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 Meals That
Still Matter
VOL. CCLXX NO. 124
What’s
News
World-Wide
G unmen killed at least
235 people in an attack
on a Sufi-linked mosque in
Egypt’s Sinai Peninsula,
marking the deadliest assault
in the country in decades. A5
 Mueller is probing Flynn’s
work on a film financed by
Turkish interests as part of an
inquiry into whether he im-
properly concealed financial
ties to Turkey and Russia. A4
 The Trump administration
is preparing to stop send-
ing weapons directly to
Kurdish militants battling
Islamic State in Syria. A4
 The CFPB’s leadership
was thrown into uncertainty
as Trump and the agency’s
departing chief both named
temporary directors. A3
 Zimbabwe’s new leader
reached out to political op-
ponents in his inaugural ad-
dress and pleaded with for-
eign investors to return. A7
 The U.S. and South Korea
plan joint exercises involving
hundreds of aircraft, in the
latest show of force aimed at
deterring Pyongyang. A7
 Germany’s SPD said it
would hold talks with other
parties, a change of heart
that makes imminent snap
elections less likely. A6
Business & Finance
 The S&P 500 closed
above 2600 for the first time,
the Nasdaq set a record and
the Dow rose 31.81 points to
23557.99. All three indexes
have posted double-digit per-
centage gains this year and
many analysts are optimistic
the rally can continue. A1, B11
 Many retailers found them-
selves in unexpectedly good
shape on Black Friday, with
pared-down inventories and
less need to slash prices. A1
 Shares of Macy’s, Kohl’s
and Gap rose and Amazon hit
a new high, but some retailers’
stocks were left behind. B10
 Mitsubishi Materials said
a subsidiary knew that work-
ers were tampering with
quality data on parts but
continued to ship them. B1
 Unilever has kicked off
the search for a new CEO
to succeed Polman. B1
 Some YouTube advertisers
suspended their commercials
after their ads showed up
next to videos that appeared
to attract pedophiles. B1
 Clariant rejected many
of its largest shareholder’s
demands, escalating a battle
with activist investors. B3
 Dish said it reached a car-
riage accord with CBS, end-
ing a three-day blackout. B2
Inside
NOONAN A13
The Sexual
Harassment
Racket Is Over
CONTENTS
Books.................... C5-10
Business News...... B3
Food...................... D9-10
Heard on Street....B11
Obituaries................. A8
Opinion............... A11-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
An Easygoing
Weekend
In Guadeloupe
REVIEW OFF DUTY
* * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 25 - 26, 2017 WSJ.com
S&P 500 Powers to New Heights
Index finishes above
2600 for first time, as
est climb to a round-number
milepost on record. The S&P
took 49 days to reach 2600
have upgraded their year-end
forecasts to account for this
year’s double-digit-percentage
Growth Formula
Firms deemed likely to produce significant revenue increases have
analysts start revising from 2500, a speedy rise ex- gains. The Nasdaq is up 28% outpaced the broader market and the ‘value’ category of lower-priced
ceeded only by the 35-day this year, while the S&P 500 companies this year.
their 2018 forecasts surge to 1100 in 1998. and Dow industrials have
The Nasdaq Composite In- climbed 16% and 19%, respec- 25%
BY MICHAEL WURSTHORN dex also hit a record on Fri- tively. S&P 500 Growth
20
day, advancing 21.80 points to The upbeat outlooks under- S&P 500
U.S. stocks’ record run a high of 6889.16. The Dow score the belief of analysts 15 S&P 500 Value
notched another milestone, Jones Industrial Average rose and investors that synchro-
with the S&P 500 closing 31.81 points to 23557.99. The nized global growth, an ex- 10
above the 2600 level on Fri- blue-chip index hit a record panding U.S. economy, and
day for the first time. on Tuesday. (See related arti- companies’ strong profit re- 5
The broad market index cle on page B11.) ports can extend the rally fur-
0
rose 5.34 points to 2602.42, Many analysts had pre- ther. The optimism and fear
J F M A M J J A S O N
up almost 1% for the week dicted early in the year that of missing out on gains has
and marking its second-fast- stocks would stall, and they Please see SURGE page A4 Source: FactSet THE WALL STREET JOURNAL.
Egypt Grapples With Aftermath of Deadly Mosque Assault Retailers
Kick Off
Season
On Firmer
Footing
BY SUZANNE KAPNER
AND LAURA STEVENS
After a year of struggling to
keep up with consumers’ shift
to e-commerce, many retailers
found themselves in unexpect-
edly good shape on Black Fri-
day with pared-down invento-
ries and less need to slash
prices to lure shoppers.
EPA-EFE/REX/SHUTTERSTOCK
Black Friday sales are ex-
pected to come in at around
$33 billion, according to Cus-
tomer Growth Partners, a mar-
ket research and analysis firm,
representing a 4.8% advance
over Black Friday last year.
SLAUGHTER: Gunmen armed with explosives attacked a Sufi-linked mosque in Egypt’s restive Sinai Peninsula on Friday, killing at least Sales for November and De-
235 people and injuring more than 100. Egypt’s president declared it a ‘heinous act.' No group immediately claimed responsibility. A5 cember are expected to climb
by about 4% to some $682 bil-
lion, which would make 2017
the strongest holiday season
since 2014, according to the
National Retail Federation.
Rise and Fall of a Law-School Empire Macy’s Inc. Chief Executive
Jeff Gennette said the retailer
had made adjustments based
on years past and was well-
positioned for the shopping
bonanza. “We don’t have the
A for-profit company’s effort to offer education to students rejected elsewhere is unraveling albatross of a lot of extra in-
ventory like we did last year,”
BY JOSH MITCHELL of their students were from minority Education Department and American Bar he said.
groups. The for-profit schools became Association data indicate. Many owe Macy’s is offering fewer
Don Lively had a plan to bring more part of a business network called the In- more than $100,000. promotions, Mr. Gennette said.
blacks and Hispanics into the practice of fiLaw System, backed by Chicago pri- “The whole system broke down,” says “We’re in good shape,” he
law. vate-equity investors. Enrollment soared Mr. Lively, 69 years old, who serves as added, but cautioned, “we’ve
Mr. Lively, a professor who is white, from several dozen at Florida Coastal in Arizona Summit’s president and owns still got five weeks ahead of
set out to open a law school that would 1996 to roughly 4,000 at the three less than 1% of InfiLaw. “We weren’t us” until Christmas.
take minority students even if they had schools combined in 2012. ready to deliver on a scaled basis. We ha- The average Black Friday ad-
low test scores or did poorly in college. Now, two decades after it all started, ven’t built up our academic support pro- vertised discount across 17 cat-
Using retirement savings, a loan from his Mr. Lively’s mission is in tatters. The gram to a level that would enable us to egories was 45% this year com-
father and a check from a retired couple Charlotte school closed in August after deliver those things that we were con- pared with 48% last year,
who read about him in a local newspa- North Carolina revoked its license. En- vinced that we could deliver.” according to price-tracking firm
per, he opened Florida Coastal School of rollment in Arizona and Florida is down Federal student loans were central to Market Track LLC. Only three
Law in 1996 in Jacksonville. sharply, and InfiLaw is looking for buy- the venture’s wild growth. Taxpayers of eight major retailers offered
That school and two others he later ers for both schools. Thousands of In- could wind up on the hook for large deeper discounts than they did
helped run—Arizona Summit in Phoenix fiLaw students have dropped out, trans- chunks of InfiLaw student debt that a year ago, the firm said.
and Charlotte School of Law in North ferred or failed state bar exams and are never gets paid back, and the student That isn’t to say deals were
Carolina—became among the fastest- struggling to pay down a total of more borrowers face years of damaged credit. hard to find. On Friday, shop-
growing law schools in the country. Half than $1 billion in federal student loans, Please see LAW page A9 pers found many of the same
Please see RETAIL page A2
For Crabs, Getting Hit By a Car
Can Be a Fairly Decent Outcome Apps Give Workers Amazon Vaults
To All-Time High
i i i
Early Access to Pay Shares of the online retailer led
the sector higher Friday on
Migrating crustaceans force Australians optimism for holiday sales. B10
Amazon.com share price
to get creative; Mr. Bray’s leaf blower BY KELSEY GEE Employers across the retail, Daily closes, year to date
restaurant and service sectors
BY MIKE CHERNEY mally.” For more workers across are searching for inexpensive
$1,200 Friday: $1,186.00
The couple are testing what America, every day is payday. perks to attract and hold on to
CHRISTMAS ISLAND, Austra- Mr. Bray calls a “crab-safe vehi- Uber Technologies Inc., employees in the face of low
1,100
lia—On a drive near her house cle attachment” on Christmas McDonald’s Corp. and unemployment. For workers,
this month, Jess Bray hit about Island, a remote Australian ter- Bloomin’ Brands Inc.’s Outback immediate access to cash can
Sports....................... A10 half a dozen red crabs with her ritory near Indonesia, where Steakhouse are among a grow- provide liquidity to cover
Style & Fashion D2-3 1,000
Travel...................... D4-6 SUV. She and her husband, millions of red crabs emerge ing group of employers giving emergency costs, but econo-
U.S. News............ A2-4 Chris, were thrilled. from the forest and travel to the workers near-instant access to mists say it is unclear whether
Weather.................. A10 “Hundred percent success ocean every year to spawn. wages through payday apps. smaller, more frequent pay-
Wknd Investor....... B4
rate,” said Mr. Famed British New tools that allow people checks will help U.S. house- 900
World News....... A5-7
Bray, who naturalist David to spend the money they just holds under financial strain.
watched on the Attenborough earned have provided some “It’s almost like a drug” for
> side of the road ranked the mi- workers an alternative to employees, says Ed Shaw, ex- 800
as the crabs that gration as one of short-term, high-interest ecutive vice president of hu-
were hit scurried his favorite wild- loans, say the technology man resources for Caspers Co.,
away, seemingly life experiences. startups offering the services. which operates 54 McDonald’s 700
unharmed. “They But there is a The payment plan can boost restaurants in Florida. J F MAMJ J A S O N
definitely would Please see employee attendance and ten- Roughly 1,300 of the fran- Source: WSJ Market Data Group
have died nor- Red crab CRABS page A9 ure, managers say. Please see PAY page A7 THE WALL STREET 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
A2 | Saturday/Sunday, November 25 - 26, 2017 * ******* THE WALL STREET JOURNAL.

U.S. NEWS
For Oil Boomtown, the Bills Come Due
BY SHAYNDI RAICE
AND HEATHER GILLERS

When the oil boom came to

Williston, the western North Da-
kota city tried to use the influx
of new wealth to transform it-
self from a hub for transient
roughnecks into a stable and de-
sirable place to live.
ROBYN BECK/AGENCE FRANCE-PRESSE/GETTY IMAGES

So it built new roads, a

wastewater-treatment plant and
a $70 million recreation center,
complete with an indoor water
park and four tennis courts.
But as the oil boom has lev-

LEILA NAVIDI/TNS/ZUMA PRESS

eled off and North Dakota’s agri-
cultural sector hit a rough
patch, state funding has been
stretched thin, stoking resis-
tance to Williston’s plans.
North Dakota legislators are
re-examining the special state
funds Williston receives to pay
for the influx of workers who Above left, pump jacks near Williston, N.D., in 2016. The city used wealth from the oil boom to build a recreation center, with an indoor water park, above right.
weigh on city resources during
boom times. The struggles un- largely unquestioned as the oil 2008 energy companies have The money helped Williston vestments were needed to bol- funding, said the city had no
derscore the difficulties oil-rich boom kept pumping money in. combined hydraulic fracturing build a new wastewater-treat- ster quality of life and to keep choice but to build the way it
towns across the U.S. face in But since around 2014, the and horizontal drilling to access ment plant, after the city’s pop- people in the city so it has a did. He wants the current allo-
striking a balance between state’s agricultural sector began crude oil. From July 2010 to ulation grew more than 80% in large and stable supply of cations to stay as is.
building quickly in boom times declining just as the oil boom July 2015, Williston was the five years. The city was relying workers when the next oil The committee will make fi-
without overspending. started easing. fastest-growing small city in the on lagoons for water that could boom comes around. nal recommendations in Au-
In North Dakota, the state The dynamic has set off a U.S. RV-filled “man-camps” only handle about 12,000 peo- When the price of oil began gust.
money—dubbed “hub city fund- fight for state resources at a bloomed, weighing on an array ple. By 2015, the Census Bureau declining in 2014, so did the Some residents say the city
ing”—has been going to three time when the city’s own reve- of public resources, especially estimated Williston had more population, falling to 26,000 in needs to build more, not less.
oil-rich cities in the state’s west: nue is also faltering. roads and water. than 27,000 residents. 2016. That translated into Joseph Edman, a 36-year-old
Williston, Dickinson and Minot. Williston is spending close to But the city also invested lower sales-tax revenue to fund resident who owns a local con-
From 2013 through 2019, those 17% of its annual budget of $211 hundreds of millions of dollars all the new projects, many al- struction company, said the
cities have been allocated $301 million on debt payments after in a new airport, while critics ready in full swing. schools are growing so quickly
million from state oil-tax reve- borrowing heavily over the past
Williston, N.D., is noted there is an airport 50 Residents recently voted that his three children take
nue, with $178 million for Willi- decade. The city has more than spending close to 17% miles away in Tioga. overwhelmingly for a one-cent classes in modular buildings.
ston, the place with the biggest $200 million in outstanding The indoor recreation cen- sales tax to help fund infra- He resents that people ques-
population boom. debt, much of it issued to cover
of its annual budget ter, built by the city’s park dis- structure. But if the state takes tion the city’s decision to build
State Rep. Mike Brandenburg, infrastructure to accommodate on debt payments. trict using local sales-tax funds, away the hub city funding, Wil- the recreation center, which he
from the southeastern part of its growing population. Last has been a point of special con- liston will be in trouble, Mayor said his kids use every day in
the state, said the legislative year, Moody’s Investors Service tention. Howard Klug said. the wintertime.
committee needs to look at the twice downgraded Williston, “Why did they build a $70 “Whenever you go from “What should we do, just
difference between what these pushing the city’s bonds into “You cannot believe what it million recreation center? Let’s 12,000 to 30,000 people, you work and send taxes back
cities need and what they want. junk status. The city is forecast was like in Williston,” said State just ask that question,” said have to bring on debt,” he said. east?” he said.
“It’s about trying to take care to receive $47 million from the Sen. Rich Wardner of Dickinson, State Rep. Jeff Delzer, who rep- “There was not a do-nothing
of the whole state of North Da- state that was allocated for a hub city 130 miles to the resents Underwood in central option for the city of Willi-
kota,” said Mr. Brandenburg, 2017-2019. It has received $4.6 south. “People were in campers, North Dakota and thinks the ston.”
Notice to Readers
who sits on the committee re- million. they were parked in backyards, state should re-examine the Mr. Wardner, who is chair- The Numbers column will
examining the funds. Williston sits at the center of they had tents. That town was hub city funding. man of the legislative commit- return next week.
Williston’s spending went the Bakken Shale, where since inundated.” Local officials say their in- tee looking at the hub city

First Signs of the Christmas Season in Erie, Pa. U.S. WATCH

TAX LEGISLATION
Trump, Senate GOP
To Meet Before Vote
President Donald Trump will
meet with Senate Republicans at
their weekly closed-door lunch on
Tuesday, a top GOP lawmaker
said Friday, as the party prepares
to vote next week on legislation
overhauling the tax code.
The Senate Budget Commit-
tee is expected to merge key
pieces of the legislation on Tues-
day, ahead of a full chamber vote
later that week, according to a
Senate GOP aide.
Republicans hold a 52-48 ma-
jority in the Senate and can af-
JACK HANRAHAN/ERIE TIMES-NEWS/ASSOCIATED PRESS
YAHOO
Guilty Plea Expected
From Alleged Hacker
An accused computer hacker
is expected to plead guilty Tues-
day to criminal charges stem-
ming from the 2014 security
breach of Yahoo Inc. that a fed-
eral indictment alleges was or-
chestrated by Russian spies.
Karim Baratov, a 22-year-old
dual Canadian-Kazakh national,
was arrested near Toronto in
March, shortly before U.S. offi-
cials unsealed a federal indict-
ment that said he conspired
with two Russian operatives and
a third Russian hacker who

ford to lose no more than two swiped the Yahoo data.

GOP votes on the tax bill, pro-
vided no Democrats support it.
House Republicans passed
their version of the tax bill
shortly before the Thanksgiving
break. But passage in the Senate
is expected to be more of a nail-
biter.
Mr. Trump is expected to dis-
cuss the tax bill and the rest of
the year-end legislative agenda
at the Tuesday lunch, the office
of Senate GOP Policy Committee
BRIGHT LIGHTS: A mother and her son at the Festival of Trees at the Bayfront Convention Center in Erie on Friday. Chairman John Barrasso said.
—Kristina Peterson
A lawyer for Mr. Baratov de-
clined to comment. Abraham
Simmons, a spokesman for the
U.S. Attorney in San Francisco,
also declined to comment.
Mr. Baratov is scheduled to ap-
pear Tuesday before U.S. District
Judge Vince Chhabria in San Fran-
cisco for a “change of plea” hearing,
according to the website for the
U.S. District Court for the Northern
District of California. A person fa-
miliar with the case said Mr. Bara-
tov was expected to plead guilty.
—Del Quentin Wilber

RETAIL She also splurged on a PlaySta-

tion 4 console and videogames.
“I caught up with all my Christ-
mas shopping,” she said.
inventory allows you to stick
with your promotional plan,”
Kohl’s Corp. CEO Kevin Man-
sell said Friday.
Cyber Monday, according to
Customer Growth Partners.
Software company Adobe
Systems Inc. said online sales
card system. Both retailers said
they were working on the is-
sues. Even so, plenty of shop-
pers make the post-Thanksgiv-
said they noticed smaller
crowds than in past years, not-
ing Black Friday deals have
been going on all week. “I’m
Continued from Page One Traditional stores continue In an interview earlier this on Thanksgiving increased 18% ing pilgrimage to stores. not sure it seems extra spe-
promotions that were on offer to grapple with a host of prob- week, Neiman Marcus Group to $2.87 billion. As of 8 p.m. Delaney Dauchy, a 15-year- cial,” Anne Dauchy, 48, said.
last year, including 30% off at lems including sluggish sales CEO Karen Katz attributed a Friday, shoppers had spent old shopping with her mother —Julie Jargon, Erica Phillips,
Coach and 50% off at the Gap. as more shopping takes place jump in the luxury retailer’s $3.54 billion, up 16%. Adobe at a Thousand Oaks, Calif., Benjamin Parkin, Miguel
Many shoppers snapped up online. And there is the broad gross margin in the latest expects online sales to in- mall, said the deals aren’t as Bustillo, and Sarah Nassauer
bargains on Thanksgiving Day. shift in consumer spending quarter to stronger full-priced crease 14% to $107.4 billion for good this year. The Dauchys contributed to this article.
Kevin Krause, 27, was first away from apparel and acces- sales. “We’ve gotten our inven- the November-December pe-
in line outside the Kohl’s store sories and toward dining, tory in perfect alignment with riod, compared with the previ-
in Medford, Ore., on Thanks-
giving afternoon. He decided
our sales,” she said.
That all could change in the
ous year.
Amazon said Thanksgiving
CORRECTIONS  AMPLIFICATIONS
to buy an Xbox One videogame days leading up to Christmas. was one of its biggest mobile Readers can alert The Wall Street Journal to any errors in news articles by
console that was on sale for
Black Friday sales of Shoppers have been trained to shopping days, as orders placed
emailing wsjcontact@wsj.com or by calling 888-410-2667.

$189. “I’m just doing that, and $33 billion are wait for deals, a practice made through its app increased more
then I’m out,” he said. easier by online price compari- than 50% over last year. Best
Analysts have been predict-
expected this year, sons. If they hold off on many selling items included Keurig THE WALL STREET JOURNAL
ing robust holiday sales amid 4.8% ahead of 2016 purchases, retailers will likely coffee makers and its Echo (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
rising wages, low unemploy- have to slash prices more than speaker devices.
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
ment and strong consumer planned as the season pro- “If you go back to the cre- Published daily except Sundays and general legal holidays.
confidence. Another bonus, es- gresses. ation of Black Friday, it was Periodicals postage paid at New York, N.Y., and other mailing offices.
pecially in the Northeast, is travel and entertainment. In a Wal-Mart on Long Is- this amazing opportunity for Postmaster: Send address changes to The Wall Street Journal,
cooler weather compared with But a bright spot has land Thursday evening, Andre customers to get great deals,” 200 Burnett Rd., Chicopee, MA 01020.
a year ago, when temperatures emerged: Stores, having re- Valadas, a 34-year-old soft- Dorion Carroll, vice president All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
edged into the 60s. duced inventories, aren’t sit- ware engineer, said it was of mobile shopping at Ama- the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
“I’d be fully expecting peo- ting on piles of excess goods hard to snag a discounted zon, said earlier this week. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
ple to be thinking about like they were a year ago. Sharp TVs being sold at the “So they would flock to the Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
spending more, not be holding “Because inventory manage- store and at a Best Buy across stores and all of that would be
back as much as in the past,” ment was quite good coming the parking lot. “I hope that if great, until it wasn’t. It got NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
said Andrew Duguay, a senior out of the third quarter, there’s they don’t have deals right too crowded.” By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
economist at Prevedere, a pre- not going to be a need for ag- now they will have them in a A few technical problems By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
dictive analytics company. gressive promotions in the few weeks closer to Christ- popped up on Friday. Nike Inc.
Jena Thomas, a university fourth quarter to clear out un- mas,” he said. customers complained about REPRINTS & LICENSING
student shopping with her sold goods,” said Bill Dreher, a Black Friday is expected to error messages when using the By email: customreprints@dowjones.com; By phone: 1-800-843-0008
mother at a Target in Chicago, retail research analyst with be the third-busiest shopping sportswear maker’s website,
bought two TVs that she Susquehanna International. day of the year, behind the and Macy’s said it experienced GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
couldn’t get earlier at Best Buy. “Having the right amount of Saturday before Christmas and a “slowdown” with its credit-
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 25 - 26, 2017 | A3

U.S. NEWS

Police See
Social Media
Fuel Crime
BY SHIBANI MAHTANI ing a rise in the number of
“petty conflicts that have
CHICAGO—Rukiya Winston, leapt from social-media plat-
a 16-year-old 10th-grader in forms to violent crimes on the
one of this city’s most violent street.” A Wall Street Jour-
South Side neighborhoods, has nal tally found at least 100

ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL

sworn off social media. cases nationally where an act
She is disconnecting from of violence was streamed on
what she sees as a major part just one of these platforms,
of the culture of violence Facebook Live, since it was
around her. launched in early 2016.
“It takes things to a whole “Unfortunately, in too many
new level. You see people get instances, these conflicts are
into it with someone [on Face- resolved with a gun,” said a
book] and the next day they Chicago police spokesman.
are beaten up or shot,” Ms. Prosecutors and law-en-
Winston said. “It is just too forcement agencies in other
much.” cities, including Dallas and Wil-
Facebook and other plat- mington, Del., say social media
forms have emerged as fresh mirrors and contributes to
challenges in the fight against gang-related behavior on their
violent crime that continues to streets, too. Police in Dallas
grip major cities. this year attributed a string of
In Chicago—which is on drive-by shootings to incidents
track to have more than 600 in which one gang challenged
murders for the second year in another and posted their loca-
a row, a number it had been tion on Facebook or Instagram,
below for more than a decade prompting an act of violence.
before that—community lead- Tatyanna Lewis, an 18-year-
ers and police say the immedi- old from Chicago, was in a
acy of these platforms has running Facebook feud over a
played a major role in escalat- man with Chynna Stapleton,
ing disputes, while also pro- 24, in mid-May, when Ms. Sta-
pleton allegedly ran over Ms.
Lewis with a car, pinning her
to a tree. Ms. Stapleton has
Platforms emerge as been charged with first-degree
an ‘accelerant’ for murder, to which she has
pleaded not guilty.
violence—as well as a In Wilmington, law-enforce-
provider of evidence. ment officials and prosecutors
say they see the same escala-
tion of violence through social
media.
viding more evidence that can The exchanges, however,
aid arrests and convictions. arm prosecutors with evidence,
“It pours an accelerant on including Facebook photos and
what was already there,” said tags, that they can use in court.
Eric Sussman, the first assis- “If you have a defendant
tant state’s attorney for Chi- and you are trying to get some
cago’s Cook County. large sense of whom they are
The Chicago Police Depart- affiliated with, what other ac-
ment and prosecutors don’t tivities they might be involved
keep data on how many in- in and what may have led to
stances of violence were pro- their crime, there’s informa-
voked by an exchange on so- tion available publicly,” said
cial media, but they say Delaware Attorney General
anecdotally that they are see- Matthew Denn.
Lt. Laura West leading a discussion about anticrime technology at the Chicago Police Department District 007 this year.
Killings Are Sparked
By Drill Rap Videos
In Chicago, violence on the
South Side has, in part, been
fueled by the proliferation of
drill rap videos on YouTube, de-
fined by dark, grim and nihilistic
lyrics that sometimes insult a
rival gang and its members.
Community leaders in the
Woodlawn neighborhood point
to the recent murders of Sher-
rod Rhyme, 18 years old, and
Terry Barry, 21, both drill rap-
pers who were shot in June
and September, respectively.
“They got involved in this
Chicago police have in-
vested heavily in data-driven,
crime- reduction technology in
the past year, building out
eight “nerve centers” in the
most violent police districts,
providing a wealth of informa-
tion about the neighborhood
and offenders there.
The centers, which cost $1.3
million each, integrate data
like live-feeds from cameras in
the neighborhood and a sus-
pect’s criminal record. Police
world, and within the course of
three or four months, they
ended up dead,” said Donnell
Williams, who works with mid-
dle-school youth at the Sun-
shine Gospel Ministries.
A Chicago police spokes-
woman said it didn’t have any
information that linked the vid-
eos to the killings of Mr.
Rhyme and Mr. Barry, and that
no arrests have been made.
Mr. Williams described a
petty yet high-stakes world
where drill rappers would make
a disrespectful reference to a
dead member of a rival gang,
sometimes saying they are
smoking their ashes in a ciga-
rette. This would then lead to a
say this technology has con-
tributed to a 13% drop in mur-
ders, compared with this time
last year. Separately, crime an-
alysts also review open-source
accounts and monitor gang
conflicts through social media.
Chicago prosecutors and of-
ficials have repeatedly called
on Facebook and other tech gi-
ants for more proactive action
to help curb violence.
Cook County Commissioner
Richard Boykin said he facili-
retaliatory shooting.
Steve Gates, Chicago pro-
gram director for the Youth Ad-
vocate Program, a nonprofit
that works with at-risk youth,
said many young men he works
with turn to rap videos to over-
come the hopelessness they
feel in their lives, faced with
few job prospects and blight in
their neighborhoods.
“They go extra hard on pro-
jecting this image, and showing
that they can hurt somebody,”
Mr. Gates said. “It is the same
story as on the streets, but
just on a different platform—
the only platform that they
think they have a voice.”
—Shibani Mahtani
tated a meeting this summer
between Facebook Chief Exec-
utive Mark Zuckerberg and
young men from a violent
South Side neighborhood
where they discussed how
easy it is to get guns and
drugs, and the role of social
media in provoking violence.
Mr. Boykin said a team at
Facebook has been in “con-
stant contact” with city and
county officials since then.
“[Facebook] is getting bet-
ter with it, they’re obviously
very concerned,” he said.
“There’s a lot of work we have
to do to stop the drugs and
guns flowing into our city, and
social media is an area we fo-
cus some of that attention.”
A spokeswoman for Face-
book said that the company
will double the number of peo-
ple working on safety and se-
curity—reviewing content on
Facebook for dangerous and
hateful speech—to 20,000
from 10,000 in 2018. Threats
to someone’s personal safety
violates the platform’s com-
munity standards, the spokes-
woman added.
Facebook has also invested
in Artificial Intelligence tools
to monitor content on Face-
book Live, and has simplified
the process by which people re-
port problematic videos online.
“People don’t want false
news or hate speech or bully-
ing or any of the bad content
that we’re talking about,” Mr.
Zuckerberg said on an earn-
ings call this month. “So to
the extent that we can eradi-
cate that from the platform,
that will create a better prod-
uct,” he said.
—Deepa Seetharaman
contributed to this article.

Fight Erupts on Appointment of CFPB Interim Chief

BY YUKA HAYASHI der the 2010 Dodd-Frank regu-
latory-overhaul law, which cre-
WASHINGTON—The leader- ated the CFPB, the regulator’s
ship of the Consumer Financial deputy director serves as acting
Protection Bureau was thrown chief if the director is absent or
into uncertainty on Friday when unavailable.
the president and the agency’s Hours later, President Donald
departing Obama-era chief both Trump designated Mick Mulva-
named temporary directors. ney, director of the White House
Richard Cordray, who said Office of Management and Bud-
Friday was his last day at the get, as the CFPB’s acting direc-
CFPB’s helm, named the tor. Mr. Mulvaney is to serve in
agency’s chief of staff, Leandra that post until a permanent di-
English, as deputy director. Un- rector is nominated and con-
firmed, the White House said.
Mr. Mulvaney’s appointment
was expected.
Mr. Mulvaney, known as a
harsh critic of the CFPB, has de-
scribed the agency as “one of
the most offensive concepts” in
the U.S. government. He has
said he stands by a comment
describing it as a “sad, sick
joke.”
The White House said in a
statement Friday that Mr. Mul-
vaney will “take a common-
sense approach to leading the
CFPB’s dedicated staff…that will
empower consumers to make
their own financial decisions.”
Regardless of the fight over
the interim director position, an
appointee of Mr. Trump, a Re-
publican, will eventually take
the helm of the CFPB and likely
implement various steps to
overhaul the agency. However, it
may take several months until
the new director is confirmed
by the Senate, as Democratic
lawmakers are ready to oppose
anyone who could drastically al-
ter the agency, such as Mr. Mul-
vaney.
“If it takes the Senate a long
time to confirm whomever the
president nominates, there is a
lot that the CFPB could accom-
plish in the meantime by way of
enforcement and policy objec-
tives,” said Jenny Lee, a partner
at Dorsey & Whitney LLP.
Mr. Cordray, who was ap-
pointed by former President
Barack Obama, a Democrat,
said last week that he would
leave the agency before the
end of November, ending a tu-
multuous six-year tenure dur-
ing which he helped to turn a
young agency into a powerful
financial regulator, often criti-
cized by Republicans and fi-
nancial companies.
Experts have disagreed on
whether the president has the
authority to appoint an acting
CFPB director.

Puerto Rico Power Grid Repairs Resume

BY ANDREW SCURRIA

The company that was

hired and then fired under a
$300 million deal to rebuild
Puerto Rico’s power grid has
resumed repairs on a critical
RICARDO ARDUENGO/AGENCE FRANCE-PRESSE/GETTY IMAGES

power artery after receiving

partial payment on an $83
million bill backlog.
A Whitefish Energy Hold-
ings LLC spokesman said the
company went back to work
Wednesday after Puerto Rico’s
public power utility paid some
of what was owed under the
controversial contract, enough
to show its “good faith intent
to pay” for services rendered.
Whitefish had suspended work
on the island’s electrical grid
on Monday over a payment
backlog that the company
blamed both on the power Whitefish workers repair power line towers in Puerto Rico in the aftermath of Hurricane Maria.
utility known as Prepa and on
construction subcontractor mobilizing 500 subcontracted Whitefish is now suing Arc wasn’t being fully paid by
Arc American Inc. workers. American in a state court in Prepa, Arc American’s in-
Whitefish and Arc American Whitefish said the backlog Montana, where Whitefish is voices “are not yet due and
are now accusing each other got worse because Arc Ameri- based, saying Arc American owing.”
of leveraging the unfinished can complained it wasn’t being has no basis to jump the line Arc American said it never
job of turning Puerto Rico’s paid and asked for money from and collect payments directly stopped working and denied
lights back on to extract as Prepa directly. Prepa responded from Prepa. Even after the snarling the contract pay-
much money as possible under by cutting off all payments un- partial payment that allowed ments. Whitefish asked for
their agreements. der the Whitefish deal until the work to resume, Prepa is still subcontractors including Arc
The work stoppage was a situation was resolved. “deliberately withholding” a American to walk off the job
setback to power restoration Puerto Rico canceled the “large sum of money” because “seemingly in order to gain le-
efforts that have failed to turn contract with Whitefish last of the subcontractor’s claims verage” over Puerto Rico and
the lights back on for millions month after intense criticism of nonpayment, the Whitefish squeeze the government for
of Puerto Ricans more than on how it was awarded and spokesman said. payments in the final days of
two months after Hurricane priced. But the company was Documents filed in the the contract, Arc American
Maria made landfall. Whitefish scheduled to remain in Puerto Montana case show that Arc CEO Ben Wilson said.
accused Prepa of failing to pay Rico until Nov. 30 to continue American asked for an $8.7 A judge in Montana has
$83 million owed under their work on an important south- million payment from Prepa scheduled a Nov. 29 hearing
contract, including $39 million to-north transmission line last week. Whitefish said in on whether Arc American
for the anticipated costs of de- damaged by Maria. its complaint that because it should withdraw its request.
 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
A4 | Saturday/Sunday, November 25 - 26, 2017
CARLOS BARRIA/REUTERS
Mike Flynn is facing questions from the special counsel over his work on a documentary about an exiled Turkish cleric.
Flynn Probe Looks at Film
Work on Turkish movie
draws questions as
legal team shift signals
possible cooperation
BY DION NISSENBAUM
AND REBECCA BALLHAUS
WASHINGTON—Special
counsel Robert Mueller is inves-
tigating former White House
national security adviser Mike
Flynn’s work on an unfinished
film financed by Turkish inter-
ests as part of its probe into
whether Mr. Flynn improperly
concealed financial ties to Tur-
key and to Russia, according to
people familiar with the matter.
The focus on the film comes
amid signs that Mr. Flynn may
be working on a deal with Mr.
Mueller. Mr. Flynn’s lawyers
this week stopped cooperating
with White House attorneys de-
fending the president, accord-
ing to other people familiar
with the matter, a possible sign
that Mr. Flynn is sharing infor-
mation with investigators.
Trump Plans to Stop Arming Kurds in Syria
BY DION NISSENBAUM
WASHINGTON—President
Donald Trump’s administration
is preparing to stop sending
weapons directly to Kurdish
militants battling Islamic State
in Syria, dealing a political blow
to the U.S.’s most reliable ally in
the civil war, officials said Fri-
day.
Mr. Trump delivered the
news in a call with President
Recep Tayyip Erdogan of Tur-
key, who has long urged the U.S.
to cut off its support for Kurd-
ish militants he views as terror-
ists intent on destroying his
own country.
Turkish officials made public
the details of the move before
the White House appeared to
have informed its Kurdish allies
in Syria or relayed its plans to
many officials at the Pentagon
or State Department.
In its official readout of the
call, the White House said the
GOP president “informed Presi-
SURGE
Continued from Page One
helped markets rebound
quickly from pullbacks.
“That cocktail of factors
wouldn’t suggest the economy
is heading into a recession
anytime soon,” said Michael
Scanlon, a portfolio manager
at Manulife Asset Manage-
ment. “The U.S. equity mar-
kets are the best place to have
exposure.”
Goldman Sachs Group Inc.
this past week raised its year-
end target for the S&P 500 to
2850, a 9.5% gain from Fri-
day’s close, saying its “ratio-
nal exuberance” reflects con-
tinued U.S. and global
Key Milestones
The S&P 500 has clinched 55 record closes so far
this year, the most in more than two decades.
Record close
J F M A M J
Source: WSJ Market Data Group
The Federal Bureau of Inves-
tigation is preparing to inter-
view consultants hired by Mr.
Flynn to work on a documen-
tary film targeting an exiled
Turkish cleric whom Ankara ac-
cuses of trying to overthrow
the country’s president, accord-
ing to people familiar with the
investigation. Details of the un-
finished film project were first
reported by The Wall Street
Journal in May.
The film was at the heart of
Mr. Flynn’s work for Turkish in-
terests while he served as top
adviser on then-candidate Don-
ald Trump’s presidential cam-
paign. While working to get Mr.
Trump elected, Mr. Flynn’s
company signed a $530,000
contract with a Turkish busi-
nessman with close ties to Pres-
ident Recep Tayyip Erdogan.
Mr. Flynn and his business
partner, Bijan Kian, hired con-
sultants to create a film attack-
ing the Muslim cleric, Fethullah
Gulen, who has been accused of
orchestrating a failed July 2016
coup attempt in Turkey from
his home in rural Pennsylvania.
dent Erdogan of pending ad-
justments to the military sup-
port provided to our partners
on the ground in Syria” as the
fight against Islamic State
moves into a “stabilization
phase” to ensure Islamic State
doesn’t return.
A senior U.S. administration
official said later that the U.S. is
preparing to “wind up” its di-
rect support for Kurdish forces
in Syria, a move long expected
to come after the defeat of Is-
lamic State in the Middle East.
U.S. support for Kurdish
fighters in Syria has been a ma-
jor irritant in U.S.-Turkey rela-
tions. The Kurdish forces in
Syria are closely aligned with
the so-called PKK, which is clas-
sified as a terrorist group by
the U.S. and Turkey. The PKK
has used suicide attacks and car
bombers to wage a decadeslong
fight for more Kurdish rights in
Turkey. PKK militants fight and
train with their Syrian counter-
parts, known as the YPG. But
economic growth, low infla-
tion, and slowly rising inter-
est rates. The prospects of
Republicans passing a tax-
overhaul plan also factors
into Goldman’s forecast.
Other banks that have
raised forecasts for next year
include UBS Group AG and
BMO Capital.
Still, not all Wall Street an-
alysts are calling for another
year of big gains. Larry Adam,
Deutsche Bank Wealth Man-
agement’s chief investment
officer, has maintained a 2650
target for the S&P 500 over
the next 12 months, a call he
and his team reiterated last
week.
“We’re dialing down our
expectations going forward,”
Mr. Adam said. “We don’t see
2600
2500
2400
2300
2200
J A S O N higher through the rest of
THE WALL STREET JOURNAL.
P W L C 10 11 12
Mr. Gulen has denied playing
any role in the putsch.
Mr. Flynn’s consulting firm,
the Flynn Intel Group, tried to
conceal its role in the docu-
mentary, said David Enders, a
Beirut-based freelance journal-
ist hired to film interviews.
Mr. Enders said Mr. Kian told
him he didn’t want anyone to
know who was behind the
movie.
Mr. Kian didn’t respond to a
request to comment. Peter Carr,
a spokesman for Mr. Mueller,
declined to comment. Mr.
Flynn’s lawyer, Robert Kelner,
wasn’t immediately available to
comment on the matter.
FBI agents have contacted
Mr. Enders and Rudi Bakhtiar, a
former CNN anchor hired to
work on the documentary, to
ask them about their roles in
the venture, according to peo-
ple familiar with the matter.
Mr. Flynn waited until
March of this year to file fed-
eral documents showing that
he was paid to represent Turk-
ish interests.
Mr. Mueller also is probing
the U.S. has long maintained
that the Syrian Kurds are a dis-
tinct force and should not be
considered terrorists.
The U.S. began providing
arms to the YPG in 2014 when
the Kurdish fighters success-
fully pushed Islamic State out of
Kobani, a Syrian town on the
Turkish border. Because of Tur-
key’s concerns, the U.S. re-
stricted its direct support for
the YPG and provided arms to
the Kurdish fighters through an
umbrella group set up, in part,
to serve as a funnel for weap-
ons to the militants.
With U.S. support, the Kurd-
ish fighters became the U.S.’s
best ally on the ground in Syria.
The YPG pushed Islamic State
out of northeastern Syria,
where they set up a new gov-
ernment that is viewed with
alarm by neighboring Turkey.
Turkish leaders first broke
the news Friday after their call
with Mr. Trump.
“Mr. Trump clearly said that
any major risks, but we don’t
see all of those [economic fac-
tors] happening again next
year.”
Many firms entered the
year skeptical stocks could go
further, given the gains of re-
cent years and the valuations
on many broad market in-
dexes. Goldman estimates
that the earnings multiple—or
its price relative to earnings—
of the median S&P 500 stock
is in the 99th percentile his-
torically, suggesting that
there are few periods in his-
tory in which the market ap-
peared more overextended.
In part reflecting those
concerns, Bank of America
Corp. initially called for the
S&P to finish the year at
2300, while Deutsche Bank AG
expected the broad index to
end at 2350. The index closed
last year at 2239.
The S&P 500 clinched its
55th closing high on Friday,
the index’s most records in a
calendar year in more than
two decades. The Nasdaq has
also posted the most record
closes in a single year, mark-
ing its 69th on Friday, while
the Dow industrials have hit
60 highs.
Many analysts expect in-
dexes to resume their grind
this year and into 2018.
H T G K B F A M 1 2 3 4 5 6
U.S. NEWS
the alleged role played by Mr.
Flynn and his son, Michael
Flynn Jr., in a plan to forcibly
remove Mr. Gulen and deliver
him to Turkey in return for
millions of dollars, the Journal
previously reported.
Mr. Flynn’s lawyer and the
Turkish government have said
the plot allegations are false.
A lawyer for Mr. Flynn Jr. de-
clined to comment.
Mr. Flynn’s lawyer declined
to comment on the decision to
no longer discuss the special
counsel’s investigation with
the president’s legal team.
“It was not unexpected to
us that Gen. Flynn’s lawyers
might be entering into discus-
sions with the special counsel
[about] potential pleas,” said
Jay Sekulow, a member of the
White House team.
Mr. Mueller’s team is investi-
gating whether Trump associ-
ates colluded in Russia’s efforts
to interfere in the 2016 U.S.
election. Mr. Trump has denied
any collusion by him or his
campaign, and Moscow has de-
nied meddling in the election.
he had given clear instructions
and that the YPG won’t be given
arms,” said Mevlut Cavusoglu,
Turkey’s foreign minister. He
quoted Mr. Trump as saying
“this nonsense should have
ended a long time ago.”
Mr. Cavusoglu said Mr.
Trump gave instructions to U.S.
generals and his national secu-
rity adviser, Lt. Gen. H.R. Mc-
Master, that “no weapons
would be issued” to the Kurdish
forces.
“Of course, we were very
happy with this,” Mr. Cavusoglu
said.
The Turkish announcement
came as a surprise in Washing-
ton, where military and political
officials in Mr. Trump’s admin-
istration appeared to be caught
off-guard. U.S. military officials
said they had received no new
guidance about supplying weap-
ons to the Kurdish forces. But
they said there were no imme-
diate plans to deliver any new
weapons to the group.
Aiming Higher
The S&P 500 has performed beyond most investors’ expectations this
year, prompting some banks to increase their forecasts significantly.
Banks’ 2017 year-end forecast in January ( ) and October ( )
2200
Bank of America
Bank of Montreal
Canaccord
Citigroup
Credit Suisse
Deutsche Bank
Fundstrat
Goldman Sachs
HSBC
Jefferies
JP Morgan
Oppenheimer
RW Baird
Scotiabank
Stifel Nicolaus
UBS
Weeden & Co.
Note: Citigroup, Fundstrat, UBS and Weeden & Co. forecasts did not change.
Source: Birinyi Associates
Tech companies have been
a major factor behind indexes’
gains, and investors and ana-
lysts expect that to persist.
Facebook Inc. and Google par-
ent Alphabet Inc. are among
the best-performing stocks
this year and are a big part of
why the S&P 500’s tech sector
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
In Mueller Cases,
Jury Selection
Poses Challenge
BY ERICA ORDEN
With the first trial resulting
from Special Counsel Robert
Mueller’s investigation expected
in the spring, prosecutors, de-
fense lawyers and the judge
head toward a delicate and of-
ten difficult task: picking a fair
jury.
In high-profile trials, finding
jurors who don’t come armed
with their own set of conclu-
sions about a case can be a
challenge. And in a politically
divisive climate, that task
grows even more complex for
trials that touch on the presi-
dency, legal experts said.
In the expected trial of Paul
Manafort, President Donald
Trump’s former campaign
chairman, and Richard Gates,
Mr. Manafort’s business associ-
ate, those involved in the jury-
selection process must navigate
a public that has been bom-
barded with media coverage of
Mr. Mueller’s investigation and
regular criticism of the special
counsel’s efforts from the GOP
president.
‘The exposure in
D.C. is no more or
less in New York,
Chicago, L.A....’
Messrs. Manafort and Gates
are accused of money-launder-
ing, conspiring against the U.S.
and failing for years to register
their lobbying activities on be-
half of the Ukrainian govern-
ment. The charges stem from
Mr. Mueller’s investigation into
Russia’s alleged meddling in the
2016 presidential election.
Messrs. Manafort and Gates
have pleaded not guilty.
For defense attorneys, the
first juror-related hurdle in a
widely publicized case is often
the location of the expected
trial because it is usually to
their advantage to select from a
jury pool that has had less ex-
posure to coverage of the case.
Attorneys for Messrs.
Manafort and Gates didn’t re-
spond to requests to comment.
A spokesman for Mr. Mueller’s
office declined to comment.
With Mr. Manafort and Mr.
Gates, the trial is set to take
place in Washington, D.C., and
while defense attorneys may
Paul Manafort, President Donald Trump’s former campaign chairman.
2300 2400 2500 2600 2700
Friday
2602.42
THE WALL STREET JOURNAL.
is up 38% in 2017.
A narrow part of the mar-
ket has driven a lot of the ad-
vance in the past year, said
Craig Hodges, chief invest-
ment officer at Hodges Funds.
S&P 500 growth companies,
or those with higher-than-av-
erage rates of earnings or
seek a change of venue, that re-
quest is unlikely to be granted,
said Shira Scheindlin, a former
federal judge in New York.
“This case is national and
the news about it is national
and it’s on the networks every
day. The exposure in D.C. is no
more or less in New York, Chi-
cago, L.A., or even small
towns,” she said.
In highly visible trials, the
jury-selection process often be-
gins with a written question-
naire sent to prospective jurors
that asks about their familiarity
with the defendants and poten-
tial witnesses; their personal
and professional history with
any of the subject matter re-
lated to the charges; and their
media consumption.
In the recent public-corrup-
tion trial of Sen. Bob Menendez
(D., N.J.), the juror question-
naire asked from which sources
prospective jurors received
their news, their political-party
affiliation and whether they
had ever supported a candidate
by displaying a bumper sticker
or yard sign. Mr. Menendez’s
trial ended in a mistrial.
Jo-Ellan Dimitrius, a jury
consultant who has worked on
numerous high-profile trials, in-
cluding those of O.J. Simpson
and of former Enron executives
Kenneth L. Lay and Jeffrey Skil-
ling, said that in addition to
questioning prospective jurors
about their political activity,
both the defense counsel and
prosecutors in the special coun-
sel trials would likely research
each person’s digital footprint.
And, she said, they will likely
try to find out if prospective ju-
rors have talked about the case
to family members, as well as
whether they have monitored
other “sensational government
trials.”
Still, even with cases that
have received tremendous me-
dia attention, prospective jurors
often don’t know much about
the alleged conduct, especially
if it involves complicated mate-
rial, legal experts said.
Judge Scheindlin, who pre-
sided over three trials of John
Gotti Jr., all of which ended in
mistrials, said Mr. Gotti’s noto-
riety as an accused crime boss
produced “screaming headlines
every day, because he is such a
media cult figure.” But, she
said, “while everybody had the
general familiarity that he was
indicted, they didn’t know the
particulars.”
ANDREW HARRER/BLOOMBERG NEWS
sales growth, are up 23% this
year, compared with just 7.8%
for value stocks that tend to
sport below-market valua-
tions.
But other sectors have be-
gun to narrow the gap. Shares
of consumer-discretionary
and consumer-staple stocks
have also performed better in
recent months to push in-
dexes higher. Both sectors are
on pace for their best quarter
since the first three months
of the year, thanks in part, to
improving profit outlooks
among companies such as
Wal-Mart Stores Inc., auto-
parts retailer AutoZone Inc.
and J.M. Smucker Co., the
seller of Folgers coffee and
fruit spreads.
One factor that could influ-
ence stock gains is the Fed-
eral Reserve. Investors got
more clarity about the path
for interest rates in 2018 after
officials on Wednesday re-
leased minutes from the cen-
tral bank’s Oct. 31-Nov. 1
meeting that showed they
likely would raise short-term
rates in the near term due to
a strengthening economy.
Several officials added that
their support for the move
would hinge on whether infla-
tion picks up.
—Riva Gold
contributed to this article.
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.
Lebanese Strife
Has Saudi Roots
Saudi Arabia is at the nexus
of Lebanese Prime Minister
Saad Hariri’s two big problems:
his precarious political future
and the looming collapse of his
construction empire, a business
built on decades of support
from the Saudi royal family.
By Matthew Dalton
in Paris and Nicolas
Parasie in Dubai
Saudi Oger, a Riyadh-based
construction company wholly
owned by the Hariri family,
closed operations across Saudi
Arabia this summer after the
royal family slashed spending
on lavish construction projects.
The firm is now relying on the
Saudi government—its main cli-
ent—to pay millions of dollars
in wages owed to the company’s
The company’s
troubles are a measure
of the influence Riyadh
wields over Mr. Hariri.
former workers, some of these
workers say. Saudi officials are
also investigating the company’s
finances, a former senior man-
ager at the company said.
Spokesmen for Mr. Hariri,
Saudi Oger and the Saudi gov-
ernment didn’t respond to re-
quests to comment.
Saudi Oger’s troubles are a
measure of the influence Riyadh
wields over Mr. Hariri and a
sign of his fraying relationship
with the Saudi government.
On Nov. 4, Mr. Hariri
stunned Lebanon when he ap-
peared on Saudi state television
to announce he was stepping
down. Mr. Hariri, who is a dual
Saudi-Lebanese citizen and
leads Lebanon’s Sunni bloc,
said he blamed Iran and its
Lebanese proxy Hezbollah for
what he called their destructive
* * * *
role in the Middle East and said
he feared for his life.
The Saudis pressured Mr.
Hariri to resign, according to
people close to Mr. Hariri and
the Saudi government. Riyadh,
which backs Lebanon’s Sunni
bloc, wants Mr. Hariri to take a
more forceful stand against
Hezbollah to counter the influ-
ence of Shiite Iran.
Mr. Hariri remained in Saudi
Arabia for most of the next two
weeks, fanning accusations that
the Saudis were keeping him
there against his will. A spokes-
man for the Saudi government
has denied any role in Mr. Har-
iri’s resignation.
After returning to Lebanon
on Tuesday, Mr. Hariri said he
would hold off handing in his
resignation at the request of
President Michel Aoun so that
the two men could discuss it.
The political forces buffeting
Mr. Hariri arise from his fam-
ily’s ties to Saudi Arabia. That
relationship has for years
played a key role in Lebanon’s
political system, which divides
power among Sunnis, Shiites
and Christians.
Starting with Saad Hariri’s
father, Rafiq, who founded
Saudi Oger and became Leba-
nese prime minister, the family
has for decades helped Riyadh
project influence in Lebanon,
analysts say. “The Saudis
gained influence over not just
the Sunni community, but also
the direction of the country,”
said Hannes Baumann, a spe-
cialist in Middle East politics at
the University of Liverpool.
Bankers who worked with
Saudi Oger say they have
floated scenarios to save the
firm, ranging from a debt re-
structuring to Saudi Arabia
taking a minority stake in the
firm or nationalizing it. But
they see little chance it will re-
start its operations. French
courts placed Oger Interna-
tional, the group’s international
affiliate, under judicial admin-
istration in September 2016.
WORLD NEWS
Egypt Attack Kills Hundreds
More than 100 others
were injured by gunmen
during Friday prayers
at Sufi-linked mosque
At least 235 people were
killed and 109 injured Friday
when gunmen armed with ex-
plosives attacked a Sufi-linked
mosque in Egypt’s restive Si-
nai Peninsula, according to of-
ficials quoted by the state me-
dia, marking the deadliest
assault in the country in de-
cades.
By Dahlia Kholaif in
Cairo and Rory Jones
in Tel Aviv
The assailants detonated a
bomb at the Al Rawda mosque
in the town of Ber al Abd,
west of the city of al-Arish,
state media said, before open-
ing fire. Several ambulances
were fired upon as they tried
to ferry the injured from the
scene, state television said.
No group claimed responsi-
bility for the attack. The Egyp-
tian branch of Islamic State
regularly stages assaults in Si-
nai and is active in al-Arish. A
string of terrorist attacks has
hit the sparsely populated
province since 2013, mostly
targeting policemen and army
troops. Violence against Cop-
tic Christians also has in-
creased.
The attack is likely to heap
political pressure on President
Abdel Fattah Al Sisi of Egypt,
who came to power vowing to
take a harsh stance against ex-
tremism but has failed to halt
regular attacks across the
country, particularly in Sinai.
“This heinous act, which re-
flects the inhumanity of its
perpetrators, will not pass
without a firm and once-for-all
punishment,” Mr. Sisi said.
The president declared
three days of mourning and
will meet with a panel of top
security officials and intelli-
gence chiefs to assess the at-
tack, state media said. Images
Saturday/Sunday, November 25 - 26, 2017 | A5
The wounded were taken to the hospital after Friday’s attack at the Al Rawda mosque in Egypt.
C Y P. with bullets to their heads,
chest and back,” said one wit-
LEB. ness. “Some [worshipers] had
Mediterranean
Sea their heads totally blown up.”
SYRIA The assailants fired as wor-
shipers were kneeling, he said,
Ber al Abd
detonating a bomb outside the
mosque to block the way for
ISR. medics.
JORDAN The witness, who was in-
Cairo S INA I
side the church at the time of
P EN IN SULA the attack, said he counted
more than 20 assailants, eight
EGYPT
SAUDI of whom entered the mosque.
ARABIA The others sprayed worshipers
100 miles as they tried to escape, he
Red
100 km Sea said.
Egyptian officials haven’t
THE WALL STREET JOURNAL. commented on the number of
attackers.
of corpses wrapped in blood- The mosque hosts Sufi wor-
soaked fabric on the floor in- ship rituals that begin every
side the mosque were broad- Thursday and extend until af-
cast by state media. ter Friday prayers, local resi-
The U.S. State Department dents said.
condemned the attack, calling If claimed by Islamic State,
it an unconscionable act of the assault is likely to high-
evil in a statement. “We will light the significant threat the
continue to stand with Egypt group poses in countries
and the Egyptian people as where it has a foothold even
they face the scourge of ter- as it is squeezed out of its
rorism,” spokeswoman onetime strongholds. Syrian
Heather Nauert said. regime and Western-backed
“Those dead were killed forces have routed the group
ANADOLU AGENCY/GETTY IMAGES
in Syria and Iraq in recent
months, but it remains a po-
tent force in Egypt and neigh-
boring Libya.
Mr. Sisi warned this month
that Islamic State militants
would make their way from
Syria and Iraq to Libya, and
then on to Egypt. In Iraq, Is-
lamic State now controls just
a desert area of Anbar prov-
ince near the Syrian border.
In Syria, the Sunni Muslim
militant group maintains a
small chunk of territory near
the Israeli-controlled Golan
Heights.
Any new recruits would fur-
ther complicate Egyptian ef-
forts to eradicate Islamic
State’s arm in the country,
known as Sinai Province.
Local residents in Sinai said
the mosque attacked Friday is
associated with Sufism, a mys-
tical branch of Islam dubbed
heretical by extremists.
Though not the first to target
Sufis in Egypt, Friday’s attack
is the deadliest known recent
assault there against its fol-
lowers.
—Jessica Donati
contributed to this article.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A6 | Saturday/Sunday, November 25 - 26, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Ireland’s Exporters Prepare for Brexit

From ducks to trucks,
businesses rush to
diversify as U.K.
gets set to leave EU
BY JASON DOUGLAS
AND MAX COLCHESTER

MONAGHAN, Ireland—To
drum up sales of the ducks he
rears at Silver Hill Farm here in
Ireland’s rural north, Barry Cul-
len has turned from his once-
reliable path to U.K. markets
and hopped on a flight to Asia.
The U.K.’s impending exit
from the European Union is
driving business decisions like
this, in some cases with gov-
ernment assistance, in a coun-
try whose economy has more
at stake in Brexit than any
other member state.
Faced with the possibility
of new barriers to trade with

PAULO NUNES DOS SANTOS FOR THE WALL STREET JOURNAL

the U.K., Irish firms are scop-
ing out new markets and re-
thinking their supply chains.
Irish government agencies are
putting up cash and offering
advice to companies seeking
to diversify away from Britain.
The finance ministry in Dublin
has lined up hundreds of mil-
lions of euros in aid for farm-
ers and small businesses.
The country’s fast-track ef-
forts highlight how Brexit is
already reshaping economic
ties across Europe.
“We would be naive not to Barry Cullen, head of sales of Silver Hill Farm, at the company’s farm shop. With Brexit looming, Irish firms such as Silver Hill are looking beyond the U.K. for business.
plan for a bad outcome here,
but we are going to continue Ireland as open as it is today. Hill Farm began rearing and firms. Many Irish firms said on the shape of the U.K.’s fu-
to negotiate for a good one,” With the clock ticking, di- selling ducks for Chinese res- they are already being hit by ture relationship with the EU Vital Partner
Simon Coveney, Ireland’s min- vorce talks between London and taurants in Britain. It now ex- the slide in the pound since and to give companies and au- Trade with the U.K. as a
ister for foreign affairs and Brussels have made only limited ports to 24 countries, said Mr. U.K. voters chose Brexit in a thorities the time to prepare. percentage of total trade in
trade, said in an interview. progress, raising the specter of Cullen, head of sales. But the referendum in June 2016. In Gallinagh, County Mona- goods, 2016
The U.K. is scheduled to an abrupt break between Brit- U.K. still accounts for about The Irish economy could ghan, forklift-truck manufac-
leave the EU in March 2019, ain and the EU that would mean 45% of Silver Hill’s exports. end up between 2.3% and 3.8% turer Martin McVicar said he Imports Exports
and has pledged to withdraw hefty tariffs on trade and cus- Mr. Cullen visited Thailand, smaller 10 years after Brexit isn’t about to wait.
from the EU’s single market, toms checks at the border. Malaysia and Macau this than it would have been had Mr. McVicar, chief executive Ireland
the bloc’s area of common reg- The U.K. is Ireland’s second- month in search of new cus- the U.K. remained an EU mem- of Combilift Ltd., has lined up
ulation and standards, and its largest trading partner after tomers. “Asia is our get-out- ber, depending on what kind a German supplier to get the France
customs union, which sets tar- the U.S., with cross-border of-jail-free card,” he said. of withdrawal deal is reached, axles and wheel motors he has
iffs on goods entering the EU commerce accounting for al- The government in Dublin according to the Economic and been sourcing from the U.K., to Germany
from nonmember states. most a fifth of the nation’s has earmarked €50 million Social Research Institute, a ensure he won’t face any tariffs
Dublin is pressing for a trade in goods and services. ($59 million) to support the Dublin-based think tank. on the vital parts. He has also Italy
Brexit deal that hugs the U.K. In Monaghan, on the border agricultural sector as Brexit U.K. Prime Minister Theresa turned his sights on boosting
as close as possible to the re- with Northern Ireland, Mr. Cul- gets under way, on top of €300 May has said she wants a tran- sales in the U.S. “As a business, 0 10 20 30%
maining 27-member bloc and len has set his sights away million to provide low-interest sition period of around two we have to look at things long Source: Eurostat
keeps the border with Northern from the U.K. In 1962, Silver loans to small and midsize years to complete negotiations term,” Mr. McVicar said. THE WALL STREET JOURNAL.

German Political Shoppers Panic in London After False Reports of Gunfire

Deadlock Loosens
BY ANDREA THOMAS
BERLIN—Germany’s Social
Democrats said they would
hold talks with other parties
to discuss ways out of the po-
litical crisis, reducing the like-
lihood of imminent snap elec-
tions after Chancellor Angela
Merkel’s efforts to form a gov-
ernment collapsed.
Yet SPD officials warned
Friday that the party’s change
of heart—it had previously in-
sisted it would play no part in
the formation of the next gov-
ernment—didn’t necessarily
mean it was ready to rebuild
its “grand coalition” with Ms.
Merkel’s camp, which it left
after a resounding electoral
defeat in September.
ing, the center-left party’s cau-
tious approach means a solu-
tion to the current gridlock
could still take many different
forms—from a Merkel-led mi-
nority government to a new
grand coalition or even a left-
leaning three-way alliance of
conservatives, SPD and Greens.
The comments came after
Mr. Schulz met Thursday af-
ternoon with Federal Presi-
dent Frank-Walter Steinmeier,
who has been mediating be-
tween the parties in parlia-
ment since the collapse of Ms.
Merkel’s negotiations with the
environmentalist Greens and
the pro-business Free Demo-
crats on Sunday.
Manuela Schwesig, the
SPD’s vice chairwoman, made
PETER NICHOLLS/REUTERS

Setting a high bar for any
possible deal, party Chairman
Martin Schulz said SPD’s
members would have a final
say on whether the party
would again form a grand co-
alition or tolerate a minority
government. SPD grass-roots
members have been skeptical
of another coalition.
“The German president has
called on the parties in a dra-
matic appeal to once more
think about, to strive for a so-
lution because it’s not so easy
to have early elections,” Mr.
Schulz said. “Should these
talks lead to our participation
in a government in any form
or constellation, our party
members will vote on it.”
While the new stance meant
the prospect of elections as
early as February was reced-
KAY NIETFELD/ASSOCIATED PRESS
clear that her party’s openness
to dialogue didn’t mean it was
ready to re-enter an alliance
with Ms. Merkel, at least on
the old terms.
“Only because we say we are
open to talks doesn’t mean this
is automatically a talk about a ON EDGE: Hundreds of people ran through the British capital’s main shopping street in panic Friday evening, and firefighters and
grand coalition and certainly armed police, above, rushed to the scene after reports of shots fired that turned out to be false alarms. More than a dozen people
not a vote for a grand coali- were injured. The panic underscored how people are on edge after a series of terrorist attacks in London, Manchester and New York
tion,” she told public broad- City. Social-media reports from the Oxford Street shopping district showed people fleeing the streets and hiding in buildings.
caster ZDF. “A mere continua-
tion of the grand coalition led
by Ms. Merkel…isn’t possible,”
she added, saying there were
WORLD WATCH
several alternatives.
Party insiders said the SPD EUROPE JAPAN VATICAN SOUTH AFRICA
was divided between Mr.
Schulz, who ruled out talks Modest Goals Set for U.S. Navy Calls Off Open-Door Policy Pistorius Sentence
with Ms. Merkel on Monday, Eastern Partnership Search for Sailors For Migrants Is Urged Is More Than Doubled
and many lawmakers in the
party’s parliamentary group, European Union leaders The U.S. Navy said it had Pope Francis denounced anti- Oscar Pistorius’s prison sen-
who fear snap elections could scaled back the bloc’s ambitions ended search-and-rescue opera- immigration political movements tence was increased to 13 years
lead to an even lower score to improve ties with its eastern tions for three missing sailors for “sowing violence, racial dis- and five months by South Af-
than September’s postwar low neighbors at a summit in Brus- after one of its cargo planes crimination and xenophobia,” and rica’s Supreme Court of Appeal
of 20.5%. The party has shed sels on Friday, again dashing crashed near Japan. issued a fresh call for an open- on Friday, a decision that more
almost half of its voters and Ukraine’s hopes of opening a A C-2A Greyhound aircraft door policy toward migrants. than doubled the Olympic run-
lost every single general elec- door to accession talks. carrying 11 passengers and crew The Argentine pope bemoaned ner’s jail term for the murder of
tion over the past 15 years. The EU has in recent years from Japan crashed Wednesday a “spread of rhetoric that empha- girlfriend Reeva Steenkamp.
Some also feared Mr. Schulz’s signed economic and political en route to the aircraft carrier sizes the risks posed to national Supreme Court Justice Willie
uncompromising stance could pacts with Ukraine, Moldova and USS Ronald Reagan, which is op- security or the high cost of wel- Seriti said the court upheld an ap-
make the party appear respon- Georgia, but the bloc is now fo- erating in the Philippine Sea. coming new arrivals.” The state- peal by prosecutors against Mr.
sible for the political crisis. cusing on encouraging trade and Eight people were rescued and ment, released Friday and in- Pistorius’s original six-year sen-
In private, several senior giving its eastern partners extra are in good health, the Navy said. tended for the World Day of tence for shooting Ms. Steen-
SPD officials say they would

SPD Chairman Martin Schulz
support another grand coali-
tion while others favor provid-
ing limited support to a
Merkel-controlled minority
government. Opening talks
with the chancellor now would
buy time for the party to set-
tle these differences ahead of
a party convention on Dec. 7-9.
leverage with the Kremlin. The
summit statement acknowledged
its eastern neighbors’ “European
aspirations and European choice.”
The bloc also signed a partner-
ship agreement with Armenia to
deepen cooperation in energy,
transport and trade, though it fell
short of a previous pact aborted
in 2013. —Laurence Norman
The Navy said the names of
the lost sailors were being with-
held pending completion of next-
of-kin notifications. It said it is in-
vestigating the cause of the
crash. A Pentagon official said
Wednesday there was no indica-
tion in the first hours after the
crash of any foul play or attack.
—Alastair Gale
Peace on Jan. 1, comes as right-
wing parties in Europe advocating
a tough line toward new arrivals
have staged a strong showing in
elections this autumn.
The pope called in effect for
an open-door policy—not only to
refugees from armed conflicts
but also to economic migrants.
— Francis X. Rocca
kamp multiple times in his home
in 2013. Mr. Pistorius should have
been sentenced to the prescribed
minimum of 15 years for murder
in South Africa, the justice said.
Mr. Pistorius, who turned 31
on Wednesday, has served over
a year of his initial six-year sen-
tence.
—Associated 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. * * * * Saturday/Sunday, November 25 - 26, 2017 | A7

WORLD NEWS

U.S., South Korea

Set Joint Exercises
BY ANDREW JEONG
SEOUL—Military exercises
involving hundreds of U.S. and
South Korean aircraft will take
place on the Korean Peninsula
next month, the U.S. military
said, in the latest show of
force aimed at deterring North
Korea.
The Vigilant Ace 18 drills,
Korean Peninsula, and reaf-
firms the U.S. commitment to
stability in the Northeast Asia
region,” the U.S. military said
in a statement.
Tensions on the peninsula
have run high this year, fueled
by advances in Pyongyang’s
weapons programs and hostile
exchanges between North Ko-
rean dictator Kim Jong Un and

TONY KARUMBA/AGENCE FRANCE-PRESSE/GETTY IMAGES

to be held Dec. 4 to Dec. 8,
will involve a total of 12,000
U.S. personnel from the Air
Force, Marines and Navy, and
230 U.S. and South Korean air-
craft, Air Force spokeswoman
Lt. Col. Michal Kloeffler-How-
ard said Friday.
Col. Kloeffler-Howard
played down suggestions that
the exercises were part of a
stronger-than-usual military-
pressure campaign against the
North, characterizing them as
“annual” and “regular.” Air-
craft based in South Korea and
President Donald Trump. This
month, the U.S. sent three car-
rier strike groups to the west-
ern Pacific for the first time in
10 years.
The U.S. and South Korea
regularly hold military drills,
which Pyongyang routinely de-
cries as rehearsals for an inva-
sion.
North Korean newspaper
Minju Joson said in a com-
mentary Thursday that South
Korean authorities are “hell-
bent on the joint anti-DPRK Emmerson Mnangagwa inspected an honor guard after he was sworn in as president following three weeks of turmoil in the country.
war exercises,” according to

Zimbabwe’s New Leader Is Sworn In

Japan will take part, including
F-22 and F-35 fighters, she
said. South Korea’s defense
ministry declined to say how
many of its own troops would
take part, but said the exer-
cises would be similar to past
years’ in size and scope.
“Vigilant Ace 18 highlights
the longstanding military part-
nership, commitment and en-
during friendship between two
nations. It is designed to en-
sure peace and security on the
WILLIAM CARLISLE/U.S. NAVY/REUTERS
the Korean Central News
Agency, using an acronym for
North Korea’s formal name,
the Democratic People’s Re-
public of Korea.
Still, Korea University pro-
fessor Nam Sung-wook, a
North Korea scholar, said
Pyongyang is unlikely to criti-
cize the exercises more than
usual because they are sea-
sonal and smaller than other
annual U.S.-South Korean mili-
tary drills.
BY GABRIELE STEINHAUSER
Zimbabwe’s new president,
who was sworn in Friday be-
fore a cheering stadium crowd
in Harare, reached out to po-
litical opponents in his inau-
gural address and pleaded
with foreign investors to re-
turn to the crisis-hit country.
Emmerson Mnangagwa, the
former revolutionary and
right-hand man of his ousted
predecessor, Robert Mugabe,
said shortly after his oath of
office: “I am not oblivious to
the many Zimbabweans from
across the political, ethnic and
racial divide who have helped
and—finally—Mr. Mugabe’s
resignation after 37 years in
power.
The inaugural address was
watched closely for indications
on whether Mr. Mnangagwa
would break with his prede-
cessor, who repressed his po-
litical opponents, dispossessed
white farmers and became the
target of Western sanctions.
Many experts are skeptical
that the new president, who
himself remains on the U.S.
Treasury sanctions list for his
role in the brutal farm inva-
sions, will hail in the new era
demanded by many Zimba-
bweans.
ises to the opposition, but he
hinted he was willing to
change tack. “Over the years,
our domestic politics has be-
come poisonous, rancorous
and polarizing,” he said. He
also pledged that presidential
elections would take place as
scheduled next year.
Other African leaders and
foreign and local dignitaries
had gathered in the capital to
watch Mr. Mnangagwa take his
oath of office. Not among
them was Mr. Mugabe, who
stepped down Tuesday after
his own party started im-
peachment proceedings.
In his speech, Mr. Mnan-
Mr. Mnangagwa mostly
stayed away from the anti-
Western and anticapitalist
rhetoric that characterized Mr.
Mugabe’s speeches, promising
foreign investors that their as-
sets would be safe in Zimba-
bwe and asking foreign gov-
ernments to drop sanctions.
“Our country is ready and
willing for a sturdy re-engage-
ment with all nations of the
world,” he said, adding that he
would work to honor the
country’s internal and external
debts. Zimbabwe currently is
some $9 billion in arrears in
its repayments to interna-
tional financial institutions, an

make this day and thus have
legitimate expectation from
the office I now occupy.”
The swearing-in ceremony
caps three tumultuous weeks
for the southern African coun-
try, which started with Mr.
Mnangagwa’s ouster as vice
president on Nov. 6, followed
by tanks rolling into Harare to
U.S. and South Korean navies held exercises in Busan last month. take over the government
Opposition leaders have de-
manded that the 75-year-old
Mr. Mnangagwa oversee a po-
litical transition, including
overhauls of the country’s
electoral laws that favor the
ruling ZANU-PF, and have said
they would consider joining a
government of national unity.
In his speech, the new pres-
ident made no concrete prom-
gagwa paid tribute to his 93-
year-old predecessor, calling
him “a father, mentor, com-
rade in arms and my leader.”
“Let us accept and acknowl-
edge his immense contribution
toward the building of our na-
tion,” said Mr. Mnangagwa,
asking Zimbabweans to for-
give any recent missteps. “Let
bygones be bygones.”
important hurdle to getting
new budgetary support for the
impoverished country.
The big challenge for the
new president will be meeting
these promises while his gov-
ernment is quickly running out
of cash and without alienating
voters ahead of next year’s
election, which has to take
place by August.

