsys SNPS 89.40 -0.8 HDSN 5.54 0.3
DolbyLab MicroFocus MFGP 35.72 -0.3 Triple-S Mgmt GTS 27.71 0.4 TownsquareMedia TSQ 7.00 -0.3 HancockMultiSC JHSC 25.17 0.1 MonotypeImaging TYPE 24.60 0.6 HudsonTech
DollarGeneral DG 85.52 0.7 KraneEMCnsTech KEMQ 25.50 0.4 VelocityShVIXTail BSWN 18.00 -0.2 FT CloudComp SKYY 44.90 -0.1 89.64 ... TabulaRasaHlth TRHC 35.07 -0.3 MatthewsIntl MATW 52.85 -5.9
MohawkInds MHK 272.46 0.6 TrueBlue TBI 28.75 1.1 TsakosEnergy TNP 4.05 3.9 Morningstar MORN
DriveShack DS 5.19 2.8 NACCO Inds NC 46.60 3.0 TsakosEngyNavPfdE TNPpE 25.86 0.1 MSMktVectRupee INR 43.22 8.7 FT LC CoreAlpha FEX 56.67 0.1 NVE NVEC 89.14 -4.0 TechTarget TTGT 13.61 2.7 Reading A RDI 14.37 1.2
WstAstCpLoanFd TLI 10.31 ...
EntercomCommsWi ETMw 11.85 2.0 NamTaiProperty NTP 13.30 ... TysonFoods TSN 78.03 0.9 Williams WMB 26.82 0.9 PwrShDynMkt PWC 94.65 -0.3 NYSE American highs - 3 FT MC CoreAlpha FNX 63.87 0.6 Nathan's NATH 100.50 4.1 TheBancorp TBBK 9.80 0.5 RealIndustry RELY 0.23 -40.4
EntergyLA Bds66 ELC 25.03 0.3 NatlRetailPropPfdF NNNpF 25.14 0.4 UnitedRentals URI 151.15 1.2 PwrShS&PEM Mom EEMO 21.54 0.6 FT MC GrwthAlpha FNY 38.45 0.3 NektarTherap NKTR 46.98 0.1 TowerSemi TSEM 35.00 -0.6 SecurityNatFin SNFCA 4.88 1.0
AmpioPharm AMPE 1.42 4.5
ExtraSpaceSt EXR 87.48 ... NewMediaInvt NEWM 17.02 0.7 ValeroEnergy VLO 82.92 0.9 PwrShRussMCGrw PXMG 41.32 0.6 FTMuniHiIncm FMHI 50.27 0.1 NTAP 54.72 -0.3 TransActTechs TACT 14.45 1.3 SNES 0.86 -36.7
FangHoldings SFUN 5.27 -5.4 NewRelic NEWR 55.95 0.6 Verso VRS 9.74 4.0
NYSE Arca highs - 67 PwrShRussTop200G PXLG 45.04 -0.2
GulfmarkOffshore GLF 34.96 306.3
FT Nasd100Tech QTEC 74.46 ...
NetApp
Netease NTES 375.10 12.6 Tuniu TOUR 9.75 21.5
SenesTech
SentinelEnerUn STNLU 9.66 0.3
TrioTech TRT 8.00 5.3
Forestar FOR 19.60 3.2 NextEraEnergyUn NEEpR 57.70 -0.8 Visteon VC 129.85 0.9 ARKWebx.0ETF ARKW 44.20 0.9 ProShLgOnline CLIX 40.46 -1.2 FT Nasd100 EW QQEW 57.24 0.3 NewsCorp B NWS 16.27 1.3 USA Tech USAT 8.50 3.7 StericyclePfdA SRCLP 50.01 1.0
GAMCO PfdA GNTpA 25.00 0.6 NortelInversora NTL 43.55 0.4 VMW 123.50 0.4 BuzzUSSentLdrs BUZ 31.61 0.3 ProShUltMSCIEM EET 91.10 1.2 FT SMID CapRising SDVY 19.99 1.4 NWSA 15.93 0.8 OLED 182.65 1.0 TPIV 2.61 -1.9
GTT Comm GTT 39.70 1.3 NovoNordisk NVO 51.05 0.8
VMware
Wal-Mart WMT 100.13 -2.2 CSOPFTSEChinaA50 AFTY 18.88 1.0 RivFrDynUSFlex RFFC 31.74 ...
NYSE American lows - 2 FT TotalUSMkt TUSA 31.87 1.2
NewsCorp A
NuvNasd100Dyn QQQX 23.95 0.4
UnivDisplay
UtahMedProducts UTMD 79.10 -0.1
TapImmune
VangdSTGovBd VGSH 60.44 ...
Gallagher AJG 66.12 0.2 OaktreeSpecNts24 OSLE 25.30 0.2 WattsWater WTS 72.20 0.1 CnsmrDiscSelSector XLY 93.70 0.4 SPDRMSCIEMStrat QEMM 63.85 0.6 Cohen COHN 8.35 -1.3 FiveBelow FIVE 60.12 1.3 Orbotech ORBK 55.32 0.9 UTStarcom UTSI 3.34 1.2 VantageEnerA VEAC 9.67 -0.3

Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
BlackRock Funds Inst DoubleLine Funds Freedom2035 K 15.23 +0.02 NS ParnEqFd 44.21 -0.12 13.5 LifeMod 26.91 ... 12.5
Explanatory Notes Data provided by EqtyDivd 22.93 -0.02 12.3 TotRetBdI NA ... NA Freedom2040 K 10.70 +0.02 NS I PIMCO Fds Instl V PrmcpCor 26.99 -0.02 21.7
GlblAlloc 20.36 ... 11.5 Fidelity Invest Invesco Funds A AllAsset NA ... NA VANGUARD ADMIRAL SelValu r 33.25 +0.14 15.5
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of HiYldBd 7.79 +0.01 7.1 E Balanc 23.70 ... 14.2 EqIncA 11.23 +0.02 7.5 TotRt 10.27 +0.01 4.8 500Adml 238.72 -0.62 17.2 STAR 27.21 +0.02 15.7
at least $500 million each. NAV is net asset value. Percentage performance figures StratIncOpptyIns 9.93 +0.01 4.1 Edgewood Growth Instituti BluCh 88.28 -0.06 33.8 PIMCO Funds A BalAdml 34.09 -0.01 11.2 STIGrade 10.66 ... 2.0
are total returns, assuming reinvestment of all distributions and after subtracting Bridge Builder Trust EdgewoodGrInst 29.60 -0.12 33.3 Contra 126.96 -0.37 29.8 J IncomeFd NA ... NA CAITAdml 11.80 ... 4.8 TgtRe2015 15.92 +0.01 9.7
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. CoreBond 10.19 +0.02 3.9 ContraK 126.97 -0.36 29.9 CapOpAdml r155.95 +0.09 25.5 TgtRe2020 31.59 ... 11.8
John Hancock Class 1 PIMCO Funds D
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date F CpInc r 10.25 ... 10.3 LSBalncd 15.97 +0.01 13.1 IncomeFd NA ... NA EMAdmr 37.29 +0.26 27.7 TgtRe2025 18.52 ... 13.3
return. 3-YR%RET is trailing three-year return annualized. D Federated Instl DivIntl 41.38 +0.07 24.3 LSGwth 17.15 +0.02 16.7 PIMCO Funds Instl EqIncAdml 76.13 -0.18 13.6 TgtRe2030 33.45 ... 14.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Dimensional Fds StraValDivIS 6.39 -0.01 11.2 GroCo 183.92 -0.06 34.5 IncomeFd NA ... NA ExtndAdml 82.44 +0.36 14.3 TgtRe2035 20.54 -0.01 15.8
John Hancock Instl
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 5GlbFxdInc 11.02 +0.01 2.2 Fidelity GrowCoK 183.88 -0.06 34.6 PIMCO Funds P GNMAAdml 10.50 ... 2.0 TgtRe2040 35.38 -0.01 17.1
DispValMCI 24.01 ... 11.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EmgMktVa 30.16 +0.17 27.7 500IdxInst 90.41 -0.23 17.2 InvGB 7.93 +0.01 3.6 IncomeP NA ... NA GrwthAdml 70.87 -0.19 24.8 TgtRe2045 22.22 -0.01 17.6
JPMorgan Funds
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EmMktCorEq 22.56 +0.14 31.9 500IdxInstPrem90.41 -0.23 17.2 InvGrBd 11.28 +0.01 4.0 Price Funds HlthCareAdml r 88.61 -0.19 16.9 TgtRe2050 35.75 -0.01 17.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MdCpVal L 39.86 +0.08 9.5 TgtRetInc 13.57 ... 7.2
IntlCoreEq 14.08 -0.02 22.9 500IdxPrem 90.41 -0.23 17.2 LowP r 52.92 +0.33 15.5 JPMorgan R Class BlChip 97.44 -0.27 34.2 HYCorAdml r 5.90 ... 6.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 25.85 +0.04 2.4 TotIntBdIxInv 10.98 +0.01 2.2
IntlVal 19.74 -0.03 20.5 62.76 +0.27
ExtMktIdxPrem r 14.4 LowPriStkK r 52.89 +0.33 15.6
CoreBond 11.65 +0.02 3.7 CapApp 29.68 -0.04 13.3 InfProAd
WellsI 26.93 +0.02 8.0
IntSmCo 21.19 -0.02 23.9 IntlIdxPrem r 42.92 -0.04 21.6 MagIn 105.79 -0.42 22.6 EqInc 34.75 ... 12.0 IntlGrAdml 95.24 +0.13 41.5
Welltn 42.57 -0.03 11.0
Friday, November 17, 2017 IntSmVa 22.96 -0.03 21.4 13.86 -0.03
SAIUSLgCpIndxFd 17.2 OTC 109.35 -0.11 37.2 L EqIndex 69.41 -0.18 17.0 ITBondAdml 11.40 +0.02 3.8
WndsrII 38.69 +0.03 11.2
Net YTD Net YTD Net YTD US CoreEq1 22.06 ... 15.8 TMktIdxF r 75.00 -0.10 16.7 Puritn 23.13 -0.05 15.9
Lazard Instl Growth 70.16 -0.29 31.8 ITIGradeAdml 9.79 +0.01 4.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret US CoreEq2 20.92 +0.01 13.7 TMktIdxPrem 74.99 -0.10 16.7 SrsEmrgMkt 21.74 +0.17 38.5 HelSci 73.78 -0.15 24.9
LTGradeAdml 10.63 +0.06 9.6 VANGUARD INDEX FDS
EmgMktEq 19.76 +0.14 24.4 MidCpAdml 186.15 +0.56 15.4 500 238.68 -0.62 17.1
CapWGrA 52.35 -0.02 21.3 SmCpA p 56.63 +0.27 23.2 US Small 36.16 +0.18 7.6 11.59 +0.01
USBdIdxInstPrem 3.2 SrsGroCoRetail 18.06 ... 35.2 InstlCapG 39.65 -0.13 35.6
A EupacA p 57.35 +0.08 29.8 TxExA p 13.02 ... 5.0 US SmCpVal 38.46 +0.28 3.3 Fidelity Advisor I SrsIntlGrw 16.25 +0.02
Loomis Sayles Fds
27.0 IntlStk 19.25 -0.01 25.9
MuHYAdml 11.42 ... 7.3 ExtndIstPl 203.45 +0.88 14.4
14.14 +0.01 6.7
LSBondI MuIntAdml 14.16 ... 4.5 SmValAdml 55.22 +0.20 7.6
American Century Inv FdInvA p 63.42 -0.12 18.7 WshA p 45.09 -0.13 14.3 US TgdVal 24.99 +0.17 4.9 NwInsghtI 33.44 -0.04 25.2 SrsIntlVal 10.76 -0.01 17.5
Lord Abbett A IntlValEq 15.07 -0.02 17.6
38.95 -0.05 12.6 MuLTAdml 11.68 ... 5.9 TotBd2 10.72 +0.01 3.2
Ultra 45.11 -0.06 29.3 GwthA p 51.50 -0.06 22.5 USLgVa Fidelity Freedom TotalBond 10.67 +0.02 4.0
ShtDurIncmA p 4.26 ... 2.1 MCapGro 92.33 +0.20 22.5
B MuLtdAdml 10.94 ... 2.4 TotIntl 17.85 +0.01 23.5
American Funds Cl A HI TrA p 10.38 +0.01 6.1 Dodge & Cox FF2020 16.73 +0.02 13.4 Fidelity Selects Lord Abbett F MCapVal 31.44 +0.07 8.2
MuShtAdml 15.76 ... 1.3 TotSt 64.56 -0.09 16.6
AmcpA p 31.89 ... 18.8 ICAA p 41.01 -0.03 14.5 Baird Funds Balanced 108.82 +0.17 8.7 FF2025 14.48 +0.02 14.4 Biotech r 214.70 +0.14 23.4 ShtDurIncm 4.26 ... 2.4 N Horiz 55.42 +0.14 28.0
AMutlA p 41.02 -0.08 13.0 23.29 -0.04 9.8 GblStock 13.87 +0.07 16.5 FF2030 18.14 +0.02 16.8 PrmcpAdml r136.47 -0.15 25.4 VANGUARD INSTL FDS
IncoA p AggBdInst 10.89 ... 3.9 First Eagle Funds N Inc 9.49 +0.01 3.7 REITAdml r 119.99 -0.42
BalA p 27.42 -0.03 12.2 N PerA p 45.15 ... 27.8 CorBdInst 11.24 ... 4.2 Income 13.82 +0.01 3.9 Freedom2020 K 16.74 +0.02 NS GlbA 60.34 -0.01 11.2 M OverS SF r 11.28 -0.02 24.4 SmCapAdml 68.82 +0.28
5.5 BalInst 34.10 -0.01 11.2
12.4 DevMktsIndInst 14.12 -0.02 22.6
BondA p 12.93 +0.02 3.3 NEcoA p 48.08 +0.07 33.7 BlackRock Funds A Intl Stk 46.22 +0.31 21.3 Freedom2025 K 14.48 +0.02 NS FPA Funds Metropolitan West R2020 23.21 -0.01 13.7 STBondAdml 10.41 ... 1.3 DevMktsInxInst 22.07 -0.03 22.5
CapIBA p 62.68 -0.07 11.4 NwWrldA 66.94 +0.26 30.1 GlblAlloc p 20.23 ... 11.3 Stock 201.09 +0.34 12.2 Freedom2030 K 18.15 +0.02 NS FPACres 34.83 +0.03 8.0 TotRetBd 10.66 ... 2.8 R2025 17.90 -0.01 15.5 STIGradeAdml 10.66 ... 2.1 ExtndInst 82.44 +0.36 14.3
FrankTemp/Frank Adv TotRetBdI 10.66 +0.01 3.1 R2030 26.38 -0.01 17.1 TotBdAdml 10.76 +0.01
10.03 ... 3.2 3.3 GrwthInst 70.88 -0.19 24.8
IncomeAdv 2.32 ... 6.3 TRBdPlan R2035 19.29 -0.01 18.4 TotIntBdIdxAdm 21.95 +0.02 InPrSeIn 10.53 +0.02 2.4
MFS Funds Class I 2.2
FrankTemp/Franklin A R2040 27.72 -0.02 19.4 TotIntlAdmIdx r 29.86 +0.02 InstIdx 235.52 -0.61 17.2
ValueI 40.31 -0.08 12.5 23.6
ADVERTISEMENT CA TF A p 7.47 ... 5.5 Value 38.81 -0.07 15.3 TotStAdml 64.59 -0.09 InstPlus 235.54 -0.62 17.3
16.7
Fed TF A p 11.97 ... 3.2 MFS Funds Instl PRIMECAP Odyssey Fds InstTStPlus 57.94 -0.08 16.7
25.38 +0.03 25.3 TxMIn r 14.10 -0.02 22.5
IncomeA p 2.34 ... 6.1 IntlEq Growth r 36.66 +0.12 28.0 ValAdml 39.60 -0.08 11.3 MidCpInst 41.12 +0.12 15.4

Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
RisDv A p 60.71 +0.05 16.3 Mutual Series
FrankTemp/Franklin C
Income C t 2.37 ...
GlbDiscA
6.0
32.05 +0.06 6.6
O
Principal Investors
DivIntlInst 13.89 -0.01
Prudential Cl Z & I
WdsrllAdml 68.66 +0.04
26.3 WellsIAdml 65.23 +0.03
WelltnAdml 73.51 -0.07
11.2
8.0
11.1
MidCpIstPl 202.81 +0.62
SmCapInst 68.81 +0.27
STIGradeInst 10.66 ...
15.4
12.4
2.2
FrankTemp/Temp A Oakmark Funds Invest TRBdZ 14.52 +0.01 5.8 WndsrAdml 79.02 -0.01 15.1 TotBdInst 10.76 +0.01 3.3
GlBond A p 12.08 +0.01 3.2 EqtyInc r 33.97 +0.09 11.7 VANGUARD FDS TotBdInst2 10.72 +0.01 3.3
Growth A p 26.65 +0.06 13.1 Oakmark 84.24 -0.25 16.2
S DivdGro 26.33 -0.06 14.1 TotBdInstPl 10.76 +0.01 3.3
AVIATION FrankTemp/Temp Adv OakmrkInt 28.46 ... 25.4 Schwab Funds HlthCare r 210.04 -0.44 16.9 TotIntBdIdxInst 32.94 +0.03 2.2
GlBondAdv p 12.03 ... 3.4 Old Westbury Fds S&P Sel 40.35 -0.11 17.2 INSTTRF2020 22.52 ... 11.8 TotIntlInstIdx r119.41 +0.06 23.6
LrgCpStr 14.89 +0.03 16.1 INSTTRF2025 22.78 ... 13.3 TotItlInstPlId r119.43 +0.06 23.6
H Oppenheimer Y
T INSTTRF2030 22.97 -0.01 14.6 TotStInst 64.60 -0.09 16.7
Harbor Funds DevMktY NA ... NA TIAA/CREF Funds INSTTRF2035 23.17 ... 15.9 ValueInst 39.60 -0.08 11.3
CapApInst 76.32 -0.10 34.7 IntGrowY 43.00 -0.06 24.0 EqIdxInst 19.36 -0.03 16.7 INSTTRF2040 23.36 -0.01 17.2
IntlInst r 69.72 +0.23 19.4 IntlEqIdxInst 20.13 -0.04 21.6 INSTTRF2045 23.50 -0.01 17.7 W
P

   

   
Harding Loevner Tweedy Browne Fds IntlVal 39.36 +0.06 24.0 Western Asset
IntlEq NA ... NA Parnassus Fds GblValue 28.20 +0.02 12.6 LifeGro 33.12 -0.01 15.9 CorePlusBdI NA ... NA

Cash Prices | WSJ.com/commodities

     
Friday, November 17, 2017

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.

 
  
  


Friday Friday Friday

Energy Engelhard fabricated 1386.58 Handy & Harman fabricated 21.4440

Handy & Harman base 1284.35 LBMA spot price £12.9500
Propane,tet,Mont Belvieu-g 1.0056 Handy & Harman fabricated 1425.62 (U.S.$ equivalent) 17.0850
Butane,normal,Mont Belvieu-g 1.5908 13042
NaturalGas,HenryHub-i 3.050
LBMA Gold Price AM *1277.70 Coins,wholesale $1,000 face-a
NaturalGas,TranscoZone3-i 3.000 LBMA Gold Price PM *1280.00 Other metals
3.120 Krugerrand,wholesale-e 1348.36 LBMA Platinum Price PM *931.0

 
    
 
  
 
 NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i 2.570 Maple Leaf-e 1361.33 Platinum,Engelhard industrial 940.0
NaturalGas,Opal-i 2.760 American Eagle-e 1361.33 Platinum,Engelhard fabricated 1040.0
        
 
  NaturalGas,MarcellusNE PA-i 2.500 Mexican peso-e 1571.19 Palladium,Engelhard industrial 1002.0
NaturalGas,HaynesvilleN.LA-i 2.930 1102.0
     
 
 Austria crown-e 1273.83 Palladium,Engelhard fabricated
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850
Austria phil-e 1361.33 Aluminum, LME, $ per metric ton *2106.0
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100
Silver, troy oz. Copper,Comex spot 3.0625
Metals Engelhard industrial 17.1500 Iron Ore, 62% Fe CFR China-s 61.5
Gold, per troy oz Engelhard fabricated 20.5800 Shredded Scrap, US Midwest-s,w 276
Engelhard industrial 1289.84 Handy & Harman base 17.1550 Steel, HRC USA, FOB Midwest Mill-s 615
Fibers and Textiles
 Burlap,10-oz,40-inch NY yd-n,w 0.6150
A Week in the Life of the DJIA Cotton,1 1/16 std lw-mdMphs-u 0.6860


 Cotlook 'A' Index-t *79.40
A look at how the Dow Jones Industrial Average component stocks Hides,hvy native steers piece fob-u 61.500
did in the past week and how much each moved the index. The DJIA Wool,64s,staple,Terr del-u,w n.a.
lost 63.97 points, or 0.27%, on the week. A $1 change in the price of Grains and Feeds
any DJIA stock = 6.89-point change in the average. To date, a $1,000 Barley,top-quality Mnpls-u n.a.

 ! 
  
    

 " investment on Dec. 31 in each current DJIA stock component would Bran,wheat middlings, KC-u 93
have returned $35,694, or a gain of 18.98%, on the $30,000 Corn,No. 2 yellow,Cent IL-bp,u 3.1700
investment, including reinvested dividends. Corn gluten feed,Midwest-u,w 93.1
Corn gluten meal,Midwest-u,w 483.9
BOATING AVIATION The Week’s Action Cottonseed meal-u,w 225
Pct Stock price Point chg $1,000 Invested(year-end '16) Hominy feed,Cent IL-u,w 95
chg (%) change in average* Company Symbol Close $1,000 Meat-bonemeal,50% pro Mnpls-u,w 213

  
    7.20 6.55 45.10 Wal-Mart Stores WMT $97.47 $1,439
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
2.8950
374.00
5.62 1.91 13.15 Cisco Systems CSCO 35.90 1,230 Rice, Long Grain Milled, No. 2 AR-u,w 24.00

 5.53 3.10 21.34 Nike NKE 59.19 1,176 Sorghum,(Milo) No.2 Gulf-u 7.5988


 SoybeanMeal,Cent IL,rail,ton48%-u 314.70
 
 2.21 3.63 24.99 Home Depot HD 167.74 1,273 Soybeans,No.1 yllw IL-bp,u 9.3950
 

1.20 0.54 3.72 Verizon VZ 45.42 893 Wheat,Spring14%-pro Mnpls-u 7.9250
Wheat,No.2 soft red,St.Louis-bp,u 4.3850
 1.10 0.77 5.30 DowDuPont DWDP 70.74 1,270 Wheat - Hard - KC (USDA) $ per bu-u 3.8450
  0.84 1.91 13.15 3M MMM 229.36 1,308 Wheat,No.1soft white,Portld,OR-u 5.2500
   
0.68 1.13 7.78 McDonald’s MCD 166.72 1,397 Food
! "
0.65 0.63 4.34 98.14 1,163 Beef,carcass equiv. index
"!# J.P. Morgan Chase JPM
choice 1-3,600-900 lbs.-u 187.98
0.54 0.19 1.31 Pfizer PFE 35.37 1,132 select 1-3,600-900 lbs.-u 170.36
Broilers, National comp wghtd-u,w 0.8580
43 5  5 3    &!  6 7 4 0.54 1.41 9.71 Boeing BA 262.26 1,732
Butter,AA Chicago 2.2150
4#- ))!#''% * 4$!' 2##'. -#"" 0.31 0.27 1.86 Procter & Gamble PG 88.43 1,085 Cheddar cheese,bbl,Chicago 162.75

$#% $ #% "#% &! %"  '( "% !& !$!) * +!$'%!', "" %#)#- #"% 8
998 : :8 :;; 0.18 0.17 1.17 American Express AXP 93.69 1,285 Cheddar cheese,blk,Chicago 162.00
)!-#  !$!) ' +!$'%!' ' ! #!'%  "#- !  !  '!
5   <
< = 3 * 
    
Milk,Nonfat dry,Chicago lb. 72.50
.',  #% $ %)!'%##"# !& $ )$% ! #')''" -#& ! $#% %#%&#!'
$ $ $ ' $ &'#%$#'.%  %#" &! #% ))!%%, ! #!'% ''#!'"  3<= 
<8< BOATING –0.13 –0.19 –1.31 IBM IBM 148.97 932 Cocoa,Ivory Coast-w 2381
', #%  "#'% "!# #!' #  (#'. .' &! $ %"" ' '!  $ !(,
! #!'% ''#!'" #% /!(#'. #' !' /#$ !$!) * +!$'%!' ! ( $
$ ' )&! #!' ' #!'0" %-#%, !$!) * +!$'%!' #% '! )!-##'.
–0.26 –0.35 –2.41 Caterpillar CAT 136.13 1,512 Coffee,Brazilian,Comp 1.2501
' )! ! %-# #' !''#!' /#$ $#% -' !$ $' % 1#  ))"#" "/, Coffee,Colombian, NY 1.4453
2!(%  &"" )! ' '!. ! )##), 3-#/ $
% ' !'##!'% ' !!)#!' /#$
–0.50 –0.28 –1.93 Merck MRK 55.20 958 Eggs,large white,Chicago-u 1.2750

  
  
&! &$ #"%  !#!'%,!,

–0.55 –1.17 –8.06 UnitedHealth Group UNH 209.90 1,327 Flour,hard winter KC 15.75
Hams,17-20 lbs,Mid-US fob-u n.a.
–0.89 –2.13 –14.67 Goldman Sachs GS 238.02 1,003 Hogs,Iowa-So. Minnesota-u 63.00
DEALERSHIPS n.a.
–1.12 –1.56 –10.74 Johnson & Johnson JNJ 138.00 1,221 Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u 0.8451
–1.28 –1.34 –9.23 Walt Disney DIS 103.44 1,000 Steers,Tex.-Okla. Choice-u n.a.
–1.34 –1.58 –10.88 United Technologies UTX 116.53 1,088 Steers,feeder,Okla. City-u,w 170.88

–1.75 –1.47 –10.12 Microsoft MSFT 82.40 1,356

Fats and Oils

  
   
      –1.78 –0.83 –5.71 Coca-Cola KO 45.71 1,130 Corn oil,crude wet/dry mill-u,w 34.8500
     

 Grease,choice white,Chicago-h 0.2500

 
 –1.84 –2.06 –14.18 Visa V 109.82 1,418 Lard,Chicago-u n.a.
–2.08 –0.95 –6.54 Intel INTC 44.63 1,265 Soybean oil,crude;Centl IL-u 0.3357
Tallow,bleach;Chicago-h 0.2650
–2.11 –2.47 –17.01 Chevron CVX 114.71 1,014 Tallow,edible,Chicago-u 0.3400

SHOWROOM –2.59 –4.52 –31.12 Apple AAPL 170.15 1,493

KEY TO CODES: A=ask; B=bid; BP=country elevator
–3.26 –2.70 –18.59 Exxon Mobil XOM 80.24 923 bids to producers; C=corrected; E=Manfra,Tordella &
ADVERTISE TODAY Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas
(800) 366-3975 –4.15 –5.62 –38.70 Travelers TRV 129.92 1,080 Intelligence;
sales.showroom@wsj.com –11.13 –2.28 –15.70 General Electric GE 18.21 592
L=livericeindex.com; M=midday; N=nominal; n.a.=not
quoted or not available; R=SNL Energy; S=Platts-TSI;
© 2017 Dow Jones & Company, Inc. T=Cotlook Limited; U=USDA; W=weekly, Z=not
All Rights Reserved. *Based on Composite price. DJIA is calculated on primary-market price. quoted. *Data as of 11/16
Source: WSJ Market Data Group; FactSet. Source: WSJ Market Data Group
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | B9

COMMODITIES
Dividend Changes
Dividend announcements from November 17.
Amount Payable / Amount Payable / Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record

Increased Reduced OSh FTSE Eur Quality Div OEUH 1.9 .04155 M Nov24 /Nov20 Foreign
Brown-Forman Cl A BF.A 1.4 .1975 /.1825 Q Jan02 /Dec07 SunTrust Banks Pfd A STIpA 4.1 .2528 /.25556 Q Dec15 /Nov30 SPDR DJIA Tr DIA 2.9 .56177 M Dec11 /Nov20 Netease ADR NTES 0.8 .72 Q Dec08 /Dec01
Brown-Forman Cl B BF.B 1.3 .1975 /.1825 Q Jan02 /Dec07 Virtus Glbl MultiSector VGI 10.5 .156 M Dec18 /Dec11 Scorpio Tankers STNG 1.2 .01 Q Dec28 /Dec13
Funds and investment companies Virtus Glbl MultiSector VGI 10.5 .156 M Feb20 /Feb12
Citigroup Cap XIII TruPS CpN 7.2 .495 /.4854 Q Jan30 /Jan29 Teck Resources Cl B TECK 0.7 .31413 Dec29 /Dec15
Bancroft Fund BCV 7.5 .41 Q Dec27 /Nov28
Griffon GFF 1.2 .07 /.06 Q Dec21 /Nov29 Virtus Glbl MultiSector VGI 10.5 .156 M Jan09 /Dec29 Teck Resources Cl B TECK 0.7 .03927 Q Dec29 /Dec15
Barclays ETN+ Select MLP ATMP 5.9 .29595 Q Dec07 /Nov29
KeyCorp KEY 2.3 .105 /.095 Q Dec15 /Nov28 Virtus Global Dividend ZTR 10.3 .113 M Dec18 /Dec11
Franklin Ltd Duration IT FTF 10.7 .1052 M Dec15 /Nov30 Special
Matthews Intl Cl A MATW 1.4 .19 /.17 Q Dec11 /Nov27 Franklin Universal Trust FT 5.3 .032 M Dec15 /Nov30 Virtus Global Dividend ZTR 10.3 .113 M Jan09 /Dec29
Provident Finl Svcs PFS 3.0 .15 Dec22 /Dec08
MDU Resources Group MDU 2.9 .1975 /.1925 Q Jan01 /Dec14 iPath Asian & Gulf Curr PGD 0.6 .0222 M Nov21 /Nov17 Virtus Global Dividend ZTR 10.3 .113 M Feb20 /Feb12 SJW Group SJW 1.3 .17 Dec11 /Nov29
MutualFirst Financial MFSF 1.9 .18 /.16 Q Dec22 /Dec08 iPath GEMS Asia 8 ETN AYT 1.6 .0535 M Nov22 /Nov20 Virtus Total Return Fund ZF 11.7 .361 Q Jan09 /Dec29 Universal Insurance Hldgs UVE 2.2 .13 Dec04 /Nov27
Nike Cl B NKE 1.4 .20 /.18 Q Jan02 /Dec04 iPath GEMS Index ETN JEM 4.4 .1095 M Nov22 /Nov20
Renasant RNST 1.9 .19 /.18 Q Jan02 /Dec15 iPath S&P MLP ETN IMLP 7.0 .30322 Q Dec07 /Nov29 Stocks KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Union Pacific UNP 2.3 .665 /.605 Q Dec28 /Nov30 OSh FTSE AsiaPac Qlty Div OAPH 1.7 .04163 M Nov24 /Nov20 SPDR Bloomberg 1-3M TBill BIL 1:2 /Nov30 S2:1: stock split and ratio; SO: spin-off.

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Friday, November 17, 2017

BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
Closing Chg YTD
ETF Symbol Price (%) (%)
AlerianMLPETF AMLP 10.27 0.39 –18.5
CnsmrDiscSelSector XLY 93.54 0.44 14.9
CnsStapleSelSector XLP 54.76 –0.35 5.9  
  
EnSelectSectorSPDR XLE 67.43 0.49 –10.5
FinSelSectorSPDR
GuggS&P500EW
XLF
RSP
26.16
97.47
–0.11 12.5
0.17 12.5
     
81.24 –0.39 17.8
HealthCareSelSect
IndSelSectorSPDR
XLV
XLI 70.50 –0.55 13.3
 
       
iShIntermCredBd CIU 109.43 0.04 1.1
iSh1-3YCreditBond CSJ 104.81 –0.04 –0.1      
 !"#"$
iSh3-7YTreasuryBd IEI 122.88 0.05 0.3
iShCoreMSCIEAFE IEFA 64.61 –0.37 20.5 %&'() *+'&'*, '-
iShCoreMSCIEmgMk IEMG 56.48 0.37 33.1
iShCoreMSCITotInt IXUS 61.97 –0.16 22.7
 

  
   
iShCoreS&P500 IVV 259.63 –0.27 15.4
iShCoreS&P MC IJH 183.81 0.27 11.2
iShCoreS&P SC IJR 74.63 0.43 8.5
iShS&PTotlUSStkMkt ITOT 59.12 –0.12 15.3
iShCoreUSAggBd AGG 109.31 0.11 1.2 ./0)(& 1 
 2%3 4,35-5&'%* %2 %5-6 '* 5753567&35 &5&)
iShSelectDividend DVY 95.24 0.01 7.5
iShEdgeMSCIMinEAFE EFAV 71.47 –0.24 16.7
2%3 8% 5*'*, 3%5- 8% 5*'*, 3%5- 8'&7 45+)- 67%.9-)36
iShEdgeMSCIMinUSA USMV 51.65 –0.35 14.2
iShGoldTr IAU 12.43 1.14 12.2
.*-)3  5(:5,) %* ;/3'- **.'&; %-) %2 
iShiBoxx$InvGrCpBd LQD 120.46 0.12 2.8
*-)3 ./9'( %3:6 '3(9) :%95
iShiBoxx$HYCpBd HYG 87.47 –0.07 1.1
iShJPMUSDEmgBd EMB 115.24 0.18 4.6 7) %+)3*<)*& %2 5753567&35 756 )*&3.6&)- &7) .&7%3'&;
iShMBSETF MBB 106.69 ... 0.3
iShMSCI ACWI ACWI 70.38 –0.16 18.9 2%3 &7) )+)9%4<)*& 5'*&)*5*() 5*- <5*5,)<)*& %2 &5&)
iShMSCIBrazilCap EWZ 39.83 1.45 19.5
iShMSCI EAFE EFA 68.91 –0.36 19.4 ',785;6 5*- 50%3 '6&3'(& %5-6 %2 &5&) %2 5753567&35=
iShMSCI EAFE SC SCZ 62.24 –0.30 24.9
iShMSCIEmgMarkets EEM 46.82 0.49 33.7 7) .&7%3'&; 75- 3)6%9+)- &% 5.,<)*& &7) )>'6&'*, 3%5-6 '*
iShMSCIEurozone EZU 43.00 –0.51 24.3
iShMSCIJapan EWJ 58.69 –0.49 20.1 &7) 6&5&) %2 5753567&35 /; 8% 95*'*, 8% 5*'*, 8'&7
iShNasdaqBiotech IBB 311.21 0.13 17.3
iShNatlMuniBd MUB 110.66 –0.05 2.3 45+)- 67%.9-)3 &7)3%2  &7) ?3%0)(&@ %* )6',* .'9-
iShRussell1000Gwth IWF 130.96 –0.31 24.8
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Japan 1.475 1.475 1.475 1.475 TRAVEL  '"  ()       * 

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INTERNATIONAL   ! 
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Fannie Mae www.cooktravel.net
30-year mortgage yields (800) 435-8776 =%= )&*  -&=!=""=!"# == 5-):53
30 days 3.471 3.481 3.865 3.253
60 days 3.490 3.500 3.899 3.281 22'() %2 &7) >)(.&'+) *,'*))3 >)(.&'+) *,'*))3
Notes on data: ./9'( %3:6 '+'6'%* 567'< ./9'( %3: '+'6'%*
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loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
THEMART '* %-) A BBB C!C 567'<
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ADVERTISE TODAY
practices vary widely by location. Complete (800) 366-3975
==== !"#!"$ B"!
Money Rates table appears Monday through sales.mart@wsj.com
Friday.
© 2017 Dow Jones & Company, Inc.
Sources: Bureau of Labor Statistics; SIX Financial All Rights Reserved.
Information
B10 | Saturday/Sunday, November 18 - 19, 2017
A Global Real-Estate Giant Whispers ‘We’re No. 1’
Brookfield Asset Management CEO Bruce Flatt leads efforts to build name recognition for Toronto company
BY MIRIAM GOTTFRIED
AND ESTHER FUNG
Earlier this year, Brook-
field Asset Management Inc.
lost its No. 1 spot in an indus-
try ranking of the world’s
biggest real-estate investors.
Behind the scenes, the To-
ronto company started push-
ing back.
Brookfield, which manages
$269 billion in assets across
real estate, infrastructure,
private equity and renewable
energy investments, lobbied
an industry
WEEKEND group that cre-
PROFILE ates the ranking
to define it
more clearly so
that investors would know
its infrastructure invest-
ments weren’t being in-
cluded, according to people
familiar with the matter.
The jostling was an exam-
ple of Brookfield’s quiet ef-
forts to build name recogni-
tion and burnish investor
cred in an industry full of
larger-than-life characters
and swaggering deal makers.
Chief Executive Bruce
Flatt, who himself could
claim the title of least-famous
real-estate billionaire, is
sometimes frustrated the
world doesn’t know more
about Brookfield, according
to people who know him. But
the last thing the understated
Winnipeg native would do is
come out and say so.
“I would say we’re thrilled
with our partnerships we
have with our investors and
the trust they put in us,” Mr.
Flatt said in an interview.
Easing of Post-Crisis Rules Gets Boost Bitcoin Roars Back
BY RYAN TRACY
AND LALITA CLOZEL
WASHINGTON—The Trump
administration is endorsing
significant changes in the cri-
teria for regulating large insur-
ers and asset managers, send-
ing a strong signal that firms
such as MetLife Inc., Pruden-
tial Financial Inc. and Black-
Rock Inc. can worry less about
strict rules from Washington.
The Treasury Department
on Friday recommended an
overhaul of the process for
designating nonbank financial
institutions as systemically
important, a post-financial cri-
sis label that subjects some
firms to stricter regulatory
oversight.
Observers on both sides of
the political spectrum said the
recommendations would make
it less likely that the Financial
Stability Oversight Council
will designate nonbank firms
systemically important.
Regulators can implement
the recommendations by rule
without action from Congress.
Trump administration offi-
cials already had signaled
skepticism about using the
“systemic” label, but the Trea-
sury’s report Friday offered
the most definitive critique to
date. It calls for allowing com-
panies targeted for the desig-
nation to make changes before
additional supervision is ap-
plied and says a cost-benefit
analysis should be part of the
process.
Treasury Secretary Steven
Mnuchin said in a written
statement the changes would
improve FSOC’s analysis and
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
INTERNATIONAL NOTICES
  
Brookfield Property Partners’ One Manhattan West property on Manhattan’s far West Side.
Mr. Flatt, 52 years old, is
known for making bets on
sectors or regions that have
fallen out of favor and riding
them until the market recov-
ers and their values soar.
“He’s incredibly smart and
doesn’t have the herd men-
tality,” said Jonathan Gray,
head of real estate at Black-
stone Group LP, which over-
took Brookfield for the top
spot in the ranking this year.
“So he’ll go to Brazil when
no one likes Brazil. He’ll buy
distressed assets when
things are beaten down.”
Mr. Flatt’s latest contrar-
ian bet came on Monday,
when one of its subsidiaries,
The rule changes pertain to asset managers such as BlackRock.
increase transparency.
It was good news for Pru-
dential, the remaining nonbank
firm wearing the systemic tag,
as well as for BlackRock and
other asset managers that
fought under the Obama ad-
ministration to avoid the label.
Prudential is hoping regula-
tors will eventually release the
firm from federal oversight.
A MetLife spokesman said
the report “correctly identifies
flaws in the current designa-
tion process and endorses
strong remedies.”
Representatives of Pruden-
tial and BlackRock had no
comment.
For MetLife, the report sig-
nals regulators may stop try-
ing to reassert federal over-
sight of the company. A U.S.
District judge rescinded the
company’s systemically impor-
tant designation in March
2016, calling it unreasonable.
* ******* THE WALL STREET JOURNAL.
MONEY & INVESTING
a long-term view, people who
Hot Property know him say. This patience
Brookfield Asset Management’s is aided by the fact that
total assets under management Brookfield’s top managers
own a large portion of its
$300 billion stock. Unlike most asset
managers which typically
AMY SUSSMAN/ASSOCIATED PRESS, KEVIN VAN PAASSEN/BLOOMBERG NEWS
250 commit around 2% to 3% of
the capital in a fund, Brook-
200 field is also the largest inves-
tor in every fund it raises.
150 One of his most high-pro-
file bets is in Brazil, which
had fallen out of favor be-
100
cause of concerns over the
nation’s political stability.
50 Brookfield is constructing
4,200 kilometers (2,610
0 miles) of electricity trans-
FY 2012 ’13 ’14 ’15 ’16 ’17 mission lines in Brazil. The
Note: Fiscal year ends Sept. 30 dearth of foreign direct in-
Source: the company vestment, coupled with en-
THE WALL STREET JOURNAL. trepreneurs and government
entities needing capital, pro-
duced “phenomenal opportu-
nities, and we took advan-
tage of that,” he said.
Brookfield said in its third-
quarter letter to shareholders
Brookfield Property Partners, ership. Brookfield also sees Nov. 9 it expects to double
confirmed it made a $14.8 value in GGP’s land tracts. the size of its overall busi-
billion bid for the remaining Brookfield Asset Manage- ness if it achieves its plans
66% of mall real-estate in- ment controls a sprawling over the next five years.
vestment trust GGP Inc. it portfolio, including listed Denis Couture, who led
doesn’t already own. subsidiaries such as Brook- communications at Brook-
The move was bold, at a field Property Partners, field until 2010 and spent a
time when malls are strug- Brookfield Infrastructure decade working with Mr.
gling and retailers are clos- Partners and Brookfield Re- Flatt, recalled when the com-
ing stores as e-commerce newable Partners and a vari- pany met its long-term tar-
gains a stronger grip over ety of private funds and pub- get of $30 billion in assets
American consumers. Shares lic securities portfolios Bruce Flatt in Toronto in 2015. under management in 2005.
of GGP were trading near across 30 countries. “I asked Bruce for a new
their 52-week low before The Mr. Flatt, whose father was at Brookfield in 1989 and be- target and suggested $50 bil-
Wall Street Journal reported a co-founder of Investors came a protégé of Brookfield’s lion. He said: ‘How about
Brookfield’s offer on Nov. 12. Group, now a subsidiary of then-chief, Jack Cockwell. $500 billion?’ ” Mr. Couture
Mr. Flatt said it would be Canada’s IGM Financial Inc., Mr. Flatt’s success stems said. “Knowing Bruce, he’ll
easier for GGP to weather had a lawn-mowing business from the emphasis he places get there.”
the changes occurring in re- as a teenager and went on to on establishing partnerships —Craig Karmin
tail under Brookfield’s lead- study accounting. He started with institutions and having contributed to this article.
of the 2008 financial crisis,
when large firms outside the
heavily regulated banking sec-
To Nearly $8,000
tor, such as American Inter- BY STEVEN RUSSOLILLO this was an elaborate pump-
national Group Inc., received and-dump scheme,” wrote Ben
bailouts. The price of bitcoin surged Thompson, an independent an-
FSOC used its designation Friday to a record near alyst and author of the tech
power to regulate AIG, General $8,000, erasing the sharp pull- newsletter Stratechery.
JESSE WINTER FOR THE WALL STREET JOURNAL
Electric Co.’s GE Capital, back last weekend in a stretch Bitcoin recently traded
MetLife and Prudential. The that is volatile even by the around $7,800 after falling be-
Obama administration evalu- digital currency’s standards. low $6,000 on Sunday.
ated but never designated oth- After slumping more than “Money has rushed back
ers, including Warren Buffett’s 25% over four days, bitcoin into bitcoin,” said Arthur
Berkshire Hathaway Inc. roared back this week, jump- Hayes, founder and chief exec-
Industry groups and some ing to its highest level of utive of BitMEX, a bitcoin-de-
lawmakers saw FSOC’s desig- $7,998 on Friday morning in rivatives exchange in Hong
nations as unfounded and have Asia before retreating slightly, Kong. “We’re back from where
been seeking to undo or re- according to research site we started from last week.”
strain the FSOC’s authority for CoinDesk. The digital currency Traders’ focus is shifting to
years. has risen more than 700% this the coming launch of bitcoin
In the Trump administra- year ahead of a highly antici- futures contracts. Earlier this
tion, those voices have found pated launch of bitcoin fu- week, Terry Duffy, chairman
The Obama administration ap- a more sympathetic ear. Craig tures, which could draw more and CEO of CME Group Inc.,
pealed the ruling. Earlier this Phillips, a top counselor to institutional investors into the told CNBC he expects the fu-
year the case was put on hold, Mr. Mnuchin on financial reg- small yet growing market. tures contract listing could
pending the Treasury’s report. ulation issues, is a former Price swings are common in come in the second week of
The Trump administration BlackRock executive. Andrew the cryptocurrency markets. December. The U.S. Commodity
hasn’t said what it plans to do Olmem, an adviser to the Bitcoin has had five separate Futures Trading Commission is
about the MetLife case, but president on financial policy declines this year of more reviewing the exchange’s plan
the arguments in Friday’s re- at the White House National than 20% off recent highs. for launching bitcoin futures.
port endorsed many of the Economic Council, repre- Still, the latest action stands Futures are derivatives con-
company’s complaints. sented MetLife and other fi- out for what some market tracts that investors and com-
“What it tells you is they nancial firms as a lobbyist af- watchers described as unusual panies typically use to specu-
are agreeing with MetLife,” ter leaving his post as a activity involving bitcoin and late on prices or hedge risk
said Margaret Tahyar, a part- lawyer on the Senate Banking an alternative version of the against market swings. Deriva-
ner in the financial institu- Committee. digital currency called Bitcoin tives traders acknowledge the
tions group at Davis, Polk & The White House counsel Cash, which has quickly grown complexities that exchanges
Wardwell LLP. has waived an ethics restric- in popularity. face in starting a healthy,
The report responds to a tion on Mr. Olmem, allowing Bitcoin Cash’s price recently thriving market for cryptocur-
memorandum issued in April him to participate in the re- quadrupled in four days just rency futures or options, in-
by President Donald Trump di- view of FSOC procedures. Dep- as bitcoin was tumbling. Si- cluding how to value bitcoin
recting the Treasury to evalu- uty press secretary Lindsay multaneously, activity from so- derivatives and whether there
ate the designation process Walters said in a written called miners—businesses that will be enough traders who
undertaken by FSOC, which is statement that despite the process transactions on the can consistently post prices.
led by the Treasury secretary waiver, Mr. Olmem is recused network and get paid in new “It’s a wild-west and rumor-
and includes top financial reg- from “any particular matters coins—spiked on Bitcoin Cash, driven market,” said John
ulators. involving MetLife as a party” quickly retreating and going Spallanzani, chief macroeco-
The 2010 Dodd-Frank law and he “fully complied with back to the original bitcoin. nomic strategist at GFI Securi-
created FSOC to avoid a repeat his recusal obligations.” “It seems highly likely that ties LLC.
U.S. Bonds Regain Strength After Selloff
BY SAM GOLDFARB voring Treasurys on Friday, also boost inflation, which is a stimulus deep into 2018, a pol-
keeping the 10-year yield main threat to government icy that could continue to de-
U.S. government bonds firmly within the 2.3%-2.4% bonds because it chips away at press government bond yields
strengthened Friday, extend- range that it has held to for the purchasing power of their in Europe and ensure steady
ing weekly gains as investors most of the past two months. fixed returns. demand for U.S. bonds from

    LEGAL took advantage of lower prices
following a modest selloff
“Yesterday’s selloff was
mercurial in that it surprised a
However, the bill still faces
obstacles. No Democrats voted
overseas investors seeking
better returns than they can

NOTICES
   ! "!# Thursday. few folks,” and that has pro- for the legislation in the get at home.
 $ % & $ ' The yield on vided “an opportunity to buy,” House, and Republicans hold a At the same time, Federal
() &$#
CREDIT the benchmark said Russ Certo, managing di- Reserve officials have sent
*   
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2.352%
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2.352%, accord- Some analysts attributed to terest rates at a gradual pace,


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  ing to Tradeweb, compared Thursday’s selling in bonds in setting a floor for short-term
 
 +23 4 ,, with 2.361% Thursday and part to the House passage of a Treasury yields.
  