FROM PAGE ONE

PAY cashes out three days of the

Continued from Page One
chiser’s workers have signed up
to use a smartphone app, In-
stant Financial, since Caspers
began testing it in April. Work-
ers have quickly taken to the
service, Mr. Shaw says, as dem-
onstrated by the waves of angry
calls he received from workers
on the few occasions that the
app experienced a glitch.
Every day at 10 a.m., the
app notifies users how much
they earned in the previous
workday, prompting them to
decide if they want to deposit
as much as half of that money
onto a debit card. Roughly
20% of employees accept the
money every day, says Mr.
Shaw, who has reviewed ag-
gregate usage data.
Instant Financial costs em-
ployees nothing to use and in-
stead charges business owners
a fee. Other apps have a reve-
nue model that eats as much
as $3 from a worker’s daily
paycheck.
Daily payments could help
some workers smooth out the
financial volatility of fluctuat-
ing work schedules and in-
come, economists say.
Many Americans remain on
shaky financial footing with
little in savings years after the
recession’s end. That prompts
some 12 million consumers to
take out payday loans each
year, which quickly accrue in-
terest and fees, according to
research by the Pew Charita-
ble Trusts.
Readily available cash
might make it even harder for
some workers to build savings.
Barbie Roland, a shift man-
ager at Hardee’s in Callahan,
Fla., says it took her a few
weeks to figure out how often
to cash out her daily earnings,
after she was surprised by
how little was left on payday.
She accepted so many daily
payments when first testing
the Instant Financial app in
October that her biweekly pay-
check shrank to $500 from
around $900.
“I thought, did I really
press accept that many
times?” says Ms. Roland.
Since then, she has learned
it is easier to budget if she
five days she works, on aver-
age, taking home around $41
typically for the day, or half of
her $10.25-an-hour wage.
“In some ways, employers
are actually helping you save
money by not paying you until
the end of the month,” says
Jonathan Morduch, an eco-
nomics professor at New York
University and director of the
school’s Financial Access Ini-
tiative research center.
Business owners pay
the fees for some apps.
For others, employees
are charged.
Even so, instant-pay perks
are growing in popularity.
More than 4,500 Outback
Steakhouse employees in the
U.S. receive their tips through
Instant Financial, and ride-
hailing services like Uber and
Lyft offer similar features
from other payroll partners
for hundreds of thousands of
drivers.
The services have produced
some unexpected benefits,
managers say: Employees are
more willing to put in longer
hours as they see the immedi-
ate results of their work.
The 86 crew members using
Instant Financial at one
McDonald’s restaurant in
Getting By
Most workers deposit less than $100 into their accounts using payroll
services like DailyPay after each workday.
Percentage of DailyPay users by the amount transferred*
$0-$25
$25-$50
$50-$75
$75-$100
$100-$150
$150-$300 5.7%
$300-$1,000 0.9%
*Data are year-to-date through Nov. 22.
Source: DailyPay
Tampa, Fla., now call in sick
less often, says general man-
ager Rebecca Kyeretwie. She
used to have to find workers
to cover about 10 hours each
week when others didn’t show
up.
“People are begging to
come into work now,” says Ms.
Kyeretwie, a 21-year
McDonald’s veteran.
Lawrence Davis quit a
$400-a-week warehouse job
about a year ago to become a
courier with DoorDash Inc.,
lured by the notion of getting
paid after each shift.
“It’s a blessing,” says Mr.
Davis. While working full time
in his previous job, he says he
occasionally relied on short-
term loans and cash advances
if he needed quick cash to
cover unexpected costs.
“Knowing that I’m going to
get paid instantly keeps me
working every day, and keeps
the goals I’m trying to reach
in mind,” says Mr. Davis. He
says he typically works around
nine or 10 hours a day, stop-
ping when he has earned
around $250, before taxes.
DailyPay Inc. administers
the perk for DoorDash and
other companies, including
GrubHub Inc. DailyPay typi-
cally charges workers a fee
from $1.25 to $3 each time
they deposit their earnings
into their accounts. The cost
Think Pink
doesn’t bother Mr. Davis, he
says, because he earns three
Rare Sapphires
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THE WALL STREET JOURNAL.
A8 | Saturday/Sunday, November 25 - 26, 2017
LBJ Protégé Found It Easy
To Cash In on Senate Job
BY JAMES R. HAGERTY
S
oon after becoming a page
boy in the U.S. Senate at age
14 in 1943, Bobby Baker dis-
covered a talent for being useful to
powerful men. He anticipated
when senators might need a quiet
place to sober up, knew which ones
enjoyed a risqué story, and could
line up dates for them with young
women. He also learned to gather
political intelligence.
Mr. Baker’s hustle and skills
lifted him to the powerful post of
secretary to the Democratic mem-
bers of the Senate. His undoing
came in 1963 with news that he
had used his position to enrich
himself.
What surprised him was how
easy that could be. Tips from a
mortgage company eager to influ-
ence tax rules allowed him to make
fast profits in the stock market, he
wrote in his 1978 memoir, “Wheel-
ing and Dealing.” He received
$2,500 for making a single phone
call to regulators for a bank in Cal-
ifornia. A freight company paid
him $500 a month for making in-
troductions and allowed him to use
its hotel suite to entertain his mis-
tress.
In 1966, Mr. Baker was indicted
for tax evasion and fraud. He
served 16 months in prison. After
his release in 1972, Mr. Baker’s
wealth was greatly depleted and
his political influence gone. Yet he
still had some stocks and bonds,
plus profits from the sale of the
Carousel motel in Ocean City, Md.,
which he helped develop in the
early 1960s.
He was particularly close to
Lyndon B. Johnson during the fu-
ture president’s years in the Sen-
ate. Mr. Baker was sometimes
called “Little Lyndon” and named
two of his five children—Lynda and
Lyndon—after Mr. Johnson. Once
the scandal erupted in 1963, LBJ
   
OBITUARIES
B O B BY BA K E R
1928 — 2017
cut him off.
Mr. Baker died Nov. 12 on his
89th birthday.
At the start of his career, Mr.
Baker was required to wear a uni-
form featuring little-boy shorts.
Senators snapped their fingers to
summon him. He graduated to ele-
gant suits and became so powerful
some dubbed him the 101st senator.
“I perhaps grew too big for my
britches,” he confessed in his book.
B
obby Gene Baker, named for
the golfer Bobby Jones and
the boxer Gene Tunney, was
born in 1928 in Easley, S.C. His fa-
ther worked in a textile mill. His
mother had worked at a depart-
ment store before marrying at 18.
The chance to be a Senate page
came to him because the son of a
local political leader turned it
down. Though Bobby wasn’t eager,
his father saw opportunity and put
his son on a Greyhound bus. While
working in the Senate, he earned a
law degree from American Univer-
sity. He married Dorothy Comstock,
a Senate staffer, in 1949, and they
had five children.
Forming a law partnership made
D TIME OF
E
IT
it easier to collect fees from busi-
ness people. He also helped set up
the Quorum Club as a hangout for
politicians on Capitol Hill. One of
Mr. Baker’s staff members, Carole
Tyler, a former beauty queen, be-
came his mistress.
An investment in a vending-ma-
chine company, Serv-U, exposed
him. A rival filed a lawsuit in 1963
and accused Serv-U of using Mr.
Baker’s political influence to take
business from competitors. That
led to stories in the press about
Mr. Baker’s racy lifestyle. His
beaming face was on the cover of
Life. Inside was a picture of Ms.
Tyler emerging from the ocean in a
snug bathing suit.
His first instinct was to fight
back. After downing four double
martinis at lunch, however, he tod-
dled back to the Capitol and re-
signed from his Senate job, hoping
that would end the affair. Instead,
he endured seven years of legal
dramas before being sent to prison.
The night before surrendering him-
self at the prison gates, he drank
himself numb.
While he was in prison, there
was yet another indignity: He re-
ceived a letter from the Columbia
Country Club in Chevy Chase, Md.,
informing him he had been ex-
pelled for bad behavior. He had the
right to appeal, in person, on a
specified date. “Somehow, it did
not seem like a thing to trouble the
warden about,” he wrote.
Mr. Baker admitted in his mem-
oir that he had been foolish but
suggested he had been led astray
by exposure to boozing, bribery
and bawdy behavior at the highest
levels of government. He called it a
“monkey-see monkey-do situation.”
Mr. Baker is survived by four of
his children, 14 grandchildren and
14 great-grandchildren.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
ADVERTISEMENT
Do-It-Yourself Engineering
Taught by Professor Stephen Ressler
U
* ***
JEROME PUSTILNIK
1928 — 2017
InstinetFounderPushed
ComputerTrading
I
n the mid-1960s, when a com-
puter still filled a large room,
a Wall Street analyst named
Jerome Pustilnik saw the poten-
tial for the technology to trans-
form stock markets. He teamed up
with associates to found Institu-
tional Networks Corp., later
known as Instinet. When it
launched its computerized-trading
service in 1969, Mr. Pustilnik
promised it would slash trading
costs and cut out brokers and
other middlemen.
He was right about the cost
savings but wrong about cutting
out brokers.
In the 1970s, Mr. Pustilnik
gradually persuaded pension
funds and other institutional in-
vestors to pay fees to use bulky
WA LT E R S M I T H
1934 — 2017
Stock Options Funded
His Newspaper Business
A
fter serving in the U.S.
Army in Korea in the early
1950s and studying busi-
ness at North Carolina Central
University, Walter Smith found a
job at the New Jersey payroll-ser-
vices company that would later
be known as Automatic Data Pro-
cessing, or ADP.
When he noticed that his take-
home pay was reduced by deduc-
tions for stock options, he com-
plained to his boss that he
couldn’t afford those. The boss
gave him a raise, more than mak-
ing up for the deductions, and as-
sured him the options would pay
off in time. In 1964, Mr. Smith
was astounded to find his options
were valued at $2 million, he re-
called in a 2013 interview with
THE WALL STREET JOURNAL.
Instinet teletype terminals to
make trades. “Then they made
very, very little use of us,” he told
Institutional Investor later.
He needed to raise more money
in the early 1980s, and new share-
holders had different ideas about
strategy. The founder resigned in
1983 and sold his stake for a mod-
est sum. Reuters Holdings PLC be-
gan acquiring stock in Instinet in
the mid-1980s and gained control.
In 2005, Nasdaq Stock Market Inc.
bought Instinet for about $1.9 bil-
lion.
Though he made little from In-
stinet, Mr. Pustilnik benefited
from low trading costs later as a
lifelong individual investor. He
died Nov. 13 at age 89.
—James R. Hagerty
the Stanly News and Press, a
North Carolina newspaper.
Mr. Smith bought a lucky-num-
ber tipsheet called Big Red in
1981 and converted it into a
weekly newspaper, the New York
Beacon, focused on African-Amer-
ican communities. The paper’s
motto is “Showing the Way to
Truth and Justice.” In 2006, he
bought another weekly, the Phila-
delphia Observer.
Though he loved golf, Mr.
Smith wasn’t ready to retire.
“Once you own your own busi-
ness, there’s no such thing as re-
tirement,” he said. “You work un-
til you die.”
He died of a heart attack Nov.
10 in Miami at age 83.
—James R. Hagerty
    

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THE WALL STREET JOURNAL.
LAW
Continued from Page One
Heavy borrowing by stu-
dents at for-profit schools
such as InfiLaw has contrib-
uted to a rapid expansion in
student debt held by blacks. In
the 1990s, black and white
students, on average, owed
roughly the same shortly after
graduation. As of 2012, blacks
owed nearly twice as much as
whites, on average, four years
after graduating from college,
according to research by Co-
lumbia University economist
Judith Scott-Clayton. She at-
tributes the change partly to
increasing black enrollment in
for-profit graduate schools.
Mr. Lively, a graduate of
the University of California,
Berkeley, was teaching law at
a public university in the early
1990s and had become frus-
trated, he says, with faculty
egos and a lack of innovation
at traditional law schools. He
believed admissions practices
hurt blacks and Hispanics.
Law schools rejected tens
of thousands of applicants an-
nually based largely on Law
School Admission Test, or
LSAT, scores. Selectivity
helped schools achieve higher
rankings but limited opportu-
nities for minorities, who
tended to score worse on tests
than whites for a range of rea-
sons still hotly debated by ac-
ademics. Mr. Lively believed
those students could succeed
if given extra time and re-
sources.
Around the time his plans
to start a law school began
taking shape, the Justice De-
partment under President Bill
Clinton ordered the American
Bar Association to stop bar-
ring for-profit law schools
from receiving accreditation.
The bar association also made
other changes designed to ad-
dress what the Justice Depart-
ment deemed cartellike be-
havior in higher education.
U.S. officials believed compe-
tition from private-sector
schools could help drive down
prices, says James Tierney, a
former Justice Department
lawyer who helped draft the
order.
In the mid-1990s, Mr. Lively
met Bernie and Rita Turner, a
retired couple in their 70s
who had started Walden Uni-
versity, now owned by for-
profit Laureate Education Inc.
The couple liked his social
Lowering the Bar
Infilaw lowered admissions standards to attract more students.
Many of them later failed state bar exams.
Arizona Summit Charlotte School
Law School of Law
Median LSAT scores
160
155
150
145
140
135
130
2010 ’11 ’12 ’13 ’14 ’15 ’16
*In state where school is based
Source: Law School Transparency using American Bar Association Data
CRABS
Continued from Page One
recurring problem: Many crabs
on their way to the coast are
flattened each year by cars and
trucks. The Brays’ idea is to put
a horseshoe-shaped barrier,
made out of conveyor-belt mate-
rial from a phosphate mine, in
front of each wheel to gently
nudge crabs out of the way.
Helping the crabs—which
number at least 45 million—
cross the road may help deter-
mine their fate. The invasive yel-
low crazy ant, which paralyzes
the crabs by spraying acid in
their eyes and joints, has cut
crab numbers by as much as
50% in recent decades.
The ant population has been
bolstered by another invasive
species, a scale insect, which
produces a sugary secretion
called honeydew that feeds the
ants.
Now people who say they
smashed scores of crabs on the
road in previous years try to
avoid hitting just one.
Some of the island’s 1,800
residents keep rakes in their
cars during the migration, typi-
cally from October to December,
to sweep crabs to safety. Barri-
* * * *
mission. “What do you do
with this mass of people that
don’t have the breaks that the
more affluent have?” asks Mr.
Turner. He and his wife in-
vested 40% of the roughly $1.4
million Mr. Lively used to
start Florida Coastal.
Florida Coastal had mixed
results at first but eventually
put up impressive numbers. In
July 2009, 83% of its first-
time test takers passed the
Florida state bar exam, which
had an overall pass rate of
80%. Mr. Lively attributed the
success to small class sizes
and an academic support
team that helped students in-
dividually.
By the early 2000s, how-
ever, his school needed money
for capital improvements, Mr.
Lively says. Its building was in
disrepair, the parking lot fre-
quently flooded and he
needed to pay professors
more to retain them.
Wall Street
Mr. Lively turned to Wall
Street. He was impressed, he
says, with the social mission
of Chicago private-equity firm
Sterling Partners and its expe-
rience in other education ven-
tures, including Sylvan Learn-
ing Systems, a tutoring and
test-preparation service.
Sterling, which today has
about $4 billion in assets un-
der management, saw a busi-
ness opportunity, says one
former investor of InfiLaw.
There was “surplus demand”
for legal education, he says.
About 100,000 people were
applying to law schools every
year, but only about half were
accepted, American Bar Asso-
ciation data show.
Florida Coastal law school
was sold to Sterling in 2004.
A news report at the time said
the price was $15 million. Mr.
Lively says he received about
$1.2 million and the rest went
to the Turners, several other
investors and key employees.
Mr. Lively had wanted to
expand Florida Coastal, but
Sterling was thinking bigger,
he says. It wanted to open law
schools in other markets. If
the business model worked in
Jacksonville, why not repli-
cate it nationally? Sterling
identified markets without
enough law schools, including
Phoenix and Charlotte, Mr.
Lively says.
InfiLaw was created as a
holding company to own the
schools. The new company
Florida Coastal
School of Law
Pct. of students who passed the
bar exam* on their first try
100%
90
80
70
60
50
40
2010 ’11 ’12 ’13 ’14 ’15
THE WALL STREET JOURNAL.
ers alongside roads stop crabs
from invading streets. There’s
even a metal bridge designed to
let them cross over a road, and
more than 40 tunnels to offer a
safe way to the other side.
The phosphate mine, run by a
subsidiary of CI Resources Ltd.,
will keep some trucks off streets
if the crabs are out in force. And
researchers are betting that a
tiny wasp from southeast Asia
will help control the ants.
Whether the efforts will ulti-
mately conserve the crustaceans
is uncertain. It could be another
year before scientists know if
the wasps, which lay eggs inside
the scale insects, are reducing
ant numbers.
And introducing a new ani-
mal to control another carries
risks: The cane toad was set
loose in Australia in the 1930s to
eat beetles that threatened the
sugarcane crop, but it spread
rapidly and poisoned native ani-
mals that ate it. Scientists say
the wasp was studied for seven
years to ensure there would be
no unforeseen impacts.
The crabs, which can be
about a foot long including their
claws, are largely defenseless
against both ants and cars. They
are mostly deaf and aren’t quick
enough to avoid every vehicle
going 50 miles an hour.
IN DEPTH
Don Lively, above, is president of Arizona Summit Law School, which has experienced a decline in enrollment. Kate Stapleton, below
left, a student at Arizona Summit, and Associate Professor Betsy Hollingsworth work on a case for a class.
lined up more investors, in-
cluding Harvard University’s
endowment fund, according to
a former owner of Charleston
School of Law in South Caro-
lina who later participated in
buyout negotiations with In-
fiLaw. A spokesman for Har-
vard Management Co. said it
doesn’t comment on its in-
vestments.
In 2006, the year Charlotte
opened, Congress approved a
loan program known as Grad
Plus. It allowed graduate stu-
dents to borrow unlimited
sums to cover tuition and liv-
ing costs. Previously they
were limited to $18,500 a
year.
No higher-education sector
used Grad Plus as much as
law, Education Department
data show. InfiLaw students
eventually piled up more than
$700 million in Grad Plus
debt, and another $300 mil-
lion from older loan programs,
Education Department data
show. InfiLaw says tuition
represents about two-thirds of
the annual cost of attending
its schools full time, and living
expenses are a third. Annual
tuition is about $45,400 at Ar-
izona Summit and $46,000 at
Florida Coastal, roughly in
line with the national average
for private law schools.
By 2010, with the U.S. labor
market strengthening, the
number of Americans seeking
higher education began falling
sharply, and news reports be-
gan appearing about a short-
age of high-paying jobs in law.
Law-school enrollment, after
peaking in 2010, fell about
30% through 2015 to the low-
est level since the 1970s, ac-
cording to the website Law
School Transparency.
Law schools, competing for
The red crabs “have evolved
to eat detritus, leaves and seed-
lings on the floor of the forest,
and they don’t have to move
very fast to do it,” said Rob
Muller, chief ranger of Christ-
mas Island National Park, which
comprises about two-thirds of
the island. Before closing roads
and putting up barriers, which
started about 15 years ago, Mr.
Muller said half a million crabs
were flattened every year.
Chris Su, who works for the
local government, was driving
after work on a recent afternoon
when he spotted a crab ahead.
His options: drive over the crab
and hope it doesn’t dart in front
Christmas Island resident Jason Turl used a rake to remove red crabs from the road.
fewer applicants, lowered ad-
missions standards to fill their
classes, according to research
by Aaron Taylor, head of the
AccessLex Center for Legal
Education, a nonprofit re-
search group. Admission rates
across all law schools rose to
a collective 51% in 2013, from
36% in 2010.
Lower standards
InfiLaw schools also low-
ered admissions standards,
and they grew rapidly. Some
classes roughly doubled in
size, former professors say.
Administrators believed they
were having success with stu-
dents with below-average
standardized-test scores and
could work with students even
further below the average.
“If your bar-pass is solid,
which it was, why not grow?”
says Susan Daicoff, an Arizona
Summit professor who previ-
ously worked at Florida
Coastal.
David Frakt, who inter-
viewed to be dean of Florida
Coastal in 2014, says he was
shocked when school officials
showed him the incoming
class’s academic credentials.
Over half the students were
what he called “extremely
high risk,” having ranked in
the bottom quarter of LSAT
takers and, in many cases,
having low grades in college.
Mr. Frakt says he warned
the school’s president, Dennis
Stone, that most of those new
students would fail the bar
and default on loans. He says
Mr. Stone dismissed those
concerns. The school didn’t
offer him the job.
Mr. Stone didn’t respond to
requests for comment. Rick
Inatome, Infilaw’s chief execu-
of his tires at the last moment,
or swerve to avoid the crab en-
tirely. With no oncoming traffic,
Mr. Su decided to swerve. The
crab, which didn’t appear to
take any evasive action, re-
mained in the middle of the road
as he drove by.
People who grew up on the
island “develop this intuitive
sense of how to duck and weave
the crabs,” he said. “It’s kind of
hard to explain to outsiders.”
Lisa Preston, who runs tour
business Indian Ocean Experi-
ences, paid about $1,000 so she
could install a rack on the roof
of her SUV to carry a roughly
$20 rake. Driving slowly down a
Saturday/Sunday, November 25 - 26, 2017 | A9
DOMINIC VALENTE FOR THE WALL STREET JOURNAL (2)
tive and a Sterling partner, isfy investors and warned of
declined to comment, citing layoffs if the school didn’t
current negotiations about the grow.
future of Infilaw’s two remain- Mr. Ogene denies making
ing schools. such a statement but says he
Bryan Forbes, 32, says he discussed with the staff ways
was turned down by several to control costs and raise rev-
law schools for having a be- enue. A spokeswoman for the
low-average LSAT score and Charlotte School says the alle-
undergraduate grade-point gations in the lawsuit are
average. Charlotte School of “without merit.”
Law accepted him. He began The U.S. attorney in Or-
in 2014. A year later he was lando has declined to get in-
“academically dismissed,” he volved in the suit, which calls
says. “I was kind of unpre- for the government to be re-
pared on my side.” imbursed $285 million in stu-
He had borrowed about dent aid. If successful as a
$36,000 from the government whistleblower, Ms. Bernier
for his one semester, a bal- would stand to get a portion
ance that has grown, he says, of any recovered money.
because he hasn’t made a pay- The Charlotte school closed
ment. He now works as a cus- in August after failing to sat-
tomer-service agent at a bank. isfy state regulators’ concerns
Many students dropped about its finances and regula-
out. Others graduated but tory problems with the bar as-
failed the state bar exams sociation stemming from ad-
they need to pass to practice missions practices, according
law. At Arizona Summit, 26% to North Carolina Attorney
of first-time takers of the Ari- General Josh Stein. He said in
zona exam passed in July of a written statement he is in-
this year, compared with a vestigating for possible viola-
state average of 69%, state su- tions of consumer-protection
preme court records show. laws, relating partly to “how
the school marketed itself to
prospective students.” Fewer
than one in five original mem-
‘The whole system bers of the class of 2016 grad-
broke down,’ says Mr. uated, passed the bar exam
and landed a job that required
Lively about the a law degree, Mr. Stein said.
schools’ problems. Mr. Stein has urged U.S. Ed-
ucation Secretary Betsy DeVos
to use federal law to forgive
any student debt taken out by
Once troubling trends Charlotte students during or
emerged, Mr. Lively says, In- after the fall 2016 semester.
fiLaw schools raised admis- An Education Department
sions standards and reduced spokeswoman said Ms. DeVos
enrollment. is considering the request.
“I don’t have any quibble InfiLaw is in talks with
with anyone who would criti- nonprofit schools to take over
cize us for our outcomes,” or go into partnership with
says Mr. Lively. “I do have the Phoenix and Jacksonville
problems with people who at- schools, says Mr. Lively.
tack us on the basis of mo- Mr. Lively says he never got
tive.” rich on InfiLaw and likely
Former Charlotte professor would have earned more had
Barbara Bernier filed a federal he stayed in nonprofit educa-
whistleblower civil lawsuit al- tion. He said his role in the
leging the Charlotte school company will be determined
defrauded the government by by the new owners of the
admitting “academically un- schools, and that he will tell
qualified” students to boost them what he told Sterling
finances. The lawsuit said In- shortly after the initial pur-
filaw’s “for-profit framework chase.
and culture dominated aca- “They asked the question,
demic issues.” Ms. Bernier ‘Who’s dispensable here?’”
said in an interview that at Mr. Lively said. “I raised my
one faculty meeting, Char- hand. ‘If you think I can be of
lotte’s then-President Chidi any value I’m happy to stay. If
Ogene mentioned the need to you want me to move on, I’m
boost school finances to sat- very cool with that.’ ”
dirt track in the jungle, Ms.
Preston frequently stopped to
let the crabs pass or navigated
around them. Eventually, she
of crab from flicking up and
dirtying his pants. The method
worked well, he said, though
“you’d still get the odd splatters
asked one of her guests to get up your back.”
out and rake the crabs away. These days, “we take rakes in
At one point, however, she our car, we drive at about 5 kilo-
heard a crunch, stuck her head meters an hour, our kids now
out the window and looked at rake the roads,” he said. “Every
the ground to see if she ran over crab matters. People’s percep-
a crab. “That’s an already dead tion in terms of conservation
one,” she said. “You know you’ve has changed completely.”
got a live one if their legs are The Brays hope to use their
still kicking.” crab-safe attachments to access
Kane Martin used to ride his a new accommodation, called
motorcycle to a security job at a Swell Lodge, they’re building for
now-closed casino in the 1990s, tourists who come to see the
and would tie garbage bags crabs and other wildlife in the
around his legs to prevent bits national park.
Crabs sometimes swarm over
the last patch of dirt road that
leads to the site, and they need a
way to get guests and equip-
ment into the lodge even if the
migration is in full swing.
They considered other meth-
MIKE CHERNEY/THE WALL STREET JOURNAL
ods, like attaching contraptions
that would blast the crabs with
air or water. They tested leaf
blowers on the crabs, which sent
90% scurrying away, but Mr.
Bray was concerned the other
10% would get run over.
The water didn’t work either.
“The crabs just think it’s rain-
ing and they love it,” he said.
“They don’t run away. They just
lap it up.”
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 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
HOCKEY

Death of the
Slap Shot
The number of slap shots taken across the NHL
has fallen nearly 30% since 2009-10
should consider making changes to
BY CURTIS RUSH
bring the slap shot back.
“What if you said, a slap shot is
Toronto a two-point shot? Basketball has a
THE SLAP SHOT is hockey’s three-point line. You could have a
version of the home run in base- two-point line,” said Sean Skinner,
ball, the touchdown bomb in 48, who runs a hockey school in
football—an explosive play that Detroit.
changes a game in an instant and Button, the former NHL execu-
electrifies fans. tive, said the move would force
The problem for the NHL is that teams to defend against more
the slap shot is slowly disappear- long-range shots and therefore in-
ing from the game. crease overall scoring.
Due to the modern game’s “That would open up more
faster pace and changes to equip- space in front of the goal,” Button
ment, most of the game’s best said. “You want to know some-
players have removed the slap thing? I don’t think that’s crazy.”
shot from their arsenal. Colin Campbell, the NHL’s senior
Edmonton Oilers superstar Con- executive vice-president of hockey
nor McDavid, who won the scoring operations, said the idea of a two-
race last season with 100 points, goal line has not been discussed in
took only seven slap shots through the league’s head office. “In my
82 games in 2016-17. He didn’t mind, that will never happen. Not a
make a single one. chance. A goal is a goal is a goal.”
Pittsburgh Penguins’ Sidney He said it’s
Crosby, the league’s top goal more likely that Toronto’s Auston Matthews, above,
scorer last season with 44, had the league would gets his best results from the wrist
only taken five slap shots through increase the size shot, while Washington’s Alex
22 games this year. Mark Recchi, of the nets, and Ovechkin is one of a handful of slap-
an assistant coach on the two-time although that’s shot artists in the league.
reigning Stanley Cup champs, said been discussed,

T-B: BERNARD WEIL/TORONTO STAR/GETTY IMAGES; SCOTT TAETSCH/CSM/ZUMA PRESS

slap shots aren’t in the practice nothing is immi- artists remaining, including Wash-
routine for Crosby or any of the nent on that front. ington’s Alex Ovechkin and Tampa’s
team’s other forwards. “They only Campbell said Steven Stamkos. Yet most of the
take wrist shots,” he said. “It’s all the league hasn’t league’s emerging snipers, like
about quick releases.” talked about the Winnipeg’s Patrik Laine and To-
The New Jersey Devils say they decline of slap ronto’s Auston Matthews, get their
don’t practice the slap shot, and shots “because it best results from the wrist shot.
the team’s top scorer, Taylor Hall, hasn’t been a In 2010-11, slap shots accounted
said he doesn’t even remember the problem.” He said for 13.3% of the goals scored. Last
last time he scored on a slap shot. there have been year? Only 11.7% and the early signs
Devils head coach John Hynes no complaints this season point to a further drop.
said the team works instead on from managers, Meanwhile, the wrist shot is ris-
what he calls “smart shots.” “We coaches or fans. ing as the most potent scoring
do try to practice situations where “I think the game weapon in hockey, accounting for
you’re shooting for sticks, tips, re- has actually more than 50% of all goals scored,
bounds,” Hynes explained. gained something and the trend is rising.
From the 2009-10 campaign, the with the ability of Many coaches and scouts say
number of slap shots taken across the guys to wrist the slap shot is all but extinct
the league fell almost 30%, from it, in tight, up among young players, in part be-
17,574 to 12,694 last season. By po- stairs.” cause of a new factor: Goalies are
sition, forwards accounted for the Yet Campbell physically bigger than ever.
biggest drop at almost 40%, from said he isn’t ready “The goalies are so big that
8,013 to 4,853 last season. to declare the big once they get set, it’s hard to blow
For traditionalists, the increas- wind-up slap shot dead, or near said. “So, it hurt. The harder the stick technology. In the early days, one by him,” said Tim Cherry, who
ing rarity of the big windup, high- death. “Just when you think the shot, the more intimidating it was.” sticks were made of wood. Now scouts players for the Ontario
speed slap shot has robbed the trend is fading away, it comes back.” Over time, though, equipment players use custom-made, one- Hockey League. He noted that one
game of some inherent drama. The slapper exploded on the got bulkier, giving the goalies more piece composite sticks, which are of the top goalies in the Greater
“The slap shot reminded me of NHL scene in the 1950s and 1960s protection and also tightening the lighter, with more flex, providing a Toronto Hockey League is six-foot-
the confrontation between the with Bernie (Boom Boom) Geoffrion spaces for shooters to target. sling-shot effect for the puck with- four inches tall and 160 pounds.
fastball pitcher and the home run and then Bobby Hull, who shot the Players like Phil Esposito in the out requiring a long backswing. “He’s 15 years old.”
hitter,” said former NHL executive puck golf-style at speeds the goal- 1970s began to demonstrate that In addition, when the offensive Skinner, a Detroit skills coach,
Craig Button, 54, now a hockey ies had never seen before. Others an expert marksman from close zone was expanded after the lockout said for the time being in hockey,
analyst. “It was a contest within followed like Bobby’s son, Brett, range didn’t need a full slap shot. in the 2004-05 season—a move de- speed will continue to rule over
the contest that we don’t have and defenseman Al MacInnis. “It’ not how hard you shoot, how signed to boost scoring—the result power.
anymore.” The idea was to practically over- accurate you shoot, but how quick was more coaches collapsed their “The quickest shot probably
Given that the league is strug- power the goalie with the force of you get the shot off,” Esposito said forwards down near the goal to help scores first,” said Skinner, who has
gling with attendance in some the shot. in a recent interview. “I didn’t with defense. That further boosted worked with a number of NHL
markets and to generally attract “In the 1950s and 1960s, goalie worry about picking corners be- the effectiveness of the quick-shot teams. “And then the most accu-
attention in a fractured sports equipment was not very protective,” cause you didn’t have much time.” artists over the big hitters. rate shot. And the hardest shot
landscape, some believe the NHL hall of fame goaltender Ken Dryden Another contributing factor is There are a handful of slap-shot scores last.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton <0
0s 0s
V
Vancouver gary
Calgary
20s 10s
40s 10s
ip
Winnipeg
ttl
Seattle 20s
Montreal
50s 30s
Helena Ottawa
P d
Portland Bismarckk
Billings 30s A g t
Augusta 40s
Eugene i
Boise 30s pls //St. Pa
Mpls./St. P
Paul T
Toronto A banyy
Albany t
Boston 50s
50s 40s
oux FFalls
ll rtford
Hartford 60s
Pierre Sioux Milwaukeek Detroit Buffalo
Cleve d
Cleveland ew Y
New Yorkk 70s
Reno 60s Ch g
Chic
Chicago
es Moines
Des
Ch y
Cheyenne h
Omaha Phhil d lphi
h
Philadelphia 80s
P b
Pittsburghh
Sacramento Salt
lt Lake
L City
ty
Denver Spring
Springfield di p
p i gfi d Indianapolis
hington
hi gton D.C.
Washington DC 90s
an Francisco
San Kansas Charles
Charleston
C
Colorado
Las Springs Topeka Ci City
ity
St.. Louis
Lou
L
h
Richmond d 100+
60s 60s LLouisville
Lou ill
MACIEJ FROLOW

V g
Vegas l igh
Raleighh
hit
Wichita Nashville
h ill
Los A
Ange
Angeles C h l tt
Charlotte
80s Ab q q
Albuquerque Santaa Fe
F
L
Little Rockk Memphis phi C b
Columbia
70s Ph i
Phoenix klahoma
homa
ma City
Oklahoma Cit
C y Warm Rain
an Diego
San D g A
Atlanta
T c
Tucson Birmingha
i h
Birmingham
Ft. Worth Dallas
D ll J k
Jackson
El Paso Cold T-storms
70s Mobile
b 70s Jacksonville
10s 0s A ti
Austin Stationary Snow BASEBALL
ew Orleans
New l d
Orlando
-0s t
Houston Tampa
70s

BASEBALLS GET SMARTER

an Antonio
San A
Anchorage
A h g 80s Showers Flurries
20s Honolulu 90s
60s Miami
30s 80s Ice
40s

U.S. Forecasts City Hi

Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W BY TAKASHI MOCHIZUKI
data to a smartphone app. The information
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 57 33 s 59 36 s Frankfurt 46 32 r 40 32 pc
can help pitchers develop trickier curve
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice balls and make sure their pitches don’t tail
Orlando 75 55 s 73 53 s Geneva 50 35 r 40 29 pc
Today Tomorrow Philadelphia 58 40 pc 49 34 pc Havana 83 62 pc 82 62 pc Tokyo off in speed approaching home plate. The
City Hi Lo W Hi Lo W Phoenix 87 58 s 88 59 s Hong Kong 66 59 c 70 64 pc
Anchorage 14 4 s 17 14 pc Pittsburgh 48 32 c 41 31 pc Istanbul 61 49 s 62 52 s
IT LOOKS AND FEELS like a regular base- balls aren’t designed to be hit.
Atlanta 64 42 pc 62 40 s Portland, Maine 51 35 pc 40 24 sf Jakarta 91 78 pc 90 76 sh ball. But the inside is packed with the same The developers of the new balls, which are
Austin 76 49 s 75 48 s Portland, Ore. 51 45 r 53 39 r Jerusalem 62 46 pc 60 49 pc technology used in smartphones, which set to retail for about $180 each, said they
Baltimore 58 38 pc 50 32 s Sacramento 68 56 pc 63 52 r Johannesburg 61 50 t 72 53 pc gives pitchers and coaches an instant read- wanted more people to have access to the
Boise 56 47 pc 60 42 c St. Louis 58 37 s 60 40 s London 44 36 pc 46 39 pc
Boston 56 38 pc 45 31 pc Salt Lake City 62 44 pc 69 53 c Madrid 61 33 pc 56 34 pc out on the ball’s speed and rotation. technology, and they believe it will be useful
Burlington 46 32 sh 33 28 sf San Francisco 70 60 pc 64 52 r Manila 89 78 pc 90 78 pc If you thought the diamond was already even for professionals since pitchers can use
Charlotte 67 39 pc 61 34 s Santa Fe 63 33 s 67 33 s Melbourne 90 68 t 85 61 t drenched in data, get ready for the robo- the balls anywhere.
Chicago 47 29 s 50 33 s Seattle 53 46 r 55 41 r Mexico City 72 43 s 70 39 s
Cleveland 48 34 c 43 34 pc Sioux Falls 51 29 s 53 33 s Milan 49 40 r 52 30 pc balls coming out of Japan. The technology combines two of Japan’s
Dallas 75 46 s 73 50 s Wash., D.C. 61 41 pc 53 37 s Moscow 26 19 pc 25 20 pc Tokyo-based smartphone app maker Acro- passions: baseball and smartphone parts.
Denver 61 38 pc 72 43 pc Mumbai 93 74 pc 94 75 pc dea Inc. started selling its “Technical Pitch” “Technical Pitch” draws on technology
Detroit
Honolulu
47 30 pc 43 31 pc
83 73 sh 84 72 pc
International Paris
Rio de Janeiro
46
86
34 r
74 s
45 38 pc
91 75 pc ball in September in Japan. And sporting from Apple Inc. supplier Alps Electric Co.,
Houston 81 56 s 76 48 s Today Tomorrow Riyadh 68 51 s 71 54 s goods maker Mizuno Corp., with help from a while Aichi Steel Corp., a Toyota group com-
Indianapolis 50 29 s 49 33 s City Hi Lo W Hi Lo W Rome 65 51 pc 60 39 sh Toyota Motor Corp. group company, is pre- pany that has a sideline in smartphone
Kansas City 60 35 s 61 38 s Amsterdam 44 39 r 45 41 sh San Juan 86 75 pc 86 75 s
Las Vegas 80 55 pc 79 56 c Athens 63 52 pc 64 56 pc Seoul 50 38 r 47 19 s paring a similar product, called MAQ, for parts, has teamed up with Mizuno.
Little Rock 67 36 s 63 36 s Baghdad 68 45 c 64 49 c Shanghai 59 44 c 62 46 s next spring. Both are going on sale in Japan, Acrodea said some Major Baseball League
Los Angeles 81 60 s 77 58 pc Bangkok 88 73 s 88 74 pc Singapore 84 74 t 82 75 c with plans to expand later to other regions teams showed interest in buying its smart
Miami 81 66 s 81 66 s Beijing 48 28 s 41 21 s Sydney 80 68 pc 80 70 pc
Milwaukee 44 28 pc 48 33 pc Berlin 44 34 r 40 36 pc Taipei 72 67 r 73 66 r including the U.S., South Korea and Taiwan. ball, while Japanese professional baseball
Minneapolis 40 29 s 42 29 pc Brussels 44 33 r 42 35 pc Tokyo 57 45 pc 62 48 c To use the balls, pitchers just throw nor- teams plan to use it from next month. It de-
Nashville 62 35 s 55 34 s Buenos Aires 76 54 s 84 60 s Toronto 47 27 sh 37 32 c mally to a catcher. Sensors capture data clined to name the teams. Mizuno said it
New Orleans 70 51 s 69 49 s Dubai 81 69 s 82 66 s Vancouver 51 44 r 53 41 sh
New York City 56 42 pc 48 36 pc Dublin 41 33 pc 45 41 pc Warsaw 50 38 pc 43 31 sh such as speed, the tilt of the ball’s rotation would ask Japanese pro teams to test its
Oklahoma City 64 37 s 67 44 s Edinburgh 41 32 pc 43 36 pc Zurich 45 31 r 38 29 sf and rotations per minute, and they send the ball before it hits store shelves next spring.
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 WEEKEND INTERVIEW with Laurent de Brunhoff and Phyllis Rose | By Tunku Varadarajan
Babar the Elephant Takes His Final Bow
L
New York
aurent de Brunhoff is very
hard of hearing, and much
more tentative with the
English language than a
man who’s lived in Amer-
ica for 32 years ought to be. He is
taciturn, too, seldom uttering more
than two short sentences in succes-
sion. A third sentence, when it
comes, is like a gift from the gods.
The author and illustrator of the
winsome and widely loved Babar
the Elephant books, Mr. de Brun-
hoff is also shy, almost bashful. It
becomes clear as he talks that this
gentle old man of 92, born in Paris
seven years after World War I
ended, is still very much a boy. “I
like to make the elephant alive,” he
says. “The elephant is a very ap-
pealing animal with its big ears and
trunk, even when it is not dressed
like a human.”
The author of the famed
children’s series, begun by
his father in 1931, explains
Babar’s swan song and how
childhood has changed.
The character of Babar was cre-
ated by his father, Jean de Brun-
hoff, in 1931 with “The Story of
Babar.” A young elephant sees his
mother shot by a hunter and flees
to the city to save his own life.
There he is adopted by an old lady,
who teaches him the ways of what
is obviously French civilization.
Now wiser than all other elephants,
he returns to the jungle. When the
reigning tusker-monarch succumbs
to a poisonous mushroom, Babar
becomes king, ruling happily ever
after with Queen Celeste.
De Brunhoff père died in 1937,
having written and drawn seven
Babar books. After some hesitation,
the son decided to continue the se-
ries. In 1946, at age 21, he pub-
lished his first, “Babar’s Cousin,
That Rascal Arthur.” Arguably a
more gifted artist than his father,
he has now published more than 50
Babar books. The most recent,
“Babar’s Guide to Paris,” came out
this year.
Babar is one of the three or four
most popular kid-lit characters of
the modern age, and, along with
the Little Prince, the most enduring
French children’s character of all
time. The most recent book, how-
ever, is Babar’s swan song, if one
can describe the end of an elephant
that way. Mr. de Brunhoff tells me
he won’t write again. “I don’t think
I could do another one,” he says,
lowering his gaze. “I had my life
with Babar and he made me happy.
But I’m an old guy now and I don’t
have the energy to create another
book.”
Does that mean Babar is dead?
As Mr. de Brunhoff’s face falls, I re-
alize I’ve committed a faux pas and
San Francisco’s Problem Isn’t Robots; It’s the $15 Wage Floor
Amazon recently re-
ceived proposals
from cities hoping to
host its second head-
quarters. A number
of California locali-
CROSS ties—including Los
COUNTRY Angeles, Sacramento,
Pomona and Chula
By Michael
Saltsman
Vista—were in the
mix. But the tech ti-
tan should tread
carefully in the Golden State, where
policy makers are studying punitive
measures against companies that use
workplace robots.
The latest example is a statewide
campaign launched this fall by Jane
Kim of the San Francisco Board of
Supervisors. Ms. Kim intends to raise
money to support a statewide ballot
measure that would penalize private
enterprise for embracing automation
in the workplace, as Amazon has
done in its warehouses.
“The idea is simple: if an employer
replaces a human worker with a ro-
bot or algorithm, he or she would pay
a tax,” according to the “Jobs of the
Future Fund” website. It continues,
“If we can expect millions of Califor-
nians may lose their job, it is our re-
sponsibility to prepare now through
a modest tax on the robots and algo-
rithms taking their place.”
While Ms. Kim would like to tax the
robots, some of her colleagues would
prefer to eliminate them. Earlier this
year San Francisco Supervisor Nor-
man Yee proposed a ban on delivery
robots. “Our streets are made for peo-
ple,” he proclaimed. In an interview,
Mr. Yee said he was concerned that
“many delivery jobs would disappear”
if such a ban were not enacted. He
later amended the proposed ordinance
to create a robot permitting process
with geographic restrictions.
* * * *
explain I meant the question meta-
phorically. “No,” he says, sitting al-
most indignantly upright. “I will
never make him die.” The vehe-
mence of a soft-spoken man is al-
ways startling, and Mr. de Brun-
hoff, who seems to have startled
even himself, falls silent.
At this moment, as if to the res-
cue, enters Phyllis Rose, Mr. de
Brunhoff’s American wife. She
bears a tray of mint tea in little
Moroccan glasses and offers a bus-
tling contrast to her introverted
husband. She is, I discover, the
Babar-whisperer. She can make Mr.
de Brunhoff talk, and even when he
doesn’t, she is a marvelously loqua-
cious substitute. “Anything you say
that he doesn’t get,” she tells me,
“I’ll repeat loudly to him, in this
distinctive pitch which he can al-
ways understand.” As she says
those last words in that pitch, he
perks up like a daydreaming
schoolboy in the presence of a
teacher.
Does Mr. de Brunhoff think he is
too old, at 92, to relate to children?
“Do you think you’re too old to re-
ZINA SAUNDERS
late to children?” Ms. Rose repeats.
Mr. de Brunhoff responds surpris-
ingly: “I never really think of chil-
dren when I do my books. Babar
was my friend and I invented sto-
ries with him, but not with kids in
a corner of my mind. I write it for
myself.”
Mr. de Brunhoff describes his
childhood, and it seems to have
been an idyllic mix of Parisian so-
phistication and countryside horse-
play. “When I was a kid, I loved
Winnie the Pooh,” he says, at which
point he and Ms. Rose have a minor
disagreement about whether he
had read it in French translation.
“It was probably English,” she in-
sists. “His mother spoke very good
English.” Ms. Rose, a retired pro-
fessor of literature, taught at Wes-
leyan for many years. When she
met Mr. de Brunhoff in Paris, they
fell in love, and in 1985 she whisked
him off to Middletown, Conn.
Since then, Ms. Rose, now 75,
has written all the original texts for
the Babar books, while he has pro-
vided the illustrations—drawings
so vivid and empathetic that hu-
man readers seem to belong to the
same species as Babar. “I have
credit for the text on the copyright
page,” Ms. Rose says. “It’s no se-
cret.” She is careful, however, to re-
spect the authorial hierarchy, and
insists that what she does is “only
auxiliary and functional. My job is
to get him, to comprehend him—
like now! I’m the producer; I’m here
to nudge him.”
This is how it works: Mr. de
Brunhoff develops an interest in a
theme—yoga, say, or the Olympics,
both of which have featured in re-
cent Babar books—and starts to
sketch elephants in lotus positions
or throwing javelins. Ms. Rose’s
job, then, is to weave the images
into a narrative. This may seem de-
cidedly complicated, but there’s no
The workplace trend toward self-
service and automation has indeed
made some occupations obsolete.
Customers have been accustomed to
bagging their own groceries for at
least a decade. Restaurant chains
such as McDonald’s and Panera
Bread are now rolling out kiosks that
allow customers to place their own
orders. And the automated delivery
devices targeted by Mr. Yee will ren-
der some delivery jobs obsolete.
Employees displaced by technol-
ogy might appreciate that these San
Francisco politicians are concerned,
but an apology might be more appro-
priate. Over the past few years, San
Francisco in particular, and Califor-
nia in general, has increased the cost
to hire and train employees at risk of
being automated. The minimum
wage will rise to $15 an hour in San
Francisco in 2018. The rest of Cali-
fornia will get there four years later.
On top of San Francisco’s hourly
wage mandate are requirements for
health care, paid leave and employee
scheduling.
These added costs give employers
with already slim profit margins a
strong incentive to automate or em-
brace self-service. In an interview
with Forbes, the founder of a deliv-
ery robot company linked his prod-
uct’s value proposition to a rising
minimum wage: “At something like
$10 per delivery, the majority of citi-
zens will not use [human delivery].
It’s too expensive.”
The empirical evidence supports
the anecdotes: An August study pub-
lished by the National Bureau of
Economic Research linked a rising
minimum wage to an increase in un-
employment for workers in jobs that
require a large number of routine
tasks. The authors reported that it
wasn’t just service-industry jobs at
OPINION
denying that the two have a re-
markably harmonious understand-
ing of their project. Just as she fin-
ishes his labored answers to my
questions with paragraphs of her
own, she turns his delicious images
into playful stories on the page.
When I ask Mr. de Brunhoff how
the notion of childhood has
changed over Babar’s (and his) life-
time, Ms. Rose offers to respond
for him. “You’re going to have a
hard time getting an answer to that
out of Laurent,” she says with a
sigh. “A property like Babar—a
story like Babar—I really can’t
think of that many other children’s-
book characters that have been
around that long. When he does a
signing, you see three and four
generations of people who have
read these books.” She adds that it
“suggests a kind of changelessness
in what appeals to human beings
when they’re very young.”
C
hildren today, she continues,
are “constantly on the com-
puter, but they still seem to
love narrative and to love books
being read to them.” Despite all
those screens, “there is this contin-
uous love of story, and of parents
reading books to them, which
doesn’t change.”
I suggest to Mr. de Brunhoff that
his father’s books—the first two, at
least—had themes much darker
than elephant yoga. They con-
tained violence, for starters the
shooting of Babar’s mother. As Mr.
de Brunhoff hesitates, Ms. Rose
chips in to say that “in the typical
Babar story as written by Laurent,
something bad does happen al-
ways, yet it’s always overcome.”
risk. A rising minimum wage also
had a negative effect on job opportu-
nities for older, less-skilled employ-
ees in manufacturing.
The city fears automation
will replace workers—
but its own policies make
low-value jobs illegal.
Instead of spurring self-reflection
among advocates for new labor man-
dates, these consequences have in-
spired them to propose new laws to
solve the problems caused by old
ones. Consider the irony: San Fran-
cisco voters were promised in 2014
that the minimum-wage initiative
backed by Ms. Kim would increase
Notable & Quotable: Adventures in Title IX
Nicholas Wolfinger, writing Nov. 17
at quillette.com:
My own investigation for alleged
Title IX transgressions lasted several
months before eventually clearing
me of sexual harassment and gender
discrimination. In the end, I was very
lucky. I remain a tenured professor
at the University of Utah. The costs
to me were limited to my time and
the $14,000 I ultimately paid to my
attorney. . . .
Yet the successful resolution of my
Title IX case a year ago didn’t come as
much of a relief to me. Although the in-
vestigator’s report cleared me of sexual
misconduct, it far exceeded its original
mandate by going to great lengths to
depict me as a bad colleague. Most of
Saturday/Sunday, November 25 - 26, 2017 | A11
But there’s no death, she agrees.
“Laurent’s father’s book could not
be published today,” she declares.
“The publishers simply would not
allow the death of a mother to be
mentioned.”
Mr. de Brunhoff, who seems to
enjoy being silent as Ms. Rose
holds court, interjects: “I think
that’s true, yes. They would not
publish it.” Ms. Rose explains that
such a story line would be thought
likely to alarm children. “The clos-
est that we—Laurent and I—have
come to that kind of experience,”
she says, “was in ‘Babar’s Little
Girl,’ where in the original story
she goes off hitchhiking, and the
publishers”—Random House—
“would not allow that. That was
too dangerous!”
It was 1985, and the book was
about Isabelle, a daughter of Babar
and Celeste, who wanders off to
look for two friends of the family
called Boover and Picardee. Panic
inevitably ensues when everyone
thinks Isabelle is lost. “It was the
first book that Laurent did when
he came to America,” Ms. Rose
says. “The publishers insisted that
the story be changed—that the girl
already knew the people who took
her in, who gave her a ride on the
road. She couldn’t ride with
strangers.”
Mr. de Brunhoff, now nodding
his head in agreement, seems to
spur Ms. Rose on. “I know lots of
mothers,” she continues, “who
won’t let their children read the
first few pages of ‘The Story of
Babar’ because they’re afraid of
them being traumatized. And that,
to go back to your original ques-
tion, is a real change in the nature
consumer spending by north of $100
million—without affecting employ-
ment. Now money from the new ro-
bot-tax proposal will be used to off-
set a reduction in job opportunities,
in part caused by the rising mini-
mum wage.
These misconceptions put the
livelihood of employers and employ-
ees at risk. Mr. Yee’s suggestion that
a ban on delivery robots would help
save drivers’ jobs is a dangerous
confusion of consequence and cause.
If customers are unwilling to under-
write a $15 hourly wage for food de-
livery, and employers are prohibited
from embracing an automated alter-
native, they’ll either stop delivering
food or close their doors.
This is already happening in San
Francisco. A study this year from
Harvard Business School and Math-
ematica Policy Research economists
this concerned my behavior at faculty
meetings. I had rolled my eyes. I had
said “f—” once. And so on.
I protested to my Title IX inquisi-
tor about the irrelevance of all this to
a Title IX case focused on sexual ha-
rassment and gender discrimination,
but to no avail. . . . In any event, it
was clear why the Title IX report
tried so hard to impugn my collegial-
ity: it was providing the source mate-
rial for additional complaints that
would originate elsewhere in the uni-
versity bureaucracy. Three months
later my suspicions were realized, as
I received an official complaint from
my dean about my hostile body lan-
guage and overall poor collegiality.
The complaint was based entirely on
the findings in my Title IX report.
of childhood—that children really
are protected much more now from
any disturbing narratives.”
I ask Mr. de Brunhoff about
“Babar’s Guide to Paris,” the end of
the elephant’s story. Why Paris?
And what is the relationship be-
tween Babar and that city? “He
wants to know about the relation-
ship between Babar and Paris,” re-
peats Ms. Rose. Mr. de Brunhoff
has by now given up on the seem-
ingly inaudible timbre of my voice
and is grateful for his wife’s inter-
ventions. “Well, it is my relation-
ship with Paris, really,” he says. “So
actually, to me, the book is not so
much showing Babar enjoying Paris
but is me enjoying the city.”
To quote from the book, Babar
tells Isabelle—she of the bowdler-
ized 1985 hitchhike—what to do in
the city: “First, he says, you must
go to a café. Order anything. You
can sit as long as you like. Read a
book or just watch the world go
by.” Mr. de Brunhoff adds that “it’s
the Paris of today,” not of his child-
hood. True, the metro is very up to
date, and the Louvre has I.M. Pei’s
glass pyramid, which was com-
pleted in 1989.
But is it, I ask, multiethnic and
multireligious in the manner of the
real Paris? “I don’t think you could
say that,” Ms. Rose says quickly,
“about a city that’s entirely made
up of elephants.” I persist. Is there
some reflection in the book’s Paris
of the tensions the city has seen in
recent times? Is there any terror-
ism, any burning of cars in the ban-
lieues? “Absolutely not,” says Ms.
Rose. “Absolutely not. It’s just a
lovely, serene place where you
drink a lot of coffee.” Mr. de Brun-
hoff agrees: “It is the Paris as it
still is, I think.”
T
he book, they stress, is a sim-
ple story of Babar teaching
his daughter how to navigate
the city. Babar, says Ms. Rose,
“isn’t telling her to watch out for
terrorists. I don’t think that im-
pinges on Laurent’s imagination. I
don’t think he takes in the fact that
there are dangers now, ugly racial
tensions and complicated immigra-
tion issues. To say that he has the
mind of a child has profound impli-
cations. He is in this self-contained
imaginative world.”
Today Mr. de Brunhoff says he
loves America, particularly New
York, “with its beautiful architec-
ture and mix of people.” He sug-
gests that he couldn’t, now, live
anywhere else but Manhattan. So
why did he set his—and Babar’s—
last book in Paris? “Interesting
question,” he says, a phrase he uses
often as a graceful deflection. “Be-
cause at the end of my life, even if
I’ve been living in America for de-
cades, I’m still a Frenchman. And I
wanted to give a reward to Paris.”
Mr. Varadarajan is a fellow at
Stanford University’s Hoover Insti-
tution.
found an increase in the closure of
median-rated restaurants associ-
ated with the city’s rising minimum
wage.
Automation can’t be stopped, and
it will change more than the service
industry. Earlier this year a Pricewa-
terhouseCoopers report estimated
that nearly 40% of U.S. occupations
are at a high-risk of automation in
the next two decades. But states like
California are accelerating the trend
by creating labor-cost mandates that
exceed the productivity of employees
to which they apply. It’s futile to try
to resist the downward slope of the
labor demand curve. Instead Califor-
nia’s do-gooder legislators should
study up on the law of unintended
consequences.
Mr. Saltsman is managing director
at the Employment Policies Institute.
The dean’s letter recapitulated the
eye rolls, the one-time profanity, and
so forth from the report. “Hostile
body language,” my dean wrote, “[is]
unacceptable in a professional set-
ting.” She imposed two punishments
for my transgressions. The first was
an official reprimand, with the
stated threat of dismissing me if my
body language didn’t improve forth-
with. The second was a month of un-
paid suspension. I wasn’t scheduled
to be teaching during the specified
month, but the suspension would
amount to a fine of over $5,000. I
also would be barred from campus. A
month of freedom from faculty
meetings ultimately wasn’t worth
$5,000 to me, but I did have to give
it some consideration.
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
A12 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Licenses to Kill Opportunity Costs and Benefits of Hyphenated Capitalism

M
ore than ever, the government re- Justice found that on average tree trimmers un- Regarding Andy Kessler’s “Quit torical record of countless decisions
quires Americans to get permission dergo 16 times more training than an emer- Modifying Capitalism” (Inside View, made by “self-interested” individuals
Nov. 20): Sustainable, inclusive, so- to cooperate with one another for mu-
to earn a living. In the 1950s one in gency medical technician, and cosmetologists
cially responsible, conscious, state- tual benefit—decisions made willingly
20 workers needed a license more than 11 times. That managed and other hybrid breeds of by buyers and sellers, none of whom
to work; now about one in A new study shows how makes safety sense only if Ed- capitalism elevate state central plan- got all that they wanted, but all of
four do. The rules hurt the state licensing rules ward Scissorhands styles your ners into roles that override and per- whom recognized the benefit of work-
working poor in particular, hair and trims your lawn. vert economic relationships among in- ing together in peace.
but everyone suffers in states block upward mobility. The report also highlights vestors, producers and consumers. The hyphenated capitalism Mr. Kes-
with the most licensing re- how state licensing demands The result is a neutered or otherwise sler leaves out is the key to capital-
quirements, as a new and are inconsistent and often ir- impaired economic system. ism’s current bad name: “crony-capi-
comprehensive report by the Institute for Jus- rational. Only three states and the District of Unadulterated capitalism involves talism.” There is no greater
tice (IJ) illustrates. Columbia require a license for interior design- too much volatility and unequal out- monument to that than our current
IJ examined 102 lower-income professions ers. But in all four, aspirants must clock six comes to be a viable alternative in tax code. It picks winners and losers
the 21st century, but the more adul- under the guise of achieving laudable
across the United States. That list ranges from years of education or experience, pass an exam,
teration that occurs, the more capi- social goals, but is influenced by the
truck drivers to taxidermists, from school bus and pay between $1,120 and $1,485 for the li- tal is misallocated and the slower too-cozy relationships government
drivers to bartenders. The study assessed the cense. That’s far more training than is required economies grow, leaving less money and the private sector. In the process,
difficulty of obtaining a license and the number for a dental assistant (Washington, D.C.), opti- for government. Hybrid capitalist markets are distorted and the infor-
of occupations subject to licensing require- cian (Florida), midwife (Louisiana) or pharmacy systems dilute the economic effi- mation in prices rendered useless.
ments in each state. technician (Nevada). ciencies and results of free markets, This is worth considering during the
Hawaii’s prerequisites are the most grueling Stiff licensing requirements are often prohib- delivering inclusive stagnation or current season in which tax reform
while Louisiana and Washington regulate the itive for America’s working poor, keeping them decline. At that point, the left has morphed into tax cuts, and the
most professions, with both states requiring a trapped in low-wage, low-skill jobs. Many states adopts a new and improved modifier process has remained one of deter-
license for 77 lower-income fields. The nearby also bar people with a criminal record from for capitalism and the vicious cycle mining centralized parameters of divi-
table shows the 10 states with the highest occu- working in a licensed profession. Society pays repeats. sion and redistribution, rather than
FRANK ALLEN efficiently funding the government.
pational-licensing burden. the price. Researchers at Arizona State Univer- Charlotte, N.C. This won’t change until enough ti-
California has the most dysfunctional re- sity’s Center for the Study of Economic Liberty tans of industry realize that their en-
gime. Across professions, it has established “a found that in states with burdensome licensing Mr. Kessler calls attention to the lightened self-interest is truly the
nearly impenetrable requirements, recidi- knowledge incorporated into the public interest.
thicket of bureau- vism rates increased by “price” of a good or service in a capi- LUKE PERKOCHA
cracy” where “no one State Occupational Hazards more than 9% over a talist economy. That price is the his- San Francisco
could” provide a “list The 10 states with the highest number and worst 10-year span. In states
of all the licensed oc- average burden of occupational licensing requirements where it was easier to
cupations,” as one get a license, the rates
state oversight agency 1. California 6. Lousiana went down. Prosecutors’ Misconduct Had a Huge Outcome
admitted last year. 2. Nevada 7. Virginia Nationwide, licens-
U.S. District Judge Emmet Sullivan sued at the trial, Mr. Sullivan was
California’s door re- 3. Arkansas 8. Oregon
ing drives up prices by recommends that all states and the powerless to act against the offend-
pairmen, carpenters as much as $203 billion federal court system follow New ing prosecutors.
and landscapers must 4. Arizona 9. Washington annually. The require- York’s lead and require trial judges to The “butterfly effect” of unethical
first rack up 1,460 5. Hawaii 10. Rhode Island ments also hurt con- issue Brady orders in all criminal Justice Department lawyers in 2008
days of supervised on- Source: Institute for Justice THE WALL STREET JOURNAL
sumers by restricting proceedings so that prosecutors can arguably was the election of Mr. Ste-
the-job experience, access to goods and be held accountable if they withhold vens’s Democratic opponent who sub-
then pay more than $500 for the license, before services. Louisiana has around 400,000 more critical evidence that is favorable to sequently cast one of the 60 votes
they can work as a contractor. black residents than neighboring Mississippi. the accused (“How New York Courts needed to pass ObamaCare. In 2008,
The cost and time to obtain a license is no But in 2012 Mississippi had 1,200 licensed Afri- Are Keeping Prosecutors in Line,” Ted Stevens was the longest-serving
accident, as professional guild members sit on can-style hair braiders. Louisiana, which re- Cross Country, Nov. 18). Judge Sulli- U.S. senator ever to lose a reelection
van’s epiphany regarding the value of bid. Al Franken’s miraculous election
state licensing boards and reinforce the quires 500 hours of training, had just 32, ac-
a Brady order came when he pre- victory by a few hundred votes after
racket. They want to limit competition to keep cording to IJ. sided over the 2008 trial of Ted Ste- a recount also was decisive.
prices high. The study found that heavy-handed licensing vens, longtime U.S. senator from Without the 41st GOP vote of Ted
Until recently, the New Hampshire Board of doesn’t follow party lines, which means the Alaska. Six months after that trial— Stevens in 2010, Senate Democrats
Barbering, Cosmetology & Esthetics could levy rules are rooted in political muscle more than and after Mr. Stevens lost reelection passed ObamaCare thanks to crooked
fines on salons that have a barber’s pole—or ideology. Staunchly Republican Wyoming re- in large part because of the deeply lawyers in the Justice Department.
even a pole painted red, white and blue that re- quires a sign-off for 26 lower-income profes- flawed trial—it was revealed that Brady orders may not root out bad-
sembles one—but no licensed barber. In Febru- sions, the lowest number of any state. But lib- Justice Department lawyers commit- apple prosecutors, but at least they
ary an Arizona board targeted a cosmetology eral Vermont is the runner-up, requiring a ted numerous legal and ethical viola- will pay a personal price for inten-
student who dared to give free haircuts to the license for 31 occupations and beating out Mon- tions by withholding evidence point- tional evidence suppression.
ing to Mr. Stevens’s innocence. But DANIEL BRADY
homeless. He risked being barred from the pro- tana and South Dakota.
because no Brady order had been is- Columbia, Md.
fession until Gov. Doug Ducey interceded. That signals political potential for reform.
Licensing proponents claim they’re merely Giving the poor a pathway to a dignified, self-
protecting public health. But the Institute for supporting life should be a bipartisan priority.
As a Medicine, Pot Has Pluses and Minuses
“Can Marijuana Alleviate the Opi- quirements as any other drug for
Terrorism Takes No Holiday oid Crisis?” (op-ed, Nov. 20) by Rich- safety.
BARTON COBERT, M.D., FACP, FACG

P
ard Boxer is spot on. The need for
resident Trump called Egyptian Presi- success against jihadism, and Mr. Sisi is a partic- changes in the regulations to allow Chapel Hill, N.C.
dent Abdel Fattah Al Sisi on Friday, and ular target after he deposed the Muslim Brother- for the study of marijuana is real and
the White House issued a statement of hood in 2013. The U.S. can help with intelligence, immediate. Further research on medi- Dr. Boxer advances weak statistical
cal marijuana is critical for the opioid associations between state medical-
support after terrorists killed but Mr. Sisi has the challenge
crisis and other areas where cannabis marijuana laws and decreased opioid
more than 235 people in an at- The deadliest attack in of defeating the terrorists may be a useful drug therapy. use, while ignoring evidence that mar-
tack on a mosque near the Si- Egypt shows a growing while encouraging fewer jihad- One area that hasn’t been ad- ijuana use has actually worsened the
nai coast. The assault was es- ist recruits by opening Egyp- dressed where medical marijuana is opioid epidemic. He states that the
pecially vicious as jihadists jihadist threat. tian civil society and politics to now legal is that most states aren’t marijuana gateway effect “is so far
cut down Sufi worshippers, more voices. requiring the collection, analysis and unsupported.” Yet a 20-year review
who practice a moderate form Meanwhile, a Pakistani reporting to health agencies of mari- has shown a relationship between
of Islam. The attack was the deadliest in Egyp- court Wednesday released from house arrest juana side effects. Like any drug, youth marijuana use and subsequent
tian history, exceeding the 224 who died in Hafiz Saeed, the man accused of masterminding marijuana can and will produce side use of other drugs, to be “the most
Metrojet Flight 9268 over the Sinai Peninsula the 2008 Mumbai terror attack that killed 166 effects, some of which will be very se- consistent findings in epidemiological
in October 2015. people. The State Department said the U.S. “is rious and possibly fatal. One ap- studies of drug use in young adults.”
proach that would work now would Youth marijuana use increases the
Mr. Trump couldn’t resist using the event as deeply concerned” and “the Pakistani govern-
be to take the FDA’s side-effect re- risk of opioid disorder and conse-
an argument for his immigration limits, tweet- ment should make sure that he is arrested and porting regulations and requirements quences. Recent findings confirm per-
ing “Need the WALL, need the BAN! God bless charged for his crimes.” President Trump and and put them in place at the state verse outcomes regarding psychosis,
the people of Egypt.” But the attack in Sinai is Secretary of State Rex Tillerson have pressured level for all producers, middlemen for those suffering PTSD and, criti-
almost surely the work of home-grown jihad- Pakistan’s government for cooperation in the and dispensers. The widespread use cally, treatment regarding opioid re-
ists, perhaps inspired by Islamic State. Immi- war on terror and in Afghanistan, and Saeed’s of medical marijuana as a drug covery.
gration at the Mexican border, or even at U.S. release is a test of U.S. influence. should be held to the same FDA re- JOHN P. WALTERS, DAVID W. MURRAY
airports, has nothing to do with it. The recent victory over Islamic State’s HUDSON INSTITUTE
The death toll is a reminder that Muslims con- would-be caliphate in Syria and Iraq is wel- Turnout, Not Trump, Was Washington
tinue to be the main targets of Islamic terrorism come, but the jihadist threat continues to Decisive in Virginia Election In Colorado, emergency rooms are
world-wide. And it underscores that Mr. Sisi is evolve and adapt around the world and won’t
Jim LeMunyon’s letter (“Different seeing an increase in youth with can-
a long way from crushing the jihadist threat in- be defeated by a wall between Ciudad Juarez Explanations for Republicans’ Rout,” nabis in their systems. In addition,
side Egypt. Authoritarian rule is no guarantee of and El Paso. Nov. 16) blaming the Republican Colorado is seeing an increase in
election losses in Virginia on Presi- young motorists pulled over who have
dent Trump is misguided. Republi- high levels of Delta-9 THC (the psy-
A Museum for Art’s Sake can gubernatorial candidate Ed Gil- choactive element of marijuana) in

D
lespie received 16% more votes than their system. The legalization of mari-
eparting leaders are rarely fêted for art. The move enhanced the National Gallery’s the Republican gubernatorial candi- juana in Colorado has a crushingly
what they didn’t do. But we live in a holdings and kept for Washington—and the na- date did in the highly competitive negative impact on the state’s youth
time of cultural turmoil, so it’s worth tion—artworks that might otherwise have been election of 2013. He got the vote of who place it in edible candies or in-
noting the tenure of National dispersed through sale. 95% of Republicans and 50.5% of in- gest it through vaping.
Rusty Powell has put dependents. Normally, this would be Marijuana use isn’t the answer for
Gallery of Art Director Earl A. Under Mr. Powell the Na-
regarded to be a good result—but pain management. Unfortunately,
(Rusty) Powell III, who an- quality above politics tional Gallery has taken a re- not good enough to offset the corre- marijuana use only increases the pain
nounced this month that he freshingly adult approach to sponding 31% increase in votes for in other areas of our society.
will retire in early 2019 after at the National Gallery. the vexed question of contem- his opponent, Ralph Northam. WILLIAM H. ARRINGTON III
25 years on the job. porary art, hewing to the tra- There were two factors specific to Johnstown, Colo.
On Mr. Powell’s watch there ditional approach that works Virginia this year that boosted Dem-
have been no glitzy expansions, scandals or must pass the test of time before entering a mu- ocratic turnout. The election offered
raids on the collection to raise money, no board seum, rather than chasing fads and fashions. a large number of Virginians the op- Pepper ...
dysfunction or dumbing down of exhibitions. In Last year it acquired a soap-and-chocolate portunity to vote for free medical in-
surance for themselves or their fam-
And Salt
many respects his directorship was very low- sculpture by Janine Antoni, nearly a quarter
key, with much of its focus on renewal and res- century after it had caused a sensation at the ily. This was because the Democrats THE WALL STREET JOURNAL
promised to expand Medicaid under
toration of the physical plant. But all that belies 1993 Whitney Biennial. Above all under Mr.
ObamaCare, which the Republican
his concrete accomplishments, which deserve Powell, the Gallery has remained a determinedly legislature had blocked. In addition,
to be celebrated because so many of them have art-for-art’s-sake institution at a time when mu- sitting Democratic Gov. Terry McAu-
become the exception in the art world. seums have been increasingly positioning them- liffe restored the voting rights of
Mr. Powell dialed back the showmanship that selves as political actors. tens of thousands of ex-convicts, who
defined the tenure of his predecessor, J. Carter The Gallery is America’s flagship museum, likely responded with gratitude.
Brown, but without sacrificing substance. Wit- so the stakes couldn’t be higher in selecting a Much of politics is still local.
ness the current exhibition “Vermeer and the new director. Expect a chorus calling on the STEFAN JERZY
Masters of Genre Painting: Inspiration and Ri- trustees to pick someone who’ll make the place Washington
valry,” which manages to say something fresh “more relevant,” by which they surely mean po-
about one of the most closely studied and well- litical. There lies the road to ruin. Letters intended for publication should
exhibited artists. You don’t have to look far to find cultural in- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
When the Corcoran Gallery of Art was im- stitutions damaged in recent years—or brought or emailed to wsj.ltrs@wsj.com. Please
ploding in 2014, Mr. Powell negotiated a soft to the brink of extinction like the New York City include your city and state. All letters
landing for the troubled museum by arranging Opera—by botched succession decisions. The are subject to editing, and unpublished
for the National Gallery to absorb the bulk of the National Gallery’s trustees can look to the exam- letters can be neither acknowledged nor “Listen! Hear that?
returned.
Corcoran’s collection of American and European ple of Mr. Powell’s tenure to get theirs right. Nothing is beeping.”
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 Sexual-Harassment Racket Is Over
DECLARATIONS
By Peggy Noonan
T
his Thanksgiving I find
myself thankful for some-
thing that is roiling our
country. I am glad at what
has happened with the re-
cent, much-discussed and continuing
sexual-harassment revelations and
responses. To repeat the obvious, it
is a watershed event, which is some-
thing you can lose sight of when
you’re in the middle of it. To repeat
the obvious again, journalists broke
the back of the scandal when they
broke the code on how to report it.
For a quarter century
we had been stuck in
He Said/She Said. Now
predators are on notice.
For a quarter century we had been
stuck in the He Said/She Said. Anita
Hill and Clarence Thomas gave their
testimonies, each offered witnesses,
and the fair minded did their best
with the evidence at hand while sort-
ing through all the swirling political
agendas. In the end I believed Mr.
Thomas. But nobody knows, or rather
only two people do.
What happened during the past
two years, and very much in the past
few months, is that reporters and
news organizations committed serious
resources to unearthing numbers and
patterns. Deep reporting found not
one or two victims of an abuser but, in
one case, that of Bill Cosby, at least
35. So that was the numbers. The tes-
timony of the women who went on the
record, named and unnamed, revealed
patterns: the open bathrobe, the run-
ning shower, the “Let’s change our
meeting from the restaurant to my
room/your apartment/my guesthouse.”
By Robert Garnett
T
he Great American Novel may
never be agreed on, and may
not exist, but there’s little doubt
about the Great American Movie. Sev-
enty-five years ago this week—on
Thanksgiving Day, 1942—“Casablanca”
premiered in New York.
“Gone with the Wind,” the great
romantic epic of defeat and resil-
ience, might be a plausible chal-
lenger, were its Old South sympa-
thies not out of fashion in these
The film Billy Wilder
called ‘the most wonderful
claptrap that was ever put
on the screen’ turns 75.
virtuous times. The showy cinematic
virtuosity of “Citizen Kane,” beloved
of film professors and art-house the-
aters, interests few others. “The Wiz-
ard of Oz” might contend, if only
Dorothy had encountered Clark Gable
instead of the Tin Man.
But “Casablanca” stands alone.
“The most wonderful claptrap that
was ever put on the screen,” es-
teemed director Billy Wilder said.
“Claptrap that you can’t get out of
your mind.”
This American classic is set en-
tirely outside the U.S. and follows an
expatriate who, for unexplained rea-
sons, can’t return home. Virtually all
the other characters are foreign, as
were the actors who played them. In
1942 Hollywood was awash with out-
of-work European refugees: Of the 14
actors receiving screen credit, 11
were foreign-born.
Likewise director Michael Curtiz,
a Hungarian martinet with shaky
English. “Next time I send some
dumb son-of-a-bitch for a Coca-Cola,
I go myself,” he once memorably
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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* * * *
Once you, as a fair-minded reader, saw
the numbers and patterns, and once
you saw them in a lengthy, judicious,
careful narrative, you knew who was
telling the truth. You knew what was
true. Knowing was appalling and
sometimes shocking, but it also came
as a kind of relief.
Once predators, who are almost
always repeat offenders, understood
the new way of reporting such sto-
ries, they understood something else:
They weren’t going to get away with
it anymore. They’d never known that.
And they were going to pay a price,
ISTOCK/GETTY IMAGES
probably in their careers. They’d
never known that, either.
Why did this happen now? It was
going to happen at some point: Sex-
ual harassment is fairly endemic.
Quinnipiac University released a poll
this week showing 60% of American
women voters say they’ve experi-
enced it. Maybe the difference now
is that the Clintons are gone—more
on that in a moment. And maybe
there’s something in this: Sexual ha-
rassment, at least judging by the tes-
timony of recent accusers, has got-
ten weirder, stranger, more brutish.
The political director of a network
news organization invites you to his
office, trains his eyes on you and
masturbates as you tell him about
your ambitions? The Hollywood pro-
ducer hires an army of foreign goons
to spy on you and shut you up? It
has gotten weird out there. These
stories were going to blow up at
some point.
Sexual harassment is not over be-
cause sin is not over. “The devil has
been busy!” a journalist friend said
this week as another story broke. But
as a racket it will never be the same.
i i i but the line between those impulses
Some great journalism, some
great writing and thinking, has come
of this moment. Ronan Farrow’s New
Yorker pieces have been credible and
gutsy on all levels. Masha Gessen’s
piece in the same magazine last week
warned of moral panic, of a blurring
of the lines between different behav-
iors and a confusion as to the bound-
aries between normal, messy human
We’ll Always Have ‘Casablanca’
complained. He and Humphrey Bog-
art “argued so frequently,” pro-
ducer Hal Wallis recalled, “that I
had to come on the set to control
the quarrels.”
On screen, the warm translucent
sensuality of Ingrid Bergman perfectly
complemented the dark, brusque Bog-
art—but off-screen they didn’t click.
Unhappy in a foundering marriage, he
kept to himself during filming and
drank heavily. A veteran film crook, he
was uncomfortable in love scenes: “I
don’t do it very well.”
“I kissed him but I never knew
him,” Bergman said. She thought her
film-husband Paul Henreid a prima
donna. During filming she was ea-
gerly looking beyond, to a role in an
ambitious—and now forgotten—film
of Ernest Hemingway’s “For Whom
the Bell Tolls” with Gary Cooper,
who at 6 feet 3 inches tall would give
her a co-star to look up to. She was
noticeably taller than Bogart, an
awkward disparity disguised by shoe
lifts and camera angles. They never
worked together again.
“Casablanca” was adapted from
an unproduced play full of “sophisti-
cated hokum” which Warner Bros.
acquired shortly after Pearl Harbor.
The plot groans with inconsistencies
and absurdities. “Don’t worry what’s
logical,” Curtiz advised. “I make it go
so fast no one notices.” The screen-
play was incomplete as filming be-
gan, the ending uncertain as it pro-
ceeded, and Bogart’s final line
written and dubbed in weeks after
filming concluded.
“Every day they were handing out
the dialogue and we were trying to
make sense of it,” Bergman recalled.
The scriptwriters couldn’t agree on
the point of the story. Two wrote
witty repartee. A third wanted to
dull it down with politics and uplift.
The fourth worried about the script’s
ambiguous romance.
So did Bergman. Which man was
her character in love with? Her bitter
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
Kristin Heitmann, Transformation;
Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
OPINION
actions and heinous ones. Rebecca
Traister of New York magazine has
argued that it is a mistake to focus
now on the question of punishments,
that maybe the helpful thing is to fo-
cus on what’s going on in our society
that predators think they can get
away with this.
Caitlin Flanagan in the Atlantic
wrote the most important political
piece in “Bill Clinton: A Reckoning.”
What is striking about this moment,
she argued, is not the number of
women who’ve come forward with
serious allegations. “What’s remark-
able is that these women are being
believed.” Most didn’t have police re-
ports or witnesses, and many were
speaking of things that had happened
years ago. “We have finally come to
some kind of national consensus
about the workplace; it naturally fos-
ters a level of romance and flirtation,
and the sexual predation of a boss is
clear.”
What had impeded the ability of
victims to be believed in the past?
The Bill Clinton experience. He was
“very credibly” accused, as Ms.
Flanagan wrote, of sex crimes at dif-
ferent points throughout the
1990s—Juanita Broaddrick said he
violently raped her; Paula Jones said
ex-lover Rick Blaine (Bogart) or he-
roic resistance leader Victor Laszlo
(Henreid)? “There is a little bit of
difference in acting towards a man
that you love and another for whom
you may just feel pity or affection,”
she pointed out, reasonably.
Glooming over all was the war—
with its restrictions, shortages and
uncertainties. Studio workers and ac-
tors were disappearing into the mili-
tary. Jimmy Stewart and Ronald Rea-
gan had already left. Clark Gable
enlisted while “Casablanca” was be-
ing filmed in the summer of 1942.
Wartime rationing began to pinch,
from silk and wool for costumes to
nails for set-building to celluloid for
movie film itself. Sets were recycled.
What the NFL Teaches Corporate America
Any public com-
pany would have
fired Roger Goodell
long ago—in fact,
three years ago af-
ter the Ray Rice
matter.
BUSINESS
Let’s remember
WORLD
what happened. An
By Holman W.
NFL arbitrator, re-
Jenkins, Jr.
tired federal judge
Barbara Jones,
found that Mr. Rice, of the Baltimore
Ravens, did not mislead NFL chief
Mr. Goodell about the severity of his
domestic violence conviction when
Mr. Goodell punished him with a
two-game suspension.
Mr. Goodell only claimed later
that Mr. Rice had misled him when a
public furor began to threaten Mr.
Goodell’s own job. Then he needed
an excuse—one that he could blame
on Mr. Rice—to reopen the case and
hit Mr. Rice with a second, harsher
penalty aimed at dousing a public-
relations crisis of Mr. Goodell’s own
making.
To any public company CEO, this
would have been the kiss of death.
How could any institution ask its
workers, customers and stakeholders
to trust a leader after such a perfor-
mance? But the NFL is different. Its
players don’t work for Mr. Goodell.
They work for team owners. Mr.
Goodell also works for the owners,
and they had reasons for keeping
him around despite the Ray Rice
travesty.
Alas, today the league is finally
catching up with a truth many in Cor-
porate America already knew. Tainted
bosses, whatever their charms, need
to go immediately. Otherwise their
troubles metastasize across the com-
pany’s entire agenda.
Inevitably, such a leader’s credi-
bility problems and job insecurity
quickly become the tail that wags ev-
ery dog.
The Ray Rice matter led directly
to the fight now engulfing Mr.
Goodell and a former ally, legendary
Saturday/Sunday, November 25 - 26, 2017 | A13
he exposed himself to her; Kathleen
Willey said she went to him for ad-
vice and that he groped and as-
saulted her. These women “had far
more credible evidence” than many
recent accusers. “But Clinton was
not left to the swift and pitiless jus-
tice that today’s accused men have
experienced.” He was rescued in-
stead by “a surprising force: ma-
chine feminism.”
That movement had by the ’90s de-
volved into a “partisan operation.”
Gloria Steinem in March 1998 wrote a
famous New York Times op-ed that, in
Ms. Flanagan’s words, “slut-shamed,
victim-blamed, and age-shamed” the
victims and “urged compassion for
and gratitude to the man the women
accused.” This revealed contemporary
feminism as “a weaponized auxiliary
of the Democratic Party.” Ms. Steinem
characterized the assaults as “passes,”
writing: “Even if the allegations are
true, the President is not guilty of
sexual harassment.”
Ms. Steinem operated with the
same logic as the skeeviest apologist
for Roy Moore: Don’t credit any
charges. Gotta stick with our team.
Ms. Flanagan: “The widespread
liberal response to the sex-crime ac-
cusations against Bill Clinton found
their natural consequence 20 years
The Paris train station in which Rick
finds himself jilted had recently
served as Boston’s Back Bay Station
in “Now, Voyager.”
Meantime, the U.S. Bureau of Mo-
tion Pictures, a division of the Office
of War Information, pressed studios
to pad their films with propaganda.
“What war information problem does
it seek to clarify, dramatize or inter-
pret?” a government manual asked
of every film. “Does it contribute
something new to our understanding
of the world conflict, and the various
forces involved?” The anti-German
thrust in “Casablanca” earned the
bureau’s warm approval; but for ridi-
culing Vichy French collaboration—a
delicate issue—it was withheld from
Dallas Cowboys owner Jerry Jones.
The immediate spark was a six-
game suspension Mr. Goodell issued
to Mr. Jones’s star running back,
Ezekiel Elliott, over accusations of
domestic abuse that the NFL’s own
specialist investigator found of du-
bious credibility.
Without getting into the details,
this suspension, as an ESPN investi-
gation convincingly shows, was partly
driven by league-office politics.
Namely, it was driven by Mr. Goodell’s
need to justify his large expenditure
of league funds on a bloated, extrava-
gantly remunerated staff of investiga-
tors to handle such allegations and
protect Mr. Goodell from future self-
inflicted embarrassments.
A tainted CEO’s troubles
quickly become the tail
that wags every dog.
And here resides only the most
obvious blowback from the NFL’s
failure to learn why firing the CEO is
an essential first step in redressing
serious institutional failures.
Take the debacle related to
player national anthem protests.
Mr. Goodell’s approach has largely
favored the players over owners, a
tactic that may well be meant to
strengthen his hand over the own-
ers. ESPN reports that many owners
have already convinced themselves
they can’t afford to lose Mr. Goodell
until after a new player contract is
nailed down before the existing one
expires in 2021.
In turn, these considerations now
make Mr. Goodell’s own contract re-
negotiation an unappetizing spectacle
for football fans. Mr. Goodell report-
edly seeks $49.5 million a year plus
health care and private jet travel for
life. His lavish demand, practically an
extortion forcing the owners to excul-
pate him from the league’s many
problems, is likened in the press to
later in the behavior of Harvey Wein-
stein: Stay loudly and publicly and
extravagantly on the side of signal
leftist causes and you can do what
you want in the privacy of your of-
fices and hotel rooms.”
The article called for a Democratic
Party “reckoning” on the way it pro-
tected Bill Clinton.
It was a great piece.
I close with three thoughts.
The first springs from an observa-
tion Tucker Carlson made on his
show about 10 days ago. He mar-
veled, briefly, at this oddity: Most of
the accused were famous media per-
sonalities, influential journalists, en-
tertainers. He noted that all these
people one way or another make
their living in front of a camera.
It stayed with me. What is it about
men and modern fame that makes
them think they can take whatever
they want when they want it, and
they’ll always get away with it, even
as word, each year, spreads. Watch
out for that guy.
Second, if the harassment is, as it
seems to me, weirder and more over
the top now than, say, 40 years ago,
why might that be?
Third, a hard and deep question
put quickly: An aging Catholic priest
suggested to a friend that all this
was inevitable. “Contraception de-
generates men,” he said, as does
abortion. Once you separate sex
from its seriousness, once you sepa-
rate it from its life-changing, life-
giving potential, men will come to
see it as just another want, a desire
like any other. Once they think that,
then they’ll see sexual violations as
less serious, less charged, less full of
weight. They’ll be more able to ra-
tionalize. It’s only petty theft, a pack
of chewing gum on the counter, and
I took it.
In time this will seem true not
only to men, but to women.
This is part of the reason I’m
thankful for what I’m seeing. I ex-
perience it, even if most women
don’t, or don’t consciously, as a
form of saying no, this is important.
It is serious.
export to French Morocco, then un-
der Vichy control. Casablancans
couldn’t watch “Casablanca.”
As shadows waver on the walls of
Rick’s Café and Ilsa listens to Sam
the piano-player sing “As Time Goes
By,” the politics and propaganda dis-
solve. We are drawn into deeper hu-
man rhythms of love, and loss, and
long-lasting regret. It was the year of
Midway and Guadalcanal, perhaps
America’s finest hour. With “Casa-
blanca,” it was certainly Hollywood’s.
Easier, more comfortable times—and
flashier filmmaking—have produced
nothing to match it.
Mr. Garnett is a professor of Eng-
lish literature at Gettysburg College.
the pay packages of the greatest
wealth-creating CEOs. It isn’t. Their
pay typically consist of at-risk, stock-
based compensation. Mr. Goodell
would be handed a pile of money re-
gardless of performance.
His fellow owners’ obliviousness
on this point appears to be the
deeper issue setting off Mr. Jones.
Unlike Mr. Goodell, Mr. Jones is an
owner and longtime investor in the
league. His record of creating
wealth for himself and his fellow
owners is a lot more impressive
than Mr. Goodell’s, unless you think
those big TV contracts are conjured
out of Mr. Goodell’s personal mag-
netism rather than TV broadcast-
ers’ desperate scramble for content
that can still pull big audiences
willing to sit through (if not watch)
commercials.
Mr. Goodell has his friends and de-
fenders, but fairness is not a consid-
eration at his level of pay. What’s in
the best interests of the league? Of
course, the NFL has a second big
management problem: It’s structured
essentially as a cooperative enter-
prise of a bunch of billionaire egoma-
niacs, a fact that lately has played
into Mr. Goodell’s hands in his battle
with Mr. Jones. His fellow owners ap-
pear to be more afraid of Mr. Jones’s
natural gift for leadership and high
level of conviction than they are Mr.
Goodell’s lack of either. Indeed, full-
fledged Stockholm syndrome may be
setting in. A league attorney last
week sent a letter that seems to have
quieted Mr. Jones for now, accusing
him of “conduct detrimental to the
League’s best interests.”
The owners ought to look in the
mirror and understand why sports
leagues usually seek a commissioner
of independent stature and author-
ity. Mr. Goodell may have his virtues,
but he started as an NFL intern. He
could show himself to be the leader
the league really needs if he now
found a reason to step down so the
NFL would be forced to make a clean
start.
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A14 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