    
(800) 366-3975 2.397% on Nov. 10. far-reaching tax overhaul bill. Yield on 10-year Treasury The Treasury has also indi-

     


sales.legalnotices Yields, which fall when Many investors and ana- benchmark cated that, as the Fed buys
   
   bond prices rise, have declined lysts said that Treasury yields fewer bonds in the months
 !"!##      $% @wsj.com

  
 &' $()  this week as investors sold would rise if such a bill be- ahead, it will meet its addi-


    

 riskier assets such as stocks came law, in part because it tional borrowing needs by is-
* +
, 

   $
% and high-yield corporate would boost the federal bud- narrow majority in the Senate. suing more short-term debt
-


 + * %    For more information
bonds and bought safer assets get deficit, requiring the gov- In recent weeks, yields on than long-term debt. That de-




+   

      $  %%
visit wsj.com/classifieds such as Treasurys. ernment to issue more bonds. longer-term bonds have been cision has helped shrink the
. /  !! 0,
 !"  Thursday marked a reversal A change in tax laws could po- kept in check by relatively soft gap between the two-year
1%*  
 
 2%%  2  %
% © 2017 Dow Jones & Company, Inc. of that trend, with yields tentially spur some economic inflation data. The European Treasury yield and the 10-year
All Rights Reserved. climbing along with stocks. growth, causing investors to Central Bank has also signaled yield to its lowest level in a
But investors were back to fa- favor riskier assets. It could plans to extend monetary decade.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Dow, S&P 500 Extend Losing Streak
Investors raise doubts Choppy Week
about duration of rally; Corporate news and progress on tax cuts swung stocks, leaving the S&P 500 near where it left off last Friday.
energy stocks among
the biggest losers
S&P 500 performance and daily change
BY GEORGI KANTCHEV
AND CORRIE DRIEBUSCH
U.S. stocks slipped Friday,
dragging the S&P 500 and
Dow Jones Industrial Average
to narrow weekly losses.
That marks the second
straight week of declines for
both indexes, which previously
had been on a two-month-long
stretch of gains, boosted by
strong corporate earnings and
solid economic growth around
the world. But with the S&P
500 up more than 15% so far
this year, some investors are
asking how long the upswing
can last.
“We had a decent run-up in
stocks, but there are many un-
knowns out there,” said Sam
Stovall, chief investment strat-
egist at CFRA Research, citing
risks from U.S. political devel-
opments, geopolitAical ten-
sions or a possible worsening
in economic numbers. “The
boxer is rarely felled by the
punch he expects.”
Major indexes have wob-
bled over the past several ses-
sions, hurt by a drop in the
price of oil even as consumer
companies have risen.
The Dow Jones Industrial
Average fell 100.12 points, or
0.4%, to 23358.24 Friday and
the S&P 500 shed 6.79 points,
or 0.3%, to 2578.85 after both
indexes notched their biggest
one-day gains since September
on Thursday. The Dow indus-
trials ended the week down
0.3%, while the S&P 500 de-
clined 0.1%. It was their big-
gest two-week declines since
mid-August, when worries
about rising tensions between
North Korea and the U.S.
weighed on stocks.
The Nasdaq Composite
edged down 10.50 points, or
0.2%, to 6782.79 on Friday, but
Email: heard@wsj.com
Tesla’s Musk Changes the Subject
Tesla CEO Elon Musk was
in his element Thursday
night, announcing to grand
applause that the company
would build a truck that will
change transportation and
the world’s fastest produc-
tion car.
Whether Tesla can actu-
ally produce and make
money on its mass-market
Model 3 is a less exciting but
far more important topic.
In unveiling a semitrailer
truck and new version of
Tesla’s Roadster sports car
to a crowd of delighted fans,
Mr. Musk sold a bright fu-
ture. Each new product, at
first blush, offers highly
compelling features. The
electric truck, Tesla says,
will offer 500 miles of range.
The company says it will be
significantly cheaper to op-
erate than a traditional die-
sel truck.
And the new sports car,
which will cost $200,000 for
a base model, will offer 620
miles.
But some aspects of the
plan were thoroughly uncon-
vincing.
Mr. Musk said the truck
would be available in 2019
Stitch Fix Uncovers the Winning Formula for Tech IPOs
Tech investors may be
pickier, but they are still
willing to welcome new en-
trants—at the right price.
Stitch Fix learned that
this week. The company,
which sells customized out-
fits online to more than two
million customers, priced its
initial public offering Thurs-
day night at $15 a share, 21%
below the midpoint of its
targeted range.
That was a disappoint-
ment, though it at least
spared the company the op-
tical pain of a first-day drop.
Stitch Fix’s shares closed
Friday at $15.15, 1% above
the IPO price.
With three years of oper-
* * * *
2600
s0.1%
2590
2580
2570
2560
2550
Monday
Energy
Volatile oil prices dragged down energy
shares in the S&P 500 after the sector
had risen for two straight weeks.
520
510
500
490
480
M T W T
Source: FactSet
finished the week up 0.5%.
Oil futures gained Friday,
with U.S. crude for December
delivery up 2.6% to $56.55 a
barrel. Still, oil ended the
week with losses as rising
U.S. inventories and wavering
demand forecasts have
weighed on the commodity,
dragging down shares of oil
producers.
Energy companies in the
S&P 500 closed the week
HEARD ON THE STREET
Charge Card
Tesla’s free cash flow, quarterly
$0.5 billion
0 burn issues are becoming
–0.5
–1.0
–1.5
2016 2017
Note: Operating cash flows less capital spending
Source: the company; Tesla handout (photo)
THE WALL STREET JOURNAL.
and the sports car by 2020,
which seems impossible
given the company’s signifi-
cant production issues. “We
guarantee the truck won’t
break down for a million
miles” of driving, he de-
clared at one point.
And some key details
about the feasibility of the
truck project were missing
altogether. Mr. Musk didn’t
say how much the truck will
weigh, for instance, or what
its price would be.
Investors have never been
ating profit already on the
books, Stitch Fix was a rarity
among technology compa-
nies seeking their first pub-
lic listing.
But that didn’t prove
enough for the company to
escape the shadow of Blue
Apron Holdings and, to a
lesser extent, Snapchat par-
ent Snap.
Both consumer-focused
tech brands have been pum-
meled by the markets since
their debuts, with Snap now
down 25% from its listing
price in March, and Blue
Apron off 69% from its June
IPO price.
But those companies have
largely proved the exception.
MARKETS
t0.2% t0.6%
Tuesday Wednesday
Mattel
Mattel shares jumped following reports
that Hasbro had made a takeover offer
for the toy maker.
$20
18
16
14
12
F M T W
down 3.4%, the sector’s worst
weekly performance since Jan-
uary 2016. The losses offset
gains among some consumer
companies.
Wal-Mart Stores jumped to
a record Thursday after the
company reported its stron-
gest U.S. sales in years, while
Mattel’s stock soared Monday
after The Wall Street Journal
reported that fellow toy maker
Hasbro approached it about a
FINANCIAL ANALYSIS & COMMENTARY
too concerned about the
practicality of Mr. Musk’s vi-
sion; the stock has gone up
nearly 16-fold since the 2010
IPO. But that nonchalance
might not last much longer.
That is because Tesla con-
tinues to take on more chal-
lenges while it is seriously
under the gun to fix prob-
lems with the Model 3. Tesla
built just 260 of them in the
third quarter. That is after
suggesting as recently as
2016 it could build as many
as 200,000 in the second
Of 24 U.S.-based technol-
ogy companies to have IPOs
this year, all but four are
trading above their IPO
price. Half are also trading
above their first-day opening
price, a good sign for regular
investors who don’t get
early allotments.
Roku, a consumer-tech
company that makes TV-
streaming devices, has
surged 150% from its open-
ing price in late September.
What’s the secret? Having
grounded expectations helps.
The year’s best-performing
tech debuts haven’t come
from the herd of “unicorns”
that sport private market
valuations of $1 billion or
Consumer Staples
s0.8%
Thursday
General Electric
GE slid after the company announced a
turnaround plan and said it would cut its
dividend in half.
$22
20
18
16
14
T F
possible merger. Wal-Mart’s
stock ended the week up 7.2%,
while Mattel closed out the
week with a gain of 28%.
Shares of fashion startup
Stitch Fix rose 15 cents, or 1%,
to $15.15 in their stock-market
debut after the company
priced shares below expecta-
tions in its IPO on Thursday.
Debate over the prospect
of a significant tax overhaul
in the U.S. also has swung
half of this year. There are
hundreds of thousands of
Model 3 reservation holders
who won’t have infinite pa-
tience.
Meanwhile, Tesla’s cash-
more severe. It burned $1.4
billion in free cash in the
third quarter.
Producing the Model 3,
plus getting started on these
new projects, will require
billions more.
Fresh deposits for its new
products will help, but not
for long. Tesla will sell up to
1,000 ultrahigh-end versions
of the Roadster for $250,000
apiece, with payment re-
quired up front. That could
raise $250 million quickly,
but that capital would last
for just two weeks at the
current burn rate.
Wall Street’s reaction was
less enthusiastic than the
crowd’s. Shares rose 0.8%
Friday and are still 18% be-
low their peak.
If Tesla can’t get the
Model 3 right soon, we can
expect another glitzy an-
nouncement. Tesla minivan
anyone?
—Charley Grant
Debutantes
Number of U.S.-based
tech IPOs each year
Through Nov. 16
60
40
20
0
2001 ’05 ’10
Source: Dealogic
THE WALL STREET JOURNAL.
higher.
Only one of those in
fact—cloud software pro-
vider Okta—has generated
positive returns from its
Saturday/Sunday, November 18 - 19, 2017 | B11
Upbeat quarterly reports from Wal-Mart
Stores and J.M. Smucker helped boost
consumer-staples shares in the S&P 500.
575
570
565
560
555
t0.3%
550
Friday
Russell 2000
Small-capitalization companies got a
boost after the House passed its
tax-overhaul bill Thursday.
1490
1480
1470
1460
1450
M T W T F M
stocks this week. On Thurs-
day, the House passed a bill
that would reduce the corpo-
rate tax rate to its lowest
point since 1939 and cut indi-
vidual taxes for most house-
holds in 2018. The passage in-
vigorated small-company
stocks, which investors antici-
pate will be some of the big-
ger beneficiaries of a corpo-
rate tax cut, sending the
Russell 2000 small-cap index
OVERHEARD
Betting against retailers
was an easy call heading into
this month. It was also a re-
ally bad one.
November is the month
when most retailers report
third-quarter results, and by
any objective measure those
results were so-so at best.
But a lot of investors ex-
pected a lot worse than so-
so.
Indeed, for many retailers,
short interest as a share of
float has lately been higher
than it was in 2008.
The danger with shorting
is that if shares go sharply
the other way, you have to
buy them back at a much
higher price.
And the danger when lots
of people short is that there’s
lots of buying going on, which
only serves to push a stock
even higher.
Retail shares finished an-
other big week Friday. Among
the heavily shorted retailers
that rallied: Urban Outfitters,
up 9.8%; RH, up 19.5%; and
Foot Locker, up 34.5%. Retail-
ers will make it through
Christmas, but some fund
managers might not.
first-day opening price.
Cloudera, last valued at $4.1
billion in the private market,
is valued at half that now by
the public market six
months after its IPO.
All this should bode well
for Stitch Fix in the long
run.
The company has demon-
strated a profitable business
model with a fast-expanding
’15 ’17 customer base. And its IPO
price values the company
just below 1.5 times trailing
sales, which is about 38% be-
low the multiple of Blue
Apron’s debut and hardly
rich enough to cause inves-
tors much indigestion.
—Dan Gallagher
M T W T F
T W T F
THE WALL STREET JOURNAL.
up 1.2% during the week, its
biggest percentage gain in
more than a month.
Still, hurdles remain as fo-
cus now shifts to the Senate,
which is contending with de-
bate over its own bill.
The Stoxx Europe 600 fell
0.3% Friday and posted a
weekly decline of 1.3%. Japan’s
Nikkei Stock Average added
0.2% Friday and recorded a
1.3% drop for the week.
WSJ.com/Heard
For GE,
Opportunity
Means Action
General Electric’s new
CEO laid out his turnaround
plan on Monday and used
stronger words on Wednes-
day, but the shares kept fall-
ing. On Friday, John Flan-
nery personally tried to stem
the decline, buying $1 mil-
lion in stock.
Mr. Flannery didn’t give a
reason for his bet, but one
reason for optimism is that
GE’s competitors are per-
forming very well. That
could enable more ambitious
asset sales and further re-
duce the complexity that has
bedeviled the conglomerate.
Before this week, GE had
cut its dividend in 1938 and
2009, moments of national
crisis. There is no such ca-
lamity this time. The S&P
Global 1200 Industrials in-
dex, which includes GE, has
returned 16% so far this year.
Rivals Honeywell Interna-
tional and Siemens are up
27% and 12%, respectively,
this year.
The performance means
that now is a good time to
be a seller. Emerson Electric
boosted its takeover offer for
Rockwell Automation to
about $29 billion on Thurs-
day.
Mr. Flannery’s initial plan
is a good one. Cutting the
dividend and reducing the
profit forecast will minimize
the chances of ugly sur-
prises. Doing more than
what he promised, quickly,
could help to rebuild GE’s
valuation. He has given hints
that he may appreciate this
logic. “There is optionality in
the portfolio, and we will
continue to explore every
option that’s in front of us in
perpetuity,” Mr. Flannery
said on Wednesday.
Shares are down 11% since
Monday and off 42% this
year. Turning those words
into big action would be a
wise choice. —Charley Grant
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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Why not talk
politics over
Thanksgiving?
Jason Gay’s tips
to keep it civil
C3
BOOKS | CULTURE | SCIENCE | COMMERCE
© 2017 Dow Jones & Company. All Rights Reserved. * * * *
A
BY YAROSLAV TROFIMOV
N THE YEARS SINCE the U.S.
invasion of Iraq in 2003, Ameri-
Democratic
can promises of turning the country
into a model democracy, spreading
freedom across the Middle East,
have often seemed like cruel mock-
Surprise
ery. By the time the U.S. withdrew
in 2011, Iraq had been ravaged
by bloody insurgencies and sec-
tarian massacres that killed hun-
in the
Middle East
dreds of thousands of Iraqis and more
than 4,500 American troops. In 2014,
Iraq almost collapsed in the face of a
blitzkrieg by Islamic State, as the ex-
tremist group reached the outskirts of
Baghdad. There weren’t many takers in
the region for the Iraqi model.
Today Iraq’s prospects are looking With free elections and a robust press, Iraq’s
brighter. A resurgent central govern- political experiment has survived many setbacks—
ment has defeated Islamic State,
thanks in part to renewed American and remains a rarity in the region.
military involvement, and has taken
back lands lost to the country’s Kurdistan autono-
mous region since 2003. And Iraq’s improbable po-
litical experiment has endured. In an increasingly
repressive and authoritarian part of the world, this
nation of 40 million people stands apart as a rare—
though still deeply flawed—democracy. Iraq’s
elected leaders insist that, despite their country’s
many travails, it still has something to teach the
rest of the Middle East.
“I hope others in the region will see a lot of
hope and positive tendencies in our democracy,”
Iraqi Prime Minister Haider al-Abadi said in a re-
cent interview in his palace in Baghdad’s Green
Zone. He sees the country’s multiethnic, multi-con-
fessional makeup not as a fatal weakness but as a
source of pride. “We have decided that we’ll accept
that we are different. We are very eager to keep
and protect our diversity. We want to undo what-
ever the terrorists have done.”
Iraq’s democracy remains fragile and imperfect.
Sectarian and ethnic divides between the Shiite
MOVING TARGETS
Subscription boxes are just
getting better and
better...and
weirder. Joe
Queenan’s picks.
C19
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Mass shootings are often copy-
cat crimes. So what rules for
the media in covering them?
C4
| HUMOR | POLITICS
THE WALL STREET JOURNAL.
‘We are very eager to keep
and protect our diversity,’
says the prime minister.
INSIDE
EVERYDAY MATH
Do you prefer fruits or veggies—
and where does algebra come
in? Eugenia Cheng explains.
C2
Holiday book
special:
Silicon Valley,
soccer and soul
music in Florida
C5-C18
| LANGUAGE | TECHNOLOGY | ART | IDEAS
Saturday/Sunday, November 18 - 19, 2017 | C1
FROM TOP: ALAA AL-MARJANI/REUTERS; JEROME DELAY/ASSOCIATED PRESS
A WOMAN VOTES in national
elections in 2014, top; a statue of
Saddam Hussein is toppled on the
day he is ousted by U.S.-led
troops in 2003, bottom.
Arab majority and the Sunni Arab and
Kurdish minorities still dominate its
politics. Violence and corruption are
endemic. And Iranian-backed Shiite
militias, empowered by war on Is-
lamic State, control many levers of
government and seek a greater role
for themselves—and for Tehran.
Fostering democracy in the Middle
East, in addition to eliminating Iraq’s
nonexistent weapons of mass destruc-
tion, was a central plank of President
George W. Bush’s campaign to oust Sad-
dam Hussein in 2003. “The establish-
ment of a free Iraq at the heart of the
Middle East will be a watershed event
in the global democratic revolution,”
Mr. Bush said in a speech that year. “That success
will send forth the news, from Damascus to Tehran,
that freedom can be the future of every nation.”
After the invasion, millions of Iraqis repeatedly
turned out to vote, raising their ink-stained fin-
gers in celebration as they chose a new govern-
ment and, in a 2005 referendum, approved the
country’s constitution. The celebrations proved
fleeting, however, as the Sunni Arab minority,
whose representatives had governed Iraq for most
of its history, rejected their diminished role in the
new order.
Iraq’s three Sunni-majority provinces were the
only parts of the country to vote “no” in the refer-
endum, and a Sunni insurgency, in its various
forms—from former members of Saddam’s Baath
Party to al Qaeda to Islamic State—has continued to
ebb and flow ever since. American mistakes, from
disbanding the Iraqi army in the early days of the
occupation to misguided reconstruction efforts, of-
Please turn to the next page
EXHIBIT ESSAY
Four wheels and a dream. The $60 shirt fallacy and
Concept cars on the road to other bad money decisions:
industry innovation. remedies for foolish spenders.
C20 C3
ISTOCK (HOLIDAY BOOKS)
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C2 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

Iraq’s Political Experiment Endures

Continued from the prior page
ten exacerbated the violence. Meanwhile, the fallout from the in-
vasion spurred jihadist movements across the Muslim world, cre-
ating a new generation of battle-hardened radicals who
destabilized other countries, especially in the wake of the 2011
Arab Spring.
The awful toll of the invasion, in the eyes of many in the West
and the Middle East, quickly discredited the Bush administration’s
talk of promoting democracy. But one fact remains: Iraq’s post-in-
vasion institutions of government and its 2005 constitution have
largely survived the turmoil, helping to hold the country together
despite formidable odds and repeated predictions of collapse.
“Iraq’s democratic and more importantly constitutional struc-
tures that were put in place as a result of 2003
and U.S. direct involvement have weathered 12
EVERYDAY MATH: years, ISIS seizing one-third of the country, a si-
to pressure from the U.S. and Iran, but he still retains considerable
sway, particularly in the Iraqi parliament. Though the combative
Mr. Maliki and Mr. Abadi, a soft-spoken British-educated engineer,
technically belong to the same Shiite Dawa party, the two are
likely to field competing candidates lists in the May elections.
(The prime minister is chosen by parliament, and the president,
by convention a Kurd, holds only symbolic authority.)
Mr. Maliki is still widely seen as Mr. Abadi’s most dangerous ri-
val for power—even though his ability to challenge the prime min-
ister has been blunted by Baghdad’s recent achievements against
Islamic State and Kurdistan. “People say now that Maliki had lost
provinces and Abadi has reclaimed them,” points out Moeen al-Ka-
dhimi, a leader in one of the most powerful Shiite militias, Badr.
The recent crisis over Kurdistan’s Sept. 25 in-
dependence referendum highlighted how demo-
cratic legitimacy can turn into a potent political

EUGENIA CHENG
multaneous drop by 50% of its main economic
driver oil, and conflict with Kurdistan,” points
out James Jeffrey, a scholar at the Washington
Institute for Near East Policy and a former U.S.
Fruit, Veggies and ambassador to Iraq. He cautions, how-
ever, that none of that justifies the
How to Depict “huge cost” of ousting Saddam in 2003.
Vindicating the invasion is “an un-
The Universe fairly high bar to impose” when assess-
ing Iraq’s current state, adds Larry Dia-
DO YOU PREFER fruits or vege- mond, a senior fellow at Stanford
tables? A questionnaire that al- University’s Hoover Institution and the
lows only one of those two an- author of the 2005 book “Squandered
swers is a crude way of getting Victory,” on the failures of America’s
information about your eating democracy-building exercise in Iraq.
preferences. Fortunately, mathematics offers “Once the Iraqi state was shattered,
a number of tools for analyzing and under- our goal became trying to help build a
standing the more nuanced reality of the sit- viable democratic order,” he says. To-
uation. Math’s complex symbols and opera- day, “Iraq has at least more political
tions are interesting for their own sake but pluralism and civic space
also, as Hamlet would say, because they let than most of its Arab
us hold “the mirror up to nature.” neighbors, and that is
How can we improve our simple binary something to appreciate
questionnaire? We can offer participants a and try to further support
scale of options: for example, “strongly pre- and nurture.”
fer fruit,” “slightly prefer fruit,” “no prefer- Indeed, the country is
ence,” “slightly prefer vegetables,” “strongly bucking the slide toward
prefer vegetables.” But what if your prefer- autocratic rule that has be-
ence for vegetables falls somewhere between come the norm across the
slightly and strongly? A more subtle sort of region, from Egypt to Tur-
questionnaire, often used by psychologists, key to the monarchies of
gives you a continuous line from “fruit” to the Gulf, since the mayhem
“vegetables” on which you can put a mark. unleashed by the Arab
This is better but still limited. The contin- Spring.
uous line will not distinguish between an Despite violence and in-
omnivore who loves both fruit and veggies timidation, Iraq has re-
and someone who hates everything but tained a genuine political
meat. The problem with the continuous-line life and a relatively free 2005 Iraqis elect a provisional government and then return to polls
approach, mathematically speaking, is that it press, with dozens of TV to adopt a constitution, in a vote split on sectarian lines.
assumes a zero-sum game between the two news channels, some of
outcomes. A zero-sum game is one in which them virulently hostile to
the outcomes add up to zero, so that the Prime Minister Abadi. With national elec-
only way for one outcome to grow is for an- tions scheduled for May, nobody can pre-
other to shrink. In a zero-sum world, the dict who will emerge as the winner. De-
only way to eat spite his government’s triumph in the war
more fruit is to eat on Islamic State, Mr. Abadi’s reelection is
The limits fewer veggies, not at all assured.
inherent in which is only true
if there is a fixed
Among other Arab states, only the
smaller nations of Lebanon and Tunisia
a zero-sum total amount of pick their leaders in truly competitive
world view. these foods that
you will eat. A
elections. Even pro-Iranian Shiite militias,
which constitute a powerful (and, to the
zero-sum game pits U.S., profoundly malign) force in Iraq and
people or ideas also operate as political movements, ac-
against each other, knowledge that Iraq is much freer than
but not all situations are adversarial. their patron state. While Iran holds elec-
A more subtle questionnaire would place tions, real power there resides with the
the answers on a two-dimensional graph, Shiite religious establishment, which
with, say, a horizontal axis for fruit and a strictly vets candidates for
vertical one for veggies. This acknowledges public office and makes all
that your appreciation for each kind of food strategic decisions.
is a separate issue. Then instead of placing “It’s hard for us to con-
your mark somewhere on a straight line, you fess that America did some-
could place your mark anywhere on the thing good for us because of
page. Those who dislike both foods, for ex- so many mistakes that it
ample, would register their preferences far committed here,” says Qasim
down in the bottom left corner, where both al Darraji, a member of the
values are negative. political bureau of Asaeb Ahl
This progression in subtlety mirrors the al Haq, one of the main pro-
FROM TOP: CHRIS HONDROS/GETTY IMAGES; KARIM KADIM/ASSOCIATED PRESS; SEBASTIAN MEYER/CORBIS/GETTY IMAGES; ASSOCIATED PRESS; AHMAD AL-RUBAYE/AFP/GETTY IMAGES
A Difficult
Road to
Democracy
2003 U.S.-led forces begin a campaign that
ousts Saddam Hussein in three weeks.
2011 U.S. troops leave, after the failure of
talks to keep 10,000 in the country.
tool. The ease with which Mr. Abadi’s government
managed to reclaim the oil-rich province of Kirkuk
and other strategic areas in Kurdistan was due, in
large part, to widespread dissatisfaction within
Kurdistan over the 25-year rule of the
region’s president, Masoud Barzani.
Unlike the elected authorities in
Baghdad, Mr. Barzani—who finally
stepped down as president on Nov. 1—
had overstayed his term by two years.
Presidential elections were repeatedly
postponed, and Mr. Barzani’s party used
military forces under its control to keep
the Kurdistan parliament not only from
electing a successor but even from con-
vening.
As the economy shriveled amid com-
plaints about corruption and Mr. Bar-
zani’s heavy-handed approach, many
Kurdish politicians—dis-
mayed with Kurdistan’s re-
treat from democratic rule—
chose to cooperate with Mr.
Abadi’s federal government
rather than their ethnic kin.
As a result, federal forces
seized Kirkuk without signif-
icant resistance shortly after
the referendum, in what Mr.
Barzani branded a historic
betrayal by his Kurdish ri-
vals.
“Barzani’s policies dam-
aged democracy in the Kurd-
istan region, which led to
lack of transparency and the
absence of legitimate insti-
tutions,” said the Kurdistan
parliament speaker, Yousif
Sadiq. The solution to the
Kurdish crisis lies in finally
holding long-delayed elections in the Kurd-
istan region, empowering a representative
government there, Mr. Abadi says now.
“Iraq is one country. If you revert to
dictatorship in one part, people might
copy that in another part of the country.
This is very dangerous for us,” he says.
“We have suffered a lot under dictator-
ship. We should never allow dictatorship
to come back.”
While Mr. Abadi’s popularity is now at
its peak, particularly after regaining Kir-
kuk, the Iraqi leader seemed on the ropes
just last year. The struggle against Islamic
State appeared to be stuck. Mass demon-
strations convened by Shiite cleric Mo-
qtada al-Sadr—who exploited widespread
anger over corruption—over-
ran Baghdad’s Green Zone,
stormed parliament and
pushed the country to the
brink of revolution. Though
several ministers lost their
jobs, Iraq’s institutions sur-
vived the challenge. As politi-
cal rivals mobilized to defend
the system, Mr. Sadr balked
at escalating his attacks, and

development of our understanding of num- Iranian Shiite militias that his movement’s threat to the
bers as we grow up—and to some extent, fought against American constitutional order receded.
how math developed as a field of inquiry troops a decade ago. “But it These political develop-
over the millennia. toppled Saddam. And now ments have highlighted the
First, we know about whole numbers for Iraq is for sure freer than political fragmentation of
counting things. Then negative numbers let Iran and than the rest of the Iraq’s Shiite majority,
us talk about win and loss, gain and debt. region.” prompting rival Shiite groups
Fractions divide up the whole number Mr. Abadi has pledged to 2014 The Sunni militant group Islamic State seizes swaths of to seek allies among Sunnis
spaces, but they still leave tiny gaps between bring all the Shiite militias territory and declares a caliphate, threatening Iraq’s viability. and Kurds. Such outreach
them. These are filled in by irrational num- under central government could soften the country’s
bers, the decimals that go on forever with- control or disarm them—a sectarian divide and
out repeating, like pi, giving the equivalent promise that may prove easier to make strengthen its democracy, but it also
of a continuous line on a questionnaire. than to fulfill. He also has recently could create new, potentially violent
Since life is much more complex than sought to balance Iranian influence by fault lines. “People are scared of a new
that, however, higher-dimensional mathe- cultivating better ties with Saudi Ara- civil war, which may be a Sunni war
matics comes in—like the graph I described. bia, Turkey and other Sunni powers. against Sunnis or a Shiite war against
Here we study more than one variable at a Still, despite signs of a renewed Iraqi Shiites,” warns Mr. Maliki, who, as
time, just as when you evaluate a book or nationalism after this year’s victory prime minister, sent the Iraqi military to
movie according to many criteria rather than over Islamic State, the nation and its reclaim the southern city of Basra from
just giving it a rating on a scale from 1 to 10. political class remain deeply split. a militia loyal to Mr. Sadr.
The one-dimensional rating is convenient, Sunni Arabs and Kurds, in particular, In the coming elections, Mr. Abadi
but at what cost? Mathematics becomes in- complain that the Shiite majority is and Mr. Maliki are seen as offering
creasingly sophisticated in order to handle abusing democratic institutions to mo- starkly different visions. Mr. Abadi is
more criteria and to mirror the world with nopolize political power. pushing for a consensual approach, bal-
greater sensitivity. “This is not the Iraq that we wanted. ancing rival interests in parliament and
One modern treatment of extra dimen- Are we teasing ourselves when we say 2017 Militias and U.S. strikes help Baghdad ensuring that all the major groups, in-
sions is in a field of algebra called category that Iraq is a democratic country? That push back Islamic State and regain control. cluding the Kurds, have adequate rep-
theory. Here mathematicians study relation- law and order prevails in the country?” resentation. Mr. Maliki, by contrast, is
ships between things and then relationships says Eyad Allawi, a longtime opponent heading into the May elections with a
between the relationships. For example, we of Saddam’s rule and prime minister in 2004-2005, who now call to create a powerful political bloc that would establish a co-
could first ask in what ways you prefer fruit heads a nonsectarian parliament bloc that attracts many Sunni hesive majority.
and vegetables—perhaps fruit tastes better votes. “Our political process is riddled with severe problems: sec- “If the current system of quotas and power-sharing continues,
but vegetables are better for you. The next tarianism, disenfranchisement. It’s a mess. If the political process this will be the biggest threat to democracy,” says Mr. Maliki. “One
dimension would compare those criteria: Do is not rectified to be an inclusive one, then my fear is that Iraq of the mechanisms to face challenges ahead of us is to have a
you care more about the taste of food or its will disintegrate one way or another.” strong government.”
health benefits? Iraq’s sectarian affliction was at its worst under Mr. Abadi’s On one major issue, however, Mr. Abadi and Mr. Maliki agree:
Simplifying situations always involves los- predecessor as prime minister, Nouri al-Maliki, who governed The elections must be held on time in May, despite calls from
ing subtlety, and we should be careful what from 2006 to 2014. Discrimination at the hands of the Shiite-dom- some politicians, particularly those representing Sunni provinces
we sacrifice in doing. Math might seem dry inated government in Baghdad at the time pushed many Sunni Ar- ravaged by the war against Islamic State, to postpone the vote by
TOMASZ WALENTA

and remote, but its advances are driven by abs outside the political process, and, in the summer of 2014, a year or more and to extend the current parliament’s term.
the desire to express and understand the nu- paved the way for Islamic State to seize much of Iraq’s Sunni belt “Not holding elections will be even more dangerous to us than
ances of the world’s complexity—and our with little or no resistance. ISIS,” Mr. Maliki says, “because in that case the democratic pro-
own. Mr. Maliki was forced to resign after these losses, in part due cess will end.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | C3

REVIEW

or if a cable bundle is worth $140 a month,

or if a gym membership is worth fighting for
parking just to look at our phone while
trudging on a treadmill for an hour.
We overvalue what we own and what we
might lose. We love to have stuff, and once
we acquire it, we naturally think our own
stuff is the best in some objective sense.
But it’s not.
We shouldn’t trust that the home renova-
tions we are going to make will increase the
resale value of our home. We should recog-
nize that our taste is unique, and that other
people might see things differently. Renovat-
ing is fine, as long as we head down that
path recognizing that it might only increase
the value of the home to us.
Sunk costs cannot be recovered. If an
amount is spent, it’s spent. The past is
past. When making decisions, consider
only where we are now and where we will
be in the future.
We believe in the magic of language and
process. The great 20th-century philoso-
phers Public Enemy put it best: “Don’t be-
lieve the hype.” If the description of some-
thing, or the process of consuming
something, is long-winded and overblown,
we’re probably paying for that description
and process, even if it doesn’t add any real
value. Watch out for irrelevant claims
about the effort that went into producing
something: There is rarely a good reason
to pay $300 for an artisanal hammer.
We make expectations a reality. Expec-
tations give us reason to believe that
something will be good—or bad, or deli-
cious or gross. They change our per-
ception and experience without al-
tering the true underlying nature
of the thing itself.
ROBERT NEUBECKER

Expectations can alter our experi-

ences for the better, of course. Once we
buy a bottle of wine, we may want to ma-
nipulate ourselves into believing it’s worth
$20 more than we paid. We can let it breathe
and swirl it and smell it and put it in a fancy
same 100 packs of Tic Tacs. glass knowing that with all of these tricks, it’s

Remedies for We compartmentalize. Money is fungible.

Every dollar is the same. It doesn’t matter
where money comes from—our job, an inheri-
tance, a lottery ticket, a bank robbery. The
going to be a better experience.
What we don’t want is to buy a bottle of
wine because someone has tricked us into
spending $20 more than we should. We hear

Foolish Spenders
money is all ours and it belongs, in fact, to the
general “our money” account. If we find our-
selves splurging with certain “kinds” of
money—just because in our mind the money
belongs to the “bonus” or “winnings” account—
Knowing the most common improve our financial decision-making. The we need to pause, think and remind ourselves
the sommelier describe the vintage and tannins
and awards and reviews and hints of elderberry
and believe it must be worth a lot. That’s being
used by expectations.
We overemphasize money. Prices are just
one of the many attributes that signal the value

faults is the first step to first step is being aware. The next step is turn-
ing that awareness into an effective plan.
smarter personal finances Here are some of the most common valua-
tion mistakes that we make—and suggestions
for how we can avoid, correct or mitigate them.
BY DAN ARIELY AND JEFF KREISLER
We ignore opportunity costs. Think about
that it’s just money. Our money.
We avoid the pain of paying.
Feeling the pinch of paying helps
us at least consider the value of
our options and the opportunity
costs. The pain helps us pause
of things. They may be the only
attribute that we can easily un-
Think in derstand, but they’re not the
dollars, not only attribute that matters.
When we move from comparing
percentages, money to things to comparing

MOST OF US think about money a lot: how

much we have, how much we need, how to get
more, how to keep what we have and how
much our neighbors, friends and colleagues
make, spend and save. Luxuries, bills, opportu-
nities, freedom, stress—money touches every
part of modern life, from family budgets to na-
tional politics, from shopping lists to savings
accounts.
Thinking a lot about money would be fine if,
by thinking more about it, we were able to
make better decisions. But that’s not the case.
As innumerable studies in behavioral econom-
ics have demonstrated across a range of situa-
tions, making bad money decisions is a hall-
mark of humanity. We’re fantastic at messing
up our financial lives.
But don’t despair. If we put our minds to it—
and apply some lessons from behavioral eco-
nomics—we can individually and collectively
transactions in terms of opportunity costs by
considering more explicitly what we’re sacrific-
ing for what we’re getting. For instance, we can
translate dollars into time—how many hours of
wages, or months of salary, we must work to
pay for something.
We get misled by relative prices. When we
see a sale, we shouldn’t consider what the price
used to be or how much we’re saving. Rather,
we should consider what we’re actually going
to spend. Buying a $60 shirt marked down from
$100 isn’t “saving $40.” It is spending $60.
We should try not to think in percentages.
When data is presented to us in percentages
(for example, a financial adviser’s fee of 1% of
assets under management), we should do the
extra work and figure out how much money
is really on the line. The money in our pocket
is tangible; it exists in absolutes. $100 is
$100. Whether it’s 10% of a $1,000 purchase
or 1% of a $100,000 purchase, it still buys the
before purchasing and consider
whether or not we really should
and stick
spend our money then and there. to cash.
The problem, of course, is
that the people who make pay-
ment systems don’t share our
desire to slow down and consider alternatives.
That is why the best solution for preserving the
pain of paying may be as simple as: “Use cash,
not credit cards.” Or maybe it’s even simpler:
“Punch yourself every time you spend money
so you really feel it.”
We trust ourselves. When it comes to spend-
ing, trusting our past decisions can create big
problems. We should avoid doing something all
the time, like getting a $4 latte, just because
we’ve always done it before. From time to time,
we should stop to question our long-term hab-
its. Those of us who don’t learn from our own
spending histories are doomed to repeat them.
We should ask if a latte is really worth $4 to us,
things to things directly, it puts
our choices into new perspec-
tive. For example, when looking
at a vacation, consider the
amount the vacation would cost
in terms of movies you could at-
tend or wine you could drink.
We’re all floating on that rough sea of un-
certainty; don’t let someone else’s idea of
value—that is, the price—be what you grab on
to for salvation. A price is just a number, and
while it can be a powerful part of a decision, it
doesn’t, and shouldn’t, mean everything.
Adapted from the new book by Mr. Ariely
and Mr. Kreisler, “Dollars and Sense: How
We Misthink Money and How to Spend
Smarter,” published by Harper (an imprint of
HarperCollins, which, like The Wall Street
Journal, is owned by News Corp).

WANT TO SPICE UP THANKSGIVING DINNER? TALK POLITICS

Championship Octagon (though zier. Give them an opportunity to ex-
BY JASON GAY
Thanksgiving in a steel cage UFC Oc- plain how lucky you have it and to
tagon would be pretty amazing). make you feel a little embarrassed
THANKSGIVING is coming—and with Here are a few tips to have a juicy and self-centered. When they’re done,
it, two big, annual, wildly contentious but safe political conversation at help them to the couch, because they
questions: Thanksgiving: find all of you boring.
1. Is canned cranberry sauce actu-
ally a food product that should be PICK A SPECIFIC TIME. You’re play- LISTEN TO THE KIDS, TOO. Adults
consumed by human beings? ing with fire if you just let your family have a tendency to gasbag and act
2. Can we talk politics at Thanks- talk politics all day, especially if like every political act deeply affects
giving dinner? there’s been an open cooler of beer in them. But it’s the kids who are really
I want to go on the record: I like the kitchen since 10 a.m. Let your going to feel the impact of what’s
canned cranberry sauce, and I am at guests know there will be a specific happening today, so ask them to con-
least 31% sure it is food. period of time when political conver- tribute to the conversation. You may
At the same time, I believe if you sation is allowed. I suggest dessert, have to take away their phones.
shake cranberry sauce out of a can— since it’s harder to maim a family
with a big, disgusting THWUUUPPPPP member with a spoon. GIVE THE FAMILY VEGETARIANS A
LOUISA BERTMAN

—and leave it on a chair in the back-
yard until the year 3012, it will look
exactly the same. By then the canned
cranberry sauce may even be sentient
and raising a family of its own.
Also: I think it’s OK to talk politics
at Thanksgiving.
I realize the latter position is con-
troversial. Many reasonable American
families try at all costs to avoid poli-
tics at the Thanksgiving dinner table.
Some families actually have a rule:
no politics at Thanksgiving, and it’s
strictly enforced, like the way Mom
made you and your spouse sleep in
separate rooms until you were mar-
ried. If you even say the word “poli-
tics,” the host will begin wildly wav-
ing his or her arms, as if a grizzly
bear has rumbled into the kitchen.
Other families simply flee the table
when Uncle Billy’s had a few cocktails
and gets going about something he
heard on talk radio.
It’s definitely safer to leave the
conversation to more easygoing top-
ics, like:
Weather.
Netflix shows we’re all watching.
Possible salmonella poisoning.
Serial killers loose in the neighbor-
hood.
In-laws we don’t like.
Watching football has traditionally
been an easy way to escape Thanks-
giving political chitchat. The Detroit
Lions were basically invented to help
Americans avoid speaking to their
families at Thanksgiving.
Thanks, Lions!
But even football is political this
season. You’ve seen the headlines.
You’ve read the tweets.
So what to do?
I say let it rip. Talk politics at
Thanksgiving! It might just be the
spice your family dinner needs.
There should be a bit of structure,
however. Thanksgiving cannot be
completely lawless. You’re at a table,
not a steel cage Ultimate Fighting
HAVE CONVERSATIONS, NOT
SPEECHES. There needs to be a civil
exchange of ideas. Give your take on
the issues of the day, then listen to
others. No screaming. No shouting
anyone down. Basically, if your dinner
table starts to sound like a cable news
show, you need to stop.
NO QUOTING “SOMETHING I READ
ON FACEBOOK.” Use trusted, legiti-
mate news organizations as source
material. Please do not quote the guy
on Facebook who believes that cereal
boxes contain CIA recording devices.
LISTEN TO THE ELDERS. As crazy as
America seems right now, it’s likely
there’s someone at your table who re-
members when things were a lot cra-
MOMENT. They’ve had to watch you
tear apart that poor murdered bird
for an hour, so the least you can do is
hear them out on factory farming.
NO TWEETING FROM THANKSGIV-
ING DINNER. This goes for the White
House, too.
CREATE A PENALTY BOX. This is
extremely important. If you talk poli-
tics at Thanksgiving, you must be
courteous. Anyone who is disrespect-
ful will be asked to leave the din-
ner—and immediately go to the pen-
alty box.
What is the penalty box? It’s that
giant pile of dishes and disgusting
greasy pans in the kitchen sink. Roll
up your sleeves, blowhards. It’s going
to take a couple of hours.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C4 | Saturday/Sunday, November 18 - 19, 2017
FROM TOP: PHOTO ILLUSTRATION BY DOUG CHAYKA; ERIC THAYER/REUTERS
The often sensationalistic
media attention given to
perpetrators is central to why
massacres are getting worse
and happening more often
BY ARI N. SCHULMAN
IT ISN’T YOUR IMAGINATION: Mass shootings
are getting deadlier and more frequent. A recent
FBI report on “active shooters” from 2000 to
2015 found that the number of incidents more
than doubled from the first to the second half of
the period. Four of the five deadliest shootings
in American history happened in the past five
years, and 2017 already far exceeds any previous
year for the number of casualties.
Though we seem to be plunging ever deeper
into a dark night, researchers now have a far
clearer view of a key factor in the violence. A
long-standing theory has matured into a body of
evidence that can no longer be dismissed: The
level of attention paid to mass shootings is cen-
tral to why they keep happening.
The idea that some crimes
might be self-spreading, like a
disease, was proposed as early as
1890, when the French sociolo-
gist Gabriel Tarde labeled mur-
ders copying Jack the Ripper
“suggesto-imitative assaults.” For
mass shootings, the effect was
well known among researchers
by the early 2000s, when a
wealth of information allowed fo-
rensic psychiatrist Paul E. Mullen
to conclude, “These massacres
are acts of mimesis, and their
perpetrators are imitators.”
But the research has solidified
in just the last few years. In 2015,
a pair of studies analyzed data-
bases cataloging nearly all U.S. REPORTERS interviewed a woman a day after the Dec. 14, 2012 killing
mass shootings. They produced of 20 children in Newtown, Conn., by a lone gunman.
the first comprehensive statisti-
cal evidence that shootings occur
in clusters rather than randomly across time.
One of the studies, led by mathematician
Sherry Towers of Arizona State University, used
a contagion model previously applied to analyze
viral videos and terrorist attacks. It found that
the likelihood of a mass shooting is significantly
higher when another mass shooting has recently
occurred. The period of increased probability
lasts, on average, for 13 days, the study found.
(Notably, Dr. Towers did not find a contagion ef-
fect for shootings in which three or fewer people
were killed.) The other study, conducted by
Fresno State criminologist Jason Kissner, em-
ployed a different statistical modeling technique
but also found an increased likelihood lasting for
a similar period.
These findings are not yet conclusive. A
study published in July by criminologist Adam
Lankford and psychologist Sara Tomek, both of
the University of Alabama, claimed that the
clustering effects were not significantly differ-
ent from random variation. The question of
whose modeling technique is more accurate re-
mains open. Dr. Lankford believes that the copy-
cat effect is real, but he argues that only spe-
cific documentation of how mass shootings
* ***
REVIEW
How Not to Cover
Mass Shootings
were inspired by previous ones can prove it.
tices. Top editors and standards officials at
Researchers have begun to construct better
media outlets aren’t doing much to address evi-
accounts of the kind that Dr. Lankford favors,
dence of the contagion effect.
systematically compiling evidence that particu-
Last year the Washington Post blogger Erik
lar mass shooters praised or studied prior shoot-
Wemple asked various publications to respond
ers. In 2016, psychologist Peter Langman pub-
to the idea of following the TV news hosts by
lished an astonishing chart showing the web of
not identifying the Orlando nightclub shooter.
influence extending out just from the 1999 Col-
Editors from the Post, the Huffington Post and
umbine shooting. To follow just one thread: The
the New York Times all demurred (though the
Columbine shooters were described as “mar-
Huffington Post said it was limiting the use of
tyrs” by the 2007 Virginia Tech Shooter, who
his name and photo). None of them addressed
was in turn admired by the 2008 Northern Illi-
the contagion issue. When NPR Standards &
nois University shooter, who was in turn closely
Practices editor Mark Memmott noted the radio
studied by the 2012 Newtown shooter, who was
hosts who had refrained from using the Las Ve-
in turn referred to as “godlike” by the 2015
gas shooter’s name, he cited only concern for lis-
Umpqua Community College shooter.
tener feelings as a reason for doing so.
Some of the most significant research has
An NPR spokesperson declined to comment
come from a journalist, Mother Jones reporter
for this article, and CNN standards editors did
Mark Follman. In a pair of 2015 articles, Mr. Foll-
not return requests for comment. A spokesper-
man outlined the extensive evidence for the
son for The Wall Street Journal said, “We be-
copycat and contagion effects, tracing 89 deaths
lieve our primary obligation is to inform. We be-
to copycat shooters who directly cited Colum-
lieve in the crucial importance of accuracy,
bine as inspiration. especially in fast-moving situations, as well as
This work has led to some perceptible
sensitivity towards victims.”
changes in media coverage. Cable news hosts
Disputes remain among researchers about
Anderson Cooper, Megyn Kelly and Lawrence
how journalists should change their approach.
O’Donnell have all stated their commitment to
An open letter signed by 149 researchers in Octo-
ber, spearheaded by Dr. Lankford,
asks only for restraint in using
the names and images of shoot-
ers, with no limit on other de-
tails; they stress the need to
thwart a would-be shooter’s de-
sire for notoriety. Others focus
on sensationalist accounts of the
crimes themselves. By email, Uni-
versity of North Carolina sociolo-
gist Zeynep Tufekci bemoaned
the replaying of “films of pan-
icked people with gunshots in the
background...essentially, a snuff
film made exactly so it would be
played on loop,” and play-by-
plays of shooters’ methods.
A further problem is the ad-
versarial approach that advocates
often take, telling members of the
media, in effect, how to do their
jobs while castigating them for
avoid glorifying shooters. In a segment last chasing after audience numbers. Many journal-
month on NPR’s Morning Edition, the hosts re- ists understandably resent such challenges to
ported on the Las Vegas shooting without using their professional integrity and see the advocates
the perpetrator’s name. Government officials as censors who want to suppress difficult truths.
have made a point of not repeating shooters’ In 2015, when a gunman who killed two peo-
names in press conferences following the Or- ple in Roanoke, Va., broadcast video of the act
lando nightclub shooting, the Umpqua shooting, styled like a first-person-shooter video game,
and this month’s Sutherland Springs shooting. the New York Daily News published the images
Kelly McBride, vice president of the Poynter on the front page. Gawker’s Sam Biddle an-
Institute for Media Studies, has for years criti- swered critics of the cover by praising the pa-
cized calls for media restraint in such coverage. per’s bravery. In a Los Angeles Times piece last
But this year, she and Poynter endorsed a set of week, senior editorial writer Michael McGough
best-practice guidelines specifically aimed at briefly pointed to questions unanswered by
avoiding the contagion effect. They include nam- studies of the contagion effect before dismissing
ing the perpetrator only when necessary, avoid- calls not to name shooters as “moral preening.”
ing potentially glorifying images and eschewing The press has long understood that there is a
superlatives such as “deadliest ever” to promote complicated balance to strike in reporting on
coverage. Reached by email, Ms. McBride said, matters such as suicide, national-security intelli-
“As researchers have surfaced more sophisti- gence and the details of bomb-making. As the
cated ideas about contagion, I’ve worked with latest research and the spate of recent killings
them to ensure that the recommendations dove- suggest, we urgently need to have the same sort
tail with sound journalistic practice.” of conversation about mass shootings.
But restraint remains the exception rather
than the norm. The Poynter guidelines have re-
ceived limited attention, and there is little evi- Mr. Schulman is the editor of the New Atlan-
dence that they have changed reporting prac- tis: A Journal of Technology and Society.
THE WALL STREET JOURNAL.
WORD ON
THE STREET:
BEN ZIMMER
The Beltway
As a Target
Of Populists
POPULISTS on both the left and
the right sides of the political
spectrum share an imagined ge-
ography of the U.S. based on the
Capital Beltway, the highway that
loops around Washington, D.C.
Everything “outside the Beltway”
is the genuine America, while ev-
erything “inside the Beltway” is
suspect at best and irredeemably
corrupt at worst.
In September, after Roy Moore
won a Republican Senate primary
in Alabama against Sen. Luther
Strange, the hard-right website
Breitbart News boasted about its
influence on the race, and partic-
ularly that of executive Steve Ban-
non, who rejoined the site after
serving as chief strategist to Pres-
ident Donald Trump. “Bannon,
and Breitbart, are no longer just
the most hated names inside the
Beltway. Now, they are also the
most feared,” wrote Joel Pollak.
Meanwhile, on the left, Ver-
mont Sen. Bernie Sanders wrote
in a recent editorial for Politico
Magazine that the Democratic
Party “cannot remain an institu-
tion largely dominated by the
wealthy and inside-the-Beltway
consultants.”
How did “the Beltway” become
such a sharp demarcation line,
the rhetorical separator between
the bubble of political insiders
and the concerns of the rest of
the country?
A road circumnavigating Wash-
ington was first planned in 1950,
though there was initial confusion
about what to call it. It is offi-
cially designated Interstate 495,
but early on it was known as the
Washington Circumferential High-
In metonymy,
something takes
the name of a
related thing.
way. In 1960, the Maryland and
Virginia highway authorities set-
tled on “the Capital Beltway,”
though some disagreed about
whether it should be spelled
“Capital” (since Washington is the
nation’s capital district) or “Capi-
tol” (since the Capitol Building
houses the U.S. Congress). “Capi-
tal” was seen as more inclusive of
the D.C. region.
After the highway was com-
pleted in 1965, “Capital” was of-
ten dropped in common use
among the locals, and the road
simply became “the Beltway.” Be-
yond labeling a highway, “the
Beltway” turned into a kind of
metonym, a figure of speech in
which something takes the name
of another thing with which it is
closely related. (Calling the fed-
eral government “Washington”
or referring to Congress as “Cap-
itol Hill” are also examples of
metonymy.)
In 1970, when Arthur M. Carter
was named the editor of the
Washington Afro-American, he
wrote a political column for the
newspaper titled “Inside the Belt-
way.” And in 1975, a New York
Times article observed that
doubts about the Warren Com-
mission report on John F. Ken-
nedy’s assassination had pene-
trated “inside the Beltway.”
The expression gained steam
during the administration of
Jimmy Carter, who sought to
shake up the Washington bureau-
cracy. An assistant to Mr. Carter
tasked with reorganizing federal
agencies, Richard Pettigrew, re-
turned to his home state of Flor-
ida in 1979 frustrated that he was
unable to make much headway
against forces “inside the Belt-
way” favoring the bureaucratic
status quo, as he told the Talla-
hassee Democrat at the time.
Reached by phone, Mr. Pettigrew,
now retired in Miami, said that as
far as he can tell, “inside-the-
Beltway” thinking that opposes
efforts at government reform is
just as strong as ever.
Answers
to the News Quiz on page C21:
1.D, 2.C, 3.B, 4.C, 5.B, 6.A, 7.D,
8.C
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | C5

ALL HOLIDAY BOOKS ILLUSTRATIONS BY DOUGLAS JONES

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C6 | Saturday/Sunday, November 18 - 19, 2017
‘Words make you think thoughts. Music makes you feel a feeling. A song makes you feel a thought.’ —E.Y. ‘Yip’ Harburg
WE ORDINARY mortals want to
know where artists get their mate-
rial, says Freud, and how they
make us feel emotions we hadn’t
thought possible. But if we could
all figure out where songs come
from, we’d each be sobbing into
the mike as we clutched our
Grammys and thanked our moms
for making us take piano lessons.
Happily, for every musician who
soars over our heads, there is a
down-to-earth writer committed to
telling us as much as can be known
about that artist’s body of work.
In “Uncommon People: The
Rise and Fall of the Rock Stars”
(Holt, 305 pages, $30), David
Hepworth slyly intimates that rock
stars, like big-screen cowboys, are
both passé and eternal. He does so
in 41 short chapters on figures
from Little Richard to Prince and
even the heroes of “Spinal Tap.”
Is Joni Mitchell “the most influ-
ential female recording artist and
composer of the late twentieth
century”? David Yaffe makes the
case in “Reckless Daughter: A
Portrait of Joni Mitchell” (Farrar,
Straus & Giroux, 420 pages, $28),
likening her to a Renaissance por-
trait artist in her mastery of “the
chiaroscuro of human emotion, the
overtones beneath the chords, the
resonance of existence.”
How can Ben Greenman’s “Dig
If You Will the Picture: Funk,
Sex, God, and Genius in the
Music of Prince” (Holt, 286
pages, $28) not be on this year’s
list? All things being equal, the
best book is going to be written by
the biggest fan, and Mr. Greenman
kicks things off by saying that he
bought four copies of Prince’s
album “1999” as his born-again
parents disposed of each one by
one, finally persuading a friend to
record the album as a much more
concealable cassette.
Arturo Toscanini was uncannily
talented as a child, according to
Harvey Sachs’s “Toscanini: Musi-
cian of Conscience” (Liveright,
923 pages, $39.95). Perhaps that’s
why he was so demanding as a
conductor, often “breaking batons,
screaming obscenities, tearing up
scores, knocking over his music
stand, and hurling insults.” He took
on audiences as well, and when a
crowd in Palermo rushed the stage,
he had to be rescued by local
mafiosi, though one wonders if the
extra muscle was really necessary.
While each of the choices above
are worthy, if you read only one
music book this year, it should be
“Good Booty: Love and Sex, Black
and White, Body and Soul in
American Music” (Dey Street,
418 pages, $26.99) by Ann Powers.
Her survey begins in the slave era
and ends yesterday, covering the
Hendrixes and Joplins and all the
unknowns as well. Ms. Powers’s
description of a Grateful Dead
concert could also be a description
of the pleasures of music as a
whole. “This is how the thousand-
headed god manifests,” she writes,
“not through stars’ performed
prowess but in a vast circle where
everyone is pleasuring and being
pleasured.”
And if Santa has room for one
more book in his sack, it should be
an honorary music book of sorts,
Joel Dinerstein’s “The Origins of
Cool in Postwar America” (Chi-
cago, 541 pages, $40). Mr. Diner-
stein doesn’t limit his coverage to
music; his comprehensive study
looks at film and literature as well,
though of course the pop and jazz
greats of the period are featured
prominently: Sinatra, Billie Holi-
day, Miles Davis, Lester Young.
Besides, there’s no such thing as
being partially hip. Either you dig
it all, or you don’t dig anything.
Have a cool Yule, everybody.
—Mr. Kirby is the author of
“Crossroad: Artist, Audience, and
the Making of American Music.”
Lullabies of Birdland
The Great Jazz and Pop
Vocal Albums
By Will Friedwald
Pantheon, 402 pages, $40
BY TED GIOIA
THE RELATIONSHIP between jazz
and pop culture reminds me of one of
those turbulent Hollywood mar-
riages. Sometimes it’s exciting, filled
with passionate, public embraces. But
just as often, there’s a nasty breakup
with only indifference or hostility be-
tween the former soul mates.
Over the last few years, the jazz-pop
relationship has gotten sexy again. If
you doubt it, just gaze at the stars and
chart their courses. Hip Hopper Kend-
rick Lamar has opened up a promising
dialogue between rap and jazz. David
Bowie hired jazz musicians for his last
album, “Blackstar,” and created a genu-
ine masterpiece. Bob Dylan started re-
cording Frank Sinatra songs. And then
a host of movies (“Whiplash,” “La La
Land,” “Born to Be Blue,” “Miles
Ahead,” “Nina”) sealed the deal.
GETTY IMAGES
Against all odds, jazz has gone main-
stream again. It won’t last long—it never
does—but enjoy it while you can. This
genre blending is creating some of the
most exciting music on the current scene.
A few old-timers, however, remem-
ber an earlier marriage between jazz
and pop. Now that was real sexy—back
when Sinatra songs were sung seduc-
tively by Sinatra himself, not a Nobel
laureate. This first golden age of pop-
flavored jazz started around the same
time as the birth of the record album,
gained momentum during the course of
the 1950s and only gradually fell apart
in the 1960s. Many listeners believe this
period marks the high point of Ameri-
can popular music.
No critic has done a better job of
chronicling this post-World War II
love affair between jazz and pop than
Will Friedwald. I’ve followed his work
with interest since the 1980s, first dis-
covering his writing in the Village
Voice and then enjoying his seminal
1990 book “Jazz Singing.” In subse-
quent years, Mr. Friedwald seemed
everywhere in the world of jazz-pop
vocals (including the Journal’s arts
pages). He collaborated with Tony
Bennett on the singer’s autobiography,
wrote a definitive book on Sinatra and
penned countless essays and liner
notes on singers famous and otherwise.
In his new book Mr. Friedwald builds
on his unique expertise in defining a
canon of 56 classic jazz and pop vocal
albums. But this is anything but one of
those glib “list” books so popular nowa-
days. Mr. Friedwald digs in deeply in his
analysis—almost every album gets
That’s the Way They Liked It
Florida Soul
By John Capouya
University Press of Florida,
396 pages, $24.95
BY TONY FLETCHER
THE PROBLEM WITH calling a book
“Florida Soul,” as author John Ca-
pouya concedes in his introduction, is
that no such genre exists. When we
talk of Philly soul, or the music of
Detroit’s Motown, we are speaking of
specific cities during a particular
period. Often the distinct sound we
hear is the result of the same set of
musicians, constantly returning to the
same studio. Florida, by comparison, is
a vast state; and soul music has
spanned multiple generations, spawn-
ing many different interpretations.
Still, based on the 20 profiles in Mr.
Capouya’s compelling book, Florida’s
scene deserves a spotlight. This is not
because Ray Charles spent his first 20
years crossing his home state on a
quest for success. (Charles only found
fame after moving to Seattle.) Nor is it
because, as the title of one chapter has
it, “The Twist Came From Tampa.”
(The song that identified the dance
was written and performed by a
Detroit act, Hank Ballard and the
Midnighters, and immortalized by a
Philadelphian, Chubby Checker.)
Instead, the real story of Florida soul
is to be found when Mr. Capouya, an
associate professor of journalism and
writing at the University of Tampa,
delves into the state’s musical lineage.
He cites, for example, the importance of
Florida Agricultural & Mechanical Uni-
versity’s marching band, the Marching
100, heard in the stirring music of
Miami’s Deep City Records. Founded in
1964 by FAMU students Willie Clarke
HOLIDAY BOOKS
OL’ BLUE EYES & THE QUEEN OF JAZZ Frank and Ella in concert, May 9, 1958.
more than 5,000 words of attention.
Each track is weighed in the balance. In
fact, Mr. Friedwald assesses virtually
every arranger’s trick, instrumental solo
and vocal inflection in his path.
Much of this music is familiar, even
overexposed, but Mr. Friedwald has the
ability to surprise us, even shock us
with his perspectives. He may have
already written thousands of pages on
jazz and pop singers, but he still wants
to make waves, defy the consensus and
topple the conventional wisdom.
Just consider the following. Sinatra
gets only two albums included in this
guide, but Doris Day earns three slots.
The rest of the Rat Pack fares even
worse. Dean Martin and Sammy Davis
Jr. are left out of the canon entirely, but
Barb Jungr and Robert Goulet make the
cut. And in the strangest twist of all,
Mr. Friedwald devotes a long sympa-
thetic essay to Tiny Tim, a mostly
forgotten ukulele-playing novelty act
who enjoyed the briefest half-life of
fame at the end of the 1960s.
In other words, this book wants to
provoke you. Mr. Friedwald is looking
for an argument. I suspect that, more
than anything, he wants to force you to
go back to the music itself, listen care-
fully, and make up your own mind.
This book certainly had that effect
on me. I wasn’t always convinced by
the author’s advocacy. I don’t see my-
self ever joining the Tiny Tim fan club.
and Johnny Pearsall, and reputedly the
first black-owned record label in Florida,
Deep City was run out of Pearsall’s Lib-
erty City record shop. In the mid-1960s,
the label scored several regional hits by
the likes of Helene Smith and Paul Kelly,
generally written and produced by Mr.
Clarke alongside the multitalented Clar-
ence Reid, but Deep City found a bona
fide star when in 1966 it signed 12-year-
old Betty Wright. Pearsall and Mr.
Clarke soon realized that promoting Ms.
Wright outside of Florida would be
beyond Deep City’s capabilities. Enter
Henry Stone, record producer and
owner of the much-bigger T.K. Produc-
tions, who offered manufacturing and
distribution, and to bankroll national
radio promotion. Mr. Clarke was amena-
ble to Stone’s advances, while Pearsall
declined, in part because Stone was a
Henry Stone recorded
Ray Charles in 1950,
and KC & the Sunshine
Band in the 1970s.
white man, and Pearsall saw Deep City
as being very much a black enterprise.
The split between the partners ended
Deep City’s short but influential run.
Race forms the uncomfortable
subtext that runs throughout “Florida
Soul.” Mr. Capouya acknowledges that
“soul is fundamentally an African
American art form, born in the era of
segregation and come to maturity dur-
ing the civil rights movement.” Black
artists and entrepreneurs in Florida
would pine for the halcyon days of their
local entertainment districts such as
Tampa’s Central Avenue and Miami’s
Liberty City, which were rent asunder
after integration. Then there is the
* ***
But in other instances I was glad for
Mr. Friedwald’s prodding—for example,
forcing me to revisit mostly forgotten
albums by Kay Starr and Della Reese.
And I give him a standing ovation
when he focuses on some of my favor-
ite unsung singers of the 1950s. Very
A great critic’s chronicle
of the postwar love affair
between jazz and pop.
few music fans under the age of 70
even recognize the names June Christy,
Jo Stafford and Lee Wiley. I fear that
their remarkable body of work will be
forgotten in the not-so-distant future.
But Mr. Friedwald gives them the same
lavish attention he devotes to Billie
Holiday and Ella Fitzgerald.
As these comments make clear, Mr.
Friedwald isn’t afraid to serve as advo-
cate for lost causes. I can’t recall a
single notable music critic in recent
decades championing the work of sing-
ers Eydie Gormé and Steve Lawrence, a
husband-and-wife team mostly known
for appearances on TV variety shows of
the 1960s, where they seemed hope-
lessly old-fashioned during the age of
rock ’n’ roll. But Mr. Friedwald pleads
eloquently on their behalf, and probably
story of Linda Lyndell, a white woman
who grew up among Gainesville’s
cotton fields and black gospel churches,
and had an R&B hit in 1968 with “What
a Man.” Ms. Lyndell caught flak from
whites in her youth for associating with
blacks and, following the assassination
of Martin Luther King Jr., from blacks
whom she had considered her own peo-
ple. The harassment pushed her to Cali-
fornia and into temporary retirement.
No one could harass Henry Stone. A
feisty 90 years old when Mr. Capouya
interviewed him (like several “Florida
Soul” subjects, he has since passed
away), Stone recorded the young Ray
Charles back in 1950-51. By the late
1960s, his empire included distribution,
recording studios, multiple record
labels and an acknowledged habit of
paying off DJs to make hits. This all
helped deliver on his promise to Reid
and Mr. Clarke, who continued to write
and produce the songs that made Ms.
Wright internationally famous, most
notably with 1971’s “Clean Up Woman.”
Stone also entrusted select younger
musicians with the keys to his studio:
among them was Harry Wayne Casey,
THE WALL STREET JOURNAL.
could convince any jury of their merits.
Of course, this author brings an
important advantage to this project. By
my estimate, he knew personally at
least two-thirds of the singers and
arrangers mentioned in these pages.
And he clearly grilled them for informa-
tion on recording sessions and songs,
pulling out details that would otherwise
be lost not only to us but to history.
He wasn’t always successful. Doris
Day, still alive at age 95, apparently has
little interest in her old records. “Doris
refuses to be impressed by anything in
her own catalogue,” Mr. Friedwald
complains at one juncture, noting that
in all of his conversations with her she
refuses to see any of her albums as
worthy of note. When he interrogated
Anita O’Day on details from her ghost-
written memoir “High Times, Hard
Times” (1981), the singer “gleefully
announced that she had never read her
own autobiography.” But our indefati-
gable critic perseveres, defending even
those who won’t defend themselves.
Mr. Friedwald includes a lengthy
essay at the beginning of his book on
the history of the pop vocal album. He
offers the best account I’ve read of the
business and aesthetic issues behind
the rise of this platform for modern
music. But he clearly sees the album as
a dying format in the age of streaming,
and his whole book is colored by a
wistful end-of-an-era attitude.
Perhaps that’s the very reason why
Mr. Friedwald decided that the time
had come for him to share his list of
canonic jazz-pop vocal recordings. The
party is over, he seems to say, and the
best we can do is spin those classic
discs one more time. I’m not so pessi-
mistic, and wish he had made more
space in these pages for the current
crop of singers. He does give an in-
depth appraisal of Cassandra Wilson’s
work, but there’s plenty of other music
happening that measures up to the best
from the Cold War years. Check out
Cécile McLorin Salvant’s new album,
“Dreams and Daggers,” or the impres-
sive body of recordings by (for starters)
Kurt Elling, Gregory Porter, Diana Krall
and Ian Shaw.
But if I am more optimistic than Mr.
Friedwald about the fate of the jazz-
pop album, I do fear the disappearance
of the kind of insightful long-form
music criticism featured in this book.
You rarely encounter thoughtful 5,000-
word assessments of albums anywhere
nowadays. They may not be extinct, but
they do belong on the endangered
journalism list. Great musicians and
brilliant albums aren’t going away, but
loving appraisals as judicious as Mr.
Friedwald’s are sadly in short supply.
Mr. Gioia is the author, most
recently, of “How to Listen to Jazz.”
who repaid that trust by co-writing and
playing on George McCrae’s 1974 No. 1
hit, “Rock Your Baby,” and whose KC &
the Sunshine Band had four No. 1 pop
hits for Stone in the late 1970s.
Many readers may not view KC’s
“That’s the Way (I Like It)” and “Get
Down Tonight” as true soul music but
rather mass-market disco. Mr. Capouya
admits that Mr. Casey was but an
“adequate” singer of “banal” lyrics; he
also notes that the Sunshine Band’s
music, which started out as an enthrall-
ing confluence of Bahamian Junkanoo
music and American R&B, became
something “easily accessible to the
widest swath of mainstream listeners
and dancers, drunk or sober.” This crass
commercialization of a once-innovative
minority sound could have provided a
familiar and depressing finale to
“Florida Soul.” Thankfully, Mr.
Capouya also profiles African-
American members of “the T.K.
Family”—singer Benny Latimore,
guitarist Little Beaver and bassist
Chocolate Perry—and dedicates a
musically insightful chapter to
Timmy Thomas’s signature hit,
“Why Can’t We Live Together,”
which Mr. Capouya considers “the
most distinctive and enduring song in
the entire Florida soul canon.”
The careful structure of that state-
ment confirms again that Florida soul
remains a musical misnomer. But given
how much great regional American
JOHN CAPOUYA/UNIVERSITY PRESS OF FLORIDA
soul music remains to be rediscovered,
analyzed and archived, Mr. Capouya is
to be commended. The casual fan will
enjoy dipping in and out of these
stand-alone stories; the hard-core
fanatic will relish wading deep into the
musical waters.
Mr. Fletcher is the author of
“In the Midnight Hour: The Life
& Soul of Wilson Pickett.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘Vanity Fair (n.): A place or scene of ostentation or empty, idle amusement or frivolity.’ —American Heritage Dictionary, 5th ed.
Tina Brown’s Me Decade
The Vanity Fair Diaries
By Tina Brown
Holt, 436 pages, $32
BY EDWARD KOSNER
TINA BROWN HAS fashioned a glit-
tery career out of brains and flair, a
rarer combination among magazine
editors than you might think. Arriving
in New York from London’s Tatler in
1983, she jump-started Vanity Fair and
performed CPR on the New Yorker,
then oversaw the train wreck Talk
(bankrolled by Harvey Weinstein) and,
briefly, the husk of Newsweek when it
was merged with her Daily Beast web-
site. She’s now in business with the
New York Times as the impresario of
the Women in the World global gab-
fests. She has lost lots of money for
most of her mogul backers but re-
warded them with ample “buzz,” the
prized chatter among the cognoscenti
that her efforts invariably produce.
People tend to settle into two
camps about Tina Brown. One school
hails her brilliance as a pitch-perfect,
inventive editor and quicksilver
writer, the author notably of a 2007
best seller about Diana, Princess of
Wales. The other acknowledges her
manifest talents but giggles at her
penchant for self-dramatization and
relentless self-promotion.
Both Tinas are on offer in “The
Vanity Fair Diaries,” billed as the jour-
nal she compiled during the eight-plus
years she turned the stillborn Condé
Nast slick into a hot magazine of the
roaring 1980s. For those of us who
toiled in magazines during the last
decades of the 20th century—what is
ROBERT RISKO
increasingly looking like an Augustan
Age—reading “The Vanity Fair Diaries”
is like a stroll down memory lane or
through nightmare alley, depending on
your point of view.
The conceit of the “Diaries” is that
Ms. Brown scribbled the entries in
blue school notebooks at odd mo-
ments, sometimes after middle-of-the-
night feedings for her two infants.
When she excavated the notebooks
years later, she writes, she discovered
that she had compiled a publishable
record of her Vanity Fair adventures. If
that’s the case, she’s an even more
accomplished writer than any of us
imagined, because nearly every sen-
tence in these off-hours jottings is pol-
ished to such a high sheen that the
reader risks blindness from the glare.
The master diarist Samuel Pepys
could record the epic events of London
in the 1660s—the restoration of
Charles II, the Great Fire, the Great
Plague—and the Goncourt brothers’
Parisian journals of the 19th century
were full of Baudelaire, Flaubert and
Zola. Ms. Brown has to make do
mostly with the social flotsam and
jetsam of the 1980s. But, characteristi-
cally, she gives it her all.
I’m at both an advantage and a dis-
advantage in writing about this book:
I know everyone (except her Britpack
of imported staffers) in the diaries. So
I can judge how fairly Ms. Brown cap-
tures her vast dramatis personae, but
my interest in them may not reflect
civilian fascination, such as it may be,
with the Alexes, Clays, Kays, Henrys,
Toms, Normans, Gays, Ralphs, Joan
Juliets, Calvins, Abes, Bens, Sallys,
Morts and Irises that stud its pages.
There are dozens of other late-20th-
century luminaries here, but you get
the idea. I’m in there, too, but briefly
and generally benignly.
Ms. Brown has a David Levine-like
touch for caricaturing her subjects. Si
Newhouse, the proprietor of Condé
Nast and her patron at Vanity Fair, is
“nebbishy” and occasionally a “happy
chipmunk”; Henry Kissinger, “a rum-
bling old Machiavelli”; Tom Wolfe,
“tall and thin like a candle in his white
suit”; Oscar de la Renta, “a sleek pan-
ther”; Gore Vidal, a prancer with “a
high-stepped pussycat walk.” But she
can be off-key, too. She egregiously
misreads Charlotte Curtis, the no-
nonsense Midwesterner who revolu-
tionized the New York Times’s social
coverage in the late 1960s and ’70s, as
“a bogus grandee . . . a coiffed aspara-
gus, exuding second-rate intellectual-
ism.” At another point, she portrays
Clay Felker, the renowned creator of
New York magazine, as jealous of her
Vanity Fair success—theoretically pos-
sible but distinctly unlikely.
It’s fair to say that editing a glossy
monthly, even salvaging one as mori-
bund as Vanity Fair—a Jazz Age title
that initially foundered under two
other editors after Newhouse revived it
in 1983—shouldn’t be one of life’s most
fraught enterprises. Yet Ms. Brown
invests her narrative with so much
drama that a layout meeting with Alex
Liberman, Newhouse’s Russian-émigré
consigliere, tingles with heart-stopping
* * * * Saturday/Sunday, November 18 - 19, 2017 | C7
HOLIDAY BOOKS
at Alfred Taubman’s birthday party? Or
whether Annie Leibovitz once blew a
photo shoot with a starlet? Or whether
the terrifying movie PR woman Pat
Kingsley staged a tantrum because her
pet client Tom Cruise didn’t make an
early Vanity Fair cover? Probably not.
This is a long book, and by the end
readers may feel concussed by the
torrent of dropped names and sated by
the rich pudding of flash anecdotes.
But there are rewards embedded in
the dense text, among them this mis-
chievous glimpse of Jacqueline Onassis
at a 1991 book party: “She looks into
your face, not your eyes. . . . In fact,
Brown perfected the mix
of high and low—art,
Hollywood, dictator chic
—that can make a glossy
magazine irresistible.
‘crazed’ is what I decided about
Jackie by the end of the evening. I felt
if you cleared the room and left her
alone, she’d be in front of a mirror,
screaming.” Ms. Brown ends the book
as she takes over the New Yorker, list-
ing all the choice contributors she
brought to the magazine, some of
whom are stalwarts of her successor
David Remnick’s editorship.
As it happens, Ms. Brown’s reminis-
cences appear just as her successor at
Vanity Fair, Graydon Carter, is stepping
aside after 25 years. VF lost money at
the start under Ms. Brown, but Mr.
Carter tweaked the formula she’d cre-
ated and turned the magazine into a
dynamo of profit and prestige until it,
too, inevitably began to lose oomph.
Mr. Carter and the rest of us who love
the ephemeral pleasures of magazines
owe Tina Brown a debt for, among
angst. So does a sidelong glance from And that’s a central problem with receded into the murk of memory, other things, fine-tuning the
the omnipotent if diminutive Si. I had the book. It covers the period 1983 to taking with them most of the transient insouciant, know-it-all voice that still
conversations much like Ms. Brown’s 1992, which, after all, is 25 to 34 years characters on which Ms. Brown resounds in the twilight of the glossies.
with these two worthies and found ago. Ms. Brown does an exquisitely lavishes her formidable skills. Should
them to be soft-spoken suits so low- pointillist job of capturing this circus anyone today really care about what Mr. Kosner was the editor of
key that they could have been a couple of an era. Exciting as these years may Reinaldo Herrera overheard Gayfryd Newsweek, New York, Esquire
of funeral directors with exquisite have seemed at the time, they have Steinberg saying to Betsy Bloomingdale and the New York Daily News.
manners. (They asked me to be the
first editor of the reincarnated Vanity
Fair, but I demurred, knowing that I
could never do as good a job as Tina
eventually did. I suggested that Tom
Wolfe was their man, if they could talk
him into it.)
At Vanity Fair, Ms. Brown per-
fected the art of the mix, that magic
blend of high and low—Hollywood
and high culture, dictator chic, clever
fashion, Eurotrash, true crime and
literary reminiscence—that can make
an upmarket magazine irresistible.
She brings the same touch to this
Connect. Listen. Discuss.
memoir. Her quick take on Harry
Benson’s 1985 White House cover
shoot of Ronald and Nancy Reagan
dancing and kissing is a fetching
example. Brittle entries about Enhance family road trips with audiobooks.
Nouvelle Society grotesques are bal-
anced by affecting passages about her
son George, born two months pre-
maturely in 1986, and his develop-
mental struggles, and her marriage to
the distinguished British newspaper
editor Harry Evans, 25 years her
senior. And she makes no secret of
her insecurities and ambitions as a
new mother and as a British-born
editor in cutthroat New York. “I
wanted to [get] to Manhattan—and
conquer it,” she writes. “New York
was the big time, the wider world, the
white-hot center, and that’s where I, a
girl of the arena, wanted to be.”
There’s a great deal about office
politics at Condé Nast, which also pub-
lishes the New Yorker, Vogue, GQ,
Glamour, Architectural Digest and
other glossies. Backstabbing, sucking-
up, fear and loathing are all routine. At
one point she quotes Liberman on
“planting the poison”—turning New-
house against some unfortunate. She
soon comes to realize, as all of us do,
that working for a billionaire propri- Visit TryAudiobooks.com/family
etor whose name could be on the
building is an updated if déclassé ver- for a free download
sion of life at the Sun King’s Versailles,
with its rumors, schemes, histrionics
and viperish courtiers.
As the “Diaries” progress, Ms.
Brown’s values come into focus. People
she likes, especially those who toiled
for her, are invariably “brilliant,” “fear-
less,” “creative,” “tireless.” Those she
dislikes get savaged. She twins Andy
Warhol with the malevolent Roy Cohn
as “the two most amoral men of our
times.” She calls the aging-bad-boy
movie producer Robert Evans “the
nearest thing to the devil of anyone I
have encountered.” By the end of the
book she has a bad word for or an
embarrassing observation about nearly
everyone. The blow is eased for many Also available in hardcover
of her targets because they’re dead or and ebook formats.
so long out of power that they’re
mostly a blank to readers today.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

HOLIDAY BOOKS
‘Good design is intelligence made visible.’ —Frank Pick

WE DON’T THINK much about

public seating: We spy an empty
bench and deposit ourselves on
its accommodating surface. Land-
scape architect Laurie Olin, how-
ever, has spent a lifetime reflect-
ing on how and where we sit,
especially outside. “Be Seated”
(Applied Research + Design, 213
pages, $34.95) contains his rumi-
nations on the nature and design
of public places for hanging out
and the ideas behind his commis-
sions for such spaces as New
York’s Bryant Park. The book is
graced with Mr. Olin’s charming
sketches and disarming observa-
tions: “An individual approaching
a chair will often move it slightly,
even if barely an inch or two, as
an act of taking possession before
sitting on it.”
It is an agreeable surprise that
a book as lavishly, seductively and
profusely illustrated as “Chip
Kidd: Book Two” (Rizzoli, 318
pages, $60) should also have a
terrific text. In addition to hom-
ages from the likes of Haruki
Marukami and Orhan Pamuk, Mr.
See You in the Funny Papers
As the chapter titled “The Art of War”
Cartoon County demonstrates, many discovered or
By Cullen Murphy honed their talents as cartoonists,
Farrar, Straus & Giroux, 260 pages, $27 caricaturists and illustrators while
serving as soldiers in World War II.
BY JOHN CANEMAKER John Murphy himself drew profusely
during the war, when he served in the
Pacific as part of Gen. Douglas Mac-
ONCE UPON A TIME, in the middle Arthur’s staff. Illustrations throughout
of ye olde 20th century, Prince “Cartoon County” pulled from Mur-
Valiant, Beetle Bailey, Superman, the phy’s sketchbooks demonstrate his
Wizard of Id, Hi and Lois, Joe versatility in painting portraits and
Palooka, Blondie and Dagwood, caricatures. But his start came much
among others, lived happily in a not-
so-far-away kingdom in southwestern
Connecticut. Or rather, their creators For 50-odd years, Fairfield
did: a cohort of close-knit cartoonists
and illustrators who brought a touch County, Conn., was the
of nonconformity to the land of gray cartoon capital of the world.
flannel-clad Mad Men. For five
decades, toon makers living near each
other in Fairfield County conjured and earlier. As a teen in New Rochelle, N.Y.,
drew a cornucopia of famous comic his neighbor was Norman Rockwell,
strips, magazine gags and advertising who engaged Murphy as a model for
illustrations. Why Fairfield? Because one of his Saturday Evening Post
after World War II the combination of covers and soon recognized the boy’s
a bucolic, affordable home in which to ability to draw. Rockwell mentored
raise a family, the lack of a state Murphy in painting and composition
income tax, plus the explosion of job and even arranged for him to receive a
FARRAR, STRAUS & GIROUX

opportunities in nearby Manhattan’s scholarship to the Art Students League

Kidd’s own accounts of the evolu-
tion of his eye-grabbing book
jackets offer object lessons in
how a visual idea comes to frui-
tion through trial and error while
also revealing insights into a craft
whose aim is to prove that, yes,
you can judge a book by its cover.
Two engagingly illustrated vol-
umes celebrate the accomplish-
ments of “forgotten” women
designers of different eras. “May
Morris” (Thames & Hudson, 224
publishing industry enticed many
cartoonists and illustrators to relocate
an hour north of Gotham.
This special community of mid-
century print cartoonists, their lives
and their contributions to American
culture, get a witty, instructive and
ultimately touching treatment in “Car-
toon County,” written by Cullen Mur-
phy, editor-at-large at Vanity Fair. Mr.
Murphy knows intimately the milieu of
which he writes. His father, John Cul-
len Murphy, drew the popular dra-
matic strips “Big Ben Bolt” and “Prince
Valiant,” the latter of which the elder
Murphy took over when Hal Foster,
the strip’s creator, retired from draw-
ing duties in 1970. The younger Mur-
phy worked with his father on “Prince
Valiant” for 25 years, gaining hands-on
experience in the craft of popular art
making. That, and his familiarity with
his family’s artist neighbors, form the
heart of a personal account he shares
here with great affection and veracity.
A particular joy is Cullen Murphy’s
eye for detail. His elegant, immersive
writing welcomes the reader into his
father’s Cos Cob studio, a cluttered
room like so many of his fellow car-
MEDIEVAL EPIC Sketch by John Cullen Murphy for a 1991 episode of ‘Prince Valiant.’
toonists’. Diffuse lighting from north-
ern picture windows fills the room, as
does the smell of oil paint, pipe
tobacco and the chemical fixative
used for Polaroid snapshots—taken by
the artist of himself, or of family
members, as a reference for drawing
comic-strip poses just right. A large
drawing board spattered with paint
and ink is described by the author as
“creating an inadvertent pattern as
intricate as a Pollack.” The drawing
itself, on plate or vellum paper, gets
worked over with a Hunt No. 102 pen
nib (“good for ordinary lines”) or a
Gillott No. 170 (“best for lettering”).
Sounds heard in the studio might
include “Million Dollar Movie” on a
black-and-white television or a joking
conversation with a visiting cartoon-
ist: “The cartoon starbursts that con-
vey intoxication are called ‘squeans,’ ”
someone might say, using terminol-
ogy invented by Mort (“Beetle Bai-
ley”) Walker, “and the wavy lines that
convey aroma are called ‘wafterons.’ ”
Fascinating, too, are the lessons in
storytelling that the younger Murphy
received directly from Hal Foster: how
to build a narrative arc, the relation-
ship between the pictures and words
on the page, the power of the space
between panels, the importance of
character. Foster, who had “the look
of Walter Cronkite and the manner of
God’s Canadian younger brother,”
turns out to have been grooming the
aspiring writer to take over story-
writing duties for “Prince Valiant,”
which Mr. Murphy eventually did
several years later and continued for
close to three decades.
Cartoon artists of that era were
predominantly male, straight and
white. Some had fine-art studies some-
where in their eclectic backgrounds.
of New York, the venerable school
founded by artists in 1875.
Today the 80-year-old “Prince Val-
iant” survives as one of the longest-
running adventure strips in the world.
But the circumstances in Cartoon
County have changed. “The New York
newspaper strike of 1963,” Cullen
Murphy writes, “had many repercus-
sions.” Newspapers cut costs and
reduced page sizes, so that “the funny
strips were barely legible and the dra-
matic ones had shed their grandeur.”
The number of periodicals and
adverts declined. Ultimately, old age
caught up with the community of car-
toonists. John Murphy drew “Prince
Valiant” until his death in 2004.
Yet the irrepressible sense of hu-
mor of so many of these men prevailed
even in the end. When the paramedics
found the New Yorker’s WASP-skewer-
ing Charles Saxon after he suffered a
heart attack, writes Mr. Murphy,
Saxon’s last words were: “I guess I’d
better die; I just broke our best lamp.”
Mr. Canemaker, an Oscar-winning
animator, blogs at animated-
eye.johncanemaker.com/

The Art of the Deal

pages, $40) pays long overdue
homage to the brilliant innova-
tions of the daughter of famed
Arts and Crafts Movement founder
William Morris. A handsome
woman with a Pre-Raphaelite
profile, May took charge of the
embroidery department of the
family operation, became an
ardent Socialist and enjoyed a
brief romance with George Ber-
nard Shaw. One would like to
know more about this dashing
woman’s life, but the examples of
her embroidery and jewelry de-
signs offer ample testimony to her
special fin-de-siècle genius.
Some 30 years after May’s
success, as “Marguerita Mergen-
time” (West Madison Press, 144
pages, $39.95) makes clear, an-
other designer on the other side
of the Atlantic helped foment a
revolution in everyday textiles.
“She made a name for herself at a
time when it was particularly rare
for designers of table linens and
kitchenwares to obtain consumer
recognition,” comments Mergen-
time’s granddaughter Virginia
Bayer. Readers of a certain age
may remember Mergentime’s
linens based on American folk-art
motifs, but the real revelation
here are stunning tablecloths and
napkins from the 1930s that seem
years hardly seems impressive today; (Joseph Duveen, Michel Knoedler, dimmed Duveen’s star since his death
Rogues’ Gallery the benchmark was rather lower then. Wildenstein) and the evangelist of the in 1939, however.
By Philip Hook By the 18th century, Mr. Hook avant-garde (Paul Durand-Ruel, Others were less flamboyant. The
The Experiment, 298 pages. $25.95 writes, “the big money was in selling Ambroise Vollard and D.H. Dutch dealer E.J. van Wisselingh,
the art of the past.” Grand tourism, or Kahnweiler). The first variety sold according to Oliver Brown of the
BY MAXWELL CARTER the fashion for wealthy young English- prestige conferred by the past; the Leicester Galleries, was “one of the
men to travel across Europe acquiring second, the shock of the new. Whether most silent men I have ever known. He
Continental polish and paintings, forming the nuclei of the world’s would point to a picture, look at me
HAVE YOU HEARD this one? “A tie opened up “glorious opportunities” for grandest nonimperial collections or and stroke his beard without saying a
salesman, a professional ballroom the enterprising dealer and auctioneer. subsidizing, guiding and promoting word.” The Parisian dealer René
dancer-turned-shirtmaker and a knit- Sotheby’s was founded in 1744 (al- penniless artists, they were inextrica- Gimpel recalled that his countryman
wear factory manager walk into a bar though it specialized in books until the bly linked with museums, such as the Hector Brame “shows his pictures only
. . .” The punch line: They—Nathan early 20th century), Christie’s in 1766. Frick Collection in New York and the to people whose faces he likes.”
Wildenstein, Sidney Janis and Leo Finally, in the 19th century, the National Gallery in Washington, and These lively, self-contained sketches
Castelli—become three of the most instrumental modern dealer came into with visionary movements, notably help make sense of Mr. Hook’s vast
respected art dealers of the 19th and being. As the Pre-Raphaelite painter Impressionism and Cubism. and varied subject, which covers
20th centuries. In “Rogues’ Gallery: millennia of Western art. (Indeed, Mr.
The Rise (and Occasional Fall) of Art Hook’s publishers would have done
Dealers, the Hidden Players in the well to insert “Western” into his subti-
History of Art,” Philip Hook traces the tle.) While it contains nothing “new”—
profession’s unusual history.
Mr. Hook, an Impressionist and
modern-art specialist at Sotheby’s, A history of art dealership,
begins his story some 2,000 ago with
hopelessly literal Roman salesman- a curious trade whose
ship, relating Pliny’s observation that requirements include an
paintings were occasionally priced by
weight. The Dark Ages—that mother ability to flatter the rich.
of all bear markets—followed, with
the art trade “regather[ing] momen-
tum” in the 15th century. Where pic- what does nowadays?—“Rogues’
BRIDGEMAN IMAGES