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DJIA 23557.99 À 31.81 0.1%
Faked Data at Issue Again in Japan Unilever
Launches
Mitsubishi Materials
says factory workers
doctored quality
results for products
BY SEAN MCLAIN
TOKYO—Mitsubishi Mate-
rials Corp. said one of its sub-
sidiaries knew for months fac-
tory workers were tampering
with quality information on
airplane, car, and power-plant
parts but continued to ship the
products, including possibly to
the U.S.
HEARD ON
THE STREET
By Spencer Jakab
Proving
Investment
Success
Takes Time
Is it luck or
skill? Picking
a fund man-
ager who can
beat the index
is tough, but
picking one who beats it
through actual ability is far
more difficult.
Victor Haghani, a co-
founder of one of the best-
known investment firms in
history, says the most sur-
prising thing is that people
have great confidence that
they can pick these supertal-
ented fund managers. Cur-
rently the chief executive of
Elm Partners, which es-
pouses index investing for
wealthy clients, Mr. Haghani
will try to prove that to you
with a simple test.
He and two colleagues
told several hundred ac-
quaintances who worked in
finance that they would flip
two coins, one that was nor-
mal and the other that was
weighted so it came up
heads 60% of the time. They
asked the people how many
flips it would take them to
figure out, with a 95% confi-
dence level, which one was
the 60% coin. Told to give a
“quick guess,” nearly a third
said fewer than 10 flips,
while the median response
was 40. The correct answer
is 143.
Mr. Haghani’s belief in in-
dexing means he has a
vested interest in the out-
come. His earlier experience
as an active investor gives
him perspective on how hard
it is to beat the market. Mr.
Haghani was a co-founder of
Long Term Capital Manage-
ment, the hedge fund that
had spectacular results from
exploiting real market anom-
alies before its failure nearly
took down the global finan-
Please see HEARD page B4
Rolling Dice
U.S. stock funds that remained
in top quartile during a
five-year period
600
500
400
300
200
100
0 Big brand advertisers, in-
Year 1 2 3 4 5
*Period through June 2017
Source: S&P Dow Jones Indices SPIVA
THE WALL STREET JOURNAL.
Notice to Readers
Jason Zweig is away. The
Intelligent Investor column
will return next Friday.
WEEKEND INVESTOR B4 | MARKETS DIGEST B5 | HEARD ON THE STREET B11
* * * *
NASDAQ 6889.16 À 0.3% STOXX 600 386.63 g 0.1%
It is the latest quality scan-
dal to hit Japan’s manufactur-
ing industry, this one affecting
more than 200 customers in
Japan and overseas, according
to Mitsubishi Materials.
Executives held a news con-
ference Friday after the com-
pany revealed on Thursday
that workers had doctored
quality data to make it appear
that such products as rubber
gaskets and copper products
met customer standards when
they didn’t.
Most of the parts were used
for products in Japan, but
some went to customers in
EU Looks to Improve Bond Market
European corporate bonds are trading less frequently even as companies issue more of them.
Market makers’ net inventories of
nonfinancial European corporate bonds
€50 billion
40
30
20
10
0 €1 billion=$1.18 billion
2008 ’09 ’10 ’11
The percentage of European
corporate bonds that traded*
80%
75
70
65
2011 ’12 ’13 ’14 ’15
*At least once during the month in question
Sources: European Systemic Risk Board, Risk Control Ltd. , FCA
BY CHRISTOPHER WHITTALL
The European Commission
wants to determine why is it
becoming harder to trade cor-
porate bonds, even though
companies are issuing more of
them.
The Federal Reserve Bank
of New York and the Bank of
England have also examined
the bond market amid worries
that declining liquidity—or the
ability to buy and sell bonds
easily at or near a stated
price—could make it harder
for funds to sell positions in a
downturn and trigger a self-
reinforcing wave of fire sales.
The commission, the execu-
YouTube Deals With Another Advertiser Backlash
BY STU WOO
AND SAM SCHECHNER
A fresh wave of advertisers
suspended commercials on
YouTube after their ads
showed up next to videos that
appeared to attract pedophile
viewers.
The backlash Friday was
the latest over what critics say
is the inability of YouTube
owner Google, and parent Al-
phabet Inc., to effectively po-
lice the video service and as-
sure advertisers their spots
won’t end up accompanying
inappropriate or offensive
content.
cluding candy maker Mars
Inc., sportswear firm Adidas
AG, alcohol giant Diageo PLC
and British satellite-TV opera-
tor Sky PLC’s Now TV subsid-
iary, said they had stopped ad-
vertising on YouTube. They
responded after the Times of
London reported that ads for
those companies were popping
up next to videos of young
THE WALL STREET JOURNAL.
10-YR. TREAS. g 6/32 , yield 2.342%
China, and perhaps the U.S.,
Mitsubishi Materials said. Less
than a fifth of those customers
had been notified about the
problem as of Thursday, the
company said, adding that so
far no safety concerns had
been identified for any of the
products.
The revelation follows a
similar admission by Kobe
Steel Ltd. last month and Nis-
san Motor Co.’s recent disclo-
sure of improper vehicle in-
spections, which prompted the
auto maker to suspend produc-
tion for the Japan market and
recall more than a million cars
€16.1 billion
’12 ’13 ’14
Banks’ average holding period for
European corporate bonds is increasing
50 days
40
30
20
69%
10
’16 2011 ’12
tive arm of the European
Union, plans to launch a public
consultation in early 2018 on
ways to improve how the cor-
porate bond market functions.
Since the financial cri-
sis, banks and investors have
complained about deteriorat-
ing trading conditions in cor-
porate debt markets, making it
harder to buy and sell bonds
in large sizes. Many analysts
say that is because banks now
hold fewer bonds as a result of
the regulation that followed
the financial crisis.
The commission will gather
views from what it describes
as a broad audience and will
follow up on some of the 22
How YouTube Places Ads
Desired viewers can be reached in different ways:
Ads can be placed before
specific types of content,
believing potential customers
view this content.
Advertisers can buy ads
based on keyword
searches entered by users.
Ads can be placed in videos
watched by a particular
demographic profile.
Problems arise when users view inappropriate
videos including ads targeted to them.
Source: Staff reports
children, many of which drew
lewd comments from viewers.
Other recent reports in the
news and on social media have
highlighted YouTube videos
with millions of views that ex-
ploit children by putting them
in compromising or predatory
situations.
OIL $58.95 À $0.93
in that country. The scandals
have sparked soul-searching
in Japan about its corporate
governance and put at risk the
reputation of Japanese manu-
facturers.
Mitsubishi Materials said
subsidiary Mitsubishi Cable In-
dustries Ltd. discovered its
problem in February and
launched an internal investiga-
tion in May. It continued to
ship affected products until
late October, when the subsid-
iary finished a five-month-long
audit of products shipped
since April 2015.
Mitsubishi companies are
The total amount of European corporate
bonds outstanding continues to climb
€3.3 trillion
3.2
3.1
3.0
2.9
2.8
’15 2011 ’12 ’13
Net return for market makers
of European corporate bonds
35 days
–10
’13 ’14 ’15 ’16
recommendations from a re-
port published this past
week by a group of industry
participants, including banks,
asset managers and European
corporations. Those recom-
mendations ranged from
changes to banks’ capital re-
quirements to amending the
process around how compa-
nies raise money in bond mar-
kets.
As the European corporate
debt market has expanded, the
amount of bonds that trade
regularly has declined by
about 10 percentage points.
“The question is what
would happen now if we go
into another crisis period. The
Advertisers YouTube videos
A spokesman for YouTube
said Friday that the video-
sharing service forbids videos
and comments that sexualize
or exploit children, and that
the videos in question should
never have displayed any ads.
“We are working urgently to
fix this,” the spokesman said.
STOCKS RETAILERS REJOICE B10
Saturday/Sunday, November 25 - 26, 2017 | B1
GOLD $1,286.70 g $4.90
major suppliers to the global
aviation and automotive indus-
tries, as well as Japanese de-
fense contractors.
Boeing Co. said it was re-
viewing its supply chain. “The
quality and safety of our prod-
ucts are our highest priority.
Boeing is reviewing the matter,
and will take timely and ap-
propriate action as necessary,”
the company said in an
emailed statement.
Companies and analysts say
these sorts of revelations have
deep roots in Japan Inc.’s gov-
ernance problems, where de-
Please see DATA page B2
€3.23 trillion
’14 ’15 ’16
10%
5 He could leave sooner depend-
0 person familiar with the mat-
–5
2011 ’12 ’13 ’14 ’15
THE WALL STREET JOURNAL.
market has much less capacity
than it used to have,” said Wil-
liam Perraudin, director of
consulting firm Risk Control
Ltd., which carried out the
study for the commission on
the European corporate debt
market. Risk Control’s report
disclosed how reduced capac-
ity has hurt banks’ trading
desks that act as intermediar-
ies in these markets. Because
they find it harder to unload
bonds quickly, they are doing
it less, crimping profits. It
found that banks’ average
holding period for bonds
nearly doubled to about 35
days in May 2016 from 18 days
in September 2011.
Desired audience
“ICELAND”
THE WALL STREET JOURNAL.
The ad suspensions—hitting
YouTube on Black Friday, the
traditional kickoff for the holi-
day shopping season—follow
similar action by advertisers
earlier this year. In March, for
instance, companies, U.K. polit-
ical campaigns and govern-
ment agencies pulled YouTube
MICHAEL BUCHER/THE WALL STREET JOURNAL
EURO $1.1932 YEN 111.57
Search
For CEO
BY SAABIRA CHAUDHURI
Unilever PLC has kicked
off the search for a new chief
executive, according to a per-
son familiar with the matter,
initiating what is expected to
be a monthslong process to
replace longtime head Paul
Polman.
The search at Unilever, the
Anglo-Dutch packaged-goods
giant that makes household
staples such as Hellmann’s
mayonnaise and Dove soap,
comes at time when sweeping
changes in tastes are buffeting
the consumer-goods industry.
It also follows Kraft Heinz
Co.’s surprise $143 billion bid
for Unilever.
Mr. Polman successfully
fended off that overture, but
afterward acknowledged Uni-
lever hadn’t done a good
enough job boosting share-
holder returns. He has initi-
ated stock buybacks, raised
margin targets and is explor-
ing options for the company’s
underperforming margarine
and spreads business.
Mr. Polman has been Uni-
lever’s CEO since 2009 and he
has publicly said he expected
to run the company for be-
tween five and 10 years. He
has also recently said he has
no plans to leave Unilever be-
fore the end of 2018, and it is
possible he will stay on in his
current role through next year.
ing on the outcome of the
search, according to another
ter.
Mr. Polman didn’t respond
–0.5% to a request to comment.
Unilever in 2016 appointed
a new chairman, Marijin
Dekkers, to its board. Now
’16
that he is settled in, the com-
pany felt it could start the
CEO search, this person said.
The start of the search was
earlier reported by Britain’s
Sky News.
Mr. Polman, a Dutchman, is
credited with turning the con-
sumer-goods and packaged-
foods company into a giant in
personal-care products, with
big acquisitions like Alberto
Culver, the hair and beauty
care brand, and Dollar Shave
Club, the online razor delivery
startup. Apart from his deal
making, he was known for a
public focus on sustainabil-
ity—a stance that won him
measured praise from environ-
mentalists but at times ruffled
critical investors, who called it
a distraction.
More recently, he has had
Please see CEO page B2
ads after discovering they ap-
peared before extremist or rac-
ist videos, following reports
from the Times of London and
The Wall Street Journal.
In response, YouTube gave
advertisers new tools to con-
trol where their ads appear.
The site also took steps to re-
move unsavory content, in-
cluding adding more human
reviewers and boosting its use
of artificial intelligence.
YouTube said this week
that it has removed ads from
three million videos under its
new policies, and planned to
pull ads from an additional
500,000 videos as it further
strengthens its rules. The site
said it also removed 50 You-
Tube channels for endangering
children.
“While we have made sig-
nificant changes in product,
policy, enforcement and con-
trols, we will continue to im-
prove,” the YouTube spokes-
man said Friday.
The advertiser backlash
Please see YOUTUBE 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 25 - 26, 2017
INDEX TO BUSINESSES
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 Facebook..............B3,B11
Adidas ......................... B1
Alphabet .............. B1,B11
Amazon.com
................ A2,B3,B10,B11
Arc American..............A3
Atlas Mara................B10
AT&T............................B3
B K
Bain Capital .............. B10
Barclays.....................B10
Blackstone Group ..... B10
Bloomin’ Brands.........A1
C-D
Carlyle Group............B10
Caspers........................A1
CBS..............................B2
Clariant........................B3
Combilift.....................A6
Comcast.......................B3
DailyPay......................A7
Diageo ......................... B1
Diamond Bank...........B10
Discovery
Communications.......B3
Dish Network..............B2
DoorDash .................... A7
E-F
Edcon Holdings.........B10
INDEX TO PEOPLE
A Hebner, Mark..............B4
Atwood, Rebecca........D7
B Huguenin, Bryce ....... D10
Bammens, Ludo........B10
Berkowitz, Bruce........B4
Brenner, Andrew.......B10
C Inatome, Rick..............A9
Castle, Jennifer .......... D9
D Katz, Karen.................A2
Davis, Judi .................. D9
Diamond, Bob ........... B10
Drewry, William..........B3
G Lane, Kenneth Jay......D3
Gennette, Jeff............A1
Glunz, Barbara..........D10
Grant, Jason ............... D7
Greenfield, Rich..........B3
Guild, Tricia.................D7
H Morris, Michael...........B3
Haghani, Victor...........B1
YOUTUBE
Continued from the prior page
earlier this year appeared to
have little impact on Alpha-
bet’s overall business, which
has continued to post record
sales and profits. Three
months after advertisers
pulled spending in March,
some had returned.
Advertisers don’t want
their brands associated with
objectionable content and as
well can face criticism if their
advertising money goes to
support the videos’ creators.
Advertisers pay roughly $7 to
$12 for 1,000 views, and cre-
ators split that revenue with
YouTube.
The Times of London re-
ported that YouTube videos
featuring young girls—in
many cases apparently filming
themselves, sometimes in un-
derwear—drew hundreds of
pedophiliac comments, includ-
ing encouragement to do lewd
acts and links to child-abuse
content. The Times reported
that the site displayed recom-
mendations for similar videos,
such as a view of naked tod-
dlers taking a bath.
DATA
Continued from the prior page
partments often operate as in-
dependent silos and
information doesn’t filter up
quickly to management.
Economy Minister Hiroshige
Seko said the falsifications
have “shaken the foundations
of fair trade” and called for
Mitsubishi Materials to explain
why it took so long to disclose
the wrongdoing at its subsid-
iary.
“It took a long time to grasp
how much product deviated
from specifications, and unless
we know we can’t have a con-
versation with customers. If
we tell them there’s deviation
without knowing how much, it
will only lead to confusion,”
said Mitsubishi Cable Presi-
dent Hiroaki Murata.
“Now I think I should have
reported as soon I got the in-
formation and looked for our
parent company’s support,” he
said.
Mitsubishi Materials subsid-
iaries operate with broad au-
tonomy, said company execu-
tives Friday.
The parent company didn’t
report the issue during its fi-
nancial earnings announce-
ment this month.
“We didn’t disclose the in-
formation because we didn’t
identify all of the affected cli-
ents yet,” said Akira Takeuchi,
president of Mitsubishi Mate-
rials.
Mitsubishi Materials shares
fell 8% Friday, the first trading
day since the initial disclosure,
and trading was halted amid a
Preqin........................B10
G R
Gap ............... A2,B10,B11 Rio Tinto ................... B11
Google ......................... B1 Risk Control................B1
H-I S
Huntsman....................B3 Saigon Beer Alcohol
InfiLaw System..........A1 Beverage...................B3
Risk Control................B1
KKR............................B10 Signet Jewelers........B10
Sterling Partners........A9
Kohl's............A2,B10,B11
Sylvan Learning
L Systems....................A9
Laureate Education....A9
T
M Target...................A1,B10
Macy's..........A1,B10,B11 Tesla..........................B11
Market Track...............A1 Time Warner...............B3
Mars............................B1 TPG............................B10
Mattel........................B10 21st Century Fox........B3
McDonald’s..................A1
Mitsubishi Materials..B1 U
N Uber Technologies......A1
Unilever.......................B1
Neiman Marcus .......... A2
Netflix.........................B3 V
Nike.............................A2 Verizon Communications
Nvidia........................B11 .....................................B3
O-P W
O'Melveny & Myers....B3 Wal-Mart Stores.A2,B11
Potash Corp. of Whitefish Energy.......A3
Saskatchewan.........B11 White Tale Holdings...B3
Olson, Catie .............. D10
Hermann, Barbara....D10 P
Perman, Craig...........D10
Huth, Johannes.........B10 Perraudin, William......B1
Hymanson, Sarah.....D10 Polman, Paul...............B1
I R
Romualdez, Daniel......D3
K S
Schafer III, Gil ............ D7
Kramer, Sara.............D10
Schroer, Mike............B11
L Stephenson, Randall...B3
Lafont, Dominique....B10 T than two million subscribers
Takeuchi, Akira...........B2
Lively, Don..................A1 V out that lasted through CBS’s
M, O
Venuti, Keri.................D9
Mansell, Kevin............A2 Villaine, Aubert de...D10
McGlashan, Bill.........B10 W sion stations owned by CBS
Montoya, Juan............D8 Wasserman-Hone,
Becky.......................D10
Mugabe, Robert..........C4 Wilson, Kendra...........D7
News Corp owns both the
Times of London and The Wall
Street Journal.
Google struggles to police
YouTube because its cache of
videos is too vast for humans
to review and software isn’t
able to detect much of the un-
savory content on its own.
3M
Number of videos from which
YouTube has removed ads
And the latest twist to ill-
placed ads only complicates
such policing. Videos, if posted
innocently, might not in and of
themselves violate YouTube’s
terms of service; however,
many comments posted by
viewers clearly do.
YouTube said Friday that
“in the last week” it has “dis-
abled comments on thousands
of videos that we’ve identified
as of potential interest to
predators and shut down hun-
dreds of accounts identified as
making predatory comments.”
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Mitsubishi Materials President Akira Takeuchi, center, at a press conference on Friday in Tokyo.
glut of sell orders.
In its Thursday announce-
ment, the parent company also
revealed problems with two
other subsidiaries.
Mitsubishi Shindoh Co.
faked inspection data on the
strength and conductivity of
copper strips used in the elec-
trical systems of cars and elec-
tronic devices. The discoveries
were made in October during
an internal audit, and ship-
Dish subscribers in 18 markets, including Los Angeles and Dallas, couldn’t view the Chargers-Cowboys game on Thanksgiving.
Deal Ends Dish Blackout of CBS
BY CARA LOMBARDO
Dish Network Corp. said
Friday that it reached a car-
riage agreement with CBS
Corp. and was restoring the
programmer’s stations to more
affected by a three-day black-
Thanksgiving Day National
Football League game.
CBS and other local televi-
weren’t available on Dish be-
ginning late Monday night and
early Tuesday morning in
A spokeswoman for Diageo,
the owner of the Smirnoff and
Johnnie Walker, said the com-
pany won’t advertise again on
YouTube until “appropriate
safeguards are in place,” add-
ing that the company is
“deeply concerned” and “in-
vestigating this as a matter of
urgency.”
Mars said it has suspended
advertising on Google globally.
“We are shocked and appalled
to see that our adverts have
appeared alongside such ex-
ploitative and inappropriate
content,” a spokesman said.
Representatives of Now TV, a
television and internet pro-
vider in Britain and Ireland,
and as well as London’s Enfield
Council, a municipal body, is-
sued similar statements.
A spokesman for Adidas
said the company has stopped
advertising on YouTube in
most markets around the
world until Google can investi-
gate and resolve the issue. A
spokesman said the firm has
“taken immediate action,
working closely with Google on
all necessary steps to prevent
this from happening again.”
—Jack Nicas
contributed to this article.
ments of the products were
shut down the same month.
Roughly half of the 29 cus-
tomers for the products have
been notified, Mitsubishi Shin-
doh said. Most of the remain-
ing customers are located in
Taiwan and China, the com-
pany said. Mitsubishi Shindoh
says it is unsure whether those
companies exported products
with potentially problematic
parts to other countries.
* ****** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
TOM PENNINGTON/GETTY IMAGES
markets including New York, while CBS has said Dish is re- were also dropped for three
Los Angeles, Dallas and Chi- fusing to pay the same price days.
cago. everyone else pays for its sta- Dish said Friday all four
The action, which didn’t af- tions, which air some of net- channels were being restored
fect all of Dish’s 13.2 million work TV’s highest-rated pro- to affected customers.
subscribers, came after the grams. Disagreements between the
two companies failed to reach CBS on Wednesday had said two companies also caused
a new deal for Dish to carry the two sides were still “far CBS channels to go dark for
CBS’s stations before their apart.” That meant Dish sub- Dish subscribers in 2014. In
current contract ended. scribers in 18 markets span- that case, it took only 12 hours
Neither company disclosed ning 26 states went without for the two sides to reach a
financial terms of the new CBS on Thanksgiving, when it deal.
agreement. carried an NFL matchup be- CBS shares, down 11% this
Dish had said that CBS tween the Dallas Cowboys and year, rose less than 1% to
wanted it to pay more for pro- the Los Angeles Chargers. $56.54 Friday. Dish shares,
gramming that is declining in CBS Sports Network, Pop down 14% this year, slid 1.1%
viewership or free over the air, and the Smithsonian Channel to $49.87.
CEO
Continued from the prior page
to steer Unilever through an
industry slowdown attribut-
able to shifting consumer pref-
erences.
Many shoppers have aban-
doned the big, global brands
SIMON DAWSON/BLOOMBERG NEWS
made by Unilever and its com-
petitors, such as home and
personal-care giant Procter &
Gamble Co. and packaged-food
firm Nestlé SA.
Instead, the companies have
sought out smaller, niche
brands, which have been able
to effectively market them-
selves on social media or man- Paul Polman has been Unilever’s chief executive officer since 2009.
aged to reach consumers di-
rectly through new e-commerce prices rather than boosting est-profile positions in corpo-
distribution channels. volumes. rate Europe. Bernstein analyst
They have increasingly ca- In its search for a new CEO, Andrew Wood said outsiders
tered to a pivot among many Unilever has a strong internal could include a number of ex-
shoppers toward healthier, bench, analysts said. Those in- ecutives leading some of the
simpler or locally produced clude Alan Jope, who leads the continent’s biggest compa-
products. personal-care business. An- nies—including British grocery
Unilever has recently had to other contender, North Ameri- chain Tesco PLC Chief Execu-
weather headwinds in some of can boss Kees Kruythoff, is tive Dave Lewis and Kasper
its biggest markets, like India slated to take over as head of Rorsted, former CEO of Ger-
and Brazil, where macroeco- home care early next year. man consumer-goods giant
nomic disruption has capped Chief Financial Officer Graeme Henkel AG and now Adidas AG
spending. The company in re- Pitkethly is another possibil- boss.
cent quarters has driven ity, analysts said. —Robert Wall
growth mainly by raising The job is one of the high- contributed to this article.
Mitsubishi Aluminum Co.
shipped out-of-specification
products to 16 customers and
they have been assured there
were no safety issues. The
company didn’t provide any
further details.
Mitsubishi Materials and
DON’T TAKE NEWS
Mitsubishi Motors Corp. are AT FACE VALUE.
part of the Mitsubishi group of Support news literacy at
companies, which operate inde- thenewsliteracyproject.org
pendently but have cross-share-
holding and historical ties.
 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.
Media Deal Makers Look to Recalibrate
Antitrust landscape changes with suit against AT&T-Time Warner merger. Will Comcast-Fox talks be affected?
BY KEACH HAGEY
AND JOE FLINT
In the past year, every
top-tier media company in
the U.S. has agreed to or at
least considered a transfor-
mational merger. Now the
industry must figure out
what the Justice Depart-
ment’s lawsuit to block
AT&T Inc.’s acquisition of
Time Warner Inc. means for
other deals.
Analysts have been espe-
cially interested in the po-
tential impact on Comcast
Corp.’s desire to acquire a
significant chunk of 21st
Century Fox’s assets.
Comcast is continuing its
talks with Fox and doesn’t
think a deal would face the
same regulatory hurdles be-
cause the vast majority of
the revenue from the Fox
businesses in question comes
from overseas, said a person
familiar with Comcast’s
thinking.
Plus, Comcast already
owns content through its ac-
quisition of NBCUniversal.
Therefore, the media giant
Serving AT&T Is Onetime Trump Defender Clariant
BY DREW FITZGERALD
AND SARA RANDAZZO
The lawyer charged with
defending AT&T Inc.’s take-
over of Time Warner Inc. in
court fits the part in a drama
that has already featured
plenty of big personalities and
unexpected twists.
Trial attorney Daniel Petro-
celli’s client list over the years
has included former Enron
Chief Executive Jeffrey Skil-
ling, boxer Manny Pacquiao,
Walt Disney Co., pop singer
Kesha and a reality-TV star
turned politician named Don-
ald Trump.
Mr. Petrocelli’s latest client
is bland by comparison: AT&T
hired the O’Melveny & Myers
LLP partner to defend the
phone-and-satellite company’s
$85 billion deal to buy Time
Warner against Justice De-
partment lawyers who say the
deal will hurt competition. Ob-
KHAM/REUTERS
Bottles of beer move along a production line in June at a factory of Saigon Beer Corp., or Sabeco, in Hanoi.
Vietnam Seeks Investors for a Stake in Brewer
BY P.R. VENKAT
AND JAKE MAXWELL WATTS
The government of Vietnam
has kicked off a process to
find potential investors for a
large stake in the country’s
biggest beer company, as it
looks to strike a multibillion-
dollar deal in the coming
weeks.
On Friday, Vietnamese gov-
ernment officials were in Sing-
apore meeting investors to
drum up interest in state-
owned Saigon Beer Alcohol
Beverage Corp., or Sabeco.
The brewer is publicly listed in
Vietnam and has a market
capitalization of around $8.7
billion.
The government currently
owns close to 90% of Sabeco.
* * * * Saturday/Sunday, November 25 - 26, 2017 | B3
BUSINESS NEWS
INDUSTRY FOCUS
Time Warner. The healthy been approached by a host concern for regulators.
performance of most media of suitors including Comcast, Comcast is also interested
stocks on Tuesday—the first Sony Corp. and Verizon in buying Fox’s regional
trading day after the govern- Communications Inc., the sports networks, according
ment filed its suit—suggests Journal has reported. to the person familiar with
investors are betting the Analysts and investors are Comcast’s thinking, assets
government doesn’t have a now trying to discern which that weren’t under discus-
strong case. combinations could pass sion with Disney.
But while the litigation muster with antitrust offi- 21st Century Fox and
20TH CENTURY FOX/EVERETT COLLECTION
drags on, merger-and-acqui- cials. Telsey Advisory Group Wall Street Journal parent
sition activity in the sector analyst Thomas Eagan wrote company News Corp share
is likely to take a “four- or in a research note that the common ownership.
five-month pause,” Mr. Justice Department’s suit “Six months ago, the mar-
Greenfield said. and clear concerns about ket believed that the indus-
The lull would come as vertical mergers make it dif- try was poised to see fur-
the industry is under intense ficult for Comcast or Verizon ther, significant and maybe
pressure from the accelera- to purchase Fox assets, leav- unprecedented consolidation
tion of customer cord-cut- ing Disney—and possibly over the next several years,”
ting, the growing power of Sony—as “the only real said William Drewry, found-
Comcast is interested in acquiring a significant chunk of 21st tech companies such as Net- buyer.” ing partner at Pursuit Advi-
Century Fox, whose assets include movies such as ‘Avatar.’ flix Inc., Amazon.com Inc. For Comcast, there are ad- sory, a boutique advisory
and Facebook Inc., and a ditional factors to consider. firm specializing in media.
sees the purchase of some content provider—similar to wave of consolidation among For one, some antitrust ex- “Now that is under serious
Fox content assets as more the AT&T deal that the Jus- pay-TV distributors that has perts have argued that the question.”
of a “horizontal” deal of like tice Department is arguing is left the giants of media government didn’t do enough Some believe a horizontal
businesses, rather than a illegal. searching for a transforma- to limit Comcast’s power merger between two content
“vertical” merger akin to “How could Comcast buy tional next move. when it took control of NBC- providers might still be able
telecommunications giant more content if AT&T can’t This fall, those pressures Universal in 2011. Comcast to pass muster. Guggenheim
AT&T joining with Time buy Time Warner?” asked led Walt Disney Co. to reach would be adding Fox’s movie Securities analyst Michael
Warner. Rich Greenfield, an analyst out to Fox to discuss buying and television studios, mak- Morris argues that Time
But others question that at BTIG Research. a substantial piece of its en- ing it an even larger pro- Warner could conceivably
thinking. A Comcast-Fox deal Of course, it’s possible tertainment assets. Although ducer of content and reduc- merge with Disney, Fox or
would combine what is prin- that AT&T will win the anti- the talks cooled, they helped ing the number of major CBS—should the AT&T deal
cipally a distributor with a trust case and be able to buy put Fox in play. Fox has since studios—and that could be a fall apart.
servers say the company’s
choice of legal representation
signaled its eagerness to ag-
frauded thousands of people.
The 2016 election prompted
Mr. Trump to settle that case.
Petrocelli said his experience
with Mr. Trump would have no
impact on the AT&T case or
Dismisses
gressively fight the lawsuit.
“You’re not hiring a bunch
of paper shufflers,” said Pat-
Mr. Petrocelli at the time said
his client “can fight, as we all
know,” but opted for a $25 mil-
his litigation strategy: “I don’t
think it’s relevant to this.”
Mr. Petrocelli first made a
Activist
rick Coughlin, a lawyer with
Robbins Geller Rudman &
Dowd who was one of Mr. Pet-
lion settlement to avoid the
distraction of further litigation.
The president’s shadow
name for himself successfully
representing Ron Goldman’s
family in a 1997 wrongful
Investors’
GREGORY BULL/ASSOCIATED PRESS
rocelli’s opponents in the case
involving Mr. Trump. “He’s
very comfortable in a court-
room,” Mr. Coughlin said, add-
looms over Mr. Petrocelli’s lat-
est case. AT&T Chief Executive
Randall Stephenson on Mon-
day said the question of Time
death trial against O.J. Simp-
son, which followed the for-
mer NFL star’s acquittal in the
criminal trial over the deaths
Demands
ing Mr. Petrocelli’s conversa- Warner’s CNN and its role in of Mr. Goldman and Nicole BY BRIAN BLACKSTONE
tional demeanor often plays the antitrust case was the “el- Brown Simpson.
well with judges. ephant in the room,” a refer- The Los Angeles-based at- ZURICH—Clariant AG re-
Mr. Petrocelli, who is 64 ence to Mr. Trump’s dislike of torney took the lead in defend- jected many demands of its
years old, and his partners at the news channel. ing Mr. Skilling, who was con- largest shareholder in the
O’Melveny & Myers are known Daniel Petrocelli participated in The Justice Department has victed in 2006 of lying to wake of the failed $15 billion
as litigators who will relent- the defense against lawsuits said the White House didn’t investors about Enron’s finan- merger with U.S.-based Hunts-
lessly push their client’s posi- involving Trump University. influence its work. The presi- cial health and sentenced to 24 man Corp., escalating a battle
tion, sometimes by attacking dent didn’t help the agency years in prison. He continued with activist investors.
opposing counsel, until a court Trump. Mr. Petrocelli repre- Tuesday when he called the the legal fight for years and in Clariant offered White Tale
tells them to stop. sented Mr. Trump in his de- deal “not good for the coun- 2013 reached a deal to drop Holdings—which owns more
That willingness to dog- fense of lawsuits claiming try” in response to a reporter’s his appeals in exchange for a than 20% of the Swiss chemi-
gedly fight in court was Trump University, the com- shouted questions. reduced sentence of 14 years. cals company—one seat on its
matched by an equally tena- pany that ran Mr. Trump’s for- Following an AT&T press —Ryan Knutson board of directors, short of the
cious client in the case of Mr. profit real-estate courses, de- conference on Monday, Mr. contributed to this article. three seats the shareholder
had requested. It also dis-
missed White Tale’s call to
hire an investment bank to ex-
plore strategic options for the
company.
“The board of directors per-
ceives this process to be
merely focused on finding bid-
ders for various businesses
with the ultimate consequence
of breakup the company and
selling the assets,” Clariant
said in a statement Friday.
Clariant executives met
with White Tale earlier this
week, and its board met
Thursday.
White Tale comprises in-
vestment funds 40 North Lati-
tude Master Fund Ltd., con-
trolled by U.S. investors David
Winter and David Millstone,
and Corvex Master Fund Ltd.,
controlled by well-known ac-
tivist investor Keith Meister.
Under pressure from White
Tale, Clariant and Huntsman
scuttled their proposed
merger on Oct. 27. White Tale
had said the proposed deal
was detrimental to sharehold-
ers, and its large stake in Clar-
iant in the end made it impos-
sible for the company to win
the necessary shareholder ap-
proval.
“Bottom line...it’s clear
Clariant will resist attempts to
break up the company, and at
its current valuation, we
struggle to see major new op-
tions to drive upside,” said an-
alysts at Morgan Stanley in a
Depending on the level of largest sale of a Vietnamese with sales booming in sectors have more than doubled in research note.
buyer interest, Vietnam could state-run firm and could add from banking to beverages. value. The company is one of Clariant shares were down
sell more than 50% of the de- weight to the communist gov- Consumer spending is rising, the biggest listed firms in 0.34% Friday.
cades-old company and cease ernment’s plans to open up its which is attracting more for- Vietnam and has about a 40% The Swiss company said
to be its majority owner. economy to foreign invest- eign investors, especially share of its beer market. Friday that it would give
The exact amount of shares ment by relaxing ownership those in Japan and Europe The company’s sales and White Tale a chance to pro-
it will sell will be decided after limits. who are seeking opportunities profit have been rising. Reve- pose one new member to its
roadshows in Singapore, Lon- While that process is under outside their own markets. nue topped $1.3 billion in 2016 board at the company’s annual
don and Ho Chi Minh City in way, the government has often The country also has a and Sabeco posted net income general meeting in March.
the next few days, said a se- been slow to follow through young population and a boom- of $197 million that year, ac- White Tale had also pro-
nior government official. He with those promises or been ing export sector that is taking cording to S&P Global Market posed that Clariant sell its
said the plan is for Vietnam to weak in execution, some for- business from China and coun- Intelligence. plastics-and-coatings business,
unload a significant portion of eign investors say. The gov- tries where costs and wages Foreign interest for the though Clariant Chief Execu-
its ownership before year-end. ernment had in previous years are higher. government’s stake in the beer tive Hariolf Kottmann said Fri-
Sabeco is subject to a for- talked about a potential sale of Vietnam’s economy is ex- company has been strong. day that it isn’t reasonable in
eign-ownership limit of 49%, its majority stake in Sabeco, pected to grow more than 6% People familiar with the pro- the near term given the unit
which means that a rule and only recently began acting this year and its stock market cess said Japan’s Kirin Hold- generates significant amounts
change may be required for on those plans. is one of the best performers ings Co. and Asahi Group of cash for the company.
any single foreign buyer to Vietnam is one of Asia’s in Asia, with the Ho Chi Minh Holdings Ltd. and Thailand’s White Tale had no immedi-
snap up the entire stake the fastest-growing economies, Stock Index up around 40% so Thai Beverage PCL and Singha ate comment.
government is looking to sell. with a population of more far this year. Group were among the compa- Clariant said it would offer
If a deal for a majority than 90 million, and is seen as Sabeco’s shares started nies that have shown interest details on its business strategy
stake is struck, it would be a promising frontier market, trading about a year ago and in buying a stake in Sabeco. in early 2018.
B4 | Saturday/Sunday, November 25 - 26, 2017
CFTC Chief Works to Tweak Rules
Republican J. Christopher Giancarlo leans on his ability to reach out to Democrats as he reviews Obama-era regulations
BY GABRIEL T. RUBIN
WASHINGTON—J. Christo-
pher Giancarlo moved to the
top job at the Commodity
Futures Trading Commission
this year from a minority
commissioner’s
WEEKEND role, giving him
PROFILE a chance to
push for
changes on
Obama-era derivatives regu-
lations that he has criticized.
But so far, Mr. Giancarlo
has been content to tweak
derivatives rules tied to the
2010 Dodd-Frank regulatory
overhaul law. His assertion
that the bulk of Dodd-Frank
derivatives regulations is
here to stay has been disarm-
ing to some Democrats, who
have worried about large-
scale deregulation under the
Trump administration.
Those who know him say
Mr. Giancarlo’s moderate ap-
proach and willingness to
work closely with Democrats
aren’t surprising.
“He actually brings a sig-
nificant amount of continu-
ity to the agency,” said Mark
Wetjen, a former Democratic
CFTC commissioner who
served with Mr. Giancarlo
during the Obama adminis-
tration.
Mr. Giancarlo, a Republi-
HEARD
Continued from page B1
cial system in 1998.
The research applies di-
rectly to picking fund man-
agers. We already know most
active managers fail to beat
an index fund in any given
year, yet many people pay up
for managers they believe
have the skill to do so.
For example, performance
of the Fairholme Fund won
its manager, Bruce Berko-
witz, the distinction of do-
mestic equity fund manager
of the decade in 2010 from
Cash Prices | WSJ.com/commodities
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.
Energy
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
ADVERTISEMENT
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
AVIATION
can, took over as acting chief
on the first day of the
Trump administration and
was later installed as the
commission’s permanent
chairman.
Appointed to the CFTC by
President Barack Obama, he
served as a minority com-
missioner for three years—
dissenting at times, but
mostly trying to reach con-
Mr. Giancarlo is
viewed by some on
the left as too cozy
with Wall Street.
sensus with the commis-
sion’s Democratic majority.
Now, Mr. Giancarlo, 58 years
old, is looking back at rules
that may have been put to-
gether too hastily after the
2008 financial crisis, seeing
if changes are needed.
An avid musician—on gui-
tar and banjo—Mr. Giancarlo
is in a band with the top
Democrat on the House Agri-
culture Committee, Rep. Col-
lin Peterson of Minnesota.
The two are scheduled to
perform at the Minnesota
Cattlemen’s Association con-
Morningstar. The fund had
beaten its benchmark most
years, and its compound an-
nual return was an impres-
sive 13 percentage points
better than peers on an an-
nualized basis.
The fund slumped strik-
ingly the very next year, lag-
ging behind the S&P 500 by
nearly 35 percentage points.
The inevitable schadenfreude
in the financial media elic-
ited a rebuke from Mr.
Berkowitz in his 2011 letter
to shareholders. “One cir-
cling of the sun is too short
a time to differentiate be-
tween good and lucky,” he
Friday, November 24, 2017
Friday
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
1.0074
1.0421 Gold, per troy oz
n.a. Engelhard industrial
n.a. Engelhard fabricated
n.a. Handy & Harman base
n.a. Handy & Harman fabricated
n.a. LBMA Gold Price AM
n.a. LBMA Gold Price PM
n.a. Krugerrand,wholesale-e
59.850 Maple Leaf-e
BOATING

  
WEEKEND INVESTOR
vention next week.
“I don’t get hung up on
whether a guy is a Republi-
can or Democrat—I’m a mu-
sician and I just want to
play, and I think he’s the
same way,” Mr. Peterson said
in an interview.
People who have worked
closely with Mr. Giancarlo
describe him as an under-
stated presence with a vora-
cious appetite for learning
about the markets he regu-
lates. As a Vanderbilt Uni-
versity-trained lawyer, he
doesn’t shy away from div-
ing into arcane aspects of fi-
nancial regulation.
“You couldn’t give him
enough material to read and
study,” a former CFTC offi-
cial said, citing Mr. Gian-
carlo’s interest in academic
studies of the causes and ef-
fects of the financial crisis.
Mr. Giancarlo’s low-key
demeanor and center-right
Republican politics have led
many to compare him with
Jerome Powell, President
Donald Trump’s nominee for
Federal Reserve chairman.
Both men are East Coasters
(Mr. Powell from Washing-
ton, Mr. Giancarlo from
northern New Jersey) who
spent years in the private
sector before taking top jobs
in government. Earlier in his
wrote. He was right, but per-
haps not in the way that he
meant. Writing in 2014, after
two more years—one bad
and one good—for
Fairholme, Mark Hebner of
Index Fund Advisors used
statistics to determine if
skill was responsible for
Fairholme’s past success. Us-
ing a measure of how much
Mr. Berkowitz’s fund tended
to deviate from its bench-
mark and the same 95% con-
fidence interval used in the
coin-flipping paper, he con-
cluded that it was too soon
to tell. It would take 18 years
to get an answer, longer than
Friday
12.100 American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
n.a. Silver, troy oz.
n.a. Engelhard industrial
1290.50 Engelhard fabricated
1432.45 Handy & Harman base
*1290.15 Handy & Harman fabricated
*1290.35 LBMA spot price
1339.31 (U.S.$ equivalent)
1352.19 Coins,wholesale $1,000 face-a
Other metals
LBMA Platinum Price PM
Platinum,Engelhard industrial
Platinum,Engelhard fabricated
Palladium,Engelhard industrial
Palladium,Engelhard fabricated
Aluminum, LME, $ per metric ton
Copper,Comex spot
Iron Ore, 62% Fe CFR China-s
*2090.0
Shredded Scrap, US Midwest-s,w
Steel, HRC USA, FOB Midwest Mill-s
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w
* *** THE WALL STREET JOURNAL.
wrong, like its rules for
swaps-trading platforms, as
well as to reach international
agreements with other regu-
lators who moved more
slowly to implement postcri-
sis rules.
Those efforts have won
the support of Republicans
in Congress and the Trump
administration. But Mr. Gian-
carlo has on occasion failed
to anticipate the political
ANDREW HARRER/BLOOMBERG NEWS
fallout from some of his de-
cisions. A former major do-
nor to 2012 Republican pres-
idential candidate Mitt
Romney, Mr. Giancarlo is
viewed by some on the left
as too cozy with Wall Street.
Last year, while still a mi-
nority commissioner, he
J. Christopher Giancarlo, head of the Commodity Futures Trading withdrew a report on curb-
Commission, accepts that most postcrisis rules are permanent. ing bets on commodities af-
ter it brought criticism from
career, Mr. Giancarlo was a permanent. But he is also consumer advocates and
corporate lawyer and then critical of how some of those congressional Democrats,
an executive at GFI Group, a regulations were imple- who said it was skewed to-
broker-dealer. mented by the CFTC, espe- ward industry perspectives.
“Jay and I approach these cially some swaps-trading Sen. Elizabeth Warren (D.,
things from a very pragmatic rules put in place under Gary Mass.) said the report didn’t
standpoint—what’s the most Gensler, who turned the satisfy, in her opinion, the
efficient and effective way to sleepy CFTC into a power- legal requirement that it in-
achieve a mission,” Mr. Gian- house that completed its clude diverse viewpoints.
carlo said in an interview, swaps rules years before “Withdrawing the report
referring to Mr. Powell by other national regulators got was the right thing to do,”
his nickname. to theirs. Mr. Giancarlo said. “The les-
Like Mr. Powell, Mr. Gian- Mr. Giancarlo is now at son there was that when you
carlo generally accepts that work trying to tweak what represent the government,
most postcrisis changes are he believes the CFTC got appearances matter.”
the fund had then been in
business and far longer than
most investors’ patience.
cause others can try to
mimic it. Long Term Capital
Management produced stu-
For example, when Mr.
Berkowitz began his trium-
phant decade, his fund was
For managers with more pendous results, but then its tiny. By the end, it was large
volatile results than Mr. strategy was copied, and Mr. and then probably got a fur-
Berkowitz’s, Mr. Hebner de- Haghani saw the erosion of ther boost from the award.
termined that it could take their edge firsthand. During the year that it
several hundred years of The confidence investors lagged behind the market by
performance to discern the place in their ability to pick 35 percentage points, it took
manager’s true ability. skilled managers is ulti- a lot more people’s savings
There are other explana- mately costly. Investors buy down with it. For some suc-
tions for investing success top-performing and top- cessful funds, the effect is so
that aren’t sustainable. rated funds without any abil- stark that a fund manager
Strategies such as value in- ity to determine if skill or retires with vast personal
vesting can fall in and out of luck produced the gains. The wealth and a wonderful rep-
favor. And, unlike loaded result is that the typical in- utation while never generat-
coins, an investment strategy vestor in active funds lags ing a net dollar of value for
that is a legitimate winner behind even those funds’ re- investors. Coin flipping can
may not stay that way be- turn by quite a bit. get expensive.
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Friday Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1352.19 1.500 U.S. 2 1.740 s l 1.731 1.581 1.126
1560.70
2.250 10 2.343 s l 2.319 2.417 2.353
1265.30
1352.19 2.750 Australia 2 1.775 s l 1.773 1.939 1.778 3.5 4.2 65.2
2.750 10 2.516 t l 2.520 2.784 2.766 17.3 20.1 41.3
n.a.
n.a. 0.000 France 2 -0.558 s l -0.563 -0.526 -0.660 -229.8 -229.4 -178.6
17.0100 0.750 10 0.705 s l 0.678 0.751 0.793 -164.1 -155.9
-163.8
21.2630
£12.8000 0.000 Germany 2 -0.686 s l -0.690 -0.701 -0.734 -242.6 -242.1 -186.0
17.0500
0.500 10 0.364 s l 0.350 0.478 0.264 -197.9 -196.9 -208.8
12820
0.050 Italy 2 -0.271 s l -0.297 -0.148 0.080 -201.1 -202.7 -104.6
*933.0
2.050 10 1.823 s l 1.778 2.062 2.142 -52.0 -54.0 -21.0
n.a.
n.a. 0.100 Japan 2 -0.186 s l -0.192 -0.136 -0.160 -192.6 -192.3 -128.6
n.a.
n.a. 0.100 10 0.028 s l 0.025 0.069 0.035 -231.5 -229.3 -231.8
3.1660
67.8
2.750
1.450
Spain 2 -0.344 s
10 1.498 s
l
l
-0.354
1.459
-0.289
1.647
-0.117
1.577
-208.4
-84.5
-208.5
-86.0
-124.3
-77.6
276 1.750 U.K. 2 0.463 s l 0.450 0.475 0.131 -128.1 -99.5
-127.7
n.a.
4.250 10 1.253 s l 1.252 1.358 1.302 -109.0 -106.7 -105.1
Source: Tullett Prebon
0.6200

  Cotton,1 1/16 std lw-mdMphs-u 0.7118 Corporate Debt
Cotlook 'A' Index-t *81.60
Hides,hvy native steers piece fob-u 61.000
in that same company’s share price.
Wool,64s,staple,Terr del-u,w n.a. Investment-grade spreads that tightened the most…
Grains and Feeds Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Barley,top-quality Mnpls-u n.a.
Bran,wheat middlings, KC-u 93 Teva Pharmaceutical Finance Netherlands Iii TEVA 2.800 July 21, ’23 295 –16 340 ... ...
Corn,No. 2 yellow,Cent IL-bp,u n.a. General Electric GE 5.000 Jan. 21, ’49 103 –10 n.a. 18.19 0.22
Corn gluten feed,Midwest-u,w 95.8

  
 
  Corn gluten meal,Midwest-u,w 485.1 PepsiCo PEP 1.700 Oct. 6, ’21 14 –8 17 115.90 0.71
     
     


Cottonseed meal-u,w 230 Morgan Stanley MS 4.300 Jan. 27, ’45 113 –5 124 49.06 –0.06
Hominy feed,Cent IL-u,w 92

 


Meat-bonemeal,50% pro Mnpls-u,w 218 AT&T T 4.500 March 9, ’48 214 –5 226 34.81 –0.17
Oats,No.2 milling,Mnpls-u n.a. Barclays BACR 3.200 Aug. 10, ’21 80 –4 n.a. ... ...
Rice, 5% Broken White, Thailand-l,w 390.00 Ford Motor Credit F 3.815 Nov. 2, ’27 149 –4 157 ... ...
Rice, Long Grain Milled, No. 2 AR-u,w 25.00
LUXURY Sorghum,(Milo) No.2 Gulf-u n.a. Macy's Retail Holdings M 4.500 Dec. 15, ’34 343 –4 357 ... ...
SoybeanMeal,Cent IL,rail,ton48%-u n.a.
Soybeans,No.1 yllw IL-bp,u n.a. …And spreads that widened the most
Buy or Lease
Wheat,Spring14%-pro Mnpls-u n.a.
Wheat,No.2 soft red,St.Louis-bp,u 4.2850
Chubb INA Holdings CB 2.300 Nov. 3, ’20 37 4 37 ... ...
3.7800 UnitedHealth UNH 4.250 April 15, ’47 97 4 100 212.51 0.61

SHOWROOM
Wheat - Hard - KC (USDA) $ per bu-u

for Less Wheat,No.1soft white,Portld,OR-u

Food
n.a. Anheuser–Busch InBev Finance
Cisco Systems
ABIBB
CSCO
4.700
4.450
Feb. 1, ’36
Jan. 15, ’20
106
19
3
3
110
30
...
36.49
...
0.11
(800) 366-3975 Nationwide delivery.
Beef,carcass equiv. index Walt Disney DIS 2.950 June 15, ’27 62 2 72 102.64 –0.10
sales.showroom@wsj.com We offer all current makes & models - 189.18
choice 1-3,600-900 lbs.-u General Motors Financial GM 4.000 Jan. 15, ’25 129 2 129 ... ...
for less. Call 7 days. Trades accepted. select 1-3,600-900 lbs.-u 169.68
For more information visit: 0.8613
Visa V 2.800 Dec. 14, ’22 45 2 43 111.97 1.04

877.989.1500
Broilers, National comp wghtd-u,w
wsj.com/classifieds Butter,AA Chicago n.a. Verizon Communications VZ 4.272 Jan. 15, ’36 158 2 165 47.01 –0.19
Cheddar cheese,bbl,Chicago n.a.
© 2017 Dow Jones & Company, Inc. High-yield issues with the biggest price increases…
All Rights Reserved. www.LEASEFAX.com Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
n.a.
n.a. Bond Price as % of face value Stock Performance
Cocoa,Ivory Coast-w n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Coffee,Brazilian,Comp 1.2251
ADVERTISEMENT Coffee,Colombian, NY 1.4258 Western Digital WDC 10.500 April 1, ’24 116.625 1.63 116.500 92.78 –0.14
Eggs,large white,Chicago-u 1.5750 Denbury Resources DNR 9.000 May 15, ’21 98.313 1.56 97.500 1.80 1.69
Flour,hard winter KC 15.50 7.600 Sept. 15, ’39 85.000 1.00 83.000 13.84 0.29
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
0.75
61.03
n.a.
CenturyLink
Transocean
HCA
CTL
RIG
HCA
6.800 March 15, ’38
5.375 Feb. 1, ’25
81.280
103.250 0.75
0.91 79.750
102.375
10.07
77.19
–1.66
0.16
Pork loins,13-19 lb MidUS-u 0.8092 KCA Deutag UK Finance KCADEU 9.875 April 1, ’22 106.750 0.75 105.750 ... ...
Steers,Tex.-Okla. Choice-u n.a. US Concrete USCR 6.375 June 1, ’24 107.750 0.75 107.000 74.30 –0.73
PUBLIC NOTICES Steers,feeder,Okla. City-u,w 166.38
MEG Energy MEGCN 6.375 Jan. 30, ’23 92.250 0.63 90.000 ... ...

LEGAL
Fats and Oils
Corn oil,crude wet/dry mill-u,w 33.7500 …And with the biggest price decreases
NOTICES

   
 
 

 
Grease,choice white,Chicago-h n.a.

  
 
 Lard,Chicago-u 0.4100
Altice Luxembourg ATCNA 7.625 Feb. 15, ’25 97.000 –0.50 99.250 ... ...
      Soybean oil,crude;Centl IL-u n.a. Banco Bilbao Vizcaya Argentaria BBVASM 6.125 Nov. 16, ’49 102.000 –0.40 102.500 ... ...
  !"#$% "&'#&$& ( &)
* +,
$ "$ $ -  . / #& 010
ADVERTISE TODAY Tallow,bleach;Chicago-h n.a. Qwest CTL 6.875 Sept. 15, ’33 94.000 –0.38 92.500 ... ...
Tallow,edible,Chicago-u 0.3400 Resolute Forest Products RFP 5.875 May 15, ’23 103.500 –0.38 103.375 9.35 1.08

* +,
+ -0 #   !&)&) (
& -0/23 (  
* +, $,&4 (800) 366-3975 TeamHealth Holdings TMH 6.375 Feb. 1, ’25 91.000 –0.25 90.030 ... ...
$*/  "&  ( $"" #)&)) KEY TO CODES: A=ask; B=bid; BP=country elevator
Avantor VWR 6.000 Oct. 1, ’24 100.250 –0.25 99.750 ... ...
"$   ) $""  # ( sales.legalnotices bids to producers; C=corrected; E=Manfra,Tordella &
5) (6) $$/ "" &'#&&) *& Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Nokia NOKIA 5.375 May 15, ’19 103.750 –0.15 n.a. ... ...
)    *&&47* ( 5)
* @wsj.com Intelligence;
APX APXSEC 7.875 Dec. 1, ’22 107.000 –0.13 107.000 ... ...
+, (6 ) #"  & 8 % )&( L=livericeindex.com; M=midday; N=nominal; n.a.=not
#)$& 70070./ © 2017 Dow Jones & Company, Inc.
quoted or not available; R=SNL Energy; S=Platts-TSI;
T=Cotlook Limited; U=USDA; W=weekly, Z=not *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.
All Rights Reserved.
quoted. *Data as of 11/23 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: WSJ Market Data Group Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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 25 - 26, 2017 | B5

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23557.99 s 31.81, or 0.14% Trailing P/E ratio 20.74 20.89 2602.42 s 5.34, or 0.21% Trailing P/E ratio 24.49 24.35 6889.16 s 21.80, or 0.32% Trailing P/E ratio * 26.45 24.02
High, low, open and close for each P/E estimate * 19.35 17.86 High, low, open and close for each P/E estimate * 19.50 18.45 High, low, open and close for each P/E estimate * 21.39 19.50
trading day of the past three months. Dividend yield 2.19 2.48 trading day of the past three months. Dividend yield 1.92 2.12 trading day of the past three months. Dividend yield 1.04 1.24
All-time high 23590.83, 11/21/17 All-time high: 2602.42, 11/24/17 All-time high: 6889.16, 11/24/17

Current divisor 0.14523396877348

23500 2600 6900

23000 2560 6750

22500 2520 6600

Session high
22000 2480 6450
DOWN UP
t

Session open Close 65-day moving average 65-day moving average

Close Open 21500 2440 6300
t

65-day moving average

Session low
21000 2400 6150

Bars measure the point change from session's open

20500 2360 6000
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 1 p.m. to 4:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 362,517,607 9,615,890
Industrial Average 23599.18 23551.59 23557.99 31.81 0.14 23590.83 19097.90 23.0 19.2 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 213,217,832 7,398,271
Transportation Avg 9656.31 9611.90 9620.20 -6.46 -0.07 10038.13 8783.74 6.4 6.4 1.6 Most-active issues in late trading Decl. volume* 141,685,185 1,798,920
Utility Average 762.32 757.93 759.07 1.34 0.18 774.47 626.66 18.6 15.1 8.7 Volume After Hours Issues traded 2,997 312
Company Symbol (000) Last Net chg % chg High Low Advances 1,762 194
Total Stock Market 27003.22 26971.81 26990.54 54.54 0.20 26990.54 22773.93 17.1 16.0 7.9
VelocityShares 3x Lg Nat UGAZ 9,560.1 7.86 0.06 0.77 7.88 7.70 Declines 1,111 97
Barron's 400 697.97 695.49 696.57 0.55 0.08 697.81 583.16 17.1 15.8 8.4
SPDR S&P 500 SPY 5,657.0 260.19 -0.17 -0.07 260.45 259.80 Unchanged 124 21
Nasdaq Stock Market Mylan MYL 3,762.3 37.31 -0.06 -0.16 37.38 37.31 New highs 166 5
Nasdaq Composite 6890.02 6873.74 6889.16 21.80 0.32 6889.16 5251.11 27.6 28.0 13.2 Comcast Cl A CMCSA 1,699.9 35.87 … unch. 35.98 35.86 New lows 21 3
Nasdaq 100 6410.77 6389.40 23.17 6409.29 4734.10 31.8 Closing tick 238 1
6409.29 0.36 31.6 14.4 Marathon Oil MRO 1,374.9 15.27 0.14 0.93 15.27 15.12
Closing Arms† 1.08 0.56
HollyFrontier HFC 1,324.9 44.05 … unch. 44.12 44.05
Standard & Poor's Block trades* 4,050 146
Barrick Gold ABX 1,269.7 14.19 0.09 0.64 14.19 14.10
500 Index 2604.21 2600.42 2602.42 5.34 0.21 2602.42 2191.08 17.6 16.2 7.9 Nasdaq NYSE Arca
Twitter TWTR 1,191.4 22.42 … unch. 22.45 22.37
MidCap 400 1862.84 1857.40 1859.19 1.28 0.07 1859.19 1623.28 13.3 12.0 8.5 Total volume* 868,876,398 107,028,604
SmallCap 600 927.88 923.79 927.25 1.37 0.15 927.81 808.59 12.4 10.7 10.6 Percentage gainers… Adv. volume* 539,552,538 43,605,747
Decl. volume* 301,286,076 62,315,875
Other Indexes iSh Core MSCI Europe IEUR 10.0 53.23 3.13 6.25 53.23 51.26
Issues traded 2,971 1,242
Russell 2000 1521.38 1516.52 1519.16 2.40 0.16 1519.16 1313.80 12.8 11.9 8.6 Net 1 UEPS Techs UEPS 12.8 11.39 0.45 4.07 11.39 11.00
Advances 1,606 768
NYSE Composite 12431.69 12419.40 12421.94 31.11 0.25 12430.52 10808.63 14.2 12.3 4.0 Statoil ADR STO 13.8 21.00 0.60 2.94 21.00 20.40 Declines 1,225 427
Value Line 549.99 548.43 549.04 0.61 0.11 549.04 496.60 8.7 8.5 2.9 Impinj PI 5.0 26.98 0.71 2.70 26.98 26.27 Unchanged 140 47
NYSE Arca Biotech 4225.66 4184.85 4217.84 23.67 0.56 4304.77 3075.02 25.3 37.2 7.4
Pilgrim's Pride PPC 9.0 36.20 0.76 2.14 36.20 35.39 New highs 183 233
New lows 28 33
NYSE Arca Pharma 538.74 536.58 538.23 2.10 0.39 560.52 463.78 13.5 11.8 -0.3 ...And losers
Closing tick 839 27
KBW Bank 99.52 98.88 98.92 -0.28 -0.28 102.31 85.30 13.8 7.8 10.5 Novartis ADR NVS 37.6 81.25 -3.83 -4.50 85.08 81.00 Closing Arms† 0.73 2.57
PHLX§ Gold/Silver 82.15 81.01 81.11 -0.64 -0.78 96.72 73.03 2.5 2.9 3.7 Zogenix ZGNX 15.2 37.44 -1.36 -3.51 38.80 37.44 Block trades* 3,070 900
PHLX§ Oil Service 132.74 131.43 131.64 0.08 0.06 192.66 117.79 -21.5 -28.4 -19.0 TransEnterix TRXC 16.7 2.42 -0.08 -3.20 2.51 2.42 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1342.05 1333.03 1341.69 12.59 0.95 1341.69 836.79 50.6 48.0 26.1 21st Century Fox Cl B FOX 37.0 29.00 -0.78 -2.62 29.85 29.00 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.96 8.56 -0.21 -2.13 16.04 9.14 -21.6 -31.1 issues with the volume of shares rising and falling. An
9.67 -8.5 Oasis Petroleum OAS 11.7 9.80 -0.26 -2.58 10.06 9.80 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 2993.71 9.34 0.31 18.3 Marathon Patent Group MARA 5.95 3.77 172.92 9.16 0.50 -21.3 RYB Education ADR RYB 16.45 -10.26 -38.41 31.80 15.56 ...
DJ Global Index 389.48 1.06 0.27 19.5 U.S. Global Investors A GROW 4.91 1.83 59.42 4.97 1.25 234.0 Medigus ADR MDGS 1.68 -0.55 -24.66 10.70 1.62 -82.7
DJ Global ex U.S. 263.11 0.89 0.34 23.0 Riot Blockchain RIOT 23.60 7.61 47.59 24.00 2.66 742.9 Qudian ADR QD 12.22 -3.93 -24.33 35.45 12.03 ...
Americas DJ Americas 626.51 1.29 0.21 15.9 Social Reality Cl A SRAX 7.69 1.87 32.13 7.95 1.11 23.0 Integrated Media Tech IMTE 8.13 -1.87 -18.74 10.00 6.00 ...
Brazil Sao Paulo Bovespa 74157.37 –329.20 –0.44 23.1 Net Element NETE 5.14 1.22 31.12 15.40 2.56 -42.9 Ekso Bionics Holdings EKSO 2.88 -0.61 -17.48 4.90 0.99 -39.2
Canada S&P/TSX Comp 16108.09 33.79 0.21 5.4 Seven Stars Cloud Group SSC 3.14 0.65 26.10 3.45 1.10 145.3 Cleantech Solutions Intl CLNT 5.86 -1.24 -17.46 12.40 2.31 95.3
Mexico S&P/BMV IPC 47941.88 –194.36 –0.40 5.0 Xcel Brands XELB 2.65 0.41 18.54 5.05 1.80 -46.5 Jianpu Technology ADR JT 4.90 -0.85 -14.78 8.43 4.86 ...
Chile Santiago IPSA 3820.81 4.69 0.12 18.5 ANI Pharmaceuticals ANIP 74.56 11.21 17.70 74.70 42.23 24.4 BeyondSpring BYSI 29.14 -4.93 -14.48 48.49 16.55 ...
LM Funding America LMFA 3.54 0.53 17.61 6.65 1.11 -21.5 China Rapid Finance ADR XRF 7.60 -1.26 -14.22 12.86 5.60 ...
EMEA Stoxx Europe 600 386.63 –0.49 –0.13 7.0
0.19 Allied Healthcare Prods AHPI 2.46 0.34 15.80 3.46 1.53 11.8 Shineco TYHT 2.77 -0.45 -13.98 5.29 1.72 -34.4
Eurozone Euro Stoxx 389.89 0.75 11.3
Belgium Bel-20 3985.46 7.27 0.18 10.5 ENDRA Life Sciences NDRA 3.75 0.51 15.74 4.00 2.15 ... VelocityShares 3x Lg Nat UGAZ 7.80 -1.18 -13.14 52.49 7.60 -75.0
France CAC 40 5390.46 10.92 0.20 10.9 PPDAI Group ADR PPDF 9.45 1.27 15.53 14.63 7.83 ... China Adv Constr Matrl CADC 5.00 -0.75 -13.04 9.75 1.55 111.9
Germany DAX 13059.84 51.29 0.39 13.8 ELEMENTS Rogers Energy RJN 2.70 0.34 14.41 3.72 1.94 13.0 Iconix Brand Group ICON 1.79 -0.26 -12.68 10.80 1.44 -81.5
Israel Tel Aviv 1432.71 … Closed –2.6 GAIN Capital Holdings GCAP 8.33 1.03 14.11 8.95 5.56 28.7 Bonanza Creek Energy BCEI 28.38 -3.76 -11.70 377.17 23.33 -75.1
0.08 16.5 VelocityShares 3x DGAZ 32.13 3.81 13.45 35.05 13.50 11.8 Kona Grill KONA 2.00 -0.25 -11.11 13.50 1.50 -84.2
Italy FTSE MIB 22416.31 18.53
Netherlands AEX 540.63 –0.72 –0.13 11.9
Russia RTS Index 1166.09 7.47 0.64 1.2 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10053.50 20.70 0.21 7.5
0.14 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 577.11 0.83 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 9325.60 10.04 0.11 13.5
Marathon Patent Group MARA 42,447 5020.6 5.95 172.92 9.16 0.50 Horizons DAX Germany ETF DAX 178 2970 31.68 1.90 31.91 23.60
U.K. FTSE 100 7409.64 –7.60 –0.10 3.7
VelocityShares 3x Lg Nat UGAZ 39,114 112.8 7.80 -13.14 52.49 7.60 Riot Blockchain RIOT 18,893 2139 23.60 47.59 24.00 2.66
Asia-Pacific iShares MSCI Emg Markets EEM 24,894 -48.4 47.71 -0.21 47.93 33.94 RYB Education ADR RYB 11,397 1622 16.45 -38.41 31.80 15.56
Australia S&P/ASX 200 5982.60 –3.60 –0.06 5.6 General Electric GE 24,582 -65.0 18.19 0.22 32.38 17.46 Servotronics SVT 104 1494 11.77 1.50 12.80 8.50
China Shanghai Composite 3353.82 1.90 0.06 8.1 Qudian ADR QD 24,227 191.2 12.22 -24.33 35.45 12.03 ClearBridge All Cap Grw CACG 117 1158 27.18 0.18 27.18 24.37
Hong Kong Hang Seng 29866.32 158.38 0.53 35.8 SPDR S&P 500 SPY 22,091 -63.7 260.36 0.23 260.48 219.15 Net 1 UEPS Techs UEPS 1,822 929 10.95 -10.87 13.81 8.87
India S&P BSE Sensex 33679.24 91.16 0.27 26.5 Riot Blockchain RIOT 18,893 2138.9 23.60 47.59 24.00 2.66 Rubicon Technology RBCN 58 898 8.50 1.33 10.45 4.61
Japan Nikkei Stock Avg 22550.85 27.70 0.12 18.0 Square Cl A SQ 16,233 62.0 48.86 0.10 49.56 12.38 GAIN Capital Holdings GCAP 2,188 741 8.33 14.11 8.95 5.56
Singapore Straits Times 3442.15 18.98 0.55 19.5 Teva Pharmaceutical ADR TEVA 15,830 -35.9 13.70 1.63 38.49 10.85 Caledonia Mining CMCL 44 728 7.35 8.41 7.45 4.90
South Korea Kospi 2544.33 7.18 0.28 25.6 VanEck Vectors Gold Miner GDX 15,566 -59.5 22.83 -0.39 25.71 18.58 Social Reality Cl A SRAX 8,540 624 7.69 32.13 7.95 1.11
Taiwan Weighted 10854.09 –0.48 –0.004 17.3 * 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 .0576 17.3482 9.3 Czech Rep. koruna .04689 21.328 –17.0
benchmark over the past year 10%
s Brazil real .3092 3.2341 –0.6 Denmark krone .1603 6.2382 –11.8
Bankrate.com avg†: 1.49%
3.00 Euro Canada dollar .7866 1.2713 –5.4 Euro area euro 1.1932 .8381 –11.8
Five-year CD yields Barclays 2.35% 5
Chile peso .001577 634.10 –5.3 Hungary forint .003822 261.63 –11.1
t 1.50% Wilmington, DE 888-720-8756 2.25 Ecuador US dollar 1 1 unch Iceland krona .009724 102.84 –9.0
0
EverBank 2.35% s Mexico peso .0539 18.5553 –10.5 Norway krone .1230 8.1280 –6.0
Friday
t

1.00 1.50 Yen Uruguay peso .03406 29.3600 0.03 Poland zloty .2835 3.5275 –15.7
t Jacksonville, FL 855-228-6755 –5
Venezuela b. fuerte .097334 10.2740 2.8 Russia ruble .01713 58.394 –4.7
Federal-funds 0.50 Home Savings Bank 2.35% 0.75 –10 Sweden krona .1208 8.2760 –9.1
target rate s Asia-Pacific
One year ago
t

Salt Lake City, UT 801-487-0811 WSJ Dollar index Switzerland franc 1.0206 .9798 –3.8
0.00 –15 Australian dollar .7615 1.3132 –5.4
0.00 First Internet Bank of Indiana 2.38% Turkey lira .2536 3.9437 11.9
China yuan .1516 6.5983 –5.0
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0373 26.8284 –0.9
Indianapolis, IN 888-873-3424 Hong Kong dollar .1281 7.8083 0.7
–0.50 month(s) years UK pound 1.3332 .7501 –7.4
Goldman Sachs Bank USA 2.40% India rupee .01549 64.550 –5.0
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13505 –0.1 Middle East/Africa
2017 New York, NY 855-730-7283
Japan yen .008963 111.57 –4.6 Bahrain dinar 2.6466 .3779 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003030 330.04 –1.1 Egypt pound .0565 17.6890 –2.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1243 8.0424 1.6 Israel shekel .2850 3.5082 –8.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2431 4.1137 –8.3 Kuwait dinar 3.3125 .3019 –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 .6881 1.4533 0.6 Oman sul rial 2.5970 .3851 0.02
Pakistan rupee .00951 105.185 0.8 Qatar rial .2763 3.619 –0.6
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 50.634 2.1 Saudi Arabia riyal .2666 3.7505 –0.01
Libor, 3-month 1.47 1.44 0.93 l 1.47 1.23 Singapore dollar .7433 1.3454 –7.0 South Africa rand .0720 13.8866 1.4
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1463.652 2.168 2.167 2.237 1.818 2.609 1.983 South Korea won .0009211 1085.64 –10.1
Five-year CD, annual yield 1.49 1.48 1.19 l 1.49 -0.07 .0065036 153.76 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1735.885 2.342 2.352 2.609 2.058 2.437 1.776 Sri Lanka rupee
30-year mortgage, fixed† 3.89 3.90 3.73 l 4.33 -0.11 Taiwan dollar .03337 29.970 –7.7 WSJ Dollar Index 86.41 –0.11–0.13 –7.02
DJ Corporate n.a. n.a. 3.162 n.a. n.a. n.a. n.a.
Thailand baht .03062 32.660 –8.8 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.29 3.30 2.99 l 3.50 0.09 Aggregate, Barclays Capital 1943.420 2.650 2.660 2.790 2.380 3.654 2.382 Vietnam dong .00004400 22725 –0.2
Jumbo mortgages, $424,100-plus† 4.28 4.26 4.21 l 4.88 -0.02 High Yield 100, Merrill Lynch 2849.490 5.520 5.587 6.144 4.948 8.146 4.051
Five-year adj mortgage (ARM)† 3.70 3.55 3.20 l 4.03 0.20
Fixed-Rate MBS, Barclays 1988.420 2.860 2.890 3.120 2.660 2.598 1.997
New-car loan, 48-month 3.00 2.99 2.85 l 3.36 -0.19
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 519.624 2.132 2.045 2.516 1.736 4.566 2.564 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 802.900 5.559 5.587 6.290 5.279 10.349 5.661 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 615.71 -0.20 -0.03 616.58 532.01 11.39 8.54

Get real-time U.S. stock quotes and track most-active Track the Markets 192.22 0.32 195.14 3.49 -0.15