to anticipate hard-edge and Mini-
malist art decades later.
“Golden Kingdoms” (Getty,
328 pages, $59.95), the catalog
that accompanies the current
exhibition of the same name at the
J. Paul Getty Museum, is a lush
compendium of ornaments, textiles
and other objects associated with
the gold-working cultures of the
ancient Americas. While the main
show here is 200-odd amazing ex-
amples of pre-Columbian design—
opulent masks, figurines of fearful
deities, a Mayan stela with Queen
Ix Mutal Ahaw in an imposing
tiered headdress—the essays are
also valuable for what they reveal
about these long-ago cultures: Gold
may not have carried the value we
ascribe to it now; the “smell of
metals was part of their allure,”
and certain fragile items, such as
feathers, “may have been the most
cherished materials of all.”
—Ms. Landi writes about art
and culture from Taos, N.M.
tures had been largely devotional,
commissioned by or centered on the
church, Renaissance merchants stoked
and sated the evolving demand for
mythological scenes, portraits and
“even” landscapes.
The advent of “art history”—with
Giorgio Vasari’s hagiographic lives and
an increasingly covetous European
aristocracy—encouraged colorful mid-
dlemen, not least the 17th-century
Dutchman Balthazar Gerbier. A failed
artist, Gerbier scoured the Continent
on behalf of George Villiers, the Duke
of Buckingham, touting his finds and
exalting his patron with the baldest
hyperbole. A Tintoretto nude was so
beautiful “that flint as cold as ice
might fall in love with it.” Lest Villiers
feel left out, he gushed: “Out of all the
amateurs and princes and kings, there
is not one who has collected in forty
years as many pictures as Your Excel-
lency has in five. . . . Our pictures, if
they were to be sold a century after
our death would sell for good cash,
and for three times more than they
cost.” A 300% appreciation over 100
GALLERY TALK Maurice Denis’s ‘Homage to Cézanne’ (1908) shows artists
gathered around a Cézanne canvas in the shop of the dealer Ambroise Vollard.
John Everett Millais conceded: “Where
the Artist knows of only one pur-
chaser, the dealer knows many, and
has no scruples of delicacy in accom-
modating what is choice and admira-
ble.” Between 1820 and 1840, when the
canny Victorian impresario Ernest
Gambart arrived on the scene, the
number of dealers listed in London’s
trade directory grew more than ten-
fold. In Mr. Hook’s telling, Britain’s
post-Napoleonic prosperity coincided
with an unprecedented vogue for con-
temporary artists, whose competitive
advantages were easy-to-prove authen-
ticity and, “under the guidance of deal-
ers,” the willingness to adapt (some
might say pander) to changing tastes.
Two molds had been set—those of
the Old Master “dealer-prince”
I share Mr. Hook’s admiration for
S.N. Behrman’s 1952 biography of
Duveen (“one of the funniest books
ever written about art”) and enjoyed
his greatest-hits rendition. Duveen,
from whom Andrew Mellon bought
nearly half of his collection, was, in Mr.
Hook’s words, “overburdened neither
with scruples nor with knowledge of
academic art history”; he gave restor-
ers “every encouragement to express
themselves creatively”; and he held
that “a high price was a mark of qual-
ity, and a low price a mark of the lack
of it.” His “below stairs” bribes (which
yielded such intelligence as the timing
of one irascible client’s bowel move-
ments) were legendary. Dubious attri-
butions by his grasping expert,
Bernard Berenson, have somewhat
Gallery” is consistently light, engaging
and fluently assembled.
Understandably, Mr. Hook becomes
more politic as he approaches the
present. His chapter on Peter Wilson,
the midcentury chairman of Sotheby’s
(where Mr. Hook has worked since
1994), is overlong and too laudatory.
Wilson ranks among the most original
characters featured in “Rogues’ Gal-
lery,” yet the darkest episodes under-
pinning his brilliance are elided. A
different perspective can be found in
the letters and biography of Bruce
Chatwin, who worked under Wilson.
As another contemporary put it, Wil-
son “would open Machiavelli’s eyes.”
In his 1752 farce “Taste,” the play-
wright Samuel Foote cataloged the
recipe for success in the art trade:
“Family connections, private recom-
mendations, and an easy, genteel
method of flattering.” Some things
never change.
Mr. Carter is the head of the Impres-
sionist and modern art department
at Christie’s in New York.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘Art comes to you proposing frankly to give nothing but the highest quality to your moments as they pass, and simply for those moments’ sake.’ —Walter Pater
No Photos. Ignore Labels. Just Look
Seeing Slowly
By Michael Findlay
Prestel, 247 pages, $29.95
BY ANDREW BUTTERFIELD
BY NUMERIC measures the art world
is thriving as never before. Museum
attendance is up—more Americans
visit museums in a year than go to all
sporting events combined—and the art
market is booming. Just 15 years ago
to pay $100 million for a painting or
sculpture was unthinkable; now some-
thing sells at that level several times a
year. This week a Leonardo sold for
$450 million.
Yet ask any collector, dealer or
curator who measures the health of
the art world by something other than
just dollars and crowds, and you are
likely to get a worried response. The
sheer scale of activity is transforming
museums and the market and driving
out the fundamental pleasures of look-
ing, thinking and feeling that draw us
to art in the first place. At the Vatican
and the Louvre, crowds are so large
that entire rooms become impassable;
other popular institutions like the
Metropolitan Museum of Art and the
Museum of Modern Art also have
worsening problems of crowd control,
even as they continue to expand. Few
in the crush and noise can pause to
consider what they are seeing.
According to multiple studies,
ALAMY
museum-goers usually spend only
about 10 seconds on any work they
look at—and that time includes read-
ing the wall label. In museums where
photography is permitted, some visi-
tors pass more time taking selfies with
their backs to the pictures than they
do actually looking at the works. Like
fast food, art is becoming a product
for rapid mass consumption.
To counter this change, some have
started initiatives to nurture a calmer
approach to viewing art. Slow Art Day,
an international movement, encour-
ages lengthy study of art in museums
and galleries; at Harvard the art histo-
rian Jennifer Roberts trains her stu-
dents in the practice of immersive
attention, whereby they look at one
work for three hours. Recent books in
praise of contemplative experience
include “On Slowness,” “Slow Cinema,”
“Slow Reading,” “Slow Movies” and
earlier this year, “Slow Art.”
Michael Findlay’s “Seeing Slowly:
Looking at Modern Art” is a fresh and
lively new book on the subject that
offers a short but penetrating analysis
of the problem, as well as a practical
guide to the steps a visitor to a
museum or gallery can take to see
with greater understanding and plea-
sure. Written by an eminent dealer of
modern art with more than 50 years of
experience, it offers an insider’s view
from someone who can remember
what museums were like before they
became a branch of the tourism indus-
try, and what the art market was like
before it became so fixated on cash
THE ENGLISH painter J.M.W.
Turner (1775–1851) had what could
be called a poignant later life. Of
sour disposition and given to con-
troversy, Turner in his last years
endured a failed gallery and ill
health. Even so, he left behind
several thousand oil paintings and
10 times that number of drawings
and sketches. The best works of
this artist, one of the first great
modernists, appear in “Turner’s
Modern and Ancient Ports:
Passage Through Time” (Yale, 163
pages, $45), with essays by Susan
Grace Galassi and others. The
anchor here are two paintings
purchased by Henry Clay Frick,
“The Harbor of Dieppe” (1825) and
“Cologne, the Arrival of a Packet-
Boat: Evening” (1826), which dis-
play Turner’s poetically unorthodox
paint handling and mark a turning
point in his traversement from nat-
uralism to semiabstraction. They’re
light, bright, awash in yellow
hues—and beautiful. Other paint-
ings buttress the featured duo, and
lots of drawings and small water-
colors lend insight into how the
artist worked and thought.
Beauty in the paintings of Alice
Neel (1900-1984) is considerably
less obvious, but for those who
appreciate the deliberately
awkward in modern art, her work is
both aesthetically and humanely
powerful. Neel—who first lived in
Greenwich Village (she was
described by her FBI surveillants as
* * * *
AN ALL-OVER EXPERIENCE A woman looks at ‘Mural’ (1943) by Jackson Pollock at an exhibition at the Royal Academy of Arts last year.
and fame. Although Mr. Findlay is apt
to quote from a wide range of literary
sources, including Wordsworth and
William James, the tone of the writing
is informal and casual; this is a deeply
personal book, full of autobiographical
details revealed with unabashed
candor. Discussing his response to
pictures he tells a surprising amount
about his wife, family and friends, and
he is unafraid to admit that great
works of art still have the power to
bring tears to his eyes.
In Mr. Findlay’s assessment art is
fundamentally sensory, experiential
and emotional, but nearly every sector
of the art world tries to change art into
something else. With more melancholy
than anger, he describes how museums
grew obsessed with marketing efforts
in order to increase attendance, and
how the press came to focus almost
exclusively on money when reporting
on the art trade. He recalls a time, not
so long ago, when collecting was
mainly for passionate enthusiasts,
whereas now many buyers merely seek
trophies to flash their wealth and
impress their friends. The author also
criticizes academia’s desire to reduce
art to little more than an illustration of
history. Approvingly, he quotes the
great 19th-century connoisseur Gio-
vanni Morelli, who wrote, “the history
of art can only be studied properly
before the works themselves. Books
are apt to warp a man’s judgment.”
a “romantic Bohemian type Commu-
nist”)—moved to Harlem in 1938 and
remained there for decades. A figura-
tive painter who specialized in
portraits of friends and neighbors,
she once said, “Whether I’m painting
or not, I have this overweening
interest in humanity. Even if I’m not
working, I’m still analyzing people.”
“Alice Neel: Uptown” (David
Zwirner, 144 pages, $55), by Hilton
Als, captures Neel, in her own
peculiar El Greco-esque style,
capturing the psychological essence
of her sitters.
Neel was a white artist often
painting black subjects, but the 170
HOLIDAY BOOKS
Mr. Findlay recognizes that, from
the beginning, art has often served as
a token of power, and that its study
can tell us much about the past and
present. But these are secondary val-
ues; its primary function is to be expe-
rienced. He does not say so, but his
A surprising number of collectors and even dealers feel
they lack understanding and fear making judgments.
No wonder the art world is full of anxious conformity.
view of art is humanistic, not hedonis-
tic, and ultimately goes back to Aristo-
tle. What he does tell us is that he was
raised Catholic and educated by
Jesuits, and he clearly retains the
sense that art has an almost spiritual
communicative power. Art is sensual
but should also stir the emotions and
provoke inspiration.
Mr. Findlay used to teach a course
called “Trusting Your Eye” and a
stated purpose of his book is “to
inspire confidence in your own taste.”
A surprising number of participants in
the art world, from first-time museum
visitors to seasoned collectors and
dealers, have an uneasy feeling that
they lack understanding, and that this
is a sign of their lesser status com-
pared to those more in the know. Mr.
Findlay wants to do away with such
works in “Soul of a Nation: Art in
the Age of Black Power” (Tate, 256
pages, $39.95), edited by Mark
Godfrey and Zoé Whitley, were
almost all made by black artists
between the 1963 March on Washing-
ton and the 1980s. They range from
the abstractions of Norman Lewis
and Howardena Pindell through the
academic realism of Charles White
and the narrative collages of Romare
Bearden to the sophisticated political
symbolism of Melvin Edwards and
David Hammons. This book is no
record of harmony among artists. For
example, Alvin Loving, the first black
artist to enjoy a solo exhibition at the
Whitney Museum, was castigated by
his racial confreres for employing
abstraction, an ostensibly “white”
style—reminding us that vigorous
artistic progress never comes from
unanimity.
In fact, rampant personal ambi-
tion and ruthless competition has
been the order of the day since the
Renaissance, when artists emerged
out of the relative anonymity of the
Medieval guilds. Giorgio Vasari
(1511-74) was a painter and writer
who described the artists and his
time in “The Lives of the Most Excel-
lent Painters, Sculptors, and Archi-
tects,” a book many consider to be
the founding document of art his-
tory. Vasari, who knew and revered
Michelangelo, also wrote about other
masters, from Giotto to Leonardo da
Vinci, and was no mean painter him-
self: While still in his 20s, he became
Saturday/Sunday, November 18 - 19, 2017 | C9
fears. Throughout the book he advises
his readers to “pay no attention to
either popularity or price” and to
ignore the opinions of others, espe-
cially critics and gallerists. Instead
viewers should look, think, feel and
judge for themselves. Near the begin-
ning of the book he writes, “When a
voice of authority interprets a work of
art, we need the courage to tell our-
selves it is merely a suggestion, and
that the only truth is in what we see.”
Near the end, he makes a similar
recommendation, “Forget what your
spouse (or friend) thinks, and forget
art history . . . just decide for yourself.”
To achieve confident judgment, he
counsels that in a museum or gallery
you ignore every distraction from
visual experience. Don’t get the
audioguide, don’t download the app,
don’t read the wall label, don’t snap a
photo. Just look. The more you look,
the more you will know what it is you
like, and the more sure you will
become in your own taste. There is
no universal right answer; inevitably
we all respond differently to the
a court favorite of Alessandro
Medici. When Vasari was awarded a
desirable commission from Medici,
many of the other Florentine artists
around him became intensely jeal-
ous. “The Collector of Lives: Gior-
gio Vasari and the Invention of
Art” (Norton, 397 pages, $29.95),
by Ingrid Rowland and Noah Char-
ney, is a biography of the biographer
that’s also a bouncy summary of his
masterly book.
A big coffee-table art book that
gives you an intense case of the
wants isn’t a bad thing if it’s a desir-
able object in its own right and
there’s a lot to learn from it. “Design
in California and Mexico, 1915-
1985” (Prestel, 358 pages, $65),
edited by Wendy Kaplan, is a catalog
of beautiful man-made things—out-
side the fine arts—produced in our
most populous state and neighboring
country during the heart of the
previous century. The architecture
ranges from revivals of pre-Hispanic
and Spanish Colonial styles to great
and simple modernist buildings that
look like Mies van der Rohe flooded
with constant sunshine. Ceramics,
furniture and textiles are likewise
varied and stunning. My favorites
are the exuberant travel posters—
some of which are still obtainable at
non-Sotheby’s prices.
My father, a midlevel advertising
jack-of-all-trades, instilled in me a
fondness for fonts and their odd-
sounding titles—Griffo’s Italic,
Bremer Antiqua, Patrona Grotesk—as
stimuli of art. “You can only be
‘wrong,’ ” he says, “if you let the
opinion of others trump the conclu-
sions, albeit highly subjective, that
you reach as result of your own care-
ful and genuine engagement with
works of art.” Given the anxious con-
formity of so many in the art world,
this is particularly refreshing advice.
Mr. Findlay preaches two insights.
The first is that understanding is made
of experience, not just information.
Facts gained from books, and works
seen in reproduction are nothing more
than information. Only the living
acquaintance with art in its original
form can stimulate your senses and
thereby engage your emotions and
open your mind. Real knowledge and
secure judgment come from a lot of
looking, and nothing else. The second
is that “our emotions are forms of cog-
nition.” He writes, “We do not need to
know about the painting. We do not
need to identify the painting.” What
we need is to experience the painting
“with an affect that is sensuous, i.e., it
produces a sensation, an altered state
of mind, possibly a visceral feeling.”
This can only be done slowly and
calmly. Quoting T.S. Eliot, Mr. Findlay
tells us that when viewed this way, art
can transport us to “the still point of
the turning world.”
Mr. Butterfield is an art dealer,
historian and writer.
good as rock-band names if not
actual poetry in themselves. The
visual styles of typography to which
they refer are even better. In Paul
McNeil’s “The Visual History of
Type” (Laurence King, 672 pages,
$85) more than 320 faces, from the
mid-1400s to today, are displayed in
their initial design and early print-
ings. Some have veritable biogra-
phies: “Although hugely popular in
the early part of the 20th century,”
Mr. McNeil writes, “Venus did not
survive the technological transitions
to machine composition, photoset-
ting or the digital era.” Who knew
that the fate of a font could be poi-
gnant or, for that matter, that type
fonts could look so original?
Originality as an artistic virtue is
cheerfully debunked in Robert
Shore’s “Beg, Steal & Borrow:
Artists Against Originality” (Lau-
rence King, 192 pages, $19.99).
Although the main culprits—Picasso,
Duchamp, Warhol and Jeff Koons—
are obvious to nearly everyone, Mr.
Shore observes that “for every itera-
tion there’s a seemingly infinite num-
ber of modified reiterations—
successful memes spreading from
brain to brain (and, in the case of
internet memes, from computer to
computer) propagating themselves
through a process of continuous
mutation and blending.” That’s either
joyfully liberating or terribly depress-
ing. As is the holiday season itself.
—Mr. Plagens is an artist
and writer in New York.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, November 18 - 19, 2017
‘DAZZLING’ BARELY describes
“Remarkable Books: The World’s
Most Beautiful and Historic
Works” (DK, 256 pages, $30), a
visual feast compiled and annotated
by Father Michael Collins and four
contributors. Fit for a coffee table,
the volume begs to be read and
pondered, not just scanned. More
than 80 manuscripts and books,
beautifully illustrated in color, are
showcased, accompanied by
descriptions of their origins and
historical significance. The offerings
include literary classics, children’s
books, religious texts, scientific
treatises and political discourses.
Selections range from the Egyptian
Books of the Dead (ca. 1991-50 B.C.)
to Rachel Carson’s “Silent Spring”
(1962) and “Quotations From Chair-
man Mao” (1964). Unfamiliar titles
add to the adventure.
No personal or political relation-
ship has been more seminal in
American history than the one
between John Adams and Thomas
Jefferson, whose temperaments
could scarcely have been more
different. Collaborators in the cause
of American independence and both
U.S. ministers to Europe in the
1780s, they had become close allies
by the time of their service in
George Washington’s first adminis-
tration. And yet in advance of the
election of 1800 they turned into
bitter rivals, propelled by contrast-
ing conceptions of American repub-
licanism. All this and more, not
least renewed ties in their twilight
years, are explored in Gordon S.
Wood’s “Friends Divided” (Pen-
guin Press, 502 pages, $35). As
Mr. Wood shows, this tempestuous
friendship of five decades—finally
sundered when both men died on
July 4, 1826—had profound reper-
cussions for the young republic.
In “The Islamic Enlighten-
ment” (Liveright, 398 pages, $35),
Christopher de Bellaigue upends
Western conceptions of Middle
Eastern history, including persistent
images of a benighted civilization
rooted in the Middle Ages. The
Middle East over the past two
centuries, Mr. de Bellaigue writes,
has experienced pronounced prog-
ress in technology, communications,
democratization and human rights.
Inspired by the West, an enlight-
ened age of reform flowered in the
19th century. Although European
imperialism, oil and secularism are
but three reasons for the rise of
religious fundamentalism and the
“counter-enlightenment” of recent
decades, Mr. de Bellaigue finds
hope in the unprecedented ability
of millions of Muslims throughout
the world—owing to “technology,
literacy and the modern cult of the
individual”—to practice Islam
according to their own convictions.
At a time when Joseph Stalin’s
ghost is ascendant in Russia, Anne
Applebaum’s “Red Famine: Stalin’s
War on Ukraine” (Doubleday, 461
pages, $35) recounts in devastating
detail the Kremlin’s deliberate star-
vation in the early 1930s of millions
of people, chiefly in Ukraine, who
resisted Sovietization. Intellectuals,
village elders and, most of all, peas-
ants were deemed disloyal to the
state. The worst famine in Euro-
pean history ensued after millions
of rural households had been relo-
cated to collective farms. In the
wake of protests and poor crop
yields, Stalin sealed Ukraine’s bor-
ders, confiscated food and heaped
blame on the victims for a lack of
“revolutionary vigilance.” As Ms.
Applebaum argues, news of the
Holodomor (derived from the
Ukrainian terms for hunger, holod,
and extermination, mor) was bru-
tally quashed, too often with the
connivance of Western journalists
and foreign diplomats in Moscow.
—Mr. Ekirch is the author of
“American Sanctuary: Mutiny,
Martyrdom, and National Identity
in the Age of Revolution.”
‘The camera is the eye of history.’ —Mathew Brady
Snapshots of the Civil War
Shooting Lincoln
By Nicholas J.C. Pistor
Da Capo, 223 pages, $28
BY HAROLD HOLZER
ON A BLISTERINGLY hot July after-
noon in 1865, just a week after guilty
verdicts had been rendered following
a brief military trial, the U.S. Army
prepared to hang three men and one
woman convicted as conspirators in
the assassination of Abraham Lincoln
three months earlier.
As a few hundred spectators gath-
ered inside the tall brick walls enclos-
ing the Washington Arsenal, Lewis
Powell, David Herold, George Atzerodt
and Mary Surratt were marched onto
a wooden scaffold, hooded, given spiri-
tual consolation, fitted with nooses
and left to fall to their deaths when
the trap doors beneath them opened.
From the second-floor window of
the prison shoe factory, Alexander
Gardner, a Scottish-born photographer
who had learned his craft under the
renowned Mathew Brady, aimed his
cameras and took picture after picture,
DA CAPO PRESS
recording each stage in this grisly final
act of the Civil War. He was the only
photographer allowed on the scene,
and his images caused a sensation.
Before long, engraved adaptations
filled the nation’s pictorial press, and
Gardner’s reputation soared.
But why was he given this exclusive
opportunity, and not Brady himself,
still the biggest “brand name” in the
field? That is the subject of Nicholas
Pistor’s “Shooting Lincoln,” a brief,
gripping book that ends with a key
historical episode but first describes
the enterprise, skill and marketing
hokum that helped popularize photo-
graphy as a new means of artistic
expression and archival record keeping.
As photography took hold in the
U.S. in the years before the Civil War,
Brady became its undisputed king. He
opened lavish studios, attracted
famous sitters and took prize-winning
pictures. Hampered by dwindling eye-
sight, he eventually became more an
entrepreneur than a working artist,
posing celebrity clients before his cam-
eras but leaving actual exposures to
hired photographers. Among these was
Gardner, a former journalist who
became Brady’s chief lensman.
When the Civil War broke out,
Brady hauled his equipment into the
field to record the action. His opera-
tors couldn’t hold their cameras steady
Swept Away by Winds of Change
Revolution Song
By Russell Shorto
Norton, 622 pages, $28.95
BY KATHLEEN DUVAL
WHEN YOUNG George Washington
visited Barbados, he recorded in his
diary that he enjoyed riding “in the
cool of the evening” to see “the fields
of cane, corn, fruit-trees, &c in a de-
lightful green.” Venture Smith viewed
the island from a different angle: the
deck of a slave ship. As in our own day,
people of the 18th century experienced
the same events in different ways,
whether sailing into a Caribbean port
or living through a revolution.
It’s difficult to incorporate
a woman’s story into the
traditional stories of sons,
fathers, founders and war.
Russell Shorto, a journalist and his-
torian, aims to tell different stories of
“the struggle for freedom at America’s
founding.” “Revolution Song” follows
George Washington, Venture Smith,
British Secretary of State for the Colo-
nies George Germain, the Seneca
leader Cornplanter, shoemaker and
revolutionary politician Abraham
Yates, and Margaret Moncrieffe, the
daughter of a British officer, through
the American Revolution and into its
aftermath. His description of autumn
in Cornplanter’s hometown, with its
burning red sugar maples, braids of
corn and drying bunches of tobacco
leaves, is as vivid as Yates’s Albany
and Moncrieffe’s New York City, both
towns nominally English by the time
of their births but whose streets were
filled with the languages of Dutch,
Mohawk and German. That the gabled
brick home Germain was born into
* *** THE WALL STREET JOURNAL.
HOLIDAY BOOKS
official photographer. It was Gardner
who produced the War Department’s
illustrated “wanted poster” for John
Wilkes Booth; took the remarkable
portraits of the captured conspirators
aboard a Union ironclad; photographed
Booth’s dead body (though prints have
never surfaced); and got admitted to
the Arsenal prison to record the execu-
tion of Booth’s partners in crime.
By then, debts were strangling
Brady, and he turned his attention to a
maudlin scene of Lincoln’s deathbed.
Brady was still famous enough to
persuade eyewitnesses, including
Lincoln’s son, to pose before his cam-
eras in postures of contorted grief for
pictures that could serve as models for
a painting. By the time the project was
finished, however, the immediate grat-
ification that photography provided
had eclipsed its appeal as high art.
Gardner’s newsworthy pictures proved
triumphs; Brady’s deathbed composite
took two years to produce, by which
time the market for such images had
been saturated. Their different
approaches to the crime of the cen-
tury, Mr. Pistor suggests, show Brady
aspiring to “the collision of art and
photography” and Gardner to “the col-
lision of journalism and photography.”
This is an original yet flawed book.
It sustains its breathless mood yet suf-
fers from incomplete sourcing (some
PRISONER Alexander Gardner’s image of Lewis Powell, who tried to kill endnotes are inadequate, others sim-
Secretary of State William Seward on the night of Lincoln’s assassination. ply missing). It advances some old
Lincoln myths (it was not snowing the
enough, long enough, to take battle McClellan to pose facing each other— day of his Cooper Union Address in
pictures, so “Brady” published harrow- leaving no doubt who was boss—after 1860, nor did his purchase of a Knox
ing scenes of carnage that shocked the Battle of Antietam. Brady took ele- hat launch a new image—he had worn
(and fascinated) home-front society. In gant portraits of Robert E. Lee when stovepipe toppers for years). And it
fact, many were the work of his he returned to his Richmond home af- manages to create some new myths as
employee Gardner, and soon disputes ter Appomattox. Gardner made amaz- well: The chin whiskers that mourners
over credit drove the younger man to ing images of Lincoln’s second inaugu- saw on Lincoln’s corpse were not
launch his own Washington gallery. ral, but he and Brady both missed the imposed by postmortem barbers; Lin-
With urgency and flair, Mr. Pistor coln had trimmed his own beard down
traces the subsequent race for pre- to a goatee by the time of his death.
eminence between Brady and Gardner. At heart, Mr. Pistor is a true-crime
While he lacks a deep knowledge of Gardner raced to every specialist (his previous book, “The Ax
19th-century photography—he doesn’t news event. Brady aimed Murders of Saxtown,” investigated a
seem to grasp that small carte de vis- grisly episode in 19th-century Illinois),
ite photographs were made with multi- to create magisterial art. and he redeems this effort with an un-
lens cameras or that the craze for failing eye for dramatic evidence. He
them began not in the 1850s but a de- reminds readers that, during Mary
cade later—he nicely conveys the sty- Gettysburg Address, though Gardner Surratt’s trial, prosecutors revealed
listic chasm that separated his princi- was reputedly on the scene, a detail that she had kept a photograph of
pal characters. Gardner yearned to be that Mr. Pistor fails to mention. In fact, John Wilkes Booth hidden at her
at the scene of every news event and the author skips the final year and a boarding house. The revelation all but
make a pictorial record. Brady aspired half of the war to cut to the biggest convicted her. As Mr. Pistor shows,
to arrange his scenes so they could re- news story of all: the Lincoln murder. photography not only recorded
flect the majesty of master paintings. Gardner got there soonest with the Surratt’s demise; it hastened it.
Mr. Pistor gives us a vivid account mostest, not only capturing images of
of the chances that each rival seized the crime scene at Ford’s Theatre but Mr. Holzer won the 2015
and missed. Gardner got the giant Lin- gaining remarkable, if unexplained, Lincoln Prize for “Lincoln
coln and the diminutive Gen. George access as a government-sanctioned and the Power of the Press.”
could be mistaken for an entire Eng- ture Smith possibly saw George Wash- wind blowing, a wind of freedom, and
lish village both reveals his position in ington on a dock in Connecticut, and it compelled her to follow her inner
the empire and makes a striking com- Smith’s son served in Washington’s voice.” Well, perhaps. But the string of
parison with Yates, “the ninth child of army. Washington did once meet men Mr. Shorto unquestioningly labels
a blacksmith.” Cornplanter and Margaret Moncrieffe, “sweet and gracious,” who sexually
Through the eyes of the characters, although we don’t get to meet her used and then left her, tells us some-
Mr. Shorto teaches some important until 150 pages into the book. The first thing deeper about how patriarchy
history. England’s 18th-century com- thing we learn is her reputed beauty, bolstered men’s freedom. Historians’
mercial rise shapes George Germain’s and we don’t see her again for another work on the complicated relationship
youth. We learn the history of how the 50 pages (in which we have five more between gender and liberty could have
Senecas joined the Iroquois League at sections on Washington). helped here, including Mary Beth
a storyteller’s feet, next to young Norton’s “Liberty’s Daughters,”
Cornplanter. When Abraham Yates Rosemarie Zagarri’s “Revolution-
decides that the political stirrings ary Backlash,” Woody Holton’s
of the 1770s require him to learn “Abigail Adams” and Ann Little’s
some political theory, we read “The Many Captivities of Esther
Locke and Spinoza over his shoul- Wheelwright.”
der and consider the logic behind A beautifully written song
throwing off a king. doesn’t have to say anything new,
In contrast to the wealth of but this book never truly sings.
documents on Germain and Wash- Without a strong driving theme or
ington, Mr. Shorto has far fewer deeply telling comparisons, the
sources for his lesser-known char- short sections focused on differ-
acters. He pulls in general informa- ent characters jarringly shift the
tion from the period to give detail reader from one scene to another.
to places where they lived and There’s many a transition sen-
events they witnessed, and he uses tence like “As George Washington
the language of “may have” and retired from the fight against the
“probably would have” to good French in North America, George
effect. His biggest success is with Sackville [Germain] found himself
BRIDGEMAN IMAGES
Venture Smith. Mr. Shorto inter- astride his horse.” Sometimes Mr.
weaves information from Smith’s Shorto gets carried away by
autobiography with relevant de- attempts to dramatize, as when he
scriptions of the history of the calls New York City “a hotbed of
Fulani of West Africa, the standard loyalist sensibility” in 1774, when
practices of an 18th-century slave CHIEF The Seneca leader Cornplanter. in fact it was still a British city,
ship, and the economy of late-colo- and the revolutionaries were still
nial and early-republic New England. It is difficult to incorporate a the hotheads.
Both Washington and Smith, for differ- woman into an 18th-century story of In many ways the book is the story
ent reasons, saw money as the founda- sons, fathers and war, and Mr. Shorto of George Washington, who occupies
tion of their individual independence. tries to use Moncrieffe’s engaging far more of its pages than anyone else.
Comparing these two very different story to deepen his book’s song of But Washington’s story is the one of
men helps us understand both better. freedom. The kinds of freedom men the six that has been told over and
But other choices work less well. sought in the Revolution, as varied as over, and his story is not integrated
The book aims to be “a kind of narra- they were, were not open to women of enough with the others either to make
tive song,” but after a few chapters, any kind. But Mr. Shorto never really us see him differently or to teach new
one starts to wonder what these six compares Moncrieffe to his other char- lessons about the Revolution.
people are doing in the same song. acters—she appears and disappears
The overall theme of the American without forcing us to reckon with the Ms. DuVal, a professor at the
Revolution as “a promise of freedom” importance of gender in the men’s University of North Carolina at
is so general that it could link anyone lives. When she calls her arranged Chapel Hill, is the author of
living through the era. Yates and marriage “honourable prostitution,” “Independence Lost: Lives on the
Washington correspond briefly. Ven- Mr. Shorto observes: “There was a new Edge of the American Revolution.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | C11

HOLIDAY BOOKS
‘East were the / Dead kings and the remembered sepulchres: West was the grass.’ —Archibald MacLeish

Preserving the Spirit of the Pioneers

Watt Matthews of Lambshead
By Laura Wilson
Texas State Historical Association,
163 pages, $50

BY STEPHEN HARRIGAN

WATKINS REYNOLDS Matthews

died at the age of 98 in 1997, just
short of a lifetime that would have
touched three centuries. He was from
Texas pioneer royalty. His ancestors
had been in the state since the 1850s,
and had established a ranch named
Lambshead in the heart of Comanche
country, along the Clear Fork of the
Brazos, that eventually grew to 62
square miles. Watt Matthews’s
mother, Sallie Reynolds Matthews,
wrote “Interwoven,” a classic memoir
about growing up in early Texas.
Then, in 1989, when he was 90, Watt
COURTESY OF LAURA WILSON AND THE TEXAS STATE HISTORICAL ASSOCIATION

himself became the subject of what

has turned out to be another Texas
classic, a photographic essay by
Laura Wilson called “Watt Matthews
of Lambshead.”
Ms. Wilson’s book has chugged
along sturdily enough in the decades
since it first appeared that it has
been republished twice—a second
edition in 2007, and now a third. The
subsequent editions feature some
added material (this one has a new
foreword by Anne Wilkes Tucker, the
curator emeritus of photography at
Houston’s Museum of Fine Arts), but
the book’s core is the same: a collec-
tion of a little more than 100 black-
and-white photographs, accompanied
by Ms. Wilson’s own text and an
introduction by David McCullough. LOOKING IT IN THE MOUTH ‘Watt Matthews Aging a Horse, April 1987,’ by Laura Wilson.
Together they document what life
and work was like on Lambshead was “Here we go again.” Larry low-slung house where his mother the crown is not high. On a new hat, another photo of Watt’s uncle seated
Ranch when Watt Matthews was still McMurtry’s response was not quite lived as a girl in the 1860s, and he has the brim cut down to two and with the legendary cowman Charles
in charge and still a living link to so defensive. He wrote a thoughtful where—she writes in “Interwoven”— three-eighths inches so it’s perfectly Goodnight, a copy of the Princeton
Texas frontier culture. appreciation of Avedon’s work in an a band of Comanches and Kiowas proportioned to him. Then, before he Alumni Weekly (yes, Watt Matthews
Another legacy feeds into this introduction to that Texas Monthly attacked one day and ran off with wears a hat for the first time, he went to Princeton), and an opened,
book. In 1979 Laura Wilson, who lived feature. “The pictures,” he con- 500 head of cattle. The photograph holds it over a steaming kettle in the meticulously kept diary, one of a
in Dallas with her husband and three cluded, “show people who have been was made in the 1980s but it’s thrill- cookshack, pinching and bending the long lifetime series (sample entry,
young sons—now the actors Owen, brutalized by a land almost too pow- ingly timeless—the fortress-like felt to shape the hat into a style from 1923: “We rounded the river
Luke and Andrew Wilson—began erful to live on.” stone house, the old man on horse- that’s all his own.” pasture and branded 138 head of
working as a researcher for Richard What a different sort of photogra- calves at the Brushy corrals. Killed a
Avedon when he struck out from his pher Laura Wilson is, and what a little rattlesnake.”)
Upper East Side studio to spend six different sort of West she depicts in The most poignant photograph is
summers traveling through 16 West- “Watt Matthews of Lambshead.” The Matthews’s ancestors established a ranch the 1850s. in an afterword Ms. Wilson added
ern states, photographing oil workers, Avedon influence is visible in her A century and half later Matthews still ran the place, after the first edition of the book. It
drifters, rattlesnake skinners and occasional straight-ahead portraiture shows Watt Matthews’s casket being
waitresses for his startling portrait of ranch hands, and in some memora- seemingly the last living link to Texas frontier culture. driven in a buckboard wagon through
collection “In the American West.” bly unflinching images. One of these, the winter grass of Lambshead Ranch,
I was on the staff of Texas in crisp black and white, showcases attended by 10 cowboy pallbearers in
Monthly in 1985, and I remember the the terrified eye of a calf as it’s being back, the vast moody sky with whit- Sometimes Ms. Wilson’s camera is their white funeral shirts and best
buzz in the office when we published dehorned. Another captures with ish clouds folded in on themselves in the middle of the action: at a pairs of Wranglers. “I photographed
an excerpt of the Avedon exhibition almost hallucinatory precision six like fallen drapery. ranch dance, or a roundup, or close what I feared,” Richard Avedon once
and book. These images of ordinary dead coyotes hanging by their hind There is none of Avedon’s cold in on a cowboy’s pocket knife and told Laura Wilson about working in
people—as carefully posed and feet from the branches of a leafless scrutiny in Ms. Wilson’s photographs, bloody fingers as he holds the testi- the American West: “aging, death,
fussed over as the models in Ave- mesquite tree. though there were times in her text cles of a just-castrated calf. At other and the despair of living.” There is
don’s fashion photography—were un- Avedon came across as a pointedly when I thought she might have times she keeps her lens at a calm, certainly death in his protégée’s work,
questionably arresting, but also grat- remote and self-conscious artist; Ms. scooched over and provided just a bit respectable distance. One of the and certainly aging, but if there’s any
ing to some of us who actually lived Wilson is an enthusiastic embed. A of objective distance from her octo- most compelling compositions in the trace of despair I missed it.
in “the American West.” Photograph- documentarian, she doesn’t mysteri- genarian protagonist. “His authority whole book is a revealing still life of Almost 30 years, and three edi-
ing each of his blank-eyed subjects ously strip away visual context like comes from meeting things head on,” Watt Matthews’s desk in his ranch tions, after its original appearance,
against the same white-paper cur- her mentor did but makes a point of she writes at one point, under the office. Matthews himself is not in the “Watt Matthews of Lambshead”
tain, Avedon seemed to be sealing immersing the viewer in it. In one sway of that ol’ cowboy magic. “His photo, but his life vividly is: It’s the remains a visual testament to the
them into specimen jars to send back photograph, we see the elderly Watt beliefs are clear. His moral compass desk of a reflective man with effi- solace of knowing that the soil you
to New York as puzzling exotica. Matthews standing in his cowboy hat is true.” For the most part, though, cient habits of mind. Among its came from is the same soil to which
For all the newness and rawness and blue jean jacket in the Lambs- she’s as level-headed and specifically objects: an Albany, Texas, phone you’re headed.
of those photos, the taint of anthro- head cemetery among ancient and observant in her prose as she is in directory, a framed portrait of (I
pology was familiar. My first reac- modern family tombstones. In a fron- her photography. Watt Matthews’s think) Sallie Reynolds Matthews next Mr. Harrigan’s latest novel is
tion upon looking at them on the tispiece spread, he sits on his horse cowboy hat, she writes, “is soft so to a photo of grazing buffalo, bronze “A Friend of Mr. Lincoln.”
desk of the magazine’s art director overlooking a dry creek bed and the the brim will give if he hits brush; statuettes of cowboys and cattle, He is at work on a history of Texas.

LEE FRIEDLANDER’S “The Ameri- out-of-work miner’s family in the Korean Ark Church, the Wat illnesses and deaths, their loving Army; exuberant images of teenag-
can Monument” (Eakins Press Kentucky, with hippies during San Buddha Thai Thavorn Vanaram, the devotion to each other, and her sib- ers at Coney Island; and moody
Foundation, 182 pages, $150) is a Francisco’s “summer of love,” and Arca de Salvación-Iglesia Evangelica lings’ and grandmother’s attentive- photos of New York City streets and
gorgeous book, reprinted in the from India and Europe. Gedney’s Pentecoste—and the décor of ethnic ness. In “The Family Imprint: A the San Gennaro festival in Little
same gorgeous 12-by-17-inch format black-and-white images are notable restaurants. Daughter’s Portrait of Love and Italy. The last work from Province-
as the first edition of 1976. Mr. for their delicacy: There is aesthetic In 1997, Nancy Borowick’s mother, Loss” (Hatje Cantz, 200 pages, town is at the edge of photographic
Friedlander, then in his early 40s, delicacy in his pictures of houses at Laurel, was diagnosed with breast $40) Ms. Borowick shows that practice, sometimes abstract but
selected 213 pictures from the thou- night, so deft you feel the presence “rather than wallowing in their own always deeply personal.
sands he took in years of going back of the people sleeping within. There sadness and grief, they chose to All 150 pictures in “Tina
and forth cross-country. The pic- is enormous emotional delicacy in spend their final months living life.” Barney” (Rizzoli, 239 pages, $100)
tures are not so much studies of his pictures of the Cornett family in Her black-and-white photographs are portraits, and many have the
public statuary as they are of the Kentucky, the young men tinkering are by turns moving, humorous or first names of the subjects as titles.
ways that statuary is integrated into with their beat-up cars, the young simply reportorial. Howie and Laurel Others have rooms or decorative
its environment. In “To Those Who girls hanging out with friends in embrace in one picture, both their details as titles—“The Hallway”
Made the Supreme Sacrifice, Bel- the kitchen. heads bald from chemotherapy. (1990), “The Orange Room” (1996),
lows Falls, Vermont,” an allegorical Shea Stadium is the only struc- There is nothing mawkish here; it is “The Foyer” (1996). This is appro-
female figure in stone takes up the ture most people will recognize in adults looking after themselves, each priate because Ms. Barney’s people
middle of the picture, but there are “Landscape as Longing: Queens, other, and those they love. are always somewhere, somewhere
lawns and typical New England New York” (Steidl, 152 pages, $75), Sid Grossman (1913-55) was a specific, not just floating in space.
buildings behind her on either side, a book with black-and-white photo- pivotal figure in mid-20th-century She is as meticulous about the sets
and cars in the street; a lone woman graphs by Frank Gohlke, color American photography. In “The Life in which she photographs as about
in the crosswalk animates the scene. photographs by Joel Sternfeld and and Work of Sid Grossman” what she calls “the synchronization
The duotone printing is a marvel. an essay by Suketu Mehta. Mr. (Steidl/Howard Greenberg Library, of the psychological, emotional, and
Leslie George Katz, the album’s Gohlke’s “10019 27 Ave. and McIn- 251 pages, $55) Keith F. Davis tells sociological plots” that hold her
original editor, wrote, “The heart tosh St., Jackson Heights, Queens” how Grossman, although self-taught, groups together. Tina Barney led
needs landmarks.” It still does. (2003) captures the middle-class became a founder in 1936 of the the movement in the 1980s to use
An early death cheated William essence of the borough; the elabo- Photo League, a New York meeting view cameras, color and large-
Gedney (1932-89) of the fame he rate iron fence with a kitschy lion place and school. Grossman, a pas- format prints. Almost all in color,
had been steadily accruing. Gilles atop a brick pier, the little front sionate but demanding teacher, mostly of Americans in the upper
Mora’s compilation of Gedney’s lawn, the fancy metal grill-work influenced many important photog- classes, and frequently of family,
work, “Only the Lonely, protecting the door, the Honda cancer: She died in 2014. In 2012, raphers through his classes and the this book collects the best of four
1955-1984” (Texas, 159 pages, Civic in the driveway, the row her father, Howie, was diagnosed example of his own work. The book decades of work.
$40), should get him his due. houses across the street with a with stage four pancreatic cancer: has early documentary pictures of —Mr. Meyers writes on
Included are album projects from crenellated roofline. Mr. Sternfeld He died in 2013. A student at the In- Chelsea and Harlem; more subjective photography for the Journal. See
a farm in upstate New York, from reveled in the diverse places of ternational Center of Photography, pictures of Guatemala and Panama his photographs at www.
Brooklyn, from two stays with an worship—the Geeta Temple (Hindu), Ms. Borowick recorded her parents’ that Grossman took while in the williammeyersphotography.com
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, November 18 - 19, 2017
‘There are really only two plays: Romeo and Juliet and the darn ball in the basket.’ —NCAA Coach Abe Lemons
THE BEST SPORTS BOOKS do a
lot more than talk about the
basics. They are bold and thor-
oughly researched, and—with any
luck—written in lively prose.
There’s culture and nuance, a
great deal of character and, more
often than not, a lot of fine pho-
tography and illustrations.
Take “Ali: A Life” (Houghton
Mifflin Harcourt, 623 pages, $30).
Jonathan Eig, a former reporter for
The Wall Street Journal, starts the
book with a pop: “His great-grand-
father was a slave. His grandfather
was a convicted murderer who
shot a man through the heart in a
quarrel over a quarter.” Mr. Eig,
like Ali, has range and has done his
research. He’s especially adept in
the period when the boxer, young
and talented, risks his career by
refusing to join the Vietnam War.
This book is as much a study in
American history and culture as it
is a biography of an all-time great
boxer. A fine achievement.
In “Fire on the Track” (Crown,
285 pages, $27), Roseanne Mon-
tillo tells the story of Betty Robin-
son. Luck brought Robinson to
track and field: She was a teenager
in Illinois racing to catch a train
when her speed was noticed by
her high school’s track coach. She
won a gold medal in the 100 at the
1928 Olympics and likely would
have won more had she not been
injured in an airplane crash. Rob-
inson survived and recovered with
persistence and grace. Ms. Mon-
tillo writes about her and her era
with precision.
If you prefer a gift of beauty—
and grit—invest in Jim Herring-
ton’s “The Climbers” (Mountain-
eers Books, 191 pages, $60). The
album contains 20 years of gor-
geous photos by Mr. Herrington, a
longtime photographer for Vanity
Fair and Rolling Stone, and an avid
fan of mountains. The photos are
black and white and often large,
none better than a superclose look
at Bradford Washburn, a former
director of the Boston Museum of
Science. His head is blown up so
large in the photo that there’s
nothing else to see.
Exercise is a rigorous disci-
pline in professional sports, one
increasingly taken up by fans and
onlookers. Tom Brady, the endur-
ing quarterback for the New Eng-
land Patriots, shares his regimen
in “The TB12 Method” (Simon &
Schuster, 305 pages, $29.99), a
book whose subtitle promises will
show us “How to Achieve a Life-
time of Sustained Peak Perfor-
mance.” The book walks through
12 principles designed to make
you feel like a 30 year old, not 40
or older.
Mr. Brady’s sport remains the
most popular sport in America,
despite fears of dangerous head
injuries. In “The Art of Football”
(Nebraska, 243 pages, $39.95),
Michael Oriard explains how the
sport was developed in the 1800s
and shows off startling illustra-
tions from the period, from tackles
to kicks to tosses. Other pictures
show men on teams piling up for
the ball in the middle. As seen
here, the sport looks as dangerous
then as it does now.
If you want something gaudy to
show friends, you’ll want George
Peper’s “Golf: The Impossible Col-
lection” (Assouline, 200 pages).
One catch: It costs $945, a hefty
price even for something this enor-
mous. At 14 inches by 17 inches,
each page is so vast that if you
read it from left to right you’ll
soon lose track of your place and
the words will start getting blurry.
My advice: Enjoy the pictures, and
don’t worry so much about the
words. Some books, after all, don’t
need them.
—Mr. Perrotta writes about
tennis for the Journal
and other publications.
Your 2018 NBA Champions
BY WILL LEITCH
‘WHY ARE THEY even bothering to
play this year?” It’s astounding to me
the number of times I’ve heard this
question about the 2017-18 NBA
schedule. It persists for one reason:
The widespread expectation that no
matter what happens, the finals will
feature the Golden State Warriors and
the Cleveland Cavaliers for the fourth
consecutive year.
This logic has always seemed spe-
cious. After all, not even during the
legendary rivalries between the Celt-
ics and the Lakers did the same two
teams manage such a streak. Any-
thing can happen over the course of
an 82-game season: Players can get
hot, get traded or get injured. That
said, the fascination with the War-
riors and the Cavaliers is under-
standable. No other team won the
championship in the past three
years, and the two clubs remain the
GETTY IMAGES
overwhelming favorites to win the
next one. They are the two most-
watched, most-discussed teams in
the past decade. They are also the
most chronicled.
How can you not talk about them?
The Warriors have put together one
of the most thrilling, purely watch-
able teams in NBA history, with per-
haps the best pure-scoring machine of
the past 20 years in Kevin Durant and
the league’s most-beloved and mar-
ketable player in Stephen Curry. Con-
sidering this is a team whose fan base
was so beaten down it lustily booed
the Warriors’ new owner, Joe Lacob,
the first time he was introduced little
more than five years ago, this is quite
a turnaround.
Journalist Erik Malinowski digs
into the genesis of the Warriors re-
surgence in “Betaball” (Atria, 390
pages, $26), taking a decidedly Sili-
con Valley-centric look at the team
and embracing all the startup-friendly
buzzwords. Mr. Lacob himself is a Sil-
icon Valley venture capitalist who re-
built the franchise according to the
Valley’s philosophy. Mr. Malinowski’s
book is a smart, breezy read that
sometimes tries a little too hard to be
another “Moneyball.” But it is always
on firm footing with its central prem-
ise that the Warriors have done such
a good job remaking its franchise and
getting itself a new arena in down-
town San Francisco that the rest of
the league is still trying to catch up.
The Warriors, Mr. Malinowski writes,
did get a little lucky that Mr. Curry
turned into a superstar and Mr. Du-
rant was willing to make less money
to join the team. But that luck is, in
many ways, the result of manage-
ment’s innovative design. If the War-
riors hadn’t become so desirable to
What We Think About
When We Think About Soccer
By Simon Critchley
Penguin, 204 pages, $20
BY DAVID PAPINEAU
THERE ARE SPORTS FANS, there
are soccer fans, and then there are
Liverpool fans. Simon Critchley is a
professor of philosophy at the New
School for Social Research in New
York. He is also a lifelong supporter
of Liverpool’s soccer team, with a
magical conviction that his team will
lose if he isn’t watching. Given the
constraints of his day job, Mr. Critch-
ley is seldom able to attend games in
person, so he skips out of his office
and ducks into sports bars, observing
his faith across time zones, commun-
ing with his fellow fans via social me-
dia. His latest book, a philosophical
meditation on the meaning of soccer,
GETTY IMAGES
is an intriguing little volume, not
least because of the way his absolute
devotion to Liverpool shines out on
every page.
Mr. Critchley wears his philosophy
lightly. As he explains, the philosoph-
ical tradition that most inspires him
is the phenomenology of Jean-Paul
Sartre and Maurice Merleau-Ponty,
which seeks to illuminate our lives
via close attention to the texture of
everyday experience. The methodol-
ogy is perfectly suited to Mr. Critch-
ley’s purposes. He is excellent on the
numinous intensity of actually at-
tending a game. You climb up though
the levels and emerge to behold the
unreal green of the pitch. As the
game starts, time is suspended in the
flow of players and ball. The specta-
tors lose themselves in the rhythm,
HOLIDAY BOOKS
FINAL FANTASY If LeBron James and Stephen Curry manage to face off for a fourth consecutive time, they’ll
achieve something unheard of even during the legendary rivalries between the Celtics and the Lakers.
play for, Mr. Durant would probably
never have considered the idea.
The Warriors’ history, and the
transition to their glorious present, is
also well chronicled in Jack McCal-
lum’s “Golden Days” (Ballantine,
308 pages, $28), which ties together
two of the greatest teams in basket-
ball history: The modern Warriors
and the 1971-72 Los Angeles Lakers.
The shared link is Jerry West, who
played for the latter and helped build
the former as a member of the team’s
executive board from 2011 to 2017. Mr.
McCallum holds legitimate claim for
being the greatest NBA writer of all
time—he wrote for Sports Illustrated
for several decades, and his “Dream
Team” (2012) is a chronicle of the
souls of every basketball player
you’ve ever cared about—and this
book, typically, is full of juicy anec-
dotes and wagging fun. (There’s a
saucy bit casually tossed in here, in
which several Warriors talk about
how easy it is to guard the reigning
MVP, Russell Westbrook, that would
have headlined most other books.)
The Warriors is a team of big ideas,
big achievements and big personali-
ties. Even its coach, Steve Kerr, is a
fascinating character. You can’t go
wrong doing a deep-dive into its
story, a story that isn’t finished yet.
The Cavaliers are fascinating in a
different, more dysfunctional, more
mysterious way. It’s less a team than
a constantly shuffling set of support-
ing characters surrounding LeBron
James, the only player to legitimately
Footy Fetish
erupting periodically in response to
an unfair foul or goal, completely
caught in the drama of the moment.
At times like these, Mr. Critchley
explains, English soccer fans can lose
contact with their normal selves. As
he puts it, “we will say anything.”
The old seatless terraces may be
gone, and $100 tickets mean that for
the most part fans are nearly all
LOSING THE ‘I’ IN TEAM Fans who associate too closely with their squad
may find themselves experiencing an altered sense of identity.
prosperous and law-abiding; but with
emotions riding on a knife’s edge,
explosions of testosterone-fuelled
invective are seldom far away. At the
same time, soccer fandom can be a
force for rationality and good citizen-
ship. Liverpool fans think of them-
selves as special. They were scarred
by two of the worst stadium trage-
dies of the 1980s, and their team
oscillates wildly between triumph
and disappointment. In Mr. Critch-
ley’s own words, the club is prone to
become “mired with a sense of its
own victimization.” Yet only the most
* ***
rival Michael Jordan’s claim as the
best to ever play the game. Mr.
James is such an overwhelming fig-
ure that, until the Warriors came
around, the NBA story was his story,
whether he was “taking his talents to
South Beach” or returning to his
home state to win Cleveland its first
championship in five decades. The
Warriors’ emergence gave Mr. James
Golden State and
Cleveland have become
the two most-watched,
most-discussed, most-
written about teams
of the past decade.
his first real challenge for NBA su-
premacy, and other than his one title
with Cleveland, it’s a hill he’s still
trying to climb.
Mr. James is also an enterprise
unto himself, and a challenge for
writers trying to get access to him.
(The Warriors players are much more
ingratiating and welcoming to jour-
nalists. Mr. Curry once let me, some-
one he’d never met and has not met
since, just walk up and down San
Francisco’s Embarcadero with him
and his infant daughter for two hours
for an interview. I’m not sure Mr.
James gives that kind of access even
to his own teammates.) Some writ-
benighted Liverpool supporter, he
observes, can fail to recognize that
rival fans have their own traditions
and folklore. The zeal of blind parti-
sanship coexists with the intelligent
recognition that others have an equal
right to success.
The moral is a general one. Mr.
Critchley explains how many people’s
sense of identity expresses itself in
soccer fandom. Some see this as a
malign influence. George Orwell said
that sport is “war minus the shoot-
ing,” but Orwell missed the point. The
very nature of sporting contests
works to undermine historical ani-
mosity. Both sides engage on an equal
footing, and all must accept that the
victors are more deserving.
Sometimes Mr. Critchley’s phe-
nomenological focus on the fan’s
experience can seem limited. He has
little to say about developments in
tactics, and is impatient with those
who want to subject the flow of soc-
THE WALL STREET JOURNAL.
ers, like Jason Lloyd, an NBA beat
writer who has covered Mr. James
for a decade, get somewhat close, but
even his “The Blueprint” (Dutton,
294 pages, $28) is a view from a dis-
tance and works best as a travelogue
on the difficult and exhausting life of
a beat writer.
Longtime magazine journalist
Scott Raab sidesteps this problem al-
together by not even bothering to get
close to Mr. James with his “You’re
Welcome, Cleveland” (Harper, 253
pages, $25.99), which is a fan’s point
of view of what it meant for Cleve-
land to win a championship. Mr. Raab
is an entertaining writer whose ac-
cess to Mr. James would always be
limited, considering his previous
book, about Mr. James leaving Cleve-
land for Miami, was called “The
Whore of Akron.” He’s more friendly
to Mr. James this time and even
pokes fun at himself. (The title is a
joking reference to having “inspired”
Mr. James with his previous book.)
Mr. Raab’s latest work won’t tell you
much about the Cavaliers, but it
doesn’t try to: It just wants to let you
know how the Cavaliers made a long-
time fan feel. To really find out
what’s going on in Cleveland, one sus-
pects we’ll have to just wait until Mr.
James writes the book himself.
Mr. Leitch is a senior writer
for Sports on Earth, contributor
to Sports Illustrated, contributing
editor at New York magazine
and the founder of Deadspin.
cer to “Moneyball”-style statistical
analysis. He bemoans the commercial-
ization and corruption of elite soccer,
the exploitative merchandizing and
the bribery that decides World Cup
hosts, but he offers no analysis of the
economic pressures behind this. And
some readers will surely wonder how
many of Mr. Critchley’s observations
apply specifically to soccer, rather
than to spectator sports in general, a
question the author ignores.
Still, this is an engaging essay, gen-
erously illustrated by full-page black-
and-white photographs of soccer ac-
A philosophical
examination of
the logic and
insanity of soccer.
tion. Perhaps some of Mr. Critchley’s
suggestions verge on the fanciful. In
one chapter, titled “What Is It Like to
Be a Ball?,” he talks about the way the
ball itself can seem to take on a life of
its own and invites us to share his
vision of the ball as intelligent and
aware, as playing its own part in the
vibrant spectacle. “In animating the
ball we animate ourselves,” he writes,
making us “feel alive with a particu-
larly intense sense of aliveness.” I am
not sure I was entirely convinced. But
there is no doubt that Mr. Critchley
succeeds in telling us what it is like to
be a Liverpool supporter.
Mr. Papineau is a professor
of philosophy at King’s College
London and the City University
of New York. He is the author
of “Knowing the Score.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘In order to do a good job of those things that we decide to do, we must eliminate all of the unimportant opportunities.’ —Mike Markkula
Getting In on the Ground Floor
Troublemakers: Silicon
Valley’s Coming of Age
By Leslie Berlin
Simon & Schuster, 494 pages, $30
BY MICHAEL MORITZ
ROUGHLY HALFWAY between San
Francisco and San Jose, Calif., a large
Ampex logo is visible to commuters
and to the Google and Facebook em-
ployees being shuttled by bus up and
down Highway 101. The sign is all that
is left of a company, founded by a Rus-
sian immigrant, that gave the world
the first practical audio and videotape
recorders and, among other things,
revolutionized sports broadcasting. It
was Ampex that provided Al Alcorn, a
young University of California, Berke-
ley, engineering graduate, with his
first full-time job in 1969. A few years
later, he was lured by another Ampex
employee, Nolan Bushnell, to become
the chief designer of Atari, the first
video game company of any note.
The period between the heyday of
Ampex and the first presidential term
of Ronald Reagan lies at the heart of
“Troublemakers,” a fetching portrait of
GETTY IMAGES
the less chronicled years of Silicon
Valley. Its author is Leslie Berlin, the
project historian for the Silicon Valley
archives at Stanford University. Via
sensitively wrought portraits of Alcorn
and five others—who, for the most
part, are unfamiliar figures except to
longtime Silicon Valley habitués—Ms.
Berlin tells the tale of how an area
once known for companies such as
Lockheed, Philco-Ford, Sylvania and
Fairchild Semiconductor gave rise
during the 1970s to Apple, Genentech,
and their many siblings and progeny.
“Troublemakers” is a good re-
minder of how some things seem con-
stant. Even in the early 1970s, when
IBM Selectric typewriters were used to
compose business plans and phone
messages were jotted down on pink
slips of paper, residents of the area
were complaining about traffic conges-
tion, rising housing prices and the loss
of production jobs. By the mid-1970s,
fear of technology was running amok
in Washington, and politicians staged
hearings where they fretted over the
loss of individual privacy or the pros-
pect of computers interpreting peo-
ples’ brainwaves. When word spread
about advances in biotechnology, it did
not take long before scientists were
warning of “pre-Hiroshima” risks, and
Time magazine, worried about a
superbug being unleashed on an inno-
cent public, ran a cover titled “Dooms-
day: Tinkering With Life.”
On a happier note, there was the
workplace of ROLM, a maker of com-
puter-based telephony systems led by
Ken Oshman, a Stanford Ph.D. and one
of the most decent and accomplished
people ever to set foot in Silicon Val-
ley. ROLM provided its employees with
medical coverage, tuition subsidies,
sabbaticals, six-lane lap pools, subsi-
dized lunches and jogging trails.
Two of the principal characters in
“Troublemakers,” Bob Taylor and Niels
THIS HAS BEEN an unusual year for
fans of business biographies. Those
of the traditional sort, recounting the
triumphs and travails of entrepre-
neurs or corporate executives, have
been scarce. Instead, we’ve been
treated to an array of remarkable
books that use biography or auto-
biography as a vehicle to explore
difficult themes in leadership or life.
My favorite among these is Ellen
Ullman’s “Life in Code: A Personal
History of Technology” (MCD, 306
pages, $27). Ms. Ullman is far from a
corporate heavyweight; she toiled for
two decades as a programmer in San
Francisco and has spent two more as
a writer. “Life in Code” is a series of
essays written between 1994 and
2017 and built loosely around her life
as she navigates the changing tech-
nological environment. Her descrip-
tions of what it means to be a
programmer—and of the challenges
of being a female programmer amid
immature computer geeks, wannabe
billionaires and cleaning ladies earn-
ing minimum wage—are vivid. The
reader is left wondering why anyone
would sign up for a life of isolated
work fueled by cold pizza until she
lovingly details the supreme satisfac-
tion of solving a seemingly intracta-
ble coding problem.
Ms. Ullman is no romantic when it
comes to the industry in which she
has spent so many years. As early as
1998, when evangelists were promis-
* * * *
NEW HQ Apple’s offices
in Cupertino, Calif., ca. 1983.
Reimers, were not directly involved in
any startup but played an important
role in the development of Silicon Val-
ley. Taylor, who died earlier this year,
was the adopted son of an itinerant
Texas minister and trained as a psy-
chologist before joining the Advanced
Research Projects Agency, the research
arm of the Defense Department, where
he provided research grants to leading
computer scientists. In 1968, Taylor
wrote a paper predicting that elec-
tronic networks would be as important
as, if not more important than, com-
puters. He also worried that connected
devices would contribute to further
divides in society.
By 1970, Taylor had formed Xerox’s
Palo Alto Research Center, known as
PARC, to which he recruited research-
ers who produced a networked com-
puter, email, hyperlinks, a graphical
user interface, an integrated mouse,
the concept of toggling between multi-
ple software programs, and easy print-
ing. This was such a stunning array of
work that it took almost 20 years and
the collective might of Microsoft,
Apple, Cisco, Adobe and Hewlett-
Packard to capitalize on all the innova-
tions. Little wonder that Taylor was
driven crazy by corporate infighting
and Xerox’s refusal to capitalize on
these advancements first, and by the
Eastern establishment’s belief that
men were not ordained to type.
Three miles from PARC, Mr.
Reimers, at age 26, had created a job
for himself—as the head of a program
to provide commercial licenses for
inventions created at Stanford Univer-
sity. The son of a Norwegian electrician,
Mr. Reimers contended with stubborn
opposition from both academics who
believed that their discoveries should
ing that technology would bring liber-
ation, she warned: “The internet ideal
represents a retreat not only from po-
litical life but also from culture—from
that tumultuous conversation in which
we try to talk to one another about
our shared experiences.” The abundant
evidence that people turn to websites
that reinforce rather than challenge
their views suggests that she was right
about that. In her final chapter, writ-
ten early this year, she despairs about
the vast gulf between the “gig econ-
omy” workers who service her gentri-
fied neighborhood and the well-paid
HOLIDAY BOOKS
be free and university bureaucrats who
worried about the cost of patent filings.
Pressures mounted after Mr. Reimers
began the long process of securing a
broad patent for gene cloning. Like
Taylor, Mr. Reimers was showing what
the future might hold. Stanford would
help give the world the recombinant
DNA patent, the music synthesizer and
the search engine (through Genentech,
Yamaha and Google).
Sandra Kurtzig was a distinct odd-
ity in the early 1970s: A math major at
UCLA, she became one of only seven
women among 800 graduate engineer-
ing students at Stanford. Ms. Kurtzig
entered a workplace that, in today’s
parlance, was extremely hostile toward
women who, though they constituted
40% of the U.S. workforce, accounted
for only 17% of the managers and 1% of
the engineers. They were almost
always paid a fraction of what men
received. This was a time when, down
the road at the Atari animal house,
nobody blew the whistle when meet-
ings were held in hot tubs or when the
company newsletter, called the Gospel
According to St. Pong, contained a
short piece of fiction about a “Beauti
Bust” machine developed by the
“famous European Breastologist Wolf-
gang Tittleboob.”
After selling computers made by
General Electric, Ms. Kurtzig started
her company, ASK Computer Systems,
in 1972 by doing work for hire—
specializing in software (a word that,
at the time, required an explanation)
to help companies manage their manu-
facturing operations. When a potential
customer recoiled at her product acro-
nym MAMA (for Manufacturing Man-
agement), she changed it to MANMAN
and consoled herself with the thought
techies now residing there, who order
everything they need online and “come
home to see their wishes fulfilled as if
by magic, materializing out of an
ethereal, disembodied world.” Unfortu-
nately, she’s right about that, too.
Ms. Ullman’s dystopian vision, alas,
would not motivate armies of pro-
grammers to work 70-hour weeks
fueled by cold pizza. That requires
inspiration, which is the goal of “Hit
Refresh” (HarperBusiness, 272
pages, $29.99), a quasi-autobiography
by Microsoft chief executive Satya
Nadella. Mr. Nadella has subtitled his
book “The Quest to Rediscover Micro-
soft’s Soul and Imagine a Better
Future for Everyone,” and there are
definitely boosterish sections that
seem to have been polished by Micro-
soft’s PR department. The valuable
part for business readers is Mr.
Nadella’s insistence that “the CEO is
the curator of an organization’s
culture.” Repositioning a software
company that employed more than
100,000 people, he decided upon
taking charge in 2014, required inspir-
ing employees to be passionate about
their work.
Back in the days when top execu-
tives spent decades at a company, they
lived and breathed the corporate cul-
ture. In recent years, the preoccupa-
tion of CEOs with the coming quarter’s
earnings has pushed culture to the
sidelines. “Hit Refresh,” which links
Mr. Nadella’s interest in corporate
Saturday/Sunday, November 18 - 19, 2017 | C13
that it took two men to do the work of
one woman. Ms. Kurtzig had the last
laugh—she still owned 81% of ASK
when it became a public company in
1981 and, more important, had herself
become a symbol of what was possible
for half the human race.
Stress, sleep loss and
operatic emotion:
How Silicon Valley’s
startup culture got going.
Ms. Berlin’s accounts of Ms. Kurtzig
and Mike Markkula, the first chairman
of Apple, reinforce some elemental
truths about the sleep-deprived inten-
sity, emotion, stress and operatics that
attend the formation of any com-
pany—especially in Silicon Valley,
where competitors frequently spring
up at about the same time and engage
in a bruising battle for life.
When he first visited Apple’s
garage, Mr. Markkula was 33 and al-
ready retired—he had beaten the goal
he had set himself at age 20 to reach
financial independence by the time he
was 35. He had paid his way through
USC and worked at Hughes Aircraft
and Fairchild before joining as a prod-
uct marketer at Intel, where his
employee stock and some oil invest-
ments had made him wealthy. Mr.
Markkula invested $91,000 in Apple,
guaranteed a $250,000 credit line to
the company and owned the same
share of it as its two co-founders,
Steve Jobs and Steve Wozniak. His dis-
like of the limelight was so great that
when he wrote an early checkbook-bal-
culture to his personal story, including
the birth of a severely disabled child,
might help reverse that trend.
So might another of this year’s not-
quite autobiographies, Ray Dalio’s
“Principles: Life and Work” (Simon &
Schuster, 567 pages, $30). Mr. Dalio is
a legend in the world of investing, but
it was not always so. Bridgewater
Associates, the firm he founded in
1975, fared so poorly after the Mexican
debt default in 1982 that he had to lay
off all his employees; a trip to visit a
prospective client in Texas was beyond
his budget. “In retrospect,” he writes,
“my crash was one of the best things
that ever happened to me because it
gave me the humility I needed to bal-
ance my aggressiveness.” As Bridgewa-
ter rebuilt, Mr. Dalio developed a new
management philosophy, which he
calls “radical transparency.” It asks
that the firm bring mistakes to light
and encourage the open discussion of
disagreements. The second half of the
book lays out his approach to manage-
ment. His judgment: “Great cultures
bring problems and disagreements to
the surface and solve them well.”
Culture is also the theme of three
unorthodox books about American
retailers. James Cash Penney infused
his Christian convictions into the
nation’s largest department store chain
in the early 20th century, but in “J.C.
Penney: The Man, the Store, and
American Agriculture” (Oklahoma,
346 pages, $29.95), David Delbert
ancing program for the Apple II, he
did so under the pseudonym Johnny
Appleseed. But it was Mr. Markkula
who wrote Apple’s business plan,
raised venture money and, crucially,
recruited its management team. He did
this by turning to contemporaries who
had been firsthand witnesses of
startup success (in their case, in the
semiconductor industry) but had never
held a position as senior as the one for
which they were hired at Apple.
Mr. Markkula understood an essen-
tial element of Silicon Valley’s propen-
sity to produce startling companies:
The world is full of people with
impressive-looking résumés who
would be fish out of water in the
hurly-burly world of a startup. It’s no
coincidence that some of the compa-
nies Ms. Berlin writes about went off
the rails after hiring leaders who had
held high-ranking jobs at established
companies for whom technology cast
no spell. Mr. Markkula’s Apple later
experienced a decline under the for-
mer president of Pepsi-Cola, and Al
Alcorn’s Atari fell apart under the
leadership of a recruit from Burlington
Industries, the textile manufacturer.
Those are two harsh reminders of
what happens when polite convention
becomes a substitute for drive. For to-
day’s Silicon Valley founders, it’s useful
to beware of outsiders who are eager
to re-label “war rooms” as “peace
rooms” or who urge startups to main-
tain a “work-life balance” or who serve
company dinners at a time that signals
an earlier end to the workday. Those
people would be happier in Sweden
than alongside Highway 101.
Mr. Moritz is a partner of Sequoia
Capital, a venture-capital firm.
Kruger examines what came after:
Penney’s convictions led the farm-
born merchant to devote decades to
breeding livestock that might improve
the living standards of the struggling
farm families who shopped in his
company’s stores.
“Julius Rosenwald” (Yale, 237
pages, $25), by Hasia R. Diner, looks
at the philanthropic efforts of the man
who built Sears, Roebuck into a retail
giant but who became better known
for financing 5,000 schools for black
children in the segregated South. Both
his generosity and the conditions he
attached to it, Ms. Diner argues,
reflected his understanding of the
religious principle that Jews should
seek to “repair the world.”
The third book in this trio, David
Cappello’s “The People’s Grocer”
(Neutral Ground Press, 393 pages,
$20), is an entertaining study of John
G. Schwegmann, the New Orleans
supermarket magnate. Schwegmann’s
free-wheeling style and his obsession
with offering bargains led him to
undertake a legal crusade against the
“fair trade” laws that kept grocery
prices high. The Supreme Court ruled
his way in a 1951 case that opened the
door to discount retailing—a contribu-
tion for which Schwegmann deserves
far more credit than he has received.
—Mr. Levinson is the author of
“The Box: How the Shipping
Container Made the World Smaller
and the World Economy Bigger.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, November 18 - 19, 2017
IF YOU’RE LOOKING for a gor-
geous coffee-table book, the winner
could easily be Levon Biss’s
“Microsculpture: Portraits of
Insects” (Abrams, 136 pages,
$40). Even those not fascinated by
bugs will be drawn by the exquisite
close-ups of hairs, wing covers, feet
and antennas, all in iridescent
color. You don’t find out much
about the subjects of these photos,
except their sheer beauty.
Then there is “The Book of Cat-
erpillars” (Chicago, 656 pages,
$55), edited by David G. James and
featuring life-size photographs of
600 caterpillars from around the
world. If you know a true natural-
history nerd, this is the gift to
choose. A great reference, if not
light reading.
“The Enigma of the Owl: An
Illustrated Natural History” (Yale,
288 pages, $40), by Mike Unwin
and David Tipling, offers plenty of
details on 53 species from six geo-
graphic regions. The Elf Owl of the
Southwestern United States and
northern Mexico is the smallest
species, while the Snowy Owl of the
Arctic regions is one of the most
beautiful. For sheer appeal, what
can compete with the Burrowing
Owl of the American prairie? I par-
ticularly enjoyed the magnificent
images and details about the Great
Horned Owl, with its large yellow
eyes, ear tufts and resonant calls—
a familiar presence in my life in the
eastern U.S. This book is sure to
delight any nature lover.
David Philipps’s “Wild Horse
Country: The History, Myth, and
Future of the Mustang” (Norton,
316 pages, $27.95) is a compelling
but disturbing book. Mr. Philipps
traces the history of the wild horse
from its prehistoric beginnings to
its iconic status as a symbol of
wildness and American freedom.
Today the mustang is sadly snared
in a tangle of bad regulations, cor-
ruption and greed. Cruel helicopter
round-ups are meant to help pre-
serve public grassland from over-
grazing. A tiny percentage of the
rounded-up mustangs are then
adopted by private individuals,
while many more are shipped ille-
gally to slaughterhouses in Mexico.
Fifty thousand are now in the
hands of private owners who are
paid millions annually to tend to
them until their deaths. Mr.
Philipps suggests allowing moun-
tain lions—the horse’s natural
predator—to increase in number
until they keep mustang popula-
tions at bay. Can such an idea take
hold in a land in which predators
are seen as dangerous competitors?
Natural historians will want to
indulge in Jonathan B. Losos’s “Im-
probable Destinies: Fate, Chance,
and the Future of Evolution”
(Riverhead, 368 pages, $28). Mr.
Losos deals with some of the great
questions about evolution. Is each
evolutionary trajectory unique? If
we could replay the past, would we
find the same adaptations recur-
ring over and over again? Do pat-
terns of evolutionary adaptation
recur whether there are terrestrial
predators or not? Do species evolve
different proportions when the
pressures are different? As he
muses on these issues, Mr. Losos
recounts field stories, complete
with hilarious misadventures. He
introduces an esoteric cast of
scientific characters obsessed with
moths, fish, lizards, invertebrates
and other creatures, each revealing
something new and interesting
about evolution itself. As for his
own studies tracking the Anolis
lizard across the Caribbean, Mr.
Losos admits: “It’s a dirty job,
hanging out on beautiful, wind-
swept islands surrounded by ocean,
but someone’s got to do it.”
—Ms. Shipman is the author of
“The Invaders: How Humans
and Their Dogs Drove
Neanderthals to Extinction.”
* *** THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Wherever there is a channel for water, there is a road for the canoe.’ —Henry David Thoreau
A River Ran Through It
Border Country
By Martha Greene Phillips
Minnesota, 372 pages, $39.95
BY GERARD HELFERICH
AT THE TURN of the last century, as
American cities redoubled in popula-
tion and industry, well-off urbanites
yearned to trade the grit and bustle of
civilization for the bucolic privations
of forest and stream. A lifelong
outdoorsman, President Theodore
Roosevelt helped to blaze this path,
famously camping with John Muir in
the mountains of Yosemite and
hunting bear in the sloughs of the
COURTESY OF MARTHA GREENE PHILLIPS
Mississippi Delta. To conserve wild
areas for future generations, he signed
into being two dozen national parks
and monuments, more than 50 federal
bird reserves and 150 million acres of
national forest.
Among the droves of Americans
inspired to swap the ease of home and
hearth for the rigors of tent and camp-
fire were some prominent families TIME AND TIDE The St. Croix River in Wisconsin in 1907, caught between the forces of nature and progress.
from the Milwaukee area. From 1906
to 1916, this band of men and boys toward conservation, the landscape in world and make us care about his complains: “The timber has been cut
made eight canoe trips, lasting from Greene’s day was scarred by lumbering characters. Immersed in Greene’s at a good many places and the coun-
two to five weeks each, through the and punctuated with mines, sawmills loving detail, we take a seat around try has been burned over. . . . During
historic border country of Wisconsin, and dams. the campfire. the day, gasoline launches used for
Minnesota, Michigan and Ontario, once Even so, the Gang reveled in their Since they were never meant for fishing and trade passed and re-
the domain of Sioux and Chippewa, fur exploits. To pin every precious publication, the journals show a passed our camp. This country is
traders, and gold and iron miners. memory to the page, Greene devoted a bracing frankness, including inside getting far too civilized for any com-
The group called themselves “the lot of time to taking his photos and jokes and notes about who woke up on fort.” The following year’s expedition
Gang,” and their de facto leader was keeping his journals. Entries recorded the wrong side of the bedroll. Over the would be the Gang’s last. By then,
Howard Greene (1864-1956), the pro- the group’s activities in minute detail, years we get to know the travelers by most of the boys were grown and
prietor of a wholesale drug company. including how many miles they busy with their own lives. The United
To commemorate their adventures, paddled, what they ate (mostly camp States was about to enter the war,
Greene kept meticulous journals, stalwarts such as pancakes, bacon, Journals from a century and Dad and Carl would serve in
which his daughter, Martha Greene beans and whatever fish they could Europe. The journals give a poignant
Phillips, has collected into a handsome catch) and even when they bathed and ago describing family glimpse of a family and a world on
large-format book that includes more shaved. After each trip, he presented excursions into nature, the cusp of drastic change.
than 300 of her father’s photographs. handbound, illustrated copies of the It was also a time of change for the
The Gang averaged half a dozen journal to each of that year’s partici- evoking a world now lost. Gang’s beloved border country. In the
members, with the makeup varying pants, to tide them over the long last days of his administration,
from year to year as individuals were winter until the next expedition. Theodore Roosevelt had protected
sidelined by illness, work or school. Far from literary, Greene’s style is watching them go about their daily more than a million acres of the region
Besides Greene, the regulars included down-to-earth and documentary. He is business. We see the conscientious Dad by designating it the Superior National
other business executives as well as an capable of the occasional flash of wit, (as Greene is universally known), fuss- Forest. Since then, the forest has been
obstetrician, Greene’s young sons and though, as in his description of a ing over his camera and bulky, hooded expanded to more than three million
some of the boys’ friends. A couple of talkative local who describes herself as tripod; his free-spirited son Carl (10 acres, of which more than a million, in-
hired men would go along to cook and “the progressive woman” of her town. years old in 1906), romping au naturel cluding part of the Gang’s old stomp-
handle other chores. “She has waylaid each one of us around the campsite; the avuncular ing grounds, have been named the
These were journeys of recreation, separately to tell us of her progressive- Doc, compiling his lists of flora and Boundary Waters Canoe Area
not exploration. The hardships suf- ness,” Greene writes. “Her conversa- fauna and partaking in the boys’ rough- Wilderness. Now administered by the
fered were those of family canoeists tional abilities are so great that none and-tumble. We witness, and perhaps U.S. Forest Service, the wilderness
everywhere—rain, mosquitoes, the of us want to meet her again.” envy, their exuberant camaraderie. And area’s 1,000 lakes and streams and
occasional capsize or rough portage. What the journals lack in literary we see that, like Roosevelt himself, the 1,500 miles of canoe routes attract
The highlight of a day might be flair they make up for in immediacy, members of the Gang betray the limita- more than a quarter-million adventur-
sighting a moose or taking an after- transporting us to a time when canoes tions and prejudices of their time, ers every year.
noon swim. were fashioned of wood, tents were hunting owls for sport and casually
And the land the Gang traversed sewn from canvas and human beings referring to Native American settlers as Mr. Helferich is the author of “An
was hardly virgin wilderness. Although were innocent of world war. Greene “squaws” and “bucks.” Unlikely Trust: Theodore Roosevelt,
the state of Minnesota, the province of manages to do what every writer By 1915, the border country was J.P. Morgan, and the Improbable
Ontario and the U.S. government had hopes to achieve—to hook us with his suffering from decades of exploitation. Partnership That Remade American
already taken the first tentative steps narrative, introduce us to a vicarious In his journal for that year, Greene Business,” out in January.
A Field Guide to Bird People
akeets. A product of his times, and ducks and raptors were exempt from who could refine his rough sketches.
Birdmania anxious to document the species be- inclusion. The curation of such a In addition to ferreting out the
By Bernd Brunner fore it disappeared, he shot 15. Thirty diverse collection boggles the mind, stories of uncredited collaborators, Mr.
Greystone Books, 292 pages, $29.95 years later, the species was extinct. but Delacour’s was one of at least Brunner is to be commended for
Chapman went on to become a three massive private French assem- giving good attention to many female
BY JULIE ZICKEFOOSE powerful advocate for conservation: blages at the time. Delacour’s Parc de ornithologists and bird enthusiasts. I
On two strolls through Manhattan’s Clères is open to the public to this day. was particularly pleased to see Roxie
shopping district in 1896, Chapman Mr. Brunner treats the frontier days Laybourne (1912-2003), the Smithso-
ORNITHOLOGISTS, oologists and avi- counted 700 ladies’ hats, 542 laden of American ornithology with a quick nian Institution’s pioneer of feather
culturists once deposited the evidence with the feathers (and even whole identification, given as many pages as
of their obsessions in cabinets, cases bodies) of warblers, woodpeckers, Audubon—complete with a portrait of
and cages the world over. Today, bluebirds, a saw-whet owl and north- this elfin South Carolinian standing
observing living birds has become the ern shrike. Through copious writings, proudly among the specimen cabinets
commonly accepted practice: Cameras, he brought awareness to this and that were her stock in trade.
binoculars and spotting scopes bring other idiocies, such as the habitual and Charmingly decorated with period
birds close for observation, obviating lithographs, Old Master paintings,
the need to shoot and collect a bird in bestiary drawings and historic photo-
order to study it. Those few ornitholo- Cameras and binoculars graphs, “Birdmania” demands deft
gists who continue to collect and pre- flipping from the curious reader, as
pare bird specimens for museums keep have made it unnecessary most images are identified and attri-
their activities on the down-low, and to shoot and collect a bird buted only in back pages. The author
know better than to aim at otherwise- collects his biographical sketches in
tempting vagrant birds, which are now simply in order to study it. loosely organized chapters with such
likely to be well attended by crowds of titles as “The Lure of the Egg,” detail-
camera-bearing admirers. ing the sometimes life-threatening
Bernd Brunner’s “Birdmania,” trans- thoughtless shooting of raptors, and is capers of men obsessed with collecting
lated from the German by Jane Billing- the founder of the Christmas bird these perfect orbs, and “Mad for Bird
hurst, is a dizzying compendium of count. This count of the number of Watching.” The latter chapter puzz-
GREYSTONE
biographies of birders old and new. birds visible during a set midwinter lingly groups ornithologist Margaret
Some aimed for keeps. Richard date-range deploys thousands of citi- Morse Nice, renowned for her in-depth
Meinertzhagen (1878-1967), a career zen scientists, creating a yearly snap- study of the life history of the song
officer in the British Army, carried a shot of bird abundance and decline, THE WAY OF THE DODO Carolina sparrow, with compulsive lister
walking stick equipped with a pistol, and continues to be a powerful conser- parakeets by John James Audubon. Phoebe Snetsinger, who circled the
helping him amass perhaps half his vation tool to this day. globe checking off 8,674 species, a
collection of 25,000 bird specimens. Many individuals featured in Mr. brush; Alexander Wilson and John world record at the time. The two pur-
Later investigation revealed that Mein- Brunner’s book are quirkily delightful, James Audubon, with exhaustive col- suits, it must be said, have virtually
ertzhagen had falsified the labels of and a reminder that the same passion lecting and painting, chronicled the nothing in common.
some rare skins stolen from museums, joins the older, acquisitive kind of avian wealth of a fledgling nation. The At times like these, Mr. Brunner’s
making it look like he had collected birder with today’s own less-destruc- author then moves on to the lesser- narrative zigzags along the surface of
them: a capital crime among scientists. tive sorts. To read “Birdmania” is to known Briton John Gould (1804-1881), his subject like a storm petrel, from the
It is also now alleged he murdered his marvel at all the ways people incorpo- whose illustrated monographs on New Middle Ages to the 21st century and
wife, who knew of the deception. rate birds into their lives. A childhood World hummingbirds and birds of Aus- back. The reader’s best option is to go
But such sinister characters are the fascination with chickens led Jean tralia and Asia fostered an apprecia- along for the kaleidoscopic ride. “Bird-
exception. A much more complicated Delacour (1890-1985) down a slippery tion of the planet’s vast avian diver- mania” is an exhilarating, if somewhat
case is Frank M. Chapman (1864-1945). slope teeming with pheasants, sun- sity. Gould, it is revealed, relied heavily scattershot, field guide to people
Few people embody the tension be- birds, hummingbirds, waterfowl, on the advanced drawing skills of sev- caught in the everlasting thrall of birds.
tween acquisitiveness and compassion ostriches and even birds of paradise. eral uncredited artistic collaborators,
for birds better than Chapman, who in He incorporated some 3,000 of these chief among them his wife, who did Ms. Zickefoose’s latest book
1889 mounted an expedition to find— in his vast planted aviaries at his not survive the birth of their eighth is “Baby Birds: An Artist
and collect—the last wild Carolina par- château in Normandy: Only fish-eating child. This left the artist to seek others Looks Into the Nest.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘The wonder is, not that the field of the stars is so vast, but that man has measured it.’ —Anatole France
Great and Marvelous Signs
A New Map of Wonders
By Caspar Henderson
Chicago, 371 pages, $29
BY SAM KEAN
ONE EVENING a few years ago, in
Gombe Stream National Park in
Tanzania, a primatologist observed
two chimpanzees climb separately
onto a ridge. Seeing each other, the
pair clasped hands and settled down
to watch the sun set, gazing content-
edly at the horizon until the yellow-
orange corona disappeared. It’s impos-
sible to know what the chimps were
experiencing, of course, but given
their innate intelligence and close
affinity with human beings, it’s hard
not to imagine that the glow filled
them with something like wonder.
If so, the sense of wonder must be
ancient, a primal experience that
predates Homo sapiens. But as
Caspar Henderson shows in “A New
Map of Wonders,” the experience of
wonder is more than just simple, stu-
pefying awe. Both Plato and Aristotle
called wonder the beginning of phi-
GETTY IMAGES
losophy, but to Mr. Henderson won-
der is something worthy of contem-
plation in and of itself. Why do
certain things fill us with wonder
and other things don’t? Neurologi-
cally, how does wonder work in the
brain? Could there even be a dark
side to this blissful experience?
Echoing the Seven Wonders of the
World, Mr. Henderson divides his
book into seven chapters, each of
which explores a broad scientific
topic: light; the origin of life; the
heart; the brain; a human life span;
planet Earth; and future technologies.
The book builds from small, simple
phenomena to more complex ones.
But in truth, the structure is just the
scaffolding, the girders underlying a
magnificent Baroque edifice. Mr.
Henderson, a British journalist, rarely
hews very long to the subject at hand
before digressing into something else:
religion, art, mythology, a dozen other
marvels. He’s basically composed a lit-
erary Kunstkammer, one of those old-
fashioned “cabinets of wonder” where
learned scholars would cram fossils
next to chalices next to seashells next
to stuffed frogs or birds of paradise—
whatever captured their fancy. “The
aim [of the book] is simply to witness
some wonders as far as I can,” he
writes, “and to get a better sense of
the size of those wonders and where
they are: to recognize them.”
In his chapter on light, for exam-
ple, Mr. Henderson skips around from
John Glenn watching twilight from
space, to the historical difficulties of
measuring the speed of light, to the
physiology of human vision, to differ-
ent cultures’ views of rainbows, to the
spectacle of the Northern Lights,
which “scroll over the curve of the
horizon like the puddles of cool flame
from brandy burning on a giant
Christmas pudding.”
WE ARE LIVING through a stellar
age of science publishing, and this
year some of the most massive
objects in the firmament have also
been the best. Anyone interested in
human nature will be pleased with
the biologist Robert Sapolsky’s
mammoth “Behave: The Biology of
Humans at Our Best and Worst”
(Penguin Press, 790 pages, $35). It
is a magisterial synthesis of what
the life sciences tell us about our-
selves—as well as what they don’t.
The author covers neuroscience,
hormones, genetics, evolutionary
psychology and other fields to argue
that humans are not ineluctably
selfish or evil by nature: “Anyone
who says that our worst behaviors
are inevitable knows too little about
primates, including us.” He writes
with exemplary clarity and a hippie-
ish humor, and wants us to know
that—as the philosophers told us
long ago—rational thinking and
emotion can comfortably coexist.
What with Elon Musk’s determi-
nation to colonize Mars and a new
wave of outward-looking science
fiction (“Interstellar,” “Star Trek:
Discovery”), space has become
glamorous again in a way it hasn’t
been since the Columbia disaster.
Former Navy captain Scott Kelly has
spent more consecutive days in
space than any other American—a
whole year on the International
Space Station. His “Endurance: A
Year in Space, a Lifetime of Dis-
covery” (Knopf, 387 pages, $29.95)
* * * *
NORTHERN LIGHTS The aurora borealis in the skies over Manitoba in February 2015.
Although funny at times (“wonder
and humour are not mutually exclu-
sive,” he says), the book has a learned
tone overall, with quotations and
further explanations sprinkled in the
margins. And for a book about the
natural world, Mr. Henderson spends
little time describing actual experi-
ences in nature. (In that sense, the
book lacks the immediacy of, say,
Annie Dillard’s essays or David George
Haskell’s 2012 “The Forest Unseen.”)
But he makes up for that with page
after page of gems unearthed from
the quarries of history. One of my
favorites is a provocative suggestion
in the 1960s by the legal scholar
Roger Fisher that, as Mr. Henderson
summarizes, “instead of having [nu-
clear] launch codes in an attaché case
carried by a young officer constantly
at the President’s side, the codes be
surgically implanted in a capsule be-
neath the officer’s heart. Then, if the
President decided that the murder of
tens of millions of people was neces-
sary, he would himself have to access
the codes by using a butcher’s knife to
gouge out the young man’s heart.”
It sounds barbaric, but Mr. Hender-
son notes that this setup, by making
the president confront the enormity
of ordering a nuclear strike, would
make one far less likely, a true last re-
sort. In this way, he suggests, the idea
was really an attempt “to retain a
sense of decency in dark times.” And
it’s revealing that the proposal in-
volved hiding the capsule not behind
the officer’s kidneys or spleen but his
heart, what Mr. Henderson calls “the
centre of some of the things that mat-
ter most in our being.” Passages like
is a memoir of the right stuff that
will hypnotize any space geek, with
its streak of astronautical romance
and its laconic descriptions of tech-
nical details. “My first task is to
remove insulation from a main bus
switching unit,” he narrates, “so the
unit can later be removed by the
main robotic arm.” Sounds like dull
grunt work, but he’s doing it on a
spacewalk.
Space itself may one day be colo-
nized by an artificial “superintelli-
gence” that has escaped our control
and is hell-bent on seeding the uni-
verse with copies of itself. That, at
least, is one possible future described
HOLIDAY BOOKS
this show “A New Map” at its best:
surprising, memorable and moving.
There’s always a danger in a book
like this: that examining the world
scientifically might “undo” our sense
of wonder and render the objects of
inquiry lifeless—that explaining things
will explain them away. This isn’t a
new concern. (Keats complained of
scientists “unweaving the rainbow,”
and Wordsworth once remarked that
“We murder to dissect.”) But the
Science doesn’t really destroy mystery. The physics of
prisms was worked out in Isaac Newton’s day. But has
anyone ever seen a rainbow and felt disappointed?
worry looms ever larger in our techni-
cal age. “A New Map of Wonders”
does get bogged down in details occa-
sionally, but for Mr. Henderson a sci-
entific understanding heightens the
sense of awe. In one evocative passage
he points out that the behavior of
superfluid helium (a supercooled form
that can flow uphill, among other
tricks) and the behavior of a flock of
starlings (in which thousands of birds
will veer and gyre and flow through
the sky as one mass, like a gigantic
airborne amoeba) can be described by
the same mathematics. A poet would
call this link a metaphor, since it aids
our understanding of both.
And really, the idea that science
might neuter our sense of wonder
seems overblown. Human beings
both think and feel, and if our sense
of wonder for the natural world is—
as the chimps at Gombe suggest—
in “Life 3.0: Being Human in the Age
of Artificial Intelligence” (Knopf,
384 pages, $28), by the physicist
Max Tegmark. This terrifically lucid
book contains explanations of every-
thing from electronic logic circuits to
game theory, cosmology and software
that plays Go: it is probably the best
popular overview to date of argu-
ments about AI. If we seek to create
an electronic superintelligence, Mr.
Tegmark points out, the deep prob-
lem we need to solve first is that of
“value loading.” How do we ensure
the machine’s values are aligned with
ours, and so prevent a “breakout”
whereby it takes over the world?
Even an AI primarily designed to pro-
tect humans, he observes, would
almost certainly first take steps to
prevent itself from being turned off.
And from that moment we’ll no
longer be in control. As HAL in
“2001” memorably puts it: “I’m sorry,
Dave, I’m afraid I can’t do that.”
Physics and biology have long been
the glamour sciences, so spare a
thought for their less-celebrated sib-
ling, chemistry, without which the
modern world would also be impossi-
ble. Theodore Gray’s “Reactions: An
Illustrated Exploration of Elements,
Molecules, and Change in the Uni-
verse” (Black Dog & Leventhal, 216
pages, $29.99) is a sumptuous coffee-
table odyssey from the characters of
individual atoms to our astonishing
ability to “see” molecules orbiting
distant stars. The pictures comple-
ment the text ideally, whether of
Saturday/Sunday, November 18 - 19, 2017 | C15
hard-wired into our psyches, then the
understanding we acquire through
science won’t destroy that response.
The essential physics of rainbows
was worked out in Isaac Newton’s
day. But (Keats notwithstanding) has
anyone since ever walked outside
and seen a rainbow and felt disap-
pointed? Despite the knowledge that
it’s just the refraction of sunbeams
through water droplets, instinct and
awe still win out.
But even simple rainbows, as Mr.
Henderson notes, become more com-
plicated when refracted through
human consciousness. Some cultures
in Indonesia and the Amazon regard
rainbows not as joyful but as threat-
ening, as portents of doom. It’s a
startling thought, but it’s one of just
several places in the book where the
author swerves, damping the joy
with unexpected melancholy. This
penchant becomes especially obvious
in the book’s final chapter, which
focuses on how three technologies—
new ways to generate energy, space
exploration, and advanced comput-
ing/robotics—might remake human-
ity. As one example, Mr. Henderson
discusses what it would take for
humans to visit Mars and, eventually,
colonize other planets. You might
expect that a man who was rhapso-
dizing about exoplanets a few pages
sugar and oxygen reacting in “a lovely
fireball” or—in the enjoyably named
“The Boring Chapter”—an artist’s
impression of what paint is doing
while you watch it dry. The perfect
adjunct to a chemistry set for any
curious youngster, as long as you’re
not worried about explosions.
Chemistry also runs the batteries
in our smartphones and enables us to
spend all day contributing to the prof-
its of the giant tech corporations. But
what exactly is Big Tech up to? Scott
Galloway’s “The Four: The Hidden
DNA of Amazon, Apple, Facebook,
and Google” (Portfolio, 310 pages,
$28) bracingly dismisses the corpo-
rate legends and origin myths put out
by the companies themselves and
offers his own analysis of their strate-
gies, which is at once admiring and
sardonic. (The corporations “cheat”
and “steal,” he says, mainly because
we let them.) The author, as a serial
entrepreneur and business professor,
brings his own insights into play in a
pleasantly disarming way. At one of
the companies he worked at, he
reports, “I had turned $600 million, of
other people’s money, into $350
million.” Easily done.
And what of the brave new world
that the Four and their successors will
build for us? In “Soonish: Ten
Emerging Technologies That’ll
Improve and/or Ruin Everything”
(Penguin Press, 358 pages, $30),
Kelly and Zach Weinersmith offer an
entertaining look at future tech wiz-
ardry, from space tourism and aster-
earlier would be pretty gung-ho
about sending astronauts on the
greatest adventure in human history,
but no. He actually sounds dismis-
sive, even frightened: “These visions
strike me as outlandish, verging on
stark raving bonkers.” It’s a good re-
minder that there’s a dark edge to
wonder sometimes. Romantic poets
called it the sublime—a blend of awe
and terror. We’re sometimes fasci-
nated by things that horrify us.
At different points in the book, Mr.
Henderson gamely tries to define
“wonder.” He comes closest, I think,
in calling it “the apprehension of
something bigger and better of which
we are momentarily a part.” That
sense of fleetingness is important,
too—permanent wonder would anes-
thetize us. In the epilogue, Mr. Hen-
derson notes that medieval pilgrims
sometimes held mirrors up to holy
relics in distant lands, then proudly
showed the mirrors off when they
returned home, convinced that the
looking glass had somehow “retained
some of the relic’s power,” even if the
image was transient. Mr. Henderson
then compares his book to such a
mirror, offering a hope that his brief
reflections on awe-inspiring phenom-
ena might imprint the reader in turn.
He absolutely succeeds: As with the
chimps in Gombe, staring at the wan-
ing sunset on the horizon, the glow of
“A New Map of Wonders” will linger
long after you put the book down.
Mr. Kean is the author,
most recently, of “Caesar’s
Last Breath: Decoding the
Secrets of the Air Around Us.”
oid mining to nuclear fusion power,
matter replication, synthetic biology
and direct brain-computer interfaces,
which no doubt would be an even
more efficient way to serve us ads.
The text is very well-researched, with
a casual, friendly style (“Tinkering
with the language of life. What could
go wrong?”), and color cartoons add
a wry counterpoint to the narrative
of a future that, as always, might be
utopia or disaster.
For an omni-curious reader, the
year’s most mind-bending super-
massive black hole of a book is physi-
cist Geoffrey West’s “Scale: The Uni-
versal Laws of Growth, Innovation,
Sustainability, and the Pace of Life
in Organisms, Cities, Economies,
and Companies” (Penguin Press,
479 pages, $30). The book begins
with the observation that things do
not scale linearly: If you double an
animal’s size, for example, its weight
cubes, but the strength of its limbs
only squares. Thus, poor Godzilla
would collapse under his own weight,
unless he were “almost all leg.” From
here the author takes you on a quite
spectacular journey through the
science of shipbuilding, the meta-
bolism of trees, the right dose of LSD
to give an elephant and the ideal
dimensions of a city. From simple
algebra to lessons for the future of
human civilization, this is science
writing as wonder and as inspiration.
—Mr. Poole is the author of
“Rethink: The Surprising
History of New Ideas.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C16 | Saturday/Sunday, November 18 - 19, 2017
THE MOST POWERFUL food read
of the year is Michael W. Twitty’s
“The Cooking Gene” (Amistad,
443 pages, $28.99), an African
American Washingtonian’s culinary
history of the Old South. Presented
in a story-telling fashion that con-
nects us viscerally to layers of the
past—many of them painful—this
daring book, part memoir, part
inspired research, traces African
American foodways from the days
of slavery onward. The narrative
proceeds in a series of overlapping
narratives rooted in personal
experience, archeological evidence,
and records of slave auctions and
plantation finances. Mr. Twitty’s
stories embed us in the lives of
people in the past, and deepen our
understanding of Southern food
and those who cooked it.
Food writer Patience Gray
(1917-2005), the subject of Adam
Federman’s “Fasting and Feast-
ing” (Chelsea Green, 371 pages,
$25), followed her own rules in
cooking, writing and life. Mr.
Federman gives us not only a mas-
terly biography of Gray but also a
detailed picture of the midcentury
literary and artistic milieu in
which she moved. In the early
1960s she fled the constraints of
her London life to be with the itin-
erant sculptor Norman Mommens,
and for several years they lived in
various hardscrabble places in the
Mediterranean. There she learned
foraging traditions from the coun-
try people who were her neigh-
bors in poverty and frugality,
knowledge then shared in her one-
of-a-kind culinary classic “Honey
From a Weed” (1986).
What better way to understand
a country than to engage with its
food geography? Enticing recipes
anchored in a sense of place make
Robyn Eckhardt’s “Istanbul &
Beyond” (Houghton Mifflin Har-
court, 352 pages, $35), illustrated
with stunning location and food
photos by David Hagerman, an out-
standing book for both cooks and
armchair travelers. Ms. Eckhardt’s
chapters take us through Turkey
region by region, giving a vivid
picture of its remarkable culinary,
geographic and cultural diversity.
Each chapter title gives the key to
the flavors of the region it’s about,
from “Fish, Corn & Greens” (the
Black Sea) to “Wheat, Legumes &
Lamb” (North-Central Anatolia).
“Six Seasons” (Artisan, 397
pages, $35), by the young Orego-
nian chef Joshua McFadden and
his co-author, Martha Holmberg,
shows how elegantly vegetables
can take their place as the main
attraction on the table all year
round. Mr. McFadden is commit-
ted to cooking with vegetables
that taste their best, which means
vegetables in season. His appeal-
ingly simple recipes are focused
on delivering big flavor through
attentive seasoning and inventive
combos. To that end, the book
opens with basic recipes, including
many for sauces and flavored
butters that expand the cook’s
pantry in imaginative ways.
The tone of the helpful baker’s
notes at the back of Yotam Otto-
lenghi’s latest cookbook, “Sweet”
(Ten Speed, 363 pages, $35),
created with pastry chef Helen
Goh, is conversational and warm,
encouraging but not condescend-
ing. It reflects the feel of the
whole book, which invites first-
timers as well as experienced
cooks to embark on sweet baking
with the confidence that they are
in reliable hands. The recipes, in-
cluding Banana Cakes With Rum
Caramel and Rice Pudding With
Roasted Rhubarb and Tarragon,
are anchored in the familiar but
have been “ottolenghified”—that
is, given an inspired twist.
—Ms. Duguid is the author, most
recently, of “Taste of Persia”
and “Burma: Rivers of Flavor.”
* *** THE WALL STREET JOURNAL.
HOLIDAY BOOKS
‘Every man has two countries—his own and France.’ —Henri de Bornier
Appétits Américains
The Gourmands’ Way
By Justin Spring
Farrar, Straus & Giroux, 433 pages, $30
BY MOIRA HODGSON
WHEN THE New Yorker war corre-
spondent A.J. Liebling entered Paris
SCHLESINGER LIBRARY, RADCLIFFE INSTITUTE, HARVARD
with Allied forces in 1944, he “liber-
ated” the famous brasserie Closerie
des Lilas on his first day. Author of
“Normandy Revisited” (1958) and
“Between Meals: An Appetite for
Paris” (1962), Liebling was a man of
Rabelaisian appetites. His idea of a
good lunch included a dozen oysters, a
spider crab with a half pint of mayon-
naise, a dish of tripes à la mode de
Caen, a partridge poached in cream
and cider, a leg of lamb, a couple of
steaks and a good Pont l’Évêque.
Liebling loved Normandy. He explained C’EST BON! Julia Child feeds her husband, Paul, during a visit to Richard Olney’s house in June 1973.
to his readers, “The Norman takes his
vegetables in the form of animals— taining refreshment for a substantially magazine reported, “men who have not careful indirection) at me.” As for
herbivores eat grass [and the Norman] larger audience as well, but mainly in the slightest intention of going to the M.F.K. Fisher—the highly respected
Man, a carnivore, eats herbivores.” Britain, as it was hastily expunged kitchen for anything but ice cubes author of “The Gastronomical Me”
Liebling is one of six American from the American edition (eventually watch her for pure enjoyment.” (1943) and other books, and translator
expatriates in France that Justin to be reinstated in 1960). Of course the Mr. Spring writes admiringly about of Brillat-Savarin—he dismissed her
Spring profiles in “The Gourmands’ ensuing scandal created immediate Child and her step-by-step approach writing as “silly, pretentious drivel.”
Way.” These “writer-adventurers,” as demand for the book, which went into but he is clearly more impressed with Mr. Spring also sharpens his knives
he calls them—Liebling, M.F.K. its fourth printing within three weeks Richard Olney, a painter and intellec- in Fisher’s direction, writing that
Fisher, Richard Olney, Alexis Lichine, of publication. tual from Iowa who had arrived in despite her warmly received books
Alice B. Toklas and Julia Child—all Julia Child arrived in Paris in 1948 Paris in 1950. Olney had a deep under- she lacked real knowledge about
came to Paris “seeking a better way of as a newlywed, with her husband, standing of French cooking. He likened French food and, moreover, wasn’t
living and being.” Their books, written Paul, 14 pieces of luggage, six steamer much of a cook. “She was, rather, a
for very different reasons, revolution- trunks, a gas-powered refrigerator and novelist, memoirist, and fantasist who
ized American attitudes to French a new Buick Roadmaster station Americans like Julia Child specialized in tall tales and elaborate
food and wine in the three decades wagon. She soon decided she needed embroideries upon truth.” He calls her
following World War II. Americans professional cooking instruction and and M.F.K. Fisher came “Cooking of Provincial France” (1968),
had been fascinated by French cuisine enrolled at the Cordon Bleu. Child to Paris seeking ‘a better the first volume in the Time-Life
since the time of Thomas Jefferson adored cooking for Paul and was eager series Foods of the World, “the most
(who introduced, among other things, to discover all kinds of French delica- way of living and being.’ error-ridden book on French cooking
meringues and vols-au-vent), but cies. Mr. Spring writes that “like her ever brought out by a major American
while it was served at luxurious cat, Minette, Julia loved feasting on a publisher.”
restaurants it had yet to appeal to the wide variety of little birds.” They it to jazz: “It begins with a mastery of Alexis Lichine, a Russian-born Jew-
mainstream home cook. included ortolans (buntings) and theory, technique, and organizing prin- ish émigré and wine salesman, was
Alice B. Toklas wrote her famous vanneaux (plovers, also known as ciples,” coming alive “through playful- responsible for getting Americans to
cookbook because she was broke. In lapwings). Paul told his brother, “You ness, spontaneity, and, ultimately, drink wine instead of coffee with their
1946, after the death of Gertrude Stein, wouldn’t think people would eat lap- extemporization.” He was not only a meals, tirelessly traveling around the
her companion of 40 years, she discov- wings, would you? Must say the damn remarkable chef but also a wine country holding seminars. With his
ered that she had no legal recourse to thing tasted mighty fine.” expert, and an elegant prose stylist in book “Wines of France” (1951) he
the magnificent art collection Stein One summer Child, a huge woman both English and French. In 1968 he established himself as a leading
had willed to her. Toklas was 75 and with a booming voice, invited Toklas, moved alone to a small hillside house connoisseur and made enough money
recovering from jaundice when she the tiny woman with the mustache, to with a tiny kitchen in Solliès-Toucas, to buy a fourth-growth château in
started work on the project she hoped a buffet dinner at her apartment. Mr. Provence, where he created his two Margaux that carried his name. When
might earn her some money. “The Spring writes that “the evening’s pièce seminal works, “The French Menu he was asked how best to develop a
Alice B. Toklas Cook Book” (1954) was de résistance” was an impressive, Cookbook” (1970) and “Simple French palate, he replied “Simple. Buy a cork-
a heartfelt memoir of her life in France heavy ballottine of veal with Madeira- Food” (1974). He was a major influence screw and use it.”
with many of its recipes contributed by truffle sauce “that Child had worked on American chefs from Alice Waters Mr. Spring does a superb job of
illustrious friends. One of them, from days to prepare.” But Toklas, “a fleeting and Jeremiah Tower on down. His idea painting detailed portraits of his six
the British painter Brion Gysin (un- wren-like person” so small under her that fine cooking should be based on protagonists. He has packed an enor-
attributed), was for Haschich Fudge. wide-brimmed hat that she was barely fresh local ingredients seems common- mous amount of material into this
He wrote, “This is the Food of Para- identifiable, “stayed only for a glass of place today but was radical in its time. book, which is erudite, gossipy, enter-
dise—of Baudelaire’s Artificial Para- wine.” Child did not include a recipe for Olney was known to be quite diffi- taining and eminently readable.
dises: It might provide entertaining re- the dish in her famous book “Mastering cult and often waspish about his col-
freshment for a Ladies Bridge Club or the Art of French Cooking” (1961), but leagues. He told his brother, “[I] am Ms. Hodgson is the author of
a chapter meeting of the D.A.R.” she once made a turkey ballottine on sick to death by now of Julia’s sugar- “It Seemed Like a Good Idea
Indeed. The recipe (“two pieces are her television show “The French Chef.” coated barbed tongue. Most of the at the Time: My Adventures
quite sufficient”) was to provide enter- The series was so popular that, Time barbs are directed (although with in Life and Food.”
The Bible of Bubbly
the harvest, cellar masters at the tra- Casual consumers may find no vate over tasting notes, there is Rich-
Champagne ditional champagne houses set about striking differences between grower ard Juhlin’s “A Scent of Champagne:
By Peter Liem choosing from dozens of newly fer- champagnes and those from familiar 8,000 Champagnes Tasted and Rated.”
Ten Speed, 321 pages, $80 mented still wines, called vins clairs. brands. Some, though, can be enchant- Then there is Serena Sutcliffe’s “Cham-
Wines reserved from previous vintages ingly different—as I found recently pagne,” whose text is lifted by joy: Ms.
BY PETER HELLMAN may be added in. Only then does the upon sipping a single-vineyard elixir Sutcliffe calls champagne “a constant
cellar master arrive at a blend reflect- called Roses de Jeanne made by Cédric companion and permanent delight . . .
ing a brand’s signature style. Bouchard in the Côte des Bar at the a faithful ally and an inspiration.”
AS A MARKER of public celebrations, In his handsomely produced, southern extremity of the Champagne Mr. Liem’s book is more restrained
champagne stands alone: From locker soberly argued “Champagne,” Peter region: Mr. Bouchard bottles his bub- in tone. Its greatest strength derives
room blowouts to ship launches to Liem concedes that the world’s most from his 2006 decision to move to a
anniversaries, it ain’t over until corks esteemed bubbly “has been marketer small house in the village of Dizy in
are popped. Champagne also has uses much more by brand than by place”: In Champagne’s heartland. There seems
at very private moments. I know of a a 1933 guide called “Wines,” writer not to be an inch of the region’s vine-
Parisian bachelor who keeps a small Julian Street noted, without retort, yards he hasn’t walked, or a grower he
fridge next to his bed. It contains only that champagne is often dismissed as hasn’t shared a glass with. Mr. Liem’s
champagne for two. a “manufactured wine.” profiles of 107 producers he admires
To worldwide consumers, cham- are the book’s core: His selections tilt
pagne is the emblematic French wine. toward grower-producers: no surprise.
Yet, in how it is traditionally sourced The chalky hills of But he does not ignore the grandes
and vinified, it is an outlier. Every- marques, and his book opens in the
where else in France, the most cher- Champagne produce the tasting room of much-admired
ished wines are highly site-specific. world’s most fabled wines. Roederer. On a spring morning in 2015,
Customers pay a frightful price, for Mr. Liem sat in as the cellar master
example, for bottlings from Romanée- evaluated young wines from an aston-
Conti’s barely four-acre vineyard in Mr. Liem begs to differ. His unwav- ishing 410 different parcels. “It’s vital,”
Burgundy, from Château Le Pin’s five ering aim is to persuade us that Mr. Liem writes, “that each of these
acres in Bordeaux, and from Guigal’s place—not only a particular village, parcels is allowed to express its own
single-acre gems in the Rhone Valley. but an individual vineyard, or even a individual character.”
Champagne mostly diverges from few rows of vines—deserves primacy “Champagne” comes with a bonus,
that mono-vineyard model. The appel- in Champagne just as it does in Bur- slid into a separate drawer in its slip
lation’s largest producers, long known gundy. Mr. Liem reports that cham- case: seven large, handsome maps of
as “grandes marques” (big brands like pagne winemakers, large and small, the region, originally published by
Moët & Chandon and Veuve Clicquot), now are “acknowledging that the most Louis Larmat in Paris in 1944, as the
primarily source and blend bottlings individual, authentic, and meaningful GETTY IMAGES German Occupation ended. The maps
from grapes purchased from more wines derive their primary identity bly at 4.5 atmospheres of pressure were printed in an edition of 150, and
than 1,500 small growers whose vines from the vines, not the winemaking.” rather than the standard 6, resulting in it took Mr. Liem years to locate and
dot the chalky, infertile hills, plains The search for individual expression a silkier texture which keeps the gen- purchase an original portfolio. “I
and valleys of Champagne. The in the region has led to the rise of so- tlest whispers of his fine fruit from be- hope,” he writes, “that a broader audi-
region—an enormous expanse, stretch- called “grower” champagnes. Instead ing lost. Roses de Jeanne didn’t taste ence will find them useful in better
ing nearly to Belgium in the north and of selling grapes to big houses, as ear- like any traditional champagne I’d ever understanding the complex terroirs of
to Burgundy in the south—is as far lier generations did, these growers tasted. Together with the tried-and- Champagne.” Make a gift of this hand-
north as wine grapes can be grown make their own champagne. Rather true brands, the best grower bottlings some set to a champagne lover, and
(annual temperatures average just 50 than blending to a reliable style year make champagne a starrier sky. the toast will be to you.
degrees). Thus in all but the warmest after year, as big brands do, they cre- Books about champagne can be in-
vintages, some vineyards will reach ate their own expression of what their structional: The one I most often reach Mr. Hellman is the author of “In
full ripeness while others will not. bubbly should be—and what it can be, for is Ed McCarthy’s “Champagne for Vino Duplicitas: The Rise and Fall
That is why, in the spring following given their limited access to fruit. Dummies.” For those who like to sali- of a Wine Forger Extraordinaire.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘Children know perfectly well that unicorns aren’t real, but they also know that books about unicorns, if they are good books, are true books.’ —Ursula K. Le Guin
A Sublime World Builder
Ursula K. Le Guin:
The Hainish Novels & Stories
Edited by Brian Attebery
Library of America, 1,931 pages, $80
The Selected Short Fiction
Of Ursula K. Le Guin
Saga, 1,516 pages, $59.99; $39.99 paper
No Time to Spare
By Ursula K. Le Guin
Houghton Mifflin Harcourt, 215 pages, $22
BY SAM SACKS
WORDS ARE the building blocks of
all invented worlds, and Ursula K.
Le Guin has constructed hers with
as pleasing a vocabulary as any in
science fiction. Among the flora and
fauna of her planetary settings one
reads of crimson-colored kellem and
hadum vines that adorn the walls
like ivy; the orgrevy shrub, cher-
ished for its hallucinogenic resin;
and half-feral herilor, “fat and
feathery domesticated meat-
animals.” She is even better with
technology. The ansible, a device
that instantly transmits messages
between stars, is so apt a term that
the novelist Orson Scott Card
borrowed it for his Ender’s Game
series. My favorite coinage is for
GETTY IMAGES
the dangerous process of inter-
stellar teleportation: transilience.
But Ms. Le Guin’s brilliance lies
beyond nomenclature. Few writers
have been so conscientious of the
ways that societies are defined by
the nuances and omissions of their
language. In her breakthrough novel
“The Left Hand of Darkness,” one of
the pertinent facts about the Karhidi-
ans, hermaphrodites who breed only
during brief periods of sexual heat
called kemmer, is that they have no
word for war. The fearful, supersti-
tious inhabitants of Eleven-Soro, in
the short story “Solitude,” do not
have a translation for love. For the
anarchist citizens of Anarres in “The
Dispossessed,” who have rejected the
concept of property, the word for
work and play is identical. In “The
Word for World Is Forest,” an alle-
gorical novella about the coloniza-
tion of the forest-planet Athshe,
cutting down trees is synonymous
with destroying a way of life.
These books belong to a loosely
linked series of novels and stories
comprising Ms. Le Guin’s Hainish
universe, which has been collected
into a generously proportioned and
endlessly enriching two-volume box
set from the Library of America. The
set begins with the author’s first
published novel, “Rocannon’s World,”
from 1966, ends with the 2000 novel
“The Telling” and is supplemented by
a gathering of Ms. Le Guin’s illumi-
nating essays. In an introduction she
warns that these books were never
conceived as a unified cycle, they
simply concern the many distinct
worlds populated by descendants of
an ancient people called Hain. Dis-
crepancies abound. In early books
WHEN YOU gift-wrap a book to
give to a child, there’s no hiding
what you’ve done. The child will
not mistake the object for a teddy
bear or a ukulele or a video game.
Having lost the element of sur-
prise, you can gain credibility by
choosing a book of exceptional
size, interest or beauty. For a child
2-6 years old, it might be a
gorgeous book about animals such
as “Song of the Wild” (Candle-
wick, 107 pages, $19.99), an intro-
duction to creatures as large as
blue whales and as small as drag-
onfly nymphs. The text by Nicola
Davies is wonderfully variegated,
sometimes rhyming and always
fresh and interesting. Anemones
“are animals made of stinging fin-
gers / around a hungry mouth.” A
butterfly in the rainforest is “a
flash of sapphire, / bigger than a
dinner plate.” Petr Horacek’s art-
work is fabulous here: rich and
vivid and full of touching, obser-
vant detail that draws the eye
again and again.
The colorful creatures that stalk
through the oversize pages of
“Atlas of Dinosaur Adventures”
(Wide-Eyed Editions, 85 pages,
$30) have a simpler, more stylized
look, but they too evoke a stun-
ning variety of life forms. Written
by Emily Hawkins and illustrated
by Lucy Letherland, this absorbing
compendium puts prehistoric
* * * *
characters practice a form of tele-
pathy called mindspeech, but Ms. Le
Guin found the implications of that
power too complicated to fully
develop, so she dropped it.
Even so, the works collected here
do feel of a piece, connected not just
by shared terminology but by an
almost scientific curiosity about the
characteristics of each alien race.
It’s for good reason that critics
point to Ms. Le Guin’s father, Alfred
L. Kroeber, a cultural anthropologist
who studied under Franz Boas, as a
major influence. Her books only
rarely have action sequences, the
laser-beam shoot-’em-ups that most
people associate with sci-fi. They
read more like anthropological sur-
veys or travel journals, faithfully
recording the public morality, politi-
cal organization, gender norms and
of course languages of societies that
are wondrous precisely because Ms.
Le Guin has dreamed them up her-
self. Thus the remarkable dualism of
her best books, in which she is cre-
ator and observer all at once, simul-
taneously elaborating her strange
worlds while exploring their ways
and customs.
Ms. Le Guin’s favorite technique is
to devise a main character who func-
tions as a proxy for this kind of
cultural investigation. “Rocannon’s
World,” the story of a “starlord”
who voyages to a distant galaxy to
put down an alien revolt, is the
nearest the author comes to straight
science fiction, but even here Rocan-
non is an ethnologist and his adven-
animals on the map. It’s our map,
not theirs: The continents appear as
they are today rather than in the
landmass configurations that
prevailed in the Triassic, Jurassic
and Cretaceous periods, making it
easier to grasp the dinosaurs’
extraordinary geographic span.
Informative bursts of text and witty
fillips here and there (e.g., a tiny
Microraptor wears a goofy propeller
hat) add fun to this engrossing
volume for enthusiasts ages 4-10.
Sneaky visual jokes abound in the
seek-and-find pages of “Look for
Ladybug in Plant City” (Frances
Lincoln Children’s Books, 31 pages,
$19.99), a detective caper of sorts
for 3- to 7-year-olds. The putative
story follows Daisy and Basil, a
striped rabbit and spotted lizard, as
they hunt through stylish, crowded
scenes for a pet ladybug gone
AWOL. The real action, though, is in
the young reader’s careful study of
each bright, merry tableau. The
ladybug is one of scores of
creatures to be spied out. Poring
over the pictures, children will also
try to locate “twelve masked
burglars,” a “cycling koala” and a
“spider on a balloon.”
The title “Egyptomania” (Lau-
rence King, 16 pages, $27.99) has a
muscular sound that is at odds with
the elegance and delicacy of its art-
work and design. First published in
French, this sophisticated lift-the-flap
HOLIDAY BOOKS
tures are peppered with field notes
about the semi-human civilizations
he encounters. The space opera trap-
pings have fallen away by the time
she writes “The Left Hand of Dark-
ness,” where the hero’s quest is ex-
plicitly to gather knowledge. The
novel’s narrator is Genly Ai, an en-
voy of a kind of intergalactic league
of nations called the Ekumen, who
has been sent to the icy planet of
Gethen to persuade the ambisexual
Karhidians into joining the confeder-
acy. Genly’s invitation is rejected by
the paranoid sovereign, but he is
given leave to travel the planet, and
Ms. Le Guin uses his expedition as a
chance to ponder the ways of a peo-
ple with no gender hierarchy and,
relatedly, no military ambitions at
all—a people who “feel that progress
is less important than presence.”
The interloper in “The Dispos-
sessed” is the prodigy physicist
Shevek, who has voluntarily left his
egalitarian homeland of Anarres to
study in the aggressively “propertar-
ian” planet of Urras. The novel’s sub-
title is “An Ambiguous Utopia,” the
ambiguity concerning the question of
which of these worlds is the true
paradise, and for whom. Ms. Le Guin
is less interested in suggesting an
answer than sustaining a dialectic. If
the considerable beauty of her fiction
is tied to language, the excitement is
found in the collision of ideas. “It is
of the nature of idea to be communi-
cated: written, spoken, done,” thinks
Shevek. “The idea is like grass. It
craves light, likes crowds, thrives on
book takes children ages 6 and older
(younger ones may too easily mangle
the pages) through the beliefs,
customs, rulers and architecture of
ancient Egypt. With detailed explana-
tory text, Carole Saturno deepens the
meaning of the spare, polished illus-
trations by Emma Giuliani. In one
perfect tableau, the dog-headed god
Anubis weighs a human heart (on
paper scales that children can
actually move) to determine whether
its owner will enter the afterlife.
Beside him, ibis-headed Thoth, the
divine scribe, writes down the result.
It’s a gift book not to induce mania
but to enthrall.
What on earth to give the Harry
Potter devotee who already has all
Saturday/Sunday, November 18 - 19, 2017 | C17
crossbreeding, grows better for being
stepped on.”
Ms. Le Guin, who is 88 years old,
has trod upon a lot of ideas in her
time, and more wine from her labor is
available in a handsome two-volume
box set from Saga Press containing
her collected novellas and a heaping
selection of short stories (including a
Le Guin’s sui generis sci-fi
is rooted in linguistics
and cultural anthropology.
fair number of duplicates from the
Hainish volumes). The offerings are
more various here, in a good way,
yoking together unsettling ethical
parables such as “The Ones Who Walk
Away From Omelas” and “Mazes”
with long, lushly developed narratives
like “Buffalo Gals, Won’t You Come
Out Tonight,” which derives from
Native American folklore.
Also included is the sui generis
story “The Author of the Acacia
Seeds,” which pushes Ms. Le Guin’s
fascination with alien languages to a
logical extreme. Presented as an
extract from a journal of “therolin-
guistics”—the science of animal
languages—it analyzes a message
written by ants “in touch-gland
exudation on degerminated acacia
seeds.” An editorial at the conclusion
alludes to promising discoveries in
the emergent field of phytolinguis-
things Harry Potter? For families with
children under the J.K. Rowling spell,
it’s a challenge. One solution is more
Harry Potter, in the form of “Harry
Potter and the Prisoner of Azkaban:
The Illustrated Edition” (Arthur A.
Levine Books, 326 pages, $39.99).
It’s the third volume in Ms. Rowling’s
seven-book series and the latest to
have its magical story evoked in
illustrations by Jim Kay. Consistency
is not a hobgoblin of Mr. Kay’s art-
work here: You never know what
style he’s going to deploy next. It may
be a colorful drawing of shaggy
trolls, a ragged splash of black water-
color to suggest a Dementor, or a wry
fine-art portrait of Severus Snape
done in the style of Hans Holbein.
tics. How long, it asks, before we can
understand the poetry of the red-
wood or the zucchini?
How much of a story like this
reflects real belief and how much of
it is intellectual play? In an essay in
the new nonfiction collection “No
Time to Spare” about the evergreen
readers’ request that she explain
what her writing means, Ms. Le Guin
tartly replies, “That’s not my job,
honey. That’s your job.” This delight-
ful book, inquisitive and stroppily
opinionated in equal measure, as-
sembles stray pieces from her recent
adventures in blogging. Despite her
reservations with the hideous word
“blog”—which sounds like it should
refer to “an obstruction in the nasal
passage”—she takes to the digressive
form with ease, ruminating on the
value of literary awards, the Great
American Novel (her pick may sur-
prise you), the “existential situation”
of old age and her outsize love for a
newly adopted black-and-white cat
called Pard.
In even these miscellanies, com-
posed in her off hours, the sentences
are perfectly balanced and the lan-
guage chosen with care. After all, she
writes, “Words are my matter—my
stuff.” And it’s through their infinite
arrangements, “the endless changes
and complexities of their interrela-
tionships,” that Ms. Le Guin’s
extraordinary imaginary worlds have
been built and shared.
Mr. Sacks reviews fiction
for the Journal.
The main thing is, of course, that it’s
all more Harry Potter.
Breathtaking pictures show the
otherworldly magic of the solar
system in “The Planets” (Chroni-
cle, 255 pages, $40), a heavy and
handsome book for children and
their families made up of stunning
photographs from the archives of
NASA, each with a substantial
caption by science writer Nirmala
Nataraj. The images are at once
humbling and uplifting: Here in the
black void of space is Saturn’s
frozen moon, Mimas, white and
pitted like a galactic golf ball; here
is the tiny golden orb called Io,
casting a shadow in a perfect inky
circle on the marbled surface of
Jupiter; here is the great sun,
flames spurting from its surface
like plumes. Readers ages 8-13 keen
to know more about the history and
practicalities of space travel may
enjoy “Exploring Space: From
Galileo to the Mars Rover and
Beyond” (Candlewick, 64 pages,
$17.99) by Martin Jenkins. In lieu of
photographs, this lucid and appeal-
ing book is full of warm-hued, fine-
lined pictures by Stephen Biesty,
who uses cutaways to show the
inner workings of rockets, space
suits, interstellar craft and an
imagined settlement under the rosy
soil of Mars.
—Mrs. Gurdon writes about
children’s books for the Journal.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C18 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