WSJ
TR/CC CRB Index 0.61 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 58.95 0.93 1.60 58.95 42.53 27.99 9.74
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.813 -0.155 -5.22 3.93 2.56 -8.82 -24.46
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1286.70 -4.90 -0.38 1346.00 1127.80 9.21 11.89
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B6 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE 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 -3.26 30.96 23.87 JuniperNetworks JNPR 1.5 16 27.34 0.33 17.51 48.98 36.69 ShinhanFin SHG ... 7 44.23 -0.03 23.16 119.20 80.78 CheckPoint CHKP ... 22 104.02 0.40
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 14.55 49.38 40.27 KAR Auction KAR 2.9 29 48.82 0.13 160.81 123.94 38.69 Shopify SHOP ... dd 111.81 1.40 132.68 142.80 45.43 ChinaLodging HTHT ... 65 120.62 -2.60
The list comprises the 1,000 largest companies based on market capitalization. 48.51 54.36 34.75 KB Fin KB ... 7 52.41 0.61 -11.07 188.10 150.15 SimonProperty SPG 4.7 28 158.00 -0.33 -4.28 81.98 68.24 CincinnatiFin CINF 2.8 24 72.51 -0.15
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 26.77 20.77 15.14 KKR KKR 3.5 10 19.51 -0.01 27.94 62.16 46.44 SmithAO AOS 0.9 30 60.58 -0.28 27.82 152.83 112.96 Cintas CTAS 1.1 34 147.71 0.35
volume. 5.04 18.82 13.43 KT KT ... 12 14.80 0.05 18.95 40.43 27.96 Smith&Nephew SNN 1.4 19 35.78 -0.01 20.75 36.97 29.12 CiscoSystems CSCO 3.2 19 36.49 0.04
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 25.42 109.13 79.05 KSCitySouthern KSU 1.4 21 106.42 0.47 -13.03 143.68 99.56 Smucker SJM 2.8 22 111.37 -1.33 21.28 87.99 67.23 CitrixSystems CTXS ... 29 86.25 -0.43
$2 or higher. -11.91 76.69 58.76 Kellogg K 3.3 29 64.93 0.22 -47.02 29.44 11.28 Snap SNAP ... dd 12.97 0.35 126.94 145.98 57.42 Cognex CGNX 0.2 53 144.38 1.23
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -0.71 19.53 16.28 KeyCorp KEY 2.3 16 18.14 -0.02 -6.76 181.73 140.83 SnapOn SNA 2.1 16 159.70 -1.67 28.98 76.51 51.52 CognizantTech CTSH 0.8 22 72.27 0.56
s-New 52-week high. standards vj-In bankruptcy or receivership or 23.98 45.65 35.05 KeysightTechs KEYS ... 34 45.34 0.15 96.93 63.80 26.68 SOQUIMICH SQM 1.4 43 56.42 -0.10 131.77 320.73 124.94 Coherent COHR ... 38 318.42 3.59
t-New 52-week low. lf-Late filing being reorganized under the 1.98 78.33 67.00 KilroyRealty KRC 2.3 49 74.67 -0.62 s 70.85 48.03 27.72 Sony SNE ... 27 47.89 0.67 3.90 42.18 34.01 Comcast A CMCSA 1.8 17 35.87 -0.54
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 2.07 136.21 109.67 KimberlyClark KMB 3.3 19 116.48 0.43 4.47 53.51 46.20 Southern SO 4.5 93 51.39 0.03 -1.99 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.66 -0.20
four quarters. requirements. assumed by such companies. -25.28 26.63 17.02 KimcoRealty KIM 6.0 37 18.80 0.02 38.17 44.69 31.55 SoCopper SCCO 2.3 29 44.13 0.32 -4.76 42.75 30.95 CommScope COMM ... 36 35.43 -0.13
FD-First day of trading. t-NYSE bankruptcy -17.00 23.01 16.70 KinderMorgan KMI 2.9 31 17.19 0.09 10.63 64.39 44.70 SouthwestAir LUV 0.9 16 55.14 0.05 s 53.26 42.50 26.96 Copart CPRT ... 33 42.46 1.45
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 17.72 44.45 26.68 Knight-Swift KNX ... 70 39.83 -0.09 -12.74 47.48 39.78 SpectraEnerPtrs SEP 7.3 14 40.00 -0.25 s 64.57 314.73 179.22 CoStar CSGP ... 94 310.19 1.39
changes in the closing prices from 4 p.m. the previous day. -8.69 59.67 35.16 Kohl's KSS 4.9 12 45.09 0.46 -7.23 146.09 98.11 SpectrumBrands SPB 1.5 23 113.49 -0.79 7.19 183.18 150.00 Costco COST 1.2 28 171.62 -0.86
YTD 52-Week Yld Net 28.36 42.35 28.19 KoninklijkePhil PHG 2.3 23 39.24 0.06 41.11 84.75 51.85 SpiritAeroSys SPR 0.5 29 82.34 -0.53 19.10 60.65 39.71 Ctrip.com CTRP ... 83 47.64 -0.39
Friday, November 24, 2017 -5.47 21.59 16.51 KoreaElcPwr KEP ... 9 17.47 0.27 51.97 17.42 10.51 CypressSemi CY 2.5 dd 17.39 0.21
% Chg Hi Lo Stock Sym % PE Last Chg -26.96 9.65 5.62 Sprint S ... dd 6.15 ...
YTD 52-Week Yld Net -33.41 36.44 19.69 Kroger KR 2.2 14 22.98 -0.16 s258.47 49.56 12.38 Square SQ ... dd 48.86 0.05 -13.91 66.50 46.07 DISH Network DISH ... 24 49.87 -0.56
% Chg Hi Lo Stock Sym % PE Last Chg 10.04 77.27 63.43 ColgatePalm CL 2.2 28 72.01 0.26 43.49 71.75 47.08 Kyocera KYO ... 23 71.43 -0.04 44.73 168.25 114.27 StanleyBlackDck SWK 1.5 21 165.99 ... 16.94 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.51 -0.08
-16.55 16.09 12.10 ColonyNorthStar CLNS 8.7 dd 12.45 0.09 64.43 15.06 8.07 LATAMAirlines LTM 0.5 53 13.45 -0.29 -1.09 23.01 21.27 StarwoodProp STWD 8.8 13 21.71 -0.07 9.14 114.93 82.77 DiamondbkEner FANG ... 27 110.30 1.05
NYSE 15.50 80.25 61.05 Comerica CMA 1.5 18 78.67 -0.67 -26.55 75.50 35.00 L Brands LB 5.0 14 48.36 -0.44 18.97 99.99 74.45 StateStreet STT 1.8 16 92.46 -0.21 -38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46 -0.26
19.35 11.33 7.82 SABESP SBS ... 9 10.36 -0.17 11.21 17.05 11.80 LG Display LPL ... 5 14.29 -0.18 11.84 21.02 16.16 Statoil STO 4.3 dd 20.40 0.06 -26.24 30.80 19.25 DiscovComm B DISCB ... 11 21.50 -2.00
21.64 26.48 20.26 ABB ABB 3.0 24 25.63 0.23 -10.34 41.68 32.16 ConagraBrands CAG 2.4 25 35.46
-0.72 40.72 30.15 AECOM ACM ... 17 36.10 -0.23
-0.05 s 32.05 45.30 30.90 LINE LN ... 88 44.91 1.04 31.30 93.39 64.37 Steris STE 1.4 53 88.48 0.58 -36.15 30.25 15.99 DiscovComm A DISCA ... 9 17.50 -0.29
6.02 147.77 106.73 ConchoRscs CXO ... 37 140.58 0.29 24.92 192.00 143.54 L3 Tech LLL 1.6 26 190.02 0.82 116.74 24.80 9.69 STMicroelec STM 1.0 35 24.60 0.50 27.47 100.74 65.63 DollarTree DLTR ... 23 98.38 -1.39
-8.00 12.47 10.00 AES AES 4.5 dd 10.69 0.01 0.66 54.22 42.27 ConocoPhillips COP 2.1 dd 50.47 0.25
22.13 85.70 66.50 Aflac AFL 2.1 12 85.00 -0.05 17.69 164.22 123.36 LabCpAm LH ... 21 151.09 -0.82 29.10 160.62 110.91 Stryker SYK 1.1 33 154.67 -0.12 29.49 45.70 32.25 E*TRADE ETFC ... 21 44.87 0.13
17.94 89.58 68.85 ConEd ED 3.2 22 86.90 0.24 s 43.83 54.65 32.01 LambWeston LW 1.4 24 54.44 0.19 5.24 8.30 6.93 SumitomoMits SMFG ... 8 8.04 0.06 343.64 63.60 13.05 EXACT Sci EXAS ... dd 59.27 0.10
-18.15 43.03 32.55 AT&T T 5.6 17 34.81 -0.06 44.73 227.20 144.00 ConstBrands A STZ 0.9 31 221.88 1.43 26.66 68.41 51.35 LasVegasSands LVS 4.3 26 67.65 -0.05 s 22.56 93.92 70.34 SunComms SUI 2.9127 93.89 0.72 13.40 61.90 46.31 EastWestBncp EWBC 1.4 16 57.64 -0.37
46.13 56.69 37.38 AbbottLabs ABT 1.9 44 56.13 0.33 44.26 221.28 147.95 ConstBrands B STZ.B 0.9 28 221.00 3.82 15.70 48.86 38.46 Lazard LAZ 3.4 14 47.54 -0.09 3.62 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.80 0.17 20.71 39.27 27.28 eBay EBAY ... 5 35.84 -0.10
51.26 98.26 58.75 AbbVie ABBV 3.0 23 94.72 0.25 -9.33 60.30 29.08 ContinentalRscs CLR ... dd 46.73 0.49 33.83 178.81 127.42 Lear LEA 1.1 11 177.15 0.95 8.11 36.71 27.96 SuncorEnergy SU 2.9 21 35.34 -0.08 16.00 62.50 49.82 EchoStar SATS ... 48 59.61 0.01
26.04 148.47 112.31 Accenture ACN 1.8 27 147.63 0.52 38.51 256.39 158.73 Cooper COO 0.0 35 242.29 3.39 -4.89 54.97 43.16 Leggett&Platt LEG 3.1 19 46.49 -0.16 4.30 61.69 51.13 SunTrustBanks STI 2.8 15 57.21 -0.41 40.97 153.13 98.42 ElbitSystems ESLT ... 26 143.63 1.24
-31.56 257.94 153.28 AcuityBrands AYI 0.3 21 157.99 -3.50 47.28 138.69 87.69 Copa CPA 2.2 16 133.77 -1.10 19.89 64.20 47.81 Leidos LDOS 2.1 30 61.31 0.21 -7.66 38.05 26.01 SynchronyFin SYF 1.8 13 33.49 -0.18 37.05 122.79 73.74 ElectronicArts EA ... 28 107.94 0.62
32.87 86.42 51.74 Adient ADNT 1.4 8 77.86 0.21 31.23 32.33 23.48 Corning GLW 1.9 14 31.85 0.05 s 44.60 61.35 41.12 Lennar A LEN 0.3 18 61.02 0.41 16.91 93.61 75.07 Syngenta SYT ... 41 92.42 0.02 32.64 495.35 327.37 Equinix EQIX 1.7155 474.07 1.70
-47.24 177.83 78.81 AdvanceAuto AAP 0.3 19 89.23 -0.39 -7.15 20.88 14.24 Coty COTY 2.9 dd 17.00
s 40.28 7.52 4.89 AdvSemiEngg ASX 3.2 16 7.07 0.76
0.02 s 49.66 50.90 32.74 Lennar B LEN.B 0.3 15 50.62 0.59 -0.81 57.23 48.85 Sysco SYY 2.6 25 54.92 0.02 10.55 7.47 5.10 Ericsson ERIC 1.7 dd 6.45 0.06
35.43 214.28 148.44 Credicorp BAP 2.3 14 213.79 1.48 28.22 201.40 146.25 LennoxIntl LII 1.0 28 196.40 0.25 136.41 36.16 11.02 TAL Education TAL ...183 27.64 -0.16 73.37 32.50 14.22 Exelixis EXEL ... 53 25.85 -0.28
9.95 6.21 4.73 Aegon AEG 5.0 17 6.08 0.05 s 16.84 16.74 13.06 CreditSuisse CS 4.3 dd 16.72 0.15 11.94 161.00 111.88 Expedia EXPE 0.9 50 126.81
23.31 54.50 41.34 AerCap AER ... 8 51.31 0.50 10.45 27.34 21.05 LeucadiaNatl LUK 1.6 17 25.68 0.32 37.50 96.68 66.20 TE Connectivity TEL 1.7 20 95.26 0.75 -0.17
29.91 114.97 80.82 CrownCastle CCI 3.7 94 112.72 0.88 14.66 45.39 37.21 LibertyProperty LPT 3.5 19 45.29 0.13 20.09 38.47 31.18 Telus TU 4.2 24 38.25 0.14 13.07 62.63 51.57 ExpeditorsIntl EXPD 1.4 25 59.88 0.06
42.29 184.98 116.04 Aetna AET 1.1 33 176.46 0.22 12.17 61.61 51.57 CrownHoldings CCK ... 17 58.97 0.18 -11.06 77.50 55.80 ExpressScripts ESRX ... 10 61.18 -0.94
31.02 198.40 139.52 AffiliatedMgrs AMG 0.4 21 190.37 0.38 14.25 89.09 65.66 EliLilly LLY 2.5 40 84.03 0.35 s 62.54 19.50 11.17 TIM Part TSU ... 30 19.18 0.43
7.66 103.37 79.76 Cullen/Frost CFR 2.4 18 94.99 -0.49 10.37 77.45 61.45 LincolnNational LNC 1.8 11 73.14 -0.45 -5.67 80.92 66.44 TJX TJX 1.8 19 70.87 0.30 -14.88 149.50 114.63 F5Networks FFIV ... 19 123.19 1.17
52.24 70.81 42.92 AgilentTechs A 0.9 33 69.36 0.67 17.55 181.79 134.06 Cummins CMI 2.7 16 160.66 -2.73 s 58.87 183.15 114.00 Facebook FB ... 35 182.78 1.91
6.40 51.86 35.05 AgnicoEagle AEM 1.0 38 44.69 -0.23 25.09 33.68 24.27 LionsGate A LGF.A ... 35 33.65 0.67 s 49.53 43.02 28.34 TaiwanSemi TSM 2.7 20 42.99 0.58
27.01 61.53 43.95 DCT Industrial DCT 2.4 55 60.81 -0.26 30.15 32.08 22.50 LionsGate B LGF.B ... 33 31.94 0.62 16.68 48.85 34.16 Tapestry TPR 3.3 25 40.86 -0.17 4.45 52.74 39.79 Fastenal FAST 2.6 26 49.07 0.32
8.13 111.88 87.82 Agrium AGU 3.2 42 108.72 -0.01 14.35 116.21 92.19 DTE Energy DTE 3.1 21 112.65 0.03 4.56 29.39 23.20 FifthThirdBncp FITB 2.3 11 28.20 -0.22
70.15 46.33 26.41 LiveNationEnt LYV ...2263 45.26 0.84 -22.61 61.83 39.59 TargaResources TRGP 8.4 dd 43.39 0.11
12.33 163.56 133.63 AirProducts APD 2.4 29 161.56 -0.06 41.21 99.44 64.06 DXC Tech DXC 0.7166 97.76 -0.03 88.88 62.57 25.56 FirstSolar FSLR ... dd 60.61 0.10
15.16 3.87 2.86 LloydsBanking LYG 3.0 19 3.57 0.04 -22.64 79.33 48.56 Target TGT 4.4 12 55.88 -1.61
-26.29 101.43 61.10 AlaskaAir ALK 1.8 10 65.40 -0.18 20.79 94.24 76.27 Danaher DHR 0.6 28 94.02 0.26 20.56 130.20 102.60 Fiserv FISV ... 30 128.13 0.42
26.36 322.19 245.50 LockheedMartin LMT 2.5 25 315.82 0.95 -4.80 40.34 28.96 TataMotors TTM 0.0 15 32.74 -0.15
59.22 144.99 83.10 Albemarle ALB 0.9 32 137.06 1.81 10.34 95.22 71.02 Darden DRI 3.1 21 80.24 0.48 s 32.85 19.11 13.98 Flex FLEX ... 19 19.09 0.30
5.38 49.99 44.19 Loews L 0.5 17 49.35 -0.01 -24.23 37.09 24.53 TechnipFMC FTI 1.9 ... 26.92 -0.14
50.32 50.31 28.01 Alcoa AA ... 28 42.21 -0.43 -10.98 70.16 52.51 DaVita DVA ... 22 57.15 1.76 30.06 48.06 33.75 FlirSystems FLIR 1.3 30 47.07 0.23
11.42 86.25 69.92 Lowe's LOW 2.1 19 79.24 -0.32 17.22 33.76 14.56 TeckRscsB TECK 0.7 7 23.48 0.43
14.09 128.29 105.74 AlexandriaRlEst ARE 2.7144 126.79 -0.16 s 41.21 147.91 99.84 Deere DE 1.6 22 145.50 0.25 s 39.14 42.08 28.50 Fortinet FTNT ... 87 41.91 0.14
21.64 107.83 78.01 LyondellBasell LYB 3.5 11 104.34 0.92 s 92.35 35.25 17.04 TelecomArgentina TEO 1.3 18 34.95 -0.02
117.73 191.75 86.01 Alibaba BABA ... 55 191.19 1.35 47.26 83.98 51.02 DellTechs DVMT ... dd 80.95 0.16 17.47 39.32 29.32 Gaming&Leisure GLPI 7.0 20 35.97 -0.06
1.73 173.72 140.35 M&T Bank MTB 1.9 18 159.14 -0.78 -3.82 10.53 7.15 TelecomItalia TI 3.0 ... 8.55 0.43
-8.57 667.19 521.07 Alleghany Y ... dd 556.02 3.02 49.76 104.09 60.50 DelphiAuto DLPH 1.2 20 100.86 0.08 27.43 62.61 47.03 Garmin GRMN 3.3 17 61.79 0.26
17.55 34.65 25.15 MGM Resorts MGM 1.3 33 33.89 0.44 -0.96 8.45 5.89 TelecomItalia A TI.A 4.2 ... 7.22 0.50
29.56 89.81 63.71 Allegion ALLE 0.8 24 82.92 -0.24 1.87 55.75 43.81 DeltaAir DAL 2.4 10 50.11 -0.30 1.19 86.27 63.76 GileadSciences GILD 2.9 8 72.46 -0.36
2.40 39.43 30.88 MPLX MPLX 6.6 39 35.45 0.59 50.52 185.66 119.67 TeledyneTech TDY ... 31 185.14 1.33
-17.37 256.80 169.61 Allergan AGN 1.6 dd 173.53 -1.30 18.75 19.48 13.47 DeutscheBank DB 1.1 dd 19.19 0.28 s 63.62 129.11 76.52 MSCI MSCI 1.2 38 128.90 1.40 -0.65 37.20 28.81 Goodyear GT 1.8 8 30.67 -0.02
-2.84 266.25 209.00 AllianceData ADS 0.9 24 222.02 0.21 66.12 269.78 142.97 Teleflex TFX 0.5 49 267.71 1.16
-16.73 50.69 28.79 DevonEnergy DVN 0.6 13 38.03 0.04 -9.29 73.34 52.12 Macerich MAC 4.6 74 64.26 -0.01 13.45 16.85 11.95 TelefonicaBras VIV ... 22 15.18 -0.06 43.87 24.20 14.33 Grifols GRFS 1.8 ... 23.12 0.08
16.71 45.55 35.26 AlliantEnergy LNT 2.8 24 44.22 0.03 s 34.52 140.63 99.75 Diageo DEO 2.9 26 139.82 2.20 -41.16 45.41 17.41 Macy's M 7.2 9 21.07 0.44 111.37 58.61 23.23 GpoFinGalicia GGAL 0.0 16 56.90 -0.15
33.68 101.12 69.04 Allstate ALL 1.5 15 99.08 -0.22 10.22 11.64 8.15 Telefonica TEF 4.4 18 10.14 0.12
19.62 127.23 88.22 DigitalRealty DLR 3.2 95 117.54 0.33 -12.36 81.77 63.55 MagellanMid MMP 5.5 18 66.28 0.29 9.05 36.19 27.17 TelekmIndonesia TLK 2.3 19 31.80 0.73 -17.60 44.73 28.97 HD Supply HDS ... 11 35.03 -0.17
39.43 26.93 18.11 AllyFinancial ALLY 1.8 12 26.52 0.15 -9.28 74.33 57.50 DiscoverFinSvcs DFS 2.1 11 65.40 -0.10 24.88 55.76 39.50 MagnaIntl MGA 2.0 10 54.20 0.08 21.67 116.20 77.20 Hasbro HAS 2.4 20 94.65 -0.38
-41.30 35.29 18.73 AlticeUSA ATUS ... ... 19.20 -0.13 -17.36 37.21 25.91 Tenaris TS 1.8117 29.51 0.15
-1.52 116.10 96.20 Disney DIS 1.5 18 102.64 -0.10 44.19 129.06 84.98 Manpower MAN 1.5 19 128.14 0.59 71.81 44.62 23.39 Teradyne TER 0.6 20 43.64 0.36 -7.76 93.50 65.28 HenrySchein HSIC ... 20 69.97 0.02
-3.16 77.79 60.01 Altria MO 4.0 8 65.48 -0.01 s 39.96 63.34 44.98 DolbyLab DLB 1.0 33 63.25 0.40 19.14 21.70 16.62 ManulifeFin MFC 3.0 15 21.23 0.10 1.87 46.80 35.76 Hologic HOLX ... 15 40.87 -0.01
68.27 23.54 9.93 AlumofChina ACH ... 42 17.18 0.50 -62.21 38.49 10.85 TevaPharm TEVA 2.5 dd 13.70 0.22
16.48 88.13 65.97 DollarGeneral DG 1.2 19 86.28 -0.95 -12.59 19.28 10.55 MarathonOil MRO 1.3 dd 15.13 0.25 9.76 55.80 43.66 Textron TXT 0.2 23 53.30 -0.23 7.30 111.98 83.35 JBHunt JBHT 0.9 28 104.16 0.15
29.94 7.03 4.70 Ambev ABEV ... 36 6.38 -0.02 7.34 83.64 70.87 DominionEner D 3.7 24 82.21 0.05 23.20 63.41 44.60 MarathonPetrol MPC 2.6 19 62.03 0.02 1.82 14.74 12.14 HuntingtonBcshs HBAN 3.3 16 13.46 -0.08
20.05 64.89 48.32 Ameren AEE 2.9 25 62.98 0.06 37.14 201.20 139.07 ThermoFisherSci TMO 0.3 33 193.51 0.76
11.37 221.58 156.26 Domino's DPZ 1.0 34 177.34 0.79 18.98 1105.23 873.15 Markel MKL ...239 1076.14 -3.98 1.07 48.61 42.22 ThomsonReuters TRI 3.1 31 44.25 0.17 109.49 137.86 64.50 IAC/InterActive IAC ... 34 135.73 4.80
40.10 19.50 11.61 AmericaMovil AMX 1.8 32 17.61 0.06 14.04 48.91 39.49 Donaldson DCI 1.5 28 47.99 0.13 21.82 84.90 66.75 Marsh&McLen MMC 1.8 23 82.34 -0.31 32.01 173.01 113.47 IdexxLab IDXX ... 50 154.81 0.75
42.33 19.11 11.48 AmericaMovil A AMOV 1.8 32 17.51 0.03 37.00 138.07 87.96 ThorIndustries THO 1.1 19 137.07 0.17
s 11.93 41.19 35.27 DouglasEmmett DEI 2.2 77 40.92 0.25 -7.06 244.32 191.09 MartinMarietta MLM 0.9 30 205.90 -1.23 29.57 238.90 171.09 3M MMM 2.0 26 231.38 -0.20 23.61 48.53 34.20 IHSMarkit INFO ... 46 43.77 0.34
-14.43 51.70 41.06 AmCampus ACC 4.1104 42.59 0.07 26.18 97.09 68.10 Dover DOV 2.0 22 94.55 -0.16 25.17 41.10 30.08 Masco MAS 1.1 23 39.58 -0.36 145.21 248.23 93.38 IPG Photonics IPGP ... 36 242.05 2.57
21.46 77.93 57.89 AEP AEP 3.2 20 76.47 -0.12 20.16 97.29 76.08 Tiffany TIF 2.1 25 93.04 -1.05
5.92 73.85 64.01 DowDuPont DWDP ... 47 71.16 0.56 s 47.93 153.00 99.51 Mastercard MA 0.6 36 152.74 1.49 -7.28 103.90 85.88 TimeWarner TWX 1.8 17 89.50 -0.51 23.33 64.68 40.52 IRSA Prop IRCP 4.2 16 58.42 -0.03
26.19 96.90 71.39 AmerExpress AXP 1.5 18 93.48 -0.34 -4.53 99.47 83.23 DrPepperSnap DPS 2.7 22 86.56 0.16 6.21 106.50 88.64 McCormick MKC 1.9 27 99.13 0.12 -10.24 64.46 47.06 IcahnEnterprises IEP 11.2 5 53.50 -0.13
15.27 106.77 81.80 AmericanFin AFG 1.4 13 101.58 -0.55 s 56.13 48.76 29.11 Toll Bros TOL 0.7 18 48.40 0.33
-21.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.46 -0.41 38.93 170.92 117.71 McDonalds MCD 2.4 24 169.11 0.06 15.46 86.50 69.55 Torchmark TMK 0.7 18 85.16 -0.01 55.66 124.48 73.76 Icon ICLR ... 23 117.06 -1.29
4.91 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 22.01 0.21 14.38 91.80 72.34 DukeEnergy DUK 4.0 29 88.78 0.15 3.00 169.29 133.82 McKesson MCK 0.9 7 144.66 -1.14 s 67.81 216.08 119.37 Illumina ILMN ... 41 214.86 -0.49
-9.62 67.47 57.90 AIG AIG 2.2 dd 59.03 -0.20 12.19 73.86 52.60 Toro TTC 1.1 26 62.77 0.05
9.75 30.14 23.93 DukeRealty DRE 2.7 40 29.15 -0.07 16.87 89.72 69.35 Medtronic MDT 2.2 23 83.25 0.91 18.32 58.76 45.18 TorontoDomBk TD 3.3 15 58.38 -0.29 -1.49 153.15 96.60 Incyte INCY ... dd 98.78 -0.22
39.38 155.28 99.72 AmerTowerREIT AMT 1.8 56 147.30 1.99 2.23 34.62 26.37 ENI E 5.8 32 32.96 -0.04 -7.68 66.80 53.63 Merck MRK 3.5 53 54.35 -0.02 23.38 47.30 33.23 Intel INTC 2.4 16 44.75 0.10
22.64 91.39 69.96 AmerWaterWorks AWK 1.9 33 88.74 0.08 10.71 56.98 46.04 Total TOT 5.2 17 56.43 0.32
0.55 109.37 81.99 EOG Rscs EOG 0.710166 101.66 0.07 7.93 55.91 44.17 MetLife MET 3.1 dd 51.83 0.12 s 51.97 74.72 47.01 TotalSystem TSS 0.7 33 74.51 0.74 52.31 56.01 33.01 InteractiveBrkrs IBKR 0.7 48 55.61 0.35
43.83 163.04 109.19 Ameriprise AMP 2.1 15 159.56 -0.02 -11.85 75.74 49.63 EQT EQT 0.2275 57.65 -0.53 51.72 694.48 407.87 MettlerToledo MTD ... 39 635.02 8.67 34.29 158.90 111.48 Intuit INTU 1.0 41 153.91 2.28
3.89 97.85 71.90 AmerisourceBrgn ABC 1.9 44 81.23 -0.17 7.55 128.11 103.62 ToyotaMotor TM ... 11 126.05 -0.03
21.18 94.96 73.52 EastmanChem EMN 2.2 13 91.14 0.24 s 31.71 57.10 32.38 MichaelKors KORS ... 16 56.61 ... 10.45 51.85 43.71 TransCanada TRP 3.9 32 49.87 0.29 88.35 400.00 203.57 IntuitiveSurgical ISRG ... 51 398.15 1.56
44.53 71.24 45.78 Ametek AME 0.5 30 70.24 ... 13.16 82.34 65.35 Eaton ETN 2.0 12 75.92 -0.30 25.61 36.21 27.86 MicroFocus MFGP ... 52 35.46 -0.42 14.01 65.51 37.26 IonisPharma IONS ...372 54.53 0.19
35.28 91.14 66.00 Amphenol APH 0.8 29 90.91 1.01 10.72 295.00 203.72 TransDigm TDG ... 35 275.65 6.66
s 25.62 53.30 39.93 EatonVance EV 2.4 22 52.61 -0.37 6.37 110.95 87.59 MidAmApt MAA 3.3 49 104.16 0.04 78.21 55.75 28.92 TransUnion TRU ... 42 55.12 -0.10 54.13 48.99 25.25 JD.com JD ... dd 39.21 -0.58
-31.01 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.11 -0.24 13.34 134.89 115.78 Ecolab ECL 1.1 30 132.86 -0.13 10.88 7.01 5.83 MitsubishiUFJ MTU ... 10 6.83 0.05 29.05 115.34 84.28 JackHenry JKHY 1.1 36 114.57 0.35
18.93 112.21 75.11 Andeavor ANDV 2.3 21 104.00 0.05 6.05 135.71 113.10 Travelers TRV 2.2 15 129.83 -0.18
29.83 12.30 7.84 Ecopetrol EC ... 21 11.75 -0.14 0.84 3.87 3.37 MizuhoFin MFG ... 9 3.62 0.04 33.77 9.79 6.35 TurkcellIletism TKC ... 13 9.23 0.05 27.21 163.75 99.28 JazzPharma JAZZ ... 23 138.70 0.66
-13.50 60.14 43.21 AndeavorLog ANDX 9.0 19 43.95 0.03 11.89 83.38 67.73 EdisonInt EIX 2.7 18 80.55 0.40 18.77 11.59 7.39 MobileTeleSys MBT 6.6 12 10.82 0.06 -11.51 24.13 18.05 JetBlue JBLU ... 10 19.84 -0.06
11.49 126.50 98.28 AB InBev BUD 3.2 59 117.56 1.81 -4.33 3.80 2.44 TurquoiseHill TRQ ... 28 3.09 -0.01
16.69 121.45 81.12 EdwardsLife EW ... 32 109.34 0.53 38.00 279.85 189.44 MohawkInds MHK ... 21 275.55 1.54 s 37.55 22.48 14.12 Twitter TWTR ... dd 22.42 0.15 s233.42 63.33 17.52 JunoTherap JUNO ... dd 62.85 2.52
18.25 12.73 9.83 AnnalyCap NLY 10.2 5 11.79 -0.09 10.55 67.78 53.92 EmersonElec EMR 3.1 28 61.63 -0.25 -18.13 102.14 78.10 MolsonCoors B TAP 2.1 8 79.67 0.13 33.50 110.00 74.66 KLA Tencor KLAC 2.2 16 105.04 0.57
-21.40 27.23 17.89 AnteroResources AR ... dd 18.59 -0.30 23.88 183.98 139.61 TylerTech TYL ... 52 176.87 0.24
-48.43 26.17 12.68 EnbridgeEnPtrs EEP 10.7 22 13.14 -0.01 12.28 122.80 101.52 Monsanto MON 1.8 23 118.13 -0.09 s 30.46 80.61 55.94 TysonFoods TSN 1.5 17 80.47 0.84 -8.66 97.77 75.21 KraftHeinz KHC 3.1 25 79.76 -0.06
53.29 222.24 140.50 Anthem ANTM 1.3 20 220.39 -0.03 -11.78 44.52 34.39 Enbridge ENB 5.1 25 37.16 0.18 s 59.36 150.73 93.51 Moody's MCO 1.0 54 150.23 0.83 s 24.14 38.49 27.85 LKQ LKQ ... 24 38.05 -0.09
24.30 152.78 109.82 Aon AON 1.0 ... 138.63 -0.61 10.15 18.31 15.10 UBS Group UBS 3.5 16 17.26 0.06
0.85 13.85 8.01 Encana ECA 0.5 15 11.84 0.09 16.12 51.52 40.06 MorganStanley MS 2.0 14 49.06 -0.03 8.74 40.71 33.32 UDR UDR 3.1128 39.67 0.01 105.08 219.70 97.79 LamResearch LRCX 0.9 20 216.83 1.66
-35.18 69.00 38.14 Apache APA 2.4 24 41.14 -0.40 21.32 11.10 7.75 EnelAmericas ENIA 3.6 27 9.96 -0.05 -18.68 34.36 19.23 Mosaic MOS 0.4 25 23.85 -0.04 12.57 79.09 62.45 LamarAdv LAMR 4.4 24 75.69 0.13
-1.54 46.85 40.65 ApartmtInv AIV 3.2142 44.75 0.11 2.97 52.00 43.92 UGI UGI 2.1 19 47.45 -0.28
30.09 27.74 18.36 EnelGenChile EOCC 7.6 13 25.29 0.05 11.42 94.94 76.92 MotorolaSol MSI 2.3 24 92.36 0.53 0.07 30.73 22.46 US Foods USFD ... 24 27.50 0.11 18.70 104.66 69.14 LibertyBroadbandC LBRDK ...517 87.92 -1.13
56.51 33.37 18.90 ApolloGlbMgmt APO 5.1 10 30.30 -0.13 -15.95 20.05 15.03 EnergyTransferEq ETE 7.3 20 16.23 0.06 136.79 29.78 10.92 NRG Energy NRG 0.4 dd 29.03 -0.19 19.42 104.35 67.37 LibertyBroadbandA LBRDA ...509 86.53 -0.85
21.74 37.30 29.24 AquaAmerica WTR 2.2 27 36.57 0.03 9.02 25.39 18.99 UltraparPart UGP 2.4 25 22.61 -0.14
-31.89 26.73 15.97 EnergyTransfer ETP 13.8 8 16.36 0.05 s 13.01 25.79 22.20 NTTDoCoMo DCM ... 17 25.71 0.11 40.92 61.62 38.78 Unilever UN ... 26 57.86 0.93 0.36 37.69 28.17 LibertyGlobal A LBTYA ... 35 30.70 0.06
15.68 44.12 32.87 Aramark ARMK 1.0 28 41.32 0.35 16.20 87.95 67.84 Entergy ETR 4.2 dd 85.37 -0.14 s103.80 3434.99 1570.00 NVR NVR ... 25 3401.38 -15.84 -0.03 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.69 0.06
34.98 30.50 19.59 ArcelorMittal MT ... 4 29.56 0.37 39.68 60.13 38.99 Unilever UL 3.0 26 56.85 1.01
-11.39 30.25 23.59 EnterpriseProd EPD 7.1 19 23.96 -0.68 t -8.14 75.24 58.42 NationalGrid NGG 3.5 12 58.45 -0.23 14.05 119.71 100.10 UnionPacific UNP 2.2 21 118.25 0.39 2.41 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.68 -0.04
-14.26 47.44 38.59 ArcherDaniels ADM 3.3 18 39.14 -0.10 -7.05 147.02 89.59 Equifax EFX 1.4 25 109.90 0.09 -14.93 43.63 29.90 NatlOilwell NOV 0.6 dd 31.85 -0.09 -1.41 28.11 19.65 LibertyLiLAC A LILA ... 24 21.65 0.09
29.40 30.69 18.47 Arconic ARNC 1.0 dd 23.99 0.24 -18.45 83.04 56.51 UnitedContinental UAL ... 9 59.43 -0.26
25.40 90.86 67.62 EquityLife ELS 2.2 43 90.41 0.60 -3.44 46.34 36.45 NatlRetailProp NNN 4.5 35 42.68 0.13 51.43 2.73 1.74 UnitedMicro UMC 3.1 21 2.65 -0.02 24.22 26.00 17.24 LibertyQVC A QVCA ... 10 24.82 -0.12
150.14 245.65 87.33 AristaNetworks ANET ... 50 242.06 3.05 5.98 70.45 58.94 EquityResdntl EQR 3.0 60 68.21 0.07 110.38 94.63 37.16 NewOrientalEduc EDU ... 48 88.57 -0.74 56.39 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.66 -0.23
10.62 84.53 67.39 ArrowElec ARW ... 14 78.87 0.19 -1.31 121.75 102.12 UPS B UPS 2.9 28 113.14 -0.63
7.69 270.04 211.04 EssexProp ESS 2.8 31 250.37 0.40 -19.86 17.68 11.67 NY CmntyBcp NYCB 5.3 15 12.75 -0.09 s 45.07 155.45 94.20 UnitedRentals URI ... 22 153.16 -0.11 24.03 41.14 27.55 LibertyFormOne C FWONK ... ... 38.86 -0.17
23.87 35.60 25.55 AstraZeneca AZN 2.7 25 33.84 0.01 64.98 126.99 75.30 EsteeLauder EL 1.2 34 126.19 0.35 -36.46 55.08 27.45 NewellBrands NWL 3.2 11 28.37 0.17 18.50 39.37 27.63 LibertyFormOne A FWONA ... ... 37.15 -0.08
2.00 55.22 43.25 Athene ATH ... 7 48.95 -0.35 0.90 56.61 48.78 US Bancorp USB 2.3 15 51.83 -0.08
0.59 277.17 206.60 EverestRe RE 2.4 34 217.67 -1.57 -24.10 50.00 24.41 NewfieldExpln NFX ... 18 30.74 0.08 6.65 124.79 106.85 UnitedTech UTX 2.4 18 116.91 0.18 10.44 26.52 19.30 LibertyBraves A BATRA ... dd 22.63 -0.16
19.65 91.00 69.57 AtmosEnergy ATO 2.2 24 88.72 0.11 16.48 66.15 50.56 EversourceEner ES 3.0 21 64.33 0.52 7.66 39.62 30.40 NewmontMin NEM 0.8188 36.68 -0.03 10.15 26.20 18.57 LibertyBraves C BATRK ... dd 22.68 -0.08
157.87 67.69 24.71 Autohome ATHM ... 43 65.19 0.36 32.79 213.93 150.00 UnitedHealth UNH 1.4 24 212.51 1.29
17.30 42.67 31.77 Exelon EXC 3.1 19 41.63 0.13 30.61 159.28 112.63 NextEraEnergy NEE 2.5 18 156.03 0.85 -5.55 129.74 95.26 UniversalHealthB UHS 0.4 14 100.48 -0.10 18.05 46.43 33.79 LibertySirius A LSXMA ... 25 40.75 -0.08
9.78 127.75 96.08 Autoliv ALV 1.9 21 124.22 0.27 13.13 88.05 68.61 ExtraSpaceSt EXR 3.6 33 87.38 -0.04 -12.97 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.51 -0.08 20.14 46.24 33.14 LibertySirius C LSXMK ... 25 40.75 ...
-19.85 813.70 491.13 AutoZone AZO ... 14 632.98 -5.26 23.13 54.22 42.00 UnumGroup UNM 1.7 13 54.09 0.19
-9.79 93.22 76.05 ExxonMobil XOM 3.8 27 81.42 0.32 16.70 60.53 50.06 Nike NKE 1.3 25 59.32 0.25 -4.73 9.12 7.44 VEREIT VER 6.8 dd 8.06 0.01 14.27 99.59 75.64 LincolnElectric LECO 1.8 21 87.61 -0.09
4.22 199.52 159.96 Avalonbay AVB 3.1 29 184.63 0.03 67.27 95.25 54.75 FMC FMC 0.7661 94.61 1.44 22.13 27.76 21.31 NiSource NI 2.6 33 27.04 ... 43.80 40.82 23.59 LogitechIntl LOGI 1.8 28 35.62 -0.31
37.83 53.10 35.42 Avangrid AGR 3.3 24 52.21 0.48 s 38.50 74.06 48.05 VF VFC 2.5 31 73.89 0.54
s 21.59 199.03 155.09 FactSet FDS 1.1 30 198.71 1.12 -31.71 42.03 22.98 NobleEnergy NBL 1.5 dd 25.99 0.11 43.51 112.91 75.17 Visa V 0.7 41 111.97 1.15 23.30 129.51 90.35 LogMeIn LOGM 0.81082 119.05 -0.15
59.07 111.83 69.53 AveryDennison AVY 1.6 25 111.70 0.60 -7.17 145.80 119.37 FederalRealty FRT 3.0 42 131.92 0.17 5.61 6.65 4.20 Nokia NOK 3.7 dd 5.08 0.03 2.77 72.70 47.26 lululemon LULU ... 32 66.79 -0.01
s 33.12 36.30 24.72 AxaltaCoating AXTA ...151 36.21 0.71 43.85 237.77 154.11 VailResorts MTN 1.8 47 232.04 2.03
16.54 231.35 182.89 FedEx FDX 0.9 20 217.00 -0.83 -2.37 6.80 5.28 NomuraHoldings NMR ... 10 5.76 0.05 77.69 110.60 53.51 MKS Instrum MKSI 0.7 19 105.55 1.08
-1.45 49.91 41.17 BB&T BBT 2.8 17 46.34 -0.15 44.09 11.71 7.47 Vale VALE 5.2 11 10.98 0.21
95.58 121.14 53.71 Ferrari RACE ... 38 113.71 1.89 -14.54 61.85 37.79 Nordstrom JWN 3.6 14 40.96 0.17 28.28 211.06 145.10 MarketAxess MKTX 0.7 48 188.47 0.49
s 12.23 48.64 42.44 BCE BCE 4.6 20 48.53 0.05 14.12 18.25 8.31 ValeantPharm VRX ... 4 16.57 0.03
92.98 18.33 7.48 FiatChrysler FCAU ... 8 17.60 ... 20.30 134.52 102.77 NorfolkSouthern NSC 1.9 20 130.01 0.78 53.00 128.37 77.03 Marriott MAR 1.0 34 126.50 0.11
19.37 44.62 33.37 BHPBilliton BHP 4.0 19 42.71 0.44 20.39 84.00 60.35 ValeroEnergy VLO 3.4 18 82.25 -0.10
64.00 17.21 7.98 FibriaCelulose FBR ... 38 15.76 -0.32 30.16 306.61 220.72 NorthropGrum NOC 1.3 23 302.72 0.70 71.59 24.22 13.59 MarvellTech MRVL 1.0 56 23.80 -0.03
19.77 39.12 28.73 BHPBilliton BBL 4.6 17 37.68 0.41 21.44 73.14 54.38 Vantiv VNTV ... 50 72.40 1.04
65.37 40.61 22.84 FidNatlFin FNF 2.7 18 40.54 0.43 16.80 86.90 66.93 Novartis NVS 3.2 30 85.08 0.60 80.76 32.87 15.42 MatchGroup MTCH ... 21 30.91 0.95
7.14 41.55 33.10 BP BP 6.0 34 40.05 0.27 36.94 110.23 76.29 VarianMed VAR ... 40 108.87 0.08
21.77 96.67 73.97 FidNatlInfo FIS 1.3 57 92.11 0.52 s 45.68 52.32 31.91 NovoNordisk NVO 0.9 23 52.24 0.40 -32.81 32.43 12.71 Mattel MAT ... dd 18.51 -0.30
-14.43 15.92 10.60 BRF BRFS ... dd 12.63 -0.14 53.38 21.63 12.36 Vedanta VEDL 11.5 20 19.05 -0.11
181.68 79.79 27.58 58.com WUBA ... 93 78.87 -0.33 -6.03 68.00 51.67 Nucor NUE 2.7 16 55.93 -0.22 39.62 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.85 0.33
-27.79 24.65 16.15 BT Group BT 3.8 17 16.63 -0.16 54.32 68.07 40.50 VeevaSystems VEEV ... 76 62.81 0.18 66.67 26.76 14.88 MelcoResorts MLCO 1.4 42 26.50 -0.07
50.29 56.40 35.28 FirstAmerFin FAF 2.8 22 55.05 0.45 4.33 37.41 31.26 OGE Energy OGE 3.8 18 34.90 -0.01 3.45 72.36 57.97 Ventas VTR 4.8 38 64.68 0.44
53.78 61.88 37.63 BWX Tech BWXT 0.7 31 61.05 0.01 18.39 19.23 13.96 FirstData FDC ... 22 16.80 0.08 -11.10 59.47 47.14 ONEOK OKE 5.8 32 51.04 0.46 73.81 297.95 148.98 MercadoLibre MELI 0.2 90 271.38 5.49
-17.32 40.82 29.62 BakerHughes BHGE 2.3 dd 30.80 0.09 -11.93 54.83 42.80 Verizon VZ 5.0 12 47.01 -0.09 41.81 95.92 60.77 MicrochipTech MCHP 1.6 36 90.97 0.57
0.87 105.52 80.55 FirstRepBank FRC 0.7 22 92.94 -0.04 -3.94 73.51 57.20 OccidentalPetrol OXY 4.5526 68.42 0.19 24.39 21.20 13.65 VistraEnergy VST ... 0 19.28 -0.16
6.41 43.24 35.65 Ball BLL 1.0 62 39.94 0.42 9.59 35.22 27.93 FirstEnergy FE 4.2 dd 33.94 -0.30 43.89 37.52 24.92 Olin OLN 2.2 82 36.85 -0.07 126.64 49.89 18.18 MicronTech MU ... 12 49.68 0.54
25.85 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.52 0.16 57.78 126.33 76.81 VMware VMW ... 39 124.22 0.63 2.04 57.97 46.09 Microsemi MSCC ... 36 55.07 0.43
27.32 183.61 121.52 FleetCorTech FLT ... 31 180.18 1.54 -18.96 89.66 65.32 Omnicom OMC 3.2 14 68.97 0.10 -9.72 90.29 71.89 VornadoRealty VNO 3.2 18 76.15 -0.60
24.09 95.80 65.53 BancodeChile BCH 3.0 17 85.16 -0.40 -10.72 58.37 37.04 Fluor FLR 1.8 33 46.89 -0.37 27.46 53.14 37.64 Oracle ORCL 1.6 21 49.01 0.43 33.99 86.20 58.80 Microsoft MSFT 2.0 28 83.26 0.15
63.47 136.10 61.12 BancoMacro BMA 0.7 13 105.19 5.51 7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06 -0.25 -8.36 150.87 107.53 Middleby MIDD ... 22 118.04 -0.11
18.66 103.82 73.45 FomentoEconMex FMX 1.5 13 90.43 0.37 12.09 17.63 13.98 Orange ORAN 3.5 91 16.97 0.23 -2.26 136.82 108.95 VulcanMatls VMC 0.8 43 122.32 -0.53
31.09 32.02 21.06 BcoSantChile BSAC 3.6 16 28.67 -0.14 -0.25 13.27 10.47 FordMotor F 5.0 11 12.10 0.03 50.97 134.59 82.44 OrbitalATK OA 1.0 25 132.45 0.10 74.86 46.69 16.73 Momo MOMO ... 25 32.14 0.03
27.22 6.99 4.40 BancoSantander SAN 2.8 14 6.59 0.13 37.34 156.08 96.10 WABCO WBC ... 26 145.79 1.60 -4.92 47.23 39.19 Mondelez MDLZ 2.1 29 42.15 -0.18
20.87 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.19 0.05 7.52 89.51 73.70 Orix IX ... 8 83.68 0.09 16.85 70.09 54.96 WEC Energy WEC 3.0 23 68.53 0.26
7.96 48.74 32.02 BanColombia CIB 3.2 10 39.60 0.10 22.51 38.24 29.51 Fortis FTS 3.6 20 37.83 0.09 33.65 94.16 61.74 Oshkosh OSK 1.1 23 86.35 0.45 39.26 62.80 41.02 MonsterBev MNST ... 45 61.75 0.48
20.32 27.98 20.25 BankofAmerica BAC 1.8 15 26.59 -0.07 21.04 72.41 55.97 W.P.Carey WPC 5.6 47 71.52 0.04 -2.04 45.87 29.39 Mylan MYL ... 23 37.37 0.09
34.50 74.38 52.99 Fortive FTV 0.4 27 72.13 0.13 s 69.94 88.36 50.77 OwensCorning OC 0.9 26 87.62 0.33 -11.89 93.81 69.20 Wabtec WAB 0.7 28 73.15 0.07
8.80 78.86 65.60 BankofMontreal BMO 3.7 13 78.25 -0.10 20.99 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.68 -0.17 -11.04 71.57 49.83 PG&E PCG 3.9 12 54.06 0.17 16.98 118.20 96.00 NXP Semi NXPI ... 25 114.65 -0.50
10.24 55.29 43.85 BankNY Mellon BK 1.8 15 52.23 -0.20 39.79 100.13 65.28 Wal-Mart WMT 2.1 26 96.62 0.21 15.09 78.31 63.36 Nasdaq NDAQ 2.0 51 77.25 0.08
41.32 85.67 53.31 Franco-Nevada FNV 1.1107 84.45 0.22 16.37 38.54 25.50 PLDT PHI 5.9 13 32.06 -0.50 31.49 74.20 50.05 WasteConnections WCN 0.8 52 68.89 0.35
18.82 66.78 53.63 BkNovaScotia BNS 3.8 14 66.16 0.01 4.12 47.65 38.54 FranklinRscs BEN 1.9 14 41.21 -0.19 13.34 139.23 109.16 PNC Fin PNC 2.3 16 132.56 -0.48 44.00 46.33 29.44 NatlInstruments NATI 1.9 53 44.38 -0.01
-8.36 12.05 9.29 Barclays BCS 2.1 dd 10.08 0.04 13.35 82.87 68.84 WasteMgt WM 2.1 26 80.38 0.12 s328.61 52.67 11.41 NektarTherap NKTR ... dd 52.59 2.84
8.79 17.06 11.05 FreeportMcM FCX ... 20 14.35 0.11 40.29 77.76 50.37 POSCO PKX ... 15 73.72 1.68 45.81 200.71 133.35 Waters WAT ... 29 195.95 -0.62
49.61 336.98 206.26 Bard CR BCR 0.3 44 336.11 0.93 16.94 50.22 38.20 FreseniusMed FMS 1.1 23 49.36 0.44 22.52 119.85 93.80 PPG Ind PPG 1.6 22 116.10 0.83 s 59.94 56.55 34.72 NetApp NTAP 1.4 24 56.41 0.36
-11.76 20.78 13.80 BarrickGold ABX 0.9 8 14.10 -0.04 11.05 167.94 134.08 Watsco WSO 3.0 31 164.48 0.38 59.84 375.10 211.11 Netease NTES 0.8 24 344.21 -3.49
-6.53 26.63 18.83 GGP GGP 3.8 33 23.35 0.01 6.64 40.20 32.69 PPL PPL 4.4 16 36.31 0.25 97.00 84.19 33.60 Wayfair W ... dd 69.05 0.80
44.61 65.70 43.13 BaxterIntl BAX 1.0 35 64.12 0.08 25.85 67.05 48.97 Gallagher AJG 2.4 26 65.39 -1.23 50.12 136.84 84.53 PVH PVH 0.1 26 135.47 0.20 58.12 204.38 113.95 Netflix NFLX ...198 195.75 -0.57
36.68 227.50 161.29 BectonDicknsn BDX 1.3 49 226.28 2.05 47.16 208.89 133.03 WellCareHealth WCG ... 25 201.73 0.36 83.93 75.98 37.34 Neurocrine NBIX ... dd 71.18 -0.63
32.09 30.14 21.02 Gap GPS 3.1 14 29.64 0.47 31.42 120.75 84.01 PackagingCpAm PKG 2.3 21 111.47 -0.60 -1.85 59.99 49.27 WellsFargo WFC 2.9 14 54.09 0.03
-0.48 73.17 61.58 Berkley WRB 0.8 16 66.19 -0.23 47.58 31.88 19.91 GardnerDenver GDI ... dd 31.14 0.16 20.46 157.65 107.31 PaloAltoNtwks PANW ... dd 150.64 -0.75 34.75 16.27 11.75 NewsCorp B NWS 1.3 dd 15.90 ...
12.41 285950 235320 BerkHathwy A BRK.A ... 24 274417 -582.99 1.99 78.17 61.08 Welltower HCN 5.1 60 68.26 0.09 37.61 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.77 ...
15.16 130.02 90.37 Gartner IT ... dd 116.39 0.40 -3.61 33.40 24.65 ParkHotels PK 6.0 2 28.82 -0.26 14.89 103.36 77.97 WestPharmSvcs WST 0.6 39 97.46 -1.12
11.89 190.68 156.82 BerkHathwy B BRK.B ... 24 182.36 -0.20 15.74 10.69 8.36 Gazit-Globe GZT 4.0 4 10.00 0.11 30.91 189.83 134.03 ParkerHannifin PH 1.4 24 183.28 -1.33 14.80 131.49 103.76 Nordson NDSN 0.9 26 128.63 0.51
22.35 61.19 45.86 BerryGlobal BERY ... 23 59.62 0.14 -0.34 57.50 49.20 WestarEnergy WR 2.8 24 56.16 0.12 5.85 99.30 80.49 NorthernTrust NTRS 1.8 21 94.26 -0.13
15.83 214.81 168.00 GeneralDynamics GD 1.7 20 200.00 -0.04 -23.47 39.82 22.98 ParsleyEnergy PE ...337 26.97 0.43 12.24 57.04 44.64 WestAllianceBcp WAL ... 19 54.67 -0.38
33.58 63.32 41.67 BestBuy BBY 2.4 14 57.00 0.51 -42.44 32.38 17.46 GeneralElec GE 5.3 22 18.19 0.04 -6.11 10.31 7.04 Pearson PSO 1.4 dd 9.38 0.05 30.50 61.48 38.66 NorwegCruise NCLH ... 17 55.50 0.19
43.81 268.40 170.81 Bio-RadLab A BIO ...332 262.14 3.45 -14.64 47.82 35.56 WesternGasEquity WGP 5.9 22 36.15 -0.07 103.26 218.67 84.77 NVIDIA NVDA 0.3 54 216.96 2.03
-13.15 64.06 49.65 GeneralMills GIS 3.7 19 53.65 ... 12.52 36.30 28.30 PembinaPipeline PBA 4.8 37 35.24 0.38
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.45 -23.33 67.44 43.62 WesternGasPtrs WES 8.0 34 45.05 -0.41 -22.32 286.57 169.43 OReillyAuto ORLY ... 18 216.26 -2.39
27.61 46.76 31.92 GeneralMotors GM 3.4 10 44.46 0.17 23.35 71.65 55.76 Pentair PNR 2.0 31 69.16 -0.35
56.60 11.78 6.65 BlackBerry BB ... 9 10.79 0.06 -9.53 22.70 18.39 WesternUnion WU 3.6 43 19.65 0.10 s 43.44 124.56 80.56 OldDomFreight ODFL 0.3 30 123.06 -0.20
30.81 31.93 23.34 Genpact G 0.8 23 31.84 0.28 10.77 119.39 98.50 PepsiCo PEP 2.8 24 115.90 0.82
26.07 489.79 365.83 BlackRock BLK 2.1 22 479.74 0.80 68.94 96.14 54.11 WestlakeChem WLK 0.9 21 94.59 0.01 68.73 22.15 10.85 ON Semi ON ... 24 21.53 0.16
-9.11 100.90 79.86 GenuineParts GPC 3.1 19 86.84 -0.07 40.67 73.43 50.51 PerkinElmer PKI 0.4 37 73.36 0.32
17.17 35.09 25.57 Blackstone BX 5.6 14 31.67 -0.18 2.81 27.05 22.17 WestpacBanking WBK 6.0 14 24.14 -0.09 6.84 35.45 29.57 OpenText OTEX 1.6 58 33.02 ...
4.46 4.39 2.60 Gerdau GGB 1.1 dd 3.28 0.03 4.01 91.73 63.68 Perrigo PRGO 0.7 dd 86.57 -0.13
70.79 267.62 148.31 Boeing BA 2.1 24 265.88 0.73 15.93 61.60 49.23 WestRock WRK 2.9 21 58.86 0.07 42.14 67.12 45.57 PTC PTC ...1315 65.77 0.67
23.89 32.15 23.55 Gildan GIL 1.2 19 31.43 0.06 -7.16 81.80 60.69 PetroChina PTR 3.0 36 68.42 -0.05
34.08 53.84 34.44 BorgWarner BWA 1.3 38 52.88 -0.01 20.21 36.92 29.81 Weyerhaeuser WY 3.5 32 36.17 -0.02 4.76 75.68 58.78 Paccar PCAR 1.5 17 66.94 -0.93
-9.01 44.53 34.72 GSK GSK 5.8 29 35.04 -0.02 2.08 11.71 7.61 PetroleoBrasil PBR ... 28 10.32 0.06
-0.49 140.13 116.77 BostonProps BXP 2.4 39 125.16 0.16 9.94 23.06 16.94 WheatonPrecMet WPM 1.7 46 21.24 -0.01 -17.43 57.53 43.08 PacWestBancorp PACW 4.4 15 44.95 -0.17
49.07 104.83 65.91 GlobalPayments GPN 0.0 ... 103.47 1.04 13.96 10.73 6.96 PetroleoBrasilA PBR.A ... 28 10.04 0.07
32.50 29.93 19.67 BostonSci BSX ... 47 28.66 0.19 s 46.09 51.29 33.06 GoDaddy -7.67 202.99 158.80 Whirlpool WHR 2.6 16 167.82 1.18 6.26 66.31 54.20 Paychex PAYX 3.1 28 64.69 0.01
GDDY ... dd 51.06 0.63 9.27 36.78 30.51 Pfizer PFE 3.6 22 35.49 0.06 -9.86 32.69 26.82 Williams WMB 4.3 49 28.07 0.32
42.01 33.73 15.26 Braskem BAK 2.6 63 30.12 0.73 -3.24 17.87 11.91 Goldcorp GG 0.6 22 13.16 -0.20 12.78 123.55 86.78 PhilipMorris PM 4.1 23 103.18 -0.36 s 99.06 78.90 38.06 PayPal PYPL ... 61 78.57 1.00
5.12 66.10 46.01 Bristol-Myers BMY 2.5 24 61.43 0.29 -1.46 255.15 209.60 GoldmanSachs GS 1.3 12 235.95 -6.18 42.32 33.12 WilliamsPartners WPZ 6.7 23 35.68 0.49 -6.40 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.12 -0.08
-0.48 8.37 95.00 75.14 Phillips66 PSX 3.0 23 93.64 0.35 8.68 6.40 4.50 Wipro WIT 0.6 32 5.26 -0.02
18.54 73.41 53.78 BritishAmTob BTI 2.3 12 66.78 -0.02 57.30 134.11 80.75 Graco GGG 1.1 70 130.70 -0.17 4.30 66.67 48.38 PinnacleFoods PF 2.3 38 55.75 0.14 86.62 35.78 17.34 PilgrimPride PPC ... 14 35.44 0.13
34.75 91.75 63.28 BroadridgeFinl BR 1.6 31 89.34 0.59 -13.82 262.71 155.00 Grainger GWW 2.6 24 200.15 39.12 53.50 30.77 WooriBank WF 2.9 8 44.52 0.52 19.94 2067.99 1459.49 Priceline PCLN ... 25 1758.42 -0.77
-0.25 14.73 92.48 72.61 PinnacleWest PNW 3.1 19 89.52 0.24 42.82 110.88 71.87 Wyndham WYN 2.1 20 109.07 0.01
26.81 43.15 32.41 BrookfieldMgt BAM 1.3 93 41.86 0.41 s 25.59 34.46 25.85 GreatPlainsEner GXP 3.2 33 34.35 0.09 -14.42 199.83 125.46 PioneerNatRscs PXD 0.1216 154.10 0.02 10.66 36.34 27.51 Qiagen QGEN ... 82 32.20 0.33
29.40 44.91 31.03 BrookfieldInfr BIP 4.0160 43.31 -0.02 s 82.30 69.05 32.43 GrubHub 77.90 77.90 42.07 XPO Logistics XPO ... 64 76.78 0.13 52.89 81.20 49.53 Qorvo QRVO ... dd 80.62 1.01
GRUB ...101 68.58 0.88 t-41.41 33.95 18.60 PlainsAllAmPipe PAA 6.3 21 18.92 -0.65
11.57 50.81 41.10 Brown&Brown BRO 1.2 26 50.05 -0.31 8.19 9.38 7.22 GpoAvalAcc AVAL 4.7 14 8.59 24.59 52.22 38.22 XcelEnergy XEL 2.8 22 50.71 0.18 5.69 70.24 48.92 Qualcomm QCOM 3.3 26 68.91 0.78
0.02 -41.75 36.09 18.98 PlainsGP PAGP 5.9 dd 20.20 -0.41
27.98 60.28 45.17 Brown-Forman A BF.A 1.3 33 59.19 0.42 15.99 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.34 -18.41 39.08 25.84 Xerox XRX 3.5 dd 28.49 0.20 26.63 108.29 67.54 RandgoldRscs GOLD 1.0 33 96.67 0.26
0.04 49.46 126.85 77.91 PolarisIndustries PII 1.9 39 123.14 -0.44 s 36.69 67.99 46.67 Xylem
30.99 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.84 0.17 t-11.87 27.37 18.37 GrupoTelevisa TV 0.5 47 18.41 -0.18 7.30 20.27 15.74 Potash POT 2.1 35 19.41 -0.02 XYL 1.1 39 67.69 0.34 4.84 543.55 340.09 RegenPharm REGN ... 35 384.85 -2.69
-29.19 73.01 45.95 BuckeyePtrs BPL 10.8 14 46.85 0.14 67.79 83.52 49.18 Guidewire GWRE ...296 82.77 0.89 s 30.45 153.85 115.00 Praxair 39.45 26.48 15.00 YPF YPF 1.0 69 23.01 -0.16 8.72 73.94 52.85 RossStores ROST 0.9 23 71.32 -0.98
PX 2.1 27 152.88 1.16 25.03 81.65 62.32 YumBrands YUM 1.5 24 79.18 -0.05
-9.68 83.75 63.87 Bunge BG 2.8 21 65.25 -0.23 4.28 91.03 69.59 HCA Healthcare HCA ... 11 77.19 0.12 18.65 69.95 56.12 PrincipalFin PFG 2.9 11 68.65 0.25 37.03 94.39 60.21 RoyalGold RGLD 1.2 56 86.81 -0.43
19.92 106.89 79.07 BurlingtonStrs BURL ... 27 101.63 -0.58 -9.56 33.67 25.09 HCP HCP 5.5 19 26.88 55.90 43.55 25.53 YumChina YUMC ... 28 40.72 0.09 45.95 122.67 78.34 Ryanair RYAAY ... 18 121.52 1.47
0.17 5.20 94.67 81.18 Procter&Gamble PG 3.1 24 88.45 0.12
38.01 25.90 14.08 CBD Pao CBD 0.1 67 22.84 -0.19 62.21 100.26 59.00 HDFC Bank HDB 0.5 ... 98.43 36.45 18.08 11.14 ZTO Express ZTO ... 37 16.47 -0.54 s 59.53 171.29 102.29 SBA Comm SBAC ...202 169.72 2.74
0.51 46.06 52.26 33.27 Progressive PGR 1.3 22 51.85 0.17
36.01 43.35 28.91 CBRE Group CBG ... 18 42.83 0.34 43.13 22.68 14.40 HP HPQ 2.6 14 21.24 8.31 36.79 29.30 ZayoGroup ZAYO ... 96 35.59 -0.11 38.74 68.99 46.20 SEI Investments SEIC 0.8 30 68.48 -0.07
-0.10 27.03 67.53 48.33 Prologis PLD 2.6 20 67.06 0.17
-11.27 71.07 53.00 CBS A CBS.A 1.3 80 57.51 0.52 22.05 50.86 39.08 HSBC HSBC 4.1 75 49.04 9.56 133.49 99.11 ZimmerBiomet ZBH 0.8 36 113.07 ... 94.70 119.20 55.79 Sina SINA ... 36 109.22 -2.83
-0.14 4.67 115.26 97.88 PrudentialFin PRU 2.8 11 108.92 -0.03
-11.13 70.09 52.75 CBS B CBS 1.3 79 56.54 0.30 -23.13 58.78 38.18 Halliburton HAL 1.7173 41.58 33.18 72.14 48.55 Zoetis ZTS 0.6 40 71.29 0.22 42.94 42.48 28.43 SS&C Tech SSNC 0.7 39 40.88 0.38
0.15 26.39 51.02 38.00 Prudential PUK 1.5 19 50.29 0.28
14.17 39.32 25.04 CF Industries CF 3.3 dd 35.94 -0.37 -8.11 25.73 18.90 Hanesbrands HBI 3.0 12 19.82 ... 17.50 52.12 40.72 PublicServiceEnt PEG 3.3 58 51.56 0.13 24.14 223.82 152.06 SVB Fin SIVB ... 24 213.10 -0.98
s 12.66 54.17 45.81 CGI Group GIB ... 21 54.11 0.23
NASDAQ 12.61 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.37 -0.44
-18.75 63.40 44.52 HarleyDavidson HOG 3.1 15 47.40 -0.28 -4.79 232.21 192.15 PublicStorage PSA 3.8 31 212.79 1.50
11.93 50.40 39.48 CIT Group CIT 1.3 dd 47.77 -0.17 40.47 144.75 99.13 Harris HRS 1.6 32 143.94 1.42 s 80.36 33.25 18.18 PulteGroup PHM 1.1 16 33.15 0.31 11.64 22.34 17.30 AGNC Invt AGNC 10.7 5 20.24 -0.18 5.55 50.96 30.60 Seagate STX 6.3 15 40.29 -0.04
18.79 50.85 39.42 CMS Energy CMS 2.7 26 49.44 0.04 16.77 57.16 46.35 HartfordFinl HIG 1.8 42 55.64 -0.14 -0.30 112.97 86.89 QuestDiag DGX 2.0 19 91.62 -0.90 -6.11 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.98 0.10 11.69 71.87 45.31 SeattleGenetics SGEN ... dd 58.94 -0.19
28.55 55.62 37.88 CNA Fin CNA 2.2 16 53.35 -0.02 6.11 33.00 27.47 HealthcareAmer HTA 3.9129 30.89 0.08 s 38.37 23.24 15.80 RELX RENX 1.4 29 23.19 0.16 64.24 155.14 91.89 Ansys ANSS ... 48 151.91 1.43 -13.22 192.15 137.17 Shire SHPG 0.2 29 147.86 -1.92
10.59 143.39 108.05 CNOOC CEO 3.7 17 137.09 -0.72 48.69 93.00 59.94 Heico HEI 0.2 45 91.77 -0.46 s 32.94 23.92 16.95 RELX RELX 1.3 30 23.89 0.15 s 66.11 186.37 98.84 ASML ASML 0.7 ... 186.37 3.37 -13.74 164.23 116.68 SignatureBank SBNY ... 18 129.57 -0.96
10.71 17.69 13.90 CPFLEnergia CPL 1.6 33 17.05 0.05 41.75 78.70 50.72 Heico A HEI.A 0.2 38 77.00 -0.10 -2.84 56.48 47.87 RPM RPM 2.4 39 52.30 0.07 77.26 200.00 103.53 Abiomed ABMD ... 98 199.74 0.88 22.25 5.89 4.22 SiriusXM SIRI 0.8 30 5.44 ...
2.53 38.06 32.44 CRH CRH 1.3 20 35.25 0.13 -27.62 85.78 42.16 Helm&Payne HP 5.0 dd 56.02 -0.59 -16.43 46.92 28.76 RSP Permian RSPP ... 62 37.29 0.81 82.86 67.03 35.12 ActivisionBliz ATVI 0.5150 66.03 0.89 47.00 117.65 71.65 Skyworks SWKS 1.2 20 109.75 1.21
-10.59 84.72 66.45 CVS Health CVS 2.8 15 70.55 -0.93 41.21 79.64 47.62 Herbalife HLF 1.8 15 67.98 -0.11 1.22 113.06 66.06 RalphLauren RL 2.2 94 91.42 -0.52 79.17 185.55 98.00 AdobeSystems ADBE ... 58 184.46 1.56 64.42 84.88 50.64 Splunk SPLK ... dd 84.10 0.57
s 25.21 29.50 20.55 CabotOil COG 0.7 dd 29.25 -0.19 3.89 116.49 95.68 Hershey HSY 2.4 32 107.45 -0.67 22.64 87.22 68.97 RaymondJames RJF 1.0 20 84.95 -0.02 0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38 0.01 2.31 64.87 52.58 Starbucks SBUX 2.1 29 56.80 -0.34
s 59.81 54.59 31.99 CalAtlantic CAA 0.3 16 54.35 0.42 -28.72 65.56 37.25 Hess HES 2.3 dd 44.40 0.95 31.03 190.25 137.70 Raytheon RTN 1.7 25 186.06 0.60 -16.33 71.64 44.65 AkamaiTech AKAM ... 34 55.79 0.10 5.37 40.17 32.15 SteelDynamics STLD 1.7 17 37.49 -0.23
11.69 96.39 77.54 CamdenProperty CPT 3.2 57 93.90 0.72 -1.04 15.12 12.70 HewlettPackard HPE 2.3 63 13.32 0.22 -1.90 63.60 52.85 RealtyIncome O 4.5 46 56.39 0.10 -11.23 149.34 96.18 AlexionPharm ALXN ... 48 108.61 1.01 19.55 34.20 23.34 Symantec SYMC 1.1 dd 28.56 0.13
-23.86 64.23 44.99 CampbellSoup CPB 3.0 16 46.04 -0.73 35.76 76.22 50.55 Hilton HLT 0.8801 75.76 0.08 84.16 129.23 68.54 RedHat RHT ... 77 128.36 1.77 165.02 258.88 88.56 AlignTech ALGN ... 77 254.76 0.38 s 53.16 90.33 56.03 Synopsys SNPS ... 43 90.15 0.81
10.88 92.22 77.20 CIBC CM 4.6 11 90.48 0.19 34.46 44.86 23.46 HollyFrontier HFC 3.0 23 44.05 -0.34 -1.65 72.05 58.63 RegencyCtrs REG 3.1106 67.81 0.14 -8.15 63.40 46.42 Alkermes ALKS ... dd 51.05 0.90 12.66 51.22 36.12 TD Ameritrade AMTD 1.7 30 49.12 0.13
18.37 84.48 65.96 CanNtlRlwy CNI 1.7 23 79.78 0.17 s 28.53 173.10 128.68 HomeDepot HD 2.1 24 172.33 0.27 8.43 16.03 13.00 RegionsFin RF 2.3 16 15.57 0.01 254.83 147.63 35.98 AlnylamPharm ALNY ... dd 132.85 0.52 7.25 68.88 53.78 T-MobileUS TMUS ... 24 61.68 0.33
8.85 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.70 0.10 13.50 33.75 27.05 HondaMotor HMC ... 10 33.13 -0.03 s 26.04 159.30 120.81 ReinsGrp RGA 1.3 13 158.59 6.25 34.83 1048.39 737.02 Alphabet C GOOG ... 35 1040.61 4.65 s 30.06 98.31 65.33 TRowePrice TROW 2.3 16 97.88 0.16
21.75 179.17 141.32 CanPacRlwy CP 1.0 19 173.82 0.22 s 29.18 150.43 112.17 Honeywell HON 2.0 23 149.66 0.67 9.26 67.18 55.07 RepublicSvcs RSG 2.2 26 62.33 -0.02 33.32 1063.62 753.36 Alphabet A GOOGL ... 35 1056.52 4.60 139.16 120.62 46.27 TakeTwoSoftware TTWO ...108 117.88 -0.06
37.70 39.15 27.76 Canon CAJ 3.6 20 38.75 0.24 -1.15 37.97 29.75 HormelFoods HRL 2.2 22 34.41 0.14 37.16 87.81 58.53 ResMed RMD 1.6 34 85.11 -0.16 88.60 73.25 38.24 Altaba AABA ... dd 72.93 0.33 47.67 389.61 180.00 Tesla TSLA ... dd 315.55 2.95
0.16 96.92 76.05 CapitalOne COF 1.8 12 87.38 0.12 s 82.95 50.06 27.14 DR Horton DHI 1.0 18 50.00 0.42 38.63 68.89 46.88 RestaurantBrands QSR 1.3 46 66.07 0.21 s 58.16 1186.84 736.70 Amazon.com AMZN ...301 1186.00 29.84 36.08 99.65 69.92 TexasInstruments TXN 2.5 23 99.30 1.22
-21.68 84.88 54.66 CardinalHealth CAH 3.3 16 56.37 -0.60 5.10 20.23 16.50 HostHotels HST 4.0 25 19.80 0.02 28.52 50.77 37.66 RioTinto RIO 4.5 15 49.43 0.42 11.52 67.98 56.10 Amdocs DOX 1.4 22 64.96 0.32 -15.20 78.25 49.87 TractorSupply TSCO 1.7 19 64.29 -0.43
0.48 116.40 92.09 Carlisle CSL 1.3 22 110.82 0.07 3.61 31.85 23.85 HuanengPower HNP 6.2 30 26.98 -0.02 12.12 55.22 42.92 RobertHalf RHI 1.8 21 54.69 0.10 -4.20 400.99 338.30 Amerco UHAL ... 21 354.06 -0.81 39.67 43.97 27.61 Trimble TRMB ... 55 42.11 0.16
5.68 77.64 54.29 CarMax KMX ... 19 68.05 0.06 3.21 127.34 109.31 Hubbell HUBB 2.6 23 120.45 -0.55 42.47 210.72 129.66 Rockwell ROK 1.7 30 191.48 0.46 4.01 54.48 39.21 AmerAirlines AAL 0.8 12 48.56 -0.10 8.67 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 30.47 -0.14
28.14 69.89 49.73 Carnival CCL 2.7 18 66.71 -0.08 17.88 264.56 186.25 Humana HUM 0.7 19 240.51 2.21 42.93 136.50 88.80 RockwellCollins COL 1.0 28 132.58 0.05 16.35 191.10 138.83 Amgen AMGN 2.7 15 170.12 0.16 9.28 31.94 24.30 21stCenturyFoxB FOX 1.2 18 29.78 -0.16
31.04 70.56 49.44 Carnival CUK 2.7 18 67.08 0.02 27.29 253.44 174.07 HuntingIngalls HII 1.2 18 234.45 0.38 39.79 54.95 37.81 RogersComm B RCI 2.9 28 53.93 ... 22.76 93.99 68.42 AnalogDevices ADI 2.0 43 89.15 0.50 -17.48 314.86 187.96 UltaBeauty ULTA ... 28 210.37 -1.93
48.15 140.44 90.34 Caterpillar CAT 2.3 96 137.39 -0.62 61.74 32.59 18.18 Huntsman HUN 1.6 14 30.86 0.04 33.87 48.29 32.03 Rollins ROL 1.0 54 45.22 -0.10 51.07 176.24 108.25 Apple AAPL 1.4 19 174.97 0.01 8.77 233.42 180.29 UltSoftware ULTI ...204 198.34 1.36
35.53 109.11 75.79 Celanese A CE 1.7 19 106.72 0.79 s 29.10 71.45 50.21 HyattHotels H ... 43 71.34 0.43 42.21 261.88 180.94 RoperTech ROP 0.5 38 260.36 -0.22 79.45 60.89 29.85 ApplMaterials AMAT 0.7 18 57.91 0.23 s239.17 192.75 52.10 UnivDisplay OLED 0.1 94 190.95 1.35
1.28 10.37 7.40 Cemex CX ... 10 7.82 -0.03 43.78 9.93 6.69 ICICI Bank IBN 0.8 22 9.79 0.04 17.60 80.98 64.82 RoyalBkCanada RY 3.6 14 79.63 -0.16 10.86 102.60 81.34 ArchCapital ACGL ... 31 95.66 0.06 7.01 4.50 3.26 VEON VEON 2.7 5 4.12 0.07
-35.43 16.82 6.76 CenovusEnergy CVE 1.6 4 9.77 0.06 29.86 19.01 13.16 ING Groep ING 3.1 ... 18.31 0.40 32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05 116.90 53.45 23.80 Atlassian TEAM ... dd 52.23 0.49 s 54.12 117.50 75.71 VeriSign VRSN ... 32 117.24 1.47
71.95 98.72 54.40 Centene CNC ... 20 97.17 0.22 15.66 37.75 28.75 Invesco IVZ 3.3 15 35.09 -0.14 52.62 133.75 78.77 RoyalCaribbean RCL 1.9 17 125.21 -0.24 s 74.98 129.54 68.06 Autodesk ADSK ... dd 129.50 1.73 15.66 94.26 75.60 VeriskAnalytics VRSK ... 35 93.88 0.06
17.82 30.45 23.57 CenterPointEner CNP 3.7 21 29.03 -0.12 37.11 110.67 71.90 IQVIA IQV ...360 104.27 0.32 14.82 65.83 48.34 RoyalDutchA RDS.A 6.0 24 62.44 0.29 7.04 121.77 94.11 ADP ADP 2.3 28 110.02 -0.19 98.93 167.85 71.46 VertxPharm VRTX ...188 146.55 -0.49
-7.29 7.60 3.49 CentraisElBras EBR ... 3 6.36 -0.02 45.11 130.98 88.29 IDEX IEX 1.1 34 130.69 0.38 11.26 67.40 51.10 RoyalDutchB RDS.B 5.8 25 64.50 0.25 51.71 274.97 160.79 Baidu BIDU ... 32 249.42 -0.23 -15.06 49.00 28.20 Viacom A VIA 2.4 7 32.70 -0.20
t-41.80 27.61 13.68 CenturyLink CTL 15.6 24 13.84 0.04 s 30.52 160.47 120.06 IllinoisToolWks ITW 2.0 24 159.84 0.22 34.69 116.90 81.30 SAP SAP 1.2 34 116.41 2.56 -15.92 56.86 40.15 BankofOzarks OZRK 1.7 15 44.22 -0.08 -25.10 46.72 22.13 Viacom B VIAB 3.0 6 26.29 -0.39
141.33 58.08 20.76 Chemours CC 0.2 37 53.31 0.45 5.26 16.14 13.42 Infosys INFY 2.6 16 15.61 0.41 52.63 166.17 107.21 S&P Global SPGI 1.0 24 164.14 0.92 18.29 348.84 244.28 Biogen BIIB ... 19 308.97 -0.83 25.21 31.03 24.17 Vodafone VOD 3.7 dd 30.59 0.19
-1.01 120.89 102.55 Chevron CVX 3.7 34 116.51 0.60 12.25 96.23 74.02 Ingersoll-Rand IR 2.1 21 84.23 -0.36 8.98 64.80 50.67 SINOPEC SHI 6.2 7 58.99 -1.41 -0.16 100.51 79.50 BioMarinPharm BMRN ... dd 82.71 -0.28 -24.44 119.12 82.44 WPP WPPGY 3.6 10 83.62 -0.85
s 41.16 31.73 21.38 ChinaEastrnAir CEA ... 11 31.55 0.20 s 8.39 135.98 113.07 Ingredion INGR 1.8 19 135.45 0.44 28.23 28.13 20.44 SK Telecom SKM ... 8 26.80 0.08 s 24.75 30.28 21.51 BlueBuffaloPet BUFF ... 34 29.99 -0.07 -15.08 88.00 63.82 WalgreensBoots WBA 2.3 19 70.28 -1.05
34.97 17.85 12.74 ChinaLifeIns LFC 1.0 21 17.37 -0.10 20.22 71.24 53.95 ICE ICE 1.2 25 67.83 0.17 -6.11 115.34 93.92 SLGreenRealty SLG 3.1 98 100.98 0.23 s171.96 170.20 60.19 bluebirdbio BLUE ... dd 167.80 0.60 189.38 123.00 40.12 Weibo WB ...100 117.49 0.04
-2.14 58.83 50.00 ChinaMobile CHL 4.0 13 51.31 0.72 s 25.07 58.24 42.83 InterContinentl IHG ... 27 57.91 0.37 56.51 109.19 66.43 Salesforce.com CRM ...10715 107.15 0.32 -18.16 75.00 52.75 BrighthouseFin BHF ... ... 57.29 -0.16 36.54 95.77 60.66 WesternDigital WDC 2.2 19 92.78 -0.13
2.20 84.88 69.32 ChinaPetrol SNP 4.1 11 72.58 0.60 -8.52 182.79 139.13 IBM IBM 4.0 13 151.84 0.07 14.00 50.65 38.45 Sanofi SNY 3.6 23 46.10 0.73 s 59.74 282.99 160.62 Broadcom AVGO 1.4275 282.38 7.01 30.45 165.00 119.70 WillisTowers WLTW 1.3 47 159.52 0.73
s 86.68 50.64 25.60 ChinaSoAirlines ZNH 1.5 11 47.99 0.72 29.32 153.97 113.16 IntlFlavors IFF 1.8 29 152.38 1.40 24.81 17.34 11.12 SantanderCons SC 0.7 9 16.85 -0.10 2.71 36.54 30.01 CA CA 3.1 19 32.63 0.18 s 75.73 116.62 65.79 Workday WDAY ... ... 116.14 0.99
6.72 53.77 45.58 ChinaTelecom CHA 2.7 15 49.23 -0.11 10.11 29.36 17.25 IntlGameTech IGT 2.8 dd 28.10 0.13 7.73 32.40 25.50 Sasol SSL 3.9 13 30.80 -0.42 s 14.69 69.61 56.50 CDK Global CDK 0.9 33 68.46 -0.73 s 84.28 159.99 85.57 WynnResorts WYNN 1.3 44 159.42 0.73
29.96 16.55 11.25 ChinaUnicom CHU ...149 15.01 -0.16 3.51 58.96 48.49 IntlPaper IP 3.5 25 54.92 0.17 -42.88 74.99 41.15 Scana SCG 5.9 13 41.86 -1.63 27.41 71.53 50.49 CDW CDW 1.3 25 66.37 0.07 20.72 75.14 52.54 Xilinx XLNX 1.9 31 72.88 0.64
-25.98 499.00 263.00 Chipotle CMG ... 54 279.31 -1.96 -19.99 25.71 18.30 Interpublic IPG 3.8 13 18.73 0.01 -26.23 87.84 61.02 Schlumberger SLB 3.2159 61.93 -0.21 8.75 81.35 63.41 CH Robinson CHRW 2.3 24 79.67 0.43 204.49 123.48 37.81 YY YY ... 21 120.03 -1.59
12.72 156.00 125.70 Chubb CB 1.9 18 148.93 0.68 18.30 23.93 19.80 InvitatHomes INVH 1.4 ... 23.66 0.16 15.99 46.33 37.16 SchwabC SCHW 0.7 29 45.78 -0.02 22.98 143.99 111.19 CME Group CME 1.9 32 141.86 -0.01 s 73.87 35.32 18.28 Yandex YNDX ... 86 35.00 1.10
9.67 36.37 31.28 ChunghwaTel CHT 4.7 22 34.60 0.15 27.59 41.53 31.39 IronMountain IRM 5.7 53 41.44 0.30 2.32 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.77 0.71 41.66 55.48 34.44 CSX CSX 1.6 26 50.90 -0.11 27.25 117.44 75.70 ZebraTech ZBRA ...193 109.13 0.57
1.43 54.18 42.55 Church&Dwight CHD 1.7 26 44.82 0.06 -4.38 4.95 3.70 IsraelChemicals ICL ... 5 3.93 0.05 0.51 50.62 41.22 SealedAir SEE 1.4 30 45.57 0.26 s 80.81 45.64 24.15 CadenceDesign CDNS ... 49 45.60 0.60 15.75 50.91 32.63 Zillow A ZG ... dd 42.19 0.42
50.39 206.45 131.03 Cigna CI 0.0 22 200.60 -0.12 28.70 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.23 -0.03 -0.39 9.14 4.49 SemicondctrMfg SMI ... 6 7.59 -0.11 57.65 13.60 7.05 CaesarsEnt CZR ... dd 13.40 0.25 15.25 51.23 32.56 Zillow C Z ... dd 42.03 0.33
-14.26 146.96 89.49 CimarexEnergy XEC 0.3 29 116.52 1.11 13.94 102.42 78.02 JPMorganChase JPM 2.3 14 98.32 -0.32 17.95 122.97 98.12 SempraEnergy SRE 2.8 26 118.70 0.04 38.03 24.85 14.85 Carlyle CG 10.6 12 21.05 -0.35 7.69 48.33 38.23 ZionsBancorp ZION 1.4 17 46.35 ...
21.18 76.14 55.23 Citigroup C 1.8 14 72.02 -0.24 11.04 65.80 49.31 JacobsEngg JEC 0.9 26 63.29 -1.49 25.39 50.83 36.79 SensataTech ST ... 27 48.84 -0.09 s 42.22 88.96 53.76 Cavium CAVM ... dd 88.80 0.20
5.95 39.75 31.51 CitizensFin CFG 1.9 15 37.75 -0.08 3.46 17.28 13.55 JamesHardie JHX 1.2 28 16.45 -0.08 25.88 36.56 26.43 ServiceCorp SCI 1.7 19 35.75 -0.13 s 62.58 120.84 67.85 CboeGlobalMkts CBOE 0.9 65 120.13 0.78
NYSE AMER
12.81 141.76 112.28 Clorox CLX 2.5 25 135.39 0.44 19.93 37.39 30.24 JanusHenderson JHG 3.5277 36.70 0.29 23.63 48.48 36.34 ServiceMaster SERV ... 27 46.57 -0.59 -9.72 147.17 94.55 Celgene CELG ... 25 104.50 -0.66 15.76 51.51 38.75 CheniereEnergy LNG ... dd 47.96 0.07
10.66 47.48 39.88 Coca-Cola KO 3.2 44 45.88 0.04 19.79 144.35 109.32 J&J JNJ 2.4 24 138.01 0.72 72.59 130.05 72.80 ServiceNow NOW ... dd 128.30 0.85 5.27 22.11 14.10 CentennialRsc CDEV ...148 20.76 -0.02 -0.76 33.47 26.41 CheniereEnerPtrs CQP 6.2 dd 28.60 0.70
23.06 44.75 30.55 Coca-Cola Euro CCE 2.5 25 38.64 0.05 -10.39 46.17 34.51 JohnsonControls JCI 2.7 22 36.91 0.12 11.22 23.31 19.41 ShawComm B SJR 4.2 28 22.31 0.09 48.98 73.86 47.01 Cerner CERN ... 35 70.57 0.54 16.18 27.45 20.16 CheniereEnHldgs CQH 6.9325 25.99 0.06
9.54 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 69.60 0.37 48.62 155.25 97.60 JonesLang JLL 0.5 20 150.17 1.36 46.62 398.22 261.65 SherwinWilliams SHW 0.9 35 394.03 3.47 14.26 408.83 265.78 CharterComms CHTR ...112 328.98 -5.29 -10.36 36.85 27.59 ImperialOil IMO 1.6 17 31.16 -0.07
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 25 - 26, 2017 | B7