HOLIDAY BOOKS
‘How’d ya like to spend Christmas on Christmas Island? / How’d ya like to hang a stocking on a great big coconut tree?’ —The Andrews Sisters

FIVE BEST: A PERSONAL CHOICE

MINIMALISM IS ascendant in
cocktails and spirits, and for that we
should all be grateful. The rococo
drinks laboriously compounded by
members of the Order of the Sleeve
Garter and Waxed Mustache were
fun while they lasted, but that era
was also exhausting. Thankfully,
craft cocktail bars are returning to
simplicity, embracing the radical
notion that ordering and making
James D. Hornfischer
Another historic spirit that’s
made a splash among discerning
drinkers is mezcal. It’s tequila’s
raffish cousin, and consumers
engaged in their restless search for on total war in the Pacific
authenticity have of late homed in
on it. Emma Janzen helps make
sense of why in her impeccably gentleman.’ ” The author offers a
researched and colorfully illustrated Oba, the Last Samurai compelling challenge to this view.
book, “Mezcal: The History, Craft By Don Jones (1986) Exploiting the diaries released by
and Cocktails of the World’s Ulti- top imperial advisers in the 1960s,

drinks shouldn’t be as stressful as
preparing for the LSAT.
Some of the best of this year’s
bountiful harvest of cocktail books
reflect that return to simplicity.
Among them is Robert Simonson’s
“Three-Ingredient Cocktails: An
Opinionated Guide to the Most
Enduring Drinks in the Cocktail
Canon” (Ten Speed, 166 pages,
$18.99). Mr. Simonson, who writes
about drink for the New York Times
and other publications, notes that
there’s an “honesty in the three-
ingredient cocktail.” That may
explain why so many of the enduring
classics, such as the Manhattan, the
mate Artisanal Spirit” (Voyageur,
240 pages, $25). It serves as an all-
purpose introduction for those
beginning to explore this fascinating
liquor, with just enough background,
leavened with a bit of myth-busting.
The worm in the bottle? It’s neither
hallucinogen nor aphrodisiac, but a
“gimmick as lesser-quality brands
aimed to attract the attention of
tourists and foreigners.”
Jim Meehan was among the
pioneers of the craft cocktail move-
ment, having opened PDT in
Manhattan in 2007. “Meehan’s
Bartender Manual” (Ten Speed, 477
pages, $40) is exactly what the title
1
THE STORY OF Capt. Sakae he paints Hirohito as an “animat-
Oba’s extraordinary experiences ing intellect” behind Japan’s most
on Saipan is a very rare thing: brutal aggressions and calls the
an intimate account of a Japanese Tokyo regime “a cartel of cartels
soldier at war. On July 7, 1944, held together by a gigantic police
three weeks after the U.S. invasion protection racket.” The author’s
began, the shattered Japanese zeal and use of some anonymous
garrison spent itself in a banzai sources may have drawn fire, but
charge. Oba was not part of it. the substance of his charge based
Instead he took to the hills, leading on new material has forced a MR. HORNFISCHER is the author of
a makeshift platoon bent on a reassessment of Hirohito’s liability ‘The Fleet at Flood Tide: America at
guerrilla campaign. Under near for the war waged in his name. Total War in the Pacific, 1944-1945.’
ceaseless bombardment, Oba
despaired. “This was no way to strategies and plans of both sides,
fight a war, he told himself. How Retribution Mr. Frank shows that the atomic
could they when they couldn’t By Max Hastings (2007) strikes on Hiroshima and Nagasaki,
move a hand or a foot outside the made tragically necessary by To-

Old-Fashioned, the promises: a manual
Daiquiri, the Ne- for professional
groni and the Mar- bartenders. But it
garita, have proven will make a wel-
as sturdy as a come addition to
tripod. With drinks the library of any
that feature a half- serious at-home
dozen or more drink maker. Mr.
ingredients, Mr. Meehan surveys
Simonson writes, the history, tools
“chances are two and ingredients of
of those are Band- barcraft and in-
Aids, attempting to cludes about 100
mend a broken recipes, ranging
cocktail.” His five from the tried and
dozen recipes offer true (Margarita) to
3
caves?” But fight they did. The MAX HASTINGS covers a
book’s author, who served in Saipan wide sweep of events but
himself and heard about the ghost never loses his fine narrative
who vexed U.S. patrols, found Oba touch. His telling accounts of the
decades later and elicited his campaigns of 1944-5 include a
remarkable story. This result was visceral portrait of the incendiary
this vivid, character-rich account of air raid on Tokyo, carried out by
a doomed warrior’s crisis of honor. Gen. Curtis LeMay’s bomber
command on March 9, 1945. At a
subsequent press conference, when
Japan’s Imperial Conspiracy LeMay described how his strikes had
By David Bergamini (1971) killed a million people, Secretary of
War Henry Stimson was appalled.
2
THE YOUNG EMPEROR who Stimson did not, he said fiercely,
presided over a rampage that “want to have the United States get
devoured half of a hemi- the reputation for outdoing Hitler in
kyo’s mad refusal to quit, were the
most humane way to end the war,
considering the alternatives: namely,
a U.S. invasion of Japan or a siege
by blockade that would have
prolonged the bloodletting in Asia.
“Downfall” stands like a tombstone
over the tired argument that the
bombs were a needless cruelty
inflicted on an already-defeated
country.
Flight of the Enola Gay
By Paul W. Tibbets (1989)

not just a primer
for aspiring drink
makers at home,
but will appeal to
more jaded tipplers
striving to follow Thoreau’s mandate
to simplify, simplify.
Japanese culture often venerates
sturdiness and simplicity, and in
“The Way of Whisky: A Journey
Around Japanese Whisky” (Mitchell
Beazley, 254 pages, $50) spirits ex-
pert and author Dave Broom seeks to
find whether there “was some unseen
modern variations
that aspire toward
classic-hood
(Witch’s Kiss).
The most in-
triguing and best-written spirits
book of the year doesn’t contain a
single recipe. Thad Vogler’s “By the
Smoke and the Smell: My Search
for the Rare and Sublime on the
Spirits Trail” (Ten Speed, 291
pages, $27) is a personal narrative
built around travels in France, Cuba,
Scotland, Ireland, Mexico and Ken-
5
sphere was not charged with war atrocities.” Still, Mr. Hastings writes, TRAINING TO DELIVER the
crimes. Why? America needed him “the only outcome was that LeMay fury of the Manhattan Project,
as a tool of postwar reform. To was urged to curb his tongue, not Paul Tibbets was no fire-
ease reconciliation, the Allies his planes.” In spite of the breathing avenger. He was simply a
produced a narrative: Hirohito had skepticism with which Mr. Hastings professional airman. His forthright
been powerless to stop the malign treats the strategic bombing effort, memoir details the top-secret work
schemes of his generals. “So it he captures the horror of total war of the 509th Composite Group, which
was,” Bergamini writes, “that without rendering gratuitous carried out the two atomic bombings
seven of the Emperor’s most judgment. of Japan. In the desolated seclusion
‘trusted retainers’ were hanged, of Utah’s salt flats, he learned the
eighteen others imprisoned for the ballistics of the new weapon and
duration of the Occupation, and Downfall devised flying techniques—such as
the Emperor himself left on the By Richard B. Frank (1999) pushing a huge B-29 Superfortress
throne and called a ‘fine liberal into a steep, twisting dive—that

link between Japan’s whisky-makers
and the country’s other traditional
craftsmen.” The result is a book that’s
mostly an illustrated travelogue in
which he describes his visits to nine
distilleries. Readers will come away
with a solid understanding of what
makes Japanese whisky exceptional,
and why it has commanded the atten-
tion of whiskey cognoscenti since it
was first exported in 2002. While Mr.
Broom does venture at times into the
technical, his journey is more impres-
sionistic. “Even the word Hakushu
sounds like the breeze through the
pines,” he writes of one mountain
distillery. With equally evocative
4
tucky, where he seeks out spirits RICHARD FRANK’S masterly would enable the aviators to escape
with a formidable regional identity. study takes apart, point by the blast. “Although the weapon was
Sometimes he finds them; more of- point, the canard that the beyond my comprehension, there
ten he doesn’t. (In Cuba, he fails to atomic bombs were unnecessary and was nothing about flying . . . that I
get access to a single distillery; in that morally preferable options were did not understand. If this bomb
Mexico, he’s introduced to some fine available to force peace. The author could be carried in an airplane, I
mezcal, but along the way a group of is neither a partisan nor a culture could do the job.” Years after he
hostile teachers destroys his rented warrior. His talent for persuasion executed the attacks from the island
Renault with tire irons.) lies in his gift for accumulating and of Tinian, myths arose that Tibbets
Like a fox, books chock-full of arranging incontestable facts. Mr. became “insane with remorse” and
cocktail recipes teach many small Frank conveys a full sense of the that his bombardier had moved to a
things. But Mr. Vogler is a hedge- calamity that faced both sides in the monastery. He sharply rebuts all
hog, and seeks to convey one big first half of 1945. At one heavily hit such notions. “Honest liberals,
thing: how to sift through the mar- river crossing, the incendiary tortured in their own minds by
keting and find authentic spirits bombing raid on Tokyo produced “a America’s use of the atom bomb,
among the faux. Going along for the ‘forest of corpses’ packed so closely were quick to accept the inventions
ride leads to a fruitful education in that they must have been touching of the propagandists.” Given the
GETTY IMAGES

photographs by Kohei Take, “The
Way of Whisky” has the feel of a
small coffee-table book too modest to
draw much attention to itself.
what matters.
—Mr. Curtis’s books include
“And a Bottle of Rum: A History of
the New World in Ten Cocktails.”
as they died. They now had returned
to humanity’s carbon essence,
crumbling at the touch.” And yet the
DECORATED U.S. Coast Guard sailors imperial leadership was unmoved.
on a cargo ship in the Pacific, 1944. Marshaling impressive detail on the
horrific alternatives, Tibbets was
clear about his purpose: to end the
war in a shock. “I viewed my mission
as one to save lives rather than take
them.”

Best-Selling Books | Week Ended Nov. 12

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
Obama: An Intimate Portrait 1 New Leonardo da Vinci 6 2 The Getaway (DWK #12) 1 New Dork Diaries 12 6 5 representing about 85% of the nation’s book sales.
Pete Souza/Little, Brown and Company Walter Isaacson/Simon & Schuster Jeff Kinney/Amulet Books Rachel Renée Russell/Aladdin Paperbacks Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
Inventing Joy 2 New Bobby Kennedy: A Raging Spirit 7 4 The Midnight Line 2 New A Loud Winter’s Nap 7 9 retailers, and food stores. E-book data providers
Joy Mangano/Simon & Schuster Christopher Matthews/Simon & Schuster Lee Child/Delacorte Press Katy Hudson/Capstone Young Readers include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
The Pioneer Woman Cooks 3 1 Capital Gaines 8 7 The Rooster Bar 3 1 Two Kinds of Truth 8 2 fiction and nonfiction lists in all formats
Ree Drummond/William Morrow & Company Chip Gaines/Thomas Nelson John Grisham/Doubleday Books Michael Connelly/Little, Brown and Company include adult, young adult, and juvenile
titles; the business list includes only
Medical Medium Thyroid Healing 4 New Grant 9 8 Wonder 4 4 Turtles All the Way Down 9 6 adult titles. The combined lists track
Anthony William/Hay House Ron Chernow/Penguin Press R. J. Palacio/Alfred A. Knopf Books For Young Readers John Green/Dutton Books for Young Readers sales by title across all print and e-book
formats; audio books are excluded. Refer questions
The Wisdom of Sundays 5 9 Andrew Jackson and the Miracle... 10 3 Origin 5 3 The Noel Diary 10 New to Peter.Saenger@wsj.com.
Oprah Winfrey/Flatiron Books Brian Kilmeade/Sentinel Dan Brown/Doubleday Books Richard Paul Evans/Simon & Schuster

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

You Are a Badass 1 – Obama: An Intimate Portrait 1 New The Midnight Line 1 New The Getaway (DWK #12) 1 New Strengths Finder 2.0 1 1
Jen Sincero/Running Press Book Publishers Pete Souza/Little, Brown and Company Lee Child/Random House Publishing Group Jeff Kinney/Amulet Books Tom Rath/Gallup Press
Leonardo da Vinci 2 2 Inventing Joy 2 New The Rooster Bar 2 3 The Midnight Line 2 New Total Money Makeover 2 3
Walter Isaacson/Simon & Schuster Joy Mangano/Simon & Schuster John Grisham/Knopf Doubleday Publishing Group Lee Child/Delacorte Press Dave Ramsey/Thomas Nelson
Medical Medium Thyroid Healing 3 New The Pioneer Woman Cooks 3 1 Two Kinds of Truth 3 1 The Rooster Bar 3 2 Principles: Life and Work 3 2
Anthony William/Hay House, Inc. Ree Drummond/William Morrow & Company Michael Connelly/Little, Brown and Company John Grisham/Doubleday Books Ray Dalio/Simon & Schuster
The Girl with Seven Names 4 9 Medical Medium Thyroid Healing 4 New Typhoon Fury 4 New Origin 4 3 The Five Dysfunctions of a Team 4 4
Hyeonseo Lee & David John /HarperCollins Publishers Anthony William/Hay House Clive Cussler/Penguin Publishing Group Dan Brown/Doubleday Books Patrick M. Lencioni/Jossey-Bass
The 48 Laws of Power 5 3 Leonardo da Vinci 5 2 Origin 5 4 Two Kinds of Truth 5 1 Emotional Intelligence 2.0 5 8
Robert Greene & Joost Elffers/Penguin Publishing Group Walter Isaacson/Simon & Schuster Dan Brown/Knopf Doubleday Publishing Group Michael Connelly/Little, Brown and Company Travis Bradberry & Jean Greaves/TalentSmart
A Passion for Books 6 – The Sun and Her Flowers 6 4 The Billionaire’s Secrets 6 New Wonder 6 6 The Energy Bus 6 7
Harold Rabinowitz & Rob Kaplan/Crown/Archetype Rupi Kaur/Andrews McMeel Publishing J. S. Scott/Montlake Romance R. J. Palacio/Alfred A. Knopf Books For Young Readers Jon Gordon/Wiley
Paris to the Moon 7 – The Wisdom of Sundays 7 – That Wintry Feeling 7 – Typhoon Fury 7 New Blueprint to Business 7 New
Adam Gopnik/Random House Publishing Group Oprah Winfrey/Flatiron Books Debbie Macomber/Random House Publishing Group Clive Cussler/G.P. Putnam’s Sons Michael Alden/Wiley
Grant 8 – Bobby Kennedy: A Raging Spirit 8 3 Complicated 8 New Murder on the Orient Express 8 – The Four 8 –
Ron Chernow/Penguin Publishing Group Christopher Matthews/Simon & Schuster Kristen Ashley/Kristen Ashley Agatha Christie/William Morrow & Company Scott Galloway/Portfolio
Real Artists Don’t Starve 9 – Milk And Honey 9 10 Every Breath You Take 9 New Every Breath You Take 9 New The Power of Moments 9 New
Jeff Goins/Thomas Nelson Rupi Kaur/Andrews McMeel Publishing Mary Higgins Clark & Alafair Burke /Simon & Schuster Mary Higgins Clark & Alafair Burke /Simon & Schuster Chip Heath and Dan Heath/Simon & Schuster
Killers of the Flower Moon 10 – Grant 10 9 Someone to Wed 10 New Turtles All the Way Down 10 5 Extreme Ownership 10 5
David Grann/Knopf Doubleday Publishing Group Ron Chernow/Penguin Press Mary Balogh/Penguin Publishing Group John Green/Dutton Books for Young Readers Jocko Willink/St. Martin’s Press
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
AXEL DUPEUX FOR THE WALL STREET JOURNAL
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Michael Karsch
JUICE PRESS chairman Michael
Karsch ate junk food for most of
his life. Being naturally lean, the
former hedge-fund manager fig-
ured that he didn’t have to eat
healthy. Then, when he turned 40,
his doctor warned him that he had
a lot of plaque in his arteries and
said, “You’re the kind of guy who’s
going to have a heart attack when
he’s 50 on the basketball court,
and everyone else is going to ask,
‘How did that happen?’ ”
Mr. Karsch, now 49, was so
scared by his checkup that he
started consuming low-calorie
foods such as frozen yogurt and
diet Snapple. At the time, he was
also anxious and unfulfilled in his
job as the manager of Karsch Cap-
MOVING TARGETS: JOE QUEENAN
Subscription Boxes That Really Surprise
SUBSCRIPTION boxes have
soared in popularity in the U.S., in
part because people love sending
themselves inexpensive little gifts
on a regular basis. Each month a
box containing products linked to
a particular theme—say, natural-
fiber lingerie or eco-friendly laun-
dry detergents or salted peanuts
from Ulaanbaatar—arrives at the
subscriber’s doorstep. Then the
fun begins.
There’s a scent-of-the-month
club, a java-of-the-month club and
try-and-buy boxes of clothes,
which a subscriber can test before
returning the discards. Many boxes
run no more than $10 a month.
Recently, though, up-and-coming
subscription retailers have topped
these somewhat generic offerings
with more imaginative boxes. So
with holiday gift-giving fast ap-
proaching, I delved deep into the
internet to find exciting new sub-
scriptions that you, frankly, would
probably have missed:
Weird Candies from Scandina-
* * * *
ital Management, a hedge fund
that he started in 2000 that grew
to have $3.4 billion in assets in
2009. “When the market was
open, I couldn’t catch my breath,”
he says. “You have all this money
under management, and it’s al-
ways moving, and the report card
is constant.”
In 2012, he decided to invest in
a small New York-based chain
called Juice Press, which special-
ized in organic, unprocessed foods.
And he started eating the stuff
himself. A year later, he closed his
hedge fund (then at $1.8 billion in
assets), bought out one of Juice
Press’s two co-founders and be-
came the firm’s chairman.
Juice Press has since grown to
via Subscription Box. This lineup
includes everything from Finnish
Fish to sugar-free Swedish Mjölk
Duds to Denmark’s mouthwatering
Mr. GodtBar. A related Nordic
treat—Iceland’s tasty knockoff Al-
mundsson Joyonsson—is a must.
Antihistamine of the Month
Club. Let’s face it: We all want a
change in antihistamines once in a
while. Allegra’s great, sure, but
sometimes you crave a Claritin.
Same deal with Zyrtek and
Benadryl. That’s without mention-
ing generic imports like Franco-
fexofenadine, prized for its buzz.
Coming soon: Unguent of the
Month.
Ironic Hat of the Month Club.
One month it might be the time-
less porkpie hat popularized by
1940s jazz musicians and repur-
posed by urban hipsters, the next
month, the rustic, oversize
Basque beret. Or the classic,
compact Che Guevara model.
The iconic green Chairman
Mao cap with the little red
REVIEW
A former hedge-fund manager
finds a healthier career
more than 70 stores, with plans to
expand to the West Coast. The
company just announced new part-
nerships, including co-branded nu-
trition products with Adidas and a
line of kombucha tea with the cy-
cling exercise studio SoulCycle.
Mr. Karsch learned about the re-
tail business at a young age. His
grandfather owned the Sloan’s su-
permarket chain (later sold to
Gristedes), and he remembers vis-
iting grocery stores near where he
grew up in Long Beach, N.Y.
He was drawn to investing early
on. In his early 20s, he found one
investment after he noticed more
children wearing Timberland cloth-
ing. “I started to think the subur-
ban kids would rediscover it and
If you don’t like
the marsupial of
the month,
you’re free to
send it back.
Saturday/Sunday, November 18 - 19, 2017 | C19
His task:
making
vegan food
more
appealing.
follow the urban kids,” he says. He
bought the stock at $14 a share,
and two years later it rose to about
$70. “I paid for business school
with that stock pick,” he says.
After graduating from Harvard
Business School, Mr. Karsch
worked at a couple of investment
firms before branching out on his
own. His made his initial invest-
ment in Juice Press with his own
money, after he met one of the
company’s original co-founders,
muay thai boxer Marcus Antebi,
through a friend.
Along with reorganizing the
company’s accounting system and
structure, Mr. Karsch wanted to
recast the vegan-only retailer as
more than a juice shop. He ex-
star now screams cool, and pith
helmets are no slouches. Some
hats come with pages of witty,
knowing remarks to drop while
wearing them.
Conspiracy Theory of the
Month Book Club. You start in
January with a wild tale about how
JFK was probably bumped off by
the Ethiopian Mafia. In February
it’s the latest doorstop volume
linking climate change with the
Knights Templar and the Clinton
Foundation. Then right around
your birthday comes the jaw-drop-
ping new book proving that Queen
Elizabeth I was abducted at age 12,
drowned in a vat of mead and re-
placed by a boy.
Marsupial of the Month Club.
Just what it sounds like. One
month it’s a possum, next a wom-
bat. Not sure you want a koala as
a pet? Try it out for a month. Two
months. Return shipping is free.
Tap Water From Different
Cities Subscription Box. You’ve
probably heard that what’s in
panded the food offerings—then
limited to raw-food products—to
try to make them more appetiz-
ing. Now the retailer offers
cooked items such as soups and
roasted-vegetable salads. Stores
also have desserts such as choco-
late bars and gluten-free choco-
late chip cookies.
“We want to be a religion, a
lifestyle,” he says. “You wouldn’t
recruit someone to Judaism or Is-
lam with Yom Kippur or Rama-
dan,” he adds with a laugh. “You
want to sell [customers] on
Christmas, not Lent.”
He grants that Juice Press’s
prices are high: Many bottled
juices cost around $11. Salads are
priced around $10, and a bag of
six small cookies costs $5. Mr.
Karsch says that using organic in-
gredients adds to the cost. As we
talk, he sips a bottle of gray
“Dirty Detox” charcoal lemonade.
Activated charcoal—which has
been heated to increase its ability
to trap chemicals—has shown up
in more foods lately; some claim it
reduces toxins in the body, whit-
ens teeth and aids digestive prob-
lems. (It’s used as an antidote to
drug overdoses in emergency
rooms, but doctors say there’s lit-
tle research proving other bene-
fits.) Mr. Karsch points out that at
$6 for 16 ounces, it’s $2 less than
one of his competitor’s lemonades.
Nutritionists have raised con-
cerns about the high sugar and low
fiber content in juice, but Mr.
Karsch dismisses them. “We
strongly believe that it is absurd to
compare naturally occurring sugar
from an apple to sugar that you
open up at your local coffee place
and equate them one for one,” he
says, adding that Juice Press offers
a selection of smoothies with fiber.
He acknowledges that vegan
food can be a tough sell. “We’re
still trying to figure out: What is
the thing we’re trying to tell peo-
ple, and how do you say it in a
way that is fun and experiential
and not judgmental?” he says.
“The problem is the word
‘healthy’ is not usually a synonym
with good taste.”
The company is trying new so-
cial-media campaigns, including an
offer of free juices to people who
post pictures of themselves run-
ning on certain days. They plan to
make the same offer to people who
get mammograms or prostate ex-
ams during certain months.
In recent years, Mr. Karsch
says, his health has improved dra-
matically. He sticks to a vegan
breakfast such as blueberries and
an almond latte every day, and
adds a lean protein like chicken or
fish for lunch and dinner. He
rarely eats beef or dairy. He used
to take antacids constantly and
says that now he never does. He
says his doctors tell him that he
hasn’t had any deterioration in his
arteries since he turned 40.
On weekends he sometimes
stops by his company’s stores in
Manhattan, where he lives with his
wife and three children, to talk to
customers. Eating with his chil-
dren is the only time he lets him-
self indulge, he says. Mr. Karsch
has a hard time restraining himself
if there are chicken fingers in front
of him. “It’s hard not to reach my
hand over,” he says. “Everybody
has their Achilles’ heel.”
Brooklyn’s faucets tastes a lot
better than Jersey City’s. Find
out for yourself. Indulge in mysti-
cal, aromatic tap water from Se-
dona. And after that Austin,
Texas, delivery, you’ll never look
at a water bottle again.
I also enjoyed, among many oth-
ers, the offerings from Cape of the
Month Clubs and a service that
ships vintage Soyuz-spacecraft TV
dinners. But they pale in popular-
ity next to the Old School Catch-
Phrase Subscription Box. People in
rural areas plagued with mediocre
internet service often have no ac-
cess to America’s most cutting-
edge banalities and have to make
do with “It takes one to know one”
and “Aw, shucks.” They don’t get
things like “It is what it is” until
it’s 20 years too late.
The Old School Catch-Phrase
subscription ships a top-shelf
NISHANT CHOKSI
throwback cliché the first Monday
of every month. “Word up.” “Take
a chill pill.” “Talk to the hand.”
Can you dig it?
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C20 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

Holden
Hurricane
1969
Designed with
the help of
aerospace
engineers, the
car has seats
like those used
by astronauts.

EXHIBIT
DRIVING INNOVATION
The most innovative automotive designs seldom make it to the dealerships. A new book, “Fast
Forward” (Gestalten, $69), showcases hundreds of concept cars from the 1930s through today by
famed designers such as Ferrari’s Flavio Manzoni and BMW’s Adrian van Hooydonk. Meant as
eccentric and creative prototypes, most of the futuristic vehicles never touched the open road, but
their mirrors, handles and other parts were sometimes later used on more practical cars. “Through-
out automotive history, designers have contested the established order and familiar design language
with radical creations again and again,” writes co-editor Jan Karl Baedeker. —Alexandra Wolfe

Above: Alfa Romeo B.A.T. 7, 1954. The car’s aerodynamic Above: Phantom Corsair, 1938. The creator of the car, remi-
shape, including a smooth nose, helped it go up to 124 niscent of a speedboat, studied naval architecture in col-
miles an hour. // Right: Buick Y-Job, 1938. This early con- lege. The car’s long nose created engine cooling problems.
cept car had a retractable roof and electric powered win- Below: Plymouth XNR, 1960. This two-seat sports road-
dows. // Below: Buckminster Fuller Dymaxion, 1933. This ster’s detachable glove box doubled as a camera case.
three-wheeled vehicle held 11 passengers. Its 20-foot-long
body, thin tires and lightweight construction led to stability
issues at high speeds.

CLOCKWISE FROM TOP: GM HOLDEN AUSTRALIA; JEFF DOW; SHOOTERS.BIZ ©2011 COURTESY OF RM SOTHEBY’S; GM MEDIA ARCHIVE; NIGEL YOUNG FOSTER PARTNERS; PETER HARHOLDT

PLAYLIST: BERNARD KING HISTORICALLY SPEAKING: AMANDA FOREMAN

A Champion’s ‘Ribbon’
A Stevie Wonder song helped
an NBA hall-of-famer through a crisis
Bernard King, 60, played in the
NBA between 1977 and 1993, and
was inducted into the Naismith
Memorial Basketball Hall of
Fame in 2013. He is the author of
the memoir “Game Face,” with
Jerome Preisler (Da Capo). He
spoke with Marc Myers.
I first heard Stevie Wonder’s
“RIBBON IN THE SKY” in 1982,
just after I began play-
ing for the New York
Knicks. Later that day, I
bought the single.
I was a professional
athlete then, but my
whole life was about
at a deli.
finding love. Stevie’s
song about a ribbon in
the sky connecting two
soul mates was so poetic: “This
is not a coincidence / And far
more than a lucky chance / But
what it is that was always
meant / Is our ribbon in the sky
for our love.”
The music is equally romantic.
As Stevie sings and plays piano,
he’s accompanied only by
bass and drums.
One day in 1995, I was
at Wolf’s Deli on 57th
Street waiting for a sand-
wich to go. By then I was
retired from the NBA. The
lyrics to “Ribbon” were go-
ing through my mind,
when I noticed a woman
waiting for an order. She
was the most beautiful
woman I’d ever seen.
My then wife and I were
separated, so I introduced
myself. Her name was
vie’s song, I asked her what she
thought. She said, “I love you,
and I’m in love with you.” Shana
and I married in 1997, and in ’98
she was at the hospital giving
birth to our first child.
But there was a complication.
Our baby’s umbilical cord was
wrapped around her neck. Shana
was rushed into the operating
room. Our baby was removed
surgically from her ab-
domen, but the baby
Love was blue and motion-
less. Shocked, I backed
blooms out of the room and re-
entered, asking myself
if our baby was going
to be all right.
I thought about Ste-
vie’s “Ribbon” and the
love in that song.
Suddenly, the ECG screen be-
gan to pulse electronically. Our
daughter, Amina, was going to
be all right, the doctor said. At
that moment, I made myself a
promise: to give Amina all the
love I could.
REDFERNS/GETTY IMAGES
The Pumpkin Chronicles
PUMPKIN PIE may not compete with its ap-
ple-filled rival for most of the year, but on
Thanksgiving, it’s the iconic dessert, despite
often resembling a giant helping of baby
food. As a slice of Americana, the pie has a
history as complicated as the country itself.
The pumpkin’s ancestors were ancient
gourds that left Asia some 60 million years
ago. Known botanically as Cucurbitaceae, the
plant family slowly spread to the African,
Australian and American continents, laying
down roots (and vines) to become such fa-
miliar garden goodies as the melon, the cu-
cumber and the squash.
Scientists have traced Cucurbita pepo, the
founding fruit of pumpkin pie, to seeds 8,000
to 10,000 years old in the Guilá Naquitz Cave
in Mexico, a site believed to have the earliest
evidence of domesticated crops in North
America. Though these early Mexican variet-
ies were smaller and more bitter than the
pumpkins we know, early Americans ate or
otherwise used almost every part of them. By
the time Christopher Columbus reached the THOMAS FUCHS
New World in 1492, pumpkins and squashes
had spread north to Canada. In 1796, Amelia Simmons of Connecticut published
Europeans were soon printing elaborate illustrations “American Cookery,” believed to be the first American
of pumpkins and varieties of squash, and eventually cookbook to rely on native-grown ingredients. Despite
started to eat them. The French called a pumpkin pep- their artery-clogging richness, the ingredients for her
ion, a mix of Latin and Greek words for melon. Shake- two “pompkin” dessert recipes—stewed pumpkin, eggs,
speare added an English version of the French word to sugar, cream, spices and dough—wouldn’t be out of
his rich catalog of insults. In “The Merry Wives of place today.
Windsor” (circa 1600), Mistress Ford dismisses the ag- Then came pumpkins’ biggest transformation: into a
ing, famously fat roué Sir John Falstaff as sort of political emblem. According to
“this gross wat’ry pumpion.” Cindy Ott, author of “Pumpkin: The Curi-
Across the ocean, stewed pumpkin had From staple ous History of an American Icon,” pump-
become a staple—so much so that colonists
like the Plymouth Colony pilgrims yearned
to political kin pie became a symbol of the cultural
war between North and South. For North-
for something else. A 1630s poem ex- emblem. erners, particularly abolitionists, the virtu-
pressed their ambivalent feelings: “We ally self-growing pumpkin was the antithe-
have pumpkins at morning and pumpkins sis of the slave-grown plantation crop.
at noon, / if it were not for pumpkins we Antislavery novelists celebrated pumpkin
should be undoon.” The Pilgrims even used pumpkins pie, and the abolitionist Sarah Josepha Hale
to make beer. (1788-1879), who successfully campaigned to establish
Rescue was coming on both sides of the Atlantic. By Thanksgiving, described the dish as “indispensible” for
the mid-17th century, the French were pairing sweet- “a good and true Yankee” version of the holiday. In the

Shana, and we saw each
other nearly every day for
the next year. We eventu-
ally spent hours at my
house in Franklin Lakes,
N.J., listening to music.
When I played her Ste-
ened pumpkin mush with pastry to make a tart. In 1670
the English cookery writer Hannah Woolley devised a
recipe for “pumpion pye” that baked together sweet
herbs, sugar, raisins, apple and pumpkin slices. In
America, copious amounts of molasses helped to im-
prove pumpkin’s taste, as did the addition of newly
STEVIE WONDER around 1980. available spices such as nutmeg and Jamaican allspice.
South, “cartoons and illustrations…associated blacks
with pumpkins as a form of derision,” Ms. Ott told the
media website Mic in 2015.
Today, pumpkin pie shares the holiday stage with
pumpkin-spice lattes and other flavored concoctions—a
craze that has now spread as far as China. Not bad for
a humble gourd with global ambitions.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | C21

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
Museum of
1. Katrina the medication Mathematics
Lake is the
D. That psychosis markers in Two Pints of Cider
CEO of the bloodstream are under Team member Janice recently visited
startup control the U.K. and poses this puzzle to her
Stitch Fix, teammates: You have three containers
which that can hold exactly 15, 10 and 6
went public 5. Whom did President Trump pints. The 15-pint container starts full
during the nominate as the new health and of cider. You want to measure out
week. What’s the company’s human services secretary? exactly 2 pints of cider, drink it all, and
main business? end with an empty 15-pint container

A. Azar Swan and 8 and 5 pints of cider in the other

A. Producing viral humor
B. Alex Azar two containers.
podcasts
C. Hank Azaria What transfers should you make to

B. Expert repairs on beloved
D. Irving Azoff accomplish this?
clothing

C. Gender-neutral togs for
toddlers 6. Chinese web giant Baidu is

D. A fashion subscription launching a ‘smart’ home speaker
service for grown-ups and a personal robot. What’s the
new line of products called?

2. Zimbabwe’s military took
A. Raven

power following the ouster
B. Eagle
of Vice President Emmerson
C. Owl
Mnangagwa—whose supporters
D. Orwell
are known as what?

A. Team Polo 7. The billionaire Koch brothers

B. Team Patagonia reportedly are helping to finance

C. Team Lacoste an effort by Meredith Corp. to

D. The Vineyard Vines acquire which of these?
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.

A. MSNBC
3. A portrait of Christ by
B. The Economist
Leonardo da Vinci sold for a
C. Condé Nast Primes and Products and my age is now the product of two odd
mind-boggling $450 million.
D. Time Inc. Pete and Dick share a birthday in early November primes.”
What’s it titled? but are six years apart in age. Pete adds, “This last happened 12 years ago.”
Dick tells the team: “Pete’s age is now a prime, How old is Dick?

A. ‘The Lamb of God’ 8. Tea makers are trying
ILLUSTRATION BY LUCI GUTIÉRREZ

B. ‘Salvator Mundi’ increase their market share in a
FROM TOP: DAVID PAUL MORRIS/BLOOMBERG NEWS; ISTOCK

C. ‘Salvator Spiritus’ world that last year consumed

D. ‘Salvator Ferragamo’ 984 billion cups of coffee—a + Learn more about the National Museum of Mathematics (MoMath) at momath.org
booming industry. How many
cups of tea were drunk? SOLUTIONS TO LAST Consider the Alternative Rows Garden
4. U.S. authorities approved WEEK’S PUZZLES
the world’s first digital drug,
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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 29 Collection of the 1 T 2 J3 F4 G5 I 6 A7 Z 8 X9 L 10 N 11 V 12 R 13 M 14 B 15 H 16 P 17 S 18 D
best talent
17 18 19 20 21 19 G 20 C 21 W 22 X 23 I 24 K 25 Q 26 J 27 Y 28 Z 29 L 30 O 31 E 32 T 33 A 34 D 35 B 36 X 37 V 38 Q
31 Sasha’s sister
22 23 24 25 34 Yemen’s capital 39 P 40 S 41 K 42 Z 43 N 44 I 45 G 46 F 47 Y 48 H 49 M 50 E 51 N 52 W 53 L 54 T 55 Z 56 B 57 P 58 V

26 27 28 29 30 31 36 ___ Jima
59 X 60 D 61 C 62 A 63 W 64 N 65 O 66 Q 67 M 68 T 69 E 70 K 71 Y 72 G 73 U 74 B 75 F 76 Z 77 Q 78 C 79 V
32 33 34 35 36 37
38 Espresso offerers
39 Memorable 80 S 81 H 82 P 83 M 84 J 85 O 86 T 87 U 88 L 89 S 90 Y 91 D 92 V 93 F 94 W 95 R 96 N 97 I 98 Q
38 39 40 41 42 43 mission
99 X 100 K 101 O 102 Y 103 C 104 G 105 B 106 U 107 A 108 W 109 V 110 M 111 J 112 Z 113 F 114 E 115 R 116 B 117 K
44 45 46 47 48 49 50 51 40 Do some
job-hunting 118 O 119 L 120 Y 121 G 122 W 123 I 124 Q 125 U 126 X 127 H 128 M 129 A 130 C 131 D 132 J 133 R 134 P 135 S 136 O 137 L
52 53 54 55 56 57
43 Part of A.D.
138 Y 139 F 140 X 141 A 142 U 143 N 144 V 145 E 146 H 147 Q 148 C 149 W 150 I 151 Y 152 S 153 J 154 B 155 T 156 R 157 M 158 D 159 A
58 59 60 61 62 63 46 Circling, in a way
64 65 66 67 68 48 Boon 160 G 161 P 162 O 163 U 164 X 165 H 166 N 167 K 168 I 169 F 170 Q 171 T 172 E 173 B 174 V 175 C 176 Z 177 D

50 You’ll flip over 178 M 179 H 180 U 181 T 182 P 183 R 184 J 185 I 186 A 187 N 188 E 189 S 190 W 191 F 192 L 193 M 194 K 195 B 196 R
69 70 71 72 73
these desserts
74 75 76 77 78 79 80 81 (and a hint to 197 E 198 Z 199 P 200 G 201 D 202 S 203 V 204 O 205 Y 206 A 207 H 208 T 209 R 210 J 211 U 212 C 213 L 214 K 215 X 216 Q
seven answers in
82 83 84 85 86 this puzzle)
87 88 89 90 91 92 51 Bear’s advice Acrostic | by Mike Shenk
93 94 95 96 97
55 Sister To solve, write the answers to the clues on the N. Appetizer item
57 Word between numbered dashes. Then transfer each letter to the often of the species
98 99 100 101 102 103 Helix pomatia ____ ____ ____ ____ ____ ____ ____ ____
two surnames correspondingly numbered square in the grid to spell 43 51 166 64 187 96 143 10
104 105 106 107 108 109 110 59 Crumpet a quotation reading from left to right. Black squares
O. Item in a speaker’s
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111 112 113 114 115 116 117 118 forth between the word list and the grid to complete
60 Tribal healers ____ ____ ____ ____ ____ ____ ____ ____
136 204 65 118 85 30 162 101
119 120 121 122 123 124 62 Acting loopy? the puzzle. When you’re finished, the initial letters of P. First film to win
the answers in the word list will spell the author’s the Oscar for Best
125 126 127 128 67 Miley Cyrus’s ____ ____ ____ ____ ____ ____ ____ ____
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129 130 131 132 Film, in 1957
70 It’s an old story A. Its trunk was used ____ ____ ____ ____ ____ ____ ____ ____ ____ (2 wds.)
107 206 129 33 62 141 6 159 186
71 Hospital cleanups for many a British
Bakery Fakery | by Elizabeth C. Gorski 73 Oscar winner Lee Royal Navy mast in Q. Strong desire to
Colonial times travel (2 wds.)
Across 49 Loathsome 92 Single Down 74 Fitting (2 wds.) ____ ____ ____ ____ ____ ____ ____ ____ ____
170 25 38 124 216 77 66 98 147
1 Lose one’s coat? 52 Rumor killer 93 Group of five 1 Pahlavi Crown 75 Clydesdale sound R. Lively Spanish
53 Bear up? 95 Message from wearer 77 Japanese B. Patriotic 1917 song ____ ____ ____ ____ ____ ____ ____ ____ ____
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5 ___ Boy (gin with the lyric “So 105 195 35 154 173 56 116 14 74
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9 Tease affably awaits the 96 “Picnic” 3 Michelangelo’s 78 Blocker of prayer” (2 wds.)
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13 Flings playwright “David,” e.g. ____ ____ ____ ____ ____ ____ ____ ____
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97 Woody shoot 4 Place with no C. Browbeat? (Hyph.) ____ ____ ____ ____ ____ ____ ____ ____ 40 89 17 135 152 80 189 202
17 Bagel feature 78 148 103 61 175 212 130 20
56 Restrain 98 They make a reception 80 Extremely cold T. Song written by
18 ___ Vista Social
58 Outback bird splash 5 “I Do, I Do, I Do, 81 Alphabetic D. Canadian band with ____ ____ ____ ____ ____ ____ ____ ____ Tito Puente that
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59 Financial 100 For whom the I Do, I Do” ending the 1986 hit “This 201 91 177 158 34 18 60 131 was a hit for 155 32 68 208 86 54 181 171 1
20 A question of group Santana (3 wds.)
columnist bell tolls 85 Tony’s cousins Could Be the Night”
choice
Andrew 102 Tanzania 6 City once called 88 Erie Canal city
21 Hamburger’s E. Having unusually U. Sweet, soft
61 “Irma la ___” neighbor “Oil Capital of 90 Didn’t get
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63 Tropical escape 104 “For shame!” meaningless
22 Jessica of “Sin 7 Pianist’s reading F. 1994 PGA Tour
106 87 125 211 73 163 142 180
64 Fa follower 107 Paparazzo’s prey 92 1994 Kurt Russell compliments
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65 Grand tale 108 Iraqi port sci-fi film 93 3 113 139 46 191 169 75
23 Many a gourmet 8 Raggedy doll (2 wds.) V. Ore-Ida brand since
coffee 66 “Quiet, please...” 110 Pole vaulter’s 94 N.J. neighbor
9 2015 film that 1956 (2 wds.)
24 Catch a second path 99 Leave the office G. Palm seed chewed ____ ____ ____ ____ ____ ____ ____ ____ ____
68 Sudan divider won an Oscar for 203 11 58 79 92 144 174 109 37
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69 Oliver of “Chicago 111 Intrusive drone Best Adapted 200 72 160 4 104 45 19 121
101 “The Dynasts” southern Asia with orange
25 Christian with a Med” attachment Screenplay
author (2 wds.) patches on the ____ ____ ____ ____ ____ ____ ____ ____
line 71 Relaxes 113 Lecherous deity 10 Not fooled by 190 122 149 94 52 108 63 21
103 Washed out wings and tail
26 Real dough 115 Draw out H. Understood only by
72 “Let me repeat...” 11 Do a bakery
104 Catherine Palace a small group ____ ____ ____ ____ ____ ____ ____ ____
X. Billie Jean King’s
28 Perhaps 74 Division 119 Baseball’s chore 207 165 48 81 15 179 127 146
residents portrayer in 2017’s
30 Key of Vaughan dramatique Moises 12 1998 Adam I. Sarin or VX (2 wds.)
105 Smashing “Battle of the ____ ____ ____ ____ ____ ____ ____ ____ ____
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game Argentina
rom-com 106 Nijo Castle J. Grueling prison
32 Volcanic leftover 78 Lena of 122 Salon sight sentence (2 wds.) Y. Balletic jump in
13 Spartan queen setting ____ ____ ____ ____ ____ ____ ____ ____
33 Plus “Chocolat” 124 Related 26 132 111 84 2 153 210 184 which the dancer
109 On one’s toes K. Agitated (3 wds.) ____ ____ ____ ____ ____ ____ ____ ____ ____
35 1977 hit “Heard 79 Target of a 125 “Phooey!” 14 Board with an crosses the legs a 102 151 205 71 27 47 138 120 90
alphabet 112 Point of a ____ ____ ____ ____ ____ ____ ____ ____ number of times
___ Love Song” massage 126 Dark time crescent 214 117 41 194 100 167 70 24
37 Adams or Grant 82 Outlet insert 15 Witch craft?
127 Revolutionary 114 Butterfly on one’s L. Soulless creature Z. Another name for
38 Pitched a tent 83 Justice Kagan periods 16 “Not my used as a guard at ____ ____ ____ ____ ____ ____ ____ ____ the weakfish
shoulder, perhaps 88 53 29 192 213 137 9 119
problem!” Azkaban prison (2 wds.) ____ ____ ____ ____ ____ ____ ____ ____
41 Leo’s locks 84 In a hammock, 128 Watch 116 Guesser’s words 7 176 112 55 28 76 198 42
perhaps 19 Fellows who
42 Run amok 129 Proctor’s call 117 Cookie holders M. Capital nicknamed Get the solutions to this week’s Journal Weekend
s

pitch
44 On top of that 86 Rep.’s rival 130 Change for a 118 Within: Prefix “Hartford of the ____ ____ ____ ____ ____ ____ ____ ____ ____
Puzzles in next Saturday’s Wall Street Journal.
20 Mocking West” for its many 128 110 67 157 13 193 83 178 49
45 Subject, usually 87 Shredded twenty 121 Compete Solve crosswords and acrostics online, get pointers
27 He narrates insurance company
47 Insurance co. 89 Jailbirds 131 Sax range 120-Across’s 123 Stephen of headquarters on solving cryptic puzzles and discuss all of the
worker 91 Water pipe 132 Classic gas brand show “In Dreams” (2 wds.) puzzles online at WSJ.com/Puzzles.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C22 | Saturday/Sunday, November 18 - 19, 2017
THE METROPOLITAN MUSEUM OF ART, GIFT OF PAUL F. WALTER, 2009
ADOLF DE MEYER’S portrait of Étienne de Beaumont from around 1923.
ICONS
Stars, Blue Hair and
Shimmering Style
Photographer Adolf de Meyer moved from the avant-garde to fashion
BY BRENDA CRONIN
ADOLF DE MEYER, who pioneered celebrity photography
with stars like Josephine Baker and Vaslav Nijinsky, has the
hallmarks of a YouTube or Instagram influencer: He took
countless pictures, dyed his hair blue, was in thrall to his as-
trologer and always seemed up for a party.
Forty works from de Meyer’s career, which ran from the
1890s through the 1930s, will go on exhibit starting Dec. 4
at the Metropolitan Museum of Art in New York.
The show’s title, “Quicksilver Brilliance: Adolf de Meyer
Photographs” draws from a quote emphasizing de Meyer’s
shimmering style in his studies of flowers, society portraits
and fashion shots. In his image of Baker from the 1920s, the
performer vamps in a dazzling dress against a shiny back-
drop. By contrast, Bloomsbury hostess Lady Ottoline Morrell,
photographed around 1912, has a moody hauteur. The impos-
ing subject confronts the camera with hand on her hip, the
light gleaming off the gems hanging from her ears, strung
around her neck and scattered across the
bodice of her dress.
De Meyer is “very much associated with He loved
pictorialism, which is the turn-of-the-cen- costumes and
tury movement…basically to legitimize
photography as a true art form,” said Beth
elaborately
Saunders, the show’s organizer and assis- styled scenes.
tant curator in the Met’s department of
photographs.
The exhibit’s first gallery focuses on de
Meyer as a person and his membership in a group of avant-
garde photographers known as the Photo-Secession, led by
Alfred Stieglitz, who published some of de Meyer’s early im-
ages. Membership in the movement conveyed professional
standing within the art-photography world.
De Meyer’s tuxedo, borrowed from the Met’s Costume In-
stitute, is also on display and nods to the photographer’s
self-styled persona as an aristocratic aesthete. Financial
need—and prodigious talent—drove him to make a living
with his lens.
Born in Paris in 1868 to a German father and a Scottish
mother, de Meyer took up photography as a young man. In
1899, he wed Olga Caracciolo, the beautiful goddaughter—
and rumored daughter—of the Prince of Wales and future
King Edward VII. The marriage created a power couple of
world-class eccentrics, who soon took on the titles Baron
and Baroness de Meyer. Some years later, on an astrologer’s
advice, he changed his name to Gayne, while she became
Mhahra. They hopscotched around Europe and the U.S., in
lean times and flush, relentlessly tapping their cosmopolitan
circle to advance de Meyer’s career.
His influences and evolving style stand out in pictures
he took while on honeymoon in Japan. Olga “was his first
fashion model,” Ms. Saunders said, and one image captures
her in a wicker armchair, book in hand, in a room raked by
late-day light. Like many pictorialists, de Meyer was “very
much interested in Japanese aesthetics and Japanese
prints,” Ms. Saunders said, which may have fed his love of
* *** THE WALL STREET JOURNAL.
REVIEW
MASTERPIECE: SONG OF SONGS
A LOVE POEM
OF BIBLICAL
PROPORTIONS
BY ELIORA KATZ
‘LET HIM KISS ME with the kisses of his mouth, for your love
is better than wine.” Unlikely as it may seem, this is the open-
ing of a book found in the Bible.
Through a series of dialogues in eight pithy chapters, the
Song of Songs tells the bucolic love tale of a young heroine
and her shepherd paramour. And yet, the text is bewilderingly
mysterious. The plot has neither a beginning nor end. At
times the reader wonders who is speaking, and if the se-
quences are dreams or reality. Such chaos might represent the
confusing delight that is love, where dreams and reality are
often indistinguishable.
Lacking a clear meter or syntax, it resists textual analysis;
rather, the lovers purr before us in a stream of consciousness
more common to modern literature. Despite its simple sur-
face, this text has perplexed and aroused readers for millen-
nia. It is clearly a love poem—but of what kind? Another is-
sue is the title: Does it denote one
continuous hymn that is the great-
est of all hymns? Or a ballad com- A complex
posed of many individual ballads? allegory
(In the King James Version, this
question is avoided but another extracts
one is raised as the book is called the song
the Song of Solomon; in the New
from the
American translation it goes by
Canticles.) sexual.
Placed in a religious canon, the
Song of Songs’ earthy, erotic lan-
guage unlocks a transcendent pos-
sibility for human love. The woman’s longing is first cast in
mystical Mesopotamian metaphors. “Tell me, you whom my
soul loves, where do you feed [your flock], where do you rest
at noon?” Initially her lover is a shepherd; a few verses later
a king, thus illustrating the transformative effects of love.
Part of what gives the song its power is its richly meta-
phorical character. The text abounds in vivid imagery.
There is, for example, the use of aromatic plant allegories.
“A bundle of myrrh is my beloved to me, between my
breasts he shall lie,” she sings. Myrrh, a green plant popu-
lar in the ancient East, whose resin exudes an intoxicating
perfume, was also used as consecrated incense in the Jeru-
salem Temple and as part of the holy anointing oil for the
high priests and kings. Here, nature, intimacy and the sa-
cred are inextricable.
Depictions of bodies are laced with those of terrains, fruits
and animals. The lover praises his maiden’s typically Levant
nose, “like the tower of Lebanon looking toward Damascus.”
Her hair “is like a flock of goats that streamed down from
Gilead.” After exchanging compliments—”As a rose among the
thorns, so is my beloved among the daughters / As an apple
tree among the trees of the forest, so is my beloved among
the sons”—they consummate their love as the man grazes his
flocks among her “lilies.” The bridegroom likens each part of
the maiden’s body to an eternal mixture of saffron, pomegran-
ates, honey and fawns, describing her as a lush “locked up
garden” with “a sealed fountain.”
One of the most striking features of the song is that in the
patriarchal ancient Near East we find a love poem patently
expressing female desire as told predominantly through the
costumes and elaborately styled scenes. maiden’s own words. How could a literary work of female
In 1912, de Meyer was photographing the dancers in Serge fancy, lacking any explicit mention of God, find its way into
Diaghilev’s Ballets Russes for a lavish volume about the com- the Bible? The sage Akiva resolves the conundrum by con-
pany’s production of Debussy’s “The Afternoon of a Faun,” tending that if all the Bible’s songs are holy, the Song of
choreographed and performed by Nijinsky. The book has Songs is the “holy of holies.” In other words, the text is a
texts by Jean Cocteau and the sculptor Auguste Rodin and complex allegory extracting the song from the sexual. The
was published in 1914. The Met has one of just seven copies maiden thus might
known to exist. represent the House
The ballet project was a turning point for de Meyer, of Israel longing for
Ms. Saunders said, bridging his time as a pictorialist with God or, according to
the years of fashion photography to come. “He’s already the medieval philos-
exploring how to set a scene, how to photograph gestures, opher Maimonides,
movement and costume,” Ms. Saunders said. “And how to an individual pining
convey a mood.” for the celestial. But
That expertise flourished when de Meyer moved on to that still leaves the
Vogue and Vanity Fair. Like many of his contemporaries, question of why the
he used a box camera on a tripod. He favored a lens that yearnings of man
etched subjects in the middle of the frame in crisp detail and woman are suit-
and let everything else fall swiftly away into soft focus. able as an allegory
That helped yield his “signature soft and for the most holy re-
shimmering effect,” Ms. Saunders said. He lationship, between
positioned his subjects in flattering light humans and the di-
and sometimes covered his lens in lace or vine.
gauze to diffuse the focus.
De Meyer reportedly went to extravagant
The Song of Songs
is a paean to the
lengths as a stylist, dousing marble floors in sensual and the sa-
water to make them glisten, planting lights cred. Understanding
beneath dresses to make his models glow the spiritual through
and deploying fans to make skirts sway and the sensual, and the
give the wearer an ethereal cast. sensual through the
At Vogue, de Meyer also contributed advice on flower ar- spiritual, each di-
ranging, entertaining and interior decorating. In the 1976 mension is elevated.
book “De Meyer,” edited by Robert Brandau, a biographical Human sensuality so
essay by French illustrator and author Philippe Jullian elevated is itself part
quotes the photographer (or one of his entourage) lament- of the good life. With
ing: “One of the most difficult things in life is to find an in- lovers ensconced in a
telligent second footman.” garden reminiscent
After 1920, Harper’s Bazaar poached de Meyer from Vogue of Eden, this union is
with a jump in salary. The Met exhibit includes de Meyer’s of pre-Fall status.
light-suffused portrait from around 1923 of the French dandy Love is not some-
and masquerade enthusiast Étienne de Beaumont. De Meyer thing wicked, but
captures him in a sumptuous interior, eyes averted, his top within proper lim-
hat and gloves in hand. After more than a decade at Harper’s its—that of the gar-
Bazaar, de Meyer was seen by some editors there as out of den and not the city—it blossoms in a state where sin has not
step with new movements like surrealism. The photographer yet come into being.
tried but failed to return to Vogue. The Song of Songs recounts not transient lust but a pow-
With his career in decline, de Meyer turned to writing fic- erful partnership sealed between two formidable spirits. The
tion before his death in California in 1946. Toward the end undaunted maiden takes to the streets seeking “him whom
of his life, his elegant hair—which he had always covered my soul loves.” “This is my love, and this is my friend,” she
with a net before ducking under the focusing cloth to snap tells the daughters of Jerusalem. In the time of Tinder and
pictures—was dyed bright blue. Photographer and designer casual hookups, it reminds us that physical attraction and
Cecil Beaton recalled de Meyer showing up for a visit with love ultimately point upward to that which only the poets
CHRISTOPHER SERRA
his hair matching the piercing shade of his suit and beret. By can imagine or describe.
then he was a widower: Olga’s death in 1931 had left him dis-
consolate. According to Mr. Jullian’s essay, de Meyer enlisted
mediums to contact his late wife, occasionally leaving dinner Ms. Katz, a former Robert L. Bartley Fellow at the Journal,
parties with the explanation: “Mhahra is waiting for me.” is a Morris B. Abram fellow at UN Watch.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Card cases vs. 2018 Porsche

wallets: a GT2 RS—the
generation gap fastest street
is unfolding car ever?
D3 D11

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

TED CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SARAH KARNASIEWICZ, PROP STYLING BY STEPHANIE HANES; LETTERING BY ANGELA SOUTHERN

For the tastiest Thanksgiving turkey, skip the high-tech gimmicks in favor
of cooking techniques so old-school they predate the invention of the oven.
Here’s how to bring a bolder bird to the holiday table by harnessing the
power of smoke, citrus and other venerable flavor boosters

yard toting another, smaller turkey—I’ve taken to call- Thus forewarned, I established some ground rules: I’d
BY SARAH KARNASIEWICZ
ing this the “groom’s bird”—on which to test the latest steer clear of recipes requiring expensive or esoteric

W
RITE ABOUT FOOD for long
enough, and eventually you’ll find
yourself presiding in your pajamas
over a pit 3 feet deep, shoveling hot
coals over a 16-pound turkey. Such
is the power of Thanksgiving.
Indeed, for a holiday dedicated to All-American tradi-
tions, our national feast has a funny way of making am-
bitious cooks itchy to experiment. A plain, honest bird
at the center of the holiday table—no elaborate truss-
ing, no scientifically calibrated brine, no exotic stuffing?
That sufficed for a few centuries, but nowadays, sure as
the leaves fall from the trees, November will herald a
buzzy new turkey technique—spatchcocking! mayo-bast-
ing! sous vide!—guaranteed to vanquish every stringy
breast and dry drumstick.
In my experience, the philosophical divide between
turkey traditionalists and technologists just gives fami-
lies one more thing to bicker about. Consider mine: On
the fourth Thursday of each November, my mother rises
before the coffee maker chimes to pack a sage-and-sau-
sage-stuffed turkey into the oven for a leisurely roast. A
few hours later, she sighs as my father saunters into the
poultry-flaming gizmo he’s summoned via Amazon
Prime. I’m thankful to report no human beings have
been harmed in his experiments, though a few birds
certainly have.
Which is why, as this holiday season loomed, I got to
puzzling: Could I bridge the divide and come up with a
few unconventional turkey methods that married my
mother’s exacting standards with my father’s flair for
the dramatic?
Before setting off on my quest, I called up Rick Rod-
gers, the man who literally wrote the book on the holi-
day, “Thanksgiving 101,” a collection of recipes, time-
tables and other strategies for pulling off the prepara-
tion with military precision. In his time as a teacher,
writer and recipe developer, Mr. Rodgers has tried it all:
low-and-slow, hot-and-fast, dry brining, wet brining,
foil-wrapping, packing the bird in a paper bag, chilling
the breasts with ice packs, mopping them with butter-
soaked cheesecloth. One holiday, he nearly burned down
his garage by way of a frozen bird and a deep fryer.
“Everyone wants to reinvent the wheel every year be-
cause the turkeys most of us grew up eating were dry
and just not very good,” he said. “But there are sensible
ways to do it. You don’t have to be a hero.”
single-use equipment. (Here’s looking at you, sous-vide
circulator.) And I’d pay special attention to methods
that promised to lock in the bird’s essential juices. Fi-
nally, rather than insisting on the newfangled simply for
novelty’s sake, I’d try looking back—thinking creatively
about historic techniques and mining the collective wis-
dom of cooks that came before me.
Which brings me to that hole in the ground. I knew
turkeys were first domesticated in Mexico and Central
America, and that this poultry remains common in
homestyle Mexican cooking. I found some delicious
sounding Mexican turkey recipes but kept coming back
to a festive pork preparation from the Yucatán, cochinita
pibil, in which a whole suckling pig is marinated in
achiote and bitter orange, covered in banana leaves and
slow-roasted in an earthen pit. Surely I could do the
same with a big bird.
For help assembling a recipe, I rang up Hugo Ortega,
the James Beard Award-winning chef behind Hugo’s in
Houston. He cautioned, “Yucatecan seasonings, espe-
cially achiote, have this amazing intensity of flavor—but
it can be tricky to find a balance. One of the reasons
people use whole pigs is that the fat content neutralizes
Please turn to page D10

[ INSIDE ]

THE NEXT BIG TOAST

MORE BANG Vamoose, avocado. The buzz about sweet
FOR YOUR TUX potato is spreading D9
An obsessive guide
to the one jacket
every woman
should invest in
D4

WEATHERING THE STORM HYDRANGEA ART

Escape to South Florida, resilient A late-fall flower arrangement inspired by
after Hurricane Irma D8 a masterwork of Arte Povera D6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

FÊTE ACCOMPLI

Louis Vuitton’s Belle Voyage

FOR A LOT of New York
fashion insiders, it’s quite a
trek downtown to the former
home of the American Stock
Exchange on Trinity Place.
But it seemed fitting to
make the trip for the open-
ing of Louis Vuitton’s new
wanderlust-inflected show,
titled “Volez Voguez Voy-
agez.” The exhibition chroni-
cles the history of the
LUMINOR 1 950
8 D AYS G M T A C C I A I O - 4 4 M M
( R E F. 2 3 3 )
French luxury-goods com-
pany, beginning in 1854 to
the present, from a travel
perspective—displaying its
trunks and other leather
goods used by stylish globe-
trotters as they travelled by
train, boat or airplane.
Several of the house’s fa-
vorite celebrities, including
actors Alicia Vikander, Jenni-
fer Connelly and Michelle
JUST THE TICKET
A tableau of fashion
and luggage from
Louis Vuitton’s
archives.
Williams joined designer Ni-
colas Ghesquière, for this
journey into the Vuitton ar-
chives, as curated by fashion
historian Olivier Saillard.
The free exhibit, open to the
public, runs through Jan. 7,
2018
“They kept all of these
things?” asked Ms. Williams,
as she examined a circa-1900
suitcase and a series of gold-
medal certificates awarded
to Vuitton at the Lewis and
Clark Centennial Exposition
in 1905. Then she moved on
to admire a strapless se-
quinned Louis Vuitton gown
with a lipstick-red belt that
Nicole Kidman wore to the
Oscars in 2015. “I love that
dress,” she said.
After the tours were
over, vans transferred
guests to Pier 17 at the
South Street Seaport for a
futuristic after-party, com-
plete with moving light in-
stallations (ideal for social
media), a DJ set by Mark
Ronson and that great
French delicacy:
lobster macaroni and
cheese. —Marshall Heyman

Riley
PA N E R A I . C O M • + 1 87 7 726 3724
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Paul Bettany and

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Laura
Harrier

Natalia Vodianova Nicolas Ghesquière

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Best party you’ve ever been to? The
40th birthday I threw for myself at the
SoHo Beach House Miami with 20 girls.
Moms gone wild. It was Bloody Mary upon
waking, rosé at brunch, Joe’s Stone Crab
brought to the beach, tequila on the roof
with tacos. We partied like crazy. There’s a
picture of me on top of a party bus.
Drink of choice? I like Tito’s vodka up,
no vermouth, olives on the side, not dirty.
If we’re talking olives, I like a pitted Ceri-
gnola olive. Those remind me of my hon-
eymoon in Rome.
Wallflower or life of the party? I would
say life of the party. I like to go out. You
meet people you may never have the op-
portunity to meet. I always find it’s better
to go out than stay home, because some-
thing surprising always happens. The key is
not being afraid to talk to people.
Ideal night in? Cooking for the family or
having friends over. I’m out so much for
work, so when I’m catching up with
friends, it usually involves drinking in the
kitchen and dancing—also in the kitchen.
HOBNOBBING WITH...
JENNIFER FISHER
The irrepressibly social
New York-based jewelry
designer on all things festive
Party outfit? I love to wear jeans. I
couldn’t tell you how many pairs of jeans I
have. Even still, I wear them so often, they
get worn out, but I figure people are usu-
ally looking at your face and not below
your waist so I can get away with it.
Favorite party city? New York. Because
it’s not just about going to a party. If you
go to a party and it ends, you can go to
another place and hang out. I know it’s a
cliché, but New York is really the city that
never sleeps. Wherever you go, there’s al-
ways a cool new group of people.
Secret to a good party? If it’s at my
house, my mom taught me that when peo-
ple walk into your home they’re fed and
they’re watered. Otherwise, out and about,
what makes a party better is if it feels
more intimate and someone put thought
into the food. Also, parties that are too
crowded make me crazy.
Jewelry philosophy? At parties, people
typically look at your face, so large ear-
rings are the perfect thing to wear. It’s a
statement—an instant conversation piece
and the first thing they ask you about.
Verdict on party hopping? It’s OK. Peo-
ple understand there are multiple social
events in an evening, but they also re-
member when you show up, that you
made an effort, no matter how long you
stay. Swinging by for a drink is usually
just as good as staying the entire night.
—Edited from an interview by M.H.

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

CHICAGO BOSTON LAS VEGAS PHILADELPHIA S E AT T L E

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | D3

STYLE & FASHION

THAT’S DEBATABLE

Am I Dating Myself by Carrying

A Wallet Instead of a Card Case?

“I hate to say it, but the answer
YES is definitely yes,” said Andrew
Maag, CEO of Dunhill, a London-
based men’s luxury brand. We’re in a digital
era, he explained, when there’s little need to
lug around the stuff that makes some men’s
wallets puff out like a pillow folded in half. A
smartphone holds family photos; business
cards are unnecessary when you can share
contact details via text. Plus, the old-school
deck of bank, store and gasoline credit cards
can be whittled down to an ID and a debit or
credit card to neatly tuck into a razor-thin
slotted case with ease.
The digital revolution is just one reason
demand is growing, said Mr. Maag, who
noted that sales of Dunhill’s card cases have
jumped roughly 70% over the past five
years, prompting it to increase its card-case
selection by 15%. Today the brand offers 30,
many priced from $150 to $180—roughly
half the cost of its wallets. Lower prices
may be another selling point for millennials.
Zach Murman-Freer, 23, a Chicago copy-
writer, bought his first card holder four
years ago, and now uses a $25 Herschel
Supply Co. model to hold a credit card, his
driver’s license, and a transit pass. “It’s
lightweight, slim and clutter free,” he said.
“No, you can’t carry cash in it. But why do I
need cash in a cashless world? I probably
have, like, a dollar in my pocket now.”
Some feel the card case’s flat profile is also
a plus for deterring crime. While thieves
might spot wallets that balloon from back
pockets, a card case can be slipped inconspicu-
ously into a front pocket. And if it does get
stolen or lost? “Big deal,” said Ross Bertrand,
55, a sales consultant at Macy’s Herald Square
in New York. “It’s just one credit card and an
ID to replace.” Another bonus: “When you
wear tight jeans, you want them to look flat-
tering,” said Mr. Bertrand, who prefers not to
bulge in the back.
Walter Thomas, 59, who works in
NO advertising in New York, wants no
part of a minimalist card case. “A
wallet is substantive,” he said. “I need the
feel of currency in my pocket.” That’s why Mr.
Thomas doesn’t care if others think his Prada
wallet dates him. In it he carries his driver’s
license, health insurance ID, MetroCard, an
array of credit cards and usually several hun-
dred dollars in cash. “People who are cashless
are clueless,” he argued. “They don’t know
what they’ve spent. Having a wallet is like
having a gas gauge.”
Keeping tabs on your bottom line isn’t the
only draw for those who prefer a wallet over
a card case. A quality billfold in plain or em-
bossed leather is a bigger fashion statement,
as it’s more noticeable when you whip it out.
“A wallet is like a tie or socks,” said Jonathan
Rhys Abbott, the public relations manager for
Smythson, a London-based fine leather goods
company. “It’s a way of expressing personal-
ity. And it’s an investment piece.”
While many younger shoppers are leaning
toward card cases, Mr. Abbott said, it’s not
uncommon for millennials to opt for a thin
wallet, which holds six to eight cards. Court-
ing both ends of the market, Smythson’s of-
ferings range from cross-grain card cases
($165)—with two to four slots—to coat wal-
lets ($455), the longer and larger kind you
tuck in the inside pocket of your topper.
That latter boasts 14 card slots and four
pockets for cash, receipts and sundry items.
Is it possible to satisfy minimalists and old-
school wallet aficionados in one fell swoop?
Consider hybrids such as Il Bussetto’s slim
pocket-size zip-around version ($80; mr-
porter.com), which has two card slots and a
zippered compartment to hold cash.
Mr. Thomas remains unswayed. “The card
case still seems like an affectation,” he said.
“It’s like being in the Wild West and trying
to get by with a derringer.” —Kevin Haynes
F. MARTIN RAMIN/THE WALL STREET JOURNAL; ILLUSTRATIONS BY PAUL TULLER

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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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D4 | Saturday/Sunday, November 18 - 19, 2017
DEEP DIVE
The
Tuxedo
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (JACKETS); GETTY IMAGES (DIETRICH, DENEUVE, DIANA, RIHANNA, PALTROW); REX (JAGGER); EVERETT COLLECTION (GARLAND); ANAIS NIN TRUST (NIN); LAUREN TAMAKI
Jacket
An obsessive look at the
iconic satin-lapeled blazer,
in time for the holiday-
dressing season
BY KIMBERLY CHRISMAN CAMPBELL
V
ERY FEW GARMENTS can
make a power move like a
tuxedo. The style was named
after the tony New York vil-
lage Tuxedo Park, where, in
the late 1880s, society folk adopted the
look as a less formal alternative to white
tie and tails. Controversy ignited when
gender-bending women first wore the
style. A tuxedo-clad Marlene Dietrich
made headlines in 1932 at a Hollywood
premiere and, decades later, singer Fran-
çoise Hardy provoked screams and hollers
when she hit the Paris Opera similarly out-
fitted. In 1968, New York socialite Nan
Kempner, wearing an Yves Saint Laurent
tux, was barred from La Côte Basque be-
cause the snooty Manhattan eatery
banned women in pants. Her solution:
Drop trou and sally forth wearing the
jacket as a minidress. No one stopped her.
The story underscores the tuxedo
jacket’s ability to go it alone. When
women’s liberation gained momentum
around the same time, tuxedos by Yves
Saint Laurent and Halston declared that
women could compete in a man’s world;
in the ’90s, rascally Tom Ford thrust the
blazer’s latent sexuality into the open.
Today, the jacket rivals the little black
dress in popularity.
Its near-ubiquity, however, might give
you pause: Will you just be one of many
tuxedo-clad women at a party? Not a
chance, because it comes in dozens of
variations: cropped, shawl-collared, sleekly
fitted and—for those who want to channel
Bianca Jagger—white. Don’t worry: None
of them will prompt hollering.
LUXE BE A LADY TONIGHT // FIVE ELEGANT RIFFS ON THE CELEBRATED STYLE
Strong Suit
Daniel Pallas, who co-designs the This cropped Saint Laurent version
bold Pallas Paris line with Véronique recalls the incendiary Spencer style
Bousquet, calls the jacket “the new (see “A Scorching History Lesson,”
armor” of the modern woman. below) in traditional grain de poudre
Jacket, $1,775, net-a-porter.com suiting wool. Jacket, $3,290, ysl.com
Interview With
A Vamp
We quizzed a particularly buttoned-
up tux on how and when it cuts
loose. Its responses were surprising
Q. You’re so formal. Do you ever dream
that some crazy, Amazonian gal will play
beach volleyball wearing you?
A. Certainly not. I find your line of ques-
tioning impudent.
Q. C’mon, loosen up, will you?
A. I will not. Did I even invite you to in-
terview me? If so, did you RSVP?
Q. No, but I did BMOB. Want to chug a
Bud?
A. Indeed not. Have I found myself mis-
cast in some sort of “fish out of water”
Hollywood comedy film?
Q. Speaking of water, anyone ever swim
in you? Like, with nothing else on?
A. Why...I....well, to be perfectly honest,
that did happen on at least one occasion.
My first such experience was in the
Azores. Lovely scenery. And so balmy. It
was all perfectly innocent.
Q. Who was—
A. Then there was the time I stayed up all
night in Monte Carlo. “Carousing” would
not be too strong a word. The caviar
stains were something tragic. —Dale Hrabi
STYLE & FASHION
Get Shorty
With a shawl collar and satin-
trimmed flap pockets, this
polyester-blend Zara jacket delivers
a lot of tux for fewer bucks.
Jacket, $90, zara.com
A SCORCHING HISTORY LESSON // ONE (PERHAPS APOCRYPHAL) EXPLANATION OF WHY THE TUX LACKS TAILS
Legend has it that sometime in the 18th cen-
tury, George Spencer, a British Earl, stood rather
too close to a roaring fire.
JACKET
DESIRED
The versatile satin-lapeled blazer
may just be the best holiday
present you can give yourself
(early, of course)
* *** THE WALL STREET JOURNAL.
Tuxedo Junctures:
Eight Great Moments
PANTS PIONEER “I do not wear them to be
sensational,” said Marlene Dietrich,
citing their comfort. She taxed
the patience of traditionalists
in a tux at a 1932 film pre-
miere. A magazine declared:
“Hollywood’s succumbed to
the trousers craze.”
NOVEL IDEA In 1944,
erotica author Anaïs
Nin was photo-
graphed in what she
described in her diary
as “my best plumage,
a lace blouse [and] my
tuxedo suit.”
DANCE FEVER In “Summer
Stock” (1950), Judy Garland
got happy in a tuxedo jacket
and little else beyond a fe-
dora and her famous legs.
MASCULINE FEMININE
Yves Saint Laurent made
news in 1966 when he de-
buted his “Le Smoking”
jacket (here on actress Cath-
erine Deneuve) that became a
staple of his youth-oriented Rive
Gauche collection.
WHITE HEAT Helmut
Newton’s erotically
charged 1970s photos
of Le Smoking, cou-
pled with Bianca Jag-
ger’s love of white, re-
energized the tux for
the disco decade.
ROYAL MANNER Princess
Diana merged ’80s power
dressing with British tailor-
ing in tuxes like this one
worn with a green waist-
coat at a 1988 charity event.
TAKE A BOW At the
Costume Institute’s
2009 gala at the Met-
ropolitan Museum,
Rihanna chose a
Dolce and Gabbana
tuxedo with supersize
sleeves.
THE LATEST FASHION Gwyneth
Paltrow looked effortlessly ele-
gant in a Michael Kors Col-
lection tuxedo jacket with a
plunging neckline and slim
skirt at the recent WSJ.
Magazine’s Innovator Awards.
Grand Buy Ivory Power Peak Experience
Although it comes in black too, this The nipped-in waist of Tom Ford’s
double-breasted Theory blazer is double-breasted iteration is
equally polished and elegant in accentuated by its wide peaked
snowy winter white. lapels and strong shoulders.
Jacket, $585, theory.com Jacket, $2,890, tomford.com
PETE GAMLEN
The inferno, so the story goes, licked at the ...the tails were gone. The Earl liked the abbrevi-
hem of his formal tailcoat, which erupted in ated look so much he had a tailor re-create the
flames. A manservant doused him, but alas... short jacket (known subsequently as the Spencer).
WITH THE HOLIDAYS looming, know this: wearing it with bow ties, top hats and canes, the
The tuxedo jacket lets you forgo glittery Liber-
ace-like cocktail garb or a reindeer sweater’s
modern version is less by the book. “I don’t feel it
looks quite right when paired with men’s shirting
saccharine cheer. Its versatility will take you
through multiple commitments. You’ll be suit-
and accessories,” said Betty Halbreich, director of
solutions at Bergdorf Goodman. “Too ‘I took it
ably attired for a New Year’s Eve gala or an of- out of my husband’s closet.’ ” Her advice is to
fice soiree. The pedigreed tuxedo jacket is keep it simple and reveal a little femininity: “I see
dressy enough for formal events but takes on an it with a slim silk shirt, no ruffles, open down the
air of cool when democratized with jeans and a neck to show some cleavage, worn with flowing
soft blouse. or ultra-slim pants.” Even simpler? Some versions
While early-Hollywood stars often amped up have imperceptible inside pockets, so you needn’t
the tuxedo’s gender-bending shock factor by carry a purse.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | D5
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

THE MEDIATOR
Solution 1

Can’t We All Get Along? Draft an art photo as peacemaker. For New York designer
Tim Campbell, the seat’s color and presence is so dominant that
the marginalized lamp needs decorative support. He chose a
large black-and-white photo that won’t fight with the red-orange
upholstery. “The lack of color allows the trees to act like shadows of the
lamp,” he said. But he had other mo-
The Conflict One roommate owns tivations: “Seeing that chair, I imme-
diately thought of the decked-out
a bold, blocky seat, the other a delicate parties Yves Saint Laurent threw in
Art Deco floor lamp. Three designers the desert outside Marrakesh in the
1970s.” “The Palm Trees of Santa
offer handsome décor resolutions Monica” Photograph by Jin-Woo
Prensena, $3,800, purephoto.com

Solution 2

Nod to the shapes of both

pieces with a graphic rug.
The rug that Chicago de-
signer Cari Giannoulias chose
and the chair are both very modern, she
points out, but the carpet pattern’s dag-
ger motifs resemble the negative spaces
created by the lamp’s stand. Meanwhile,
the blocks of white in the carpet echo
the chunkiness of the chair. The Cu-
banism Rug, $55 a square foot, artand-
loom.com

Solution 3

Hang a fairly neutral chandelier.

“This fixture is like a pair of diamond
studs,” said Los Angeles designer Ohara
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); MARCO ANELLI/MAGAZZINO ITALIAN ART, NEW YORK (INSPIRATION)

Davies-Gaetano. “They look great with ev-

erything.” The clean lines of the 1950s piece stand up
to the bold chairs, its softness and subtlety
From left to right: Henrendon speak to the floor lamp’s feminine sexiness.
Lounge Chairs, $3,000 per pair, The chandelier is an ideal buffer for this mis-
comingsoonnewyork.com; French Art matched duo. Venini Murano Chandelier
Deco Floor Lamp, $995, chairish.com from Galleria Veneziani, $2,600, 1stdibs.com

FLOWER SCHOOL

THE SPIRIT OF THE THAW

Floral designer Lindsey Taylor challenges herself to craft a bouquet inspired
by a contemporary Italian artwork that includes ice melting onto the floor

RECENTLY, I TOURED Magazzino window, I realized that most of what I

THE INSPIRATION
The pale bouquet at left nods to Pier
Paolo Calzolari’s literally icy ‘Senza
titolo (Omaggio a Fontana)’ (1989).
Vessel: Christine Roland; similar
pieces available at cancatstalk-
THE ARRANGEMENT todogsintheirownway.net
Italian Art, a new exhibition space in
Cold Spring, N.Y., where a permanent
show honors Italy’s Arte Povera move-
ment. The practitioners of “Poor Art,”
which peaked circa 1970, rejected the
commercialization of art and used un-
conventional, banal materials. Copper,
lead, ice and a refrigerator motor, for
example, play into 1989’s ”Senza titolo
(Omaggio a Fontana),” the work that
inspired this month’s flower arrange-
ment. Created by Pier Paolo Calzolari
(b. 1943 in Bologna), the pointedly
ephemeral piece is largely about ice
melting and water dripping into a shal-
low basin on the floor.
Back in my studio, with the photog-
rapher patiently waiting for me to pro-
duce something, I found that few of
my selections from the flower market
worked. As I anxiously looked out my
needed grew in my own garden. Euca-
lyptus had the icy blue dotted look of
the frozen vertical piece. Fading hydran-
gea paniculata, with its whites and
pinks, mimicked the subtle glowing
tones in the center of Mr. Calzolari’s
piece. White scabiosa, a flower I did
purchase, added another texture, and
finally a few sharp blades of little blue-
stem ‘The Blues,’ an ornamental grass,
reflected the chilly, hard materials and
essence of the work. A favorite vessel
by ceramist Christine Roland grounded
everything and nodded to Arte Povera’s
use of simple materials. With little
thought, I arranged my ingredients into
an upright, intentionally stiff bouquet.
As always, I cut the stems to various
lengths to give the shape movement,
echoing the ever-changing nature of
Mr. Calzolari’s work.