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures March 57.93 58.81 s 57.65 58.73 0.79 292,651 Soybeans (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
April 57.75 58.50 s 57.50 58.48 0.70 132,632 Jan 995.00 999.75 991.00 993.25 –4.00 312,715 Dec 107-157 107-160 107-145 107-145 –1.2 1,300,417
Contract Open March 1006.25 1011.00 1002.25 1004.75 –3.75 154,663 March'18 107-100 107-100 107-085 107-085 –1.5 626,467
June 57.22 57.87 56.92 57.81 0.57 237,345
Open High hi lo Low Settle Chg interest Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 55.08 55.75 54.89 55.71 0.55 262,245
Copper-High (CMX)-25,000 lbs.; $ per lb. NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 323.60 327.00 323.10 323.80 –.60 45,891 Nov 98.845 98.845 98.843 98.843 … 205,928
Nov 3.1260 3.1735 3.1250 3.1660 0.0315 273 Dec 1.9365 1.9560 1.9261 1.9529 .0203 41,950 Jan'18 325.90 329.30 325.30 325.90 –.80 128,835 Jan'18 98.610 98.610 t 98.605 98.610 … 338,342
March'18 3.1590 3.1985 3.1465 3.1915 0.0325 140,584 Jan'18 1.9433 1.9589 s 1.9285 1.9555 .0198 135,116 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 34.06 34.08 33.68 33.94 –.11 67,363 Dec 101.281 101.281 101.031 101.094 –.141 28,075
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100%
Nov ... ... ... 1286.70 –4.90 12 Dec 1.7635 1.7948 1.7615 1.7880 .0201 50,187 Jan'18 34.22 34.22 33.83 34.08 –.12 143,324
Dec 1291.90 1293.30 1285.10 1287.30 –4.90 164,753 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 98.5225 98.5225 98.5100 98.5275 .0075 2,764
Jan'18 1.7615 1.7875 1.7555 1.7809 .0190 175,674
Eurodollar (CME)-$1,000,000; pts of 100%
Feb'18 1296.10 1297.60 1289.50 1291.80 –5.00 288,583 Jan 1239.00 1245.00 1216.00 1242.00 … 8,447
April 1300.60 1301.80 1293.90 1296.10 –5.00 26,160
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 1261.50 1273.00 1261.50 1271.50 … 1,969 Dec 98.4500 98.4550 98.4500 98.4500 … 1,659,144
Dec 2.961 2.986 t 2.797 2.813 –.155 26,517 March'18 98.2900 98.2900 98.2750 98.2800 –.0050 1,509,434
June 1303.00 1305.40 1299.00 1300.50 –5.00 25,060
Jan'18 3.056 3.081 t 2.903 2.916 –.143 359,380
Wheat (CBT)-5,000 bu.; cents per bu.
Dec 1316.20 1318.30 1313.80 1313.90 –5.00 12,530 Dec 422.00 422.25 t 412.50 415.75 –7.00 93,682 June 98.1450 98.1500 98.1300 98.1300 –.0150 1,301,076
Palladium (NYM) - 50 troy oz.; $ per troy oz. Feb 3.054 3.085 t 2.917 2.929 –.135 125,079
March'18 440.25 440.50 t 431.00 434.75 –6.00 261,252 Dec 97.9950 97.9950 97.9700 97.9750 –.0250 1,673,692
Dec 1001.50 1009.70 992.00 993.70 –8.25 8,880 March 3.025 3.053 t 2.894 2.907 –.127 192,002 Wheat (KC)-5,000 bu.; cents per bu.
March'18 999.85 1008.00 991.45 992.75 –7.30 24,905 April 2.905 2.918 2.808 2.817 –.093 132,019 Dec 420.25 421.25 t 411.00 414.50 –6.50 38,171 Currency Futures
June 993.85 993.85 986.50 986.25 –6.40 502 May 2.900 2.909 2.807 2.817 –.085 104,295 March'18 437.75 438.75 t 428.50 432.00 –6.50 179,060 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (MPLS)-5,000 bu.; cents per bu. Dec .9001 .9013 .8968 .8970 –.0034 249,089
Nov 928.20 928.20 926.40 942.30 4.70 4 Agriculture Futures Dec 626.75 626.75 618.00 623.50 –3.25 19,022 March'18 .9049 .9058 .9016 .9017 –.0035 5,028
Jan'18 941.10 945.70 935.10 945.30 4.60 68,384 March'18 640.75 640.75 633.50 638.50 –2.75 36,546 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Silver (CMX)-5,000 troy oz.; $ per troy oz. Corn (CBT)-5,000 bu.; cents per bu. Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Dec 344.25 345.75 339.75 342.25 –3.00 324,101 Dec .7872 .7893 .7846 .7868 –.0005 137,837
Nov 16.990 16.990 16.990 16.981 –0.120 1 Nov 157.775 157.925 157.575 157.775 … 2,642 March'18 .7880 .7900 .7858 .7877 –.0006 3,772
March'18 17.240 17.240 17.035 17.093 –0.123 111,965 March'18 356.00 357.75 352.50 355.00 –2.00 739,814
Oats (CBT)-5,000 bu.; cents per bu. Jan'18 152.550 153.575 151.750 153.300 .575 25,991 British Pound (CME)-£62,500; $ per £
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1.3330 1.3368 1.3285 1.3339 .0009 172,132
Jan 58.05 59.05 s 57.75 58.95 0.93 577,680 Dec 250.50 251.75 247.75 249.25 –1.50 1,643
Dec 118.950 119.175 118.450 118.575 –.475 43,392 March'18 1.3368 1.3409 1.3330 1.3382 .0009 4,072
Feb 58.01 58.99 s 57.74 58.91 0.89 198,673 March'18 267.00 267.75 264.00 266.75 .25 5,231
Feb'18 125.200 125.400 124.350 124.575 –.900 155,777 Swiss Franc (CME)-CHF 125,000; $ per CHF
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1.0202 1.0233 1.0189 1.0222 .0020 80,653
Dec 63.200 63.675 63.125 63.250 .425 34,625 March'18 1.0274 1.0305 1.0263 1.0295 .0019 347
Exchange-Traded Portfolios | WSJ.com/ETFresearch Feb'18 69.400 70.150 69.325 69.400 .300 93,394 Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec .7614 .7637 .7602 .7612 … 130,701
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Jan'18 .7611 .7634 .7604 .7611 … 740
Closing Chg YTD Jan 425.60 426.10 418.10 420.70 –6.80 5,327 Feb .7610 .7633 .7603 .7610 … 435
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) March 415.50 415.50 407.80 410.60 –6.50 982 March .7609 .7633 .7600 .7608 … 1,642
SPDR S&PMdCpTr MDY 338.34 0.04 12.1 Milk (CME)-200,000 lbs., cents per lb. June .7602 .7616 .7602 .7607 … 258
Friday, November 24, 2017 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 260.36 0.23 16.5 Nov 16.80 16.82 16.78 16.80 … 4,271 Mexican Peso (CME)-MXN 500,000; $ per MXN
Closing Chg YTD SPDR S&P Div SDY 93.54 –0.05 9.3 Dec 15.38 15.55 15.31 15.42 … 4,427 Dec .05341 .05378 .05329 .05370 .00020 173,440
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 47.71 –0.21 36.3 TechSelectSector XLK 64.50 0.56 33.4 Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 .05256 .05296 .05249 .05289 .00020 851
iShMSCIEurozone EZU 43.83 1.43 26.7 UtilitiesSelSector XLU 55.88 0.16 15.1
AlerianMLPETF AMLP 10.16 –0.29 –19.4
iShMSCIJapan EWJ 60.05 0.82 22.9 VanEckGoldMiner GDX 22.83 –0.39 9.1 Dec 2,119 2,119 2,119 2,109 –10 407 Euro (CME)-€125,000; $ per €
CnsmrDiscSelSector XLY 94.63 0.25 16.3 March'18 2,111 2,121 2,083 2,107 –17 135,425 Dec 1.1834 1.1959 1.1828 1.1942 .0102 455,863
iShNasdaqBiotech IBB 312.63 0.04 17.8 VangdInfoTech VGT 167.77 0.58 38.1
CnsStapleSelSector XLP 54.77 –0.07 5.9 March'18 1.1902 1.2027 1.1898 1.2012 .0102 7,842
EnSelectSectorSPDR XLE 67.88 0.28 –9.9
iShNatlMuniBd MUB 110.15 –0.17 1.8 VangdSC Val VBR 129.69 –0.12 7.2 Coffee (ICE-US)-37,500 lbs.; cents per lb.
iShRussell1000Gwth IWF 132.80 0.36 26.6 VangdSC Grwth VBK 160.06 0.33 20.2 Dec 124.00 126.60 124.00 124.80 .25 2,308
FinSelSectorSPDR XLF 26.22 –0.04 12.8
GuggS&P500EW RSP 97.99 0.05 13.1
iShRussell1000 IWB 145.02 0.22 16.5 VangdDivApp VIG 98.25 0.12 15.3 March'18 127.00 130.40 126.95 127.55 .55 120,649 Index Futures
iShRussell1000Val IWD 119.89 0.03 7.0 VangdFTSEDevMk VEA 44.72 0.63 22.4
HealthCareSelSect XLV 81.77 0.23 18.6
iShRussell2000Gwth IWO 184.63 0.30 19.9 VangdFTSE EM VWO 45.60 –0.37 27.4
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
IndSelSectorSPDR XLI 71.41 ... 14.8 March 15.28 15.49 15.22 15.45 .17 383,765 Dec 23485 23569 s 23432 23517 32 149,022
iShRussell2000 IWM 150.95 0.04 11.9 VangdFTSE Europe VGK 58.70 0.91 22.4
iShIntermCredBd CIU 109.63 –0.02 1.3 May 15.19 15.39 15.17 15.36 .15 131,671 March'18 23488 21563 23431 23512 31 2,769
iShRussell2000Val IWN 124.78 –0.21 4.9 VangdFTSEAWxUS VEU 54.56 0.48 23.5
iSh1-3YCreditBond CSJ 104.87 0.03 –0.1 S&P 500 Index (CME)-$250 x index
iSh3-7YTreasuryBd IEI 122.85 –0.07 0.3
iShRussell3000 IWV 154.55 0.23 16.2 VangdGrowth VUG 139.54 0.40 25.2 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
iShRussellMid-Cap IWR 203.71 0.11 13.9 VangdHlthCr VHT 152.52 0.25 20.3 March 27.38 27.38 27.38 27.38 … 2,812 Dec 2594.50 2602.50 s 2589.50 2601.00 6.40 68,915
iShCoreMSCIEAFE IEFA 65.94 0.70 23.0 86.69 ... 7.8 VangdHiDiv 83.02 0.13 9.6
iShCoreMSCIEmgMk IEMG 57.47 –0.28 35.4
iShRussellMCValue IWS VYM
Cotton (ICE-US)-50,000 lbs.; cents per lb. March'18 2603.50 2603.70 s 2603.50 2602.10 6.40 5,222
iShS&PMC400Growth IJK 213.23 0.15 17.0 VangdIntermBd BIV 84.36 –0.04 1.6 Mini S&P 500 (CME)-$50 x index
iShCoreMSCITotInt IXUS 63.16 0.49 25.1 iShS&P500Growth IVW 150.93 0.37 23.9 VangdIntrCorpBd VCIT 87.78 0.01 2.4 Dec 70.80 72.34 70.60 72.23 1.49 674
iShCoreS&P500 IVV 262.09 0.21 16.5 March'18 71.14 72.08 71.07 71.93 .79 159,855
Dec 2593.25 2603.00 s 2589.50 2601.00 6.50 3,196,045
iShS&P500Value IVE 109.63 0.05 8.1 VangdLC VV 119.63 0.23 16.9
iShCoreS&P MC IJH 185.62 0.04 12.3 March'18 2595.25 2604.00 s 2590.75 2602.00 6.25 113,478
iShUSPfdStk PFF 38.64 0.08 3.8 VangdMC VO 151.58 0.17 15.2 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
iShCoreS&P SC IJR 76.11 0.07 10.7 iShTIPSBondETF TIP 114.14 –0.12 0.9 VangdMC Val VOE 107.70 0.13 10.8
iShS&PTotlUSStkMkt ITOT 59.70 0.17 16.4
Jan 165.75 167.50 164.25 165.90 –.85 8,242 Dec 1856.40 1864.40 s 1852.00 1857.60 .30 94,024
iSh1-3YTreasuryBd SHY 84.10 ... –0.4 VangdREIT VNQ 84.95 0.13 2.9
iShCoreUSAggBd AGG 109.53 –0.02 1.4 March 163.00 165.00 163.00 163.95 –.85 1,712 Mini Nasdaq 100 (CME)-$20 x index
iSh7-10YTreasuryBd IEF 106.28 –0.08 1.4 VangdS&P500 VOO 239.12 0.21 16.5
iShSelectDividend DVY 95.57 –0.04 7.9 iSh20+YTreasuryBd TLT 126.80 –0.28 6.4 VangdST Bond BSV 79.45 –0.01 ... Dec 6388.3 6416.0 s 6375.8 6413.5 24.0 292,729
iShEdgeMSCIMinEAFE EFAV 72.57 0.53 18.5 iShRussellMCGrowth IWP 118.83 0.26 22.0 VangdSTCpBd VCSH 79.67 –0.10 0.4 Interest Rate Futures March'18 6404.5 6432.0 s 6393.0 6430.0 23.8 2,665
iShEdgeMSCIMinUSA USMV 51.96 0.23 14.9 PIMCOEnhShMaturity MINT 101.76 –0.03 0.4 VangdSC VB 145.62 0.12 12.9 Mini Russell 2000 (ICE-US)-$100 x index
iShGoldTr IAU 12.38 –0.32 11.7 156.26 0.37 31.9 VangdTotalBd 81.86 –0.02 1.3
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
PwrShQQQ 1 QQQ BND
Dec 154-200 154-240 153-290 154-080 –8.0 614,101 Dec 1519.80 1524.40 1516.10 1518.80 2.30 68,650
iShiBoxx$InvGrCpBd LQD 121.19 –0.12 3.4 PwrShS&P500LoVol SPLV 47.22 0.17 13.6 VangdTotIntlBd BNDX 55.08 –0.09 1.5
March'18 153-120 153-200 152-260 153-040 –8.0 234,074 March'18 1515.00 1515.00 1515.00 1519.80 1.80 114
iShiBoxx$HYCpBd HYG 87.87 0.07 1.5 PwrShSrLoanPtf BKLN 23.02 –0.04 –1.5 VangdTotIntlStk VXUS 56.69 0.53 23.6
iShJPMUSDEmgBd EMB 115.82 –0.03 5.1 SPDR BlmBarcHYBd JNK 36.99 0.08 1.5 VangdTotalStk VTI 134.11 0.23 16.3 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini Russell 1000 (ICE-US)-$100 x index
Dec ... ... ... 1443.20 7.50 322
iShMBSETF MBB 106.78 –0.06 0.4 SPDR Gold GLD 122.32 –0.25 11.6 VangdTotlWrld VT 73.25 0.37 20.1 Dec 125-030 125-045 124-285 124-310 –4.5 2,666,918
iShMSCI ACWI ACWI 71.35 0.28 20.6 SchwabIntEquity SCHF 34.51 0.73 24.7 VangdValue VTV 102.13 0.09 9.8 March'18 124-275 124-280 124-205 124-230 –4.5 936,517
U.S. Dollar Index (ICE-US)-$1,000 x index
iShMSCIBrazilCap EWZ 40.73 –0.32 22.2 63.02 0.16 16.3 64.73 0.54 12.8 Dec 93.11 93.18 92.61 92.71 –.43 37,979
SchwabUS BrdMkt SCHB WisdTrEuropeHdg HEDJ 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'18 92.78 92.86 92.31 92.40 –.42 3,236
iShMSCI EAFE EFA 70.34 0.82 21.8 SchwabUS LC SCHX 62.28 0.26 16.9 WisdTrJapanHdg DXJ 58.17 1.09 17.4 Dec 116-315 116-315 116-275 116-287 –2.7 2,468,843
iShMSCI EAFE SC SCZ 63.69 0.39 27.8 SPDR DJIA Tr DIA 235.47 0.13 19.2 XtrkrsMSCIEAFE DBEF 31.89 0.57 13.6
March'18 116-250 116-250 116-210 116-222 –3.0 1,088,974
Source: SIX Financial Information

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NEW HIGHS AND LOWS

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. FlexShEM FactTilt TLTE 59.30 -0.2 JPM US Dividend JDIV 25.36 0.9 VangdGrowth VUG 139.58 0.4 VirtusEnhShrtUS VESH 23.51 -0.2 Crocs CROX 11.20 -0.8 LKQ LKQ 38.49 -0.2 TetraTech TTEK 50.75 2.1
FlexShQualDivDef QDEF 42.95 0.2 JPM US Value JVAL 25.32 ... VangdLC VV 119.69 0.2 Cytosorbents CTSO 6.93 1.5 LM Funding LMFA 6.65 17.6 TillCapital TIL 5.45 -2.5

Friday, November 24, 2017

FlexShQualityDiv QDF
FrankFTSECanada FLCA
43.49
25.29
0.2
0.1
KnowldgLdrDevWrld KLDW
NationwideMaxDivUS MXDU
33.28
25.66
0.5
0.2
VangdMegaCap MGC
VangdMegaGrwth MGK
89.54
110.28
0.3
0.4
NYSE American highs - 5 DataIO
ElectroSci
DAIO
ESIO
15.26
27.30
4.9
3.3
LivaNova
MillAcqn Un
LIVN
MIIIU
86.50 0.2
10.99 0.7
TowerSemi
TrilliumTherap TRIL
TSEM 35.56
12.10
0.8
3.4
52-Wk % 52-Wk % 52-Wk % FrankFTSEFrance FLFR 25.47 2.0 NationRiskBaseIntl RBIN 25.75 0.9 VangdMC VO 151.75 0.2 AmpioPharm AMPE 2.20 13.7 Facebook FB 183.15 1.1 MellanoxTech MLNX 58.60 2.1 2U TWOU 69.06 3.2
FrankFTSEGermany FLGR 25.54 0.9 NationRiskBasedUS RBUS 25.59 0.2 VangdMCGrowth VOT 127.30 0.3 Ashford AINC 111.00 -0.7 FidelityNasdComp ONEQ 271.16 0.2 Methanex MEOH 53.50 -0.1 US GlobalInv GROW 4.97 59.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
FrankFTSE HK FLHK 26.51 0.2 OppESGRevenue ESGL 29.75 0.2 VangdS&P500 VOO 239.28 0.2 BancroftFund BCV 22.77 1.4 FT CloudComp SKYY 45.63 0.8 MidPennBancorp MPB 31.50 3.6 UnivDisplay OLED 192.75 0.7
KoreaFund KF 44.64 ... VF VFC 74.06 0.7 FrankFTSEItaly FLIY 25.47 1.7 OppGlbESGRevenue ESGF 30.79 0.2 VangdS&P500 Grw VOOG 135.42 0.3 CaledoniaMining CMCL 7.45 8.4 FT DevMkts FDT 61.67 0.5 Mindbody MB 34.85 0.7 UnivLogistics ULH 23.15 3.6
NYSE highs - 166 KronosWorldwide
LINE
KRO
LN
29.45
45.30
1.5
2.4
Valhi
ValmontInds
VHI
VMI
5.97
166.55
1.2
0.7
FrankFTSE SKorea FLKR
FrankFTSE UK FLGB
26.57
25.09
0.6
0.2
OppenheimerLgCpRev RWL
PIMCO DynMultEM MFEM
49.18
25.71
...
0.1
VangdS&P400Val IVOV
VangdTotalStk VTI
120.07
134.13
-0.1
0.2
UQM Tech UQM 1.58 6.8 FT DevMktsXUS
FT DorseyDyn5
FDTS
FVC
44.18
25.58
1.7
0.2
MonarchCasino MCRI
MonotypeImaging TYPE
47.92 3.2
25.45 0.4
VangdGlblxUS RE VNQI
VangdIntlDivApp VIGI
60.87
66.45
0.4
0.5
AG Mortgage PfdB MITTpB 25.59
AT&T Nts 2066 TBB 25.83
0.1
...
LambWeston
LazardGlblFd
LW
LGI
54.65
17.49
0.4
-0.1
VectorGroup
Verso
VGR
VRS
22.49
11.30
0.8
4.5
FranklinGlbEquity FLQG
GlbX FTSE SE Asia ASEA
30.27
16.67
0.3
0.4
PwrShContrarian CNTR
PwrShDynNetwork PXQ
31.87
47.30
4.3
0.4
VangdTotlWrld VT
WBITacticalLCGD WBIE
73.28
25.42
0.4
0.3
NYSE American lows - 3 FT DorseyFoc5
FT DorseyIntl5
FV
IFV
27.46
22.28
0.3
0.4
NICE
NektarTherap NKTR
NICE 86.38 1.3
52.67 5.7
VangdLTCorpBd VCLT
VangdRuss1000 VONE
95.29
119.72
...
0.2
AXIS CapPfdE AXSpE 25.79 0.5 Lennar B LEN.B 50.90 1.2 WellsFargoPfdV WFCpV 26.81 ... WBITacticalRotatn WBIR 25.50 0.2 AmericanLorain ALN 0.19 2.8 DorseyWrightPeople DWPP 27.94 0.2 NeptuneTech NEPT 1.35 14.4 VangdRuss1000Grw VONG 136.25 0.4
GlbXSciBetaUS SCIU 30.55 0.1 PwrShFTSE US1000 PRF 109.66 0.1
AberdeenSingapore SGF 12.65 0.3 Lennar A LEN 61.35 0.7 WellsFargoPfdW WFCpW 26.55 0.4 WisdTrAPxJp AXJL 69.87 0.3 Cohen COHN 7.65 -5.1 FT NasdTechDiv TDIV 35.28 0.5 NetApp NTAP 56.55 0.6 VangdRuss3000 VTHR 119.77 0.1
GSActiveBetaIntlEq GSIE 29.80 0.8 PwrShAPac xJapan PAF 59.85 0.5
AdvSemiEngg ASX 7.52 12.0 LifeStorage LSI 90.52 1.5 WellsFargoPfdA WFCpX 26.11 0.4 WisdTrCBOES&P500 PUTW 29.94 0.1 FieldPointPetrol FPP 0.18 -17.0 FT GerAlpha FGM 50.33 2.1 NorthernTechsIntl NTIC 22.00 2.9 VangdTotalCpBd VTC 85.12 ...
GSActiveBetaJapan GSJY 33.67 1.0 PwrShDevMkt xUS PXF 45.18 0.8
AlabamaPwrPfdA ALPpQ 27.05 0.4 Luxfer LXFR 14.50 1.4 WildHorseResource WRD 16.97 2.6 GSActiveBetaUSLC GSLC 52.05 0.2 PwrShFTSERAFIDevMk PDN 34.12 0.5 WisdTrGlbxUSQual DNL 58.94 0.6 FT JapanAlpha FJP 59.55 0.4 NovaMeasuring NVMI 31.88 6.4 VangdTotIntlStk VXUS 56.75 0.5
AlgonquinPwr AQN
AllianzGIEqtyConv NIE
11.34
21.29
0.3
0.9
MI Homes MHO 36.26 0.7 Winnebago WGO
WWE
51.75
28.36
0.9
2.0
GuggBRIC EEB 38.51 0.2 PwrShRussMC EW EQWM 46.47 0.3 WisdTrIntlEquity DWM 55.45 0.7 Nasdaq highs - 183 FT LC GrwthAlpha FTC 60.93 0.4 Nutanix NTNX 34.83 3.4 VSInverseVIXSTerm XIV 119.64 0.3
MSCI MSCI 129.11 1.1 WW Ent GuggS&P500EW RSP 98.18 0.1 PwrShRussMCGrw PXMG 42.44 0.2 WisdTrIntlLC Div DOL 50.42 0.7 FT NasdCleanEdge QCLN 20.96 0.4 NuvNasd100Dyn QQQX 24.39 0.5 VeriSign VRSN 117.50 1.3
AlonUSAPartners ALDW 15.79 -0.4 ANI Pham ANIP 74.70 17.7
MVC CapNts22 MVCD 25.65 0.4 Xylem XYL 67.99 0.5 GuggInsider NFO 62.07 0.4 PwrShRuss1000EqWt EQAL 30.40 0.1 WisdTrJapanSC DFJ 79.24 0.4 FT NasdCybersec CIBR 22.62 0.4 OldDomFreight ODFL 124.56 -0.2 VicShUS500EnhVol CFO 47.34 0.1
ArmadaHoffler AHH 15.36 0.3 ASML ASML 186.37 1.8
ManchesterUnited MANU 21.50 1.7 GuggMC Core CZA 65.28 0.1 PwrShRussTop200 EQWL 51.46 0.2 WisdTrUSEarn500 EPS 30.14 0.1 FT Nasd100Tech QTEC 75.22 0.6 OrganicsETF ORG 33.58 -0.4 VidentCoreUSEquity VUSE 32.44 -0.1
AdamasPharm ADMS 34.26 0.3
ArmstrongWorld AWI
AshlandGlobal ASH
57.25
71.03
1.2
0.9
Marcus&Millichap
Mastercard
MMI
MA
31.80
153.00
2.9
1.0
NYSE lows - 21 GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
185.09
35.87
0.3
0.4
PwrShRuss2000Grw PXSG
PwrShS&PIntDev IDLV
31.70
33.87
0.3
0.6
WisdTrUSLCDivFd DLN
WisdTrUSMCDivFd DON
89.24
34.33
...
0.1
AllenaPharm ALNA 13.49 3.6
FT NasdSmartphone
FT Nasd100 EW
FONE
QQEW
53.90
57.65
0.7
0.1
Overstock
PDLCommBncp PDLB
OSTK 65.25 4.8
16.00 1.1
VikingTheraWt VKTXW
WestellTech WSTL
2.11
4.39
1.0
1.9
AsiaPacificFund APB 14.83 0.7 AdvantageOil AAV 4.85 -2.0 Amazon.com AMZN1186.84 2.6 FT SKoreaAlpha FKO 29.37 1.2 PayPal PYPL 78.90 1.3
MeritageHomes MTH 51.95 0.8 GuggSolar TAN 25.50 1.5 ProShLgOnline CLIX 42.26 0.8 WisdTrUSTotalDivFd DTD 90.15 -0.1 WisdTrEMConGrwth EMCG 26.46 0.1
AxaltaCoating AXTA 36.30 2.0 AnadarkoPeteUn AEUA 33.15 -0.9 AmplifyOnlineRet IBUY 38.73 0.8 Flex FLEX 19.11 1.6 pdvWireless PDVW 35.80 3.8
MesaRoyalty MTR 18.00 3.4 HartfordMultiDvxUS RODM 29.18 0.6 ProShShtVIXST SVXY 114.65 0.4 Workday WDAY 116.62 0.9
AnaptysBio ANAB 83.50 4.2 FlexSTOXXGlbESGImp
BB&T Pfd H
BCE
BBTpH 27.09
BCE 48.64
0.1
0.1
MichaelKors
ModelN
KORS 57.10
MODN 16.50
...
2.8
BellatrixExplor BXE
BylineBancorp BY
1.95 -1.5
19.02 -2.5
IQ50%HdgFTSEJapan HFXJ
IQGlobalResources GRES
22.45
27.77
1.0
0.4
ProShUltMSCIEAFE EFO
ProShrUltraQQQ QLD
130.13
73.79
1.6
0.7
NYSE Arca lows - 33 ArchCapitalPfdE ACGLP 25.19 -0.1 ForescoutTechs
ESGG
FSCT
93.12
29.53
0.3
0.6
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
28.03 0.9
20.82 -0.4
WynnResorts WYNN
Xunlei XNET
159.99
27.00
0.5
3.9
BankofAmPfdI BACpI 26.80 -0.2 CenturyLink CTL 13.68 0.3 iPathS&P500VIXST VXX 31.50 -0.5 ArenaPharm ARNA 29.54 6.9 ForresterResearch FORR 47.35 0.9 PwrShDivAch PFM 25.57 0.2
Moelis MC 47.20 -0.1 IQRealReturn CPI 27.71 0.2 ProShrUltraS&P SSO 103.55 0.4 Yandex YNDX 35.32 3.2
BankofAmPfdL BACpL1327.51 0.2 ChinaOnlineEduc COE 10.84 -1.3 DBCrudeOilDblShrt DTO 92.50 -3.2 ArrowInvDWATact DWAT 11.75 0.1 Fortinet FTNT 42.08 0.3 PwrShDynConDis PEZ 49.45 0.3
MonmouthRealEst MNR 17.77 0.3 iShAggrAllocation AOA 55.03 0.3 ProShrUlTech ROM 91.86 1.4 AZPN 69.12 0.8 GlbXInternetThings
BlkRkSci&Tech BST
BlackstoneMtg BXMT 32.95
27.30 0.6
-0.5
Moody's
MS InSec
MCO 150.73
ICB 18.50
0.6
0.4
Doubleline Oppor DBL
EtnVncFRIncmPlus EFF
22.14 -0.4
16.10 -0.5
iShGrwthAllocation AOR
iShMSCIIntlDev IDEV
45.74
58.05
0.2
0.7
ProShUltS&P500 UPRO
ProShUlt3xCrudeOil OILU
128.92
35.42
0.6
4.7
DBCrudeOilShortETN SZO
DirexDevMktBear3 DPK
72.12 -19.8
12.64 -2.4
AspenTech
AssemblyBiosci ASMB 45.52 9.3 GlbXMillThematic
SNSR
MILN
20.71
19.13
0.8
0.4
PwrShGlbWater PIO
PwrShIntlBuyBack IPKW
25.64 0.5
36.88 0.6
Nasdaq lows - 28
Box BOX 23.93 1.3 GrupoTelevisa TV 18.37 -1.0 DirexS&P500Br3 SPXS 32.68 -0.6 Autodesk ADSK 129.54 1.4 GlbX Robotics&AI BOTZ 24.97 0.6 PwrShNasdInternet PNQI 117.40 0.5 A-MarkPrecMetals AMRK 14.68 -1.6
NQ Mobile NQ 4.50 -0.5 iShCoreMSCIPacific IPAC 60.13 0.5 ProShUltShBlmGas KOLD 42.47 8.6
CGI Group GIB 54.17 0.4 HamiltonBeach HBB 27.09 -7.4 DirexS&P500Br1 SPDN 31.55 -0.1 AvidTechnology AVID 7.65 4.7 GlbXS&P500Catholic CATH 32.36 0.2 PwrShQQQ 1 QQQ 156.31 0.4 Ability ABIL 0.43 -5.0
NTTDoCoMo DCM 25.79 0.4 iShModAllocation AOM 38.49 0.1 RenaissanceIPOETF IPO 28.92 0.7
CabotOil COG 29.50 -0.6 HugotonRoyalty HGT 1.50 -5.8 DirexTechBear3 TECS 6.82 -1.4 AxcelisTechs ACLS 37.05 3.6 GlbXSocialMedia SOCL 34.70 0.2 PwrShRuss1000Low USLB 30.54 0.1 AmTrustFinSvcs AFSI 8.81 -3.9
NVR NVR 3434.99 -0.5 iShCoreS&P500 IVV 262.27 0.2 RivFrDynUSDiv RFDA 31.02 0.2
CalAtlantic CAA 54.59 0.8 JianpuTech JT 4.86 -14.8 FrankIntMunOpp FLMI 24.81 -0.6 BldrsAsia50ADS ADRA 34.95 0.8 GoldenEnt GDEN 33.65 5.3 PwrShS&P ScHealth PSCH 97.45 0.9 AvenueTherap ATXI 3.85 -1.2
NatlRetailPropPfdF NNNpF 25.48 ... iShS&PTotlUSStkMkt ITOT 59.75 0.2 RivFrDynUSFlex RFFC 32.14 0.2
CanadaGoose GOOS 27.77 1.5 JustEnergy JE 4.35 -1.8 PwrShDB G10 DBV 22.85 -0.6 BeaconRoof BECN 61.68 3.3 GreatElmCap GEC 4.20 10.5 PrincplMillennials GENY 33.95 0.3 BurconNutraScience BUR 0.41 -5.0
NatlStorage NSA 26.70 0.3 iShCurrHdgMSCICda HEWC 26.59 0.2 SPDRFactSetInnTech XITK 82.82 0.2
CapitalOnePfdH COFpH 27.15 0.1 NationalGrid NGG 58.42 -0.4 ProShShMSCI EAFE EFZ 25.65 -0.7 BigRockPtrsAcqnUn BRPAU 10.05 0.1 Groupon GRPN 5.76 0.7 ProShUltPrQQQ TQQQ 140.34 1.1 Conifer CNFR 5.55 -1.7
NatlStoragePfdA NSApA 26.30 0.9 iShUSConsumerSvcs IYC 170.74 0.1 SPDRGlobalDow DGT 83.12 0.6
Carters CRI 107.65 0.4 PPDAI PPDF 7.83 15.5 ProShShortQQQ PSQ 35.51 -0.3 Bio-Techne TECH 132.88 -0.5 Hortonworks HDP 20.66 0.2 Qualys QLYS 62.00 2.2 Criteo CRTO 31.58 0.7
NewGermanyFund GF 19.52 1.0 iShU.S.Technology IYW 165.98 0.5 SPDRMSCIEAFEStrat QEFA 65.07 0.7
CatchMarkTimber CTT 13.41 0.7 PlainsAllAmPipe PAA 18.60 -3.3 ProShShrtS&P500 SH 31.06 -0.2 BioanalyticalSys BASI 2.45 2.6 HuntingtonBcPfC HBANN 26.45 0.2 RMR Group RMR 60.31 1.4 ElbitImaging EMITF 2.21 -1.7
NewRelic NEWR 59.20 2.8 iShEdgeMSCIIntlMom IMTM 30.95 0.6 SPDRMSCIDEStrat QDEU 65.66 1.5
CenturyComm CCS 30.60 1.5 Qudian QD 12.03 -24.3 ProshUltBlmNatGas BOIL 6.65 -8.8 BldrsDev100 ADRD 23.36 1.1 ICU Medical ICUI 218.45 1.3 ROBOGlblRobotics ROBO 42.59 0.8 Eltek ELTK 4.23 -7.0
NewResidInvt NRZ 18.00 -0.6 iShEdgeMSCIIntQual IQLT 29.74 0.8 SPDR NYSE Tech XNTK 86.84 0.7
ChinaEastrnAir CEA 31.73 0.6 RYBEducation RYB 15.56 -38.4 ProShUltVIXST UVXY 13.06 -0.7 BldrsEmg50 ADRE 44.14 0.7 Illumina ILMN 216.08 -0.2 RedRockResorts RRR 28.90 0.6 EyegatePharmWt EYEGW 0.06 -4.3
NoahHoldings NOAH 48.30 2.2 iShEdgeMSCIIntVal IVLU 26.25 0.7 SPDRPtfLTCorpBd SPLB 28.43 -0.1
ChinaSoAirlines ZNH 50.64 1.5 Sea SE 12.88 -3.8 ProShUltProShS&P SPXU 12.41 -0.6 BlueBuffaloPet BUFF 30.28 -0.2 Interface TILE 25.70 3.6 Remark MARK 9.79 7.1 FrontierComm FTR 6.08 -5.7
NomadFoods NOMD 15.65 1.1 iShEdgeMSCIMlIntSC ISCF 32.07 0.3 SPDRS&P500Growth SPYG 32.63 0.3
ChinaYuchai CYD 25.60 1.6 SeaWorldEnt SEAS 10.42 1.8 ProShUlt3xShCrude OILD 11.68 -4.6 bluebirdbio BLUE 170.20 0.4 Intricon IIN 17.64 7.0 Resonant RESN 6.53 9.1 FrontierCommPfA FTRPR 11.42 -2.0
NortelInversora NTL 45.75 0.5 iShGlobal100 IOO 92.27 0.8 SPDRS&P500HiDiv SPYD 37.13 0.1
ChoiceHotels CHH 77.95 0.3 WideOpenWest WOW 9.59 -2.3 ProShUltBloomCrd SCO 25.83 -3.1 Broadcom AVGO 282.99 2.5 InvestorsTitle ITIC 200.94 2.9 RiotBlockchain RIOT 24.00 47.6 GlobalBrokerage GLBR 0.38 -29.1
16.74 0.9 NorthstarRltyEur NRE 14.70 ... iShACWILowCarbon CRBN 116.38 0.3 SPDR Ptf TSM SPTM 32.45 0.2
CreditSuisse CS ProShrUSCnsmrSvc SCC 27.12 -1.2 CDK Global CDK 69.61 -1.1 iRhythmTechs IRTC 57.85 0.8 SBA Comm SBAC 171.29 1.6 HaymakerAcqnUn HYACU 9.96 -0.1
NovoNordisk NVO 52.32 0.8 70.39 0.8 31.62 0.7
DTE EnergyDeb77 DTW 25.24
DaqoNewEnergy DQ 53.61
0.4
7.9 NuvCoreEqAlpha JCE 16.14 0.3 NYSE Arca highs - 233 iShMSCI EAFE EFA
iShMSCIEmgMktSC EEMS 52.27 0.3
SPDRPtfWorldxUS SPDW
SPDRRuss1000Mom ONEO 75.31 ...
ProShrUS MSCI EAFE EFU
ProShrUS MSCI Jpn EWV
23.33 -1.9
26.55 -2.5
CVD Equipment CVV 13.50 3.3 iShCommodSelStrat
CadenceDesign CDNS 45.64 1.3 iShCoreMSCITotInt
COMT
IXUS
37.59
63.22
0.6
0.5
SMART Global SGH
SageTherap SAGE
43.16 -10.9
100.34 2.4
Medigus
NanoDimension NNDM
MDGS 1.62 -24.7
3.73 -1.3
Deere DE 147.91 0.2 NuvDow30Dyn DIAX 18.03 0.2 ARKInnovationETF ARKK 37.03 0.5 iShMSCIFranceETF EWQ 31.55 1.6 SPDR S&P500MidGr MDYG 156.00 0.1
ProShUltShtQQQ QID 13.36 -0.7 CallidusSoftware CALD 30.25 2.6 iShSelectDividend DVY 95.93 ... Senomyx SNMX 1.71 0.6 NovelionTherap NVLN 3.60 -6.2
DelekUS DK 32.17 -1.8 OasisMidstream OMP 18.65 1.4 ARKWebx.0ETF ARKW 45.87 1.1 iShMSCIFrontier100 FM 32.95 -0.1 SPDR S&P400MidVl MDYV 101.60 ...
ProShUltShtS&P500 SDS 43.52 -0.5 CareDx CDNA 6.70 1.5 iShExponentialTech XT 35.61 0.5 Sigmatron SGMA 10.00 1.5 PICO PICO 12.95 -0.8
DelphiTechsWi DLPHw 53.40 0.2 ObsidianEnergy OBE 1.44 -0.7 AdvShNewTech FNG 24.06 3.0 iShMSCIHongKong EWH 26.18 0.5 SPDRS&P500Fossil SPYX 63.25 0.2
ProShrUSSemi SSG 9.49 -1.5 CatalystPharma CPRX 3.52 4.2 iShIntlDevRealEst IFGL 30.07 0.7 SinovacBiotech SVA 7.98 3.8 PapaJohn's PZZA 56.21 -1.3
Diageo DEO 140.63 1.6 Oppenheimer A OPY 27.50 3.2 Barrons400ETF BFOR 40.95 -0.2 iShMSCIJapanSC SCJ 79.39 0.6 SPDRS&PGlbDividend WDIV 69.46 0.3
ProShrUSTech REW 16.11 -0.7 Cavium CAVM 88.96 0.2 iShMSCI ACWI ACWI 71.42 0.3 SocialReality SRAX 7.95 32.1 ProShUltProShQQQ SQQQ 21.50 -1.1
Dividend&IncomeFd DNI 13.38 -0.1 OwensCorning OC 88.36 0.4 BuzzUSSentLdrs BUZ 32.28 0.4 iShMSCIKokusaiETF TOK 64.83 0.6 SPDRS&PInternetETF XWEB 75.11 0.3
ProShsVIXSTFut VIXY 26.13 -0.5 CboeGlobalMkts CBOE 120.84 0.7 iShMSCIACWIexUSETF ACWX 50.13 0.4 SolarEdgeTech SEDG 39.90 2.8 ReShapeLifesci RSLS 1.45 -8.0
DolbyLab DLB 63.34 0.6 PaycomSoftware PAYC 85.87 1.0 CSOPMSCIChinaAInt CNHX 30.10 0.9 iShMSCIPacificxJp EPP 48.07 0.2 SPDRGenderDivers SHE 71.66 0.1
TeucriumWheatFund WEAT 6.08 -1.3 Charles&Colvard CTHR 1.28 4.2 iShMSCIEAFEESGOpt ESGD 68.07 0.7 SprottFocus FUND 8.00 ... RevenHousingREIT RVEN 4.18 -1.9
DouglasEmmett DEI 41.19 0.6 PeabodyEnergy BTU 33.16 1.8 CambriaGlbMomentum GMOM 26.95 0.1 iShMSCISingapore EWS 26.53 0.3 SPDRSSgAGlbAll GAL 37.97 0.3
38.28 0.8 UBSProSh3xInvCrd WTID 16.63 -4.4 ClearBr AC Grw CACG 27.18 0.2 iShMSCI EAFE SC SCZ 63.83 0.4 StarsGroup TSG 22.65 0.7 SolenoTherap SLNO 1.45 -2.0
EPAM Systems EPAM 106.88 0.9 PebblebrookHotel PEB ClearSharesOCIO OCIO 26.43 0.3 iShMSCISouthKorea EWY 77.60 ... SPDRSSgAIncmAllctn INKM 33.62 0.1
153.85 0.8 US NatGas UNG 5.78 -4.3 ColumbiaSportswr COLM 68.74 0.1 iShMSCIUSAESGOpt ESGU 57.00 0.2 StemlineTherap STML 15.15 -1.7 Sunworks SUNW 0.96 -5.0
EatonVance EV 53.30 -0.7 Praxair PX ColumbiaIndiaCnsmr INCO 47.31 0.4 iShMSCITaiwanCap EWT 38.46 0.2 SchwabFundEmgLrg FNDE 30.04 0.1
US ShortOilFd DNO 58.21 -1.4 ConcertPharm CNCE 23.00 3.2 JanusSGGlbQualIncm SGQI 29.28 -0.6 StitchFix SFIX 19.49 7.3 SVB Cap II Pfd SIVBO 25.26 -0.1
EmpresaDisCom EDN 46.11 2.7 ProPetro PUMP 18.43 3.3 CnsmrDiscSelSector XLY 94.67 0.3 iShMSCIUSAESGSelct SUSA 108.82 0.1 SchwabFundIntLrgCo FNDF 30.61 0.8
US3xShrtOilFd USOD 12.43 -5.0 Control4 CTRL 35.93 2.8 JunoTherap JUNO 63.33 4.2 Synopsys SNPS 90.33 0.9 TESARO TSRO 82.64 -0.6
EntergyLA Bds66 ELC 25.10 -0.1 ProtoLabs PRLB 93.15 0.2 CS FI LC Grwth FLGE 220.53 0.7 iShMSCIUSAEqWeight EUSA 54.17 0.1 SchwabFundIntlSmCo FNDC 35.88 0.5
VelocityShares3xLg UGAZ 7.60 -13.1 Copart CPRT 42.50 3.5 Kingstone KINS 19.15 3.0 TRowePrice TROW 98.31 0.2 VS2xVIXShortTerm TVIX 7.14 -0.8
Euronav EURN 8.95 1.7 PublicStoragePfdF PSApF 25.44 0.3 DeltaShS&PIntMgd DMRI 52.96 0.8 iShMSCIWorldETF URTH 86.89 0.5 SchwabFundUSBrd FNDB 35.91 0.1
Velocity3xInvCrude DWT 15.24 -4.6 CoStar CSGP 314.73 0.5 KuraOncology KURA 17.50 4.1 TabulaRasaHlth TRHC 36.69 2.7 VSVIXShortTerm VIIX 13.30 -0.3
EvoquaWater AQUA 22.08 1.1 PulteGroup PHM 33.25 0.9 DiamondHillVal DHVW 31.09 0.2 iShMornLCGrowth JKE 154.56 0.4 SchwabFundUSLrgCo FNDX 36.08 0.1
FactSet FDS 199.03 0.6 PureStorage PSTG 18.61 1.0 DirexAllCapIns KNOW 42.72 0.1 iShMorningstarMC JKG 180.86 0.1 SchwabIntEquity SCHF 34.54 0.7
FirstRepBkPfdH FRCpH 25.68 -0.3 RELX RENX 23.24 0.7 DirexDevMktBl3 DZK 81.61 2.3 iShMornMCGrowth JKH 200.51 0.3 SchwabIntlSC SCHC 36.77 0.5
RELX RELX 23.92 0.6 DirexHmbldrBull3 NAIL 84.79 1.8 iShMornSCGrowth JKK 179.30 0.2 Schwab1000Index SCHK 25.61 0.2
FirstCash FCFS 66.75
FourCornersProp FCPT 26.75
GAIN Capital GCAP 8.95
0.6
-0.2
14.1
Rayonier
ReinsGrp
RYN 31.79
RGA 159.30
0.6
4.1
DirexMcBull3 MIDU
DirexS&P500Bl3 SPXL
44.92
42.33
...
0.6
iShRussell1000Gwth IWF
iShRussell1000 IWB
132.87
145.11
0.4
0.2
SchwabUS BrdMkt SCHB
SchwabUS LC SCHX
63.07
62.28
0.2
0.3
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
GeorgiaPwrNt77 GPJA 25.40 0.5 RexfordIndPfdB REXRpB 25.03 ... DirexS&P500Bull2X SPUU 47.30 0.3 iShRussell3000 IWV 154.59 0.2 SchwabUS LC Grw SCHG 69.58 0.3
GoDaddy GDDY 51.29 1.2 RexfordIndlRealty REXR 31.71 1.7 DirexS&P500Bl1.25 LLSP 34.91 0.2 iShRussellMid-Cap IWR 204.09 0.1 SchwabUS MC SCHM 52.31 0.1 Dividend announcements from November 24. Funds and investment companies
GoldmanSachsPfN GSpN 28.28 0.3 SJW Group SJW 67.73 -0.1 DirexKRBull3 KORU 66.96 0.2 iShRussellMCValue IWS 86.94 ... SPDR MSCI exUS CWI 39.20 0.4
SabineRoyalty SBR 44.55 3.5 DirexTechBull3 TECL 115.32 1.5 iShRussellTop200Gr IWY 72.25 0.4 SPDREmMktSmlCp EWX 51.24 0.1 Amount Payable / Elkhorn S&P High Qual Pfd EPRF 5.6 .112 M Nov30 /Nov27
GreatPlainsEner GXP 34.46 0.3
GrubHub GRUB 69.05 1.3 SailPointTechs SAIL 16.00 4.6 Direx iBillionaire IBLN 32.08 0.1 iShRussellTop200 IWL 59.91 0.2 SPDR S&P 500 SPY 260.48 0.2 Company Symbol Yld % New/Old Frq Record Herzfeld Caribbean Basin CUBA 1.7 .118 A Dec28 /Dec07
GpoSupervielle SUPV 28.12 1.7 Sony SNE 48.03 1.4 DirexNasd100EW QQQE 42.97 ... iShS&P100 OEF 115.33 0.2 SPDR S&P Home XHB 42.53 0.1 JPMorgan Disciplined HY JPHY 5.0 .21207 M Nov29 /Nov27
GuggStratOpps GOF 21.65 0.2 Square SQ 49.56 0.1 ETFMG VideoGame GAMR 48.10 -0.2 iShS&PMC400Growth IJK 213.58 0.1 SPDR IntlSC GWX 36.59 0.6 Increased
StateStreetPfdG STTpG 28.41 1.0 ETRACSMnthly2xLev SPLX 51.19 -0.2 iShS&P500Growth IVW 150.95 0.4 Whiskey&SpiritsETF WSKY 32.92 -0.1
JPMorgan Gl Bd Opps JPGB 8.4 .35756 M Nov29 /Nov27
HomeDepot HD 173.10 0.2
Honeywell HON 150.43 0.4 SteelPtrsPfdA SPLPpT 21.32 -0.1 EcoLogicalStrat HECO 43.06 0.5 iShGlobalTechETF IXN 158.01 0.5 TechSelectSector XLK 64.53 0.6 American National Bkshrs AMNB 2.6 .25 /.24 Q Dec15 /Dec01 JPMorgan Ultra Short Incm JPST 1.5 .06455 M Nov29 /Nov27
DR Horton DHI 50.06 0.8 StifelFinNts47 SFB 25.33 0.7 FIEnhEurope50ETN FIEE 176.48 2.9 iShIntlDevProperty WPS 39.37 0.5 UBS FIEnhGlbHY FIHD 167.16 0.7 FR STRATSs 2006-2 GS Grp GJS 2.7 .045 /.04173 M Dec15 /Dec14
HoulihanLokey HLI 44.49 0.7 SunComms SUI 93.92 0.8 FidelityHiDiv FDVV 27.96 -0.1 iShGlobalConsDiscr RXI 106.53 0.3 UBS FIEnhLCGrw FBGX 219.75 0.7
Stock Yards Bancorp SYBT 2.2 .21 /.20 Q Dec29 /Dec11 Foreign
HyattHotels H 71.45 0.6 TIM Part TSU 19.50 2.3 FidelityMSCICnDisc FDIS 37.47 0.1 iShNATech-Mult IGN 48.60 0.3 US3xOilFd USOU 42.09 5.5
TRI Pointe TPH 18.17 0.7 FidelityMSCIIT FTEC 50.96 0.5 iShNorthAmerTech IGM 171.61 0.7 VanEckGaming BJK 45.12 0.5
Canadian Pacific Railway CP 1.0 .44057 Q Jan29 /Dec29
IRSA IRS 30.85 -2.3
IllinoisToolWks ITW 160.47 0.1 TaiwanSemi TSM 43.02 1.4 FidelityMomFactor FDMO 31.19 0.3 iSh10+YCreditBond CLY 62.87 -0.1 VanEckRetail RTH 86.12 ... Reduced Fanhua ADR FANH 3.5 .20 Q Dec22 /Dec08
Ingredion INGR 135.98 0.3 TelecomArgentina TEO 35.25 -0.1 FidelityQualFactor FQAL 30.98 0.2 iShDowJonesUS IYY 130.58 0.3 VanEckSemiconduc SMH 105.83 0.8 Gabelli Go Anywhere Pfd A GGOpA 4.6 .50 /.80 Q Dec26 /Dec18 HSBC Holdings ADR Pfd HSBCpA 5.9 .3875 Q Dec15 /Nov30
Instructure INST 36.60 3.6 Toll Bros TOL 48.76 0.7 FT ConsDscAlpDx FXD 40.07 0.1 iShRussellMCGrowth IWP 118.90 0.3 VangdInfoTech VGT 167.85 0.6
TSS 74.72 1.0 HancockDevIntl JHMD 30.29 0.7 VangdCnsmrDiscr VCR 149.62 0.2
Ship Fin Intl SFL 8.9 .35 Q Dec29 /Dec11
InterContinentl IHG 58.24 0.6 TotalSystem
26.28 0.4
FT DJ Internet FDN 111.02 0.9 Initial
InterXion INXN 58.26 0.9 Tri-Continental TY FTHorizonMgdVolDev HDMV 33.89 0.8 HancockLC JHML 34.14 0.2 VangdSC Grwth VBK 160.11 0.3
InvescoMtg IVR 18.23 -0.8 Twitter TWTR 22.48 0.7 FT IndlsAlpDx FXR 38.40 -0.1 JPM DivRetGlEq JPGE 62.31 0.5 VangdAWxUSSC VSS 118.40 0.4 Ellsworth Gwth 5.25 Pfd A ECFpA .35729 Dec26 /Dec18
JELD-WEN JELD 40.25 4.2 TysonFoods TSN 80.61 1.1 FT TechAlphaDEX FXL 53.62 0.7 JPM DivRetIntlEq JPIN 60.18 0.4 VangdFTSEDevMk VEA 44.79 0.6 Gabelli Multimedia Pfd. E GGTpE .32031 Dec26 /Dec18 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
JaggedPeakEner JAG 15.25 1.1 USG USG 35.83 0.4 FlexGlbQualRealEst GQRE 63.40 0.4 JPM DivRetUS Eq JPUS 69.67 0.2 VangdFTSE Pac VPL 73.24 0.5
29.33 0.7 URI 155.45 -0.1 68.85 0.7 JPM Div US SC JPSE 29.54 -0.1 VangdFTSEAWxUS VEU 54.61 0.5
GAMCO Natural Pfd. A GNTpA .21667 Dec26 /Dec18 S2:1: stock split and ratio; SO: spin-off.
KB Home KBH UnitedRentals FlexShMDevMktxUS TLTD

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | B9

MUTUAL FUNDS
Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD
Explanatory Notes Data provided by Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least RisDv A p 61.14 +0.11 17.1 OakmrkInt 28.95 +0.17 27.5 Tweedy Browne Fds STAR 27.49 +0.06 16.9 500 240.91 +0.51 18.2 MidCpInst 41.48 +0.09 16.4
$500 million each. NAV is net asset value. Percentage performance figures are total returns, FrankTemp/Franklin C Old Westbury Fds GblValue 28.53 +0.09 13.9 STIGrade 10.66 ... 2.1 ExtndIstPl 206.55 +0.37 16.1 MidCpIstPl 204.56 +0.41 16.4
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t Income C t 2.38 ... 6.5 LrgCpStr 15.05 +0.03 17.3 TgtRe2015 16.02 +0.02 10.4 SmValAdml 55.75 -0.02 8.6 SmCapInst 69.78 +0.11 14.0
reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous FrankTemp/Temp A Oppenheimer Y V TgtRe2020 31.84 +0.04 12.7 TotBd2 10.73 -0.01 3.3 STIGradeInst 10.66 ... 2.2
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return GlBond A p 12.10 ... 3.4 DevMktY 43.19 -0.03
35.1 VANGUARD ADMIRAL TgtRe2025 18.68 +0.03 14.3 TotIntl 18.17 +0.09 25.7 TotBdInst 10.77 -0.01 3.4
annualized. Growth A p 26.95 +0.03 14.4 IntGrowY 43.96 +0.38
26.8 500Adml 240.95 +0.50 18.3 TgtRe2030 33.78 +0.07 15.7 TotSt 65.22 +0.13 17.8 TotBdInst2 10.73 -0.01 3.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s FrankTemp/Temp Adv BalAdml 34.32 +0.03 12.0 TgtRe2035 20.77 +0.05 17.1 VANGUARD INSTL FDS TotBdInstPl 10.77 -0.01 3.4
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- GlBondAdv p 12.05 ... 3.5 P CAITAdml 11.75 -0.01 4.3 TgtRe2040 35.79 +0.09 18.5 BalInst 34.33 +0.04 12.0 TotIntBdIdxInst 33.01 -0.01 2.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes Parnassus Fds CapOpAdml r 158.56 +0.53 27.6 TgtRe2045 22.49 +0.06 19.1 DevMktsIndInst 14.38 +0.09 24.8 TotIntlInstIdx r 121.55 +0.58 25.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
H ParnEqFd 14.5 EMAdmr
42.11 +0.07 37.82 -0.13 29.5 TgtRe2050 36.18 +0.10 19.1 DevMktsInxInst 22.48 +0.15 24.8 TotItlInstPlId r 121.57 +0.58 25.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not Harbor Funds PIMCO Fds Instl EqIncAdml 76.73 +0.14 14.5 TgtRetInc 13.64 +0.01 7.7 ExtndInst 83.70 +0.15 16.1 TotStInst 65.26 +0.13 17.9
tracked. NS-Fund didn’t exist at start of period. CapApInst 77.58 +0.34 36.9 AllAsset NA ...
NA ExplrAdml 96.94 +0.31 20.6 TotIntBdIxInv 11.00 -0.01 2.3 GrwthInst 71.81 +0.25 26.4 ValueInst 39.84 +0.03 12.0
IntlInst r 71.03 +0.54 21.6 TotRt 5.0 ExtndAdml
10.28 -0.01 83.70 +0.15 16.1 WellsI 27.06 +0.01 8.5 InPrSeIn 10.53 -0.01 2.4
Harding Loevner PIMCO Funds A GNMAAdml 10.50 ... 2.0 Welltn 42.86 +0.05 11.8 InstIdx 237.72 +0.50 18.3 W
Friday, November 24, 2017 IntlEq NA ... NA IncomeFd NA NA GrwthAdml
... 71.81 +0.26 26.4 WndsrII 38.99 +0.05 12.0 InstPlus 237.74 +0.49 18.3 Western Asset
Net YTD Net YTD Net YTD PIMCO Funds D HlthCareAdml r 89.29 +0.07 17.8 VANGUARD INDEX FDS InstTStPlus 58.53 +0.12 17.9 CorePlusBdI NA ... NA
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret I IncomeFd NA NA HYCorAdml r
... 5.92 ... 6.5
Invesco Funds A PIMCO Funds Instl InfProAd 25.85 -0.04 2.4
A 5GlbFxdInc 11.02 -0.01 2.2 NwInsghtI 33.92 +0.16 27.0
EqIncA 11.26 -0.01 7.8 IncomeFd NA NA IntlGrAdml
... 97.45 +0.69 44.7
Borrowing Benchmarks | WSJ.com/bonds
EmgMktVa 30.72 +0.07 30.1 Fidelity Freedom
American Century Inv PIMCO Funds P ITBondAdml 11.41 -0.01 3.9
EmMktCorEq 22.93 +0.02 34.0 FF2020 16.86 +0.02 14.3
Ultra 45.81 +0.16 31.3 IntlCoreEq 14.35 +0.09 25.3 FF2025 14.60 +0.02 15.3
J IncomeP NA NA ITIGradeAdml 9.80
... ... 4.3
LTGradeAdml 10.70 -0.02
American Funds Cl A
AmcpA p 32.19 +0.07 20.0
IntlVal
IntSmCo
20.10
21.67
+0.13
+0.11
22.7
26.7
FF2030
Freedom2020 K
18.32 +0.03
16.87 +0.02
18.0
NS
John Hancock Class 1
LSBalncd 16.11 +0.03 14.1
Price Funds
BlChip 99.09 36.5 MidCpAdml 187.76 +0.38
+0.55
10.4
16.4 Money Rates November 24, 2017
AMutlA p 41.40 +0.05 14.0 IntSmVa 23.46 +0.14 24.0 Freedom2025 K 14.60 +0.02 NS LSGwth 17.34 +0.04 18.0 CapApp 13.9 MuHYAdml
29.83 +0.04 11.38 ... 6.9
BalA p 27.60 +0.05 12.9 US CoreEq1 22.30 +0.03 17.1 Freedom2030 K 18.33 +0.04 NS John Hancock Instl EqInc 12.8 MuIntAdml
35.00 +0.04 14.10 ... 4.1 Key annual interest rates paid to borrow or lend money in U.S. and
BondA p 12.93 -0.02 3.3 US CoreEq2 21.15 +0.03 14.9 Freedom2035 K 15.39 +0.03 NS DispValMCI 24.20 +0.04 12.7 EqIndex 18.1 MuLTAdml
70.06 +0.15 11.63 ... 5.5
international markets. Rates below are a guide to general levels but
CapIBA p 63.26 +0.12 12.5 JPMorgan Funds Growth 71.25 +0.34
33.8 MuLtdAdml 10.91 ... 2.1
US Small 36.76 +0.01 9.4 Freedom2040 K 10.82 +0.03 NS
CapWGrA 53.07 +0.17 22.9 US SmCpVal 38.97 -0.06 4.7 Fidelity Invest MdCpVal L 40.06 +0.03 10.1 HelSci 74.34 +0.19
25.8 MuShtAdml 15.74 ... 1.1 don’t always represent actual transactions.
EupacA p 58.26 +0.18 31.9 US TgdVal 25.32 -0.03 6.3 Balanc 23.88 +0.04 15.1 JPMorgan R Class InstlCapG 37.7 PrmcpAdml r 138.27 +0.42
40.27 +0.20 27.1
CoreBond 11.66 -0.01 3.8 IntlStk 19.52 +0.09
27.7 REITAdml r 120.38 +0.19 5.8 Week —52-WEEK—
FdInvA p 64.16 +0.24 20.1 USLgVa 39.20 ... 13.3 BluCh 89.84 +0.44 36.1 Inflation
GwthA p 52.26 +0.25 24.3 Dodge & Cox Contra 128.96 +0.67 31.8 IntlValEq 19.5 SmCapAdml 69.78 +0.10
15.31 +0.09 14.0 Latest ago High Low
HI TrA p 10.41 +0.01 6.5 Balanced 109.05 -0.06 9.0 ContraK 128.96 +0.67 31.9
L MCapGro 24.0 STBondAdml 10.41
93.47 +0.23 ... 1.3 Oct. index Chg From (%)
ICAA p 41.42 +0.08 15.6 GblStock 13.95 -0.02 17.1 CpInc r 10.31 +0.01 11.0 Lazard Instl MCapVal 8.8 STIGradeAdml 10.66
31.61 -0.01 ... 2.2
level Sept. '17 Oct. '16 Switzerland 0.50 0.50 0.50 0.50
IncoA p 23.47 +0.04 10.7 Income 13.84 -0.01 4.1 DivIntl EmgMktEq 20.00 -0.01 25.9 N Horiz 29.3 TotBdAdml
56.01 +0.12 10.77 -0.01 3.4
41.99 +0.23 26.1
N Inc 9.50 -0.01
3.8
TotIntBdIdxAdm 22.00 -0.01 2.4 Britain 0.50 0.50 0.50 0.25
N PerA p 45.83 +0.23 29.7 Intl Stk 46.72 -0.01 22.6 GroCo 187.11 +0.86 36.8 Loomis Sayles Fds TotIntlAdmIdx r 30.39 +0.14 25.8 U.S. consumer price index
NEcoA p 48.90 +0.07 36.0 Stock 201.90 -0.09 12.7 GrowCoK 187.07 +0.86 36.9 LSBondI 14.20 +0.01 7.1 OverS SF r 11.48 +0.07
26.6 Australia 1.50 1.50 1.50 1.50
R2020 23.40 +0.04
14.6
TotStAdml 65.25 +0.13 17.9
NwWrldA 68.09 +0.07 32.3 DoubleLine Funds InvGB 7.93 -0.01 3.7 Lord Abbett A TxMIn r 14.36 +0.09 24.7 All items 246.663 –0.06 2.0
SmCpA p 57.60 +0.18 25.3 TotRetBdI NA ... NA InvGrBd 11.29 -0.01 4.2 ShtDurIncmA p 4.26 ... 2.1 R2025 18.07 +0.04
16.6
ValAdml Secondary market
TxExA p 12.98 ... 4.7 Lord Abbett F R2030 26.65 +0.06
18.3
39.84 +0.03 12.0 Core 253.638 0.28 1.8
LowP r 53.34 +0.04 16.4 WdsrllAdml 69.20 +0.08 12.1
WshA p 45.55 +0.09 15.5 E LowPriStkK r 53.30 +0.04 16.5 ShtDurIncm 4.26 ... 2.5 R2035 19.50 +0.05
19.7
WellsIAdml 65.55 +0.03 8.6 Fannie Mae
Edgewood Growth Instituti MagIn 107.09 +0.41 24.1 R2040 28.04 +0.08
20.8
WelltnAdml 74.02 +0.08 11.9 International rates
B EdgewoodGrInst 30.03 +0.15 35.2 OTC 111.74 +0.61 40.2
M Value 39.15 +0.09
16.3
WndsrAdml 79.79 +0.18 16.2 30-year mortgage yields
Baird Funds Puritn 23.34 +0.05 17.0 Metropolitan West PRIMECAP Odyssey Fds
VANGUARD FDS Week 52-Week
AggBdInst 10.91 -0.01 4.1 F SrsEmrgMkt 21.94 -0.10 39.7 TotRetBd 10.67 -0.01 3.0 Growth r 37.48 +0.18
30.9
DivdGro 26.54 +0.06 15.0 Latest High Low
30 days 3.457 3.471 3.865 3.253
CorBdInst 11.26 -0.01 4.4 Federated Instl SrsGroCoRetail 18.37 +0.08 TotRetBdI 10.67 -0.01 3.3 Principal Investors ago
37.5 HlthCare r 211.64 +0.17 17.7 60 days 3.477 3.490 3.899 3.281
BlackRock Funds A StraValDivIS 6.45 +0.01 12.3 SrsIntlGrw 16.58 +0.09 29.5 TRBdPlan 10.04 -0.01 3.3 DivIntlInst 14.14 +0.10
28.5 INSTTRF2020 22.70 +0.04 12.7
Prudential Cl Z & I Notes on data:
GlblAlloc p 20.44 +0.06 12.4 Fidelity SrsIntlVal 10.95 +0.09 19.5 MFS Funds Class I INSTTRF2025 22.99 +0.04 14.3 Prime rates
BlackRock Funds Inst TotalBond 10.67 -0.01 4.0 ValueI 40.58 +0.05 13.2 TRBdZ 14.55 -0.01
6.1 INSTTRF2030 23.20 +0.05 15.7 U.S. prime rate is the base rate on corporate
500IdxInst 91.25 +0.19 18.3
EqtyDivd 23.08 +0.04 13.1 First Eagle Funds MFS Funds Instl INSTTRF2035 23.42 +0.06 17.1 U.S. 4.25 4.25 4.25 3.50 loans posted by at least 70% of the 10 largest
GlblAlloc 20.58 +0.07 12.7
500IdxInstPrem 91.25 +0.19 18.3
GlbA IntlEq 25.81 +0.17 27.4 S INSTTRF2040 23.63 +0.06 18.5 U.S. banks, and is effective June 15, 2017. Other
500IdxPrem 91.25 +0.19 18.3 60.70 +0.16 11.9 Canada 3.20 3.20 3.20 2.70 prime rates aren’t directly comparable; lending
HiYldBd 7.81 ... 7.5 ExtMktIdxPrem r 63.72 +0.12 16.1 FPA Funds Mutual Series Schwab Funds INSTTRF2045 23.78 +0.06 19.1
StratIncOpptyIns 9.93 ... 4.2 IntlIdxPrem r 43.70 +0.30 23.8 FPACres 34.90 +0.03 8.3 GlbDiscA 32.22 +0.02 7.1 S&P Sel 40.73 +0.09
18.3 IntlVal 40.06 +0.21 26.2 Japan 1.475 1.475 1.475 1.475 practices vary widely by location. Complete
Bridge Builder Trust LifeCon 19.99 +0.02 10.0
Money Rates table appears Monday through
SAIUSLgCpIndxFd 13.99 +0.03 18.3 FrankTemp/Frank Adv
CoreBond 10.19 -0.01 3.9 TMktIdxF r 75.78 +0.16 18.0 IncomeAdv 2.33 ... 6.8
O T LifeGro 33.48 +0.08 17.2 Policy Rates Friday.
TMktIdxPrem 75.76 +0.15 17.9 FrankTemp/Franklin A Oakmark Funds Invest TIAA/CREF Funds LifeMod 27.15 +0.05 13.5 Sources: Bureau of Labor Statistics; SIX Financial
D USBdIdxInstPrem 11.60 -0.02 3.3 CA TF A p 7.44 ... 5.1 EqtyInc r 34.17 +0.06 12.3 EqIdxInst 19.56 +0.04 17.9 PrmcpCor 27.34 +0.07 23.3 Euro zone 0.00 0.00 0.00 0.00 Information
Dimensional Fds Fidelity Advisor I IncomeA p 2.35 ... 6.6 Oakmark 84.82 +0.10 17.0 IntlEqIdxInst 20.52 +0.16 24.0 SelValu r 33.47 +0.02 16.3

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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
B10 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

MONEY & INVESTING

Retail Stocks U.S. Bond

Yields Rise
Get a Bit of On Growth
Outlook
Holiday Joy
MICHAEL BUCHER/THE WALL STREET JOURNAL
BY DANIEL KRUGER

U.S. government bond

BY CHELSEY DULANEY vestors after a dismal few yields rose along with those in
years for traditional retailers, Germany as a gauge of senti-
Retailers felt some holiday which continue to struggle ment among German busi-
cheer on Black Friday. with the shift to online shop- nesses climbed to a record, re-
Macy’s, Kohl’s and Gap ping and the growing domi- inforcing the outlook for
shares rose Friday, while Ama- nance of Amazon. Recently, improving global growth.
zon.com Inc. set a record high signs have emerged that the The benchmark 10-year
as the holiday shopping sea- retail rout may finally be com- Treasury note yield rose to
son got under way. ing to an end. 2.342% from
The gains helped propel the A string of upbeat earnings Shoppers searched for special discounts at Macy’s flagship store in New York City on Thanksgiving. CREDIT 2.322% Wednes-
S&P 500 above 2600 for the reports this month from de- MARKETS day, its largest
first time, the 55th record partment stores like Macy’s from T-shirts to toilet paper increase since
close for the index this year. and mall-based sellers like Gap still have to contend with the Black Friday Rally Nov. 16. The Ger-
Retail sales in the coming have helped to drive retail growing reach of Amazon, Shares in major retailers rose on the opening day of the holiday man 10-year government debt
weeks are expected to be shares higher. which reported Friday that or- shopping season, reflecting expectations spending will rise. yield rose to 0.36% from
strong, potentially enabling Investors are hopeful that ders placed through its app in- 0.347% on Thursday. Bond
retailers to cut back on dis- the strong U.S. job market and creased more than 50% over 15% yields rise as prices fall.
counts and heavy promotions high consumer confidence are last year. Morgan Stanley has Gap The Ifo Institute said Friday
this year—a development that beginning to boost consumer estimated that Amazon will Macy's that its Business Climate Index
would be a shot in the arm for spending. account for more than 30% of 10 rose to 117.5, suggesting the
companies whose profits have Many retailers also have cut all U.S. online sales this holi- Kohl's European economy is on track
been hit hard in recent periods down on excess inventory over day season. to grow 2.3% this year.
by rising competition and the past year and closed Among the companies left 5 That follows a release
tepid demand. stores, helping to improve behind in the Black Friday Thursday from data firm IHS
The National Retail Federa- profitability. rally were Signet Jewelers Best Buy Markit that its composite pur-
0
tion said it expects sales to Still, retail stocks have a Ltd., Target Corp. and Mattel chasing managers index for
grow as much as 4% from a long way to go to make up for Inc. the eurozone rose to its high-
year earlier to $682 billion in the last few years. Despite No- Those companies, among est level in more than 6½
–5
November and December, vember’s gains, shares of the S&P’s worst-performing years.
which would make it the Macy’s remain down 53% over stocks, have been struggling With the global economy
strongest holiday period since the last year, while the closely lately with a variety of head- surging, bond yields near re-
–10
2014. watched SPDR S&P Retail ETF winds including competition cord lows may face pressure
A robust holiday season is down 11%. from Amazon and shifts in November to rise.
would come as a relief to in- And sellers of everything consumer spending. Sources: FactSet THE WALL STREET JOURNAL. “Bond markets are in bub-
bly territory,” said Andrew
Brenner, head of global fixed

Investors Pile Into Inflation-Hedging Bonds income at National Alliance

Capital Markets.
One factor holding them
back is the persistent lack of
BY CHRIS DIETERICH TIPS increase their payout below the central bank’s 2% The market-based inflation higher prices for consumer inflation, about which Federal
to holders if inflation mea- target. reading burst above 2% in Jan- goods and services. Reserve officials are showing
Fund investors broke ranks sures exceed certain thresh- It is no secret that central- uary amid investor enthusiasm But outgoing Federal Re- increasing concern.
with the market’s consensus olds and can be viewed as a bank officials and investors for pro-growth policies includ- serve Chairwoman Janet Yel- Minutes from the central
last week and plowed money proxy for expectations for the alike have been puzzled by ing tax cuts, infrastructure len, whose term as chair- bank’s October meeting re-
into assets that benefit should future rate of inflation. persistently muted U.S. infla- spending and deregulation woman ends in February, this leased Wednesday showed of-
consumer prices snap out of a Yet the burst of TIPS fund tion readings at the same time with Republicans in control of week expressed uncertainty ficials are expressing greater
yearslong funk. buying contrasts both with re- that the economy continues to the White House and Con- about this view. concern about the absence of
Mutual funds and exchange- cently lackluster inflation grow and add jobs. gress. “My colleagues and I are discernible pressures for
traded funds targeting infla- readings and the bond mar- These vexing trends have For much of this year Fed not certain that it is transi- higher consumer prices.
tion-protected Treasurys, ket’s view that inflation will pulled down inflation expecta- officials had largely stuck by tory, and we are monitoring Though those concerns
known as TIPS, pulled in $1.2 be stagnant in the years tions, which had been at mul- the contention that a series of inflation very closely,” Ms. Yel- have yet to threaten the tra-
billion in the week ended ahead. tiyear highs early in 2017. “transitory” factors such as a len said at New York Univer- jectory the Fed laid out at its
Wednesday, according to Bank The Labor Depart- The 10-year break-even drop in prices for wireless- sity’s Stern School of Business. September meeting for raising
of America Merrill Lynch and ment’s consumer-price in- rate—the yield premium inves- phone plans could help explain Even so, last week’s big rates and reducing the size of
EPFR Global. dex rose 2% in October from a tors demand to hold the 10- soft inflation readings. flow into inflation-protected the balance sheet, they pres-
The influx represented the year earlier while the Fed’s year Treasury note relative to An improving labor market, Treasurys shows that at least ent an additional burden that
largest draw since November preferred measure of infla- the 10-year TIPS—was 1.87% the argument went, would ul- some investors are willing to makes it more difficult for
2016 and the third-largest in- tion rose 1.6% in Septem- Friday, in line with levels over timately lead to higher wages wager on higher inflation yields to rise above longstand-
flow on record. ber from a year earlier, well the past three months. and kick-start a cascade of trends. ing ranges seen this year.