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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 18 - 19, 2017 | D7

ADVENTURE & TRAVEL

Streak
Experience
The northern lights don’t always appear
on demand. Here’s how to up your
chances of getting an eyeful

Perhaps it’s the thrill of

BY PENELOPE ROWLANDS
the chase: The lights are no-

W
INTER
doesn’t
have to
equal
gloom. At
least not above the Arctic Cir-
cle when the northern lights,
also known as the aurora bore-
alis (or simply aurora), turn
up. When these neon-bright
streaks of color—green, pink,
violet—zip across the skies,
the season becomes distinctly
lively. Between August and
March each year, lightpeepers
from Texas to Thailand make
their way north to witness the
show. “Northern light tours are
our most requested tours right
now,” said Marc Télio, owner
of Vancouver-based Entrée
Destinations. “There’s a crazy
amount of interest in them.”
toriously hard to predict,
which only adds to the quix-
otic nature of the quest. And
they can be fleeting—some-
times lasting mere minutes.
For those who tended to
nod off during Earth Science
class, a quick refresher: The
northern lights are caused THE LATE SHOW An 11 p.m. view of
when charged particles from Thingvellir National Park, in Iceland, where
the sun crash into atoms in the northern lights make an immodest
the Earth’s atmosphere. The spectacle in the winter months.
color of the aurora depends
on the kind of atoms in-
volved, and the altitude at Minnesota to Maine, often get Norwegian Adventures. And Mr. Sortland. The Aurora northern Norway, where the
which they collide. a glimpse. But even within they do so at the speed of you- won’t appear unless specific weather tends to be crisp and
The lights are most com- those areas, the lights only oc- know-what. At one point last criteria are met. True dark is clear, are ideal. Cloudier
monly seen at the 60th paral- cur within the auroral oval, a fall the oval extended as far as the first requirement; ambi- places can be iffy.
lel and above, latitudes that narrow belt that encircles the northern Italy. But soon, in its ent light is the enemy. You Here, a brief guide to view-
span Scandinavia, Canada, magnetic north pole. The flitting way, it retracted again. need to stay far from cities ing the lights, zeroing in
southern Greenland and oval’s contours change con- Be warned: Many tour op- and roads. The next? Clear places and tours that offer
northern Russia. In the U.S., stantly, expanding and con- erators that promise a seat at skies. These are harder to ar- worthy diversions other than
Alaska offers the best odds, al- tracting—“like dough,” said nature’s light show may not range. Sites such as Canada’s lightpeeping—in case a cer-
though northern states, from Jan Sortland of the travel firm be able to deliver, cautioned Northwest Territories and tain diva doesn’t show.

Lodging—Hot and Cold
Luxury and the Arctic Circle are, for the
most part, mutually exclusive. One key ex-
ception: Loggers Lodge, deep in the woods
of Swedish Lapland. A large, elegantly fur-
nished one-bedroom cabin, it comes with a
private chef (housed nearby). It’s also
equipped with an outdoor hot tub, which
makes a tough-to-beat lightpeeping perch
(from about $1,780 a night, logger-
slodge.com). Over on the west coast of
Greenland, the Hotel Arctic, while decidedly
more austere, offers something no land-
locked facility could: a humbling view of the
looming icebergs of Disko Bay (from about
$230 a night, hotelarctic.com). Surely the
widest-angle perspective on the aurora can
be found on Scotland’s Shetland Isles,
where guests at a cottage just in front of
the recently restored Sumburgh Lighthouse
can watch the Merry Dancers, as the lights
are locally known, streak above the inter-
secting waters of the Atlantic and the
North Sea (from about $730 a night, shet-
landlighthouse.com). And at the Iso-Syote
hotel, in Finnish Lapland, you can bunk
down in a large glass-walled igloo (from
about $94 a night, hotelli-isosyote.fi). An-
other literally cool shelter is the Sorrisniva
Igloo Hotel, in Alta, Norway. Carved from
ice, this surprisingly intricate structure
opens in January before disappearing, drip
by drip, in the spring (from about $300 a
night, sorrisniva.no). The Icehotel in Jukkas-
jarvi, also in Swedish Lapland, is even more
whimsical; every year dozens of artists
sculpt an elaborate dwelling out of huge
blocks of ice. As at the Sorrisniva Igloo Ho-
tel, overnight guests are outfitted with ex-
pedition-level sleeping bags to ward off the
chill. Still not persuaded? The Icehotel re-
cently expanded, adding Icehotel 365, a
heated structure which, as its name implies,
is available year round. No thermal sleeping
bags here—the new suites at 365 even in-
clude toasty bathrooms with saunas (from
about $170 for a heated room and about
$250 for a cold room, icehotel.com).

Forecasting the
Flicker
Most countries in Light-land
offer aurora forecasts of one
Mushing with Entrée Destinations in the Yukon, a prime spot sort or another. In Iceland,
in Canada to see the northern lights. where the weather can turn
on the proverbial Icelandic
Aurora-Stalking Tours kroná, there’s one online fore-
Several hotels in the far north offer nocturnal excursions, using cast for aurora sightings, an-
horses, dogsleds, snowmobiles, and other conveyances to tote their other for cloud cover (en.ve-
guests deep into the snowy wilderness. At least one hotel, the Finn- dur.is). In Minnesota, radio
ish Iso-Syöte (see “Lodging—Hot and Cold”), relies on a team of stations sound “northern
fleet-footed reindeer. A number of touring companies also build en- lights” alerts when the aurora
tire itineraries around the lights: for instance, Chasing Aurora, a is near. Some hotels, including
four-night tour organized by the Canadian firm of Entrée Destina- Finland’s Santa’s Hotel Au-
tions. The journey begins with a skiplane flight to the northern city rora, even send alerts to their
of Whitehorse, in Canada’s Yukon territory, then continues, via dog- guests via text message. But
sled, from one lodge to the next. On day three, guests are taught to be prepared to sprint—by the
take charge of a canine team—a skill rarely needed but sure to im- time you’ve raced out to see
press your French bulldog back home—then let loose on their own the lights, the sky may be
sleds (from about $4,302 a person, entreedestinations.com). blue-black again. Good thing,
If a trip to the Yukon greatly improves your prospects of seeing then, that the hotel offers
the lights, Svalbard, a Norwegian archipelago in the Barents Sea, other diversions, too, including
makes it a near shoo-in: It’s so far north that it experiences polar cross-country skiing, ice fish-
night—known locally as “the dark season”—from September to ing and nighttime snowshoe-
May, when the aurora can shine for 24 hours a day. Norway’s Hur- ing excursions, where you can
tigruten Svalbard (formerly Spitsbergen Travel) offers several tours, stomp around in the dark,
including one that lets you track the lights from the deep comfort of ever hopeful, that the lights
heated Snowcat vehicles (from about $2,093 a person, spitsbergen- might appear (from about
travel.com). $190 a night, santashotels.fi).

Cold-Comfort Camping can explore on horseback, fat bikes or buggies

The Arctic camps set up by Nordic Luxury, an
Icelandic tour company, provide a thrillingly at-
mospheric way to experience the lights. These
temporary villages of plush tents—complete
with sheepskin rugs and heaters—are designed
for private groups of up to 15 and can be in-
stalled in various parts of the country. Glampers
YUKON ADVENTURES (DOGS); KARL OLAFFSON (2)
or, if there’s a river in the neighborhood, do
some fishing (Nordic Luxury supplies all the
gear). And while these mobile camps pack it in
come winter, there’s still a good chance for au-
rora sightings from August through October
(from about $7,070 a night for up to 4 people,
nordicluxury.is).

A private encampment beneath Langjokull Glacier in Iceland arranged by operator Nordic Luxury.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, November 18 - 19, 2017
Take the Gifts of the Hour
The only upside to South Florida’s latest hurricane scare? It was a reminder of the area’s great
beauty and fragility—both on full display for visitors who know where to look
BY MATTHEW KRONSBERG
I
T WASN’T the best time to
visit Vizcaya, the former es-
tate of turn-of-the-century
industrialist James Deering,
on Miami’s Biscayne Bay.
Less than a month had passed since
Hurricane Irma made landfall in
South Florida. The seawater that in-
undated the Mediterranean Revival-
style home’s lush gardens had left
them ragged and browned. A bat-
tered, black jet ski sat beached,
blocking a path. The cafe and the
gift shop, both in the mansion’s
“basement,” had taken on about 5
feet of water and were out of com-
mission. The rococo ground-floor
dining room was dim and muggy,
despite the best efforts of an indus-
trial dehumidifier humming in the
corner. Some of the mansion’s bay-
facing windows had burst open at
the storm’s peak, a security guard
told me, briefly letting hurricane-
force wind and rain pelt the ornate
décor. “It all looks pretty bad,” the
guard told me, “but it could have
been much worse. We were actually
very lucky.”
It’s a peculiar notion of luck, but
visitors and Miamians alike need
only look to Houston, to Puerto Rico
or down to the Florida Keys to un-
derstand how right he was. “This
storm put the fear of God in me,”
said architect Richard Heisenbottle,
a resident of 41 years, who evacu-
ated his family when Irma was pre-
dicted to hit the region as a Cate-
gory 5 storm with 185 mph winds.
Mr. Heisenbottle has overseen res-
toration work of many of South
Florida’s most significant historical
buildings, including Vizcaya. ”De-
ADVENTURE & TRAVEL
spite the fact that we’re much more
prepared than ever before,” he
added, “and that we build buildings
better than anywhere else in Flor-
ida, I believe that if a cat 5 wind-
storm hits us, all bets are off.”
Looking at South Florida
through the proverbial eye of a
hurricane, I learned, increases
one’s appreciation of the area’s
unique beauty, fragility and resil-
ience. The day after going to Viz-
caya, I paid a visit to the HistoryMi-
ami Museum, where an exhibit
marking the 25th anniversary of
Hurricane Andrew—the last Cate-
gory 5 storm to hit the area—
starkly recalled a time when South
Florida wasn’t so lucky.
Along with artifacts and a wel-
ter of screens playing contempora-
neous news coverage, there was a
replica of a small living room, lit
by a single lamp and with the
soundtrack of a storm piped in;
you can sit on the sofa and have a
shelter-in-place experience. Do so
at the “beginning” of the storm,
and the wind and rain sounds
seem tame enough—my mother
and I joked that we’d just come
from worse weather outside. But
as we toured the exhibit, the
sounds from the room intensified.
We returned and sat, listening to
the crescendo of howling winds,
groaning rafters and clattering
shutters. Having grown up in Flor-
ida and endured Andrew, I relived
the dread—will the roof hold?
What will it look like outside when
the winds die down?
After Irma landed her glancing
blow on the region, I found myself
searching Twitter and Instagram
for reports on the place I worried
about more than any other—Stilts-
ville. Its pastel-hued houses are
the remnants of an offshore colony
on stilts that developed on the
shoals of Biscayne Bay, starting,
most say, with a bait shack run in
the 1930s by one “Crawfish” Eddie
Walker. By 1959, more than two
dozen buildings were perched above
the flats. As Carl Hiaasen described
it in his novel “Skin Tight,” “rich
owners used them for weekend par-
ties, and their kids got drunk on
them in the summer. The rest of the
time they served as fancy split-level
toilets for seagulls and cormorants.”
TALL TALES From top: Historian
Paul George leads periodic boat
tours of Stiltsville; Cape Florida
Lighthouse.
SHOOT THE BREEZE The Vizcaya Museum and Gardens, also set on Biscayne Bay and partially waterlogged by
Hurricane Irma, is getting back to its old photogenic self.
In 1965, Hurricane Betsy took nearly
half of Stiltsville with her. Then An-
drew took half of what remained.
The HistoryMiami Museum of-
fers periodic boat tours of Stilts-
ville. The tour I took, led by histo-
rian Dr. Paul George, left from the
marina at Bayside Marketplace in
downtown Miami. With about 50
people—the majority locals—I
boarded one of the motor yachts
The bay-facing windows
burst open at the storm’s
peak, letting rain and
hurricane-force wind pelt
the rococo décor.
typically used for sunset cocktail
cruises for the half-hour trip out
to Stiltsville. As leaping porpoises
trailed the boat, Dr. George, in a
ball cap and Ray Bans, related the
history of the area from Ponce De
Leon to Richard Nixon and Bebe
Rebozo.
Every home in Stiltsville had a
colorful story: “This house here is
where Teddy Kennedy had his bach-
elor party…” Many were actually
private clubs, like the Bikini Club,
the Calvert Club and the Quarter-
deck Club, all long gone, though the
Miami Springs Power Boat Club
maintains an outpost. Irma rattled
but didn’t wreck Stiltsville. Because
these houses are now encompassed
by Biscayne National Park, however,
they can never be replaced. Each
storm poses a mortal threat.
Another Stiltsville that Irma
toyed with—the Stiltsville Fish
Bar—is chefs Jeff McInnis and Jan-
ine Booth’s newly opened restau-
rant in Miami Beach’s Sunset Har-
bor neighborhood, which had its
initial opening delayed by the
storm. It was hardly the only res-
taurant the storm touched. For chef
Niven Patel—who grows many of
the ingredients for the Indian food
at two locations of his restaurant
Ghee Indian Kitchen—Irma was “a
blessing in disguise,” taking down
15 giant nonindigenous ornamental
* ***
trees on his farm which will now be
replaced with coconut palms.
Perhaps the only good thing to
say about hurricanes is that they
seem to take the invasive species
first, as further evidenced by Bill
Baggs Cape Florida State Park, at
the tip of Key Biscayne, one of the
few places arguably made better
by Hurricane Andrew. The forests
of native mangrove and gumbo
limbo trees through which the
trails wend weren’t always there;
much of the 442 acres that make
up the park had been clear-cut for
development in the 1950s and sub-
sequently colonized by invasive
Australian pines. When Hurricane
Andrew leveled the landscape once
again, the state took the opportu-
nity to restore native flora. (Some
of the fauna is still invasive,
though—be on the lookout for gi-
ant iguanas.)
At the park’s south end stands
the Cape Florida Lighthouse, and
the point from which in 1821 some
300 escaped slaves bartered for
passage to Andros Island in the Ba-
hamas. The park also affords a dis-
tant land-based view of the houses
of Stiltsville.
Driving back to the mainland, I
stopped at the Miami Marine Sta-
dium on Virginia Key. It’s a wonder
of tropical brutalism, a poured con-
crete grandstand that juts out over
a basin, where speedboats raced
like chariots, and concerts were
held, with a floating barge serving
as a stage. (Jimmy Buffett’s 1986
concert video was filmed here, with
fans in the stands, boats, inner
tubes and the water itself.)
Though the stadium has been
closed to the public since Hurricane
Andrew battered it, street artists
have infiltrated and turned the
seats, the massive trusses, and even
the 320-feet-wide cantilevered roof
into a concrete canvas. The city re-
cently announced a long overdue
plan to rehabilitate the stadium,
overseen by Mr. Heisenbottle. For
now, the best ways to see the
grandstands without trespassing
are from a boat tour with Histo-
ryMiami (the next one—“Icons of
the Bay: Stiltsville, Cape Florida
Lighthouse & the Miami Marine
THE WALL STREET JOURNAL.
ZAK BENNETT FOR THE WALL STREET JOURNAL
STILTS STANDING A house
in Stiltsville, an offshore colony
in Miami’s Biscayne Bay that
dates back to the 1930s.
THE LOWDOWN //
REDISCOVERING MIAMI’S
NATURAL SIDE
Staying There Only a helicopter
offers better views of Miami at
night than Sugar, the 40th-floor
rooftop bar of the East hotel in
Brickell, just south of downtown.
The hotel’s 352 rooms, all with
balconies and floor-to-ceiling win-
dows, are sleekly styled with sim-
ilarly compelling views (from
$499 a night, east-miami.com). If
you find Miami unthinkable with-
out the beach, consider the Mi-
ami Beach Edition, set on 3.5
oceanfront acres with 294
rooms, including 28 bungalows,
and an entertainment complex
that includes an ice-skating rink
(from $296 a night, editionho-
tels.com/miami-beach).
Eating There South Florida’s
tropical climate is ideal for grow-
ing much of the Indian produce
used at both Ghee Indian Kitch-
ens, like taro leaf, plucked from
chef Niven Patel’s farm (gheemi-
ami.com). Locally caught fish,
displayed in two ice-filled claw
foot tubs by the bar, takes pride
of place at the Stiltsville Fish Bar
(1787 Purdy Avenue, Miami
Beach, stiltsvillefishbar.com).
Stadium”—runs Nov. 26), or from
temporary docks erected during the
Miami International Boat Show in
February.
Now that hurricane season has
given way to tourist season, and
Vizcaya is getting back to its old
self, it’s easy to act like nothing
has changed. The biggest change
Irma wrought is pervasive but in-
visible; a sense that the next truly
devastating storm after this one is
not a question of “if” but “when.”
But for the moment I did my best
to take the advice of a temporary
installation piece by the artist
Amanda Keeley in the Vizcaya’s lo-
gia. Words crafted in yellow neon
quote the Roman poet Horace:
“Put serious things aside” and
“Take the gifts of this hour.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | D9

EATING & DRINKING

ON WINE LETTIE TEAGUE

An Oenophile Heads Home to the Heartland

The first in a three-part series on
wine culture in the Midwest today.

MANY YEARS AGO I attended a

media luncheon in New York. I was
a junior magazine editor; the other
editors in attendance were much
more senior and included the edi-
tor-in-chief of a travel magazine.
“Where were you born?” asked the
editor-in-chief. “Indiana,” I said.
“Did you grow up in a trailer park?”
he continued, clearly implying that
he considered Midwesterners to be
a bunch of badly housed rubes. It’s
how some oenophiles on the East
and West Coasts view wine drinkers
from “fly-over country” as well.
Although I have lived in and
around New York for nearly three
decades, my life in wine began in
the Midwest, specifically with a
glass of Boone’s Farm Tickle Pink,
consumed on my 18th birthday. Not
a wine that would seem to presage
a wine journalism career, but it was
a start. (Tickle Pink wasn’t made
from grapes, but, rather, apples;
sadly, along with other Boone’s
Farm labels, it no longer exists.)
I returned to Indiana a couple of

months ago to see what kind of
wines my fellow Hoosiers are drink-
ing, and if those they favor are re-
ally so different from the wines reg-
ularly consumed in New York. I
even hoped I might find the restau-
rant where I first tasted Boone’s
Farm Tickle Pink, a place called
Hoover’s Roost in Fairview, Ind.
The latter proved a bust: All that
remained of the restaurant was its
parking lot. According to Katrina
Myers, office manager of Stu’s Ga-
rage on the opposite side of High-
way 28, I’d just missed seeing the
last remains. “They tore the build-
ing down two weeks ago. It was
empty for a long time,” she said.
I explained that Hoover’s Roost
was where I’d had my very first
glass of wine. “Boone’s Farm is old
school,” Ms. Myers said. Was that
good or bad? I asked her what kind
of wines she liked to drink. She said
she was a fan of sparkling wines
from a winery in Versailles, Ind.,
and strawberry wines. Her col-
league Brett, on his way out the
door, nodded. “In Indiana, people
like sweet wine,” he said.
That’s also what Kevin Tonne of
Tonne Winery told me when I
stopped by his winery later that
day. Mr. Tonne and his brother-in-
law Larry Simmons founded their
winery in 2009 just north of Mun-
cie, Indiana—about 20 miles from
where I once lived. Mr. Tonne had
been in food science for years be-
fore turning to winemaking, and Mr.
Simmons was in the horticulture
business. Their winery was named
Indiana Winery of the Year in 2014,
and they developed an especially
strong following for their semi-dry
Traminette. Traminette is the signa-
ture grape of Indiana, a hybrid
white grape known for its winter
hardiness and exotic aromas.
I tasted a few whites and reds, a
couple of them dry; most were
fairly sweet, even the ones labeled
semi-dry. “To you they’re sweet, to
other people, semi-sweet,” Mr.
Tonne said. “I’m sure that when you
started out you didn’t like a dry
Cabernet.” I bought a bottle of his
semi-dry Traminette to take to din-
ner with some old Hoosier friends
in Muncie that night, curious to see
Today’s Midwesterners
have access to more—and
more interesting—wines
than I did back in my
Boone’s Farm days.
how far our palates diverged.
Not far at all, it turned out. I
covered the Traminette bottle in a
paper bag and poured everyone a
taste. Too sweet, my friends de-
clared—and opted to drink the
Sancerre I ordered from the restau-
rant’s list. In other words, they like
dry wines as much as I do.
The next day I drove down to Ol-
iver Winery & Vineyards, Indiana’s
largest winery, just outside Bloom-
ington. With production close to
400,000 cases, Oliver wines are dis-
tributed to just about every grocery
and package store in the state, and
to 21 other states as well, according
to CEO Bill Oliver, who was waiting
in the winery’s stylish tasting room
when I arrived. Did Indiana wine
drinkers really prefer sweet wine to
dry? I asked him. “One third of our
wines are bone-dry,” Mr. Oliver
said, though he acknowledged that
their Soft Red Wine (a sweet red
made from the Concord grape) was
their best seller.
Mr. Oliver’s father, William Oli-
ver, a law professor, started making
wine in the 1960s as a hobby. Bill
Oliver took over the winery in 1983
and expanded it to its current size.
As he said, “We’re the biggest fish
in a small pond.”
The Oliver range is considerable
and includes many sweet and semi-
sweet styles, and some non-grape
fruit wines as well. Most Oliver
wines are produced from Pennsyl-
vania, New York and California
fruit; some 3% of the grapes are
grown in Indiana, on about 55 acres
of vineyard. I found it a bit dis-
heartening that the largest winery
in Indiana relies primarily on fruit
grown outside the state, but Mr. Ol-
iver told me it was necessary in or-
der to be competitive out of state.
“I can’t take Indiana Sauvignon
Blanc and market it in Chicago,” he
said. He sells his wine under the Ol-
iver and Creekbend Winery labels;
the latter are made from Indiana
grapes.
I found the (dry) California-grape
wines we tasted to be well-made;
Mr. Oliver’s team sources from es-
teemed vineyards such as Bien Nac-
ido Vineyards in Santa Maria, Calif.
But I was more intrigued by his In-
diana wines and found quite a few I
liked. I was particularly charmed by
his lively 2016 Chambourcin Rosé, a
hardy red Midwestern hybrid with a
piquant, tart red-cherry note. The
Traminette was a touch too sweet
for my palate, but I really liked the
soft, approachable and, yes, dry
2015 Creekbend Crimson Cabernet,
made from the Crimson Cabernet
hybrid (a cross between the Caber-
net and the Norton grape).
Although his best-selling wine
was a sweet red, Mr. Oliver bristled
at the cliché that Midwesterners
like sweet wines or lack sophisti-
cated palates. “It’s that attitude to-
ward fly-over country,” he said. I
told him my trailer park story and
he just shook his head. Then he rec-
ommended that I check out a res-
taurant-wine shop in Bloomington
named Feast Market & Cellar. The
food was quite good, he said, and
the wine selection included a wide
array of interesting choices.
I found a few diners milling
around the shelves, pulling out bot-
tles and chatting with employees. It
was certainly more fun to choose a
wine by examining bottles than
reading names on a list. And there
were many good names to choose
from (about 500 selections).
I chose a bottle of 2014 A. et P.
de Villaine Bouzeron Blanc ($30), a
white Burgundy produced by the
HADLEY HOOPER
great Aubert de Villaine, co-director
of the vaunted grand cru Domaine
de la Romanée-Conti. The wine was
not only a perfect companion to my
very good dinner of locally sourced
salad and house-made gnocchi, but
also at least $35 less than I would
have paid to drink it in a restaurant
in New York.
I called Feast co-owner and wine
director Jennifer Burt to talk about
the wines she most often sold, and
if there was such thing as “Mid-
western” palate. White Burgundy
and “high-end” Beaujolais (both
quite dry) were big sellers, she said.
She sold exactly one sweet red.
With frequent tastings she’d turned
her “beer-loving” staff into wine
drinkers who, in turn, sold their
customers on Chablis, Sangiovese
and cru Beaujolais. It was the same
story I’d heard many times from
wine professionals in other parts of
the world: It doesn’t matter where
or how you begin; education and
exposure are the keys to becoming
an oenophile. It’s certainly been
true for me—from that first glass of
Tickle Pink to this column today.
Over the next couple of weeks,
I’ll be writing more about the wine
culture I found during my recent
travels in “fly-over country.” To-
day’s Midwesterners have access to
more—and more interesting—wines
than I did back in my Boone’s Farm
days. And as I proud Hoosier I raise
a glass in honor of my home state.
 Email Lettie at wine@wsj.com.

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY REBECCA MCEVOY; PORTRAIT: MICHAEL HOEWELER

Sweet Potato Toast With Labneh, Dill and Spices

INSTAGRAM IS NOT the only reason avo- mean, even if you forget about it in the
cado toast became a thing. It’s delicious, oven and overcook it, it’s still good.”
satisfying and pretty healthy, too. But why A dark, Danish-style rye is ideal here,
stop there? At Kismet in Los Angeles—a but a dense sourdough, preferably seeded,
world capital of toast innovation—co-chefs works well too. The bread should have its
Sara Kramer and Sarah Hymanson offer a own nutty tang, to play off the earthy
range of options. At home, Ms. Kramer of- sweet potato. Labneh, a strained Middle
ten goes for this easy, luscious, beta caro- Eastern yogurt, brings creamy richness
The Chefs tene-loaded sweet potato toast. and a nice tart note. “A little acid goes a
Sarah Hymanson Thick layers of creamy labneh and long way,” Ms. Kramer said.
and Sara Kramer bright-orange sweet-potato mash on But it’s the spice mix on top that really
toasted rye bread get a garnish of toasted sets this toast apart. Made with toasted
Their Restaurants spices and dill. The result, it must be said, sesame, fennel and cumin seeds, it adds
Madcapra and is not only tasty but also quite photogenic. crunch and invigorating aroma to every
Kismet, both in “Putting sweet potato on toast is a bite. “I tend to use more garnish than peo-
Los Angeles pretty obvious choice,” said Ms. Kramer. ple expect,” Ms. Kramer said. Taste it and
“It’s versatile, filling and simple to cook. I you’ll see why. —Kitty Greenwald
What They’re
Known For TOTAL TIME: 30 minutes SERVES: 4
Creative cooking
that draws liberally 2 small sweet potatoes 2 tablespoons olive oil 4 large slices Danish rye
on California 1/
2 teaspoon cumin seeds Salt or dense sourdough
produce and the 1/
2 teaspoon fennel seeds 1½ cups labneh or thick, Juice of 1/2 lemon
Middle Eastern 1 teaspoon sesame seeds full-fat plain yogurt 2 tablespoons fresh dill
pantry.
1. Preheat oven to 425 degrees. Prick pota- olive oil and season with salt to taste.
toes all over and place in oven. Roast until 3. Toast bread. Once roasted sweet pota-
fork-tender, about 25 minutes. toes are cool enough to handle, carefully
2. Meanwhile, heat a small, dry skillet over peel off skin. Spread a thick layer of labneh
medium heat. Toast cumin and fennel, shak- on warm toast. Drizzle lemon juice over lab-
ing pan often, until aromatic, about 2 min- neh. Smash sweet potato directly onto toast
utes. Remove spices from heat and coarsely in a thick layer and season with remaining
crush. In the same skillet, toast sesame olive oil and salt to taste. Spoon olive oil-
seeds lightly, 1-2 minutes. Add sesame seed mixture over sweet potato and garnish OPEN SEASONING A garnish of toasted and crushed spices is mixed with
seeds to crushed spices. Stir in 1 tablespoon with dill. olive oil and just enough salt to make the flavor pop.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

TIME-TESTED TRICKS FOR A TASTY TURKEY

Continued from page D1
the achiote.” A leaner turkey would require a
lighter touch.
Blending the marinade, bathing the turkey
in it and wrapping the lot up in banana leaves
turned out to be a cinch; digging an enor-
mous hole, less so. But I distracted myself by
daydreaming of the feast to follow: the
earthy, herbal, terracotta-hued bird, paired
perhaps with a platter of chile-ribboned ta-
males, a salsa verde and a tangy orange-and-
onion salad. I tended the fire and watched it
burn down to coals, tossed in a few scoopfuls
of river rocks, lowered my tightly-wrapped
package into the glowing pit, and filled it
back in. Then I went to a football game.
Ten hours later, as the sky darkened, my
husband and I approached with our shovels.
The earth was still warm—a promising
sign!—and when we freed the bird from its
steamy tropical cave, the flesh was so tender
it literally fell from the bone. While this tur-
key in no way resembled the typical Norman
Rockwell fantasy, the complex, floral flavor
was remarkable enough for my husband to
declare, “From now on, I would like all my
meals to be exhumed.”
Of course, spending hours sweating over a
ditch is not everyone’s idea of a holiday well
spent. So, a few days later, I took a stab at
replicating the results in the kitchen. The pre-
dictable heat of the oven meant the cook time
could be considerably shorter, and, as a nod
to aesthetics, for the final hour of roasting I
unwrapped the bird and basted it regularly,
aiming for a happy medium of moist flesh
and burnished brick-red skin. The result was
a triumph any host would be happy to show
off—and the leftovers made for some next- Pibil-Style Turkey plus more for garnish marinade over turkey, rub- 170 degrees in thickest part should be about a foot
level enchiladas. With Achiote and 8 tablespoons salted bing all over and inside cav- of thigh, 30-40 minutes. deep. This will take a few
A salt-crusted chicken recipe I’d filed away Oregano butter, melted ity. Stuff cavity with halved Discard orange, onion and hours.) As fire burns, use
in a folder years ago inspired my next flight ACTIVE TIME: 1 hour Tangerines, for garnish oranges, onion and fresh herbs from cavity. shovel to stir in river rocks
of fancy. A turkey is really just an oversize TOTAL TIME: 16 hours Special equipment: oregano. Fold banana leaves 7. To serve, transfer turkey until they are glowing.
chicken, I reasoned, and the ancient tech- (includes marinating) Extra-large disposable over turkey, placing more to a platter. Garnish platter 2. Prepare turkey as in-
nique—a theatrical one that calls for com- SERVES: 10-12 roasting pan on top if needed, until tur- with banana leaves, fresh structed in recipe above.
pletely sealing the bird in a rough pastry key is completely covered. oregano, tangerines and After wrapping turkey in
made from equal parts salt and flour, thus For the marinade: 1. Preheat oven to 425 de- Chill turkey overnight or up roasted garlic. banana leaves, tightly wrap
2 large heads garlic grees. Make marinade: Cut to 12 hours. it again with multiple layers
½ cup olive oil 1/
2 inch off tops of garlic 4. Remove turkey from re- Pit-Cooked of aluminum foil. Wrap bal-
4 tablespoons achiote heads. Arrange garlic heads frigerator and let come to Variation: ing wire tightly around tur-
Mahogany and crisp, redolent of seeds on two separate sheets of room temperature, 2 hours. ACTIVE TIME: 5 hours TO- key to make a long handle.
smoke and spice, it was a turkey 3 tablespoons Mexican aluminum foil and drizzle 5. Preheat oven to 350 de- TAL TIME: 26 hours (in- (This will allow you to pull
oregano olive oil over garlic. Wrap grees. Cover roasting pan cludes marinating and pit- turkey out when done.)
doing its best ham impression. 21/2 tablespoons dark garlic, seal tightly and place tightly with heavy alumi- roasting) SERVES: 10-12 3. Use shovel to move half
brown sugar on a baking sheet. Roast in num foil. Roast 3½ hours. the rocks and embers to
3 tablespoons black oven until garlic cloves are 6. Increase oven tempera- Same ingredients as above, one side of pit. Lower tur-
locking in heat and juices for a speedy, succu- peppercorns golden-brown and tender, ture to 425 degrees. Care- plus the following special key onto bottom layer of
lent cook—promised supernaturally moist 3 teaspoons cumin seeds about 45 minutes. Set fully remove foil and banana equipment: rocks and embers, then
meat. My first attempt was clumsy: Turns ½ teaspoon whole cloves aside to cool slightly. leaves, taking care not to Shovel move remaining rocks and
out, encasing a crowd-size turkey in dough 3 teaspoons cinnamon 2. Once garlic is cool burn yourself with steam. 20 large logs firewood embers around turkey until
requires considerable engineering skills. Then 1½ teaspoons ground enough to handle, squeeze Reserve ¼ cup juices from 1 (½ cf) bag large river it is completely surrounded.
I remembered that, because white and dark árbol chile cloves from skins into a pan and combine with rocks Fill hole with sand and dirt.
meat are ideally cooked to different tempera- 2 teaspoons kosher salt blender or food processor. melted butter in a small Heavy-duty baling wire (Make sure you leave baling
tures, many chefs recommend detaching the 1 cup lime juice Add achiote, oregano, bowl. Transfer turkey to a 1 (½ cf) bag sand wire handle sticking up.)
turkey’s breast from the thighs and cooking 1 cup orange juice brown sugar, peppercorns, rimmed baking sheet. Wipe 1 (48-by-48-inch) piece Top hole with sheet metal
them separately. Eureka! A compact breast For the turkey: cumin, cloves, cinnamon, off any excess marinade on sheet metal and shovel dirt around the
was easier to seal, and the outcome made 1 (16-ounce) package árbol chile, salt, garlic, lime skin, then baste bird gener- edges so it is completely
other turkeys I’ve tasted seem like sand by frozen banana leaves, juice and orange juice. ously with butter mixture. 1. Clear a clean, flat area in sealed. Cook 10 hours.
comparison. Sure, preparing the bird in parts defrosted Blend until smooth. Return to oven and con- your yard and dig a hole 3 4. Remove metal and care-
precludes dramatic tableside carving. But 1 (12-to-15-pound) turkey, 3. Line bottom of roasting tinue to roast, basting every feet deep and 3 feet wide. fully retrieve turkey. An in-
trust me: Once that platter of buttery-tender neck and giblets pan with a bed of banana 10 minutes, until turkey is a Build a fire at bottom of pit stant-read thermometer
breast meat and golden drumsticks is tucked removed leaves, leaving long strips of deep reddish-gold and an and feed it continuously un- should read 160 degrees in-
alongside a green-bean salad and mashed po- 2 navel oranges, halved leaves hanging over edges instant-read thermometer til flames have subsided serted into breast and 170
tatoes, no one will give a damn. 1 yellow onion, halved of pan. Place turkey in cen- reads 160 degrees when in- and embers have burned degrees in thickest part of
By this point, my freezer had become a 1 bunch fresh oregano, ter of roasting pan. Pour serted into the breast and down white hot. (Embers thigh. Shred meat to serve.
turkey boneyard and my butcher—Adam Har-
vey, the colorful chef/owner-cum-butcher at
A&E Supply Co. in Gowanus, Brooklyn—was
starting to wonder about me. Like Mr. Rod- Spiced Apple
gers, Mr. Harvey has performed his share of Smoked Turkey
turkey stunts, but with a wife, an infant son ACTIVE TIME: 3 hours
and a restaurant to manage, he admitted that TOTAL TIME: 18 hours
this year, his wildest aspiration is to smoke a (includes dry-brining)
bird on his Big Green Egg. I don’t have an SERVES: 10-12
Egg, but I do have a sturdy old Weber kettle
in my yard, and the idea of a few hours lazily ½ cup kosher salt
basking in the autumn sunshine with a cold 3 tablespoons dark
beer in hand and an applewood cloud settling brown sugar
around me was not unappealing. 3 tablespoons ground
I lugged home one more bird, mixed up a dehydrated apple
dry brine of kosher salt, dried apples, brown slices, such as Bare
sugar and crushed pepper, and gave the tur- brand
key a good rubdown. The next day, I stoked a 1 tablespoon freshly
small fire on one side of my grill, settled a ground black pepper
pile of damp wood chips into it and nestled 2 teaspoons crushed
the bird on the other side. When I lifted the red pepper flakes
TED CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SARAH KARNASIEWICZ, PROP STYLING BY STEPHANIE HANES

lid less than three hours later, the sight that 1 teaspoon sweet
awaited me was a stunner: mahogany and paprika
crisp, redolent of smoke and spice, a turkey ½ teaspoon ground
doing its best ham impression. The meat— cloves
pink, flavorful, dripping with juices—begged 1 (12-to-15-pound)
to be gobbled down with baked beans and turkey, neck and
bourbon-spiked cranberry sauce. Here was a giblets removed
turkey I’d be happy to eat on the fourth 1 large apple, halved
Thursday of November or the second Sunday 1 large onion, halved
in May or the last Monday in March. And Juice and zest of 2
maybe I will. After all, as Mr. Rodgers re- lemons
minded me, “Where in the rule book does it 8 tablespoons (1 stick)
say you can only make turkey once a year?” butter, melted
paper towels and transfer lump charcoal and empty more charcoal or wood has smoked 1 hour, brush
Special equipment: to a large rimmed baking it, unlit, onto half of chips as needed. lemon butter all over tur-
Medium/large kettle sheet. Use your hands to outer edge of charcoal 4. Scatter 2 large chunks key, and repeat every 30
grill rub dry brine all over tur- grate, making a half of hickory wood and a minutes. (Check wood
Lump hardwood key, paying special atten- moon and leaving a bare large handful of apple- chips. If smoke inside grill
charcoal tion to breast. Tie legs to- spot in the middle. Place wood chips over burning seems to have subsided,
Small disposable foil gether with kitchen twine. a small disposable foil charcoal. Set grate in grill add a few more to hot
pan Chill turkey, uncovered, pan in bare spot on grate and place turkey, breast- coals each time you
Applewood chips, overnight or up to 2 days. and add enough water to side up, on grill over foil baste.) Smoke turkey un-
soaked and drained 2. Remove turkey from re- come halfway up sides of pan. Cover grill. Monitor til an instant-read ther-
Hickory chunks frigerator and let it come pan. Fill charcoal chimney grill’s internal temperature mometer reads 160 de-
Heatproof tongs to room temperature, 2 halfway and light. Once until it reaches 300-325 grees when inserted into
hours. Fill cavity with ap- charcoal is hot and has degrees. Adjust vents as breast and 170 degrees in
1. Make dry brine: In a ple and onion halves. begun to ash, add to necessary to maintain a the thickest part the
small bowl, combine salt, 3. Meanwhile, prepare grill, scattering over unlit steady temperature. thigh, about 3 hours.
brown sugar, ground ap- grill: Close bottom vents charcoal. Make sure 5. Meanwhile, in a small 6. Transfer turkey to a
ples, black pepper, pepper halfway and leave top hinged part of cooking bowl, combine melted cutting board and let rest
flakes, paprika and cloves. vents fully open. Fill a grate is sitting over char- butter with lemon zest at least 20 minutes before
 Find a recipe for salt-crusted turkey with Pat turkey dry all over with chimney starter with coal, so you can add and juice. After the turkey carving.
citrus and sage at wsj.com/food.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
THE ESSENCE IS SPEED
The Porsche 911 GT2 RS is a
street-legal monster that does
0-60 in 2.7 seconds and tops
out at 211 mph.
RUMBLE SEAT DAN NEIL
2018 Porsche 911 GT2 RS: Lord of the ’Ring
YOU KNOW, it’s not every week
that I jet off to Portugal to test the
most kinetic sports car in the
world on an asphalt field of
dreams. This week I’m driving a
Chevy Traverse. I’ve paid my dues.
And I’ve learned that when des-
tiny calls, answer. The McLaren F1
(1992-1998) is widely recognized
as the greatest sports car of all
time, but I couldn’t say for sure
because I never drove it. This car
held the series-production speed
record (240.1 mph) for nearly a de-
cade and won the 24 Hours of Le
Mans in 1995 against purpose-built
prototypes. But back in the day,
when McLaren associates offered a
test drive, I had a scheduling con-
flict. I asked for a raincheck, but it
never stopped raining.
People find out what I do and
ask, “Ever drive the F1?” No, I an-
swer. “Oh,” they say, looking away.
“Well, that’s all right. How’s that
Traverse?”
Thereafter I resolved never to
miss another technically perfect-
ing, historically significant auto-
mobile, regardless of how many
luxury hotels stood in my way. The
Porsche 911 GT2 RS is all of that
and a winged Pegasus too.
Based but loosely on the stan-
dard-issue 911 Turbo S, the GT2 RS
joins a select group of six-figure
time machines—Mercedes-AMG GT
R, Ford GT, and Lamborghini Hu-
racán Performante—built in the
few hundreds for collectors, track-
day enthusiasts and assorted rank
poseurs. The noise-compliant GT2
RS isn’t as loud, raw or emotional
as a proper race car, like the 911
GT3 Cup model, with a free-
breathing flat-six and six-speed se-
quential gearbox.
But it’s faster: 0-60 mph in 2.7
seconds, officially (feels a bit
quicker than that to me); quarter-
mile time of 10.5 seconds (ditto).
The top speed is given as an en-
NOT DOWN WITH IT
When developing this
insulated jacket—its
lightest ever—Patagonia
swapped goose feathers
for PlumaFill, an
ultracompact synthetic.
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI
* * * *
GEAR & GADGETS
tirely adequate 211 mph. Thanks
mostly to a rear wing the size of a
coroner’s table and a jutting aero-
elastic splitter up front, the GT2
RS generates hundreds of pounds
of downforce, which I must say
feels pretty reassuring when
you’re sweeping through the Al-
garve International Circuit’s ham-
mer-throw T15 at a buck-twenty
and +1 g cornering loads. Damn,
this thing is fast, I must have mut-
tered a thousand times.
About 2,000 feet later, the car
would still be pulling hard past
150 mph when I fired the carbon-
ceramic retro-rockets. The car
shed speed with nary a wiggle at
1.5 g, the brake rotors aglow, tail-
pipes guttering fire. I could taste
sardines from the night before.
But the big number, the number
that got me on the plane, was
06:47.3. That’s the GT2 RS’s lap
time on the Nurburgring Nord-
schleife test track in Germany, a
Its 3.8-liter twin-turbo
flat-six produces 700 hp.
‘Damn, this thing is fast,’
I must have muttered a
thousand times.
record for a street-legal produc-
tion car. Have a look at test driver
Lars Kern’s lap in September, but
don’t forget your Dramamine.
It helps to have some context:
20 years ago a preproduction
McLaren F1, with world champion
Mika Hakkinen driving, notched a
07:11 lap at the ’Ring. That was in-
sane, exalted, ecstatic. It wasn’t
until four years ago that an all-
wheel-drive starship called the
Porsche 918 Spyder became the
first sports car to break the 7-min-
ute barrier (06:57). Celestial, un-
fathomable, titanic.
Last year the Huracán Perfor-
mante, with all-wheel drive and
active aerodynamics—ailerons, es-
sentially—claimed the ’Ring record
with a mark of 06:52. Um…awe-
some? A year later our test-car
blew past it by five seconds.
The march of progress being
what it is, there will undoubtedly
be cars even faster than the GT2
RS. But will I want to drive them?
We may not have reached the end
of history, but I’m starting to run
out of gonadal fortitude.
In the rear with the gear, its
3.8-liter twin-turbo flat six pro-
duces a hearty 700 hp, rendering a
weight-to-power ratio of 4.57
pounds/hp (3,201 pounds in Weis-
sach Package). This quite salutary
ratio squats amid four ultrahigh
performance Michelin tires, glued
to glorious 20/21-inch (f/r) forged
magnesium wheels–super-stiff but
delicately spoked and vaned, like
erotic Spirographs.
While most of its competitors
use carbon-fiber passenger cells,
the GT2 RS is built upon the same
majority-steel unibody as other
911s, on the same assembly line in
Zuffenhausen. To make up the dif-
ference, the parts bin has been ex-
posed to radical lightweighting
gamma rays: gorilla glass, magne-
sium roof, titanium silencer, car-
bon-fiber door hinges, body pan-
els, and even stabilizer bars. Out
go the plush front buckets; in go
two carbon-shell racing seats, bol-
stered like a coffin.
The flat six is similarly mutated,
with upsized variable-geometry
turbos (67 mm), bigger exhaust
manifolds and larger ducting for
the intercoolers. The car debuts a
technically cute water-vaporiza-
tion system that spritzes H2O on
the intercoolers, reducing process
air temperature by as much as 21
LIGHTLY TOASTY
By innovating new materials, Patagonia has dramatically slimmed down the
once-bulky puffer jacket, without sacrificing warmth
SOMEONE WHO’D BEEN lost in the
wilderness for a few years with only
an old-school puffer coat to keep him
warm might be surprised, upon re-en-
tering society, to learn how much the
tech jacket has changed. The bulky
Michelin-Man coat has all but van-
ished, replaced by its comfortable,
comparatively emaciated cousins. One
of the sveltest newcomers yet: the
Patagonia Micro Puff Hoody, which
uses groundbreaking synthetic materi-
als to combat the cold without adding
to your load, leaving you clammy, or
hogging more than your fair share of
space in the subway.
Traditionally, designing a jacket built
to perform in the field has involved
trade-offs: While premium down traps
heat and weighs little, it loses its abil-
ity to retain warmth when it’s wet. For
their part, synthetic insulations often
cost less and fight the elements more
cleverly but can weigh more and bulk
up a design. So big brands have
Saturday/Sunday, November 18 - 19, 2017 | D11
degrees Celsius.
The variability of driver talent
is a huge design consideration in
this class of car. Each such offer-
ing from Ferrari, Lambo, or Mer-
cedes-AMG has its own style at the
limit. How freely does the rear end
come around, off throttle and on?
How touchy is the handling?
In the case of the GT2 RS, the
answer is very, and this, may I say,
is its best quality. When it’s right
up against the tires’ side-loading
limits, where it stays mostly around
the Algarve circuit, the GT2 RS is a
creature finely balanced between
massive power and delicate control.
The spring rates are about twice as
stiff as those of GT3 RS with half
the body roll. Which means you
can’t jerk the Porsche around like
2018 PORSCHE 911 GT2 RS WEISSACH PACKAGE
Base price $294,250
Price as tested $325,250
Powertrain Dual turbocharged and
intercooled 3.8-liter DOHC flat-six
engine with 67-mm variable geome-
try turbos; seven-speed dual-clutch
transaxle; rear-wheel drive.
Power/torque 700 hp at 7,000
forged ahead to improve both ap-
proaches: on the one hand, treating
down with water-resistant nano-coat-
ings; on the other, developing thinner,
lighter synthetic insulations that stay
warm without additional volume.
The result, for alpine guides like
Nat Patridge, is more comfort in the
wild. “Synthetics have become more
functional, with an emphasis on light-
ness,” said Mr. Patridge, who owns
Exum Mountain Guides in Jackson,
Wyoming. “Over 25 years, my pack
has gotten lighter while my comfort
level has gotten so much better.”
With its new jacket, Patagonia went
the synthetic route, using PlumaFill,
an innovative insulation whose ultra-
thin filaments create pockets of air
that capture warmth. Its brick-quilted
outer layer of specialized ripstop nylon
blocks the wind but allows excess
heat and moisture to pass through.
When you’re done wearing it, the
jacket packs down into a small pouch
PORSCHE
you can the Mercedes-AMG GT R.
The four-wheel steering system
with ball-joint chassis connections
is fingertip precise, stingy with its
praise and lavish in its disdain. Be-
tween gouts of outrageous, manic
acceleration around the track, pow-
pow, one’s hands must remain calm.
Reasonable people may ask
what happens to piston-powered
superheroes in the near future of
autonomous mobility. Don’t worry.
Such cars will lead an equestrian
life, from barn to paddock to track,
washed and curried, never seeing
the road. That’s OK. You can
barely get the GT2 RS out of sec-
ond gear on the street anyway.
Is it the fastest car I’ll ever
drive? Maybe. I’ve learned never
to say ever.
rpm/553 lb-ft. at 2,500-4,500
Length/width/height/wheelbase
179.1/61.3(rear track)/51.1/96.6 inches
Curb weight 3,201 pounds
0-60 2.7 seconds
1/
4 mile 10.5 seconds
Top speed 211 mph
Cargo capacity 4 cubic feet
or (rather miraculously) its own
pocket—more squishable than many
other synthetic-filled coats.
To reduce surprising cold spots of-
ten found in puffer coats, the baffling
is stitched discontinuously to allow
heat to flow throughout the body,
while fewer pieces of fabric were used
to cut down weight. Patagonia’s fits
can be generous compared to more
sculpted European outdoor brands:
The cut here lands somewhere be-
tween traditional and athletic, a little
roomy if you want to layer the coat
comfortably over a sweater.
The men’s version of the Micro
Puff Hoody weighs about nine ounces,
the women’s just eight ounces—light
enough that your mind barely regis-
ters that you’re wearing it. It’s the rare
jacket suited for both a climb to the
frigid top of Mount Katahdin, or the
more hospitable top of the high
school’s football bleachers. Jacket,
$299; patagonia.com —Jesse Will
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D12 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.