Lack of Big Deals Ends KKR Africa Team Low Supply Helps
BY SIMON CLARK
AND ED BALLARD

KKR & Co. has disbanded

Oil Market Rally
its Africa deal team because it BY STEPHANIE YANG “Expectations are super
couldn’t find enough big com- high,” said John Saucer, vice
panies to buy. Oil prices rose for the third president of research and
Four KKR executives and an session in a row on Friday, as analysis at Mobius Risk Group.
adviser who explored African falling stockpiles and expec- “Nothing’s really changed in
opportunities have left the tations for extended supply terms of fundamentals. We
firm, according to KKR and cuts boosted optimism in the keep seeing draws in stocks.”
former staff. The departures market. Disruptions to oil supply
come less than four years af- Light, sweet crude for Jan- from the Keystone pipeline
SIMON CLARK/THE WALL STREET JOURNAL

ter the New York-based firm uary delivery advanced 93 also have pushed prices
made its only investment on cents, or 1.6%, to $58.95 a bar- higher. Traders expect stock-
the continent in Afriflora, the rel on the piles at Cushing, Okla., an im-
world’s largest rose farm, in COMMODITIES New York portant storage hub and pric-
Ethiopia. Mercantile ing point for U.S. crude, to
KKR’s withdrawal illustrates E xc h a n ge, continue to fall as flows are
the challenges facing large trading at the highest level reduced.
Western private-equity firms, since June 2015. Brent, the “The energy bull has been
which have tried to do busi- global benchmark, gained 31 reawakened this week,” said
ness in Africa using their tra- cents, or 0.5%, to $63.86 a Jim Ritterbusch, president of
ditional buyout approach. This barrel. Ritterbusch & Associates, in a
typically involves investing KKR’s only deal in Africa was a $200 million investment in an Ethiopian rose farm in 2014. Prices have rallied this Friday research note.
hundreds of millions of dollars week on data from the U.S. Market sentiment has
at a time in companies to im- companies. The fund aimed to vestments across the conti- Bank PLC have fallen almost Energy Information Adminis- vastly improved since oil fell
prove performance, with the invest hundreds of millions of nent.” 80% since Carlyle Group said tration that showed crude into a bear market earlier this
expectation of selling them dollars at a time in companies. The African buyout market it bought a $147 million stake stockpiles fell by 1.9 million year, as signs of reduced sup-
within five years for a higher Because KKR didn’t have a is tiny compared with the U.S. in 2014. Atlas Mara Ltd., a ve- barrels last week, a sign that ply have pushed prices to two-
price. dedicated Africa fund, the Af- The 88 buyout deals struck in hicle set up by former Bar- the rebalancing in the oil mar- year highs. However, analysts
However, Africa has rela- rican deal team had to com- sub-Saharan Africa last year clays PLC Chief Executive Bob ket is having an impact on U.S. caution that increasing U.S.
tively few large companies to pete with French, German and were valued at a combined $2 Diamond to invest in African storage. shale production could pose a
invest in, KKR said. other European deals that billion, according to data pro- banks, has also stumbled with Investors are also betting problem, as output has
“To invest our funds we were being pitched to the vider Preqin Ltd. By contrast, its investments. on an extension of a deal be- climbed to weekly record
need deal-flow of a certain firm’s investment committee, the 2,135 buyouts in North For some, investing in Af- tween the Organization of the highs, according to EIA data.
size. It was especially the Mr. Bammens said. America were valued at a com- rica has required a different Petroleum Exporting Coun- Analysts are also predicting
deal-size that wasn’t coming The rejection of proposed bined $187 billion in 2016. approach. tries and other major global increased volatility ahead of
through,” Ludo Bammens, a deals frustrated at least one Despite Africa’s smaller size TPG, a Fort Worth, Texas- producers, who agreed to the OPEC meeting next week,
spokesman for KKR, said member of the Africa team, a for deals, a number of U.S. pri- based firm known for multibil- curb output last year in an at- and warn that even an an-
about Africa. “There was person familiar with the situa- vate-equity firms have tried to lion-dollar U.S. buyouts, is in- tempt to bring global stock- nouncement that meets ex-
enough deal-flow at a smaller expand in the region in recent vesting in small African piles back down to the five- pectations could spark a sell-
level.” years on a quest for new op- companies though its growth year average. off if investors decide to take
KKR deal maker Kayode portunities in less competitive fund, which it uses to make To hit that target, analysts profits.
Akinola, who led the $200 mil-
U.S. private-equity markets. As well as KKR, smaller investments in fast- say that OPEC will have to “Uncertainty with regards
lion investment in Afriflora in firms have struggled Blackstone Group has focused growing companies. It has ac- continue the agreement past to how Russia sees to best
2014, left KKR earlier this mainly on energy and infra- quired stakes in a Moroccan March 2018, at which point serve its national interest
year. Two more employees
to make their African structure investments on the school operator and a Kenyan the current deal would expire. means that there is room for
hired to chase African invest- investments pay off. continent, and Carlyle Group agricultural data analytics The group of oil producing na- disappointment at next week’s
ments also left this year, with raised a $698 million fund company. tions is set to convene Thurs- OPEC meeting,” said Harry
one joining an Africa-focused dedicated to Africa in 2014. “The most interesting in- day in Vienna. Tchilinguirian, head of com-
firm in November. Dominique However, the firms have vestments in Africa involve According to media reports, modity market strategy at BNP
Lafont, a senior adviser for Af- tion said. KKR will still con- sometimes struggled to make building businesses in partner- the cartel is in talks with Rus- Paribas, in a report Friday.
rica, also stopped working sider African opportunities, a their African investments pay ship with entrepreneurs,” said sia on the outline of a poten- “Ultimately, the degree of Rus-
with KKR this year. A fourth person familiar with the firm off. Bill McGlashan, managing tial extension, though details sia’s involvement in an exten-
KKR executive who pursued said. Last year, Bain Capital lost partner of TPG’s growth fund. are still being worked through. sion of producer cuts will be
African and European deals At the time of the Afriflora control of South African re- “In most cases, these are Russia’s participation in ex- paramount in guiding oil mar-
left in late 2015. investment, Johannes Huth, tailer Edcon Holdings Ltd. to new businesses that are being tending the deal has been one ket expectations forward.”
KKR never opened an office KKR’s European head, said the lenders in a debt-for-equity created,” he said. “The conti- point of concern and uncer- Gasoline futures gained
in Africa and the money it deal reflected “the long-term swap. Blackstone has taken nent is not an environment tainty for investors, even as 1.1% to $1.7880 a gallon, and
used to invest in Afriflora commitment of our firm to the longer than expected to sell its where buyout opportunities of Saudi Arabia has spoken diesel futures rose 1.1% to a
came from a $6.1 billion fund wider African region. We look stake in a Ugandan dam. mature businesses are preva- strongly in favor of more sup- two-year high of $1.9529 a
raised mainly to buy European forward to making further in- Shares in Nigeria’s Diamond lent.” ply cuts. gallon.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Stock Indexes Notch Gains for the Week
BY AKANE OTANI
AND RIVA GOLD
U.S. stocks capped off a
quiet stretch of holiday trad-
ing with a weekly gain.
Activity in the stock market
has been muted in recent ses-
sions, with U.S. trading closed
Thursday in observance of the
Thanksgiving holiday and the
market shutting early Friday.
Still, major indexes have
generally continued to extend
their 2017 rally, with advances
in shares of industrial, tech-
nology and consumer-discre-
tionary companies lifting the
S&P 500, Dow Jones Industrial
Average and Nasdaq Compos-
ite to records this week.
On Friday, the S&P 500 rose
Advances in shares of
industrial, tech and
consumer companies
fueled the rally.
5.34 points, or 0.2%, to
2602.42, closing above the
2600 level for the first time.
The day’s move brought the
broad index to its 55th closing
high of the year and its sec-
ond-fastest 100-point mile-
stone on record. It gained 0.9%
on the week.
The Nasdaq Composite In-
dex increased 21.80 points, or
0.3%, to a high of 6889.16, ad-
vancing 1.6% for the week.
The Dow industrials added
31.81 points, or 0.1%, to
23557.99. The blue-chip index
hit a record on Tuesday and
climbed 0.9% for the week.
Shares of brick-and-mortar
retailers, which have struggled
to gain traction this year amid
competition from e-commerce
companies like Amazon.com,
rallied heading into a weekend
of holiday sales.
Macy’s jumped 44 cents, or
2.1%, to $21.07, on Friday,
while Gap added 47 cents, or
Email: heard@wsj.com
A Troubling Trend for Insurers
Too much short-term debt
backing long-term assets
fueled the last credit bubble
a decade ago. This time
round, investors are hunting
for yield in hard-to-trade, of-
ten private assets. As a Gold-
man Sachs Group economist
put it recently: “Illiquidity is
the new leverage.”
The natural buyers of il-
liquid assets are in many
ways insurers and pension
funds. With rates low, they
have moved further into as-
sets with a limited market,
which includes private bonds
or loans; private equity;
large real-estate assets; or
even lightly traded, long-
term government debt.
Such assets aren’t neces-
sarily worse quality than liq-
uid debt or equity, but they
can be volatile. And in times
of strain, their values highly
uncertain. For shareholders
in insurers or in companies
responsible for large pension
funds, that can be a worry.
This uncertainty is why
such assets typically pay a
higher return, or an illiquid-
ity premium, which is what
many insurers are chasing.
Rio Tinto Shouldn’t Follow the Herd on a Lithium Wager
Mining is an industry of
big upfront investments and
long periods of pain or gain,
depending on whether the
digger bets right or wrong.
It’s understandable, there-
fore, that Rio Tinto’s re-
ported interest in acquiring
a big stake in Chilean lithium
miner Sociedad Quimica y
Minera de Chile is causing
butterflies in the stomachs
of some investors.
The miner’s interest in
lithium makes sense strate-
gically. Rio Tinto is more
heavily dependent on iron
ore than some of its compet-
itors, and a slowdown in Chi-
nese demand seems likely.
Boosting its exposure to lith-
ium, a battery component
* * * *
1.6%, to 29.64, and Kohl’s rose
46 cents, or 1%, to 45.09.
Meanwhile, technology
stocks in the S&P 500, among
the best performers in the
stock market this year, contin-
ued their ascent Friday, with
Nvidia, Alphabet and Face-
book each adding more than
2% for the week.
Gains in technology compa-
nies have helped lift the Nas-
daq, which heavily weights
many of the top performers in
the group, past the S&P 500
and Dow industrials in 2017.
“We’ve had a huge run in
the market here,” said Mike
Schroer, chief investment offi-
cer at Renaissance Investment
Management, of the year’s
technology rally.
“I think as we head further
into the bull market, looking
outside of these top handful of
stocks is probably going to
pay off.”
The Nasdaq Composite is
up 28% this year, while the
S&P 500 and Dow industrials
have climbed 16% and 19%, re-
spectively.
Shares of energy companies
rose Friday as U.S. oil prices
climbed to their highest clos-
ing level since June 2015.
Signs that U.S. stockpiles
are falling and that global pro-
ducers will curb output have
helped U.S. crude rebound in
recent sessions, with crude for
January delivery ending up
1.6%, at $58.95 a barrel.
Elsewhere, the Stoxx Eu-
rope 600 edged down 0.1% but
posted a weekly advance.
The Shanghai Composite In-
dex fell 0.9% for the week af-
ter posting its biggest one-day
drop in nearly a year on
Thursday.
Chinese stocks have come
under pressure in recent ses-
sions as Beijing has taken
fresh steps to clamp down on
market speculation.
Japan’s Nikkei Stock Aver-
age finished the day up 0.1%,
posting a 0.7% weekly gain.
—Ese Erheriene
contributed to this article.
HEARD ON THE STREET
Going Private
European insurers are putting more of their equity holdings into
private companies.
72% 73%
28% 27%
2011 ’12* ’13 ’14*
*Data wasn’t collected for 2012 and 2014.
Source: European Insurance and Occupational Pensions Authority
Insurers’ investment port-
folios are large, so their po-
sitions change slowly. But
the share of European insur-
ers’ equity holdings that are
unlisted, for instance, has in-
creased to 34% at the end of
2016 from 28% in 2011, ac-
cording to regulator Euro-
pean Insurance and Occupa-
tional Pensions Authority.
Investing in loans, rather
than more-liquid bonds, has
also become more popular.
In the U.S., Moody’s Inves-
and probable linchpin of an
increasingly renewable and
electric future, isn’t a bad
idea. The problem is price.
Rio Tinto has a history of
buying into bubbly mineral
plays at exactly the wrong
time. The company’s $38 bil-
lion purchase of aluminum
firm Alcan in 2007 is widely
panned as the worst mining
deal of all time.
A potential bid for Potash
Corp. of Saskatchewan’s
32% stake in Sociedad Quim-
ica would be valued at about
$4.7 billion at current prices,
far less than the ill-fated Al-
can bid. But there are some
worrying similarities.
Aluminum prices had
gained close 30% in the two
Saturday/Sunday, November 25 - 26, 2017 | B11
MARKETS
Another Record Run
The S&P 500 closed above 2600 for the first time and other major indexes notched fresh highs as well,
in a week in which trading in many markets was subdued.
The S&P 500, Dow Jones Industrial Average and Shares of industrial companies in the S&P 500 lifted major
Nasdaq Composite posted weekly advances together. indexes, posting their first weekly gain in more than a month.
2.0% 604
Index performance S&P 500 industrial sector
1.5 602
1.0 600
0.5 598
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
0 596
Fifteen-minute intervals Fifteen-minute intervals
–0.5 594
Monday Tuesday Wednesday Friday Monday Tuesday Wednesday Friday
U.S. oil prices rebounded as data showed Treasury yields and the dollar fell after The CBOE Volatility Index, a measure of
stockpiles falling and a pipeline shutdown Federal Reserve minutes showed officials investors' expectations for swings in the
disrupted supply to the U.S. remain concerned about muted inflation. S&P 500 over the next 30 days, pulled back.
$59 a barrel 2.38% 12.0
West Texas Intermediate 2.36 CBOE Volatility Index
crude-oil price 11.5
2.34
58
2.32 Yield on 10-year
Treasury note 11.0
2.30 Fifteen-minute intervals
M T W T F
57 10.5
87.5
10.0
87.0
56
WSJ Dollar Index 9.5
86.5
Fifteen-minute intervals One-minute intervals Fifteen-minute intervals
55 86.0 9.0
M T W T F M T W T F M T W F
Sources: SIX Financial (indexes); FactSet (S&P industrials, Treasury yields, crude oil); WSJ Market Data Group (dollar index); Thomson Reuters (VIX) THE WALL STREET JOURNAL.
FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
OVERHEARD InvestorsNeed
To Black Out
gests pension funds are mak- There’s a certain irony in
ing similar moves. And in-
vestment banks are
exploiting the trend, by cre-
opening an email to click a
link to the Bank of England’s
blog to read a near-1,500-
Black Friday
ating and selling long-term word post containing 35 more The stores were crowded.
Listed equity illiquid products. links on whether online dis- At (some store) in (some
Insurers and pension tractions harm the economy town) a fistfight broke out
funds need long-term assets. more than helping it. over (this year’s hot gift). At
71%
66% The better they match the Maintain focus, though, the (some name) mall in
maturity profile of their as- and Bank of England econo- (some other town), (some-
sets and their long-term lia- mist Dan Nixon makes some thing crazy happened).
bilities, the more stable their interesting observations There is a predictability to
Unlisted equity
capital needs will be. Also, about the past decade’s Black Friday stories each
34%
29% because they can’t typically weakness in global productiv- year, yet there also is a pre-
suffer a run on funding as ity growth coinciding with the dictability to what they tell
’15 ’16 banks do during crises, they unstoppable rise of the most us about how stores will do
should be able to ride out distracting device ever in- over holidays—not much.
market ups and downs. vented: the smartphone. The read from Black Fri-
THE WALL STREET JOURNAL. However, insurers, espe- One question he asks is day may be even less useful
cially, still have to keep asset whether the concept of “re- than usual this year. Retail-
tors Service has found simi- values current or mark them vealed preference”—the idea ers are looking a little less
lar trends. to market. With really illiq- that the purchases consum- promotional than usual for
Individual insurers echo uid assets, there is no mar- ers make indicate real wants the long Thanksgiving week-
the shift. MetLife has 15% of ket and so they must mark and needs—might be coming end. That probably counts as
its fixed-income portfolio in them to modeled valuations undermined. That would be a good thing. Conditioning
private bonds, while private or educated guesses. the case if technologies ex- shoppers to expect discounts
equity accounts for 35% of That’s when shareholders ploiting psychological vulnera- just as the holiday shopping
its equity holdings. U.K. an- can get worried about an in- bilities change decision-mak- season gets under way
nuity companies are furthest surer’s or pension fund’s ing processes. That could doesn’t do wonders for
down this path, with a quar- true value and head for the pose a challenge to economic profit margins.
ter of all assets already in il- exit, hitting share prices. models of consumer behavior. What we do know is that
liquid investments, according The more that everyone There may be plenty of pro- consumers are in good shape
to the International Mone- pursues the same strategy, ductive work for economists going into the holidays. Un-
tary Fund. the more dangerous it will in coming years. employment is low and debt
Anecdotal evidence sug- become. —Paul J. Davies levels are manageable. One
sticking point is that the
personal saving rate has
fallen, and people will need
to spend less to build it up.
Spending should
years before the Alcan deal options for how to deploy it. strengthen again this holiday
closed. The trend in lithium Charged Up A better use of that cash season. The big question is
looks even more bubbly. Sociedad Quimica y Minera de might be on Rio Tinto’s own how it gets distributed, in
Prices have roughly doubled Chile SA, price/earnings ratio undeveloped lithium deposit other words, how big a bite
since late 2015. 50 times at Jadar in Serbia. Still, ana- Amazon.com takes of its
Unsurprisingly, Sociedad lysts at Bernstein suggest competitors’ share.
40
Quimica also looks richly Rio Tinto’s real interest in Retail stocks have been
valued. It trades at 41 times 30 Sociedad Quimica might be rallying, partly because in-
its past 12 months’ earnings, 20 to get in the room with vestors were a little too dour
according to FactSet, against 10 other bidders and learn heading into this month, but
just 16 times for Rio Tinto. 0 more about the business. also because it seems that
On that basis, a potential 2012 ’13 ’14 ’15 ’16 ’17 If Rio Tinto wants to dive retailers like Wal-Mart
deal looks even pricier than Note: Last 12 months trailing earnings further into lithium, how- Stores, with its combination
Alcan. Source: FactSet ever, it might be wise to of e-commerce and brick-
Meanwhile, lithium-re- THE WALL STREET JOURNAL. wait. Then it can assess the and-mortar offerings, are fig-
serve estimates vary wildly, fortunes of other futuristic uring out how to punch back
and no one knows exactly cially because it appears to tech plays, such as those against the online juggernaut.
when, or if, the electric-car have decided that coal made by Tesla, and see if Retailers probably need to
revolution will arrive. power’s days are limited. lithium prices return from stanch only some of their
A bigger stake in the new- And Rio Tinto, for the first their voyage of discovery in market share losses for their
energy sector would make time in a while, has a lot of outer space. stocks to keep rallying.
sense for Rio Tinto, espe- cash and is clearly studying —Nathaniel Taplin —Justin Lahart
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B12 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

SHOPPING CENTERS ONLY

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ACCORDING TO ICSC RESEARCH, AND COSTAR

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As a sport and In his photos,

a fitness option, Richard Avedon
weightlifting had to choose:
is on the rise lies or truths?
in the U.S. A new biography
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
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SERGE BLOCH

The Meals
That Still
BY BEE WILSON
Our hosts were both anthropologists,
and they understood why someone might
HE OTHER DAY I saw someone have an irrational need to honor a seem-
in a café drinking both Coca-Cola ingly pointless food tradition. “Ritual mat-

Matter
and coffee, taking alternate sips
of each, and I thought, “Huh, are we do-
ing that now?” Almost nothing surprises
me anymore when it comes to people
breaking food rules, because it feels
as if there are almost no remaining
rules to break. I’ve seen people order a
salad and a slice of chocolate cake and eat
the cake first. I’ve seen people eat French
fries for dessert and dinner for breakfast,
and no one blinks. Eating three structured meals a day,
seated at a table, is almost a thing of the past.
There’s still one great exception to this dining anar-
chy: holiday meals. When we sit down for a big sea-
sonal dinner, we become a completely different kind of
eater, with fierce and dogmatic views about what
should be served and when.
For six years straight, my family went to the same
friends’ house for Thanksgiving dinner. As soon as there
was a chill in the air, I started to look forward to that meal,
because the components were regular as clockwork. There
was always a perfectly roasted turkey, carved away from the
table, with the light meat and the dark meat laid out sepa-
rately on a large platter inherited from our host’s mother.
There were smooth, buttery mashed potatoes and an incred-
ibly savory turkey gravy. To go with the turkey, our friends
served a raw cranberry and nut relish, a family recipe, which
tasted brighter and fresher than any traditional cooked
cranberry sauce. These dinners took place in Britain, though
the hosts were American, and to me and the other British
guests it felt like an education in the rules of Thanksgiving.
ters,” one of them remarked with a smile,
clearing away the remains of the unappe-
tizing red cylinder.
With each passing year, holiday food
seems to become more intensely ritualized.
The repertoire may have widened over the
past decade to take in new items such as
“festive” kale salad and quinoa and pome-
granate stuffing, but our fierce attachment
to the cooking itself hasn’t changed.
Holidays are now the only time Whether it’s Thanksgiving, Christmas, Rosh Hashanah
or Diwali, the list-making starts ever earlier. I have a
of year when we really focus on friend who starts anticipating the candied walnuts she
makes every Christmas as early as September. The rec-
what and how we eat— ipe columns advise that we treat holiday preparation
like a “battle plan” and provide lists of cooking instruc-
and that is a source of security. tions for the big day, mapped out minute by minute,
starting at some ungodly
hour with, “Get up. Switch on
On the sixth year, an interloper appeared on the dinner
table. In addition to the usual raw cranberry relish, there
oven. Have coffee.”
Perhaps our excitement
Eating three
was an inverted can of jellied cranberry sauce, incongru- about holiday meals has in- structured
ously sitting on a fancy china plate. The jellied cylinder Please turn to the next page meals a day,
glowed an aggressive red in the soft candlelight. This was
the kind of cranberry sauce so solid that it would bounce seated at a
off the floor if dropped, so gelatinous that a 1950s house- Ms. Wilson is the author of
“First Bite: How We Learn to
table, is
wife might call it a “salad.” Over the course of the dinner,
almost no one ate any of this dull, wobbly condiment. It Eat” and “Consider the Fork: almost a thing
had been provided at the request of a new set of Ameri- A History of How We Cook of the past.
can guests for whom it couldn’t really be Thanksgiving and Eat,” both published by
without canned cranberry sauce. Basic Books.

INSIDE

EVERYDAY PHYSICS
Why are these feathers red
and those blue? The science
of the avian color chart.
C2

ESSAY WEEKEND CONFIDENTIAL ESSAY BOOKS

Brutality from the beginning. Blood, toil, tears and a wig: Amid the Rohingya crisis, Jamaica, 1692: wild lives,
A Zimbabwean on Kristin Scott Thomas on Myanmar’s first cardinal desperate slaves and
37 years of Mugabe. playing Mrs. Churchill. welcomes the pope next week. the city that disappeared.
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C2 | Saturday/Sunday, November 25 - 26, 2017
TOMASZ WALENTA
EVERYDAY PHYSICS:
HELEN CZERSKI
The Color War
Of Blue Jays
And Cardinals
WHILE DOING oceano-
graphic research in Rhode
Island a few years back, I
spent hours watching the
endless feathered soap
opera on my garden bird
feeder. My favorite in the cast was the
male northern cardinal because of its
stunningly vivid red color, topped off with
a jaunty crest. The large and noisy villain,
a blue jay, would tip every other bird off
the feeder and squawk at any rival who
didn’t take the hint.
The jay’s bright blue plumage made it
easy to forgive. I was enchanted by the
color, because where I grew up in north-
west England, all birds seemed to be either
brown or brownish-beige. As a scientist, it
was also striking to me that these two
birds were flaunting two totally different
ways of making color.
A child with a paintbox will simply dip a
paintbrush into the right color and transfer
it onto something else. The male northern
cardinal does something similar. The im-
portant ingredient is a pigment, a molecule
that absorbs some colors and reflects oth-
ers. A red pigment molecule will absorb
the blues, greens and yellows so that only
the red is reflected back to your eyes. The
absorption happens because of the struc-
ture of the molecule.
The cardinals use pigments called caro-
tenoids, which are common in many leaves
and seeds and tend to be reds, oranges and
yellows. I find it fascinating that the birds
can’t make these pigments—no animal can.
But plenty of plants make them, and so an-
imals get the pigments from their diet. A
cardinal is a living splash of paint—the
bird has just transferred the right pigment
into its feathers, and now it’s red.
But pigments never turn a bird blue. The
color of the blue jay comes from the archi-
tecture of the protein (keratin) that its
feathers are made from. The outer layer of
keratin is full of tiny air pockets, and as
light waves flood in, they bounce off the
boundaries between air and protein.
The critical part of this architecture is
the spacing of the pockets in the protein.
They are structured
so that a red light
Bouncing wave, which is rela-
light tively long, can
bounce off, overlap
waves, with another red
tiny air wave that bounced
pockets off another pocket
and, through this
and color. encounter, get can-
celed out. The same
happens for yellows
and greens.
But blue light has a much shorter
wavelength, and the pocket spacing
means that when a blue wave meets an-
other scattered blue wave, they line up,
reinforcing each other. Blue light is the
only color that escapes intact, and so this
spongelike protein structure is how the
blue jay earns its name.
This is called structural color, and it ex-
ists because of the way a nanoscale texture
like these keratin pockets interferes with
light waves. We’re most familiar with this
phenomenon as iridescence, when light re-
flects off many thin layers to produce
shimmering colors, depending on the direc-
tion from which you look, like a peacock
feather or the surface of a CD.
The trick of a blue feather is that while
the air pockets don’t have a perfectly regu-
lar arrangement—they’re slightly jum-
bled—the average spacing is the same in
all directions. So the feather looks blue
from every angle.
Green parrots, snakes and frogs use both
the pigment and structural methods at the
same time. Their green is a mixture of blue
structural color and a yellow pigment,
which is why sometimes you’ll see a dead
snake that looks blue. The chemical pig-
ment has broken down as part of the de-
composition process, but the nano-size ar-
chitecture is untouched, leaving only blue.
So two plots were proceeding on my
GETTY IMAGES (4)
avian stage. While the squawking and
squabbling determined which birds got the
seed, a much calmer process at the very ti-
niest size scale was selecting the colors
that nature uses to tell their story.
* *** THE WALL STREET JOURNAL.
REVIEW
The Ritual of Holiday Meals
Continued from the prior page
creased precisely because the
rest of our eating is now so di-
vested of ritual (except, perhaps,
for our morning coffee). For
most of us, holiday eating is less
about religion and more about
food. It’s about treating dinner
like it is the most important
thing in the world.
Take Passover. Pew Research
found that in 2013, 70% of all
Jews in the U.S., including 42% of
self-identified “secular” Jews,
participated in the Seder meal
that starts the holiday. It was
much more widely observed than
Yom Kippur, the culmination of
the High Holy Days. The differ-
ence is that Yom Kippur is a sol-
emn fast, whereas Passover is a
feast, full of food-related ritual—
something easy to buy into, no
matter what your beliefs.
The food writer Nigella Lawson
FOR HOLIDAY MEALS, people often
wrote in her 2004 book “Feast”
about how she came to adopt the have dogmatic views of what should be
Seder meal, despite not having served—such as turkey and canned
grown up with it in her own non- cranberry sauce for Thanksgiving.
observant Jewish family. Ms. Law-
son now relishes the chance to
have friends over for roast lamb, Catholics abstained from eating meat
matzoh, bitter herbs and haroset, on Fridays to mark the day of the
the sweet mixture of fruits and week when Jesus died—so it couldn’t
nuts that symbolize the mortar be a Friday without fish. Other days,
used by the Israelites enslaved in too, had their own special meals,
Egypt. “What turned me around which varied from country to country.
was the cooking,” she writes. In Britain, Sundays called for roast
In our daily meals, we have be- meat with all the trimmings (pork and
come starved of ritual, which can apple sauce, lamb with mint sauce,
make it feel as if life has lost its beef with horseradish). Monday dinner
rhythms. Holidays are the only time of the year when we know what would be rissoles, a sort of dried-out hamburger made from minced
we are meant to be eating, collectively, and in these uncertain times, cooked meat, or shepherd’s pie, a ragu of shredded meat topped
this bestows a wonderful feeling of security. with mashed potatoes, to use up the leftovers.
In years gone by, the holiday meals of winter were just one feast There are still some vestiges of this rhythmical way of eating
among many. The whole year was punctuated with moments of in Catholic countries. At trattorias in Rome, the daily specials are
sweetness and celebration. There were harvest feasts and midsum- comfortingly predictable, as food writer Rachel Roddy explains.
mer feasts, pig-killing feasts and saint’s days. Throughout Europe, “Friday is the day for pasta and chickpeas or salt cod” she wrote
people used to eat delicious fried foods for the Carnival that came last year in the Guardian, “Saturday for Roman-style tripe with
before Lent. Each region of France had its own version of a beig- mint and pecorino, Sunday for fettuccine with chicken livers and
net—a puffed-up, deep-fried delicacy sweetened with sugar or then roast lamb, Monday for rice and endive in broth, Tuesday for
honey. Imagine how ambrosial such a fried treat must have tasted pasta and beans, Wednesday for whatever you fancy, and Thurs-
when you ate it only once a year. It isn’t quite the same when you day for gnocchi.”
can buy a Dunkin’ Donut any day of the week, any time of day. With- This business of gnocchi on Thursdays is a ritual in Argentina
out the fast, it is less of a feast. too, as my brother-in-law Gonzalo, who grew up in Buenos Aires,
One modern innovation that has killed off our seasonal rituals often remarks. Gonzalo remembers that when he was growing up,
is the globalized food supply, which blurs the keen awareness that Thursday was the day before people got paid, so you ate gnocchi,
cooks once had about certain foods belonging to particular months. which was about the cheapest meal a cook could summon up, con-
It is a luxury to have year-round access to summer berries and win- sisting of little more than potatoes, flour and salt. Under the gnoc-
ter greens, but this ubiquity also dulls the magic of anticipation. In chi plate, you put a coin, to bring good luck.
India, carrot halwa is a dessert made from grated Holiday food is about reclaiming some of these
carrots, raisins, evaporated milk, cardamom and
sugar. It used to mark the end of summer and the
We reclaim lost rhythms—of the seasons, of meals and of
family life. Yes, it can also mean reviving the not-
start of autumn, because that was the only time the lost rhythm so-good traditions of squabbling at the dinner ta-
of year when carrots were plentiful. But now, as of the seasons, ble, of bruised egos and of bossy cooks who force
chef Vivek Singh explains in his book “Indian Fes- people to take unwanted second helpings. But at
tival Feasts,” you can easily find carrots in super- of meals, least we manage to pull our gaze away from
markets year-round and cooks make carrot halwa of family life. flashing screens and really eat together, for once.
any time they feel like it. Human appetites are sociable, and we deprive
No wonder we go over-the-top with our holi- ourselves of half the value of food when we al-
day meals. It is the one time of year when the ways eat alone. For some families, in a normal
old rituals still seem to mean something, carrying the weight of work week, it has become almost impossible to coordinate meal-
all the years that came before. I have been cooking a near-identi- times, let alone to gather everyone around a table.
cal Christmas dinner for 18 years now, since my oldest child was In 2009-10, a team of researchers from University College Lon-
born (although I’ve gone back and forth on the merits and draw- don’s Institute of Education set out to study how the pressures of
backs of orange zest in the cranberry sauce). This year, the rituals time affected the eating habits of 40 dual-earner households. (Their
feel more urgent than ever before because my son will be return- findings were published in 2013 in the journal Community, Work
ing home for a week during a year of study in China. This meal is and Family.) Between the pressures of work and afterschool activi-
my chance to remind him of the structures of home before he flies ties, fewer than a third of the families managed to eat dinner to-
back to another continent. gether on “most weekdays.” In one family of five, the mother and
After the spicy noodles of Nanjing, I suspect that my British sea- the father were on two separate weight-loss diets, and the youngest
sonings will taste bland on Dec. 25, but I wouldn’t dream of cooking daughter was a picky eater who wouldn’t touch any of the foods on
anything else. I will make the same old nutmeg-scented bread sauce either parent’s diet. The mother commented that the only time ev-
(made from milk, onion and breadcrumbs) to go with the turkey, eryone ate the same thing at the same time was on Christmas day.
the same polenta-crusted roast potatoes, the same tiny sausages,
the same brussels sprouts (each one trimmed and scored with a
I recently interviewed a European director of Hello Fresh, one in
a growing industry of meal-kit companies that supply recipe cards
cross before they are steamed), the same currant-and-almond-stud- and pre-measured ingredients to time-pressed households. He said
ded Christmas pudding and that according to their market research, when it
brandy butter. The brandy but- came to the amount of time customers wanted
ter—made of sugar, butter and to spend on cooking a meal, most had a “sweet
cognac and whipped to a butter- spot” of no more than 27 minutes—and prefera-
cream texture—is our family’s bly less. Only at holiday time do we switch back
equivalent of canned cranberry to being cooks ruled by flavor, not by time.
sauce. No one eats much of this Cooking for Thanksgiving or Christmas, we
heady alcoholic concoction ex- can revert to being less frazzled by time or
cept for my father-in-law, but trends. We stop fretting about carb content and
not to have it on the table would worry instead about whether there is enough
be anathema. It wouldn’t be heavy cream in the scalloped potatoes. The sin-
Christmas without brandy butter. gle-person serving is swapped for the common
Food ritual used to be woven pot. Time in the kitchen becomes slow and luxu-
into the fabric of the day and the riant. Instead of googling “three-ingredient reci-
week. Across the Christian world, pes” or “quick and easy midweek dinners,” we
start to think that eight hours is really no time
at all to spend on getting dinner ready.
The refrain of the food industry is “the con-
sumer wants choice,” but our annual excite-
ment about holiday food suggests that we feel
liberated by not having to choose, for once. Rit-
ual can set you free.
There are an average 38,900 items for sale in
U.S. supermarkets, according to the Food Mar-
keting Institute, but when cooking Thanksgiving
dinner, you can forget about most of them. In the
free-for-all of UberEats, Soylent and other new
modes of meeting our nutritional needs, it’s reas-
suring to eat by the rules again: to know that, no
matter how much you jazz it up, there must be
turkey (or the vegan equivalent) and stuffing and
cranberry sauce on the table.
For all the cheer and the pies, there can be
something a bit melancholy about holiday food
(and I’m not just talking about the perennial
disappointment that is eggnog). For a few days,
we gather and treat food like it actually mat-
ters. And then we go back to normal life, where
the question of what to cook for dinner falls
lower on our list of priorities than what case to
TOP, traditional foods on a Seder plate for Passover; above, dishes for Diwali. buy for our new iPhone.
 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 25 - 26, 2017 | C3

REVIEW

Danny Camargo, teaches certifi-

cation courses for the USAW and
has seen an influx of personal
trainers and strength-and-condi-
tioning coaches. “That tells you

HEAVY
their clientele are beginning to
ask about weightlifting,” he says.
Indeed, to meet demand, large
franchise gyms such as Life Time
Fitness and Equinox have begun

METAL
installing Olympic lifting equip-
ment in their facilities in the
past few years.
Still, few gym-goers will ever
attempt a snatch or clean-and-
jerk on a platform in front of
judges. They lift because prac-
ticing such highly athletic
Weightlifting is resurgent movements confers enormous
fitness benefits, no matter how
FROM TOP: SCOTT HALLERAN/GETTY IMAGES; GETTY IMAGES

in the U.S., in competition and good you are at them. Nor do

as a fitness option you need to be young to begin.
I took up weightlifting in my
40s and regularly train along-
side people who started in their
50s and 60s.
In fact, the lifts target the
very things that tend to degrade
with age. Most obviously, they
improve your strength, particu-
larly in the legs (leg strength be-
ing a prime predictor of longev-
ity, followed closely by overall
muscle mass) and core, by which
I mean everything between
shoulders and hips, not just your
abs. Weightlifting also greatly improves flexibil-
BY DANIEL KUNITZ
ity, balance, stability and overall motor control.
And, as with dance, the snatch and clean-and-
LAST YEAR, Martha “Mattie” Rogers became jerk demand continuous neuromuscular interac-
the face of weightlifting’s resurgence in the tion. You’re constantly learning how to move
U.S. by posting a video to Twitter. In it she better, so doing it sharpens mental acuity while
hoists a heavy barbell above her head, loses getting you jacked.
control of it and watches as it rolls away—with Isn’t jumping under heavy weights danger-
Ms. Rogers in slapstick pursuit, arms waving— ous? Not as much as you might think. All exer-
and smashes through the front window of her cise carries some risk, and if you engage in it
gym. The unexpected combination of a young regularly, you will eventually hurt something.
woman tossing around a barbell that few men In weightlifting, that usually means nothing
could manage and then shattering glass with it more than a sore wrist or elbow. Certainly, the
sent the clip into the viral stratosphere. best way to avoid injury, and to maximize the
But Ms. Rogers isn’t just a social media star effectiveness of the lifts, is to train with a good
with a pretty face. She is an example of a spe- coach. Weightlifting is not about brute
cies once thought to be all but extinct in this strength, muscling barbells over your head
country: a world-class lifter. She owns all the however you can; it’s about technique.
American records in her weight class and, in a The hazards of concussion and permanent
first for her sport, was included this year on brain injury are also virtually absent in weight-
the Sports Illustrated list of Fittest 50 females. lifting, compared with football and even soccer.
On Nov. 28, Ms. Rogers will compete at the TOP, Martha ‘Mattie’ Rogers competing in the world championships in Houston in 2015; As parents come to realize that lifting will
World Weightlifting Championships in Anaheim, above, a man preparing to do a snatch in a CrossFit competition. make their children healthier, rather than im-
Calif., as part of what is arguably the finest peril their future, it should bode well for the
American team in generations. It includes Sarah and powerlifting, which con- shoulders before standing. In expansion of the sport.
Robles, who earned a bronze medal at the 2016 sists of the squat, deadlift and CrossFit order to get the barbell over So, too, should the decline of television.
Olympics; Colin Burns, a gold medalist at the Pan bench press. In Anaheim, the has drawn your head—that is, to jerk it— Weightlifting has never thrived on the net-
Am Games this past summer; and 16-year-old
C.J. Cummings, the current reigning youth world
competition will consist exclu-
sively of the two weightlifting
thousands you dip straight down and,
again using your legs, push sky-
works, but, as Ms. Rogers’s 475,000 Instagram
followers suggest, it’s a smash hit on social me-
champion in his weight class and the first Amer- events featured in the Olym- to Olympic- ward to get the bar moving up. dia. Instagram and Facebook not only highlight
ican in more than 40 years to set a senior divi-
sion world record (weighing only 152 pounds, he
pics: the snatch and the clean-
and-jerk. In both events, you
style lifting. You then quickly split your legs
forward and back so as to catch
weightlifting’s elegance and explosiveness, they
allow you to share a single particularly spec-
lifted more than 407 pounds over his head). hoist a weighted barbell from the barbell at its apex, lock your tacular lift and watch it repeatedly. Social me-
Although no American men have won gold the ground to overhead—but arms and stand with the weight dia also inserts the fan into the athlete’s story,
at the World Championships since 1969 and no nothing so seemingly simple over your head. letting us follow our favorites as they train,
women since 1997, this year’s team represents can be as maddeningly complex. Like Ms. Rogers and most of today’s lifters, I warm up and react backstage.
the best chance in generations to beat peren- The snatch occurs as a single continuous learned the snatch and clean-and-jerk through Being able to plug in to weightlifting at any
nial favorites such as Colombia, Iran, South Ko- movement. You take a wide grip on the bar and CrossFit, which, any coach or athlete will tell odd moment, combined with the rising number
rea and Georgia. That some nine countries—in- propel the weight upward with your legs by you, has been the single most important force in of people actually doing the lifts, has caused its
cluding powerhouses Russia, China and standing violently. At the top of the bar’s trajec- popularizing the sport. Between the 2012 and audience to ripple outward in expanding waves.
Kazakhstan—were banned from competition tory, about chest height, you quickly reverse di- 2016 Olympic Games, membership in USA Those who take a few minutes to tune into the
this year because of repeated doping violations rection, dropping under the bar to catch it in a Weightlifting (USAW) more than doubled, from World Weightlifting Championships next
won’t hurt the Americans’ chances either. full squat, with your arms locked overhead, and 11,000 to over 26,000. But those numbers only week—they’re not on TV, only streamed live on
American teams have suffered in interna- then you stand. account for people actively competing at local the internet—may just be inspired to pick up a
tional competitions because, historically, com- The clean-and-jerk, as its name implies, in- and national meets. Because of CrossFit, which barbell themselves.
petitive weightlifting has not been popular in volves two actions. For the clean, you take a incorporates the lifts, many hundreds of thou-
the U.S. In fact, few people can distinguish it shoulder-width grip on the barbell and stand sands of others are now engaged in weightlifting
from the two sports it is often confused with: powerfully, again using your legs to drive the bar as part of their exercise routine. Mr. Kunitz is the author of “Lift: Fitness Cul-
bodybuilding, which entails lifting weights to upward to about chest height, at which point More recently, weightlifting has spilled out ture, From Naked Greeks and Acrobats to
enhance the size and appearance of muscles, you drop under it, catching the bar on your beyond the CrossFit world. Ms. Rogers’s coach, Jazzercise and Ninja Warriors.”

FOR THE CATHOLIC CHURCH IN ASIA, A DELICATE BALANCE

foreign interlopers.
BY FRANCIS X. ROCCA
The church is trying to strike a fine
AND SYED ZAIN AL-MAHMOOD
balance in Myanmar: The pope has
spoken on behalf of the Rohingya, but
SINCE TAKING office in 2013, Pope Cardinal Bo and others are encourag-
Francis has named the first cardinals ing him on this trip to avoid the very
in history from more than a dozen word, and to call them instead the
countries, including such unlikely “Muslims of Rahkine State.” A back-
places as Laos (less than 1% Catholic) lash could harm progress for Chris-
ANDREW MEDICHINI/ASSOCIATED PRESS
lics make up an even smaller share of
the population—just 375,000 out of
154 million. Nearly 90% of the popula-
tion is Muslim, and Islam is the state
religion. But as in Myanmar and else-
where, schools are a key Catholic con-
tribution: Dhaka’s elite Notre Dame
High School has educated many prom-
inent Muslim politicians, including

and the archipelago of Tonga (14,000
church members), even while passing
over appointments for major dioceses
in the West.
His visit to Myanmar and Bangla-
desh next week will showcase his vi-
sion of a church that focuses on dis-
advantaged communities far from
Catholic heartlands. Pope Francis in-
troduced both countries into the club
of cardinals, appointing Cardinal
Charles Bo in Myanmar and Cardinal
Patrick D’Rozario in Bangladesh. Mi-
nuscule Catholic communities in both
places struggle with poverty as well
as ethnic and religious tensions, but
they wield influence far out of pro-
portion to their size.
“Reality can be understood better
and seen better from the peripheries
rather than from the center,” the pope
said last year after visiting Azerbai-
jan, where Catholics number in the
mere hundreds.
The trip to Myanmar, the first by
any pope, comes amid a delicate tran-
sition from decades of military dicta-
tians and other mi-
norities and for
democratization, A papal trip
Cardinal Bo argues.
He convinced the
to countries
pope to meet with roiled by the
Myanmar’s military Rohingya
chief, whom the Vati-
can initially didn’t crisis.
CARDINAL CHARLES BO heads a small but influential Catholic include.
community in Myanmar, where Pope Francis will visit next week. For many minori-
ties marginalized un-
der the military regime, “only the
torship to democracy. The Catholic The situation has partly eased church provides the basics of school,
community numbers just 650,000 out since the military’s attempt at demo- medical care and even food,” said the
of a population of 52 million. Most cratic transition began in 2011, and Rev. Bernardo Cervellera, editor of the
Catholics are members not of the ma- especially since the party of civilian influential Catholic magazine Asia
jority Bamar ethnic group but of sev- leader Aung San Suu Kyi formed a News. The church runs dozens of hos-
eral minorities. Under military rule government last year. It includes a pitals, clinics and leper colonies in
that began in 1962, Catholics were Christian vice president, Henry Van Myanmar. Cardinal Bo has been cam-
doubly disadvantaged, since jobs in Thio, the first non-Buddhist in the paigning for the return of more than
the government and military were post. Cardinal Bo has been one of Ms. 80 formerly Catholic schools that he
largely restricted to Buddhists of Suu Kyi’s most vocal champions, even says the military took over “at gun-
Bamar ethnicity. “We have been amid criticism of her failure to de- point” in 1965. The church wants the
somewhat discriminated against, not nounce the military’s treatment of the government to fund Catholic educa-
given facilities, opportunities,” said Rohingya Muslim minority, whom the tion as it does Buddhist schools.
Cardinal Bo in an interview. government has generally viewed as In neighboring Bangladesh, Catho-
current government
ministers and parlia-
mentarians.
Such efforts help
the church to be per-
ceived as a neutral
voice and advocate
for social justice and
workers’ rights. Only
weeks into his pon-
tificate in 2013, Pope
Francis weighed in
on the collapse of a Bangladesh gar-
ment factory that left hundreds dead,
denouncing conditions at the factory
as “slave labor.”
Bangladesh is where most Roh-
ingya refugees have fled; the church’s
charitable arm, Caritas Bangladesh,
says it is spending about $2.7 million
to aid 12,000 Rohingya families. The
pope plans to meet with some Roh-
ingya there, though not in Myanmar.
Cardinal D’Rozario says Pope Francis
will “look to inspire a dialogue be-
tween different religions and cultures
and between the rich and the poor.”
 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 25 - 26, 2017
BETTMANN ARCHIVE/GETTY IMAGES
ROBERT MUGABE in August 1983, three years into his term as prime minister.
From the Start,
A Brutal Reign
A Zimbabwean recalls the long arc of Mugabe’s career
BY PETER GODWIN
LENIN ONCE SAID, “There are decades when
nothing happens; and there are weeks when
decades happen.” For Zimbabwe, my home-
land, it was just such a week, into which we
stuffed decades of arrested political develop-
ment. After being ruled by Robert Mugabe for
a stifling 37 years, Zimbabwe shook itself free
of him at last, in a matter of days.
History in Zimbabwe stands astride a stark
binary of before and after. The “before” is the
era when it was still white-ruled Rhodesia, a re-
gime that ended in 1980 following a seven-year
guerrilla war. As an 18-year-old white Rhode-
sian, I was conscripted to fight in that war on
behalf of the government.
Then came the “after.” Like many Zimba-
bweans of all races, I
returned after 1980 at
the urging of the for-
mer guerrilla leader
and now prime minis-
ter, Robert Mugabe.
We wanted to show the
world that we could
create a colorblind
country, the envy of
Africa. But our hopes
curdled quickly under a
rancid dictatorship—
violent, dream-shatter-
ing and just plain de-
pressing.
BEN CURTIS/ASSOCIATED PRESS
Mr. Mugabe’s politi-
cal obituaries have been
plentiful this week. But
my own experience
doesn’t chime with the
widely accepted version
of what Hollywood
would call the “dra- WEDNESDAY’S newspapers in Harare, Zimbabwe, reported that Mr. Mugabe had resigned.
matic arc” of his life.
The standard view goes like this: An intellectual
schoolteacher turned political activist, Mr.
Mugabe liberated his country from colonial op-
pression and ruled it benignly for years—allow-
ing, for one thing, white settler families like
mine to stay and thrive—under the wise, moder-
ating influence of his first wife, Sally. After her effort by Mugabe loyalists to wipe out support
death in 1992, however, he fell into the clutches
of Grace, who would become his
second wife: a fiery young
woman from the presidential
typing pool, under whose shrill
counsel he became the brutal,
kleptocratic, land-grabbing vil-
lain whom the world soon
learned to hate.
Inconveniently, the timeline
of his felonies fails to fit this arc.
Within two years of coming to
power, Mr. Mugabe had already
ordered his Fifth Brigade soldiers, trained by
North Korean instructors, into Matabeleland, in
the southwest of the country, to pacify the peo-
ple who lived there. His generals called the op-
eration “Gukurahundi,” after the first rains,
which sluice away the accumulated debris.
It was one of my first stories as a cub re-
porter, and it gave me a gory glimpse into Mr.
Mugabe’s character, one that I’ve never forgot-
ten. His soldiers killed some 20,000 civilians.
It’s only an estimate because, all these years
REVIEW
later, there has still been no inquiry, no ac- though he were a great prophet.
counting, no punishment. Emmerson Mnan-
gagwa—Mr. Mugabe’s apparent successor in
the wake of his resignation this week—was
then the intelligence chief and one of the main
architects of the Matabeleland operation, car-
rying out his boss’s orders. “I’ll shorten the
stay on earth of any cockroach that opposes
Mugabe,” he said at the time.
The Matabeleland massacres were Robert
Mugabe’s original sin, for which he has never
paid penance. Much later he tried to dismiss the
bloody campaign as “a moment of madness.”
But the killings went on for nearly four years.
Soon afterward, he bullied the southern-based
opposition party, ZAPU, into accepting a one-
party state under his own ZANU-PF.
It was a malignant political bear hug and
continued until the late 1990s, when a new op-
position emerged under Morgan Tsvangirai. Mr.
Mugabe greeted this development as he had al-
ways greeted dissent, with violence—terrible vi-
olence, which I witnessed and wrote about, im-
potently, as it reached its zenith in 2008. It was white Rhodesia and thus lacked that key
another campaign of well-scripted politicide, an
for the opposition party by torturing its officials husband’s attempt to clear a path for her by re-
on an industrial scale.
I met many of the victims at
Savoring the time, survivors, as they de-
the novelserve to be called. Many had
what doctors refer to as “de-
experiencefense” injuries—ghastly wounds
of having an
caused to their arms when they
tried to protect themselves
ex-president.
against the blows of a boot, a
log, a whip, a rock, a machete
or an ax. The violence was done
on a catch-and-release basis.
When the tortured returned home with their
gruesome stigmata, they acted as human bill-
boards, advertising the consequences of op-
posing Mr. Mugabe.
Being military in origin, the operation had a
name, of course. They called it operation “Na-
gatipedzenavo,” which in the Shona vernacular
means, “Let Us Finish Them Off.” And there was
nothing subtle about the Mugabe campaign slo-
gan that accompanied it, emblazoned on ban-
ners slung across streets: ‘‘The Final Battle for
* ***
Total Control.’’ Nearly 25 years after reporting
on the atrocities in Matabeleland, I was once
again a witness to what Mr. Mugabe did when
his political power was threatened.
The damage that Mr. Mugabe wrought upon
Zimbabwe was also institutional. He hollowed
out not only the organs of state, the civil service
and the legal system but also, in the end, his
own ruling party, ZANU-PF. He reduced it to a
personality cult, getting rid of anyone who chal-
lenged his absolute authority, until he was at-
tended only by fawning party hacks, prancing
around in ludicrous regalia bearing his image, as
Around him his country, once the most
prosperous in Africa, was laid waste. His land-
reform program was chaotic, decimating agri-
cultural production. The Zimbabwe dollar be-
came a joke, with hyperinflation so bad that
eventually its value dropped by half every 24
hours, until it zeroed out and he abandoned it
altogether. Industry collapsed and unemploy-
ment swelled. The average Zimbabwean now
survives on a little more than $3 a day, accord-
ing to the country’s statistical agency. Unsur-
prisingly, it is estimated that more than three
million Zimbabweans, almost a quarter of the
population, have poured out of the country
into a diaspora, of which I am a member.
And now Robert Mugabe is finally gone. But
his party lives on. In fact, all of the liberation
parties of southern African, born of anti-colonial
wars, live on. The MPLA
in Angola, Frelimo in
Mozambique, Swapo in
Namibia and the ANC in
South Africa—they are
all still in power.
I have a mixed re-
cord in predicting how
events in Zimbabwe will
unfold. Six years ago I
wrote a book called
“The Fear,” whose sub-
title in the U.K. edition
was “The Last Days of
Robert Mugabe.” In my
defense, Mr. Mugabe
was shortly thereafter
forced to share power
in a government of na-
tional unity with his po-
litical opposition, but it
didn’t last. He ditched
the arrangement four
years later.
I did better in as-
sessing the prospects of his young wife, Grace,
who was even then giving clear signs of dynas-
tic ambition. His junior by 41 years, she had
not fought in the war of independence against
source of legitimacy.
On that front, I was vindicated this week. Her
moving his heir apparent—Mr. Mnangagwa, the
vice president and former intelligence chief—
triggered the demise of his own long political
career. Mr. Mnangagwa is 75 years old, fully cre-
dentialed as a fighter in the war of liberation,
and has the backing of the army. It would be
foolish to expect him to usher in an era of en-
lightened politics and sound policy.
For now, though, do not begrudge long-ex-
iled Zimbabweans like me our moment of re-
lief. Across Zimbabwe a grateful people are re-
moving the official framed portraits of Robert
Mugabe that, by law, had to hang in every
place of business, a visage that remained
youthful even as he became decrepit. For the
first time in our existence as a nation, we are
savoring the novelty of having an ex-president.
Mr. Godwin is a former correspondent with
the BBC and Sunday Times of London, and
is the author of “Mukiwa” and “When the
Crocodile Eats the Sun”
THE WALL STREET JOURNAL.
WORD ON
THE STREET:
BEN ZIMMER
‘Sheroes’
March On
With Barbie
MATTEL RECENTLY unveiled the
first Barbie doll to wear a hijab,
modeled on U.S. Olympic fencer
Ibtihaj Muhammad. It’s the latest
in a series of Barbie dolls dubbed
“Sheroes”—“female heroes who
inspire girls by breaking bound-
aries and expanding possibilities
for women everywhere,” in Mat-
tel’s words. Other dolls in the
“Sheroes” line are modeled on
gymnast Gabby Douglas, director
Ava DuVernay and ballet dancer
Misty Copeland.
The word “shero,” blending
“she” and “hero,” has been circu-
lating since the 19th century to
refer to women worthy of admi-
ration. Early on, however, it was
mostly used as a jokey name for
a female companion of a male
hero.
In a bit of dialect humor that
appeared in the newspaper Spirit
of the Times in 1851, a writer
identified as “Curnill Jinks” tells
of the founding of Satartia, a
town in Yazoo County, Miss., by
“the illustrious hero an [sic] the
shero, his wife.” An 1880 item in
the National Police Gazette was
titled, “A Love Drama in One Act:
In Which the Hero, Shero, Two
Small Boys, and a Dozen of Hen
Fruit Play Leading Roles.” And in
an 1897 essay, Ambrose Bierce
imagines a novel where “my as-
sistant hero learns that the hero-
in-chief has supplanted him in
the affections of the shero.”
The women’s liberation move-
ment of the 1970s put a more
empowering spin on the word, at
a time when feminists were tak-
ing a critical look at language,
transforming “history,” for in-
stance, into “herstory.” Two
prominent African-American
women were the first to embrace
“shero” as a term of pride. The
An 1851
newspaper
may have
started it all.
poet and author Maya Angelou
spoke of “heroes and sheroes” in
a 1977 lecture. And Johnnetta B.
Cole, an anthropologist who
would go on to serve as presi-
dent of Spelman College, helped
propel the word with her saying,
“For every hero in this world,
there’s at least one shero.”
Both Ms. Angelou and Ms.
Cole served as inspirations for
Varla Ventura when she wrote
her book, “Sheroes: Bold, Brash,
and Absolutely Unabashed Su-
perwomen from Susan B. An-
thony to Xena,” published in
1998. At the time, she noted,
“television’s supreme shero,”
Oprah Winfrey, had “adopted the
word into her public vocabulary.”
But Ms. Ventura wanted to go
further, writing, “Let’s get ‘shero’
into Webster’s Dictionary, Scrab-
ble, the collective consciousness,
and, most importantly, the com-
mon parlance!” She even in-
cluded a form letter in the back
of the book that readers could
fill out, addressed to Merriam-
Webster. A press release for her
letter-writing campaign argued
that “the word ‘hero’ reeks of
masculine overtones while the
feminine form—‘heroine’—
sounds like the name of a nar-
cotic drug.”
Merriam-Webster sent replies
to those who wrote in, explain-
ing that “at this point, the evi-
dence we’ve accumulated for
‘shero’ is not enough to justify
its inclusion” in the company’s
Collegiate dictionary. But that
evidence eventually won out, and
the word was added to the Colle-
giate in 2008, 10 years after Ms.
Ventura launched her campaign.
And now “shero” has achieved
the ultimate online success: be-
coming a popular Twitter
hashtag.
Answers
to the News Quiz on page C13
1.A, 2.C, 3.D, 4.C, 5.B, 6.B, 7.B,
8.A
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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DIRECTED BY MICHAEL CURTIZ C6 | THE WILD SIDE OF LOU REED C7 | THE MADNESS OF EZRA POUND C9 | BEST SELLERS C10
© 2017 Dow Jones & Company. All Rights Reserved.
The Manufacturer of Beauty
The photographer who defined 20th-century fashion felt trapped by its artifice
Avedon: Something Personal
By Norma Stevens
and Steven M.L. Aronson
Spiegel & Grau, 699 pages, $40
BY LESLEY M.M. BLUME
EARLIER THIS MONTH, a few torrid
details leaked about “Avedon: Some-
thing Personal,” a biography and oral
history of Richard Avedon assembled
by the photographer’s longtime busi-
ness partner, Norma Stevens, and
writer Steven M.L. Aronson. The New
York Post’s Page Six gleefully reported
on the book’s revelations about
Avedon’s supposed love affair with
film director and writer Mike Nichols,
his disdain for Vogue editor Anna
Wintour and his prickly relationship
with Jacqueline Kennedy.
“Something Personal” is indeed
saturated with gossipy revelations
about Avedon’s private life and mus-
ings; in a chapter titled “Forbidden
Affinities,” Ms. Stevens maintains that
Avedon was resolutely, if privately,
bisexual. Coming out had been a no-go
for him: He didn’t want to be typecast
as “the gay photographer,” he told
her; it would have been “bad for busi-
ness.” Yet Ms. Stevens maintains that
Avedon—then married to his second
wife—confessed to her not only the
affair with Nichols (“We’re equally
corrupt: we were made for each
other”) but also make-out sessions
with author James Baldwin (really just
some “innocent kissing,” though) and
illicit middle-of-the-night Central Park
forest trysts (“My heart would be
pounding just like before a sitting”).
Lest anyone grow indignant about
the idea of Avedon as the subject of a
tawdry tell-all, Ms. Stevens is quick to
assure readers that this is a sanc-
tioned exposé. Before his death, on
numerous occasions, she recalls, Ave-
don had obliged her to write a memoir
about him: “Be kind,” he reportedly
told her, “only, don’t be kind—I don’t
want a tribute, I want a portrait, and
the best portrait is always the truth.
Make me into an Avedon.” In other
words, glamorous but unsparing.
Avedon is to be credited for a cer-
tain bravery in directing that the
spotlight be turned back on himself,
just as he turned his own camera lens
onto thousands of others. His rela-
tionship with portraiture—explored at
length throughout “Something Per-
sonal”—was fraught. For five decades,
Avedon was the definitive manufac-
turer of beauty, as a master of adver-
tising work and glossy portfolios; he
A City Swallowed by the Sea
Apocalypse 1692
By Ben Hughes
Westholme, 277 pages, $28
BY FERGUS M. BORDEWICH
BENEATH THE Caribbean waters just
offshore from Kingston, Jamaica, lie
the submerged ruins of what was
once a rowdy, greed-driven, slave-
trading pirate haven as well as one of
the most cosmopolitan entrepôts in
the New World. Ben Hughes brings it
all to life in “Apocalypse 1692,” a
rousing, colorful and deeply re-
searched account of Port Royal’s last
wild years and sudden death.
Captured from the Spanish in
1655, and cocooned in the business
of slavery, Jamaica was by far the
largest of the British Caribbean is-
lands. By the last decade of the 17th
century, Port Royal, the island’s capi-
tal, hosted a diverse amalgam of
would-be gentlemen on the make,
avaricious hustlers, Portuguese Jews
expelled from Brazil, Irish inden-
tured servants, Spanish renegades,
religious dissidents, Huguenot refu-
gees, criminals, slaves (two-thirds of
the island’s population) “and num-
bers of half-savage buccaneers,”
writes Mr. Hughes.
One early visitor quoted by Mr.
Hughes, Edward Ward, called
Jamaica “the Dunghill of the
Universe, the Refuse of the Whole
Creation . . . as Hot as Hell, and as
Wicked as the Devil.” Whites were
notorious for their loose sexual
mores, corruption, drinking and
* * * *
BOOKS
FOCUSED Richard Avedon on the floor in search of the perfect angle to capture British model Jean Shrimpton in 1965.
created visual fantasies for Harper’s
Bazaar, Vogue and countless fashion
labels, from Versace to Calvin Klein to
Dior, and made many millions of dol-
lars doing so. (His annual salary at
Vogue, starting in 1965, was a stag-
gering $1 million—nearly $8 million
in today’s currency.)
Avedon’s early stratospheric suc-
cess cannot be exaggerated: Between
1945 and 1977, Ms. Stevens says,
“from the time Dick was twenty-one,
no issue, of first [Bazaar] and then
[Vogue], had gone to press without an
Avedon photograph in it.” He was
gluttony. Carousing buccaneers were
known to entertain themselves by
planting a keg of rum on a public
street and compelling passersby to
drink with them at gunpoint. A feast
at an upper-crust home might ply
diners with turtles cooked in their
shells, wild jerked hog, roasted goat,
fricasseed rabbit, turtle dove and a
host of other gout-inducing dishes.
New governors were greeted with the
official presentation by local Jewish
merchants of a “Jew Pie,” which con-
sisted of a baked crust covering a
purse of gold doubloons, an elegant
protection payment in a place where
anti-Semitism often flourished.
A rousing and deeply
researched account of the
wild years and sudden death
of Port Royal, Jamaica.
Life as the people of Port Royal
knew it came to an abrupt end on
Tuesday, June 7, 1692. Around 11:30
in the morning, an eerie rumbling
sound was heard, and the ground
began pitching and rolling. A church
steeple crashed to the ground on a
crowd gathered below. Wharves,
homes, churches, shops and ware-
houses suddenly sank away into the
sea. Raw panic followed. Mr. Hughes
writes: “The air filled with wailing,
crying and sobbing, and a terrifying
splintering sound emanated from the
heaving ground. . . . The quayside col-
lapsed. With an awful cracking sound,
THE WALL STREET JOURNAL.
branded as one of fashion’s “principal
evangelists” by the New Yorker in
1958. Yet “the world he depicts is an
artificial one,” the profile went on,
“his polished and rather romantic art
flatly contradicts the bromide that
the camera never lies. Avedon’s cam-
era unquestionably lies.”
From the beginning, Avedon took
such accusations of artifice to heart.
He became a household name, but the
origin of his fame carried with it con-
notations that would prove difficult to
surmount. Avedon loathed being
trapped within the industry that
it slid into the sea and sank thirty or
forty feet. The water surged forward
in a spitting mass of foam. . . . The
forts’ cannon, torn from their
carriages by the shuddering of the
earth, rolled wildly along the battle-
ments, causing carnage amid the
fleeing scarlet-coated militiamen
assigned to man them as the low-
lying forts boiled out of sight.”
Then it got worse. Hundreds of
decomposing corpses were hurled up
from graveyards and washed into the
few blocks that remained of the city.
The sea swallowed “a multitude” that
had gathered for safety on the
battery. Victims were sucked beneath
the waves and spit up again on water
spouts. For days afterward, the tide
washed ashore bodies “sometimes a
hundred or two hundred in a heap.”
In all, between 1,000 and 2,000
Saturday/Sunday, November 25 - 26, 2017 | C5
GETTY IMAGES
launched him: “I have to do every-
thing I can to combat the label ‘fash-
ion photographer,’ ” he told Ms. Ste-
vens. His true calling, he was certain,
was formal portraiture. With a ven-
geance, he created hundreds of now-
iconic portraits as part of private
projects and later for publications
such as Rolling Stone and the New
Yorker, where he was made the first
staff photographer in 1992.
These pictures often proved deeply
controversial, which pleased Avedon;
the last thing he wanted, he told Ms.
Stevens, was for his formal portraits
people were killed outright, and
thousands more died soon after from
injuries and disease.
As dramatic as these events were,
and as affectingly as Mr. Hughes
describes them, he has written more
than a literary iteration of a disaster
movie. He situates Jamaica—in the
years leading up to the earthquake—
in the larger framework of English
GETTY IMAGES
expansion. As he shows, it was an age
of accelerating commercial growth,
scientific discovery and artistic
creativity. Free trade was beginning
its ascendancy over state-controlled
monopoly, and the empire was in its
exuberant youth, expanding in every
direction: Africa, the East Indies and
the Americas, including the Carib-
bean, where the booming sugar indus-
try was transforming the islands into
economic powerhouses, underpinned
to be interpreted as “ads” for his
sitters. Novelist Isak Dinesen—whom
Avedon apparently deemed greedy
and snobbish—called her portrait
“ ‘ungallant’ and unforgivable,” Ms.
Stevens writes; author Renata Adler
thought he made her look “actively re-
pellant” in one image. “I realize that
people don’t always look the way they
want to in a photograph,” she says in
“Something Personal,” “but the least
they can ask is not to be grotesquely
misrepresented.” Avedon’s editor at
Vogue, Diana Vreeland, had been “out-
raged” by his intentionally unflatter-
ing picture of the Duke and Duchess of
Bored with his matchless
‘capacity to glamorize,’
Avedon later sought ugly,
outré portrait subjects.
Windsor; Irving Penn despised an Ave-
don portrait of President Eisenhower,
calling it cruel; one observer told Ave-
don that his late-life representations
of his own father were “patricidal.”
Many of Avedon’s contemporaries
and collaborators contributed reminis-
cences to “Something Personal,” in-
cluding Calvin Klein, New Yorker
editor David Remnick, Nichols (who
notably did not admit to amorous
relations with Avedon in his testimoni-
als), Donatella Versace, the model
Veruschka (who amusingly refers to
herself in the third person) and dozens
of other luminaries. (Noticeably ab-
sent, however, are Avedon’s son, John,
and magazine editor Nicole Wisniak,
with whom Avedon had a longtime,
possibly romantic collaboration.)
Although the bitchier and more
salacious anecdotes in “Something
Personal” will likely earn the book a
good deal of attention, the cast of
characters is most interesting when
discussing Avedon’s central struggle:
Should he direct his talents to selling
the lie or revealing the truth? “The
tragedy is that Richard Avedon was a
really great commercial artist . . . who
wanted to be Diane Arbus,” says Peter
Galassi, former photography curator
at the Museum of Modern Art. Ms.
Adler suggests that Avedon had
simply “gotten tired of being
Velázquez and was now trying to be
Goya . . . he’d gotten bored with his
matchless capacity to glamorize.”
Yet even when his determination to
be seen as a true artist reached a fever
pitch, Avedon never ceased taking on
Please turn to page C7
by the wholesale importation of slave
labor from Africa.
Back in England, the constitutional
monarchs William and Mary were
compelled to seek Parliament’s per-
mission to levy taxes and perform
other governing tasks that had
hitherto been regal prerogatives.
Similarly, in Jamaica, the elected (if
plutocratic) Assembly frequently
challenged the royal governor’s
authority, sometimes forcefully.
Although the Assembly’s assertion of
power foreshadowed later political
confrontations between colonial
legislatures and the crown in the
North American colonies, its demands
emphasized economic concerns,
particularly the desire for freer trade
in slaves and more than democratic
rights for non-slaves.
As Jamaica’s plantation economy
boomed, the demand for slaves—
“black ivory”—grew steadily along
with it. In 1688, it was estimated that
10,000 slaves had to be imported
annually to maintain the enslaved
population, on the assumption that
one-third of the total would die every
year. Mr. Hughes, whose previous
books have recounted episodes from
18th- and 19th-century colonial
history, shapes his compact but illu-
minating account of the slave trade
around the exceptionally well-
documented voyage of the slaver
Hannah. He follows its journey along
the African coast, where its skipper
traded cowrie shells, tobacco and
brass pans for 399 Africans, including
126 women and girls, and then back
across the Atlantic to Jamaica.
Please turn to page C6
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 25 - 26, 2017
Seeing in Pictures
Michael Curtiz:
A Life in Film
By Alan K. Rode
Kentucky, 681 pages, $50
BY SCOTT EYMAN
MICHAEL CURTIZ is the best director
most people have never heard of. They
know his films, though: “Captain
Blood,” “The Charge of the Light Bri-
gade,” “Angels With Dirty Faces,” “The
Sea Hawk,” “The Sea Wolf,” “Yankee
Doodle Dandy,” “Mildred Pierce,” “The
Breaking Point.” And, of course, “Casa-
blanca.” And that’s just the top tier.
These pictures helped define Warner
Bros. in the 1930s and ’40s, when it
was the scrappiest, most exhilarating
studio in the business. Below them are
an additional dozen or so beautifully
directed professional entertainments.
Curtiz’s secret was a dazzling tech-
nique that could be fitted to any genre
except comedy—noir, westerns, musi-
cals, love stories, whatever was on
offer. His camera was an active partici-
pant, a searcher after crucial emotional
moments, making for a dynamic style
that was a strong influence on the
young Steven Spielberg. Curtiz liked
artful compositions and rapid push-ins
from a medium shot to a close-up. The
camera and the editing of prime Curtiz
GETTY IMAGES
films tend toward the energetic, the
better to make the scene come alive.
His visual sense was so acute that,
according to writer-producer Robert
Buckner, Curtiz was the kind of “cine-
matic genius” who “could make a pic-
ture when he didn’t know what it was
about.” Casey Robinson, who had
worked on the script for “Casablanca,”
called him “one of the great directors
of scenes. . . . He saw it in pictures, and
you supplied the stories.”
Yet until now nobody has taken up
the case for Curtiz in a soup-to-nuts
biography. The good news is that Alan
Rode’s massive book is exhaustively
researched, well written and frequently
witty. (“Peter Lorre was the knuckle-
ball of Hollywood character actors,”
Mr. Rode writes.) There are also nu-
merous anecdotes of accidental humor
arising from Curtiz’s garbled English,
which made it hard to take him seri-
ously. “Please, please, make me a love
nest from out of it,” he told Bette Davis
and Errol Flynn before a passionate
scene. David Niven used Curtiz’s exhor-
POLITICS: BARTON SWAIM
Trusting the People to Make Mistakes
IS DEMOCRACY truly
the intrinsic good
most Americans be-
lieve it to be? Is it
even, as Churchill put
it, “the worst form of
government except for all those other
forms that have been tried”? Not really,
according to a number of critics in
Europe and America. Jason Brennan, in
“Against Democracy” (2016), makes the
case straightforwardly. Sure, he admits,
“the best places to live right now are
liberal democracies, not dictatorships,
one-party governments, oligarchies, or
real monarchies.” But that doesn’t
mean democracies are better. “Demo-
cratic governments tend to perform
better than the alternatives we have
tried. But perhaps some of the systems
we haven’t tried are even better.” What
Should we defend
democracy even when
voters’ decisions take an
unwise or illiberal turn?
systems? Most skeptics propose aban-
doning universal suffrage in favor of
some form of meritocracy or technoc-
racy—rule by the experts.
English philosopher A.C. Grayling,
like these critics of democracy, is dis-
pleased at what he regards as the poor
choices of his fellow citizens: His book
“Democracy and Its Crisis” (One-
world, 225 pages, $22.99) is prompted
largely by Britain’s Brexit vote and the
election of Donald Trump. He rejects
the democracy-skeptics’ arguments,
though, and makes both a theoretical
and practical stand for the Churchillian
view. Mr. Grayling’s principal aim is to
convince those who believe in democ-
racy that although the democracies of
Britain and America are ailing in fun-
damental ways, remedies are within
reach and worth the sacrifice.
Mr. Grayling incisively surveys
attempts by Western thinkers, from
‘Don’t do it the way I showed you, do it the way I mean.’ —Michael Curtiz
HARD-DRIVING Curtiz ca. 1930, an era in which he made six films a year.
tation to “bring on the empty horses”
as the title for his autobiography.
Born Emmanuel Kaminer in Buda-
pest in 1886, Curtiz changed his name
to Mihály Kertész to dodge anti-
Semitism, then later changed it again
to the anglicized Michael Curtiz. First
an actor, he became a director in 1912
and came to Hollywood and Warner
Bros. in 1926, immediately becoming
the studio workhorse. To the critics,
Curtiz’s problem was that he was a
company man, happily churning out
movies at Warner Bros. for more than
a quarter-century. During one five-year
period, he averaged six films a year,
perennially driving his actors and crew
to exhaustion. On the horror picture
“Doctor X” (1932), he worked at least
one 20-hour day—the sort of abuse
that helped bring unions into the busi-
ness a few years later.
Plato and Aristotle to Madison and
Tocqueville, to resolve what he calls
the “dilemma of democracy”: the
tension between the belief that power
belongs ultimately to the people, and
the desire for stable and humane
government. “The people” can act irra-
tionally and inhumanely, these think-
ers realized, but they envisioned sys-
tems of government in which majority
rule is bound by constitutions. Mr.
Grayling covered some of this ground
in “Toward the Light of Liberty”
(2007), though the present book gives
greater attention to the Levellers,
Christian radicals in 17th-century
England who advocated
universal male suffrage.
Mr. Grayling’s
account of democracy’s
present-day travails is
less rigorously argued.
His chief complaint
about American poli-
tics, unsurprisingly for
a man of the left, is
that money buys elec-
tions. But Mr. Trump
spent considerably less
on the 2016 election
than Hillary Clinton,
GETTY IMAGES
and the vilified billion-
aires Charles and David
Koch have not had elec-
toral success. On Brexit,
Mr. Grayling complains that the Leave
campaign manipulated the public into
doing what the country’s representa-
tives never would have done. But
wouldn’t pro-Brexiters counter that
the 2016 plebiscite was necessary
precisely because the elected represen-
tatives were too invested in the non-
democratic European Union to listen
to their constituents?
It’s useful to bear in mind the dis-
tinction between classical liberalism
and modern liberalism: A “liberal
democracy” is liberal in the classical
sense—its elected officials are bound
by a constitution and its government
is accountable to the public. Modern
liberalism, by contrast, elevates indi-
vidual autonomy and the expansion of
BOOKS
Since Warner Bros. was full of em-
ployees who weren’t company peo-
ple—who, in fact, loathed the company
and the men who ran it—Curtiz’s
enthusiasm was an irritant, as was his
indifference to the safety of the stunt
men and the dignity of actors. After
Davis became an above-the-title star,
she made only one picture with Curtiz,
“The Private Lives of Elizabeth and
Essex,” and avoided him thereafter.
Flynn, with whom Curtiz made several
hugely successful swashbucklers,
including “The Adventures of Robin
Hood,” tried to strangle him on the set
of 1941’s “Dive Bomber,” their final
collaboration. (The two men shared a
private history that would have been
trouble even if their personalities had
meshed—Curtiz once had an affair
with the actress Lili Damita, who
became Flynn’s first wife.)
the welfare state to the highest aims of
politics. Modern liberals, moreover,
place great faith in transnational
organizations that have very little
democratic accountability at all. One
sometimes gets the feeling that mod-
ern liberals who defend democracy do
so not primarily because it reflects the
will of the people and fosters stable
government but because they believe
it fosters modern liberalism.
Often it does, but often it doesn’t,
and American liberals’ greatest tri-
umphs in recent decades—legal abor-
tion, same-sex marriage—were the
results of court decisions, not legisla-
tion. Indeed, the tendency among
many Western liberal elites to confuse
modern liberalism with democracy
itself may have soured ordinary people
on the institutions and traditions of
true liberal democracy.
Josiah Ober is a liberal—he is a
classics professor at Stanford—but he
believes democracy is both intrinsi-
cally desirable and possible without
modern liberalism. “My claim,” he
writes in “Demopolis: Democracy
Before Liberalism in Theory and
Practice” (Cambridge, 204 pages,
$24.99), “is that a secure and prosper-
ous constitutional framework can be
stably established without recourse to
the ethical assumptions of contempo-
rary liberal theory.”
* ***
In fact, Curtiz was interested in
little other than making movies and
having sex. He had a limited psycho-
logical range and was a notorious
lothario even for the studio-system
era, making him a dicey biographical
subject. Mr. Rode gives equal time to
those who loved the director as well
as those who hated him, although
the author’s zeal leads him to devote
too many pages to some highly for-
gettable films. Curtiz would have
rather directed anything than noth-
ing, but even he must have swal-
Michael Curtiz was a
‘cinematic genius’ with
a dynamic style that
would later influence a
young Steven Spielberg.
lowed hard reading the scripts for
“Mountain Justice” or “Gold Is
Where You Find It.”
Mr. Rode’s seamless research makes
it clear that Curtiz was always re-
spected by his co-workers but hardly
ever liked. The generally mild-
mannered James Cagney called him “a
pompous bastard who didn’t know how
to treat actors, but he sure as hell
knew how to treat a camera.” When
Bradford Dillman, who worked for
Curtiz on 1961’s “Francis of Assisi,” was
asked for his memories of the director,
he replied: “Just thinking about him
fifty years later gets me excited in the
wrong way.”
The good times ended when Curtiz
left Warner Bros. in the early 1950s
and entered a precipitous creative
decline until his death in 1962. His
energy lagged, and the supple snap and
compositional depth of his mature
style flattened out, leading to the
suspicion that Warner Bros. did at
least as much for Curtiz as Curtiz did
for Warner Bros. Nevertheless, he
amassed a body of work without paral-
lel at a great movie studio. His films
are his best advocate of that, but Alan
Rode’s book is a close second.
Mr. Eyman is the author, most
recently, of “Hank and Jim:
The Fifty-Year Friendship of
Henry Fonda and James Stewart.”
He teaches film history at the
University of Miami.
“Demopolis” is a tightly reasoned
work of scholarship, and thus not an
easy read, but Mr. Ober is an excellent
writer and his argument is worth the
effort. He believes today’s liberals,
following the political philosopher John
Rawls, conflate liberalism and democ-
racy in ways that make it difficult to
assess one without the other. He sug-
gests we consider the capacity of “basic
democracy”—democracy in the absence
of modern liberalism’s assumptions
about personal autonomy and the wel-
fare state—to produce a well-function-
ing government that resists tyranny
and affords citizens basic individual
rights.
The distinction
between liberalism
and democracy is
nicely expressed in
Mr. Ober’s concept of
“civic dignity.” In
order to function,
basic democracy re-
quires citizens to be
engaged in the effort
of fashioning a
shared existence; but
citizens can’t be
engaged in this way
when they are humil-
iated or conde-
scended to by the
governing elite. “Liv-
ing with dignity means that each of us
must be free to make consequential
choices in various inherently risk-laden
domains,” he writes. Voters, in other
words, must be free to make mistakes.
I’ll put it more directly than Mr.
Ober: Modern liberalism infantilizes
people who hold nonliberal opinions
by treating them either as moral oafs
who don’t know the difference be-
tween right and wrong or as simple-
tons who can’t govern themselves. It
treats whole classes of citizens as (to
borrow a term) deplorables. Perhaps
political scientists should stop worry-
ing about the future of democracy—a
form of government with an ancient
pedigree—and start worrying about
the future of liberalism.
THE WALL STREET JOURNAL.
Apocalypse
InJamaica
Continued from page C5
“Compared to the Royal African
Company’s average mortality rate in
the period of 23.5 percent,” Mr.
Hughes says, “the Hannah’s rate of
just under 10 percent was remark-
ably low.” (Readers wanting a more
comprehensive account of the trans-
Atlantic slave trade will find an
excellent one in “The Slave Ship: A
Human History,” by Marcus Rediker,
published in 2007.)
Once in Jamaica, the future for
slaves was bleak indeed. “Most of the
Hannah’s slaves who had remained in
Jamaica”—others were sold off to
various Spanish possessions—“were
destined for a short, brutal life on one
of the island’s sugar plantations,” Mr.
Hughes writes. New arrivals were
branded and renamed; females were
subjected to systematic rape. Mr.
Hughes cites one overseer, Thomas
Thistlewood, who left a diary listing
3,852 “sexual encounters” with 138
slave women during the 37 years that
he served on sugar estates. Flogging
was commonplace for even the slight-
est infractions; other forms of torture
included castration and burning at
the stake.
It would be almost a century be-
fore the British abolition movement
was born and began to seriously chal-
lenge slavery on moral grounds. On
the day of the great earthquake in
1692, reported an eyewitness, “great
men . . . and women whose top-knots
seemed to reach the clouds, now [lay]
stinking upon the water”; their
corpses were intermingled with those
of their slaves in a scene of mortal
equality for which there had been no
place in the island’s life.
Mr. Hughes’s research was clearly
prodigious. He seems to have read
just about every document in the
colonial archives, no small achieve-
ment given the orthographic vagaries
of 17th-century penmanship. From
these dry and perhaps unpromising
sources he has teased out the lives
and personalities of numerous men
(though few women, who rarely
appeared in official records, it
seems), from venal officials to rebel-
lious slaves. Jamaica was essentially
a frontier society in which men of
obscure origins and unsavory pasts
might rise to positions of eminence.
Among others, we are introduced
to Henry Morgan, a Welsh farmer
turned pirate who grew fabulously
rich selling stolen goods to Port
Royal’s merchants and was named the
island’s lieutenant governor; William
Dampier, a young bookkeeper who
started out on a Jamaica plantation
and later became a pirate, botanist
and widely read world explorer who
landed in Australia 80 years before
Captain Cook; and Cudjoe, who led
the most significant slave rebellion in
17th-century Jamaica. Most vivid of
all Mr. Hughes’s characters is the
island’s royal governor, William
O’Brien, “a short-tempered, one-eyed
Irishman” who “had always viewed
the governorship as little more than
an unpleasant yet highly lucrative
posting.” He arrived in Jamaica a
bankrupt and in the course of just 19
months amassed a fortune skimmed
mostly from the slave trade, only to
be struck down by the “bloody flux”
(aka dysentery) just before his
planned return to England.
If I may be allowed a personal
note: As a boy visiting Jamaica in the
1950s, I knew almost none of this
history. But I did know about the city
that had disappeared beneath the
waves, and I was mesmerized by it.
For years, I treasured as a souvenir a
17th-century coin that had been
recovered from the ruins. But the fate
of Port Royal left an imprint on me
that lingered much longer. It was my
first irrefutable evidence of the terri-
ble fragility of the man-made world.
Decades later, countless Americans
would share a similar distressing feel-
ing on 9/11.
The sunken ruin of Port Royal is
still there and has by now been much
explored as a unique underwater
archaeological site. Divers continue to
bring up intact pewterware and
crockery, even a watch stopped
forever at the moment of the earth-
quake. In “Apocalypse 1692,” Mr.
Hughes has given the eerie ruin of
Port Royal a second, vibrant life by
delivering the churning reality of the
lost city and in the process reminding
us that the everyday human land-
scape that we take for granted can be
erased in a moment.
Mr. Bordewich’s most recent book
is “The First Congress: How James
Madison, George Washington,
and a Group of Extraordinary
Men Invented the Government.”
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.
‘Anyone who ever had a heart / They wouldn’t turn around and break it / And anyone who ever played a part / They wouldn’t turn around and hate it.’ —Lou Reed
A Hustle Here and a Hustle There
Lou Reed: A Life
By Anthony DeCurtis
Little, Brown, 519 pages, $32
BY DOMINIC GREEN
POETRY, KEITH DOUGLAS wrote, is
what survives of the beloved. What
survives of rock, that art form of
perpetual adolescence, now that its
beloved 1960s founders are dying?
Rock was fashionable music for young
people, and nothing ages faster than
fashion and youth.
Rock rarely produced enduring art,
because, like most adolescents, it
avoided the adults. Jazz always had a
connection to older art forms: New
Orleans had Gottschalk before it had
Jelly Roll Morton, and the color barrier
meant that classically trained black
musicians could only reach the concert
hall via the jazz clubs. Rock was born
with white privilege, and a larger audi-
ence, but a smaller musical vocabulary.
Its unschooled inventors lacked the
chops to integrate the mature vocabu-
laries of classical and jazz.
Lou Reed was an exception to the
rule. In songs like “I’m Waiting for
the Man” and “I Heard Her Call My
GETTY IMAGES
Name,” Reed and John Cale led the
Velvet Underground into the experi-
mental vocabularies of classical music
and jazz. Reed was a garage-band
rocker with an ear for free jazz, but
he wanted to write literary lyrics—
spare like the poems of his English
professor Delmore Schwartz and
squalid like the novels of William
Burroughs and Hubert Selby. Mr.
Cale, a Welsh viola player, was a min-
imalist who had worked with La
Monte Young. Their accomplices were
similarly antithetical. Sterling Morri-
son’s melodious guitar was as country
as “Midnight Cowboy’s” Joe Buck, but
Maureen Tucker’s drumming was
somewhere between avant-garde
monotony and the voodoo vaudeville
of Screamin’ Jay Hawkins.
“I’m Waiting for the Man” became
the second track on “The Velvet Under-
ground & Nico” (1967). The song is a
two-chord vamp, the most basic of
blues changes, with a bridge whose
chord sequence also occurs in the
Kinks’ “Most Exclusive Residence for
Sale.” As Reed sneers laconically about
scoring drugs in Harlem, the band
hammers out eight equal pulses to the
bar. Instead of emphasizing the back-
beat, they treat each beat as equal, like
Miles Davis’s mid-1960s group. By the
end, Mr. Cale is smashing at the piano
flat-handed. The two jammed a jet
engine into a lawnmower. They
sounded like it, too, because they knew
what they were doing.
What were the sources of Reed’s
rage, and the obnoxiousness that led
the Swedish actor Erland Josephson
to believe that he had just met some-
one called Lee Rude? Like most rock
biographies, Anthony DeCurtis’s “Lou
Reed: A Life” spins Freud’s early hits.
But, then, rock was the sound of revolt
in the days when the family was still
Continued from page C5
fashion clients; rather, he worked com-
pulsively on one high-level campaign
after another, undercutting his efforts
to make headway with the intelligent-
sia whose approval he sought. Nor did
he embrace a more abstemious de-
meanor in the manner of rival photog-
rapher Irving Penn—who, unlike Ave-
don, did not sport gold-monogrammed
cameras clad in Vuitton cases or take
the Concorde to the Continent. Mod-
esty just wasn’t Avedon’s bag.
Instead, he sought artistic elevation
by chasing down and documenting
increasingly disturbing subject matter
to counter the glitz associated with
him, photographing gang members,
insane-asylum inmates and napalm
victims, among other outcasts.
“Art . . . is meant to disturb in a posi-
tive way,” he told Ms. Stevens. He was
often “on the prowl for faces that
were ‘heartbreaking’ or ‘beautiful in a
terrifying way,’ ” she writes, adding
that he eventually discovered “the
outcast of his dreams” in 1971—a leper
dwelling in a Saigon municipal hospi-
tal for the diseased and insane.
If Avedon is perhaps most com-
monly associated with his whimsical
1955 Bazaar photograph “Dovima With
Elephants,” he personally identified
most with his 1979 image “Boyd
Fortin, Thirteen Year Old Rattlesnake
Skinner,” which depicts an adolescent
Texan wearing a blood-covered
butcher’s apron and clutching a par-
tially skinned snake. (The photograph
addressed “the whole vexed issue of
* * * *
TRANSFORMER
Reed performing in 1970.
nuclear, and Reed did write Oedipal
numbers like “Kill Your Sons.”
Reed was born in Brooklyn in 1942,
the son of accountant Sidney né
Rabinowitz and his wife, Toby, a for-
mer stenographer and beauty queen.
The family moved to Freeport, Long
Island, when Reed was 10. A nervous
and lonely child, he developed a teen-
age double life: drugs, experimental
novels and visits to a gay bar whose
regulars included James Slattery, the
Candy Darling of “Walk on the Wild
Side.” In 1960, as Reed dropped out of
his freshman year at NYU, his parents
sent him for electroshock therapy.
Later, Reed accused his parents of try-
ing to repress his sexuality. But his
younger sister Bunny, who became a
psychotherapist, calls her parents
“blazing liberals” about homosexual-
ity and attributes their decision to “a
bewildering web of guilt, fear and
poor psychiatric care.”
Reed recovered, and enrolled at
Syracuse, but he never forgave his
parents. At Syracuse, he drank with
Delmore Schwartz, learned the
garage-band craft and pursued field
research in methamphetamine. He
also maintained a girlfriend and a
good grade point average. The facade
of the heterosexual scholar fell away
rapidly when Reed moved to New
York, formed the Velvets with Mr.
Cale, and fell into the Factory set.
Reed could have been the first
openly gay rock star. But the Velvets
were a commercial disaster, despite
Andy Warhol’s support. In 1968 Reed
fired Mr. Cale and aimed for the charts
with a delicately harmonious third
album, “The Velvet Underground.” He
The Life of Richard Avedon
masculinity,” Avedon told Ms. Stevens.
“Everything I’ve struggled with in my
own life went into that picture.”)
Avedon did eventually enjoy rhap-
sodic validation from museums: the
controversial American West series to
which “Boyd Fortin” belongs was
underwritten by the Amon Carter
Museum of American Art; he was the
subject of blockbuster shows at the
Whitney, the Museum of Modern Art,
and remains the only artist to have
had two retrospectives at the Metro-
politan Museum of Art while still liv-
ing. Yet he faced unremitting hostility
from certain critics, who apparently
could not divorce the Avedon persona
from the images he created of others.
When the American West series
was exhibited in 1985, a critic from
New York magazine called the
portraits “flawed by self-congratula-
tion,” “immodest” and “completely
without the tact” of Walker Evans or
GETTY IMAGES
Robert Frank. “It is Avedon’s finely
honed fashion sensibility at work
here,” he added. Following Avedon’s
1978 portrait show at the Met, critic
Hilton Kramer brutally noted Avedon’s
“characteristic flair for unembar-
rassed self-promotion.” The critic con-
cluded: “I think we all recognized that
we were in the presence of a master—
though a master of something other
than art.” In an earlier review, he had
deemed Avedon’s portraiture “low
sensationalism that is being offered as
high seriousness.”
This sort of derision tortured Ave-
don until his death in 2004. “Some-
BOOKS
missed. The Velvets pushed on as a
high-concept jam band, grossly under-
valued at the time but destined to be
hugely influential. The saddest sound
in rock history is on “1969: The Velvet
Underground Live,” when the Velvets
finish debuting “Sweet Jane” and
about five people clap.
The Velvets collapsed in 1970 from
exhaustion and neglect. Reed the would-
be rock poet took work as a typist in his
father’s office, and in 1973 married
Bettye Kronstad, whom he had met
when she was a 19-year-old student.
When David Bowie’s patronage of his
1972 “Transformer” album finally
secured a mass audience, and the advent
of Punk confirmed Reed’s significance,
Reed’s rhythm guitar playing became
the source of Johnny Ramone’s eighth-
note chug. But Reed had become a
pastiche of himself, exchanging sincerity
for Warholian cynicism and camp. “I
almost feel bad saying this,” his man-
ager Jonny Podell tells Mr. DeCurtis, “I
think Lou was a total act.” And playing
the character was killing him.
Meth was Reed’s madeleine, the
taste that tied him to the adolescent
crisis of shame and sexuality, electro-
shock and electric guitars. The “Rock
’n’ Roll Animal,” as his 1974 album had
it, was “drinking prodigiously and
shooting speed” for much of the
1970s, according to Mr. DeCurtis. Reed
delighted in shocking straight
acquaintances by taking them to New
York’s gay S&M clubs, but he mocked
himself as a “faggot junkie” on 1978’s
“Street Hassle.” He wrote “Perfect
Day” after drinking sangria with
Bettye in Central Park, but then, on
the 1973 album “Berlin,” sang about
thing Personal” is candid about Ave-
don’s obsession with cultivating
gravitas, and the sometimes embar-
rassing lengths he would go to attain
it— including regular, unsolicited mis-
sives to the New York Times supply-
ing information and language for his
eventual obituary; he was, Ms. Ste-
LOOKING BACK Avedon preparing for his retrospective in New York, 1975.
vens says, “mortally obsessed” with
it. (The paper proved uncooperative;
the eventual headline of the obituary
would have harpooned the photogra-
pher’s heart: “Richard Avedon, the
Eye of Fashion, Dies at 81.”)
On the whole, the composite
portrait that emerges from this
nearly-700-page whopper depicts a
frantic, insecure artist consumed by
ambition. Yet many “Something Per-
Saturday/Sunday, November 25 - 26, 2017 | C7
beating her up. Divorcing Bettye, he
fell in love with a drag queen named
Rachel, a transvestite whom Reed’s
keyboardist Michael Fonfara recalls as
“pretty swift” with a knife. The writer
Ed McCormack recalled waking up on
Reed’s couch after a party to see
Rachel organizing “a very strange still
life: a bottle of prescription pills, a
circular silver dish with twelve dispos-
able hypodermic needles neatly
Reed became a pastiche
of himself, exchanging
proto-punk sincerity
for Warholian cynicism.
arranged along its edges in a sort of
speed-freakishly compulsive sunbeam
pattern, and a row of test tubes filled
with water, little white pills dissolving
in milky bubbles within each one.”
In the late 1970s, Reed stopped the
drugs and intensified his collaboration
with Johnnie Walker Red. In the
1980s, he dried out and discovered
that he was a latent heterosexual. He
ditched Rachel, who was in the early
stages of gender reassignment, and
married a young fan, Sylvia Morales.
“You don’t want to know,” Reed told a
friend who asked after Rachel, last
sighted in the crack epidemic.
Reed cultivated his Hemingway
streak with lyrics like “I Love
Women” and songs like “Average
Guy,” and harrowing drink memoirs
like “Underneath the Bottle” and
“Waves of Fear.” He endorsed Honda
sonal” testimonies—especially those by
Avedon’s former studio assistants and
managers—also reveal a man capable
of great generosity and unadulterated
joy. In one telling anecdote, Avedon’s
former assistant Penny Cobbs remem-
bers how, at her going-away party,
Avedon covered the entire floor with
pennies in her honor. Another friend
whom Avedon visited on Patmos re-
calls a hilltop feast that Avedon orga-
nized, hiring a team of donkeys to
carry their party to the Greek island’s
highest point, so everyone could dance
in the light of the full moon. It was
“Dionysian . . . a revel,” his friend says,
“and Dick was directing it all. Like
Prospero, with a magic wand.”
Avedon had long been used to di-
mopeds, grew a mullet and relished
the admiration of Bono and Sting. In
1993, he reformed the Velvets for a
victory tour of Europe, but his inabil-
ity to share the credit with Mr. Cale
led to the tour’s collapse before its
American homecoming. Meanwhile,
the albums came and went, some
good (1989’s “New York” and a 1990
reunion with John Cale for the Andy
Warhol memorial, “Songs for Drella”);
some dire (a 2011 collaboration with
Metallica); and some unjustly forgot-
ten (1982’s “The Blue Mask”).
In 1992, Reed fell in love with
Laurie Anderson. They retained sepa-
rate downtown apartments, and this,
Mr. DeCurtis suggests, allowed them
to sustain “an intriguing match” be-
tween Anderson’s “air of friendly
benign detachment” and Reed’s “hair-
trigger temper.” They enjoyed two
decades before Reed’s liver received
the memo from the 1970s.
“A Life” is comprehensive and sym-
pathetic, if too generous in its patience
with Reed’s sadism, rudeness, vanity
and patchy solo albums. For Mr.
DeCurtis, Reed’s biographical Rosebud
was homosexual shame deriving from
his upbringing. In the end, he didn’t
want to be the first gay rock star.
“Candy says, ‘I’ve come to hate my body
/ And all that it requires in this world,’ ”
Reed sang about Candy Darling. Mr.
DeCurtis does not ask if the later Reed,
the Average Guy with custom motorcy-
cles, a Tai Chi coach and celebrity
admirers, was yet another act, the
Transformer transformed.
Mr. Green is a historian,
critic and jazz musician.
recting it all; a museum curator once
asked him, on a scale of one to 10,
how involved he intended to be in
staging his own work for a show.
“Eleven,” Avedon replied. And just as
critics were often suspicious of
Avedon’s portraits—were they accu-
rate depictions or artificial construc-
tions serving to burnish the reputa-
tion of the photographer?—readers of
“Something Personal” may be left
Even as he strived for
critical acclaim, Avedon
never stopped raking in
high fees for fashion work.
wondering about the reliability of
Avedon’s posterity-minded confes-
sions in this book.
“Dick would sometimes make merry
with the facts,” Ms. Stevens admits. If
he had written an autobiography, he
joked to her, its title would have been
“Here Lies Richard Avedon.” “There is
no truth, no history—there is only the
way in which the story is told,” he
added. Yet all this ambiguity may be
worth the price of admission to Ave-
don’s highly specific, rococo world—
elephants, supermodels, lepers and all.
Ms. Blume, the author of the
Hemingway biography “Everybody
Behaves Badly,” recently wrote
about Irving Penn for WSJ magazine.
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 25 - 26, 2017
‘If the suffering of children goes to make up the sum of suffering needed to buy truth, then . . . the whole of truth is not worth such a price.’ —Dostoevsky
FICTION CHRONICLE: SAM SACKS
Dark French Blood
SINCE ITS creation
in 1999, the pub-
lisher New York
Review Books has
gained something
like a cult following
among readers for its affordable line
of revived or newly introduced
paperback classics from all over the
globe. So exacting are this small
house’s literary standards that
attention must be paid when they
lend their imprimatur to a writer’s
work, however bygone or obscure.
Such is the case for three newly
reissued French novels from the
middle part of the 20th century, the
most significant of which is Louis
Guilloux’s “Blood Dark” (514 pages,
$18.95), from 1935. Laura Marris’s
disarmingly colloquial translation—
the first in English since 1936, when
the book was titled “Bitter
Victory”—makes accessible a novel
that chronicles, as though in real
time, the transformations the cata-
strophe of World War I wrought on
European civilization. It’s a master-
work that in France is spoken of in
the same breath as Céline’s “Jour-
ney to the End of the Night” and
Sartre’s “Nausea.”
Guilloux’s book takes place over a
day and night in 1917 in a backwater
coastal town in Brittany. Its charac-
ters come from all segments of soci-
ALAMY
ety—laborers, civil servants, offi-
cers and soldiers—and the story
depicts the churn of their routines,
whose ordinariness is all the more
terrible for its juxtaposition with
the war.
The signal event is the Legion of
Honor ceremony for the wife of a
local grandee, a chance for pea-
cocking displays of nationalism that
Guilloux satirizes with brutal élan.
But increasingly the war’s savagery
filters through. Soldiers on leave
start a riot at the train station. In
the book’s most powerful sequence,
the soft-spoken school principal
learns that his son is to be executed
for dissent.
At the center is the philosophy
professor Monsieur Merlin, mock-
ingly nicknamed Cripure after a stu-
dent jape about Kant’s “Cripure of
Tic Reason.” A haggard, club-footed,
perennially scowling fixture at the
lycée, Cripure lives with a mouthy
former prostitute and four lapdogs
and spends his days scribbling
poisonous observations for his
planned magnum opus, “The Chres-
tomathy of Despair,” a book it is
painfully obvious he will never com-
plete. He’s a Nietszchean without
the guts (or the madness) to stand
against the burlesque of French
society, and is therefore doomed to
play the role of the ridiculous but
harmless village eccentric, “a fallen
man who has nothing left to cherish
but his fallenness.” Guilloux enacts
A Refugee From WASPworld
Where We Lived
By Henry Allen
Mandel Vilar/Dryad, 188 pages, $16.95
BY MAX WATMAN
RECOUNTING YOUR FAMILY history
is a lot like trying to tell someone
about a funny thing that happened to
you—risky, at best. It usually doesn’t
work. The audience isn’t invested; the
punch lines aren’t a surprise. The
comedy is as dead as your ancestors.
You have to be a very good story
teller to pull it off. Henry Allen is one
of the best.
Mr. Allen spent 39 years at the
Washington Post, and like any accom-
plished newspaper man, he gives you
the big facts right at the beginning. In
“Where We Lived” we get the classic
five W’s on the first page of the fore-
word: A history of the Allens, a WASP
family from New England, their houses
since the beginning of America. The
why of it? That’s not so simple. “A cu-
riosity,” he calls the book. “The sort of
thing you might find on a rainy day in
a summer house when you jimmy the
owner’s closet and find a manuscript.”
Mr. Allen doesn’t march through his
dusty family bible. New England is
already swimming in vanity-press
tomes of self-regard. In fact, Mr. Allen
has one of them on the shelf near his
desk. “A privately printed family his-
tory from 1930, the sort that New Eng-
land families began to write in the
‘LET’S GET THEM!’ Poster for French war bonds, ca. 1916.
a tragedy of astonishing emotional
force for this touchstone character,
who one early admirer of the book
dubbed “the Don Quixote of bour-
geois ruin.”
“Blood Dark” is a portrait not just
of provincial life in wartime but of
generational schism. It illuminates
the “cruel truth” that parents, in the
name of honor and decency, were
sending their children to the
trenches to be slaughtered “like you
show someone the door, pushing
both their shoulders.”
This primeval betrayal was the
acid that finally dissolved the foun-
dations of the old order, and there is
a revelatory sense reading Guilloux’s
novel that one has found a key text
linking the sparkling contempt of
Flaubert to the tender resignation of
Camus, the missing evolutionary
step in French literature’s progres-
sion from irony to existentialism.
One character, looking at a photo-
graph of Cripure, is struck by the
philosopher’s “comical and horrific”
appearance, and those uneasily con-
joined adjectives equally summarize
the man, the era and this extraordi-
nary book.
Julien Gracq’s 1958 novel “Bal-
cony in the Forest” (213 pages,
$15.95) unfolds during the interreg-
num of World War II known as the
drôle de guerre or phony war, the
19th century when they saw their
money and hegemony dwindling.”
He goes on: “They reckoned that
their one unchallengeable possession
was their lineage, with particular
interest paid to their history since
their arrival in wilderness Massachu-
setts. Somehow this arrival con-
ferred on them an importance they
had not had as middle-class religious
fanatics in Britain.”
Confronting the joys
and disappointments
of growing up during
the American Century.
I’m sure the story didn’t sound
that way the last time it was told. But
this is a different sort of telling,
eschewing that which would normally
be vaunted, laying bare that which
would normally be whitewashed. “If
your family arrived in New England
long ago, you’re related to enough no-
table names to stock an academic in-
dex.” None of them, Mr. Allen prom-
ises, will appear here. Instead he
presents a more realistic, interesting
story of those close to him and their
deeds, which at one point he sums up
in what has got to be the WASPiest
thing I have ever read: “So many al-
mosts, so many not quites.”
All of it framed, almost magically,
in neighborhoods and houses.
BOOKS
period of waiting between France’s
declaration of war in September
1939 and the German invasion in
May of the following year.
Lieutenant Grange, an army re-
servist, has been assigned to a tiny
military emplacement deep within
the Ardennes forest, behind the
Belgian border. To his surprise his
life there, “at one of the least sensi-
tive nerve endings within the war’s
great body,” is restful and enchant-
Guilloux’s comical and
horrific novel links the
sparkling contempt of
Flaubert to the tender
resignation of Camus.
ing. The woods are lovely. He has
few responsibilities. The concrete
blockhouse beneath his bungalow
serves primarily as a wine cellar.
Before long he falls into a passion-
ate affair with an impulsive young
widow in the neighboring town.
Like Hans Castorp “playing king”
inside the Alps sanitarium in
Thomas Mann’s “The Magic Moun-
tain,” Grange has drifted into a kind
of fairy tale, and like Castorp his
world is never more seductively
There are the “Salad Days” on
Sutton Place in Manhattan, where his
parents “had parties. They drank
complicated cocktails like Old Fash-
ioneds, with sugar, Angostura bitters
and a piece of fruit. My father had a
piano and my parents’
friends in neckties and
pearls would stand around
it holding drinks and ciga-
rettes, and singing.”
Later, in Fanwood, N.J.,
after the war, Mr. Allen’s
father became a music
director for the local
theater troupe. Mr. Allen
remembers him rehears-
ing Andrews Sisters songs
“with three girls who
wore jeans with the cuffs
turned way up and their
fathers’ white shirts hang-
ing out.”
Returning to his Fan-
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wood home for a drive-by
visit, he wonders where all
the kids are. They are all
inside, of course, or at soc-
cer practice. “I’d be an outsider now
on the blue Schwinn that gave me my
first taste of freedom.”
It’s the American Century unfold-
ing, but every veer toward nostalgia
or kitsch is met with a sharper,
darker observation. Looking at a
patio his father had dug, he recalls
him reciting Hamlet and wonders:
“Was it two ounces of gin—or
more—that brought on my parents’
happiness? One of the few
* ***
unreal than after a snowfall: “The
room, the whole house, seemed to
be soaring down a long landslide of
silence—a delicious, downy, cloistral
silence that would never be broken.
He got up, saw the forest white as
far as the eye could reach, and lay
down again in his noiseless room
with a joy so great it made him
blink. The silence around him was
even subtler in this luxuriant light.”
The silence is broken, of course.
Richard Howard’s sinuous transla-
tion—it is from 1959 but feels
perfectly up-to-date—captures the
abrupt change in tenor when
Grange’s pastoral idyll is inter-
rupted by the inevitable German
attack. The war arrives in this unex-
pectedly delicate story with the
shadowy unreality of a dream as
well, but it is a dream of a vastly
different nature.
The most peculiar offering in this
batch of French imports is “Mel-
ville” (108 pages, $14), a giddy fan-
tasia on the life of Herman Melville
written by Jean Giono in 1941 and
brought into English for the first
time in a sure-handed translation by
Paul Eprile.
Giono takes up Melville’s biogra-
phy in 1849, when he has traveled to
England to deliver the manuscript of
his fifth book, “White-Jacket.” From
there the narrative glides into the
precinct of fiction. The Provencal
novelist imagines that Melville is
bedeviled by a guardian angel pres-
suring him to quit writing popular
novels and commit to a project that
embodies the “relentless struggle
with the great unknown.”
While roaming the countryside,
Melville meets and becomes besot-
ted with Adelina White, a woman
courageously running contraband
wheat to Ireland to alleviate the
famine. Galvanized by the encoun-
ter, Melville returns to the U.S. and
throws himself into “Moby-Dick,” a
gargantuan white whale of a book
written, he confides to his neighbor
Nathaniel Hawthorne, for an audi-
ence of Adelina alone.
It’s a fetching little tale, and
quite ludicrously misguided. The
French have a well-deserved reputa-
tion for elucidating America for
Americans, but Giono’s interpreta-
tion, based on the Middle Ages
notion that artists must be inspired
by chaste and virtuous maidens, is a
purely European conceit. The reality
is not only more mysterious but
sadder and grander, for if Melville
did have an unrequited love as his
muse it was Hawthorne, who didn’t
want the part.
Giono writes that Melville’s books
were so personalized that their true
titles were “Melville, Melville, Mel-
ville, again Melville, always Mel-
ville.” This romantic projection
ought to have been called “Giono.”
unconditional gifts that parents can
bestow on the children is moments
of their own happiness, gin or no.”
Alcohol looms large in this story.
“WASPworld a half-century ago
was full of people whose family
money was running out but they still
had the class and the whiskey.” Drink
is an Allen family plague, and Henry
Allen did not escape. He has been
sober for years. It would be easy to
say that the book gets darker as it
goes, but I don’t think that’s right. Mr.
Allen is still as gentle talking about
summer houses as he was reminiscing
about the house he was born in. He
never stops being funny or kind, but
it is fully earned when his mother
THE WALL STREET JOURNAL.
SCIENCE FICTION: TOM SHIPPEY
The End
Of Sorcery
THE MANY fans of
Stephen R. Donald-
son’s 10-volume se-
ries “The Chronicles
of Thomas Covenant”
and his five-volume
“GAP Cycle” will be glad to know that
he has started a new trilogy with
“Seventh Decimate” (Berkley, 307
pages, $27), the first part of “The
Great God’s War.” Both titles are enig-
matic. Many fantasies involve war
between gods, or groups of gods. This
one seems to be about a war instigated
by a single god. Or should that be or-
ganized by? Or on behalf of?
“Seventh Decimate” is explained
relatively quickly. In Mr. Donaldson’s
sorcerous world, the six decimates are
fire, wind, earthquake, pestilence,
drought and lightning, and all of them
can be used destructively or positively.
The kingdom of Belleger, however,
at war for generations with its rival
Amika, has fallen foul of the seventh
decimate, which is the power to put a
complete stop to any form of sorcery.
Belleger now has to fight using only
technology, specifically repeating
The start of a new
trilogy by the author
of ‘The Chronicles
of Thomas Covenant.’
rifles—bolt-action, clip-fed, like the
old Lee-Enfield many remember
fondly. But that’s not good enough,
and so Prince Bifalt is sent on a quest
to find the great library of the Last
Repository and there retrieve the
secret: “A book that may not exist, in
a library that may not exist, with a
destination we do not know at a dis-
tance we cannot estimate,” his father
the king sums up ruefully.
As always in Mr. Donaldson’s work,
this is an internal quest as well as a
physical one, for Bifalt has to become
master of all the chambers of his own
soul. And, again as one might expect,
things are not what they seem. Is
Belleger the innocent party here? Its
name echoes “belligerent” (as a
librarian points out), in which case
Amika, pegged as the villain from
page one, may need rethinking.
Meanwhile Bifalt battles physical
foes and sorcerous strikes, encounters
priestesses of the Spirit and of the
Flesh, finds even the filing system of
the Last Repository frustrating, once
he gets there. There’s a feeling that
Mr. Donaldson still has a great deal up
his sleeve, to disclose when the time
comes, but now is the time to start
working one’s way into his new world.
It promises to be as rich in detail as
its predecessors—and, Mr. Donald-
son’s trademark, as emotionally deep
and as psychologically unpredictable.
says “If I’d known I was going to end
up like this, I’d have slit my throat.”
Mr. Allen, however, has found joy.
Rather than simply allowing WASP-
world to crumble and take him down,
he resolved to work hard. He wrote
criticism for the New York
Review of Books and the
New Yorker, and in 2000
won the Pulitzer for his con-
tributions to the Washing-
ton Post. This is, of course, a
very Protestant solution to
one’s perceived failures, but
one cannot deny him his
peaceful Takoma Park, Md.,
existence, his three happy
kids, his “very nice house,
with much-loved long-ago
cats buried behind the aza-
leas. I nap in a hammock.
The stream runs clear.”
How different than the
current that beats on to
close F. Scott Fitzgerald’s
masterpiece. (Make no mis-
take, it’s on purpose—it’s all
on purpose. Consider: “All
happy summer houses are alike—you
never wear your dress shoes or finish
Anna Karenina in any of them.”) One
is left with the idea that we are not,
or need not be, ceaselessly borne into
the past. We can simply remember it
and move on.
Mr. Watman is the author,
most recently, of “Harvest:
Field Notes From a Far-Flung
Pursuit of Real 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.
Visits to St. Elizabeths
The Bughouse
By Daniel Swift
Farrar, Straus & Giroux, 302 pages, $27
BY DAVID MASON
‘EZRA POUND WAS the most diffi-
cult man of the twentieth century,”
Daniel Swift declares in “The Bug-
house,” an impressionistic account of
the poet’s years (1945-58) in St. Eliza-
beths Hospital for the insane in
Washington, D.C. Most readers will
object—the century offered plenty of
difficult men, including some who did
a lot more damage. Pound has often
been dismissed either for his poetry,
which can feel arcane and irrelevant,
or his politics, which were at best
naive and at worst despicable. He
was, among many other things, a
fascist and an anti-Semite who made
infamous radio broadcasts from
Mussolini’s Rome. In 1943 he said on
air, “I think it might be a good thing
to hang Roosevelt and a few hundred
yidds IF you can do it by due legal
process.” That same year, Mr. Swift
GETTY IMAGES
writes, “the US Department of Justice
indicted him for treason. This charge
carries the death penalty. Pound con-
tinued to broadcast.” The fact that
Pound was never tried but spent a
dozen years as a sometimes-coddled
patient in St. Elizabeths, that he lived
to a ripe old age, dying in Venice in
1972, complicates one of the strang-
est and most unsettling stories of
modern literature.
Readers of Pound’s poetry can find
any number of beauties and ferocities,
including this blunt assessment of
World War I: “There died a myriad, /
And of the best, among them, / For an
old bitch gone in the teeth, / For a
botched civilization.” He was a stu-
dent of that civilization, a leading poet
who assisted the careers of Robert
Frost, Ernest Hemingway, Hilda
Doolittle and James Joyce and strin-
gently edited T.S. Eliot’s “The Waste
Land,” turning it into the disquieting
masterpiece we read today. He pio-
neered new translations of Asian and
European poetry. A modernist for
whom the ancient world was vitally
present, he considered art and litera-
ture the highest of human callings.
When Rome fell to the Allied inva-
sion in 1944, Pound escaped to
northern Italy. His hero, Mussolini,
was captured and executed by Italian
partisans, but Pound, on finding him-
self let loose by a similar paramili-
tary unit—exhausted, with nowhere
else to go—turned himself in to
American troops, who transferred
him to a Disciplinary Training Cen-
ter. Their orders stated: “Exercise
utmost security measures to prevent
escape or suicide.” Mr. Swift informs
us that “the DTC at Pisa was a pun-
ishment and rehabilitation camp for
military offenders: rapists, murder-
ers, deserters, 3,500 men. Pound was
CHILDREN’S BOOKS: MEGHAN COX GURDON
The Truths Teenagers Need to Hear
‘TEENAGERS are
the toughest audi-
ence, because they
need to hear the
truth more than
anything,” Robin
Benway told the audience at the
National Book Awards ceremony in
Manhattan last week, when she
accepted top honors for her young-
adult novel “Far From the Tree”
(HarperTeen, 374 pages $17.99).
That was the near-totality of her
commentary about the book and its
readers in what was otherwise a
giddy and affectionate catalog of the
A National Book Award
winner sends a brave,
life-embracing message
to a throwaway culture.
people she wanted to thank. Her
remark was telling, though, and bears
amplification. What is the truth that
teenagers need to hear?
If we are to judge from Ms.
Benway’s affecting novel—and I hope
we are—the truth teenagers need to
hear is that every human life has
meaning, dignity and relevance; that
natural bonds matter; that no child is
an island and no person’s existence
without consequence. These are brave
sentiments in a throwaway culture.
The novel follows the emotional
journeys of three teenagers, biologi-
* * * *
‘This is the time / of the tragic man / that lies in the house of Bedlam.’ —Elizabeth Bishop
AGITATED Pound in 1940, composing pro-Fascist screeds on stationery printed with slogans by Mussolini.
put in a cage at the edge of the field,
six feet by six, reinforced with strips
of jagged steel of the sort used to
construct emergency runways. He
called it ‘the gorilla cage.’ ” The poet
was allowed to keep his copy of
Confucius and a Chinese dictionary
and was issued a Bible. From these
and his impressive memory he con-
structed some of the most moving of
Pound’s visitors formed
an ersatz literary salon:
‘convened by a fascist,
held in a lunatic asylum.’
his “Cantos”—the long, unfinished
sequence of poems he hoped would
somehow save civilization. “I have
tried to write Paradise,” he would
confess years later in a fragment:
“Let the Gods forgive what I / have
made / Let those I love try to forgive
/ what I have made.”
Pound is hard to forgive. He is
admired and reviled at the same time,
and this contradiction will never be
settled. In addition to helping many
artists with publication, money and
other assistance, he wrote some
poetry that I, for one, would not want
to be without. “American poetry in the
twentieth century,” writes Mr. Swift, a
British professor of English, “is a cycle
of encounters with Ezra Pound.” All
roads, it seems, lead to or away from
him. I most admire the “Cantos” when
cal siblings who have grown up un-
aware of one another’s existence.
That situation changes after 16-year-
old Grace gives up her newborn
daughter for adoption, as her own
mother had done with her. For the
girl, the sacrifice is wrenching, and
Ms. Benway gives it full weight: “She
locked her bedroom door and
writhed in agony, one of [the baby’s]
receiving blankets clutched in her
fist as she choked into it,
sobs pressing down on her
chest, her heart, crushing her
from the inside.”
When at last Grace
emerges from her bedroom,
“her stomach empty, her hair
wild,” she tells her adoptive
parents that she must find
her birth mother. This decla-
ration sets the rest of the
story in motion. Grace dis-
covers that she has a sister,
Maya, a fiery 15-year-old
lesbian and the only brunette
in a wealthy adoptive family
of redheads. The two girls
make contact with their big
GETTY IMAGES
brother, Joaquin, a guarded
boy of 17 who has spent his
childhood cycling in and out
of foster homes. Strangers
yet related, these distinctive young
people begin to care about one
another even as we come to care
about them. “Far From the Tree”
checks some of the usual YA boxes—
there’s pot smoking, a drunken
mother, lots of swearing and serene
therapists without end, amen—but
BOOKS
they brim with urgent rage against
hypocrisy and war:
They put Aldington on Hill 70, in
a trench
dug through corpses
With a lot of kids of sixteen,
Howling and crying for their
mamas,
And he sent a chit back to his
major:
I can hold out for ten minutes
With my sergeant and a machine-
gun.
And they rebuked him for levity.
These lines refer to writer Richard
Aldington, but Pound knew quite a
few artists who suffered through the
war or were killed. The best lines in
the “Cantos” convey the unending
grief of history, with glimpses of a
“palpable Elysium” of civility and art.
His madness—though Mr. Swift’s book
makes it clear that doctors couldn’t
agree whether or not Pound was truly
insane—was another matter, compli-
cated by the fact that some records of
his treatment have disappeared.
“The Bughouse” works away at the
difficult nub of Ezra Pound, and if like
all other books about this fascinating
and repellent figure it ultimately fails
to make his psychology any clearer, it’s
not for want of method. Each of Mr.
Swift’s chapters, he writes, “opens with
an encounter between Pound and
another—six poets, and a doctor—at
St. Elizabeths, and follows this as a
way into the enigma. . . . I have let mis-
understandings tell their own story
in the eloquent confidence of its life-
embracing argument, the book really
is something special.
The four other contenders for the
NBA’s young people’s literature prize
make for an interesting contrast. The
flyleaf of Elana K. Arnold’s novel
“What Girls Are Made Of” (Carol-
rhoda LAB, 200 pages, $18.99)
assures the buyer that the book
“explores the darkest crevices of
femaleness.” The reader certainly
goes to places where the sun doesn’t
shine in this unsparing exploration of
love, cruelty and the grittier, bloodier
aspects of sexuality. The narrative
toggles between stories of early
Christian martyrs and the first-
person experiences of Nina, a teen-
Saturday/Sunday, November 25 - 26, 2017 | C9
instead of trying to settle them into
mine.” The book becomes a collage of
narratives, fragments, bits of periph-
eral reportage and literary criticism:
“Pound’s poetry is marked . . . by an
anxious, repetitive worry at the dis-
tinction between history and its tell-
ings. In the place of the past, his poems
say, we have only documents, and our
voices in the end are only versions.”
It’s one way of reading Pound, who
can be tender, irascible, savage, con-
temptuous, haughty, garrulous, beau-
tiful and infuriating. Mr. Swift’s read-
ings of the poetry can feel at times
like professorial padding, while his
biographical anecdotes are often
marvelous. His approach is like
“Rashomon,” using multiple points of
view. We see Pound in Elizabeth
Bishop’s great poem “Visits to St.
Elizabeths”:
These are the years and the walls
and the door
that shut on a boy that pats the
floor
to feel if the world is there and
flat.
This is a Jew in a newspaper hat
that dances joyfully down the
ward
into the parting seas of board
past the staring sailor
that shakes his watch
that tells the time
of the poet, the man
that lies in the house of Bedlam.
How are we to judge Pound—as
man or poet or both? He was prone to
ager whom we accompany to, among
other places, the bed of her boy-
friend, her own bed with a vibrator
and the offices of Planned Parent-
hood, where she undergoes a trans-
vaginal ultrasound and gets pills for a
medical abortion (“the best thing I’ve
ever done for myself”). Advocating
feminist independence, Ms. Arnold
preaches a radical detachment from
others. “You don’t owe anyone a slice
of your soul,” she tells young
readers in an afterword. “Not
your parents. Not your friends.
Not your teachers or your
lovers or your enemies.”
Erika L. Sánchez strikes
some of the same hard notes in
“I Am Not Your Perfect
Mexican Daughter” (Knopf,
344 pages, $17.99), a novel
that begins with the combative
main character, 15-year-old
Julia, thinking horrible
thoughts about her dowdy,
dutiful elder sister, who has
been killed in an accident. The
phrase “Saint Olga, the perfect
Mexican daughter” goes
through Julia’s mind as she
glares at Olga in her coffin.
Julia wants nothing more than
to get away from the scrutiny
of her Chicago family, from poverty
and from the constraints of tradi-
tional morality. She wants to be a
writer. “All I know is that I’m going
to pack my bags when I graduate and
say, ‘Peace out, mothafuckas,’ ” she
tells us. In this raw, sprawling narra-
tive, Julia discovers, among other
lecturing, and his literary visitors of-
ten sought instruction. “It was the
world’s least orthodox literary salon,”
Mr. Swift writes: “convened by a fas-
cist, held in a lunatic asylum.” One
early visitor, the poet Charles Olson,
was drawn to Pound with a mix of ad-
miration and horror, recalling, “Pound
was talking like no American but an
out and out enemy.” Another chapter
begins with a more autumnal meeting:
On the tennis court Ezra Pound and
T.S. Eliot are laughing about the
past. “We were just reminiscing
about our London days,” Pound
says . . . and he turns to tease Eliot
once more. “To think that you
called that warmonger Rupert
Brooke the best of the Georgians,”
Pound says, and Eliot crinkles with
laughter. It has been a good visit,
this time, and soon the two men
stand to leave. Pound folds his
deckchair and extends his hand to
his old friend. Eliot takes Pound’s
hand in his, and bows his head.
We also see the poet Robert Lowell
treating Pound as a literary father,
buttering him up, confessing his own
bouts of mania when he would blurt
out praise of Hitler.
It’s the fascist fellow travelers
who most disturb in this book, in-
cluding one Eustace Mullins, a white
supremacist who encouraged some of
Pound’s most abhorrent writings. Mr.
Swift finds journalism that Pound
wrote in the 1950s, often under pseu-
donyms, and calls it “so petty, so
mean in the service of what it imag-
ines to be a great cause. ‘There were
no gas ovens in Italy,’ he notes in the
New Times in April 1956, and in May
he mentions in passing the ‘fuss
about Hitler’. ‘All usurers are liber-
als,’ he writes and, in a triumph of
hypocrisy, he declares, ‘The Enemy is
the faceless voice, whining behind a
partition,’ in an item . . . he then
signs with the initials ‘J.T.’ ”
The most chilling and revelatory
passages in Mr. Swift’s book bring his
narrative closer to the vilest currents
of our own time. He journeys among
Italian fascists in the anti-immigrant
CasaPound movement, finding them
less inclined to violence than their
forebears, but notes that “in December
2011 a CasaPound supporter went on a
shooting spree in a market in Florence
and killed two Senegalese traders and
wounded three more.” The dark chan-
nels through which Ezra Pound’s
ravings are connected to the worst
impulses in society should sober any
thinking person, making us wonder
how we can possibly, as Mr. Swift
advises, “make our peace, as best we
can, with this most difficult man.” His
story leaves me not with peace but a
queasy sense of the unresolvable.
Mr. Mason’s next books will be
“Voices, Places: Essays” and “The
Sound: New and Selected Poems.”
things, that Olga died carrying a
huge and meaningful secret, but
Julia is not diverted from her world-
view. “There is no way in hell I’ll
ever have a baby,” she declares,
“even if I do get pregnant.”
Things are fraught in a different
way for Fabiola Toussaint, the Haitian
heroine of Ibi Zoboi’s novel “Ameri-
can Street” (Balzer + Bray, 324
pages, $17.99). When Fabiola’s
mother is detained by immigration
authorities as the two try to enter the
U.S., the girl enters the alien, some-
time menacing world of her Detroit
cousins alone. Struggling to make
sense of her new life, Fabiola draws
on her voodoo faith for supernatural
support as she negotiates first love
and the moral entanglements of
money, loyalty and crime.
The last of the finalists, “Clayton
Byrd Goes Underground” (Amistad,
166 pages, $16.99) by Rita Williams-
Garcia, is a short novel for middle-
grade readers that is so free of
female angst that it feels almost like
a category error. The story follows
the misadventures of a grieving boy
who runs away (briefly) with the
idea of joining his beloved grandfa-
ther’s musical group, the Bluesmen,
and playing the harmonica solo he’d
been promised. It’s a lovely story
with a conclusion befitting the mar-
quee speech at the National Book
Awards ceremony: “The happy end-
ing still beckons,” writer Annie
Proulx told the room, “and it is in
hope of grasping it that we go on.”
Well, hurrah for that.
 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 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

BOOKS
‘One cannot be pessimistic about the West. This is the native home of hope.’ —Wallace Stegner

MYSTERIES: TOM NOLAN FIVE BEST: A PERSONAL CHOICE

The Gift of Crime Roger D. Hodge

DASHIELL Ham- Eccentric crooks of a more con- on borderland journeys
mett’s most famous temporary nature populate the books
fictional character is of Elmore Leonard, 12 of which are
no doubt Sam contained in “Elmore Leonard: The Missouri border country in 1840 to
Spade. But it was Classic Crime Novels” (Library of A Tour on the Prairies make his fortune as a pharmacist.
with a different hero America, 2,795 pages, $115). Edited By Washington Irving (1835) Naive and trusting, Pancoast soon
that he first broke through as an by longtime Leonard researcher fell victim to sharpers. He went bust

author. With his Continental Op—the
nameless private investigator for the
Continental Detective Agency—
Hammett introduced an unprece-
dented realism into the American
Gregg Sutter, this handsome three-
volume package includes novels from
1974 (“Fifty-Two Pickup”) to 2002
(“Tishomingo Blues”).
1
AFTER 17 YEARS in Europe, and started anew, this time as a
tormented with dreams of his steamboat operator. Then, in 1849,
homeland, Washington Irving when America’s argonauts began
returned to the U.S. in 1832 and soon preparing their wagon trains for the
embarked on a western tour, the long journey to the gold fields of

detective story.
Now, for the first time, all the Op
tales—28 short stories and the origi-
nal magazine-serialized versions of
two novels—are gathered together in
“The Big Book of the Continental
Op” (Black Lizard, 733 pages, $25),
edited by Richard Layman and Julie
M. Rivett. It’s still bracing, 94 years
after the Op’s first appearance, to
encounter Hammett’s indefatigable
“little man going forward day after
day through mud and blood and
death and deceit.” The editors’ intro-
ductions to the Op’s exploits provide
useful context and add much interest
to a character
“jaded and cyni-
cal, but not inhu-
DEBORAH HODGE
source of this strikingly vivid California, Pancoast, broke again,
Omnibus editions and portrait. Irving steamed westward to joined a ragged group of Peoria
Missouri, recording his observations pioneers as part of a train of 44
handsome boxed sets of Southern characters, slaves, wagons. He made it safely to Califor-
for the hard-boiled reader traveling Quakers and Italian counts, nia, but he never took to the hard life MR. HODGE is the author of ‘Texas
then wandered with a troop of rang- of a gold-digger and eventually went Blood: Seven Generations Among
on your holiday gift list. ers across what is now Oklahoma, back East. Years later, when he wrote the Outlaws, Ranchers, Indians,
sleeping under the stars and shooting his fascinating memoir, he gazed in Missionaries, Soldiers, and
anything that moved. “Man is natu- wonder at maps of the territories Smugglers of the Borderlands.’
Like Picasso, Leonard (1925-2013) rally an animal of prey; and, however he’d passed through. “Surely no
had distinctly different periods. In his changed by civilization, will readily other country on the face of the ous observations: deer and gray
epiphany-in-Detroit phase, he relapse into his instinct for destruc- earth has ever undergone such rapid horses and red cattle dotting the
depicted the mind-sets of Motor City tion,” he wrote after a deer hunt. “I changes as the great West of the “waving surface” of the prairie as it
police detectives and the criminals found my ravenous and sanguinary United States.” rises and falls “like the swell of the
they chased in such gritty chronicles propensities daily growing stronger ocean after the subsidence of a gale
as “Unknown Man No. 89” (1977) and upon the prairies.” The rangers were which has blown long from the same
“City Primeval” a motley troop of young greenhorns My Confession direction.” His pitiless eye takes in
(1980). In his eager for adventure and Indian fight- By Samuel Chamberlain (1956) everything, not least the corrupting
gilded middle ing. After gamboling across the effects of slavery and the sharp

3
mane, and not stage, he evoked prairies, punctuated by dreary inter- SAMUEL CHAMBERLAIN, divisions between Anglo Texans and
entirely invulner- the faded glam- ludes of bushwhacking, the company born in New Hampshire in the Tejanos of Mexican descent,
able,” in the our and present- at last managed to capture some wild 1829, grew up in a nice Boston treated as a conquered people.
words of Ms. Riv- day dangers of horses and slaughter a few dozen neighborhood but soon drifted west, Passing beyond a scattering of home-
ett, Hammett’s Miami (1983’s buffalo. They forded streams, got like so many other young men in steads west of San Antonio, Olmsted
granddaughter. “LaBrava”) and lost, suffered false alarms over search of adventure. With the wonders at the great chaparral
Morally ambigu- the Atlantic City imagined Pawnee ambuscades, outbreak of the Mexican War, he desert stretching to the Rio Grande
ous and averse to Boardwalk (1985’s huddled together during thunder- went to Texas and enlisted. By 1849, valley, live oaks giving way to
simple narratives “Glitz”). And in storms, and finally limped home in Chamberlain writes in “My Confes- mesquite, and at the kind of person
of good versus his antic sunset rags, their horses mostly lame and sion,” the singular memoir (pub- willing to live there, unprotected,
evil, “the Op has years, with ca- too exhausted even to graze. lished only posthumously) that he exposed to the depredations of
been and remains pers like “Get illustrated with vibrant watercolors, Indians, who were always showing
one of American Shorty” (1990), gouaches and drawings, he had fallen up when least expected.
literature’s most he perfected that A Quaker Forty-Niner in with a gang of scalpers led by
influential fic- mix of dark com- By Charles Pancoast (1930) John Glanton and a terrifying figure
tional creations.” edy and lurid ac- known as Judge Holden (later Covered Wagon Women,

2
While Ham- tion that his CHARLES PANCOAST, a immortalized by Cormac McCarthy Vol. 9
mett and his readers found so lapsed Quaker from New in “Blood Meridian”). Together they Edited by Kenneth L. Holmes (1990)
confreres waged addictive. Jersey, made his way to the terrorized West Texas, northern

their hard-boiled
revolution in
pulp magazines
like Black Mask,
many of the authors in Otto Pen-
zler’s “The Big Book of Rogues and
Villains” (Black Lizard, 911 pages,
$25) were making names for them-
selves in publications such as
Collier’s, McClure’s and the Satur-
day Evening Post. Featured in Mr.
Penzler’s latest anthology of classic
crime stories are familiar names,
including Robert Louis Stevenson,
Jack London and Washington Irving.
Yet there are a number of lesser-
5
Another great Chihuahua, Sonora and the Arizona ‘JUNE 19: We started early and
favorite with territories. “Our life was indeed a it being cool and pleasant we
readers today is merry one,” Chamberlain writes. got along fine. We passed the
John le Carré, “And there is real enjoyment in a grave of a lady, Mrs. Rachel Drain,
whose books—especially those fea- lawless, vagabond life on the who died May 19, age forty years. It
turing gnomic English spymaster Frontier. I liked it.” Although Cham- makes me feel so sad to see a lone
George Smiley—have been hailed as berlain likely embellished large por- grave here in this doleful looking
modern classics. So popular is Smi- tions of “My Confession,” his portrait country and kneel at the head to
ley that Mr. le Carré, a quarter- of life and death among the Glanton read the name. I can’t keep from
century since his last Smiley book, Gang remains a neglected master- crying, thinking how I would hate to
brought his hero back in this year’s piece of America’s frontier literature. be left on this road.” So wrote Ruth
“A Legacy of Spies.” That book Shackleford in 1865 in a diary
doesn’t appear in “John le Carré: included in this anthology. Searching
The George Smiley Novels” (Pen- A Journey Through Texas for a better life, her family crossed
guin, 2,577 pages, $132), a boxed By Frederick Law Olmsted (1857) the Plains not once but twice. Three
set of eight trade-paperback vol- bad years in California was enough.

known writers on display too,
whose characters—swindlers and
con men like George Randolph
Chester’s Get-Rich-Quick Walling-
4
umes; but all the other Smiley titles BEFORE HE BECAME a great Back they went, following the south-
are included, from 1961’s “Call for landscape architect, Frederick ern route, passing train after train of
the Dead” to 1990’s “The Secret Pil- Law Olmsted worked as a Texans headed to California, “going
grim.” Also included are Mr. le journalist, a career that brought him to the land of gold, they think.” At
GETTY IMAGES

ford—still have the ability to charm, Carré’s two Smiley masterpieces: to Texas in 1856. Through his eyes the end of the day, after long hours
outrage and instruct. Mr. Penzler “Tinker, Tailor, Soldier, Spy” (1974) we can see not only Texas as it of bouncing over roads that could be
has given readers an inspired and and “Smiley’s People” (1979). Envy existed in the 1850s but also the identified only by the scrapings of
GETTY IMAGES

generous collection of well over a all who’ll be reading these books for DIVIDE Detail from a painting Texas that would come to be after its wagons on enormous stones, the
century of captivating (and some- the first time. They’ll be encounter- by Samuel Chamberlain of the passage through the horrors of civil first thing Ruth Shackleford does is
times chilling) rascality. ing espionage fiction at its best. 1847 Battle of Buena Vista. war. The book is filled with marvel- milk the cow.

Best-Selling Books | Week Ended Nov. 19

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TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
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more than 16,000 locations across the U.S.,
Promise Me, Dad 1 New Guinness World Records 2018 6 – The Getaway (DWK #12) 1 1 The Midnight Line 6 2 representing about 85% of the nation’s book sales.
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booksellers (now inclusive of Wal-Mart) and Web
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Pete Souza/Little, Brown and Company Christopher Matthews/Simon & Schuster Brandon Sanderson/Tor Books David Baldacci/Grand Central Publishing 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 3 Killing England 8 – Hardcore Twenty-Four 3 New Origin 8 5 fiction and nonfiction lists in all formats
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The Wisdom of Sundays 5 5 God, Faith, and Reason 10 New The Rooster Bar 5 3 Wonder (Movie Tie-In Edition) 10 – to Peter.Saenger@wsj.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
THE WALL STREET JOURNAL.
BENEDICT EVANS FOR THE WALL STREET JOURNAL
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Kristin Scott Thomas
The British actress
takes on Mrs. Churchill
in a new film
IN HER LATEST ROLE, as Winston
Churchill’s wife Clementine, ac-
tress Kristin Scott Thomas decided
to “embrace the white wig.”
Throughout filming “Darkest
Hour,” about Mr. Churchill’s early
days as prime minister, she wears
a wig with wavy white hair, re-
creating the hairstyle that Mrs.
Churchill wore in her mid-50s. “I
didn’t want to take the wig off,”
Ms. Scott Thomas says. “It was
MOVING TARGETS: JOE QUEENAN
The Act-Like-a-1-Year-Old Workout
CRAWLING, news reports say, is
growing in popularity as an exercise
activity. Some fitness types claim
that the act of crawling like a baby
allows the mind and body to return
to healthier exercise patterns
learned at an early age. Everyone
knows that before children learn to
walk, their bodies are lean, mean
and supple. It’s only when they can
stand up high enough to reach the
chocolate-chip cookies that they
start to fall out of shape. After that,
it’s straight downhill.
Crawling enthusiasts say that by
dropping down onto all fours and
prowling around the room like jun-
gle cats, people are hitting the reset
button in their central nervous sys-
tems, returning to a blissful, supple,
Eden-like state before pedestrian-
ism went and ruined everything.
I can see why crawling could be-
come a big hit. For starters, it re-
quires no gym membership and
saves on footwear. And crawling
can be practiced at work by incor-
* * * *
about allowing experience to
shine.”
At 57, Ms. Scott Thomas is two
years older than Mrs. Churchill
was when her husband became
prime minister in May 1940. The
wig, and the role, led her to think
about how most women of that era
were more comfortable with aging.
“Nowadays we’re so used to seeing
a woman in her late 50s pretend-
ing to look like a woman in her
30s,” she says.
Ms. Scott Thomas is best known
for portraying graceful yet an-
guished characters such as the
brooding Fiona in “Four Weddings
porating the activity into the rou-
tine groveling so many Americans
do every day when they confer with
their superiors.
But the biggest appeal of thera-
peutic crawling is that it frees peo-
ple from the deadly constraints of
adult life—a productive disruption
of exercise habits that, I think, is
just beginning. Here are some other
prepubescent activities to burn cal-
ories and strengthen muscles while
massively reducing stress.
Sticking your feet into your
mouth. People laugh when they
watch babies do it, but when was
the last time you heard of a baby
needing acupuncture to ease lower
back pain? By lying flat on your
back, getting a good grip on one
foot and then trying to jam it into
your mouth—and doing this for at
least 15 minutes a day—you can re-
align dysfunctional chakras and re-
duce wear and tear on the spinal
cord. And because the sheer effort
of lifting your feet close enough to
REVIEW
and a Funeral” (1994) and a mar-
ried woman in love with another
man in “The English Patient”
(1996). As she prepared for her
current role by reading history
books and meeting members of
the Churchill family, she learned
that Clementine was a driven and
opinionated figure in her own
right and, by some accounts, her
husband’s intellectual equal. Mrs.
Churchill’s parents separated when
she was young. Her mother
couldn’t afford to send her to col-
lege herself and didn’t think it was
necessary for her to get a higher
education.
Having a full-
scale tantrum
is highly
aerobic.
Saturday/Sunday, November 25 - 26, 2017 | C11
Ms. Scott Thomas was born in
Cornwall, England, and her mother
also struggled financially. Her bio-
logical father, a pilot, died when
she was young, as did her mother’s
second husband, also a pilot. “We
were living off a naval pension for
one child,” says Ms. Scott Thomas.
With the help of her grandparents
and godparents, she was able to
attend an all-girls private school.
She enjoyed acting, but a
teacher at drama school told her
that she’d never make it as an ac-
tress in England. So she left for
France at age 19. She had already
learned to speak French in school,
your mouth requires such immense
concentration, it blots out all other
mental activities, thereby relieving
stress. It’s a podiatric version of
transcendental meditation.
Coming down the stairs on your
butt. What starts out as a defensive
learning mechanism in a tiny child
can also be tremendously useful to
adults. Experts agree that descend-
ing a staircase one step at a time in
a three-story building works mira-
cles on the glutes, calves and
thighs. And if you’re lucky enough
to work in a skyscraper and can get
into the habit of descending 15
flights of stairs on your butt every
night, you’re going to have glutes of
steel by Christmas. Especially if the
steps are made of granite.
Throwing a full-scale hissy fit.
While tantrums have ruined many a
parent’s day, recent research has
shown that besides clearing the air
emotionally, a full-scale fit (jump-
ing, screaming, waving arms, etc.) is
highly aerobic, with dazzling effects
‘I didn’t
want to take
the wig off.’
and after moving to Paris she
worked as a nanny and then stud-
ied theater. She soon landed a few
parts on French television.
Her first film role was in
Prince’s directorial debut, “Under
the Cherry Moon,” a 1986 critical
flop filmed partly in Paris. Her
role as a French heiress entailed
elaborate costumes and makeup.
“It was just wild,” she says. Soon
she was getting parts in England,
too. “Four Weddings and a Fu-
neral” put her on the map. She
fought for the role. “I thought…‘I
am Fiona.’ I thought only I could
deliver those lines.”
Ms. Scott Thomas remembers
having had the same feeling when
she read the script of “The English
Patient.” Her role won her an Os-
car nomination. The plot includes
a plane crash in the desert that in-
jures her character and kills her
husband. After her lover (played
by Ralph Fiennes) finds her, he
leaves her in a cave with provi-
sions and sets out for help. Her fa-
ther died in a plane crash, too. “I
think that was probably a refer-
ence that struck a chord,” she
says. “But I think there isn’t a per-
son on this planet who hasn’t got-
ten abandonment issues. I’ve cer-
tainly got them in spades.”
She went on to star in films
such as “The Horse Whisperer”
(1998), “Gosford Park” (2001), and
“The Other Boleyn Girl” (2008).
She hasn’t appeared in many
American films in recent years.
“No one asks for me,” she says. As
a voluble American woman passes
through the hotel lobby where we
are sitting, Ms. Scott Thomas
stops talking and waits for her to
pass. She smiles and says that she
thinks Americans tend to speak
more loudly than Europeans. “I
think it’s because you live in big-
ger spaces, and we live in smaller
spaces, and we don’t have to yell
at each other.” She adds, “We
don’t have to holler across those
Ohio corn fields.”
In 2014, she decided to focus on
theater, including a stint as Queen
Elizabeth in “The Audience” in
London. But after a couple of
years, she was ready for a break.
“I loved it, loved it, but I was to-
tally exhausted,” she says. So she
took six months off “being me,”
she says, “sort of pottering
around.”
Then she read a screenplay by
Sally Potter called “The Party,” a
dark political comedy set at a Lon-
don dinner party. Ms. Scott
Thomas loved the story so much
that she decided to go back into
films. (It will appear in theaters in
February.) Next came the offer to
play Mrs. Churchill.
She will next star in the French
film “Au Bout des Doigts,” in
which she plays the teacher of a
genius pianist.
She found it hard to break away,
finally, from the Churchills’ era.
After filming her last scene—in
which her character asks Mr.
Churchill, “Are we very old?” and
he responds, “Yes”—she wasn’t
ready to let go. “I felt grief for
leaving her behind and leaving
Churchill behind,” she says. Today,
“no one even comes near him.”
on cholesterol and blood sugar. See
for yourself.
Rolling over onto your stomach
without using your hands. Think it’s
easy? Try it sometime. Just as ba-
bies learn to synchronize the move-
ments of their hips and shoulders
to jerk themselves over onto their
tummies, out-of-shape, tortoise-like
adults can work off that paunch by
doing the same. And once you’re ly-
ing there with your face in the car-
pet, rocking back and forth on your
tummy is a really good way to
tighten those abs.
Smacking yourself in the head
with a bowl. OK, it looks goofy
when children do it, but when ba-
bies smack a bowl or plate against
their foreheads, they’re actually
strengthening their facial muscles
and learning how to absorb pain.
One caveat: When smacking a bowl
NISHANT CHOKSI
against your head, make sure that
you’ve finished the cereal and milk
first. And never try this with a
bowlful of SpaghettiOs.
 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 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
HUMPHREY BOGART sum of its parts—the best films are. And like
and Ingrid Bergman no small number of them, “Casablanca” seems
to have come together almost as a series of ac-
cidents—or, at the very least, undistinguished
circumstances. It was based on a play no one
had actually produced; it starred an actor
(Humphrey Bogart) no one had really known
how to cast. And yet, as sometimes happens,
an unlikely collection of parts—think of a
Frank Gehry building, or certain Mahler or-
chestrations—adds up to something ineffable
and sublime. To study it too closely, in fact, is
to risk bursting a delicate bubble.
That said, there remains something very ba-
sic about the now-75-year-old “Casablanca,”
which premiered in New York on Nov. 26, 1942.
For all its glamour, heroism and patriotism,
“Casablanca” also speaks very intimately to the
idea of belonging—not in the sense of nuclear
family, necessarily, but in a manner classic
films have often explored.
The poignancy of “The Wizard of Oz,” for in-
stance, isn’t about Dorothy returning to Kan-
sas, but about having left behind, in Oz, the
characters she (and we) really love. In “The
Searchers,” John Wayne’s Ethan Edwards is left
to wander in exile, not by virtue of word, deed
or a lack of family, but through an existential
inability to connect with his fellow man. “Citi-
zen Kane” is haunted by its protagonist’s ru-
ined childhood and the birthplace he’s always,
perhaps subconsciously, longed for.
In “Casablanca,” the tears we shed for the
hopeless romance of Rick and Ilsa are certainly
genuine. But there’s also a pang for what we
leave at Rick’s Café Américain: an idealized
GETTY IMAGES

sanctuary—chic, cosmopolitan but somehow

democratic—led by a strong (American) male,
a benign despot, perhaps, but one whose rough
exterior masks a heart of gold. Rick’s nightclub

MASTERPIECE: ‘CASABLANCA’ (1942), DIRECTED BY MICHAEL CURTIZ is also a mirror of the America to which so
many minor characters are trying to flee. Only
three of the principals were American-born; of

Best Enjoyed, Not Dissected
BY JOHN ANDERSON
EVEN MOVIE FANS who don’t consider “Casa-
blanca” Hollywood’s crowning achievement
have to agree it’s among a handful of the most
beloved movies the studio system ever created.
It’s a tale of redemption. A hero’s journey. A
heartbreaking love story. A fount of deathless
dialogue. The Best Picture winner on Oscar
night. And a Manichean face-off, made when
the world was in the middle of one.
One reason it all works, despite what Pau-
line Kael once described as its “appealingly
schlocky romanticism,” is the architectural
wonders of the script by the Epstein brothers,
Julius and Philip, and Howard Koch. Another is
the direction of Michael Curtiz, who was never
regarded as an auteur but who, over a storied
career that included such disparate gems as
“The Adventures of Robin Hood” and “Mildred
Pierce,” always served the material. The Koch-
Epstein screenplay is all fat-free forward mo-
tion. Curtiz puts it on a treadmill.
Beginning with the newsreel-style intro—
breathless, urgent and providing all one needs
to know about Casablancan poli-
tics—the film never stops moving:
One of the usual suspects is shot
and dies under a poster of Marshal
Movie
Petain. There’s a survey of Rick’s magic,
café, which establishes the desper-
ation of the dispossessed. Rick is
almost by
revealed at first only by his hands, accident.
signing a tab, playing chess; by the
time the camera reaches his face,
we know who he is.
Curtiz is great at this kind of shorthand, and
he has a cast of almost cartoonish character
actors abetting him: the tubby/avuncular S.Z.
Sakall as the waiter Carl; Leonid Kinskey as the
“crazy Russian” bartender Sascha; the corpu-
lent, lordly Sydney Greenstreet, whose Signor
Ferrari has one of the best lines in the film: “As
the leader of all illegal activities in Casablanca,
I am an influential and respected man.”
But Curtiz also knew the power of the lin-
gering close-up: Rick’s tortured
grimace at first seeing the evanes-
cent Ilsa in his bar; Ilsa’s shat-
tered look when Rick denies her
the letters of transit; the two say-
ing a final, silent goodbye with
their eyes, Ilsa angelically mouth-
ing “God bless you” before larking
off to Lisbon. Laszlo? He may as
well be a waiter hurrying cham-
pagne cocktails to underage Bul-
garians.
But to try to reverse-engineer “Casablanca,”
to figure out exactly what elevates it from
mere movie to masterpiece, is to disbelieve in
movie magic. Of course it’s greater than the
the other 70-odd players, many had actually
fled Europe as Hitler rose to power, and the
fact that refugees are actually playing refugees
gives the movie a genuineness of tone—and
some genuine accents—it would otherwise
have lacked.
Not everything in Casablanca makes sense.
Those letters of transit taken from the mur-
dered German couriers and signed by Charles
de Gaulle? (“Cannot be rescinded. Not even
questioned.”) Why would the Germans have
honored letters signed by Gen. De Gaulle? Why
does the French prefect of police, Capt. Renault
(Claude Rains), sound like an Englishman? Why
are Rick and Sam (Dooley Wilson) perfectly dry
when they board the train leaving Paris, after
having waited for Ilsa (Ingrid Bergman) in a
drenching rain?
But, in the end, it’s a bit like the question
Rick asks, drunk and mourning for Ilsa: “If it’s
December 1941 in Casablanca, what time is it in
New York?” Not everything has to be right to
be poetry.
Mr. Anderson writes on TV for the Journal.

PLAYLIST: JENIFER LEWIS ASK ARIELY: DAN ARIELY

The School of Aretha

A song about touring inspired an actress to
Fees That Feel Unfair
perform like the Queen of Soul
Dear Dan, dish is sold out and suggests that you instead try
Jenifer Lewis, 60, is an actress, co- ing every so often to jot down what Last week I went to a website to buy a ticket for the chicken, which is just as tasty and is also less
median and singer who stars in her musicians were up to. a talk you were giving. When I saw that the ticket expensive. A different waiter, by contrast, directs
ABC’s “Black-ish.” She is the author The song made me want to sing was $28 and that they charged an additional you to the caviar dish—which, you learn, is three
of the memoir, “The Mother of Black like Aretha. $7.50 processing fee, I balked. I ended up not go- times more expensive.
Hollywood” (Amistad). She spoke One day in junior high school, I ing to see you. Ironically, I probably would have You will certainly put more trust in the first
with Marc Myers. was crying at my desk. My teacher, just bought the ticket if the original price had waiter than in the second one. The first has shown
Mr. Santos, asked what was wrong. I been $35.50. Would you call this rational behav- that he’s willing to accept a smaller tip (for a less
Aretha Franklin got me through said, “I’ll never be able to hit high ior? —Terry expensive entree) be-
childhood. We were very poor, and notes like Aretha.” cause he wants you
life in Kinloch, Mo., was A few days later, at It’s irrational, for sure. Rationally, you should to have an enjoy-
oppressive. I was the the end of class, Mr. San- care only about the total price of the able experience.
youngest of seven chil- ‘You’re tos told me he had a vi- ticket—additional fees included. And the next
dren, which meant I going to be sion the night before It should be irrelevant time you’re in
couldn’t reach far or fast that I was going to be fa- whether the charge the restau-
enough to get anything somebody.’ mous. “You’re going to is 100% for the rant, you
more than a chicken be somebody,” he prom- ticket itself or will ask for
wing on Sundays. ised. partly for the him. The best
Aretha’s music be- In 2012, I was at a ticket and way to build
came my everything. I first heard her party for Aretha in Los Angeles and partly for pro- trust is to show
song “FIRST SNOW IN KOKOMO” in sang “Black Don’t Crack,” from my cessing the people that you
the basement of our home when I cabaret show. After, I quietly went transaction. have their best in-
was 16 in 1973. Our stereo was down over to where Aretha was sitting and But, of course, terests in mind.
there, and we had her new album, knelt down to say hello. we are not ratio-
“Young, Gifted and Black.” As soon Aretha said, “Honey, I didn’t know nal. The small out- Dear Dan,
as I heard Aretha’s piano intro and you had chops like that?” When Are- rage you experienced As I’ve aged, it
choir on “Kokomo,” I was transfixed. tha said that, nobody could say noth- at the high processing seems to me that the
It was comforting, like a music box ing to me ever again. She validated fee is about perceived fairness, people around me have
or a lullaby. Aretha’s voice was ten- everything. and it is very human. That $7.50 pro- become kinder and more
der and reassuring, and cessing fee is more than 25% of the thoughtful—and, in response
the ballad’s pace and lyr- price of the ticket. If that same fee to them, I’ve become more liberal
ics could have rocked me were slapped onto a $1,000 airline and compassionate. What drives
to sleep: ticket, you probably would not give it a this change? —Pete
“The first snow in second thought.
Kokomo / Off an Indiana Ticket sellers should recognize that this I’m not sure what explains your increased
highway, I was on my way pricing strategy is clumsy and not in their best in- compassion, but it’s very much to your credit. I’ve
to Kokomo / A funny terests. They would do themselves a big favor sim- seen the same thing with my aging father: He’s be-
friend named Chuck ply by bundling the processing fee into the face come a lot kinder. I could suggest that long experi-
slipped and bumped his price of the ticket. Then, next time, you might ence breeds wisdom and appreciation, but another
head / And as we picked show up to hear me talk! explanation keeps nagging at me.
him up asked us had his Maybe it’s about hearing loss? Perhaps when
nose turned red / That was Dear Dan, we can’t hear everything people are saying, we
the first snow in Kokomo.” In my job I meet lots of new people all the time, fill in the gaps in an over-optimistic way and end
Aretha goes on to sing and I’d like to build trusting relationships with up attributing more positive attributes to the
about the other musicians them as I advance in my career. What’s the best person on the other side of
in her band on the tour way in business to foster trust with others? —Kayla Have a the discussion.
dilemma
EVERETT COLLECTION

bus, repeating the line Then again, I know plenty

“first snow in Kokomo” af- One key strategy is to show that, even though for Dan? of other people who have
ter each verse. It’s as if you’re doing business, you care about the other Email gotten crankier as they have
RUTH GWILY

she wrote the song while person’s interests—even at a cost to yourself. grown older—and perhaps
watching the first snowfall Imagine that you’re at a restaurant and order a AskAriely that is related to hearing
out the bus window, turn- ARETHA FRANKLIN on ‘Soul Train’ in 1973. pricey fish entree. One waiter tells you that the @wsj.com. loss, too.
 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 25 - 26, 2017 | C13

PLAY
Provided by the
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH National Museum
of Mathematics
1. Meg 5. Uncle Sam sued to stop Desserts abound at
Whitman AT&T’s planned purchase Thanksgiving celebrations.
will step of Time Warner, arguing it
down as poses an unlawful threat to
CEO of competition. How much was
Hewlett the deal valued at when Thanksgiving Split
Packard announced a year ago? Joe and Bob agree to
Enterprise divide a small cake after
early next
A. $8.5 billion the big meal. Each
year. Who will succeed her?
B. $85 billion generously wants to

C. $850 billion provide the other with

A. Antonio Neri
D. $100 plus $237 billion the largest share

B. Antonio Negri in fees, surcharges and taxes possible. Joe cuts the

C. Antonio Nieves cake into two pieces;

D. Antonio Banderas then Bob cuts one of
those pieces into two
6. It’s something of a golden
pieces.
age for short pro-basketball
2. Uber paid $100,000 a year If Joe must take
players. At 5-foot-9, who’s
the largest and
ago—for what? the shortest NBA All-Star smallest pieces, what
ever? is the largest amount

A. To buy a taxi stand and
of cake Bob can
tear it down
A. Manute Bol provide to Joe?

B. To settle a lawsuit for
B. Isaiah Thomas
racial discrimination
C. Chris Paul

C. To try to conceal a data
D. Kyle Lowry
breach by hackers

D. To suppress video of
an Uber executive berating 7. Tesla won a bet by delivering
a driver the world’s biggest battery in
under 100 days—to which of ILLUSTRATION BY LUCI GUTIÉRREZ
these states? Easy as Pie
3. Which of these cut its Alice and Beth divide a small Thanksgiving pie. Alice and smallest pieces produced; Beth gets the middle
ties to broadcast journalist
A. Arizona cuts the pie into two pieces; Beth cuts one of those two pieces.
Charlie Rose after several
B. South Australia pieces into two pieces. Then Alice cuts one of the What strategy does Alice use to get the largest
women accused him of
C. Minas Gerais in Brazil three pieces into two pieces. Alice gets the largest fraction of pie, and how large is it?
sexual harassment?
D. Carinthia in Austria

A. CBS + Learn more about the National Museum of Mathematics (MoMath) at momath.org

B. Bloomberg 8. Federal regulators just did

C. PBS something about washing SOLUTIONS TO LAST WEEK’S PUZZLES

D. All of the above machines. What was it? Acrostic
Varsity Math Bakery Fakery (Peter) Wohlleben, “(The) Hidden Life of
In Primes and Trees”—“A tree is not a forest. But

A. Recommended big tariffs S H E D A T T A T W I T L O B S

4. The Journal found that Products, Dick is 77. H O L E B U E N A W H I C H E U R O together, many trees create an ecosystem
on imported ones A L B A B L E N D R E S E E D I O R
Pete can be either 71 H A R D C A S H MA Y B E GMA J O R that moderates extremes of heat and cold,
some big companies are
B. Required they all be or 83. In Two Pints of A S H A S S E T I T I N A AM Y
stores a great deal of water, and
FROM TOP: ASSOCIATED PRESS; ISTOCK

C AM P E D M A N E G OW I L D
moving away from a brand internet-connected by 2022 generates...humidity. And in this protected
Cider, the contents A L S O N O U N A G T O D I O U S
of famous software, saying it
C. Mandated separate start with (15,0,0) in
F
E
A C
MU
T U R S
T O B I
A MO
A S D
R
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N D AM P E N
U C E I S L E environment, trees can live to be very old....
hasn’t kept up with data needs. settings for blue clothes and the three containers
S O L E P I C H U S H N OW N I L E Every tree...is valuable to the community.”
P L A T T E A S E S I S A I D
Name it. red clothes and can proceed to A C T E H A N GMA N O L I N E G O
P L U G E L E N A D O Z I N G D E M

D. Rolled A. White pine; B. “Over There”; C. Head-
(9,0,6), (9,6,0), (3,6,6), T O R E U P C O N S B O N G S O L E

A. Ecco Pro back
P E N T A D P S A I N G E TW I G butt; D. Loverboy; E. Lynx-eyed; F. Ernie Els;
(3,10,2), drink, D I V E R S T H E E RWA N D A
G. Betel nut; H. Esoteric; I. Nerve gas;

B. Oracle Database regulations (3,10,0), (3,4,6),
T S K C E L E B B A S R A A R C
S P Y C AM S A T Y R E L O N G A T E J. Hard time; K. In a state; L. Dementor;

C. Microsoft Excel on energy (7,0,6), (7,6,0), (1,6,6), A
R
L
A
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T
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S
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N I G
T A
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D
Y
R
E
Y E R
A R S
A K I N
T E N D M. Des Moines; N. Escargot; O. Notecard;

D. Windows efficiency (1,10,2), (11,0,2), S T O P T E N S A L T O E S S O
P. “La Strada”; Q. Itchy feet; R. Fandango;
(11,2,0), (5,2,6), For previous weeks’ puzzles, and S. Estivate; T. “Oye Como Va”;
To see answers, please (5,8,0), (0,8,5). This to discuss strategies with other U. Flummery; V. Tater Tots; W. Redstart;
turn to page C4. takes 15 steps in all. solvers, go to WSJ.com/puzzles. X. Emma Stone; Y. Entrechat; Z. Sea trout

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 45 Match makeup
47 Tel. no. addition A
18 19 20 21 22
48 This answer, for B
23 24 25 26 one
1 2
27 28 29 30 49 Texas governor C
before George W. 3 4
31 32 33 34
50 Ancient D
35 36 37 38 39 40 gathering place 5 6 7 8
51 Simple basket E
41 42 43 44 45
52 Williams work 9
46 47 48 49 50 51 52 F
54 Grouse 10 11
53 54 55
57 Longtime “All G
56 57 58 59 60 My Children” star 12
58 Zeena Frome’s
H
61 62 63 64 65 66 13
husband
I
67 68 69 70 71 59 Penitent activity
14 15
72 73 74 75 60 Some hair J
products 16 17 18 19
76 77 78 79 80
63 Royal address K
81 82 83 84 64 Gastronome L
85 86 87 88 89 90 91 92 65 Professor Snape’s
20 21
first name M
93 94 95 96
66 Early round 22
97 98 99 100 67 Proposes as the N
price
101 102 103 104 105 106 107 Trail Mix | by Patrick Berry
68 Hours ere noon
108 109 110 111
69 Sport shoe for Answers fit into this grid in two C Best possible Trails
112 113 114 115 hoopsters, e.g. ways: Rows and Trails. Each Row Rides a horse at full 1 Underwater treasure hunter
70 Badminton need contains two answers placed side speed
by side, clued in order. Each Trail
(5,5)
What Have You | by Tracey Gordimer 71 Spigoted vessel
answer begins in the corresponding D Got close to 2 They’re 200 centimeters
72 Junk mover Item on a summer camp’s above the floor in a gym
Across 45 Organ part 85 “Uh-huh!” 6 Regulus’s numbered square and ends in one
1 Exclamation 46 Finishes behind 86 Group of female constellation 73 Lacking backing, of the dotted squares, making one schedule (8,4)
in a way or more turns along the way. Trails E Territorial division in
point, in hacker 48 First appearance seals 7 Kenyan 3 Anti-itch medication (8,6)
lingo insurgents of the 74 Largest of the will never overlap each other, nor Anglo-Saxon England
on a countrywide 89 Online site for
Mariana Islands 4 YouTube upload (5)
5 ___ mater broadcast? Nascar fans? 1950s will they make hairpin turns (that Political extremist 5 Passage (9)
8 Join hands? 76 Fork over is, no two-by-two block of grid
9 Switch to plastic, 53 “A Clockwork 93 Skinless F Most clever, as an idea 6 Neutral debate participant
say Orange” 9 Silky singer Lou 77 Plausibility squares can be filled by a single
95 Captain of Trail answer). Lengths of the Trail Comprising (2 wds.) (9)
14 Fleece protagonist industry 10 Angsty music 78 Take in
54 Circle, ellipse, genre 79 Render helpless
answers are given in parentheses. G Gel-yielding plant (2 wds.) 7 Urbanites walk them (4,7)
18 Tech support 96 Puts into In the completed grid, each letter
callers parabola and alignment 11 Torch 80 Insulting action Melt down 8 Chemist and philanthropist
hyperbola will be used once in a Row answer H Less sophisticated for whom element #102
20 Audrey’s “Robin 97 Brunch entree 12 Half of ASAP 83 White Lady and once in a Trail answer.
and Marian” 55 Hose ingredient Deceitful maneuvers was named (6,5)
attachment 99 Bradley with five 13 “Scram!” Trails must make at least one turn:
co-star stars (2 wds.) 9 Clever ploys (10)
56 Lewd moos and 14 List of candidates 86 Duplicitous clerk 1
W R O N G 1R I G H
21 Tickle 100 Run wild of fiction I Anchovy containers 10 Postal scale unit (5)
the like? 15 “Is this for real?”
22 Bounding stride 101 Just-filled flour 87 Self-proclaimed T Agricultural region that 11 Thick-skinned burrower (9)
60 “The Naked 16 Area beyond the “Curiously Trails can’t occupy a 2×2 block of squares:
23 “No, I’m not Maja” and “The packages? 78-Across includes Georgia, 12 Homes on high (5)
leaving a tip!”? Strong Mint” 1
W N G 1
R T
Clothed Maja” 103 Marker in the 17 Intersect Alabama and Mississippi 13 Without any penalty (4-4)
25 Save the Midas Strait? 88 Prepare to play R O I G H
61 Hosp. areas
19 Does some after a break (2 wds.) 14 Delivered to a war zone,
Mosquitoes, 108 Glamour rival
perhaps? 62 About-face genetic tinkering 90 Ferdinand’s J Irritating weapon maybe (9)
63 Blood fluid 109 Like many Pizarro 24 Bonnet with a kingdom Tourists from afar
27 Dispirited victims
15 Preview of things to come
64 Psi power big brim 91 Solar feature K Undivided (9)
28 Number of
110 Fit to serve 26 Horrify the visible during an
courses 67 Have ___ on The costs of not returning 16 Power outage cause in
one’s shoulder 111 Boxer’s dream prudes eclipse
30 Dead-end street promptly? (2 wds.) winter (3,5)
sign 68 Filipino 112 Imminent 29 Free from 92 Top on eBay
panhandler? contamination L “Okay, get ready!” to the 17 Blood tie (8)
31 Canaries owner 113 Judges 94 “Oklahoma!” aunt
72 Handful for a 31 Academic cast 18 Did a lousy job of standing
33 Pioneer in 114 Reminds a few 95 Deck crew
motorist on foot too many times 32 Spiced drinks foremen Huevos rancheros base guard (4,6)
number theory
made with Rows M Problem child’s opposite 19 Game venue in Africa? (9)
34 Emptied a bucket 74 They’re doomed 115 June honorees 97 Hint of things to
on 75 Split apart curdled milk come A Not too bad Tailors, in old parlance 20 Attorney’s set of rules?
Down
35 Brownish-gray 76 Vicar’s assistant 33 Not straight 98 Pedometer unit Take the helm N “She loves me, she loves me (5,3)
1 Tampa Bay
color of whisky? who’s armed? tackle, for short 35 Comfort 100 Vitamin nos. B Most of the golf clubs in a not” flower 21 Ship sinker of legend (3,7)
37 Customs 78 Vicar’s place in 2 Pale wood 36 General on many 102 Livestock mother standard set Olive alternative in a martini 22 ___ Fields (paradise of
the church a menu (2 wds.)
38 Joyful answer 3 Formerly named 104 Journey portion Harbor suspicion (3 wds.) Greek myth) (7)
41 Astonished 81 “Sad to say...” 37 Tries to win 105 Acting pro Hagen
4 Reach for
utterances 82 Sounded the 39 Relentlessly Get the solutions to this week’s Journal Weekend Puzzles in next
s

greedily 106 Vintage

42 Unhurried hour gloomy Saturday’s Wall Street Journal. Solve crosswords and acrostics
5 ESPN’s Award for 107 “Owner of a
43 Figurehead’s 83 Slip-up Courage is 40 Make a choice Lonely Heart” online, get pointers on solving cryptic puzzles and discuss all of the
position 84 Altdorf’s canton named for him 44 Loaded band 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
C14 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET 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

Tory Burch’s Why Lettie

dream Teague loves
Christmas is... buying wine in
surprising the Windy City
D3 D10

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, November 25 - 26, 2017 | D1

TAKE MONDAY OFF

A Caribbean
French Twist
The jet set hasn’t descended
on Guadeloupe just yet, which makes
it ideal for a laid-back, sun-soaked
long winter weekend

MARICA HONYCHURCH FOR THE WALL STREET JOURNAL

A CREOLE IDYLL Clockwise from top left: The lighthouse at Pointe du Vieux Fort; a rum-punch vendor at the market in Basse-Terre; Longueteau Distillery, founded in 1895, the oldest of
Guadeloupe’s nine active rum distilleries; a scoop at Désirs du Palais, an ice cream shop and patisserie in Pointe-à-Pitre.

DAY ONE // FRIDAY is small but extremely well-kept DAY TWO // SATURDAY
BY SARA CLEMENCE
(from about $270 a night, tou-

I
6:30 p.m. Arrive at Pôle Cara- bana.com). For a tropical garden 8 a.m. La Toubana’s generous
F YOUR IDEAL beach vacation depends on private but- ïbes airport in Pointe-à-Pitre and setting inland, drive a little far- buffet includes cakes, pastries
lers, elaborate spa treatments and a choice of infinity pick up your rental car. Mainland ther east to Le Relais du Moulin, and a selection of confitures
swimming pools—well, you can comfortably skip Guade- Guadeloupe is butterfly-shaped, where the old windmill on its maison—house-made preserves.
loupe. The French archipelago, which lies roughly two- two islands cleaved by a narrow grounds has been turned into a Coconut, mango-vanilla or ba-
thirds down the arc of Caribbean islands, doesn’t (yet) channel, the Salée River. You’ll small gallery. You’ll find a pleas- nana-vanilla are likely to be
have a single five-star hotel; its beaches are absent of mega-re- start your stay on the flatter, ant, kidney-shaped swimming among the options. Or, if you’re
sorts. But if you’d happily eat fried-bread sandwiches from a more developed eastern wing, pool; the beach is a half-mile at Le Relais du Moulin, pop over
food truck, hike through a rain forest to swim in a turquoise Grande-Terre, then switch hotels walk away (from about $180 a to Boulangerie Aléonard in
pool under a waterfall, or sway to live gwoka music on a black and move to the volcanic island night, relaisdumoulin.com). Saint-Francois for pain au choco-
sand beach, this might just feel like the best-kept secret in the of Basse-Terre. lat or pain au raisins (Les Galer-
region. Guadeloupe rewards the intrepid, DIY traveler with re- 8 p.m. Regardless of whether ies de Crystal Beach, aleonard-
mote rum distilleries, postcard-worthy beaches, and food that 7 p.m. A 30-minute drive brings you’re a guest at Le Relais du artisan-boulanger.com).
blends French technique with Caribbean traditions (think conch you to your hotel. If you insist on Moulin, have dinner at Le
terrine or mango mille-feuille). being on the beach, choose La Mango, its excellent open-air 9 a.m. Spend a couple of lazy
Even in winter, when the mercury rarely dips below 70 degrees, Toubana Hôtel & Spa, a collection restaurant. (Reserve in advance.) hours enjoying the beach or the
American tourists are still a rarity in these islands. But the recent of bungalows and suites spread If you’re lucky, you can feast on multilevel hotel pool.
expansion of seasonal direct flights from the U. S.—Norwegian over a steep hillside on Grande- succulent, tender lamb that the
now makes the roughly four-hour trip from Providence, R.I. and Terre’s southern shore (currently chef has been spit-roasting by 11 a.m. Hop in the car—be sure
New York, as well as the three-hour flight from Fort Lauderdale— closed for renovation but slated the pool, sided with creamy to bring your swimsuit—and
make it an easy escape. Though Guadeloupe was hit by Hurricane to reopen Dec. 23). The bunga- plantains au gratin. Otherwise, drive east along the coast. Stop
Maria, the main islands and nearly all the smaller ones made a lows feature private patios, and consider the lobster ravioli and at the market in nearby Sainte-
fast recovery. Dust off your French and hop on a flight before in some cases, views of the the coconut blancmangé. A three Anne to browse the stalls filled
Guadeloupe doesn’t feel like a discovery anymore. ocean; the hotel’s stretch of sand course-meal costs about $40. Please turn to page D4

[ INSIDE ]

SOOTHING EATS
Thank Utah for the cheesy,
life-affirming casserole
called funeral potatoes
D9

LIFE IS TOO SHORT... HAIL THIS CABIN CHRISTMAS NOWHERE

...to waste time preoccupied with In a Montana getaway, a NEAR CONNECTICUT
complicated tech. Consider these designer proves you can achieve Five holiday destinations that
ways to save yourself D11 coziness on a grand scale D8 upend expectations 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 25 - 26, 2017
STYLE & FASHION
ZONE RANGERS From left: Hora Mundi Watch, $94,200, Breguet, 866-458-7588; Escale Time Zone 39 Watch, $7,200, Louis Vuitton, 212-758-8877; Laurent Ferrier Galet Traveller Watch,
$68,000, Swiss FineTiming, 312-337-4700
THE WATCH MAN HOROLOGICAL EXPERT MICHAEL CLERIZO ANSWERS YOUR TIMELY QUESTIONS
Be Punctual, Everywhere
JEWELS
Q My job takes me all
over the world, and
I’m thinking of getting a
travel watch. How do they
work? And do I really need
one when my smartphone
shows the local time?
A No one disputes that
travel can be stressful,
so anything that simplifies
the mind-numbing task of
getting up to speed in, say,
London, Shanghai or Fiji
(lucky you) is a godsend.
Travel watches, a category
that has grown in recent
years, let you track the time
in multiple time zones. This
can help peripatetic souls—
or jaded frequent flyers—
avoid missing a corporate
call because they miscalcu-
lated the hour and waking
up the poor folks at home
with an ill-timed call, ad-
vantages that can help jus-
tify the purchase.
AVAILABLE AT NEIMAN MARCUS As for your iPhone or
P R EC I O U S J E WEL S SA LO N S 8 0 0 -937-914 6 laptop’s ability to adjust to
a new time zone? Often, it’s
540-837-3088 or www.elizabethlockejewels.com not instantaneous, and dif-
ficulties accessing Wi-Fi
can send your schedule into
a tailspin.
GIANVITO ROSSI
DREAM GIFTS START AT SAKS
IN-STORE
A N D O N SA KS .CO M
* ***
Travel watches come in
two types: GMTs (the ini-
tials stand for Greenwich
Mean Time), which display
hours in two time zones;
and World Timers, which
keep you punctual, simulta-
neously, in 24 time zones.
Most dual-time GMTs
have an additional hour
hand that indicates the
hour elsewhere. You set the
hour and minute hands to
the time zone you’re visit-
ing, then set the extra hour
hand to your home clock.
Other GMTs, such as the
Galet Traveller from Lau-
rent Ferrier (pictured,
right), dispense with that
second hour hand and dis-
play the hour for the second
time zone in an aperture;
note the Galet Traveller’s
aperture at 11 o’clock.
At first glance, World
Timer dials seem
puzzling. Take,
for example, the
Louis Vuitton
Escale Time
Zone (center)
with its three
rings: The two
outer rings indi-
THE WALL STREET JOURNAL.
cate place names; the inner
ring marks the world’s 24
time zones with the numer-
als 1 to 24; a.m. hours are
on white, p.m. hours on
black. These rings surround
a dial with white hour and
minute hands.
To set the watch, use the
knob—or “crown” in watch
parlance—to rotate the two
outer rings until the city
that represents your time
zone is at the 12 o’clock po-
sition. Click it and set the
time. Throughout the day, as
the watch’s hands move, the
inner ring also moves, indi-
cating both the correct local
time and the time in the
world’s other 23 time zones.
Some travel watches sat-
isfy aficionados by flicking
between time zones in clever
ways: The Breguet Classique
Hora Mundi 5717 (left) lets
you jump back and
forth with the tap
of a finger.
Lovely to look
at, with a dial de-
picting the Ameri-
can continents (or
Europe-Africa or
Asia-Oceana, if
PHOTO ILLUSTRATION: DAVID CHOW FOR THE WALL STREET JOURNAL; ILLUSTRATION BY MICHAEL SLOAN
you prefer), the timepiece
features two crowns, one
on the right, the other on
the left. You use the left
one to select your current
location from a list of lo-
cales in 24 different time
zones in a window at the
bottom of the dial.
Travel watches keep
you on time in up to
24 time zones.
Then you use the one on
the right to set, in order,
the time, date (in the win-
dow at high noon), and the
day/night indicator: a sil-
very moon for night hours
and a golden sun for day.
Here’s the fun part: You
use the left crown again to
scroll through and then set
another locale. Then each
time you tap the crown, the
hour hand jumps back and
forth, like one of the nim-
ble Wallenda brothers, be-
tween locales, and from
time zone to time zone.
 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 25 - 26, 2017 | D3

STYLE & FASHION

20 ODD QUESTIONS

Tory Burch
The designer, who’d rather listen to Tupac
than Christmas carols, on the holiday gifts she
most likes to give and to receive

C
HRISTMAS ENJOYS particular status in the world of Tory
Burch, and her description of the ideal one seems like a
scene out of a Slim Aarons’ photograph: The fashion de-
signer surrounded by friends, children and extended family
in her Antigua estate. A Scrabble board set up on a table. A
holiday tree decked with vintage ornaments. Ocean breezes warming the
sun-filled room. And, of course…Tupac blasting from the sound system.
It can be said about Tory Burch, both the person and the brand: You BOSS LADY
think you know what you’re getting, until she surprises you. Clockwise from left:
“I have very eclectic taste in music,” said Ms. Burch, 51, by phone Tory Burch in her
from her Manhattan office, which was decorated by Daniel Romualdez office; Scrabble; a
with turquoise velvet upholstery. The same is true of her other preoccu- favorite book and
pations, which currently include ’60s-era Lettuce Ware ceramics that lipstick; Dodie
WESTON WELLS FOR THE WALL STREET JOURNAL (PORTRAIT); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK, SCRABBLE); AMAN (RESORT)

look like your granny’s cabbage-green servers, and a new mini-collection Thayer for Tory
of bejeweled brooches and clip-on earrings on which she collaborated Burch plates;
with the late costume jewelry designer, Kenneth Jay Lane. “I’m inter- Amanpuri resort;
ested in vintage styles but want them to look modern,” she said. Rigaud candle.
A businesswoman whose thriving brand is in its 13th year, Ms. Burch Inset: Kenneth
has nailed her professional strategy: to give the best of the past a con- Jay Lane for Tory
temporary spin. Here, she shares her thoughts on everything from win- Burch pin
ning hostess gifts to the loser name she originally gave her company.

One of my best holiday memories thing from Tupac to Johnny Cash to

is: tricking my brother, who used to
brag he had more presents than I did.
One year I wrapped up everything I
could find in our house: an egg
beater, a brick. I spent a
good two hours wrap-
ping fake gifts for him.
Holidays are
spent in: Anti-
gua—it’s our spot—
but I love to ski, so we may mix
it up this year. Another fun place
I’ve been with my children over
the holidays is Amanpuri, a resort
in Phuket.
Christmas music makes me men-
tal but: I do love some old-fashioned
songs like “Peace on Earth,” espe-
cially the duet version that David
Bowie did with Bing Crosby.
These days, I’m listening to: any-
Wyclef Jean. Also, Jessie Reyez,
whose music is sort of soulful hip-
hop with an Amy Winehouse sound.
My favorite gift ever was: a playlist
from my boys. I love to
give playlists, too. I
find new artists to in-
clude on the site
Hype Machine.
My idea of a fool-
proof gift is: a tiny evil-eye necklace
[to ward off bad luck] for my friends.
Giving jewelry is hard because it’s
so personal.
The hostess gift I actually use is:
pretty rattan straws which my friend
Carlos Mota gave me. He was morti-
fied that I used disposable plastic
straws.
Some business advice I’m glad I
followed came from: Kenneth Jay
Lane, who was a force in my life. He
had an opinion about everything,
from telling me to stand up straight
to renaming our company Tory Burch,
instead of TRB, which he called “the
worst name ever.” By the way, he
was right.
Whenever I’m restless, I visit:
Mast Books in the East Village or
Dashwood on Bond Street. I enjoy
getting lost in vintage book stores.
I’m a sucker online for: Mochaware,
Spongeware, Chelsea Botanicals and
Lettuce Ware ceramics by Dodie
Thayer, one of the first female entre-
preneurs. And I decorated my house
with furniture I found at 1stdibs and
LiveAuctioneers.
My reading list includes: “Manhat-
tan Beach” by Jennifer Egan; James
Michener’s “Hawaii”; and Jung
Chang’s “Wild Swans,” about three
generations of women in China.
I’m a big believer in: candles. I love
Le Labo’s cedarwood-scented one
and the green, old-fashioned Rigaud
candle for Christmas.
I can never resist: French fries.
I have no time to experiment
with: beauty products. I’m into my
routine of Erno Laszlo sea mud soap,
a Guerlain face cream and MAC lip-
stick in Patisserie.
My main form of exercise is: 40
minutes of exercise at least three or
four times a week on the Peloton
bike my brothers got me. Truthfully,
the bike does at times become a
clothes hanger.
—Edited from an interview
by Christine Lennon

POINTS OF DISTINCTION

CREAM OF THE CROPPED

A truncated top seems a curious choice in winter, but the season’s high-waist
trousers call for them. This well-detailed sweater fits the bill

SHORT
STORY Wide
ribbing at the waist
LIGHT emphasizes the
NECKING A fashion-forward
rolled funnel collar proportions.
resembles “a turtleneck
with its top lopped
off,” said Mr. Lim,
adding to the hand-
made vibe.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

IN
STITCHES The
variety of yarns
tweed, chenille, silver
metallic) helps this
textured sweater
stand out from
the crowd.

Sweater, $450, 3.1 Phillip Lim, 212-334-1160

A WINTER SWEATER has to satisfy certain
criteria: It should provide warmth, feel
good against the skin and fit reasonably
well (read: body-skimming rather than
body-gripping, and not bulky either). For
his label 3.1 Phillip Lim, New York designer
Phillip Lim has put his spin on the cold-
weather staple, elevating it to an edgy yet
pretty statement-maker.
“I’ve been in a do-it-yourself spirit of
late,” said Mr. Lim, who wanted this ma-
chine-made sweater to look “classic and
handmade, with a little madness woven in.”
Two metallic patches that seem added by
hand (they weren’t) supply the desired ec-
centricity. Mr. Lim strategically positioned
them “where moths might have eaten the
yarn or where a garment you loved to death
might be worn out.”
Inspiration for the look comes, in part,
from London’s 1980s-era club hoppers,
dubbed the New Romantics. The sweater’s
rough, color-flecked Donegal-tweed yarn and
faux repairs recall the thrift-store finds fa-
vored by this subculture, which embellished
its vintage pieces with crazy patchwork and
glittery pins. Lighthearted pastel pink leav-
ens the top’s appearance. “Pink is a color
that makes people happy,” said Mr. Lim.
To style the sweater in a work-friendly
way and take it in a sophisticated direction,
the designer suggests pairing it with a fit-
and-flare skirt in wool gabardine. Go casual
on the weekends and try it with faded slim
jeans.
Its made-with-love look raises the ques-
tion: Has Mr. Lim ever tried his hand at
knitting? “I’ve made a scarf, but not a
sweater,” he said, with a laugh. “That’s on
my bucket list.” —Barbara Stepko
 D4 | Saturday/Sunday, November 25 - 26, 2017
Continued from page D1
with bags of spices, and hand-la-
beled bottles of rum punch—many
adorned with bright madras fabrics.
The Indian plaids made their way to
the French Caribbean islands in the
17th century, and became woven
into the Creole culture.
Stop for a quick dip at any of the
white-sand beaches you’ll pass on
the way to Pointe des Châteaux, the
easternmost point of Grande-Terre.
If you’re with young kids, try La
Plage des Raisins Clairs, in Saint-
François. Named for the grape-like
fruits that grow there, Raisins
Clairs edges a calm lagoon.
Noon On the way to Pointe des Châ-
teaux, pull into the parking lot at
Village Artisanal (Route de la Pointe
des Châteaux, village-artisa-
nal.com). Among the half-dozen
shops is L’Épicerie des Antilles,
which carries a large selection of lo-
cal rums.
12:30 p.m. Arrive at the rocky,
wind-battered Pointe des Châteaux.
Look for a tiny shack where an arti-
san makes and sells coconut-leaf
hats and bowls. The beaches here
are too dangerous for swimming,
but they’re good for walking. A 15-
minute hike down a sandy path and
up some stone steps leads you to La
Pointe des Colibris, the tip of a pen-
insula marked with a 9-ton cross.
From here you can see all the other
islands of Guadeloupe: La Désirade,
Marie-Galante, Les Saintes and
Basse-Terre. From January through
April, you might even glimpse mi-
grating humpback whales.
1 p.m. Time for some shade. Hit
Soif les Bronzés, a food truck cov-
ered in brightly painted signs, with
a thatch-roofed seating area nearby.
Highlights include bokit, a fried-
bread sandwich that can be stuffed
with cheese, meat, eggs, or vegeta-
bles; crispy, fluffy seafood or vege-
table fritters known as accras; and
the homemade sorbet. Wash it
down with a punch coco (coconut
rum punch).
2 p.m. Drive an hour west to Mé-
morial ACTe, a museum and cul-
tural center dedicated to the history
of the Caribbean slave trade,
Pointe-à-Pitre. Opened in 2015, the
waterfront building has a facade
that appears to be wrapped in sil-
very roots. Spend a couple hours
exploring the interactive exhibits,
which offer a local and interna-
tional perspective on slavery (Rue
Raspail, memorial-acte.fr). After-
ward, take in the view of the port.
4:30 p.m. Drive 10 minutes to Dé-
sirs du Palais, Fabienne Youyoutte’s
patisserie and ice-cream shop. Don’t
be put off by the gritty street—in-
side you’ll find acorn-size financier
cakes in flavors like chocolate and
pistachio, and everyone from gen-
darmes to elegant older women in
fancy hats dithering over the ice-
cream flavors (53 Chemin des Petites
Abymes, 590-590-88-54-40).
5 p.m. Head back to the hotel for a
well-earned rest.
7:30 p.m. Pull a plastic chair up to
an oilcloth-covered table at Chez
Emy, a makeshift restaurant on the
porch of a house in Sainte-Anne.
There’s no menu to decipher—
guests eat whatever the ebullient
Emy has decided to cook that night,
whether it’s fish, conch or a
chicken-leg stew. The rum on each
table is self-serve; mix your own Ti’
punch with a squeeze of lime and a
dose of sugar-cane syrup. Dessert
might be homemade mango ice
cream served in a tiny plastic cup.
The menu complet costs about $19;
be sure to make a reservation
(Route de Burat, 590-690-46-43-01).
If you couldn’t get a table at
MARICA HONYCHURCH FOR THE WALL STREET JOURNAL; MAP BY JAMES GULLIVER HANCOCK
Chez Emy, head down to the cluster
of food trucks on the waterfront in
Sainte-Anne. Marius et Sylvie is
considered to be one of the best
LOW-TECH DECK The rooms at Jardin Malanga hotel, in Trois-Rivières, lack
WI-Fi and TVs but the views merit rave reviews.
ADVENTURE & TRAVEL
LAPPING UP GUADELOUPE
bokit trucks. You may be waiting 20
minutes for a sandwich that seems
like it should take three—that’s be-
cause the dough is being rolled out
and fried to order, so be patient.
Early to bed tonight since you’ll be
waking up before sunrise to pay a
visit to the island’s volcano.
DAY THREE // SUNDAY
7 a.m. The route up Soufrière, the
active volcano on Basse-Terre, is
well-marked but challenging. If
you’re up for an outdoor adventure
check out of the hotel early and
drive about 75 minutes to the office
of hiking outfitter Vert Intense in
Saint-Claude on Basse-Terre. Guides
lead a trek to and from the peak;
the five-hour expedition ends with a
swim in hot pools at the base of the
volcano ($41 a person, vert-in-
tense.com).
9 a.m. If you’ve skipped the god-
awful-early hike, sleep in a bit,
check out of the hotel, keep your
swimsuit handy and drive west to
Basse-Terre—you’ll notice a definite
shift in the landscape, passing ba-
nana and sugar-cane fields and
catching glimpses of Soufrière.
10:15 a.m. Nine rum distilleries op-
erate on Guadeloupe; Distillerie
Longueteau, founded in 1895, is the
oldest. Tours of the distillery (of-
fered on Sundays only between Dec.
15 and April 30), set among sugar-
cane fields in southeast Basse-
TAKING ROOT The Memorial ACTe, Guadeloupe’s two-year-old museum and
cultural center dedicated to the history of the Caribbean slave trade.
Terre, take visitors through the cut-
ting, milling, distilling, fermenting
and bottling process for its rhum
agricole (made from cane juice, not
molasses like other rums). Not only
will you be warmly welcomed, the
spirits are cheaper in the small
shop than in duty-free (Capesterre
Belle Eau, rhumlongueteau.fr).
Noon Ten minutes away, the open-
air Naturel Bambou feels a bit tour-
isty, but serves decent food, includ-
ing river crayfish in Creole sauce,
and boudin noir (Route de l’Habi-
tuée, restaurant-naturel-bambou.fr).
1:30 p.m. Drive to the town of
Gourbeyre, then follow the signs up
Route de Palmiste to Bassin Bleu.
It’s an easy 15-minute hike from the
road to the waterfall, which spills
down a small cliff into a dammed-
up swimming hole shaded by rain
forest. Hop in.
4 p.m. Check into Le Jardin Ma-
langa, a hilltop hotel in Trois-Riv-
ières, on Basse-Terre. The rooms
are rustic, with no TVs, phones or
Wi-Fi. But the pool offers views
over the palms all the way to the
nearby islets of Les Saintes, and the
hosts, Laurent Barré and Claire Ga-
land, are generous with dining and
activity recommendations (from
about $325 a night, jardinma-
langa.com).
4:30 p.m. If you’re up for a drive,
visit Malendure beach, an hour up
* ***
Basse-Terre’s western coast—and
bring a snorkel and mask. The
black-sand beach lacks shade and
can be packed during the day, but
quiets and cools down in the after-
noons. Swim with the sea turtles
that munch on sea grass on the
north end of the beach, then mosey
over to Chichis beach shack to or-
der some gaufres (waffles) and chi-
chis (churros). Try to snag a table
with a view of Chez Loulouse bar
next door. In the evening there’s
pounding live gwoka—drum-heavy
Guadeloupean folk music—and
dancing. Or, stay closer to home
and enjoy the sunset from the light-
house at Vieux Fort, 20 minutes
from the hotel.
7:30 p.m. Reserve in advance to
eat at Le Phare, a boho-chic open-
air restaurant right next to the old
cannons and ruined fortifications.
One wall is taken up with book-
shelves, art and pierced lamps.
The constantly changing main
menu is creative French-Creole—
think dorade tartare marinated in
coconut milk and pork tenderloin
with smoked polenta. The organic
pizzas are also an excellent choice:
the Jean-Mich is topped with bou-
din noir and apples; the Menelik
with tomato coulis and ground
beef (157 Routedu Phare,
590-590-10-29-69).
DAY FOUR // MONDAY
8:15 a.m. Early risers can browse
THE WALL STREET JOURNAL.
TO EACH HIS OWN BEACH From
top: Raisins Clairs beach on the
eastern shore of Grande-Terre;
pastries at Désirs du Palais.
the baskets, produce and spices at
the market in town of Basse-Terre,
about 20 minutes away. Or, stay at
the hotel for an early breakfast be-
fore heading to Les Saintes, a
charming nine-island mini-archipel-
ago off Basse-Terre’s southern
shore. Drive to the docks in Trois-
Rivières a few minutes away, and
take CTM Deher’s 9 a.m. ferry to
Terre-de-Haut (about $27 for an
adult round-trip, ctmdeher.com).
The ride is only 15 minutes long,
but so rough it feels longer.
9:15 a.m. Terre-de-Haut is pretty
petite at just five square miles, but
navigating the whole island on
foot would be exhausting. Fortu-
nately, you planned ahead and re-
served a motor scooter or electric
cart at Archipel Location Scooters
(archipel-location.fr). Spend the
morning exploring the island’s
panoramic views and eight post-
card-pretty beaches. Plage de
Pompierre is studded with shaded
picnic tables; to reach it, you walk
through a grove of towering coco-
nut palms. (Just keep your food
under wraps, as chickens and
small goats roam the sands.) Or,
intrepid visitors can walk 40 min-
utes along a rocky path to Pain de
Sucre, a dreamy cove backed by
striated limestone cliffs.
12:30 p.m. Putter back to the pic-
turesque main town of Bourg des
Saintes. If you’re feeling spendy,
have lunch at the seafood-focused
Ti Kaz’ La, which looks out on the
harbor. Gaze at the sailboats, cool
off on the narrow strip of beach
right out back, and be sure to cap
off the meal with a mango soufflé
(10 rue Benoit Cassin, ti-kaz-la.res-
taurant-les-saintes.com). Or, opt for
crepes and ice cream at L’îlet Dou-
ceur (28 rue Jean Calot le Bourg,
590-590-80-71-91).
2 p.m. Turn in your wheels and
wander around the town. Le Comp-
toir du Nouveau Monde stocks arti-
sanal Caribbean products like guava
jelly and ginger syrup (3 rue Jean
Calot, 590-690-26-19-50).
3:45 p.m. Board the ferry back to
the mainland. If you have an eve-
ning flight, head to Pointe-à-Pitre.
If you depart in the morning, head
back to your hotel for some pool-
time, then around 6 p.m. drive 15
minutes to St. Charles and have
your final dinner at La Table
Créole on the marina. The fish is
so fresh you may see a tuna com-
ing right off a boat. If you don’t,
it’s OK—next time (D6, St Charles,
590-590-81-38-52).
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 25 - 26, 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 25 - 26, 2017 NY * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Escape from Kitschmas

Trade a hackneyed
holiday for a getaway
to one of these festively
original destinations
BY VALERIE STIVERS
GLÖGG AND REINDEERS and knit-
ted booties are holiday-magical in
theory. In practice, however, these
selling points of a holiday trip—
along with pop-up skating rinks,
folksy craft markets and vintage-
model-train events—can seem tacky
or generic. How special is that orna-
ment you just bought if every stand
in your host country sells identical
ones? Isn’t that hotel turkey dinner
similar, though frankly inferior, to
what you can get at home? Most of
us travel to experience something
different and remarkable and photo-
graphable, but the holidays can
bring out the sameness in places,
obscuring the local culture we’ve
strenuously sought out. The solu-
tion? A holiday getaway to one of
the following locales, each with a
unique spin on tradition, and indig-
enous arts and culture that generate
cheer with much less of the cheese.
Light-Bright Bonanza
Tokyo
The Emperor’s birthday, Dec. 23,
trumps Christmas as a national
holiday in primarily Shinto and
Buddhist Japan. On that day,
revelers gather outside Tokyo’s
Imperial Palace to wave small
Japanese flags in dignified cele-
bration. But come nightfall, No-
vember through February, the
high-tech capital blazes with hol-
iday lights—which might turn off
kitschphobes if it weren’t for the
sheer ambition and punctilious-
ness of the display. Millions of
LED bulbs illuminate skyscrap-
ers, pedestrian streets, any
number of landmarks and even
a stretch of the Meguro River.
Particularly impressive: the “Jew-
ellumination” program at Yomiu-
riland amusement park. On New
Year’s Eve, shrines are open all
night, offering food stalls and
otaki-age, a practice in which
worshipers burn wooden plaques
with the previous year’s zodiac
sign in a communal bonfire. The
main drawback to all this liveli-
BLUE CHRISTMAS Last ness? The crowds. Book a hotel
year’s Ao no Dokutsu, or in a quiet neighborhood, like the
‘Blue Cave,’ display in new One@Tokyo in Oshiage
Tokyo’s Shibuya district. (from about $95 a night, oneto-
kyo.com).

Marathon Meals and
Brass Bands
New Orleans
A Cajun-style Christmas defies
preconceptions. Papa Noel ar-
rives in a boat pulled by alliga-
tors; people celebrate the Eve
with bonfires on the levee; and
fried green tomatoes and red
velvet cake feature on holiday
menus. Though the weather
can get somewhat chilly (highs
of 64 degrees Fahrenheit, lows
of 45), New Orleans in Decem-
ber feels more family-friendly
than it does during Jazz Fest’s
boozy concerts and Mardi
Gras’s bead-necklace-flinging
madness. You’ll find no short-
age of things to do: Check out
the city website followyour-
joy.com (cloying name notwith-
standing) for a complete list of
events, which include house
tours of Garden District man-
sions and “Celebration in the
Oaks” in City Park from Nov.
24 to Jan. 1, a nighttime display
of lights entwining the Spanish
moss on the gnarled oaks, and
giant whimsical illuminations (a
rocking horse, for instance) dot-
ting the lawns.
Food-fixated travelers can try
réveillon (from the French word
for “awakening”), a multicourse
holiday meal, which was tradi-
tionally served after midnight
mass. These days it’s offered at
a more reasonable hour at
places like the Country Clubin
Bywater, a hipster restaurant-
lounge with a pool (634 Louisa
St., thecountryclubnewor-
leans.com), and at Cafe Dau-
phine, a white-tablecloth restau-
rant that opened in a historic
building in the Ninth Ward after
Hurricane Katrina (5229 Dau-
phine St., cafedauphine.wix-
site.com/cafedauphine). With
luck, after dinner, you’ll get to
see the best seasonal entertain-
ment unfold on the street in the
French Quarter, where ragtag
brass bands play to dancing
crowds. What better place to
spend Christmas than a party
where you feel welcome even if
you don’t know a soul.
Beach Bash rade and carnival festivities in Kerala are white-
Kerala, India sand beaches where you can be nearly alone, like
India’s most Christian state, home to some of those near the upscale Gateway Hotel Janard-
the country’s finest beaches, erupts in a series of hanapuram, in Varkala (from $206 a night, gate-
seaside festivities in late December. The port city way.tajhotels.com). Alternatively, book the ex-
of Kochi, for one, hosts a Christmas costume pa- tremely affordable Clafouti Beach Resort, where
rade as well as midnight masses at the St. Fran- the beachfront restaurant makes a fine, if un-
cis Church, built in 1503, and the Gothic Santa likely, spot for Christmas dinner. Choosing the
Cruz Basilica, trimmed in colored lights. At the catch-of-the-day from giant platters of fish on
same time, year-end carnival festivities can last ice may not be the traditional holiday meal, but
for up to two weeks. that’s exactly the appeal (from about $36 a night,
Carnivals at Kochi and the surfing beach at clafoutiresort.com).
Kovalam feature fireworks and
parades of locals wearing
gilded headdresses or dressed
as many-armed Shivas. On
New Year’s Eve in Kochi, par-
ticipants burn a giant old-man
statue symbolizing the old
year. Winter is also the season
for Theyyam dance. These rit-
ual performances invoke the
spirits of heroes and ances-
tors, and take place at coun-
tryside shrines throughout the
state. Tourist organizations
like Theyyam Calendar can
help with travel planning so
you can take in as many—or
as few—of the celebrations as
you’d like (theyyamcalen-
dar.com). STREET APPEAL Kathakali performers at New Year’s Carnival in
Steps away from the pa- Kochi, a seaside city in Kerala state.

High-Caliber Ice that pops up in Novopushkin- free to the public. And through-
Capades sky Square. There, between out the season, the Christmas
Moscow free public skate times, you can Market at the GUM department
In this land of deep snow, fur watch hourlong ice-ballets store on Red Square sells
coats, pastel-painted medieval performed multiple unusually high-qual-
and Italianate buildings, and times daily, some ity ornaments and
plentiful gut-warming vodka featuring Rus- shawls and dis-
shots, the winter festivities re- sia’s figure- tinctive blue
call the era of czarist excess. skating stars. and white
Dec. 25 is not a holiday in On New Gzhel china.
Moscow—Russians decorate Year’s Day, Best of all, a
trees and exchange presents on Tverskaya, the favorable cur-
New Year’s, while Christmas city’s main rency exchange
within the Russian Orthodox street, shuts to rate has made
tradition falls on Jan. 7. But the traffic and turns previously expen-
city’s winter festival starts on into an open-air A seasonal ice tunnel sive Moscow very
Dec. 22, and its eye-popping stage, presenting in Moscow. affordable—a lux-
production values, 70 sites and plays with actors ury room at the
more than 10,000 events are from drama companies such as Kremlin-facing National Hotel,
reason enough to visit. Among the Bolshoi Theatre, Electrothe- one of Moscow’s best, cost
FROM TOP: SHIBUYA AO NO DOKUTSU; GETTY IMAGES; JOURNEY TO CHRISTMAS ORGANIZATION COMMITTEE; DANIEL NADELBACH/TOURISM SANTA FE

the holiday staples is the ater Stanislavsky and the Mos- $166 a night at press time.
8,000-square-foot skating rink cow New Opera Theater, all Now there’s a gift (national.ru).

Deck the Plaza ditions rooted in Native American and Spanish

Sante Fe, N.M. customs. On Dec. 10, a Las Posadas nativity play
If Christmas tamales aren’t reason enough to plan parades around the Santa Fe Plaza, and on

Turkish Airlines Sales Festival

a holiday trip to Santa Fe, we should point out Christmas Eve, the gallery district hosts a “Can-
that this art-obsessed city, nestled at 7,000 feet, yon Road Walk,” lit by farolitos (candles in paper
also offers umpteen seasonal cultural attractions. bags) and scented by pinyon (pine) bonfires.
The city has explicitly guarded its multiethnic her- The Santa Fe School of Cooking holds classes
itage since the early 1900s, and still upholds tra- focused on New Mexican holiday specialties such
Discover the world with Turkish Airlines’ special fares. as tamales and bizcochitos,
Turkish Airlines Sales Festival begins. cinnamon and anise cookies
Book by October 29, 2017 and travel between (santafeschoolofcooking.com).
For the annual Glow holiday
October 23, 2017 and 15 May, 2018. program at the Santa Fe Bo-
For detailed information, please visit turkishairlines.com tanical Garden, two local art-
ists will transform 4 acres of
the 18-acre territory with light
installations more akin to
James Turrell than Father
Christmas, and create a grove
of “spirit poles,” a modern
spin on indigenous traditions
(santafebotanicalgarden.org).
It’s also the time of year for
feast-day dances held at the
nearby Northern Indian pueb-
los. A blend of Native Ameri-
TURKISHAIRLINES.COM can and Spanish Catholic in-
fluences, they’re ceremonial
affairs, not performances, but
SANTA FE BABY Holiday farolitos lit along Canyon Road in tourists can often take a peek
New Mexico’s most festive city. (santafe.org).
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 25 - 26, 2017 | D6A

17 EAST 71ST STREET N E W YO R K N Y 1 0 0 2 1 212 755 2017

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
D6B | Saturday/Sunday, November 25 - 26, 2017 NY * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 25 - 26, 2017 | D7

DESIGN & DECORATING

A Place to Call Home
Rizzoli, $55
If Norman Rockwell and Stanford
White had a son, he would be ar-
chitect Gil Schafer III, who melds
craft and emotion in his projects—
the elements, he said, that “drive
the special ship of a home.” Mr.
Schafer leads us through seven
houses, realized with the help of
decorators, that illustrate his brand
of classicism-meets-traditionalism.
Lessons Hardware matters, reinforcing the style of a house at
the micro level—satin nickel for a modern mood, wrought iron for
a timeworn ambience. Create a faux four-poster bed by hanging
curtains from the ceiling.
Then again A few of the topics, like site selection, are once-in-a-
lifetime concerns (if that) for many of us.
Ideal for Warm and fuzzy titans; new vacant-land owners.

Modern Retro Home

Hardie Grant, $40
“Modern Retro” is not an oxymo-
ron. It is, according to Australian in-
terior stylist, Mr Jason Grant, about
scattering style elements of the
1950s, ’60s, ’70s, and even the
’80s, in a contemporary setting.
Recognizably premium vintage fur-
nishings like Panton chairs can play
a part but aren’t essential. A burst

Books to Put
of neon or a touch of macramé can
 Paint Box foster feelings of grooviness just as easily.
Quadrille, $35 Lessons A single pea-green, molded plywood 1946 Eames chair
Guided by 45 themed color palettes (Woodland Spring, Summer shouts midcentury modern—you don’t need a set. Paint furniture

A Bow On
Sorbet), Tricia Guild creates illustrative rooms and vignettes. a similar color to walls to make a space seem larger.
Swatches line the edge of each color study’s opening page. Then again Can “tapware” (faucets) really set the tone for a
Lessons The shades of the seashore are among the most relax- whole room?
ing to live with. Textured wallpaper or textiles counteract coldness. Ideal for Those who prefer MoMA to the Met; people who wear
Then again The swatches represent paints and wallpaper from boldly patterned socks and shirts but never on the same day.
the author’s London firm, Designers Guild (wholesale only!).
Five volumes with enough spine to Ideal for A friend whose water-stained walls have been crying for
her to pick a color already. Living with Pattern
advise your design-addicted Clarkson Potter, $33
Somewhere between mingy mini-
(or -challenged) giftees this holiday The Problem With My Garden malism and maniacal maximalism
Laurence King, $18 lies the rationally ornamented world
EVEN IF YOU KNOW that someone on your gift list ob- A contributor to the website Gardenista, UK horticulturist Kendra of Rebecca Atwood. The renowned
sesses over interior design, books on the subject can miss Wilson gently addresses—in an approachably sized, highly textile designer defines pattern
the mark. A coffee-table tome dedicated to the wrong de- browseable 6.5-inch by 9-inch volume—garden issues and dilem- broadly—believing you can achieve

F. MARTIN RAMIN/THE WALL STREET JOURNAL

signer can be as unwelcome as a gluttonous holi- mas, offering one-page resolu- it through texture, repetition of ob-
day guest. Encyclopedic books on, say, 6th-century tions to complaints like “My gar- jects and negative space, too—
Chinese antiques might end up standing in for a den is a passageway” and “I which helps avoid motif overload.
missing dresser leg. And a survey of splendid cha- don’t like gardening in the cold.” Lessons Break up sheets sets and mix them up for a custom
teaus is just cruel if you give it to a friend who re- Lessons Start by the door; bedroom look. Pair patterns to make them more dynamic: A
cently moved into a one-bedroom. Herewith, the plant annuals in gaps between classic ticking stripe becomes edgy and modern alongside an
best books that combine beauty and brains—great new perennials. ’80s-inspired geometric print.
photos of enviable spaces plus decorating advice Then again Some may conclude Then again Bibliophiles will recoil at Ms. Atwood’s advice to
from the people who created them. Bonus: For gardening is...really problematic. cover distracting book bindings with wrapping or kraft paper.
each, we suggest the perfect recipient, so your Ideal for Gun-shy gardeners; Ideal for Recovering minimalists; those who share Goldilocks’s
present will be pored over rather than abhorred. stumped suburbanites. respect for the happy medium. —Elizabeth Anne Hartman

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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
D8 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

HOUSE TOUR

One Cozy
Cabin, Hold
the Clutter
In a lakeside getaway in Montana,
an interior designer avoided the
hodgepodge-lodge look by going
easy on the rustic clichés

BY CARA GIBBS

F
OR A LAKESIDE compound perched in the
northwest corner of Montana, Juan Montoya
accepted that the interiors should acknowl-
edge and reflect the vacation home’s imposing
surroundings. Still, the New York designer re-
sisted the rustic tropes of axe-hewn furnishings and ant-
ler chandeliers—taking cues from nature rather than mim-
icking it. He brought in wood furnishings but leaned
toward more contemporary ones. His version of coziness
comes from layering not animal pelts but subtler textures
such as leather, wool, rattan, copper and glass. “I used du-
rable materials and lots of cottons that can be cleaned
and changed out easily,” said Mr. Montoya. But, he added,
“the project as a whole is very tactile.”
Mr. Montoya has earned a reputation for casting homes
in the likeness of their owners, playing off their preoccu-
pations and pastimes. But he does so with a light hand. In
one room here, for example, he flicks at the family’s love
of fishing by dropping a single netted glass-buoy pendant
from the ceiling. More explicitly, two canoes hang in the
great room (not shown), but they aren’t mere decoration.
They easily unhook for use.
Dating from 1920, with even-more-historic outbuild- Dining That’s Not Too Fine touches of snugness and texture appear in the upholstered chair
ings, the compound comes with boatloads of character, in- In this circa-1920 home situated on a lake in Northwest Montana, seats, the copper milk pail and the nailheads on the round Belgian
cluding its chinked-log interior walls. “I love the warmer interior designer Juan Montoya created an inviting but contempo- dining table that’s partially clad in touchable leather. A 19th-cen-
elements that make this home so inviting,” said Mr. Mon- rary fishing retreat. Simplicity plays a leading role in the petite tury sideboard procured in Oklahoma adds a more predictably
toya, “but I’m also careful not to stray into clutter. Cozy is dining room. Mr. Montoya did without warming window treat- rustic note: Its Native American motifs and bark insets might
not derived from too much stuff.” One’s belongings, he ments to highlight the sweeping views, and practicality called for skew a little corny, but in the spare context of the rest of the din-
said, “should never distract from the overall space.” an easily swept bare floor. He left the walls nearly naked, but ing room, it works.

Two-faced Facade
In this locale, the winters are relentless and the summers
magic. The home had to play well in both season’s landscapes,
not competing with lush lake views in July and appearing as a
haven amid the heavy snowfalls of January. Siding painted
with Farrow & Ball’s Studio Green and detailing picked out in
the brand’s Green Ground did the trick. “The exterior is
instantly heartwarming in the cold winter months due to the
contrasting paint tones that pop against the snow,” said Mr.
Montoya. “In the springtime the exterior does just the
opposite, molding into the landscape.”
Unforced Comfort
“This is a particularly warm and cozy space,” ex-

CRAFTED
plained Mr. Montoya, “but again I didn’t want too
much stuff around.” The granite fireplace projects
from a wall unadorned apart from a pair of snow-

BY
shoes, which hang inconspicuously on its wooden
Sweet Retreat surface. Instead of traditional cabin décor (faux fur
Tightly peaked ceilings, painted white to offer a respite from wood, define an and blankets, for starters), Mr. Montoya drafted less

MASTER intimate seating area where the family’s teenagers pursue R&R. “When the
family is here they are completely disconnected from technology—there isn’t
predictable materials: an oversize translucent green-
glass lamp, an industrial metal ceiling fixture and

KNIFE
one television throughout the entire home,” explained Mr. Montoya. “It was the nailheads of the sofa. The blue leather of that
important for the children to have an alluring space dedicated to reading or sofa, custom crafted by Anthony Lawrence Belfair,
resting they could retreat to outside of their respective bedrooms.” In this will become more textured and distressed as it ages.

MAKERS
cubbyhole hideaway, he didn’t overdo the quaint coziness factor. The mod- Its cushion is upholstered in a soft-to-the-hand cot-
ern, frankly linear striped rug and bamboo shade offset the woodsy chest ton with a pattern that captures the folksiness of a
and chair, and even the congenial banquette with its bounce-house worth of country quilt. The unadorned Persian Gooneh wool

SINCE throw pillows—flocked in velvet Lee Jofa textiles—sits in a red-lacquer, geo-

metric frame, an unexpected Asian note.
rug from Orley Shabahang adds another layer of
warmth without creating visual static.

1814. Serendipitous Cocoon

In the home’s master bedroom, Mr.
Montoya added ceiling beams with
rattan between them to enhance
insulation and soundproofing, he
said. The unintended outcome: “It
made the room feel even more inti-
mate.” Other factors contribute to
the space’s enveloping nature. The
Montoya-designed bed frame,
trimmed in teak and upholstered in
the same Dualoy leather that lines
the wall behind it, creates a tactile
anchor for the room. Underfoot
lays a chevron wool rug by Stark
Carpet that adds nubby braiding
and a western vibe. The irregularly
shaped side table counters the tra-
ditionalism of the venerable Morris
chair it sits next to. And the geom-
etry of the bedside chest, a Lane
“Mosaic” night stand that dates to
the 1970s, exemplifies Mr. Mon-
toya’s use of wood furniture that is
ERIC PIASECKI

warming but not stodgy. “Cozy ele-

gance came to life in the master
suite,” he said.
 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.
Best Casserole Scenario
Perhaps we’re hard-wired to crave carbohydrates, cream and melted cheese. But the combination
thereof known as ‘funeral potatoes’ gives comfort on a whole other level to communities across Utah
BY JOSHUA DAVID STEIN
I
HAD NEVER heard
of funeral potatoes
before a chilly eve-
ning last year, when
I sat down to dinner
on the patio of Hell’s Back-
bone Grill. This idyllic
farm-restaurant sits at the
threshold of the Grand Stair-
case-Escalante National
Monument, in the tiny town
of Boulder, Utah. No one had
died. But as Jennifer Castle,
the restaurant’s co-owner
and chef, served up tender
half-moons of potato napped
in cream and melted cheese,
tears sprang to my eyes nev-
ertheless.
In the cold, clear night,
under a starry sky, we talked
about the ways communities
come together to observe
rites of passage in this part
of the country. Inevitably,
there is a buffet.
Like many Americans, I
grew up with death shunted
to the shadows. And like
many American Jews of my
vintage, I’d always associ-
ated funerals with stale En-
tenmann’s crumb cake and
synagogue coffee so bad it
seemed more of an unreal-
ized carpet stain than a
beverage.
In Boulder they
do things a little
differently.
Only 250 peo-
ple live in
this town
sewn like a
Keri Venuti’s Funeral Potatoes
TOTAL TIME: 1 hour SERVES: 6-8
1 (30-ounce) package
frozen shredded hash-
brown potatoes
9 tablespoons butter
2 onion, diced
1/
3 cups cornflakes, lightly
crushed
2 cups sour cream
2 (101/2 -ounce) cans
cream of chicken soup
1 teaspoon salt
2 cups grated cheddar
cheese
1. Preheat oven to 350 de-
grees. Set out hash browns
until thawed slightly.
2. In a small skillet over me-
dium heat, melt 1 tablespoon
butter. Add onion and cook,
stirring frequently, until trans-
LISEL ASHLOCK
lucent, about 5 minutes. Re-
move from heat and set
* * * *
EATING & DRINKING
A Field Guide to Regional Dishes
cross-stitch into the billow-
ing rock formations of
south-central Utah. There’s
Hell’s Backbone Grill; a gas
station and store called Hills
& Hollows Market; a motel;
a gift shop; and not much
else. When someone there
dies, the whole town hears
about it. When someone is
born or gets married or
moves away or sneezes,
Boulderites know. And more
often than not—when the
moment is deemed suffi-
ciently momentous—some-
one makes a hot casserole
dish of funeral potatoes.
She crowns her
casserole with a crust
of butter-drenched
cornflakes that bakes
to a golden crisp.
There are so many things
one can do with potatoes,
but in conjunction with
cheese, cream and heat, the
comfort factor goes through
the roof. Little wonder, then,
that funeral potatoes are
considered crucial consola-
tion and hold pride of place
among Utah’s most iconic
dishes, rivaled only by
green Jell-O salad.
Boulder’s town
clerk, post office
keeper and pur-
veyor of
fishing and
aside.
3. In a small saucepan over
medium heat, melt 4 table-
spoons butter. (Alternatively,
melt remaining butter in a
heatproof bowl in micro-
wave). In a medium bowl,
combine melted butter with
cornflakes.
4. In a large bowl, combine
sour cream, remaining butter
and cream of chicken soup.
Add salt, onions, grated
cheese and hash browns, and
stir to combine. Transfer mix-
ture to a 9-by-13-inch baking
dish.
5. Top casserole with corn
flake mixture. Bake until crisp
on top, 45-55 minutes.
—Adapted from Keri Venuti,
Boulder, Utah
NY Saturday/Sunday, November 25 - 26, 2017 | D9
just for funerals but also for
birthdays, weddings and
potlucks; I took this as per-
mission to add them to my
own Thanksgiving menu this
year. The hash browns and
cornflakes are convenient
means of enhancing both the
flavor and the texture. “A lot
of Mormons have large fami-
lies, so we’re looking for
ways to save time and
money,” she said.
At Hell’s Backbone Grill,
Ms. Castle told me that
there, on the edge of the
wilderness, deaths bring the
community together. “Living
in Boulder, we get invited to
a lot of functions, and this is
our version,” she said as she
spooned another helping
onto my plate. Her recipe is
a bit more ambitious than
some. Roasted green chiles,
a nod to her New Mexico up-
bringing, provide a warming,
smoky bass note. And she
includes both russet pota-
toes, for their starchy fluffi-
ness, and Yukon Golds, be-
cause they act as a delicious
binder. Garlic replaces the
more typical onion, and
heavy cream stands in for
sour cream. The potatoes
are shingled prettily, and a
generous topping of melted
Gruyère cheese lends a satis-
UNITED PLATES fying umami element.
Ms. Castle recalled attend-
ing a local man’s funeral re-
cently. “There were 50 people
and 10 different trays of fu-
neral potatoes,” she said. Eat-
ing the potatoes she’d piled
on my plate, luscious and
steaming under their crisp
Gruyère crust, it was hard to
imagine a rendition better
than this one. But then, in
Boulder, one doesn’t have to
choose. Each cook has some-
thing singular to contribute—
hunting licenses, 72-year-old flavor. and crowns her casserole a taste of the infinite in a 9-
Judi Davis, told me the roots Keri Venuti, meanwhile— with a crust of butter- by-13 casserole dish.
of the dish can be traced in the manager of Boulder’s drenched cornflakes that
the pages of Mormon Relief gas station and a cook of lo- bakes to a golden crisp. Ms.  Find a recipe for green chile
Society Cookbooks. Some of cal repute—opts for the Venuti said she prepares funeral potatoes at wsj.com/
the greatest available repos- aforementioned hashbrowns her funeral potatoes not food.
itories of American folk reci-
pes, these self-published
books have appeared regu-
larly since the early 20th
century, throughout the so-
called Mormon Corridor
running from Utah into Wy-
oming, Idaho, Nevada, Ari-
zona and California. Collec-
tions of family recipes,
they’re put together by
members of the Relief Soci-
ety, the all-female auxiliary
of the Church of Latter Day
Saints founded 175 years
ago. Among the group’s
many duties—in addition to
teaching food preservation
and essential crafts such as
quilting—providing suste-
nance at funerals ranks high.
Along with baked ham,
homemade biscuits and
salad with Ranch dressing,
funeral potatoes remain a
comfort to be counted on at
funeral receptions in Utah
and the rest of the Mormon
Corridor. A creamy potato
casserole of the same name
appears at wakes and funer-
als in parts of the American
South, as well—though
whether brought there by
Mormons or a parallel in-
vention, no culinary histo-
rian has yet determined, as
far as I can tell.
A topping of crunchy
cornflakes and a base of pre-
cooked frozen hash browns
are widely but not univer-
sally considered defining
features. “I don’t use them,”
said Ms. Davis, “but I know
people who do.”
Like ballads, legends and
dirty jokes, folk recipes of-
ten vary in their details
from place to place and even
family to family. Each ward,
or local Mormon congrega-
tion, publishes its own cook-
book, reflecting the many
ways funeral potatoes have
been adapted to the land-
scape and lifestyle of indi-
vidual communities across
space and time.
Ms. Davis’s recipe comes
from the pages of an old Re-
lief Society cookbook sent to
her by her husband’s mother
in Carbon County, Utah’s
coal-mining region. It calls
for sliced fresh potatoes and
sour cream, as well as
canned cream of chicken
soup, which helps bind the
casserole and adds another
layer of richness and savory
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 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

ON WINE LETTIE TEAGUE

A Wine Pro’s Tour of Chicago, Bottle by Bottle

Part two in a three-part series on tles, Cheverny was the choice of
wine culture in the Midwest today. Laura and Dominique” (the wine-
makers). It went on to explain the
CHICAGO IS A CITY of nicknames. age of the vines and the taste of
Hog Butcher for the World, Tool the wine. It sounded like a good
Maker and Stacker of Wheat deal at $18.99.
(thanks, Carl Sandburg), not to Our final stop, Perman Wine
mention the Windy City, Second Selections (1167 N. Howe St.; per-
City and That Toddlin’ Town. To manwine.com), was just a few
me, however, Chicago is the Great blocks away. Proprietor Craig Per-
Retail Wine Town. It may not be man writes out notes too, though
catchy, but it’s certainly true. his are on a blackboard. When we
I was in town a few weeks ago in visited, this store was less than
the company of Belinda Chang, a two weeks old. Belinda frequents
native of the city and an acclaimed Mr. Perman’s other location, in the
sommelier. Belinda has worked in West Loop, where she tells Mr. Per-
some of the best restaurants in the man what she likes and he finds it
country, including Charlie Trotter’s for her.
in Chicago, the Fifth Floor in San Mr. Perman, previously a somme-
Francisco and the Modern in New lier at Chicago’s acclaimed Alinea,
York. She’s currently a Chicago- focuses on wines he loves. Like
based sommelier at large and Belinda, he is partial to small
“party host” (her words). And Champagne producers. He also car-
though she’s enthusiastically de- ries many wines from Portugal, It-
voted much of her professional life aly’s Piedmont and Burgundy. “I’m
to working in restaurants, she’s trying to find the best of the best,”
even more excited about the city’s said Mr. Perman, opening two bot-
retail wine scene, which she de- tles of a Devevey Bourgogne Hautes
scribed as incredibly dynamic and Côtes de Beaune “18 Lunes,” 2014
“so much fun!” Inspired by her en- and 2015, which he personally
HADLEY HOOPER

thusiasm, I booked a flight, eager to sourced in Burgundy. “I’m coming

see what Chicago’s retailers have to
teach the rest of the country about
selling wine.
Our first stop was Howard’s
Wine Cellar (1244 W Belmont Ave.;
773-248-3766), a venerable wine
shop on the city’s north side. Pro-
prietor Howard Silverman was sit-
ting in a chair by the front counter
when we walked in. “I have bad
feet, I can’t get up,” he said to us,
by way of a greeting. Belinda and I
walked down the cramped aisles to
browse bottles, which included
many I rarely see in the New York
stores I frequent: great Burgundies,
older Bordeaux, a treasure trove of
wines from the Loire and an array
of Alsace wines so wide that
Belinda could not believe she was
seeing so many. (Alsace produces
many great wines, but they’re not
widely known stateside outside a
certain Alsace cognoscenti.)
As we walked around, Mr. Silver-
man told us that his store wouldn’t
be around for long. “My lease is up
in May and I’ll be 65,” he said, then
proceeded to regale us with stories
from the good old days when he
traveled to Burgundy to taste with
great names like Aubert de Villaine
of Domaine de la Romanée-Conti
and legendary Burgundy importer
Becky Wasserman-Hone.
Mr. Silverman was now on his
feet behind the counter, and a bot-
tle caught Belinda’s eye. “You have
the 1996 Domaine du Mas Blanc Pi-
loums Collioure,” she raved about a
rare wine from Roussillon that was
priced at a mere $20. I asked to buy
it. “You have to stand it up for a
week,” said Mr. Silverman; the wine
had to be consumed when the sedi-
ment had settled to the bottom. But
I was only in town for a couple of
days, I replied. “Then I can’t sell it
to you,” he said.
I left empty-handed, baffled and
amused. I’d never been denied a
bottle in this way before. Here was
a merchant willing to forgo a sale
to ensure the wine was consumed
in a truly optimal state.
Another, no less passionate ap-
proach to wine selling awaited at
I’d recommend our
itinerary to anyone
interested in tasting,
talking and of course
buying wine.
Lush Wine and Spirits (2232 West
Roscoe St.; lushwineandspirits.com),
in the Roscoe Village neighborhood.
With its chandeliers made of wine
glasses and its bubbly salesman
Bryce Huguenin, this hip wine shop
is to Howard Silverman’s store as
night is to day. “Taste some spar-
kling Malbec!” said Mr. Huguenin,
handing us glasses of Gouguenheim
Malbec-Bubbles ($18), an extra brut
rosé. His sentences all seemed to
end in exclamation points; we
weren’t surprised to learn he’d
worked in public relations before
joining the staff here.
“We want people to taste new
things!” said Mr. Huguenin, who
walked us around, pointing out fa-
vorites such as a 2013 Winzergenos-
senschaft Königschaffhausen Spät-
burgunder from Baden, Germany,
that retails for $30, and yes, more
wines from Alsace. The store’s se-
lection was a combination of well-
known wines and names even a pro
like Belinda hadn’t heard, including
a 2013 Piližota Babić, a red wine
from Croatia that cost $20. “Can I
buy it?” I asked Mr. Huguenin. “Of
course!” he replied.
If Mr. Silverman was a wine cur-
mudgeon and Mr. Huguenin a wine
cheerleader, then Catie Olson, the
salesperson at Red & White (1861
N. Milwaukee Avenue; redandwhite-
wineschicago.com), our next stop,
was more like an earnest wine stu-
dent. Every wine in the store was
natural and “thoughtfully made,”
said Ms. Olson. According to the
Red & White website, that means
wines created by “vignerons who
respect their land; winemakers who
use no herbicides, pesticides or
chemicals on their property. They
harvest by hand, utilize only native
yeasts in fermentation and mini-
mize additions to their wines.” The
store’s design—unvarnished wood,
exposed brick, polished concrete—
was similarly simple and clean.
Belinda and I were particularly
impressed by the number of pét-
nats (pétillant-naturels), a fashion-
able category of natural sparkling
wines. I’d never seen so many in
one place—at least two dozen on
the shelves. “We used to have even
more,” said Ms. Olson. The partners
of Red & White are also planning to
open a wine bar in the next month.
Our next stop was very different
again: Binny’s Beverage Depot
(1720 N. Marcey St.; binnys.com), in
Lincoln Park. With 38 locations,
Binny’s is the largest wine retailer
in Chicago; the Lincoln Park loca-
tion alone measures 50,000 square
feet. When we walked in, I began
channeling Mr. Huguenin. “An en-
tire room of Champagne! Labels I’ve
never seen before! A huge tasting
room!” I exclaimed as we walked
along in the company of Binny’s
wine director, Barbara Hermann.
Even Belinda, who’d been to Binny’s
many times, did a double-take at
the Champagne room—its selection
and its furnishings. “My eyes are
popping out of my head!” she said.
We were restored to calm at
The House of Glunz (1206 N Wells
St.; thehouseofglunz.com), in the
Old Town neighborhood. This store
was founded in 1888, according to
its very large sign, and it didn’t
look as if much had changed since
then. The store was quiet and
dimly lit, and felt more like the of-
fice of a prosperous antiques
dealer than a wine store. Decades-
old liquor bottles—collectors’
items, Belinda told me—were
housed in glass cases, and each
wine bottle had its own handwrit-
ten card. The copy had been per-
sonally approved by Barbara Glunz,
the elegant third-generation pro-
prietor who greeted us.
The note on the 2013 Terra
Laura Cheverny Rouge began,
“With 986 inhabitants and 28 cas-
back for more,” said Belinda.
I asked Mr. Perman why there
are so many great wine shops in
his town. He attributed the high
caliber of wine retail to the in-
creased sophistication of Chicago’s
restaurants. “Back when we were a
steakhouse town, it was more just
commercial brands,” he said. He
also thought Chicago stores’ suc-
cess lay in their Second City-style
humility. “We’re probably more
critical of ourselves than anyone
else,” he said. He added, almost as
an afterthought, that their pricing
is quite fair.
After a heady two days of tour-
ing Chicago’s better bottle shops, I’d
recommend our itinerary to anyone
interested in tasting, talking and of
course buying wine. As it turned
out, Mr. Silverman’s refusal to sell
me that bottle was in the service of
another customer he had in mind:
Belinda. She went back the next
week, and Mr. Silverman not only
sold her the bottle (with no condi-
tions); he even opened several other
wines for her and everyone else in
the store to taste.
Belinda reported that she served
the wine (after standing the bottle
upright for a week) along with
some great Champagne at a make-
your-own-pizza party she hosted.
The wine was salty and earthy,
truly distinctive, one “a real wine
geek would love,” she said. Clearly,
it had landed in the right hands.
Chicago certainly does know
how to make a wine lover feel wel-
come. I’m planning to return
soon—not only to shop for bottles,
but to party at Belinda’s house.
 Email Lettie at wine@wsj.com.

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Spiced Chicken Soup With Squash, Greens and Egg

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

THANKSGIVING WEEK is as good a time
as any to remember that a simple meal
of soup can provide urgently needed re-
lief during this season of overindul-
gence. Sara Kramer and Sarah Hyman-
son, co-owners of Kismet in Los Angeles,
have just the prescription.
In their third Slow Food Fast recipe,
The Chefs the chefs offer a flavorful chicken soup
Sarah Hymanson punched up with ginger, lemon, chiles
and Sara Kramer and star anise. Swiss chard and butter-
nut squash bolster the bowl; a garnish of
Their Restaurants fresh cilantro and dill goes on top. The
Madcapra and crowning glory: a gently poached egg.
Kismet, both in Poke the yolk so it swirls out into the
Los Angeles broth and makes everything better.
“I love soup for breakfast,” Ms. Hy-
manson said, and this one satisfies at
any time of day. When Ms. Kramer has
leftovers on hand, she’ll add shredded
chicken or, this week, perhaps turkey.
The success of this soup really comes
down to the quality of the chicken stock.
If you don’t have a homemade batch
stashed away in the freezer, pick some
up from your butcher. Otherwise, it’s a
fairly foolproof meal that comes to-
gether quickly. Just be sure to wait until
the end of cooking to add the chard; it
needs no more than a wilting. You want
all the elements here to retain their
bright vitality. —Kitty Greenwald

What They’re TOTAL TIME: 30 minutes SERVES: 4

Known For
Creative cooking 8 cups chicken stock 2 whole shallots, peeled 2 tablespoons extra-virgin
that draws liberally Juice and zest of 1/2 lemon, 6 inches fresh ginger, olive oil
on California peeled in strips peeled 2 cups Swiss chard leaves
produce and the 2 bay leaves Salt 4 eggs
Middle Eastern 2 star anise pods ½ medium butternut 1½ cups chopped dill
pantry 2 dried red chiles squash, peeled, seeded 1½ cups chopped cilantro
5 cloves garlic, peeled and cut into 1-inch cubes

1. Pre-heat oven to 425 degrees. Pour broth
into a medium pot over medium-high heat.
Once broth is simmering, add lemon zest, bay
leaves, star anise, chiles, garlic, shallots and
ginger. Cook until broth is aromatic and flavor-
ful, about 20 minutes. Strain out solids. Wipe
out pot and pour broth back in. Season with
salt and lemon juice. Keep at a simmer.
2. Meanwhile, toss squash with salt and oil
and spread over a roasting pan. Roast squash
until fork tender, about 20 minutes.
3. Fill a medium pot with 4 inches salted wa-
ter and bring to a simmer over medium-low
heat. Stir squash and chard into pot of sim-
mering broth. Cook until greens just wilt,
about 3 minutes. Poach eggs in simmering
salted water until whites fully set, about 2
minutes, and transfer to a paper towel.
4. Ladle soup into 4 bowls. Garnish each with SPICE LIKE US Loaded with ginger, chiles and star anise, this soup is
herbs and a poached egg. Serve immediately. warming in more ways than one.
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 25 - 26, 2017 | D11

GEAR & GADGETS

Time for Simpler Tech
Technology promised to make living easier—but complicated it instead. The answer? More tech, especially for your phone

BY JESSE WILL
SEE YOU, CALCULATOR

F
The finicky 1975 Pulsar
or all the problems technology solves, it seems to ‘Time Computer
complicate our lives, so much so that a growing cate- Calculator,’ an early
gory of the industry is dedicated to simplifying it. example of obsession-
The biggest offender is smartphones. These pocket- fueling gadgetry.
computers-turned-companions have digitally con-
nected everyone, yet disconnected us from the world. For an addict
like myself—one of those losers who reflexively thumbs through
apps while in line for coffee—the answer, ironically, is another
phone. Light Phone is a game-changing gizmo, a second device—
smaller and lighter than my real phone and, at roughly credit-card
size, less conspicuous—designed to be used as little as possible.
You can’t check email, text, browse the internet or swipe left
with it. It harbors no seductive apps, has no color LCD screen.
Tethered to your existing phone and number, it’s for voice calls
only. Once you’ve pocketed the barely noticeable device, you leave

GETTY IMAGES (LEFT); ILLUSTRATIONS BY PETER HORJUS

your smartphone at home (or maybe in your glovebox). It’s a
handset “that helps you live in the moment,” said product de-
signer Mr. Kaiwei Tang, one of the company’s co-founders.
Light Phone is simple to set up, and it feels great to walk
around with a device that’s only 1.3 ounces—miraculously three
times lighter than my iPhone. It helped me feel more engaged all
weekend. And when I needed it, the Light Phone’s call quality was
surprisingly good.
Relying on it, even a little, however, comes with drawbacks if
you haven’t planned ahead. Because it can’t send or receive mes-
sages, which most would agree have simplified organizing meet-
ups, you have to convince friends and family to call if there’s a
change in plans. And then you have to tell them again. And then
call when they forget.
The Light Phone’s hard-nosed refusal to offer navigation assis- LIMITED ADDITIONS// STREAMLINING TECH TO REDUCE YOUR RELIANCE ON SMARTPHONES
tance also poses problems. If you routinely expect your phone to
find the best subway route or driving directions, managing with
the Light Phone alone seems like a penalty. Good news, though: It
does concede to display the time, so you needn’t wear a watch.
If you want to curb your smartphone reliance with less tough
love and at a lower cost, try Moment. The free app effectively
shames you into shrinking your smartphone usage by tracking
the hours, not minutes, you spend futzing with your phone each
day. It documents the time you loiter on individual apps and
sends you a report each morning—congratulating you, for in-
stance, for spending 90 fewer minutes on your phone than you
did the previous day.
Within a week, Moment ingratiatingly reformed me: I started
purposely leaving my phone in the other room or in my backpack.
But I can’t say it’s been a miracle cure. I deleted the app after be-
ing shamed for playing with my phone too much on a mind-
numbing travel day.
If you’re not ready to submit to such policing, you can at least
let artificial intelligence help make quick work of an overloaded
inbox—the great scourge of our time.
Astro, the cleverest email client I found, is a chatbot that helps
organize and eliminate email. Ask it to “zap” your inbox and it Astro Light Phone Moment
will unsubscribe you from newsletters and mailing lists you ha- An email client that uses artificial intelli- An ultralight handset with limited func- An iOS app designed to curb your phone
ven’t opened in months. Like any good robot, Astro can talk and gence to help streamline your inbox. tionality; you can’t text or browse with it. usage by monitoring your screentime.
listen. After it reads your emails aloud, you can tell it to delete, Best for Anyone who hasn’t developed a Best for Smartphone addicts looking to Best for People willing to be shocked by
archive, snooze and so on. Then you can feel free to look up next system to triage their glut of emails. spend more time interacting with life. how much they use social media.
time you go outside. Cost Free, helloastro.com Cost $125, $5/month, thelightphone.com Cost $3.99 for upgrade, inthemoment.io

HidrateMe (aka Hidrate

Spark), 2015
This Bluetooth-enabled, Kickstarter-
CueCat, 2000 backed water bottle reminds you to drink
From 2000 to 2001, some H2O—yes, the life-sustaining liquid homo
magazine ads featured sapiens have been sipping for about
barcode-like images 200,000
that you could years—by way
scan with this of a glowing
feline-shaped LED. The
CueCat pe- Hidrate Spark
ripheral. It tracks how
would much you
then direct drink and
your web sends push
browser to a spe- reminders to
cific URL. But you had your phone to
to be reading the maga- hydro-shame
zine in front of your com- you if it’s not
puter. Thus: smartphones. enough.
LG Digital
Multimedia Side-
Juicero, 2016 by-Side Fridge
This wifi-enabled kitchen gad- Freezer, 2003
get, which initially cost $700, A few years after small-
made fruit and vegetable juices scale “connected fridge” at-
from cartridges you could pur-
chase from the company via its
THE GADGET tempts by Electrolux and
Whirlpool, LG went big with
app. But buyers found out that
they could just squeeze the HALL OF SHAME this LCD-screen-bedecked
icebox. It came equipped
packets by hand and get nearly with video messaging and
the same result. The company the ability to monitor food
stopped selling the machine Five overcomplicated contraptions content and expiration
just 16 months after its first that the world never needed dates, download MP3s and
unit shipped. send you emails, if not ones
as pointed as: “No food left.
Get takeout.”

Kérastase Hair
Coach Powered The
Ultimate Gift
by Withings, 2017
Loaded with a gyroscope,
microphone, and an
abundance of conductivity
sensors, this high-tech
hairbrush sends heady
for Him
data to a companion app
on your phone. It can tell ARC5 SHAVER: ES-LV95-S
you if your hair is frizzy,
dry, if you’re brushing too
hard or too much, and
then offers product rec-
ommendations for a fix.
But it won’t tell you why
you’re so lonely.
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 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

ROOM WITH A VIEW
The Traverse (shown in High
Country trim) is a handsome
behemoth that seats seven.

GM
RUMBLE SEAT DAN NEIL

2018 Chevrolet Traverse: Turn Up the Volume

THERE’S TOO MUCH negativity in
the air. People need to be kinder.
I’ll start: The new Chevrolet
Traverse is not terrible. The
bowtie brand’s redesigned midsize
crossover—at 204.3 inches bumper
to bumper, it’s a tick longer than a
Chevy Tahoe—delivers empty
space in abundance: compared to
the outgoing model, 7% more room
behind the first-row seats, 10%
more added behind the second
row, and 17% more behind the
third row. So there’s that.
And while the three-row family
crossover segment constitutes
possibly the world’s worst beauty
pageant, the Traverse wins, pro-
vided: The handsome body-colored
lower cladding is available only on
Premier ($45,445) and above. On
the first five trim levels—such as
our FWD 3LT Leather tester—the
rocker panels are clad in black
plastic, dowdy and down-market.
Good God, as if there isn’t enough
profit dialed into this thing.
You can’t fault GM product
planning for not following the
market. The hardpoints of the
2018 redesign neatly split the cate-
gorical differences between an
SUV and crossover, with some-
thing of a ute’s big-wheeled stance
but with lower roof, step-in height
and ground clearance. This tracks
emergent consumer demand in the
U.S. for horse-cows.
Among the Traverse’s talking
points is Teen Driver technology
that keeps tabs when the kids bor-
row the car. But will they want to
be seen in it?
Its category is seven- or eight-
passenger, three-row crossovers/
SUVs starting under $40,000. The
Traverse competes against the
Ford Explorer, Honda Pilot, Toyota
Highlander, VW Atlas, Jeep Grand
Cherokee, and Nissan Pathfinder,
as well as its own sibling, GMC
Terrain. Built on GM’s C1 platform
(mid-to full-size, transverse-engine
vehicles with optional all-wheel
drive), the new Traverse gained 2
inches of wheelbase in the repack-
aging and 1.6 inches of legroom for
second-row passengers. The Tra-
verse’s cargo volume of 98.2 cubic
feet (both rows folded) is the most
in its class.
The Traverse doesn’t get any
smaller as you drive it. Without
the help of the exterior cameras, it
would be a bear to park (our tes-
ter also had the cool video-en-
hanced rearview mirror). But the
forward view is commanding and
there is loads of room to stretch
out in the driver’s position, includ-
ing 58.1 inches of front hip room—
“hip” being a biometric euphe-
mism for “butt cheek.”
Other first impressions: They
should call this trim level the LT
with Puckered Leather. The uphol-
stery’s stitched seams rippled
along their course and made the
The Traverse handles
like the big, front-drive
machine it is, well-
damped, stable and able.
No surprises, no delights.
seat jackets ill-fitting. Also, our
tester arrived with an unforgivable
gap between the soft-touch panels
of the upper and lower dash
around the binnacle, right at eye
level. That mustn’t happen.
The mainline engine is GM’s
naturally aspirated 3.6-liter, direct-
injected V6 (310 hp and 266 lb-ft.)
multiplied by a nine-speed auto-
matic transmission co-developed
with Ford. The V6 is a smart,
torque-rich engine, but like the
strongest oarsman on a slave gal-
ley, sounds none too enthusiastic (Driver Confidence II), including more to some than others.
about it. Still, it will churn the wa- forward-collision alert with auto- While eight-passenger seating is
ter: 0-60 in 6.3 seconds, which is matic braking; pedestrian detec- available in lower trim levels, most
crisp considering the 4,362-pound tion; and lane-keeping assist. Even Traverses will be equipped with
curb weight. The Traverse offers in the next level up, the Premier mid-row captain’s chairs, with
1,500 pounds towing standard, or trim, it’s a $475 option. loads of space between them to
5,000 pounds with towing package. A comparably priced Honda Pi- pass through to the back. These
Underway, the Traverse handles lot includes the company’s full ar- seats handily slide forward on
like the big, front-drive machine it ray of active safety (Honda Sens- tracks to ease entry into the rear
is, well-damped, stable and able. ing) and kicks in the rear-seat seat. They also fold flat with the
No surprises there, nor delights. entertainment system, among lift of a lever. The right-side mid-
One note: Our Traverse rode on other comparative advantages. row seat’s tilt feature allows it to
20-inch wheels and tires that look However, and in fairness, the be moved forward with a child
great, but they are heavier and un- Traverse is bigger—9.8 inches lon- safety seat still attached.
smooth the ride a bit. Hitting a ger, nose to tail, on a much longer Unfortunately, this delightful at-
pothole can provoke a rubbery wheelbase. The Honda’s storage tribute is not shared with the left-
shudder in the wheels. behind the third row is 16.5 cubic side mid-row seat, which is the
GM’s retail crossover sales are feet; the Traverse’s is 23 cubic one closest to the driver.
on fire (up 25% in Q3) and this is feet—nearly 30% larger. And that For parents of young children,
no time to leave money on the ta- extra space has a cost and a value, that was the unkindest cut of all.
ble. The retail strategy appears
threefold: stratify trims, package
popular options and upsell cus-
tomers like maniacs in order to in-
crease average transaction prices
and profits. The Traverse comes in
no fewer than seven trim levels,
plus the option of FWD or AWD,
ascending from the L ($30,925); to
the LS; the RS, with a 2.0-liter,
255-hp turbo four; LT with Cloth;
LT with Leather; Premier (with the
sporty Redline package optional);
and finally the High Country
($53,045) edition, at which point
you may need some oxygen.
However, Chevrolet expects the
bulk of sales to come from vehicles
like our tester, the FWD LT
Leather, which starts at $42,095.
That number stings a bit con- 2018 CHEVROLET TRAVERSE
sidering it doesn’t even include
AWD, which would add another
$2,000 to the LT. And if you start Base Price $30,925 Length/Width/Height
drilling the deets you will find the Price as Tested $42,095 204.3/78.6/70.7 inches
product planners have been a tad Powertrain Naturally aspirated di- Wheelbase 120.9 inches
ungenerous with the goodies. No rect-injected 3.6-liter DOHC V6 with Curb Weight 4,362 pounds
telescopic steering column? No variable valve timing; nine-speed 0-60 6.3 seconds
driver’s seat memory function? auto transmission; front-wheel drive EPA Fuel Economy 18/27/21 mpg,
Among the things you do not get Power/Torque 310 hp at 6,800 city/highway/combined
and cannot have at this trim level rpm/266 lb-ft. at 2,800 rpm Cargo Capacity 98.2 cubic feet
is the active-safety package

MY TECH ESSENTIALS
One of the guitars I play on my new re-
JACK JOHNSON cord is a Guild acoustic—it’s the first
guitar I ever owned. My mom and dad
gave it to me for my 16th birthday.
That thing’s been to Tahiti, Indonesia
Why the beachy singer/songwriter still uses his and Fiji, and it’s been to France and Ire-
first guitar and other battered and compromised land. So it’s an old friend, you know?
gear on his new album, ’All the Light Above It Too’

You can fix and auto-
tune everything and put
it all in perfect time, but
I try my best to avoid
that stuff because of
how much I love imper-
fections in other peo-
ple’s music. I have a
mellotron I got shipped
to Hawaii that worked
We have an old upright Mathushek piano really good for a minute,
that I bought for 99 bucks at a Salvation and then the salt air or
Army for Valentine’s Day when my girl- something just killed it.
I made the video for the song “My Mind Is For Sale” with my iPhone 7 My Epiphone bass
and the iStopmotion iPad app and edited it on iMovie. There’s some- somehow got the nick-
thing about using the phone and name Epi Nar Nar. It’s
using a simple app that any kid got this gnarly low-end
could get. I like to show my kids— sound. After my debut
and I guess by extension any kids album, we got two
or any young people out there that basses: a Music Man
are trying to make things—that and Epi Nar Nar. The
you don’t need a bunch of fancy Music Man never left
equipment to be creative. the case, because once
we plugged in the Epi-
phone, it just sounded
so good. I would say
BRANDEN AROYAN (PIANO, GUITAR)

friend—she’s my wife now—and I were se- Now it sounds like a dy- 99% of the bass tones
niors in college. It’s really cool. It must’ve ing seagull. But the guy I use Voice Memos on my phone like crazy. Any little idea goes straight we produce since then
originally had real ivory keys, but when I I worked with on this re- on there. I also like to get my four-track Tascam 424 Portastudio cas- is Merlo Podlewski
bought it, it was already just wooden keys cord just really loved the sette recorder out and record onto that. It’s like nostalgia. It just takes me playing that Epiphone.
with marks where your fingers go, espe- way it sounded. It ended back to when I was a teenager or in my early 20s, and that joy of being —Edited from an
cially in the middle. Zach Gill, who plays up on two songs, at able to layer things and start to create something that you wouldn’t be interview by Chris
piano in my band, loves that thing. least, on this record. able to do just with one take. Kornelis